More On Inventory Growth
To follow up on my post yesterday regarding DR Hortons' ballooning inventory, I pulled up the balance sheets of more home builders. Here is what I found.
Beazer Homes(BZH), 9.30.02 to 12.31.04 - up 89%
Hovnanian Enterprises(HOV), 10.31.04 to 10.31.04 - up 128%
KB Homes(KBH), 11.30.01 to 8.31.04 - up 115%
Ryland Group(RYL), 12.31.01 to 9.30.04 up 117%
Toll Brothers(TOL), 10.31.02 to 10.31.04 up 52%
Pulte Homes(PHM), 12.31.01 to 9.30.04 up 101%
Pardon the uneven dates here, I worked with what was available through Yahoo Finance. It is remarkable that in this random sample of firms, all have a billion dollar increase or more in inventory.