Research Feed
10-K + Q4 Call: Earnings Quality Cliff and 2-3 Year Margin Trough
PulteGroup's 10-K (filed 2026-02-04) plus Q4 earnings call reveal a 2-3 year earnings quality deterioration that market hasn't fully priced. Legacy land bought at 2023-2024 peak pricing hits P&L now through 2027, while BTO pivot benefit won't materialize until 2027-2028. Insurance Reserve Benefit Cl