Summary

KB Home, headquartered in Los Angeles, is one of America’s largest homebuilders, with domestic operations in California, Washington, Idaho, Arizona, Nevada, Colorado, Texas, Florida, and North Carolina. We expect the company to start building in Atlanta in the near future. In FY24, the company delivered 14,169 homes, generating revenue of $6.9 billion. The West Coast segment represented 42% of FY23 homebuilding revenue with just 30% of homes delivered, helped by an average home price of $679,300. The company targets the lower-middle portion of the market, with approximately half of sales to first-time buyers and another quarter to buyers making their first step-up from a starter home. Most of the homes the