Forensic Analysis · Homebuilders & Residential Construction · as of Nov 9, 2026
Green Brick Partners, Inc. (GRBK)
A forensic read on Green Brick Partners, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Watch
Earnings quality
3
Forensic signals
18.0%
ROE
-1.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Green Brick Partners, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.46×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.46× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+10.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +189% against revenue -1%. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 5% of net operating assets, against an accruals ratio of 10.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
7d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 2 to 7 days FY2024→FY2025 (receivables +189% vs revenue -1%). Receivables are creeping up relative to sales. Only 46¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 ($452.5M against $979.4M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 2 → 2 → 7 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-31%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$2.04B
Revenue Growth YoY-1.0%
Revenue CAGR (2yr)+8.0%
Net Margin15.4%
Free Cash Flow$208.4M
Return on Equity18.0%
Debt / Equity0.17x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Green Brick Partners, Inc.'s actual 10-K/10-Q/8-K filings?