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CLOSED · 03:15 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

CCS

Century Communities, Inc.
NYSE · INDUSTRIALS · OPERATIVE BUILDERS
57.92
−0.42 −0.72%
USD · close Oct 23
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Big money
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nobody we score has called it yet
MKT CAP $1.6BP/E 12.7DIV YIELD —FCF YIELD 2.13%REV TTM $3.9B −8.9%NET INCOME $133.9M −48.5%NET DEBT $212.2M52W 48.41 – 74.84SEC XBRL · TTM TO Invalid Date

How CCS rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
17%
of sentences unchanged
Added
924
new sentences
Dropped
1191
sentences removed
Length
−5,559
words, now 55,385

New in FY2025

  • Overview Century Communities, Inc., a Delaware corporation (which we refer to as “we,” “us,” “our,” “CCS,” or the “Company”), together with its subsidiaries, is engaged in the development, design , construction, marketing and sale of single-family attached and detached homes in 16 states.
  • Our Century Communities brand has an emphasis on serving the affordable homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the limited ability to personalize their homes through certain option and upgrade selections.
  • Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios, centralized locations, and the internet, and generally provides no option or upgrade selections.
  • Additionally, our Century Living segment is engaged in the development, construction, management, and sales of multi-family rental properties, currently all located in Colorado.
  • Of the 10,387 new homes delivered during 2025, approximately 94% of homes delivered had purchase prices below the Federal Housing Administration-insured mortgage limits and approximately 99% of homes delivered were built as move-in ready homes.
  • As of December 31, 2025, we operated in the 16 states and over 45 markets depicted below: We operate within the following reportable segments for our homebuilding operations:  West (California and Washington)  Mountain (Arizona, Colorado, Nevada and Utah)  Texas  Southeast (Florida, Georgia, North Carolina, South Carolina and Tennessee)  Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Michigan, North Carolina, and South Carolina) Our other reportable segments include:  Financial Services, which provides mortgage, title, insurance brokerage, and escrow services to our homebuyers.  Century Living, which is engaged in the development, construction, management, and sales of multi-family rental properties.
  • Beginning in the first quarter of 2025, we have separately reported our Century Living segment as a reportable segment, which was previously included in our Corporate segment, in order to reflect the distinct nature of our multi-family rental operations.
  • Our Corporate operations are a non-operating segment, as it serves to support our homebuilding operations, and to a lesser extent our Financial Services operations, through various functions, such as our executive, finance, treasury, human resources, accounting and legal departments.
  • During the year ended December 31, 2025, we delivered 10,792 residential units, comprised of 10,387 new homes, 105 previously leased rental homes, and 300 multi-family units delivered through our Century Living business.
  • Our new home sale deliveries by segment as of December 31, 2025 is outlined below: Homebuilding Operations Strategy Our strategy is focused on providing strong, risk-adjusted returns on stockholders’ equity and inventory, while positioning ourselves for growth in improved market cycles.
  • In general, we are focused on the following:  Maintaining a strong balance sheet and prudent use of leverage;  Controlling costs, including costs of home sales revenue and selling, general and administrative expenses, and generating further efficiencies, including continued reliance on digital marketing and the ability to buy a home on our website, and cost efficiencies in our direct costs of construction through continued value engineering of our home plans.  Offering homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, while heavily weighting our offerings towards providing affordable housing options in each of our homebuyer segments;  Preferring building move-in-ready homes over built-to-order homes, which we believe allows for a faster construction process, advantageous pricing with subcontractors, and a shortened time period from home sale to home delivery, thus allowing our customers greater certainty on their financing and allowing us to more appropriately price the homes and deploy our capital;  Maintaining a strong pipeline of future land holdings, including favoring lot option contracts to optimize returns and manage our risk to land holdings;  Increasing our market share within our existing markets through organic growth and/or acquisitions of other homebuilders already operating in the market; and  Providing financing and other incentives to meet affordability and facilitate our customer’s home purchase.
  • We believe we are well-positioned to benefit from the favorable demographics that support the need for new affordable housing.
  • We believe our operations are prepared to withstand volatility in future market conditions as a result of our product offerings, which both span the home buying segment and focus on affordable price points, our efficiencies in direct construction costs and cycle times, and our current and future inventories of attractive land positions.
  • We strive to strategically manage our lot pipeline, while selectively reducing our lot pipeline by terminating certain contracts in markets that do not meet our investment criteria, in light of current market conditions, in order to maintain a balance between the number of owned lots as compared to lots we control through option and other contracts.
  • This balance allows us flexibility to adjust to market conditions as they develop.
  • During the year ended December 31, 2025, we reduced our lot pipeline by terminating certain contracts in our markets that no longer met our investment criteria resulting in a charge of $11.2 million recorded as other expense included in our consolidated statements of operations.
  • Our owned and under control lot position was 60,916 as of December 31, 2025, of which 57.1% were owned and 42.9% were controlled through option contracts, a decrease from 80,632 as of December 31, 2024.
  • Our owned and controlled lot position by segment as of December 31, 2025 is outlined below.
  • Our local personnel leverage a national architecture plan library, which allows for cost efficiency and value engineered planning and consistency while providing the ability for local and regional customization.
  • It typically takes us three to four months to construct a home.
  • During the year ended December 31, 2025, cycle times were in the three- to four-month timeframe.
  • We sell our homes through our own sales representatives who often work with our homebuyer’s independent real estate broker.
  • We advertise directly to potential homebuyers through the internet and digital marketing, and marketing brochures.
  • We may also use billboards and other signage along with and our website to market the location, price range and availability of our homes.
  • Homebuilding marketing and sales process – Century Complete brand Our Century Complete brand primarily sells affordable homes to entry-level buyers through our own sales representatives located in centralized and retail locations which we refer to as studios, as opposed to model homes; however, model and vignetted homes are used in certain instances.
  • Our studios are generally leased for an average period of three years and average approximately 1,775 square feet.
  • We are often able to offer a new home offering to our customers at prices that are lower than resale and other new home offerings.
  • Since it typically takes approximately three to four months to construct a new home, we typically deliver more homes in the second half of the year as spring and summer home starts convert to home deliveries.
  • Inspire is an approved seller/servicer of loans for Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”), FHA, Department of Veterans Affairs-guaranteed (“VA”), and U.S.
  • Inspire primarily finances these loans using its third-party mortgage repurchase facilities.
  • Recognizing the importance of our human capital, our Board of Directors, through the Compensation Committee, retains direct oversight of our human capital and oversees and reviews our culture and policies and strategies related to human capital management, including with respect to workplace culture initiatives, pay equity, talent, recruitment and development, performance management and employee engagement.
  • In 2025, we were named to Newsweek’s list of Most Trustworthy Companies in America for the third year in a row, and we were also recognized as one of the 2025 Best Companies to Work For by U.S.
  • Employees The total number of employees as of December 31, 2025 was 1,660, which includes 227 employees related to our Financial Services segment and 1,433 employees related to our corporate and homebuilding operations .
  • Our headcount decreased by approximately 11.4% compared to December 31, 2024 due to a reduction in our corporate, homebuilding operations, and financial services employees amidst softened demand and slowing homebuilding market conditions in 2025.
  • Within our homebuilding operations, the majority of our employees are related to our construction and sales functions, which totaled 373 and 484 employees, respectively, as of December 31, 2025.
  • Our Executive Chairman, our Chief Executive Officer, and our Chief Financial Officer, who, along with our Board of Directors, are responsible for setting our overall strategy, average over 20 years with us, and have extensive experience in the homebuilding industry.
  • We understand that our ultimate success and ability to compete are significantly dependent on how well we attract, promote, and retain qualified employees with the expertise needed to manage and support our operations.
  • Equal opportunity, workplace culture, and ethics Our commitment to equal opportunity does not begin with employment; it begins at the time a position becomes open.
  • We also aim to create a working environment and culture where all employees are treated equally and with dignity and respect and are empowered to reach their full potential.
  • This includes, among other policies, our Code of Business Conduct and Ethics Policy Statement, our Human Rights Policy Statement, and our Commitment to Workplace Health & Safety Statement.

and 884 more.

Gone since FY2024

  • Overview Century Communities, Inc., a Delaware corporation (which we refer to as “we,” “us,” “our,” “CCS,” or the “Company”), together with its subsidiaries, is engaged in the development, design , construction, marketing and sale of single-family attached and detached homes in 17 states.
  • Our Century Communities brand has an emphasis on serving the affordable homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade opportunities.
  • Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade opportunities.
  • Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado.
  • Century Living, LLC is included in our Corporate segment.
  • Of the 11,007 homes delivered during 2024, approximately 93% of our deliveries were made to entry-level homebuyers that were below the Federal Housing Administration-insured mortgage limits and approximately 99% of homes delivered were built as move-in ready homes.
  • As of December 31, 2024, we operated in the 17 states and over 45 markets depicted below: We operate within the following reportable segments:  West (California and Washington)  Mountain (Arizona, Colorado, Nevada and Utah)  Texas  Southeast (Florida, Georgia, North Carolina, South Carolina and Tennessee)  Century Complete (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, North Carolina, and South Carolina)  Financial Services ( which provide mortgage, title, insurance brokerage, and escrow services to our homebuyers) Our Corporate operations are a non-operating segment, as it serves to support our homebuilding operations, and to a lesser extent our Financial Services operations, through various functions, such as our executive, finance, treasury, human resources, accounting and legal departments.
  • Macro-economic conditions, along with our operating efficiencies, business strategy and geographic expansion through the acquisition of other homebuilders and organic entrance into new markets, has resulted in significant increases in total revenue, net income, and total stockholders’ equity as outlined below: Homebuilding Operations Strategy Our strategy is focused on increasing the returns on our stockholders’ equity and inventory, and continuing to generate growth and strong profitability.
  • In general, we are focused on the following:  Maintaining a strong balance sheet and prudent use of leverage;  Offering homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, while heavily weighting our offerings towards providing affordable housing options in each of our homebuyer segments;  Preferring building move-in-ready homes over built-to-order homes, which we believe allows for a faster construction process, advantageous pricing with subcontractors, and a shortened time period from home sale to home delivery, thus allowing our customers greater certainty on their financing and allowing us to more appropriately price the homes and deploy our capital;  Maintaining a strong pipeline of future land holdings, including favoring lot option contracts to manage our risk to land holdings;  Increasing our market share within our existing markets through organic growth and/or acquisitions of other homebuilders already operating in the market; and  Controlling costs, including costs of home sales revenue and selling, general and administrative expenses, and generating further efficiencies, including continued reliance on digital marketing and the ability to buy a home on our website, and cost efficiencies in our direct costs of construction through continued value engineering of our home plans.
  • Our operating strategy has resulted in significant growth in revenue and net income since 2019.
  • We anticipate the homebuilding markets in each of our operating segments will continue to be tied to both the macro-economic environment and the local economy, and we expect our operating strategy will continue to adapt to market changes, though we cannot provide any assurance that our strategies will continue to be successful or change over time.
  • We continue to actively seek opportunities to increase our market share within our existing markets through acquisitions of other homebuilders already operating in the market.
  • During 2024, we completed two acquisitions.
  • On July 31, 2024, we closed on the acquisition of substantially all the assets and operations and assumed certain liabilities of Anglia Homes LP (“Anglia”), a homebuilder with operations in the greater Houston, Texas area, for approximately $127.0 million in cash, inclusive of customary holdbacks.
  • On January 22, 2024, we closed on the acquisition of substantially all the assets and operations and assumed certain liabilities of Landmark Homes of Tennessee, Inc.
  • We believe we are well-positioned to benefit from the ongoing shortage of both new and resale homes available for purchase in our key markets and the favorable demographics that support the need for new affordable housing.
  • We believe our operations are prepared to withstand volatility in future market conditions as a result of our product offerings which both span the home buying segment and focus on affordable price points, and our current and future inventories of attractive land positions.
  • We have continued to focus on maintaining an appropriate balance of home and land inventories in relation to anticipated future demand, as well as prudent leverage, and, as a result, we believe we are well positioned to continue to execute on our strategy to optimize stockholder returns.
  • We have continued to strategically manage our lot pipeline, including both organically and through acquisitions, in order to maintain a balance between the number of owned lots as compared to lots we control through option and other contracts.
  • This balance allows us flexibility to adjust to market conditions as they develop and the ability to exit positions at a reasonable cost in the event of a market downturn, without adversely impacting near term lot pipelines on which to start homes.
  • This strategy has resulted in an owned and under control lot position of 80,632 as of December 31, 2024, of which 44.3% were owned and 55.7% were controlled through purchase and option contracts.
  • Our owned and controlled lot position and our owned and controlled lot position by reportable segment as of December 31, 2024 is outlined below.
  • Our personnel, along with subcontracted marketing and design consultants, carefully design the exterior and interior of our home plans to coincide with the needs of targeted homebuyers.
  • It typically takes us four to five months, or more in some instances, to construct a home.
  • During the year ended December 31, 2024, cycle times remained in the four- to five-month timeframe.
  • We sell our homes through our own sales representatives often with the assistance of independent real estate brokers.
  • We advertise directly to potential homebuyers through the internet and digital marketing, marketing brochures, and to a lesser extent, newspapers.
  • We may also use billboards, radio and television advertising, along with our website, to market the location, price range and availability of our homes.
  • Homebuilding marketing and sales process – Century Complete brand Our Century Complete brand primarily sells affordable homes to entry-level buyers through our own sales representatives located in retail locations which we refer to as studios, as opposed to model homes; however, model and vignetted homes are used in certain instances.
  • Our studios are generally leased for a period of three years and average approximately 1,750 square feet.
  • We are often able to offer a new home offering to our customers at prices that are lower than other new home offerings.
  • Since it typically takes us four to five months to construct a new home, we deliver more homes in the second half of the year as spring and summer home starts convert to home deliveries.
  • Because of this seasonality, home starts, construction costs and related cash outflows have historically been highest in the second and third quarters, and the majority of cash receipts from home deliveries occurs during the second half of the year.
  • Inspire is authorized to originate Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”), Government National Mortgage Association (“Ginnie Mae”), FHA, Department of Veterans Affairs-guaranteed (“VA”), and U.S.
  • Recognizing the importance of our human capital, our Board of Directors, through the Compensation Committee, retains direct oversight of our human capital and oversees and reviews our culture and policies and strategies related to human capital management, including with respect to diversity and inclusion initiatives, pay equity, talent, recruitment and development, performance management and employee engagement.
  • In 2024, we were named to Newsweek’s list of World’s Most Trustworthy Companies, and we were named to Newsweek’s list of Most Trustworthy Companies in America for the second year in a row.
  • Employees The total number of employees as of December 31, 2024 was 1,873, which includes 251 employees related to our Financial Services segment and 1,622 employees related to our corporate and homebuilding operations .
  • Our headcount increased by approximately 13.5% compared to December 31, 2023 as a result of increased active community count during 2024.
  • Within our homebuilding operations, the majority of our employees are related to our construction and sales functions, which totaled 462 and 471 employees, respectively, as of December 31, 2024.
  • Our Executive Chairman, our Chief Executive Officer, and our Chief Financial Officer, who, along with our Board of Directors, are responsible for setting our overall strategy, average approximately 20 years with us, and have extensive experience in the homebuilding industry.

and 1151 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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