Strong Balance Sheet / Low LeverageAn equity ratio above 70% and a debt-to-equity of zero in 2024 materially reduce financial leverage. This durable balance sheet strength supports land acquisition and project funding, provides a cushion in downturns, and lowers refinancing risk over the coming months.
Consistent Revenue GrowthA 15%+ revenue increase in 2024 indicates resilient demand and effective conversion of the development pipeline into completions. Sustained top-line growth underpins scale benefits, helps absorb fixed costs, and supports long-term monetization of land and planning investments.
Improving Cash GenerationThe return to positive operating cash flow and improved free cash flow signals better cash conversion, easing funding needs for inventory and land. If sustained, stronger cash generation enhances financial flexibility for reinvestment and reduces reliance on external financing.