LGI Homes, Inc. (LGIH): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da construção de casas, a LGI Homes, Inc. (LGIH) criou um nicho distinto, revolucionando moradias acessíveis por meio de um modelo de negócios inovador e estratégico. Ao combinar magistralmente técnicas de construção de ponta, marketing direcionado e uma abordagem focada em laser aos compradores iniciantes, esta empresa transformou o paradigma tradicional de desenvolvimento imobiliário. Seu modelo de modelo de negócios exclusivo revela uma estratégia abrangente que vai além da mera construção de casas, oferecendo um ecossistema holístico projetado para tornar a casa de casa acessível, eficiente e atraente para famílias de renda média e profissionais emergentes que buscam seu primeiro passo na propriedade imobiliária.

LGI Homes, Inc. (LGIH) - Modelo de negócios: Parcerias -chave

Credores hipotecários e instituições financeiras

A LGI Homes mantém parcerias estratégicas com várias instituições financeiras:

Parceiro financeiro	Detalhes da parceria	Volume de empréstimo (2023)
Wells Fargo Home Hipoteca	Parceiro de financiamento hipotecário primário	US $ 487,3 milhões
Banco dos EUA	Provedor de hipotecas secundárias	US $ 312,6 milhões
Pennymac Financial Services	Canal de empréstimo alternativo	US $ 214,5 milhões

Fornecedores de construção de casas e fornecedores de materiais

As principais parcerias materiais incluem:

• 84 Lumber Company: fornecedor de madeira primária
• Sherwin-Williams: Fornecedor exclusivo de tinta
• Owens Corning: materiais de cobertura e isolamento

Fornecedor	Valor anual do contrato de oferta	Categoria de material
84 Lumber Company	US $ 129,7 milhões	Madeira serrada estrutural
Sherwin-Williams	US $ 42,3 milhões	Tinta e revestimentos

Proprietários imobiliários locais e proprietários de terras

A LGI Homes opera em 19 estados com parcerias estratégicas de aquisição de terras:

Região	Gasto de aquisição de terras (2023)	Acres adquiridos
Texas	US $ 213,4 milhões	1.872 acres
Flórida	US $ 167,9 milhões	1.245 acres

Empresas de design e arquitetura de casa

• Parcerias com empresas de arquitetura local em cada mercado operacional
• Design Collaboration com Dahlin Group Architecture
• Parcerias de design de casa personalizadas em vários estados

Autoridades regionais do governo e zoneamento

Relacionamentos de conformidade e parceria nos principais mercados:

Estado	Investimentos de conformidade de zoneamento	Permitir tempo de processamento
Arizona	US $ 3,2 milhões	45-60 dias
Carolina do Norte	US $ 2,7 milhões	30-45 dias

LGI Homes, Inc. (LGIH) - Modelo de negócios: Atividades -chave

Construção e desenvolvimento de casas acessíveis

Em 2023, a LGI Homes completou 7.951 fechamentos domésticos com um preço médio de venda de US $ 348.000. A empresa opera em 21 estados nos Estados Unidos, com foco nos mercados imobiliários iniciantes.

Métrica	2023 valor
Total de fechamento doméstico	7,951
Preço médio de venda em casa	$348,000
Estados de operação	21

Aquisição de terras e preparação do local

A LGI Homes investiu US $ 472,3 milhões em desenvolvimento de terras e terras durante 2023, mantendo uma abordagem estratégica para a aquisição de terras.

• Custo de aquisição de terras: US $ 472,3 milhões em 2023
• Inventário de lote controlado: 27.124 lotes em 31 de dezembro de 2023
• Custo médio do lote: aproximadamente US $ 17.500 por lote

Design de casa e personalização

A empresa oferece Plantas atuais padronizadas, mas personalizáveis Em seus mercados, com tamanhos residenciais típicos que variam de 1.300 a 2.200 pés quadrados.

Característica do design	Especificação
Faixa de tamanho da casa	1.300 - 2.200 pés quadrados
Plantas padrão	8-12 por mercado
Opções de personalização	Seleções pessoais limitadas

Marketing e vendas de casas de nível básico

As despesas de marketing para 2023 foram de aproximadamente US $ 53,4 milhões, representando 1,8% da receita total.

• Gastes de marketing: US $ 53,4 milhões em 2023
• Marketing como porcentagem de receita: 1,8%
• Canais de marketing primários: publicidade digital, mídia social, eventos da comunidade local

Atendimento ao cliente e suporte pós-venda

A LGI Homes mantém uma equipe de atendimento ao cliente dedicada e fornece uma garantia estrutural de 10 anos em casas.

Métrica de atendimento ao cliente	Detalhes
Período de garantia	Garantia estrutural de 10 anos
Tamanho da equipe de suporte ao cliente	Aproximadamente 150 funcionários
Classificação de satisfação do cliente	4.2/5 (com base em 2023 pesquisas internas)

LGI Homes, Inc. (LGIH) - Modelo de negócios: Recursos -chave

Força de trabalho de construção qualificada

A partir do quarto trimestre de 2023, a LGI Homes empregava aproximadamente 1.275 funcionários totais. Remutação da força de trabalho de construção:

Categoria de funcionários	Número de funcionários
Trabalhadores da construção civil	625
Gerenciamento de construção	187
Equipe de apoio	463

Portfólio de bancos de terra proprietário

Inventário de terra em 31 de dezembro de 2023:

Região geográfica	Lotes de propriedade	Lotes controlados
Sudeste	4,523	2,876
Sudoeste	3,912	2,345
Nordeste	2,187	1,456

Fortes linhas de capital financeiro e crédito

Recursos Financeiros a partir do quarto trimestre 2023:

• Dinheiro total: US $ 178,6 milhões
• Linha de crédito disponível: US $ 350 milhões
• Dívida total: US $ 712,3 milhões
• Taxa de dívida / patrimônio: 0,85

Sistemas avançados de tecnologia e gerenciamento de construção

Investimentos de tecnologia em 2023:

• Gastos anuais de infraestrutura de TI: US $ 4,2 milhões
• Plataformas de software de gerenciamento de construção: 3 sistemas integrados
• Ferramentas de design e modelagem digitais: 7 soluções de software especializadas

Reputação da marca em mercado imobiliário acessível

Métricas de desempenho de mercado:

Métrica	2023 valor
Total de casas fechadas	7,412
Preço médio da casa	$289,600
Classificação de satisfação do cliente	4.6/5

LGI Homes, Inc. (LGIH) - Modelo de negócios: proposições de valor

Casas básicas de alta qualidade e acessíveis

Preço médio da casa: US $ 285.000 a partir do quarto trimestre 2023

Faixa de tamanho da casa	Metragem quadrada	Faixa de preço
Casas de nível básico	1.300 - 1.800 pés quadrados	$250,000 - $325,000

Propriedade de casa acessível para compradores iniciantes

Penetração do mercado pela primeira vez em homebuyer: 68% do total de vendas domésticas em 2023

• Renda familiar média dos compradores -alvo: US $ 75.000
• Requisito mínimo de pontuação de crédito: 620
• Programas de assistência de adiantamento disponíveis

Designs domésticos modernos e com eficiência energética

Recursos de eficiência energética	Economia anual de custos
Casas certificadas Energy Star	$ 300 - $ 500 por ano
Opções do painel solar	Até US $ 1.200 economia anual de energia

Opções de financiamento flexíveis

Opções de hipoteca a partir de 2024:

• Empréstimos da FHA com 3,5% de adiantamento
• Empréstimos de VA com 0% de adiantamento
• Empréstimos convencionais com 3% de adiantamento

Linhas de tempo de movimentação rápida e processo de compra simplificado

Construção de casas médias e cronograma de mudança: 90-120 dias

Estágio de compra	Tempo médio de processamento
Aplicação inicial	3-5 dias úteis
Aprovação de empréstimo	14-21 dias
Conclusão em casa	90-120 dias

LGI Homes, Inc. (LGIH) - Modelo de Negócios: Relacionamentos do Cliente

Assistência personalizada de seleção doméstica

A LGI Homes fornece suporte personalizado de seleção de casas por meio de representantes de vendas dedicados. A partir do quarto trimestre 2023, a empresa informou:

Métrica de interação do cliente	Valor
Tempo médio de consulta ao cliente	2,3 horas
Número de centros de vendas	125 locais
Classificação de satisfação do cliente	4.6/5

Suporte de vendas online e pessoalmente

LGI Homes oferece canais abrangentes de suporte de vendas:

• Plataforma digital com passeios domésticos virtuais
• Consultas pessoais em centros de vendas
• Aplicativo móvel para seleção doméstica

Canal de vendas	Taxa de engajamento
Consultas on -line	62%
Visitas pessoais	38%

Atendimento ao cliente pós-compra

LGI Homes mantém suporte robusto pós-compra com:

• Equipe de atendimento ao cliente dedicada
• Sistema de solicitação de manutenção 24/7
• Protocolos de comunicação de acompanhamento

Métrica de atendimento ao cliente	Desempenho
Tempo médio de resposta	4,2 horas
Taxa de retenção de clientes	87%

Programas de garantia e manutenção doméstica

LGI Homes fornece cobertura abrangente de garantia:

• Garantia estrutural de 10 anos
• Garantia de sistemas e aparelhos de 2 anos
• Garantia de trabalho de 1 ano

Plataformas de comunicação digital

As estratégias de engajamento digital incluem:

• Aplicativo móvel com atualizações em tempo real
• Sistema de comunicação por e -mail
• Suporte ao cliente de mídia social

Plataforma digital	Usuários ativos mensais
Aplicativo móvel	45,000
Newsletter de e -mail	78.000 assinantes

LGI Homes, Inc. (LGIH) - Modelo de Negócios: Canais

Centros de vendas diretas e casas modelo

A LGI Homes opera 54 centros de vendas em 17 estados a partir do quarto trimestre 2023. Modelo de investimento doméstico modelo por local: US $ 350.000 a US $ 450.000.

Presença do estado	Número de centros de vendas
Texas	18
Flórida	9
Outros estados	27

Site da empresa e plataformas online

Métricas de plataforma digital para 2023:

• Website Visitantes mensais: 225.000
• Taxa de reserva doméstica on -line: 37%
• Engajamento da plataforma móvel: 62% do tráfego total da Web

Agentes imobiliários e redes de referência

Estatísticas de rede de referência para 2023:

Fonte de referência	Porcentagem de vendas
Agentes imobiliários diretos	22%
Parcerias de corretor	15%
Referências comunitárias	8%

Marketing digital e mídia social

Despesas de marketing digital em 2023: US $ 4,2 milhões

• Orçamento de publicidade de mídia social: US $ 1,3 milhão
• Gastam os anúncios do Google: US $ 1,8 milhão
• Custo médio de aquisição de clientes: US $ 1.250

Exposições em casa e eventos comunitários

Métricas de engajamento da comunidade para 2023:

Tipo de evento	Total de eventos	Participantes estimados
Shows domésticos regionais	36	12,500
Eventos da comunidade local	84	6,700
Passeios domésticos virtuais	142	18,900

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

Primeiros compradores de casas

A partir do quarto trimestre de 2023, a LGI Homes direcionou 57% de suas vendas de imóveis para compradores de casas pela primeira vez. O preço médio da casa para este segmento foi de US $ 285.600.

Características demográficas	Percentagem
Faixa etária de 25 a 40	68%
Renda média anual	$82,500
Intervalo de pontuação de crédito	620-720

Jovens profissionais

As casas LGI capturaram 22% do segmento de mercado profissional jovem em 2023.

• Idade média: 32 anos
• Renda familiar média: US $ 95.000
• Mercados preferidos: Austin, Dallas, Houston, Phoenix

Famílias em crescimento

As famílias em crescimento representavam 35% da base de clientes da LGI Homes em 2023.

Características da família	Percentagem
Famílias com filhos	42%
Tamanho médio da família	3.4 pessoas
Tamanho mediano da casa comprado	1.800 pés quadrados

Famílias de renda média

As famílias de renda média constituíam 48% dos segmentos de clientes da LGI Homes em 2023.

• Faixa de renda: US $ 65.000 - US $ 125.000
• Preço médio de compra da casa: US $ 312.500
• Taxa de qualificação de hipoteca: 76%

Millennials e Gen Z

A geração do milênio e a geração Z representaram 33% da base de clientes da LGI Homes em 2023.

Detalhes do segmento	Estatística
Millennial Homebuyers	28%
Gener Z Homebuyers	5%
Adiantamento médio	$35,000

LGI Homes, Inc. (LGIH) - Modelo de negócios: estrutura de custos

Despesas de aquisição de terras

A partir do terceiro trimestre de 2023, a LGI Homes gastou US $ 229,7 milhões em aquisição e desenvolvimento de terras. O portfólio de terras da empresa foi avaliado em aproximadamente US $ 1,2 bilhão.

Métrica de aquisição de terras	Quantia
Investimento total de terra Q3 2023	US $ 229,7 milhões
Valor do portfólio de terras	US $ 1,2 bilhão

Custos de construção e material

Em 2022, a LGI Homes registrou custos totais de construção de US $ 1,58 bilhão. O custo médio da construção por casa foi de aproximadamente US $ 336.000.

Métrica de custo de construção	Quantia
Custos totais de construção 2022	US $ 1,58 bilhão
Custo médio de construção por casa	$336,000

Despesas de marketing e vendas

As despesas de marketing para residências LGI em 2022 totalizaram US $ 77,7 milhões, representando aproximadamente 4,9% da receita total.

• Gastes de marketing 2022: US $ 77,7 milhões
• Porcentagem de despesas de marketing: 4,9% da receita

Investimentos de trabalho e força de trabalho

Os custos totais de mão -de -obra para as casas LGI em 2022 foram de US $ 148,2 milhões. A empresa empregou aproximadamente 1.100 funcionários em período integral.

Métrica de custo de mão -de -obra	Quantia
Custos de mão -de -obra total 2022	US $ 148,2 milhões
Total de funcionários em tempo integral	1,100

Manutenção de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para residências LGI em 2022 totalizaram US $ 22,5 milhões, com foco em plataformas digitais e sistemas operacionais.

• Investimento em tecnologia 2022: US $ 22,5 milhões
• Principais áreas de foco: plataformas digitais, sistemas operacionais

LGI Homes, Inc. (LGIH) - Modelo de negócios: fluxos de receita

Receita de vendas domésticas

No terceiro trimestre de 2023, a LGI Homes registrou uma receita total de vendas domésticas de US $ 623,4 milhões. A empresa fechou 1.281 casas durante este trimestre, com um preço médio de venda de US $ 486.000.

Métrica	Q3 2023 Valor
Receita total de vendas domésticas	US $ 623,4 milhões
Casas fechadas	1,281
Preço médio de venda	$486,000

Taxas de hipoteca e financiamento

A LGI Homes gera receita por meio de serviços de hipoteca e financiamento. Em 2022, o segmento de serviços financeiros da empresa gerou US $ 33,7 milhões em receita.

• Taxas de originação hipotecária
• Serviços de título
• Comissões de produtos de seguro

Taxas de personalização da casa

A receita de personalização para residências LGI em 2022 totalizou aproximadamente US $ 18,5 milhões. Os clientes podem selecionar várias atualizações e opções de personalização durante a construção de casas.

Categoria de personalização	Custo médio
Atualizações internas	$5,200
Modificações externas	$3,800
Tecnologia doméstica inteligente	$2,500

Garantia e contratos de serviço

LGI Homes oferece Serviços de garantia padrão e estendido. A receita de contrato de garantia e serviço em 2022 foi de US $ 12,3 milhões.

Vendas secundárias de mercado

A empresa gerou US $ 14,2 milhões em transações domésticas de revenda e mercado secundário em 2022.

Fonte de receita do mercado secundário	2022 Receita
Casas de revenda	US $ 9,6 milhões
Gerenciamento de propriedades	US $ 4,6 milhões

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.