Big Builder's proprietary analysis of the public builders' financial performance for 2008. The only true apples-to-apples comparison--it's based on a calendar versus fiscal year--this report measures these companies' balance sheet management skills across the disciplines of land, sales and marketing, and operations.

1. Big Builder 2008 Public Builder Report Card

2. Avatar Holdings

3. Beazer Homes

4. Brookfield Homes

5. Centex

6. D.R. Horton

7. Hovnanian

8. KB Home

9. Lennar

10. M.D.C. Holdings

11. Meritage Homes

12. M/I Homes

13. NVR

14. Orleans Homebuilders

15. Pulte Homes

16. Ryland

17. Standard Pacific

18. Toll Brothers