Incentive UseA challenging housing market has required extensive use of incentives to keep inventory turning, impacting SDHC's near-term potential.
Operating Margin DeclineOperating margin declined 700 bps y/y in 3Q25 and ROE declined 2,300 bps y/y.
Valuation RiskValuation appears rich relative to the group, with a risk of multiple compression if margins and returns do not rebound.