HIGHBuilt-inProduct / Revenue mix
99.6%
homebuilding
“10-K Item 1: 'Our homebuilding operations represent the majority of our business, accounting for 99.6% of our total revenues in 2025'”
KBH · Concentration risk · 10-K extracted
KB Home (KBH) concentration risks
Updated
The most significant concentration KB Home discloses is homebuilding at 99.6%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: KB Home’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inCustomer
75%
first-time and first move-up homebuyers
“10-K Item 1: 'first-time and first move-up homebuyers have accounted for an average of over 75% of our annual deliveries'”
MEDIUMBuilt-inGeographic
California
“10-K Item 1A: 'We generate the highest proportion of our revenues from and make significant inventory investments in our California operations'”
MEDIUMBuilt-inGeographic
California, Florida, Nevada and Texas
“10-K Item 1A: 'our business is presently concentrated in California, Florida, Nevada and Texas'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by two large-share structural exposures that reflect deliberate strategic choices about product and customer focus rather than inadvertent dependencies. Homebuilding operations accounted for 99.6% of total revenues in 2025, meaning the business is effectively a pure-play with essentially no revenue diversification across other real estate or financial product lines. This is a large share by disclosed size and structural in character — the company is a homebuilder and not designed to be anything else, so the concentration is inherent rather than avoidable. Layered on this is a buyer-demographic focus: first-time and first move-up homebuyers have accounted for an average of over 75% of annual deliveries, also a large disclosed share and structural in character. This segment is the most interest-rate-sensitive and credit-sensitive tier of the housing market, meaning affordability pressures from rising mortgage rates or tightening credit standards would disproportionately affect the company's delivery volume compared with builders serving move-down or luxury buyers. The geographic concentration adds a moderate layer: the business is presently concentrated in California, Florida, Nevada, and Texas, and the company generates the highest proportion of revenues from California, both moderate-share structural concentrations. Each state carries its own regulatory and market dynamics. Together, the profile is characterized by full product concentration in homebuilding, a buyer-demographic skew toward the affordability-sensitive segment, and geographic concentration in four Sun Belt and Western states — the housing cycle and mortgage rate environment are the dominant variables.
For the engine’s reasoning on KBH’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Residential Construction
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CVCO | Cavco Industries, Inc. | 3 | 2 | 0 | 5 |
| KBH● | KB Home | 2 | 2 | 0 | 4 |
| DHI | D.R. Horton, Inc. | 2 | 0 | 0 | 2 |
| IBP | Installed Building Products, In | 1 | 1 | 0 | 2 |
| GRBK | Green Brick Partners, Inc. | 0 | 1 | 0 | 1 |
| LEN | Lennar Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.