PulteGroup trades at a steep discount to homebuilding peers with a P/E of 10.9 vs. a median of 20.0, yet faces a clear earnings contraction following a record 2024. The company remains a strong cash generator ($1.75B in free cash flow in 2025), but declining revenue and net insider selling raise concern that the cyclical peak has passed. We see value but await a catalyst that confirms stabilization before committing.