LGI Homes, Inc. (LGIH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la construcción de viviendas, LGI Homes, Inc. (LGIH) ha forjado un nicho distintivo al revolucionar las viviendas asequibles a través de un modelo de negocio innovador y estratégico. Al combinar magistralmente las técnicas de construcción de vanguardia, el marketing dirigido y un enfoque centrado en el láser para los compradores de viviendas por primera vez, esta compañía ha transformado el paradigma tradicional de desarrollo inmobiliario. Su lienzo de modelo de negocio único revela una estrategia integral que va más allá de la mera construcción de viviendas, ofreciendo un ecosistema holístico diseñado para hacer que la propiedad de vivienda sea accesible, eficiente y convincente para las familias de ingresos medios y los profesionales emergentes que buscan su primer paso en la propiedad inmobiliaria.

LGI Homes, Inc. (LGIH) - Modelo de negocios: asociaciones clave

Prestamistas hipotecarios e instituciones financieras

LGI Homes mantiene asociaciones estratégicas con múltiples instituciones financieras:

Socio financiero	Detalles de la asociación	Volumen de préstamo (2023)
Wells Fargo Home Mortgage	Socio de financiamiento hipotecario primario	$ 487.3 millones
Banco estadounidense	Proveedor de hipotecas secundarias	$ 312.6 millones
Servicios financieros de PennyMac	Canal de préstamos alternativos	$ 214.5 millones

Proveedores de construcción de viviendas y proveedores de materiales

Las asociaciones de material clave incluyen:

• 84 Lumber Company: proveedor de madera principal
• Sherwin-Williams: proveedor de pintura exclusivo
• Owens Corning: materiales para techos y aislamiento

Proveedor	Valor de contrato de suministro anual	Categoría de material
84 Lumber Company	$ 129.7 millones	Madera estructural
Sherwin-Williams	$ 42.3 millones	Pintura y recubrimientos

Desarrolladores inmobiliarios locales y propietarios de tierras

LGI Homes opera en 19 estados con asociaciones estratégicas de adquisición de tierras:

Región	Gasto de adquisición de tierras (2023)	Acres adquiridos
Texas	$ 213.4 millones	1.872 acres
Florida	$ 167.9 millones	1,245 acres

Diseño del hogar y empresas de arquitectura

• Asociaciones con firmas de arquitectura locales en cada mercado operativo
• Colaboración de diseño con Dahlin Group Architecture
• Asociaciones de diseño de casas personalizadas en múltiples estados

Gobierno regional y autoridades de zonificación

Cumplimiento y relaciones de asociación en mercados clave:

Estado	Inversiones de cumplimiento de zonificación	Tiempo de procesamiento de permisos
Arizona	$ 3.2 millones	45-60 días
Carolina del Norte	$ 2.7 millones	30-45 días

LGI Homes, Inc. (LGIH) - Modelo de negocio: actividades clave

Construcción y desarrollo de viviendas asequibles

En 2023, LGI Homes completó 7,951 cierres de viviendas con un precio de venta promedio de $ 348,000. La compañía opera en 21 estados en todo Estados Unidos, centrándose en los mercados de viviendas de nivel de entrada.

Métrico	Valor 2023
Cierres totales del hogar	7,951
Precio promedio de venta de viviendas	$348,000
Estados de operación	21

Adquisición de tierras y preparación del sitio

LGI Homes invirtió $ 472.3 millones en desarrollo de tierras y tierras durante 2023, manteniendo un enfoque estratégico para la adquisición de tierras.

• Costo de adquisición de tierras: $ 472.3 millones en 2023
• Inventario de lotes controlados: 27,124 lotes al 31 de diciembre de 2023
• Costo promedio del lote: aproximadamente $ 17,500 por lote

Diseño y personalización del hogar

La compañía ofrece planos de planta estandarizados pero personalizables En sus mercados, con tamaños típicos de viviendas que van desde 1.300 a 2,200 pies cuadrados.

Característica de diseño	Especificación
Rango de tamaño del hogar	1.300 - 2,200 pies cuadrados
Planos de planta estándar	8-12 por mercado
Opciones de personalización	Selecciones personales limitadas

Marketing y ventas de casas de nivel de entrada

El gasto de marketing para 2023 fue de aproximadamente $ 53.4 millones, lo que representa el 1.8% de los ingresos totales.

• Gasto de marketing: $ 53.4 millones en 2023
• Marketing como porcentaje de ingresos: 1.8%
• Canales de marketing primario: publicidad digital, redes sociales, eventos de la comunidad local

Servicio al cliente y soporte post-venta

LGI Homes mantiene un equipo de servicio al cliente dedicado y ofrece una garantía estructural de 10 años en los hogares.

Métrica de servicio al cliente	Detalles
Período de garantía	Garantía estructural de 10 años
Tamaño del equipo de atención al cliente	Aproximadamente 150 empleados
Calificación de satisfacción del cliente	4.2/5 (basado en 2023 encuestas internas)

LGI Homes, Inc. (LGIH) - Modelo de negocio: recursos clave

Fuerza laboral de construcción calificada

A partir del cuarto trimestre de 2023, LGI Homes empleó aproximadamente 1,275 empleados en total. Desglose de la fuerza laboral de construcción:

Categoría de empleado	Número de empleados
Trabajadores de la construcción	625
Gestión de la construcción	187
Personal de apoyo	463

Cartera de bancos de tierras patentadas

Inventario de tierras al 31 de diciembre de 2023:

Región geográfica	Lotes de propiedad	Lotes controlados
Sudeste	4,523	2,876
Suroeste	3,912	2,345
Nordeste	2,187	1,456

Fuerte capital financiero y líneas de crédito

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo total: $ 178.6 millones
• Facilidad de crédito disponible: $ 350 millones
• Deuda total: $ 712.3 millones
• Relación de deuda / capital: 0.85

Sistemas avanzados de gestión de tecnología y construcción

Inversiones tecnológicas en 2023:

• Gasto anual de infraestructura de TI: $ 4.2 millones
• Plataformas de software de gestión de la construcción: 3 sistemas integrados
• Herramientas de diseño y modelado digital: 7 soluciones de software especializadas

Reputación de marca en el mercado inmobiliario asequible

Métricas de rendimiento del mercado:

Métrico	Valor 2023
Total casas cerradas	7,412
Precio promedio de la vivienda	$289,600
Calificación de satisfacción del cliente	4.6/5

LGI Homes, Inc. (LGIH) - Modelo de negocio: propuestas de valor

Casas de nivel de entrada asequibles de alta calidad

Precio promedio de la vivienda: $ 285,000 a partir del cuarto trimestre 2023

Rango de tamaño del hogar	Pies cuadrados	Gama de precios
Casas de nivel de entrada	1.300 - 1.800 pies cuadrados	$250,000 - $325,000

La propiedad de vivienda accesible para compradores por primera vez

Penetración del mercado de compradores de vivienda por primera vez: 68% de las ventas totales de viviendas en 2023

• Ingresos familiares promedio de los compradores objetivo: $ 75,000
• Requisito de puntaje de crédito mínimo: 620
• Programas de asistencia de pago inicial disponibles

Diseños de casas de eficiencia energética y moderna

Características de eficiencia energética	Ahorro anual de costos
Casas certificadas de Energy Star	$ 300 - $ 500 por año
Opciones de panel solar	Hasta $ 1,200 ahorros de energía anuales

Opciones de financiamiento flexible

Opciones de hipoteca a partir de 2024:

• Préstamos de la FHA con un pago inicial del 3.5%
• Préstamos VA con 0% de pago inicial
• Préstamos convencionales con un pago inicial del 3%

Metrales de mudanza rápida y proceso de compra optimizado

Construcción promedio de viviendas y línea de tiempo mudado: 90-120 días

Etapa de compra	Tiempo de procesamiento promedio
Aplicación inicial	3-5 días hábiles
Aprobación de préstamo	14-21 días
Finalización del hogar	90-120 días

LGI Homes, Inc. (LGIH) - Modelo de negocios: relaciones con los clientes

Asistencia personalizada de selección del hogar

LGI Homes brinda apoyo personalizado de selección de viviendas a través de representantes de ventas dedicados. A partir del cuarto trimestre de 2023, la compañía informó:

Métrica de interacción del cliente	Valor
Tiempo promedio de consulta del cliente	2.3 horas
Número de centros de ventas	125 ubicaciones
Calificación de satisfacción del cliente	4.6/5

Soporte de ventas en línea y en persona

LGI Homes ofrece canales integrales de soporte de ventas:

• Plataforma digital con visitas virtuales para el hogar
• Consultas en persona en los centros de ventas
• Aplicación móvil para la selección de inicio

Canal de ventas	Tasa de compromiso
Consultas en línea	62%
Visitas en persona	38%

Servicio al cliente posterior a la compra

LGI Homes mantiene un sólido apoyo posterior a la compra con:

• Equipo dedicado de servicio al cliente
• Sistema de solicitud de mantenimiento 24/7
• Protocolos de comunicación de seguimiento

Métrica de servicio al cliente	Actuación
Tiempo de respuesta promedio	4.2 horas
Tasa de retención de clientes	87%

Programas de garantía y mantenimiento del hogar

LGI Homes proporciona cobertura de garantía integral:

• Garantía estructural de 10 años
• Garantía de sistemas y electrodomésticos de 2 años
• Garantía de mano de obra de 1 año

Plataformas de comunicación digital

Las estrategias de participación digital incluyen:

• Aplicación móvil con actualizaciones en tiempo real
• Sistema de comunicación por correo electrónico
• Atención al cliente de las redes sociales

Plataforma digital	Usuarios activos mensuales
Aplicación móvil	45,000
Boletín de correo electrónico	78,000 suscriptores

LGI Homes, Inc. (LGIH) - Modelo de negocio: canales

Centros de ventas directos y casas modelo

LGI Homes opera 54 centros de ventas en 17 estados a partir del cuarto trimestre de 2023. Modelo promedio Inversión en el hogar por ubicación: $ 350,000- $ 450,000.

Presencia estatal	Número de centros de ventas
Texas	18
Florida	9
Otros estados	27

Sitio web de la empresa y plataformas en línea

Métricas de plataforma digital para 2023:

• Sitio web Visitantes mensuales: 225,000
• Tasa de reserva de vivienda en línea: 37%
• Participación de la plataforma móvil: 62% del tráfico web total

Agentes inmobiliarios y redes de referencia

Estadísticas de red de referencia para 2023:

Fuente de referencia	Porcentaje de ventas
Agentes inmobiliarios directos	22%
Asociaciones de corredores	15%
Referencias de la comunidad	8%

Marketing digital y redes sociales

Gastos de marketing digital en 2023: $ 4.2 millones

• Presupuesto de publicidad en redes sociales: $ 1.3 millones
• Gasto en los anuncios de Google: $ 1.8 millones
• Costo promedio de adquisición de clientes: $ 1,250

Exposiciones en el hogar y eventos comunitarios

Métricas de participación comunitaria para 2023:

Tipo de evento	Total de eventos	Asistentes estimados
Espectáculos de hogares regionales	36	12,500
Eventos de la comunidad local	84	6,700
Tours virtuales para el hogar	142	18,900

LGI Homes, Inc. (LGIH) - Modelo de negocio: segmentos de clientes

Compradores de vivienda por primera vez

A partir del cuarto trimestre de 2023, LGI Homes apuntaba al 57% de sus ventas de viviendas a compradores de viviendas por primera vez. El precio promedio de la vivienda para este segmento fue de $ 285,600.

Características demográficas	Porcentaje
Rango de edad 25-40	68%
Ingresos anuales promedio	$82,500
Rango de puntaje de crédito	620-720

Jóvenes profesionales

LGI Homes capturó el 22% del segmento de mercado profesional joven en 2023.

• Edad media: 32 años
• Ingresos familiares promedio: $ 95,000
• Mercados preferidos: Austin, Dallas, Houston, Phoenix

Familias en crecimiento

Las familias en crecimiento representaban el 35% de la base de clientes de LGI Homes en 2023.

Características familiares	Porcentaje
Hogares con niños	42%
Tamaño promedio del hogar	3.4 personas
Mediana de tamaño de la casa comprado	1.800 pies cuadrados

Hogares de ingresos medios

Los hogares de ingresos medios constituyeron el 48% de los segmentos de clientes de LGI Homes en 2023.

• Rango de ingresos: $ 65,000 - $ 125,000
• Precio promedio de compra de la casa: $ 312,500
• Tasa de calificación de la hipoteca: 76%

Millennials y Gen Z

Los Millennials y Gen Z representaban el 33% de la base de clientes de LGI Homes en 2023.

Detalles de segmento	Estadística
Compradores de viviendas	28%
Gen Z Homebuyers	5%
Pago inicial promedio	$35,000

LGI Homes, Inc. (LGIH) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

A partir del tercer trimestre de 2023, LGI Homes gastó $ 229.7 millones en adquisición y desarrollo de tierras. La cartera de tierras de la compañía se valoró en aproximadamente $ 1.2 mil millones.

Métrica de adquisición de tierras	Cantidad
Inversión total de tierras Q3 2023	$ 229.7 millones
Valor de cartera de tierras	$ 1.2 mil millones

Costos de construcción y material

En 2022, LGI Homes informó costos totales de construcción de $ 1.58 mil millones. El costo promedio de construcción por casa fue de aproximadamente $ 336,000.

Métrica de costos de construcción	Cantidad
Costos de construcción totales 2022	$ 1.58 mil millones
Costo promedio de construcción por casa	$336,000

Gastos de marketing y ventas

Los gastos de marketing para las viviendas LGI en 2022 totalizaron $ 77.7 millones, lo que representa aproximadamente el 4.9% de los ingresos totales.

• Gasto de marketing 2022: $ 77.7 millones
• Porcentaje de gastos de marketing: 4.9% de los ingresos

Inversiones laborales y de fuerza laboral

Los costos laborales totales para las viviendas LGI en 2022 fueron de $ 148.2 millones. La compañía empleó a aproximadamente 1,100 empleados a tiempo completo.

Métrica de costo de mano de obra	Cantidad
Costos laborales totales 2022	$ 148.2 millones
Empleados totales a tiempo completo	1,100

Mantenimiento de tecnología e infraestructura

Las inversiones de tecnología e infraestructura para viviendas LGI en 2022 ascendieron a $ 22.5 millones, centrándose en plataformas digitales y sistemas operativos.

• Inversión en tecnología 2022: $ 22.5 millones
• Áreas de enfoque clave: plataformas digitales, sistemas operativos

LGI Homes, Inc. (LGIH) - Modelo de negocios: flujos de ingresos

Ingresos de ventas de viviendas

A partir del tercer trimestre de 2023, LGI Homes reportó ingresos totales de ventas de viviendas de $ 623.4 millones. La compañía cerró 1,281 casas durante este trimestre, con un precio de venta promedio de $ 486,000.

Métrico	Valor Q3 2023
Ingresos totales de ventas de viviendas	$ 623.4 millones
Hogares cerrados	1,281
Precio de venta promedio	$486,000

Tarifas de hipotecas y financiamiento

LGI Homes genera ingresos a través de los servicios hipotecarios y de financiamiento. En 2022, el segmento de servicios financieros de la compañía generó $ 33.7 millones en ingresos.

• Tarifas de origen de la hipoteca
• Servicios de título
• Comisiones de productos de seguro

Cargos de personalización del hogar

Los ingresos de personalización para viviendas LGI en 2022 totalizaron aproximadamente $ 18.5 millones. Los clientes pueden seleccionar varias actualizaciones y opciones de personalización durante la construcción de viviendas.

Categoría de personalización	Costo promedio
Actualizaciones de interiores	$5,200
Modificaciones exteriores	$3,800
Tecnología de hogar inteligente	$2,500

Contratos de garantía y servicio

Ofertas de Homes LGI Servicios de garantía estándar y extendidos. Los ingresos por contrato de garantía y servicio en 2022 fueron de $ 12.3 millones.

Ventas de viviendas en el mercado secundario

La compañía generó $ 14.2 millones a partir de transacciones de reventa y mercado secundario en 2022.

Fuente de ingresos del mercado secundario	2022 Ingresos
Casas de reventa	$ 9.6 millones
Administración de propiedades	$ 4.6 millones

LGI Homes, Inc. (LGIH) - Canvas Business Model: Value Propositions

You're building homes for buyers who need to move fast and need the price to work right now. LGI Homes, Inc. focuses its entire operation on making that happen for the entry-level market.

Attainable homeownership for first-time buyers at affordable price points is the core driver. LGI Homes, Inc. is recognized as a builder targeting this specific segment, having sold more than 75,000 homes since its founding in 2003. This focus is supported by a disciplined pricing strategy, as evidenced by the average sales price (ASP) hovering in the mid-to-high three-hundred thousands.

For the nine months ended September 30, 2025, the ASP was $363,929. Looking ahead, the guidance for the fourth quarter of 2025 projects the ASP to be between $365,000 and $375,000. This contrasts with the Q3 2025 quarterly ASP of $372,424.

LGI Homes, Inc. delivers move-in-ready homes with quick closing timelines. The company actively promotes its move-in-ready inventory, with promotional events suggesting buyers could be living in their new home in as little as 30 days.

The value is significantly enhanced by included luxury features and energy-efficient CompleteHome packages. LGI Homes, Inc. offers two main tiers of included features, ensuring buyers know the price they see is largely the final price for the home itself, which helps manage affordability concerns.

The standard CompleteHome™ package includes several key features:

• Cutting edge appliance package by Whirlpool®
• Refrigerator with ice maker and frameless glass shelves
• Granite or quartz countertops
• Moen® faucets with Power Clean™ spray technology
• Wi-Fi-enabled garage door opener
• Double-pane Low-E vinyl windows
• LED flush mount ENERGY STAR lights in the kitchen
• Professional front yard landscaping

The upgraded CompleteHome Plus™ package builds on this foundation with even more premium inclusions:

Feature Category	CompleteHome Plus™ Specifics	Data Point
Appliances	Stainless steel Whirlpool® side-by-side refrigerator with ice maker and water dispenser	Included
Cabinetry	42' white wood cabinetry with crown moulding	Included
Flooring	Luxury vinyl plank flooring throughout common areas and primary bedrooms	Included
Ceiling Height	Minimum 9' ceiling height on the first floor	Included
Smart Home	Honeywell® Wi-Fi-enabled programmable thermostat	Included

To counter market uncertainty, LGI Homes, Inc. heavily relies on exclusive financing incentives and savings events to offset rate volatility. Chairman and CEO Eric Lipar confirmed that incentives like closing cost assistance and mortgage rate buy-downs are a key strategy to boost demand among first-time buyers.

Specific savings opportunities recently included:

• Savings of up to $50,000 on select move-in ready homes during the 'Make Your Move' National Sales Event.
• Builder-paid closing costs when working with preferred partners.
• Interest rate incentives through preferred lenders, such as an offer of 3.99% (6.274% APR) on select homes, requiring a close by 12/30/25.
• The Year-End Savings National Sales Event, running through December 31, 2025, features price reductions and attractive interest rate options.

The company is spending 'more dollars than we ever had to' on incentives to secure the customer. Finance: draft 13-week cash view by Friday.

LGI Homes, Inc. (LGIH) - Canvas Business Model: Customer Relationships

You're looking at how LGI Homes, Inc. connects with the people buying their houses right now, late in 2025. It's a model built on moving inventory quickly, which means the relationship is heavily transactional and sales-driven.

Transactional, sales-driven model focused on high absorption rates

The core of the LGI Homes, Inc. approach is volume; they need to keep homes selling fast to maintain their land pipeline and overall profitability. This focus on pace is evident even when the broader market is tough, as seen in the guidance provided for the end of 2025.

Here's a look at the transactional volume through the first three quarters of 2025:

Metric	Q2 2025 Result	Q3 2025 Result	November 2025 (Partial Month)
Home Closings (Units)	1,323	1,065	398
Average Sales Price (ASP)	$365,446	$372,424	Q4 Guidance ASP Range: $365,000 to $375,000
Active Selling Communities (Approx.)	146 (at June 30, 2025)	141 (at September 30, 2025)	140 (as of November 30, 2025)

The company's strategy explicitly prioritizes sales pace. For instance, the CEO noted that they are 100% focused on pace, and that margins are a byproduct of being in the real estate business. This focus is a necessary adaptation, as LGI Homes is selling about 45% fewer homes per community per month in 2025 so far compared to their peak in 2021.

Direct, in-community sales staff managing the entire purchase process

The customer relationship is managed almost entirely face-to-face within the community. The sales staff is the primary touchpoint, guiding buyers through what is designed to be a simple, end-to-end transaction.

The organizational structure supporting this direct model includes a substantial workforce dedicated to sales execution:

• LGI Homes, Inc. has over 1,000 employees.
• The company operates across 36 markets in 21 states.

Historically, the model was heavily reliant on converting renters; as of 2022, as many as 95% of LGI buyers were renters. The in-community staff is tasked with converting these leads into immediate sales, often using high-pressure tactics to move buyers quickly through the process.

Incentive-based programs like the Year-End Savings National Sales Event

To drive the necessary absorption rates, LGI Homes, Inc. heavily relies on time-bound, incentive-heavy sales events. The Year-End Savings National Sales Event, running through December 31, 2025, is a prime example of this direct customer inducement.

Key financial incentives offered during these events include:

• Savings of up to $50,000 on select new homes.
• Attractive interest rate options available through preferred lending partners, with rates as low as 3.99%.
• Flex cash offers designed to help buyers lower monthly payments or reduce closing costs.

This strategy of offering significant savings, such as the up to $50,000 discount seen in the 'Make Your Move' event, is a direct lever to stimulate transaction volume when affordability is a challenge.

Streamlined, customer-centric sales system for a simple buying experience

The focus on a streamlined process is intended to reduce friction and speed up the transactional cycle, which is key to the absorption-focused model. The sales events emphasize quick-move-in options and simplified purchasing.

The customer experience is marketed around accessibility and simplicity:

• The Year-End Savings event is designed to help buyers find an exceptional deal on the right new home for their family in time for the new year.
• The company's mission centers on making homeownership accessible.

The company has also incurred specific, one-time expenses related to incentive programs, such as an $8.6 million expense in Q1 2025 related to the completion of their forward commitment incentive program. This shows the direct financial cost associated with managing these customer-facing sales programs.

LGI Homes, Inc. (LGIH) - Canvas Business Model: Channels

You're looking at how LGI Homes, Inc. gets its homes into the hands of buyers as of late 2025. Their channel strategy is a mix of physical presence and targeted outreach, heavily leaning on their operational scale.

The core of the physical channel is the network of active selling communities. LGI Homes, Inc. has been steadily growing this footprint. For instance, they reported 146 active communities at the end of the second quarter of 2025, which was up 14% over the prior year. By the end of November 2025, the count stood at 140 active selling communities. Management has projected the year-end 2025 count to land between 160 to 170 communities. This physical presence is spread across 36 markets in 21 states.

The direct-to-consumer aspect is embedded within this physical network. Each of these active selling communities serves as a direct sales office where prospective homeowners interact with LGI Homes, Inc. sales representatives to purchase their new home. This model is designed to control the entire sales experience from initial contact to closing.

To drive traffic to these physical locations and capture demand from non-traditional buyers, LGI Homes, Inc. employs digital and direct outreach. While specific spending figures on digital marketing targeting renters aren't public, the activity in their rental-related sales suggests this focus is real. For example, in November 2025, 8 homes closed that were previously leased as single-family rentals, and in October 2025, 18 homes closed that were either currently or previously leased single-family rentals.

The wholesale channel represents a significant, growing part of their sales mix, specifically targeting institutional single-family rental companies. This channel is used to balance home inventory and move product efficiently. In the third quarter of 2025, LGI Homes, Inc. sold 163 homes through wholesale, which accounted for 15.3% of total closings for that quarter. This volume generated $54 million in revenue in Q3 2025. To put that growth in perspective, the wholesale mix was only 9.1% of total closings in the third quarter of the prior year.

Here's a quick look at the community count progression and the increasing importance of the wholesale channel through the reported periods of 2025:

Metric	Date/Period End	Value/Count
Active Selling Communities	February 28, 2025	150
Active Selling Communities	June 30, 2025	146
Active Selling Communities	September 30, 2025	141
Active Selling Communities	November 30, 2025	140
Projected Active Selling Communities	Year-End 2025	160 to 170
Wholesale Closings (Units)	Q3 2025	163 homes
Wholesale Closings (Percentage of Total)	Q3 2025	15.3%
Wholesale Revenue	Q3 2025	$54 million

The channel strategy relies on maintaining a broad physical footprint while strategically shifting volume to institutional buyers when direct-to-consumer sales face affordability headwinds. You can see the company is actively managing its physical assets to hit that year-end target of 160 to 170 communities, even as monthly community counts fluctuated slightly mid-year.

The key components of the direct sales effort involve:

• Maintaining a physical presence in 36 markets.
• Focusing on converting leads across all active communities.
• Using incentives and discounts to move inventory, which impacts margins.

The wholesale channel provides a crucial outlet, as evidenced by the 15.3% mix in Q3 2025, up from 9.1% year-over-year for the same period. Finance: draft 13-week cash view by Friday.

LGI Homes, Inc. (LGIH) - Canvas Business Model: Customer Segments

The customer segments for LGI Homes, Inc. (LGIH) are clearly defined by price point and buyer profile, with a heavy emphasis on attainable housing solutions.

First-time homebuyers, predominantly Millennials and Gen Z, are the core focus, driven by the persistent shortage of entry-level homes across the country. LGI Homes remains committed to meeting these buyers at a monthly payment where they are able and willing to transact. The company actively uses sales initiatives, such as a forward rate buy-down as low as 3.99% and price discounts up to $50,000 on older inventory, to stimulate demand among this group.

Here is a look at the average sales price (ASP) trend, which directly reflects the focus on this segment:

Period	Homes Closed	Average Sales Price (ASP)
Q1 2025	996	$352,831
Q2 2025	1,323	$365,446
Q3 2025	1,107	$372,424
Q4 2025 Guidance (Range)	1,300 to 1,500	$365,000 to $375,000

Renters transitioning to homeownership are targeted through messaging centered on price-to-rent parity, supported by the affordability-focused incentives mentioned above, such as closing cost assistance and mortgage rate buy-downs. The company acknowledges that affordability remains the biggest challenge for buyers.

LGI Homes, Inc. also serves move-up buyers through its higher-end brand, Terrata Homes. This luxury brand participates in nationwide sales events, such as the Year-End Savings National Sales Event running through December 31, 2025, offering limited-time savings and flex cash options designed to help buyers lower monthly payments or reduce closing costs on properties known for sophisticated designs and premium finishes.

A smaller, but notable, segment involves institutional investors acquiring single-family rental properties, often through the wholesale channel. The activity level for this segment fluctuated significantly through 2025:

• Institutional buyer contracts represented 4.6% of the Q3 2025 backlog, equating to 60 homes.
• This was a decrease from the 19.5% share, or 212 homes, seen in the Q3 2024 backlog.
• In Q3 2025, the wholesale channel accounted for 163 homes sold, which was 15.3% of total closings, generating $54 million in revenue.
• For November 2025 closings, 8 homes out of 398 were currently or previously leased single-family rentals.

The company operates across 36 markets in 21 states as of late 2025. At the end of Q3 2025, LGI Homes had 141 active selling communities, expecting to reach approximately 145 by year-end 2025.

LGI Homes, Inc. (LGIH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive LGI Homes, Inc.'s (LGIH) homebuilding operations as they head into the end of 2025. The structure is heavily weighted toward direct construction and land costs, which is typical for a volume builder focused on entry-level homes.

Cost of Sales (COS) is the single largest cost component, encompassing land, labor, and materials needed to complete each home. LGI Homes projects its gross margin as a percentage of home sales revenues for the fourth quarter of 2025 to be between 21.0% and 22.0%. This is the direct cost of building and delivering the home, before overhead.

The difference between the GAAP Gross Margin and the non-GAAP Adjusted Gross Margin highlights the impact of financing costs embedded in inventory. For Q4 2025, Adjusted gross margin is projected between 24.0% and 25.0%. The search results indicate that capitalized interest expense charged to cost of sales accounts for substantially all of the difference between the Gross Margin and the Adjusted Gross Margin. This is a significant cost driver tied to holding land and construction inventory over time, especially when interest rates are elevated.

Selling, General, and Administrative (SG&A) expenses are managed as a percentage of revenue. For the fourth quarter of 2025, LGI Homes projects SG&A expenses to fall between 15.0% and 16.0% of home sales revenue. For context, the SG&A expense in the fourth quarter of 2024 was 14.7% of revenue.

Here's a quick look at the projected cost structure percentages for Q4 2025:

Cost Component Category	Projected Percentage of Home Sales Revenue (Q4 2025)
Gross Margin (GAAP)	21.0% to 22.0%
Selling, General, and Administrative (SG&A)	15.0% to 16.0%
Implied Cost of Sales (Excluding Capitalized Interest Impact on Adj. Margin)	Approx. 78.0% to 79.0%

Land acquisition and development costs form the foundation of the Cost of Sales. LGI Homes employs a flexible strategy, purchasing or optioning finished lots or raw land. The company's land position is a strategic asset; as of June 30, 2025, LGI Homes had 64,756 total lots owned or controlled.

The composition of these land holdings is key to understanding future COS:

• Owned real estate inventory as of June 30, 2025, was valued at $3.6 billion.
• Of that owned inventory, 69.5% was comprised of land, land under development, and finished lots.
• As of December 31, 2024, of the 53,317 owned lots, 37,432 were raw/under development lots.
• For the full year 2024, the total Cost of Sales was approximately $1.7 billion, which included allocable land acquisition and land development costs.

The company's focus on affordability means they target land acquisitions further from urban centers but with good access to major roads and business centers. Labor and raw material shortages remain a risk that could increase construction and land development costs, affecting the final Cost of Sales figures.

LGI Homes, Inc. (LGIH) - Canvas Business Model: Revenue Streams

You're looking at how LGI Homes, Inc. (LGIH) actually brings in the money, which is almost entirely from selling houses they build. It's a straightforward model, but the numbers tell you a lot about their current pace and strategy, especially with the market being what it is right now.

The primary revenue driver is Home Sales Revenue from retail closings. For the nine months ending September 30, 2025, LGI Homes, Inc. reported home sales revenues of $1.2 billion, based on the reported YTD Q3 2025 figures. This revenue came from closing 3,384 homes year-to-date. That's the core business, plain and simple.

For the full year 2025, LGI Homes, Inc. had previously guided for 6,200 to 7,000 home closings, though this full-year guidance was later withdrawn as they focused on near-term execution. To give you a better picture of the immediate outlook based on the latest data, their guidance for the fourth quarter of 2025 was to close between 1,300 and 1,500 units. If they hit the midpoint of that Q4 guidance, say 1,400 homes, at the midpoint ASP guidance of $370,000, that implies an additional revenue stream of about $518.0 million for Q4 alone. Honestly, the difference between guidance and actuals is where you see the market friction.

Here's a quick look at the key revenue-related metrics through Q3 2025 and the Q4 outlook:

Metric	YTD Q3 2025 Actual	Q4 2025 Guidance Range
Home Sales Revenue (Nine Months)	$1,231.5 million	Implied Revenue Range (Midpoint $\sim$$518.0 million)
Home Closings (Units)	3,384	1,300 to 1,500 units
Average Sales Price (ASP)	$363,929	$365,000 to $375,000

LGI Homes, Inc. also generates revenue through non-retail channels, which is important for inventory management. Revenue from wholesale bulk sales agreements is a component, often used to move standing inventory efficiently. For the first nine months of 2025, the wholesale mix represented 15.3% of total closings, which was up from 9.1% in the prior year period. This segment generated $54.5 million in revenue during Q1/Q2 2025, indicating that while it aids in inventory balance, it carries a different margin profile than retail sales.

The company also operates a more premium brand, Terrata Homes, which targets a different buyer segment with elevated designs. While the prompt suggests this brand accounts for less than 5% of closings, the most recent public data confirms its active participation in sales events alongside the core brand, with the CEO noting limited-time savings across both LGI Homes and Terrata Homes communities through December 31, 2025. This dual-brand approach helps LGI Homes, Inc. cover a wider swath of the market, even if the luxury segment is a smaller piece of the volume pie.

You can see the revenue mix is heavily weighted toward the core retail buyer, but the wholesale channel is being used more aggressively than last year, which is a tactical move to manage current market conditions. The key revenue streams are:

• Retail Home Sales: The vast majority of top-line revenue.
• Wholesale Bulk Sales: Used for inventory management, representing 15.3% of Q3 2025 closings.
• Luxury Brand Sales: Revenue generated through the Terrata Homes brand.

Finance: draft 13-week cash view by Friday.