KB Home (KBH) is about to go ex-dividend—buy before Aug 7 to receive the next $0.25/share payout on Aug 21. KB Home's earnings have jumped 22% annually over five years and dividends have grown by 26% per year over a decade. But there's a red flag: last year, it paid out 113% of its free cash flow as dividends. While profits easily cover the payout, the high cash outflow is concerning. If this continues, there's a real risk to the sustainability of the dividend, even with strong earnings growth.