GRBK: Not rated
Published 16 Sep 2026, 16:06 BST. This is the frozen version, not the current recommendation.
Why this assessment was issued
First recorded assessment. Current data checks do not support an active rating.
A target is not published until the required checks pass. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Supporting evidence
Borrowing is lower relative to earnings
Net debt / EBITDA: 0.5× for GRBK, against 1.4× across 12 comparable peers.
Cash after capital spending covers payouts
Dividends and buybacks totalled 44.0m versus 111.6m of cash after capital spending over four quarters. Existing cash or borrowing can fund a difference.
Opposing evidence
Year-to-date profit is lower
Across 2 completed quarters since 2025-12-31, net income was 135.1m versus 157.0m in the matching prior-year periods (USD). Check whether the latest quarter changes that direction.
Quarterly sales fell
Revenue changed -8.7% from the same quarter last year, through 2026-06-30. The previous quarter’s year-on-year change was -4.9%.
Original assumptions and checks
Recent price · Passed. Weekly close dated 2026-09-11.
Current financials · Passed. Statements through 2026-06-30; factor prices dated 2026-09-11.
Price risk · Passed. Risk uses the latest 52 weekly price changes.
Operating history · Review needed. At least three consecutive annual USD results with sales, operating profit and capital spending are required.
Quarterly operating results · Passed. Four quarters through 2026-06-30.
Cash-flow and ownership inputs · Review needed. Recorded cash-flow, investment, debt, cash, preferred stock, minority interests and share-count inputs are required; missing amounts are not assumed to be zero. Missing: interest expense (trailing twelve months).
Depreciation basis · Passed. Four matching quarters of operating income and reported depreciation are required. An unrelated EBITDA-minus-EBIT difference is not treated as depreciation.
Matching currency · Passed. USD statements and share price.
Policy sm-review-2-research · Model sm-assessment-13-assumption-review · Data 8312788ea53d.