Homebuilders

Residential homebuilders and manufactured-home makers.

Companies

With a moat

28%

Average quality

0 wide moat · 7 narrow moat · 18 no moat · Open in screener →

Updated 27 Sep 2026

Homebuilders covers residential homebuilders and manufactured-home makers. MoatScope covers 25 companies here. None has a wide moat; seven have a narrow moat and 18 none.

How the industry makes money

Builders acquire land, develop lots and build homes, earning a margin on each home delivered. Profit depends on land cost, construction efficiency and pricing, including the mortgage-rate incentives builders offer to keep buyers coming.

Where the moats are

Moats are narrow at best. Cost advantages from scale in land, materials and labor appear in six of the seven moat-rated builders.

The narrow-moat group includes D.R. Horton, PulteGroup, Lennar, NVR, Toll Brothers, Champion Homes and Cavco. Companies without a moat include Meritage Homes, M/I Homes and KB Home. NVR, PulteGroup and Cavco score between 64 and 65 on MoatScope's quality scale.

What wears moats down

Housing demand swings with mortgage rates and affordability, land and labor costs rise in good years, and a downturn can force write-downs on land bought at the peak.

What to watch

Mortgage rates and buyer incentives.
New orders and cancellation rates.
Land supply and costs.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Homebuilders into 2 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Homebuilders

Builders of new single-family homes and communities.

US market · $353.8B total revenue in 2025 · source: US Census Bureau / HUD. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#	Business	Market share	Revenue
1	LEN · LENNAR CORP /NEW/	9.7%	$34.2B
2	DHI · HORTON D R INC /DE/	9.1%	$32.4B
3	PHM · PULTEGROUP INC/MI/	4.9%	$17.3B
4	TOL · Toll Brothers, Inc.	3.1%	$11.0B
5	NVR · NVR INC	2.9%	$10.3B
6	KBH · KB HOME	1.8%	$6.2B
7	MHO · M/I HOMES, INC.	1.2%	$4.4B
8	DFH · Dream Finders Homes, Inc.	1.2%	$4.3B
9	CCS · Century Communities, Inc.	1.2%	$4.1B
10	HOV · HOVNANIAN ENTERPRISES INC	0.8%	$3.0B
	All other companies	61.9%	$219.2B

Manufactured homes

Factory-built and modular homes.

US market · $12.7B total revenue in 2025 · source: Manufactured Housing Institute Economic Report. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#	Business	Market share	Revenue
1	SKY · Champion Homes, Inc.	21.0%	$2.7B
2	CVCO · CAVCO INDUSTRIES, INC.	17.7%	$2.2B
3	LEGH · Legacy Housing Corp	1.3%	$165M
4	NOBH · NOBILITY HOMES INC	0.4%	$53M
	All other companies	59.5%	$7.5B

Companies

Company	Moat	Quality	Market
DHI HORTON D R INC /DE/	Narrow	53	Homebuilders	9.1%	$37.8B
PHM PULTEGROUP INC/MI/	Narrow	62	Homebuilders	4.9%	$20.8B
LEN LENNAR CORP /NEW/	Narrow	44	Homebuilders	9.7%	$18.1B
NVR NVR INC	Narrow	65	Homebuilders	2.9%	$15.5B
TOL Toll Brothers, Inc.	Narrow	57	Homebuilders	3.1%	$12.1B
SKY Champion Homes, Inc.	Narrow	59	Manufactured homes	21.0%	$4.1B
CVCO CAVCO INDUSTRIES, INC.	Narrow	64	Manufactured homes	17.7%	$3.9B
MTH Meritage Homes CORP	None	30	Homebuilders	—	$3.8B
MHO M/I HOMES, INC.	None	38	Homebuilders	1.2%	$3.1B
GRBK Green Brick Partners, Inc.	None	46	Homebuilders	0.6%	$2.6B
KBH KB HOME	None	39	Homebuilders	1.8%	$2.6B
CCS Century Communities, Inc.	None	30	Homebuilders	1.2%	$1.5B
LGIH LGI Homes, Inc.	None	18	Homebuilders	0.5%	$955M
BZH BEAZER HOMES USA INC	None	22	Homebuilders	0.7%	$893M
DFH Dream Finders Homes, Inc.	None	32	Homebuilders	1.2%	$794M
LEGH Legacy Housing Corp	None	49	Manufactured homes	1.3%	$632M
HOV HOVNANIAN ENTERPRISES INC	None	23	Homebuilders	0.8%	$541M
SDHC Smith Douglas Homes Corp.	None	30	Homebuilders	0.3%	$508M
VNJA VANJIA CORP	None	19	Homebuilders	—	$210M
NOBH NOBILITY HOMES INC	None	49	Manufactured homes	0.4%	$87M
SPHL SPRINGVIEW HOLDINGS LTD	None	11	Homebuilders	<0.1%	$30M
LRE LEAD REAL ESTATE CO., LTD	None	33	Homebuilders	<0.1%	$20M
ONEG OneConstruction Group Ltd	None	11	Homebuilders	<0.1%	$20M
FBGL FBS Global Ltd	None	20	Homebuilders	<0.1%	—
LGPS LOGPROSTYLE INC.	None	30	Homebuilders	<0.1%	—

25 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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