Landsea Homes Corporation

LSEA US

LSEA USLandsea Homes Corporation

United States Composite

9.53

USD

-0.22

(-2.26%)

0.69EPS Dil.

13.81P/E

343.08MMarket Cap

Profitability	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	-10.28	90.37	60.5	16.9
Return on Assets (%)	- -	-1.69	4.88	5.44	2.01
Return on Capital (%)	- -	- -	12.22	11.03	3.41
Return on Invested Capital (%)	- -	- -	4.91	6.91	2.37
Gross Margin (%)	15.76	12.91	17.84	19.84	17.77
EBITDA Margin (%)	6.5	1.06	6.34	7.87	3.75
Operating Margin (%)	6.03	0.57	5.81	7.49	3.33
Incremental Operating Margin (%)	- -	-32.7	19.16	11.53	28.76
Pretax Margin (%)	4.52	-1.66	6.52	6.99	3.68
Profit Margin (%)	2.73	-1.22	5.16	5.08	2.42
Net Income to Common Margin (%)	2.73	-1.22	5.16	5.08	2.42
Effective Tax Rate (%)	21.57	- -	20.97	25.13	26.7
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-10.28	90.37	60.5	16.9

Credit	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1	271	474	522	557
ST Debt	1	199	390	505	308
LT Debt	- -	72	84	16	249
Total Debt/EBITDA	0.02	34.98	7.31	4.58	12.27
Net Debt/EBITDA	0.01	20.51	1.82	7.79	9.35
Total Debt/EBIT	0.02	64.99	7.97	4.82	13.82
Net Debt/EBIT	0.02	38.11	1.99	8.19	10.53
EBITDA to Interest Expense	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -
Common Equity/Total Assets	87.42	3.57	6.7	10.99	12.75
Long-Term Debt/Equity (%)	- -	13.57	13.52	2.31	36.2
Long-Term Debt/Capital (%)	- -	23.59	14.99	2.24	31.95
Long-Term Debt/Total Assets (%)	- -	8.02	6.64	1.14	16.94
Total Debt/Equity (%)	0.52	51.22	76.33	73.47	80.9
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt/Total Assets (%)	0.46	30.28	37.48	36.23	37.85
Net Debt to Equity	0.41	30.03	19.04	124.9	61.63
Net Debt/Capital (%)	0.41	80.02	54.38	145.22	64.24
EBITDA	41	8	65	114	45
EBITDA-CapEx	35	6	62	108	38
Operating Income (Loss)	38	4	59	108	40

Liquidity	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.17	0.38	0.65	0.18	0.24
Current Ratio	0.49	2.92	2.3	1.95	2.7
Quick Ratio	0.17	0.39	0.67	0.24	0.32
CFO/Avg Current Liab	- -	0.1	0.08	0.03	0.05
Common Equity/Total Assets	87.42	3.57	6.7	10.99	12.75
Long-Term Debt/Equity (%)	- -	13.57	13.52	2.31	36.2
Long-Term Debt/Capital (%)	- -	23.59	14.99	2.24	31.95
Long-Term Debt/Total Assets (%)	- -	8.02	6.64	1.14	16.94
Total Debt/Equity (%)	0.52	51.22	76.33	73.47	80.9
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt/Total Assets (%)	0.46	30.28	37.48	36.23	37.85
CFO/Total Liabilities	607.76	3.72	5.19	2.19	3.47
CFO/CapEx	18.99	7.59	10.52	2.92	3.63
Altman's Z-Score	4.67	1.64	2.06	2.22	2.24

Working Capital	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -
Inventory Turnover	- -	1.86	1.1	1.2	0.9
Days Inventory Outstanding	- -	196.22	332.7	305.05	406.3
Accounts Payable Turnover	- -	73.01	18.14	19.01	13.43
Accounts Payable Turnover Days	- -	5	20.12	19.21	27.18
Cash Conversion Cycle	- -	191.22	312.58	285.85	379.12
Inventory to Cash Days	- -	-196.22	-332.7	-305.05	-406.3
Inventories	- -	688	845	1,093	1,122
Raw Materials	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -
Finished Goods	- -	688	845	1,093	1,122
Other Inventory	- -	- -	- -	- -	- -

Enterprise Value	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	347	213	485
- Cash & Cash Equivalents	- -	106	343	124	120
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	1	1	54	35
+ Total Debt	1	271	474	522	557
Enterprise Value	1	167	479	666	958
Total Capital	143	305	560	735	780
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt / EV	1.27	1.63	0.99	0.78	0.58
EV/Sales	- -	0.23	0.47	0.46	0.79
EV/EBITDA	0.01	21.5	7.39	5.85	21.11
EV/EBIT	0.02	39.95	8.06	6.15	23.78
EV/Cash Flow to Firm	0.01	12.25	14.35	41.64	35.27
EV/Free Cash Flow to Firm	0.01	10.82	13.11	31.03	27.66
Diluted Market Cap	- -	- -	339	220	519
Diluted Enterprise Value	1	167	472	673	992
EV per Share	0.02	3.61	10.36	16.29	26.23
TTM Sales	631	735	1,023	1,446	1,210
TTM EBITDA	41	8	65	114	45
TTM Operating Income	38	4	59	108	40
TTM Cash Flow to Firm	106	14	33	16	27
TTM Free Cash Flow to Firm	112	15	37	21	35

Multiples	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	6.41	2.98	17.68
Price/Earnings Average	- -	- -	7.56	3.86	11
Price/Earnings High	- -	- -	8.51	5.03	17.78
Price/Earnings Low	- -	- -	6.09	2.61	7.1
Price/Book Value	- -	- -	4.09	1.35	2.59
Price/Book Value Average	- -	- -	4.82	1.74	1.61
Price/Book Value High	- -	- -	5.42	2.27	2.6
Price/Book Value Low	- -	- -	3.88	1.18	1.04
Price/Tangible Book Value	- -	- -	0.58	0.33	0.78
Price/Tangible Book Value Average	- -	- -	0.69	0.43	0.49
Price/Tangible Book Value High	- -	- -	0.77	0.56	0.79
Price/Tangible Book Value Low	- -	- -	0.55	0.29	0.31
Price/Sales	- -	- -	0.33	0.15	0.43
Price/Sales Average	- -	- -	0.39	0.2	0.27
Price/Sales High	- -	- -	0.44	0.26	0.43
Price/Sales Low	- -	- -	0.31	0.13	0.17
Price/Cash Flow	- -	- -	10.14	13.72	19.02
Price/Cash Flow Average	- -	- -	11.94	17.76	11.84
Price/Cash Flow High	- -	- -	13.45	23.14	19.14
Price/Cash Flow Low	- -	- -	9.62	11.99	7.64
Price/Free Cash Flow	- -	- -	9.27	10.26	14.99
Price/Free Cash Flow Average	- -	- -	10.92	13.28	9.33
Price/Free Cash Flow High	- -	- -	12.3	17.3	15.08
Price/Free Cash Flow Low	- -	- -	8.8	8.97	6.02
EV/Sales	- -	0.23	0.47	0.46	0.79
EV/Sales Average	- -	0.23	0.53	0.5	0.64
EV/Sales High	- -	0.23	0.58	0.56	0.79
EV/Sales Low	- -	0.23	0.45	0.44	0.55
EV/EBITDA	0.01	21.5	7.39	5.85	21.11
EV/EBITDA Average	0.01	21.5	8.34	6.4	17.07
EV/EBITDA High	0.01	21.5	9.14	7.14	21.17
EV/EBITDA Low	0.01	21.5	7.12	5.61	14.71
EV/EBIT	0.02	39.95	8.06	6.15	23.78
EV/EBIT Average	0.02	39.95	9.1	6.73	19.24
EV/EBIT High	0.02	39.95	9.96	7.5	23.86
EV/EBIT Low	0.02	39.95	7.76	5.9	16.58
Last Price	- -	- -	7.49	5.22	13.29
High Price	- -	- -	9.94	8.8	13.37
Low Price	- -	- -	7.11	4.56	5.34
Enterprise Value	1	167	479	666	958
Enterprise Value Average	1	167	541	729	775
Enterprise Value High	1	167	593	812	961
Enterprise Value Low	1	167	462	639	668

Per Share Data Items	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	33	46	46	41	37
Diluted Weighted Avg Shares	33	33	45	42	39
Basic Weighted Avg Shares	33	33	45	42	39
Revenue per Share	19.38	22.56	22.64	34.4	31.12
EBITDA per Share	1.26	0.24	1.44	2.71	1.17
Operating Income per Share	1.17	0.13	1.32	2.58	1.04
Basic EPS, GAAP	0.53	-0.27	1.17	1.75	0.75
Basic EPS from Cont Ops	0.69	-0.28	1.17	1.8	0.84
Diluted EPS, GAAP	0.53	-0.27	1.17	1.74	0.75
Diluted EPS from Cont Ops	0.69	-0.28	1.17	1.79	0.84
Dividend per Share	- -	- -	- -	- -	- -
Cash Flow per Share	3.26	0.42	0.74	0.38	0.7
Free Cash Flow per Basic Share	3.09	0.36	0.67	0.25	0.51
Cash & Equivalents per Share	- -	2.29	7.41	3.02	3.27
Book Value per Share	4.36	0.69	1.83	3.87	5.14
Tangible Book Value per Share	4.45	10.98	12.88	15.69	16.97

Profitability	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	-10.28	90.37	60.5	16.9
Return on Assets (%)	- -	-1.69	4.88	5.44	2.01
Return on Capital (%)	- -	- -	12.22	11.03	3.41
Return on Invested Capital (%)	- -	- -	4.91	6.91	2.37
Gross Margin (%)	15.76	12.91	17.84	19.84	17.77
EBITDA Margin (%)	6.5	1.06	6.34	7.87	3.75
Operating Margin (%)	6.03	0.57	5.81	7.49	3.33
Incremental Operating Margin (%)	- -	-32.7	19.16	11.53	28.76
Pretax Margin (%)	4.52	-1.66	6.52	6.99	3.68
Profit Margin (%)	2.73	-1.22	5.16	5.08	2.42
Net Income to Common Margin (%)	2.73	-1.22	5.16	5.08	2.42
Effective Tax Rate (%)	21.57	- -	20.97	25.13	26.7
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-10.28	90.37	60.5	16.9

Credit	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1	271	474	522	557
ST Debt	1	199	390	505	308
LT Debt	- -	72	84	16	249
Total Debt/EBITDA	0.02	34.98	7.31	4.58	12.27
Net Debt/EBITDA	0.01	20.51	1.82	7.79	9.35
Total Debt/EBIT	0.02	64.99	7.97	4.82	13.82
Net Debt/EBIT	0.02	38.11	1.99	8.19	10.53
EBITDA to Interest Expense	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -
Common Equity/Total Assets	87.42	3.57	6.7	10.99	12.75
Long-Term Debt/Equity (%)	- -	13.57	13.52	2.31	36.2
Long-Term Debt/Capital (%)	- -	23.59	14.99	2.24	31.95
Long-Term Debt/Total Assets (%)	- -	8.02	6.64	1.14	16.94
Total Debt/Equity (%)	0.52	51.22	76.33	73.47	80.9
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt/Total Assets (%)	0.46	30.28	37.48	36.23	37.85
Net Debt to Equity	0.41	30.03	19.04	124.9	61.63
Net Debt/Capital (%)	0.41	80.02	54.38	145.22	64.24
EBITDA	41	8	65	114	45
EBITDA-CapEx	35	6	62	108	38
Operating Income (Loss)	38	4	59	108	40

Liquidity	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.17	0.38	0.65	0.18	0.24
Current Ratio	0.49	2.92	2.3	1.95	2.7
Quick Ratio	0.17	0.39	0.67	0.24	0.32
CFO/Avg Current Liab	- -	0.1	0.08	0.03	0.05
Common Equity/Total Assets	87.42	3.57	6.7	10.99	12.75
Long-Term Debt/Equity (%)	- -	13.57	13.52	2.31	36.2
Long-Term Debt/Capital (%)	- -	23.59	14.99	2.24	31.95
Long-Term Debt/Total Assets (%)	- -	8.02	6.64	1.14	16.94
Total Debt/Equity (%)	0.52	51.22	76.33	73.47	80.9
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt/Total Assets (%)	0.46	30.28	37.48	36.23	37.85
CFO/Total Liabilities	607.76	3.72	5.19	2.19	3.47
CFO/CapEx	18.99	7.59	10.52	2.92	3.63
Altman's Z-Score	4.67	1.64	2.06	2.22	2.24

Working Capital	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -
Inventory Turnover	- -	1.86	1.1	1.2	0.9
Days Inventory Outstanding	- -	196.22	332.7	305.05	406.3
Accounts Payable Turnover	- -	73.01	18.14	19.01	13.43
Accounts Payable Turnover Days	- -	5	20.12	19.21	27.18
Cash Conversion Cycle	- -	191.22	312.58	285.85	379.12
Inventory to Cash Days	- -	-196.22	-332.7	-305.05	-406.3
Inventories	- -	688	845	1,093	1,122
Raw Materials	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -
Finished Goods	- -	688	845	1,093	1,122
Other Inventory	- -	- -	- -	- -	- -

Enterprise Value	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	347	213	485
- Cash & Cash Equivalents	- -	106	343	124	120
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	1	1	54	35
+ Total Debt	1	271	474	522	557
Enterprise Value	1	167	479	666	958
Total Capital	143	305	560	735	780
Total Debt/Capital (%)	0.53	89.06	84.64	71.04	71.4
Total Debt / EV	1.27	1.63	0.99	0.78	0.58
EV/Sales	- -	0.23	0.47	0.46	0.79
EV/EBITDA	0.01	21.5	7.39	5.85	21.11
EV/EBIT	0.02	39.95	8.06	6.15	23.78
EV/Cash Flow to Firm	0.01	12.25	14.35	41.64	35.27
EV/Free Cash Flow to Firm	0.01	10.82	13.11	31.03	27.66
Diluted Market Cap	- -	- -	339	220	519
Diluted Enterprise Value	1	167	472	673	992
EV per Share	0.02	3.61	10.36	16.29	26.23
TTM Sales	631	735	1,023	1,446	1,210
TTM EBITDA	41	8	65	114	45
TTM Operating Income	38	4	59	108	40
TTM Cash Flow to Firm	106	14	33	16	27
TTM Free Cash Flow to Firm	112	15	37	21	35

Multiples	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	6.41	2.98	17.68
Price/Earnings Average	- -	- -	7.56	3.86	11
Price/Earnings High	- -	- -	8.51	5.03	17.78
Price/Earnings Low	- -	- -	6.09	2.61	7.1
Price/Book Value	- -	- -	4.09	1.35	2.59
Price/Book Value Average	- -	- -	4.82	1.74	1.61
Price/Book Value High	- -	- -	5.42	2.27	2.6
Price/Book Value Low	- -	- -	3.88	1.18	1.04
Price/Tangible Book Value	- -	- -	0.58	0.33	0.78
Price/Tangible Book Value Average	- -	- -	0.69	0.43	0.49
Price/Tangible Book Value High	- -	- -	0.77	0.56	0.79
Price/Tangible Book Value Low	- -	- -	0.55	0.29	0.31
Price/Sales	- -	- -	0.33	0.15	0.43
Price/Sales Average	- -	- -	0.39	0.2	0.27
Price/Sales High	- -	- -	0.44	0.26	0.43
Price/Sales Low	- -	- -	0.31	0.13	0.17
Price/Cash Flow	- -	- -	10.14	13.72	19.02
Price/Cash Flow Average	- -	- -	11.94	17.76	11.84
Price/Cash Flow High	- -	- -	13.45	23.14	19.14
Price/Cash Flow Low	- -	- -	9.62	11.99	7.64
Price/Free Cash Flow	- -	- -	9.27	10.26	14.99
Price/Free Cash Flow Average	- -	- -	10.92	13.28	9.33
Price/Free Cash Flow High	- -	- -	12.3	17.3	15.08
Price/Free Cash Flow Low	- -	- -	8.8	8.97	6.02
EV/Sales	- -	0.23	0.47	0.46	0.79
EV/Sales Average	- -	0.23	0.53	0.5	0.64
EV/Sales High	- -	0.23	0.58	0.56	0.79
EV/Sales Low	- -	0.23	0.45	0.44	0.55
EV/EBITDA	0.01	21.5	7.39	5.85	21.11
EV/EBITDA Average	0.01	21.5	8.34	6.4	17.07
EV/EBITDA High	0.01	21.5	9.14	7.14	21.17
EV/EBITDA Low	0.01	21.5	7.12	5.61	14.71
EV/EBIT	0.02	39.95	8.06	6.15	23.78
EV/EBIT Average	0.02	39.95	9.1	6.73	19.24
EV/EBIT High	0.02	39.95	9.96	7.5	23.86
EV/EBIT Low	0.02	39.95	7.76	5.9	16.58
Last Price	- -	- -	7.49	5.22	13.29
High Price	- -	- -	9.94	8.8	13.37
Low Price	- -	- -	7.11	4.56	5.34
Enterprise Value	1	167	479	666	958
Enterprise Value Average	1	167	541	729	775
Enterprise Value High	1	167	593	812	961
Enterprise Value Low	1	167	462	639	668

Per Share Data Items	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	33	46	46	41	37
Diluted Weighted Avg Shares	33	33	45	42	39
Basic Weighted Avg Shares	33	33	45	42	39
Revenue per Share	19.38	22.56	22.64	34.4	31.12
EBITDA per Share	1.26	0.24	1.44	2.71	1.17
Operating Income per Share	1.17	0.13	1.32	2.58	1.04
Basic EPS, GAAP	0.53	-0.27	1.17	1.75	0.75
Basic EPS from Cont Ops	0.69	-0.28	1.17	1.8	0.84
Diluted EPS, GAAP	0.53	-0.27	1.17	1.74	0.75
Diluted EPS from Cont Ops	0.69	-0.28	1.17	1.79	0.84
Dividend per Share	- -	- -	- -	- -	- -
Cash Flow per Share	3.26	0.42	0.74	0.38	0.7
Free Cash Flow per Basic Share	3.09	0.36	0.67	0.25	0.51
Cash & Equivalents per Share	- -	2.29	7.41	3.02	3.27
Book Value per Share	4.36	0.69	1.83	3.87	5.14
Tangible Book Value per Share	4.45	10.98	12.88	15.69	16.97