KB Home is one of the largest homebuilders in the U.S., with a credit profile characterized by a strong and improving business position, and a relatively aggressive financial profile. Based in Los Angeles, KB Home has long ranked among the larger builders in California, the most populous state in the country. However, the company has also grown significantly into several other key U.S. housing markets, and over the past five years has nearly doubled homebuilding revenues and total earnings to just over $3.7 billion and $200 million, respectively. The robust growth has primarily been driven by volume gains (24% compounded annual growth in homes delivered over the past five years). Average selling price per home ($168,000) has remained relatively flat,
