A Business at a Glance
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HORTON D R INC /DE/
DHI
$45.5B
Mkt Cap
$146.76
+3.26%
HORTON D R INC /DE/ (DHI) has a current P/E ratio of 13.5, compared to its historical median P/E of 11.2. The stock is currently considered Fair based on its historical valuation range.
HORTON D R INC /DE/ (DHI) has a 5-year average return on invested capital (ROIC) of 21.9%. This indicates strong capital allocation and a potential competitive advantage.
HORTON D R INC /DE/ (DHI) has a market capitalization of $41.8B. It is classified as a large-cap stock.
Yes, HORTON D R INC /DE/ (DHI) pays a dividend with a trailing twelve-month yield of 1.20%. The company also returns capital through share buybacks, with a buyback yield of 8.37%.
Based on historical P/E analysis, HORTON D R INC /DE/ (DHI) appears fair. The current P/E of 13.5 is 21% above its historical median of 11.2. The estimated fair value CAGR (P/E method) is 19.7%.
HORTON D R INC /DE/ (DHI) operates in the Operative Builders industry, within the Industrials sector.
HORTON D R INC /DE/ (DHI) reported annual revenue of $34.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
D.R. Horton is the largest homebuilding company in the United States by homes closed, operating 92 homebuilding divisions across 126 markets in 36 states, generating 92% of consolidated revenues through the construction and sale of single-family detached homes (84% of home sales revenue) and attached homes ranging from $250,000 to over $1,000,000. The company's homebuilding business model is asset-intensive, requiring substantial capital investment in land acquisition, development, and inventory management, with homes typically ranging from 1,000 to 4,000 square feet and targeting entry-level, move-up, active adult, and luxury buyer segments. Beyond homebuilding, D.R. Horton operates rental segments (single-family and multi-family), owns 62% of Forestar Group Inc., a publicly traded residential lot development company that sold 83% of its lots to D.R. Horton, and provides financial services through DHI Mortgage and title companies primarily to its homebuyers. The company's competitive moat derives from its national scale, providing advantages in capital access, volume discounts from suppliers, lower labor rates from subcontractors, and enhanced leverage of general and administrative costs, while its decentralized operating structure empowers local division presidents to make market-specific decisions supported by centralized corporate controls over capital allocation, land acquisition, and risk management. D.R. Horton's geographic diversification across six reporting regions mitigates local economic cycle risks and enhances earnings potential, with the company having closed over 1.2 million homes since 1978 and maintained the largest volume homebuilder position every year since 2002.
【Affordability constraints persist】 Management expects new home demand to continue reflecting ongoing affordability constraints and cautious consumer sentiment throughout fiscal 2026, with sales incentives remaining elevated and dependent on mortgage interest rates and market conditions. The company anticipates construction cost savings to flow through in the third and fourth quarters of fiscal 2026, though lot costs are expected to remain sticky and incrementally higher, partially offsetting material and labor cost benefits. Management is focused on managing inventory levels and starts pace based on market demand, with community count expected to moderate from double-digit growth toward mid-to-high single-digit levels as the year progresses. Capital allocation priorities remain balanced between investing in operations to support growth, maintaining leverage around 20%, and returning cash to shareholders through share repurchases and dividends.
| Metric | Target | Period |
|---|---|---|
| Consolidated revenues | $33.5 billion–$34.5 billion | FY2026 |
| Homes closed by homebuilding operations | 86,000–87,500 homes | FY2026 |
| Home sales gross margin | 19.7%–20.2% | Q3 FY2026 |
| Consolidated pre-tax profit margin | 12.2%–12.7% | Q3 FY2026 |
| Operating cash flow | at least $3 billion | FY2026 |
| Common stock repurchases | approximately $2.5 billion | FY2026 |
| Dividend payments | around $500 million | FY2026 |
| Income tax rate | approximately 24.5% | FY2026 |
Consolidated revenues (FY2026): “For the full year of fiscal 2026, we now expect consolidated revenues of approximately $33.5 billion-$34.5 billion”
Homes closed by homebuilding operations (FY2026): “homes closed by our home building operations of 86,000-87,500 homes”
Home sales gross margin (Q3 FY2026): “We expect our home sales gross margin for the third quarter to be in the range of 19.7%-20.2%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 33.3B | 34.3B | 36.8B | 35.5B | 33.5B | 27.8B |
| Net Income | 3.2B | 3.6B | 4.8B | 4.7B | 5.9B | 4.2B |
| EPS | $10.82 | $11.57 | $14.34 | $13.82 | $16.51 | $11.41 |
| Free Cash Flow | 3.5B | 3.3B | 2.0B | 4.2B | 414M | 441M |
| ROIC | 0.0% | 13.3% | 18.8% | 20.3% | 29.3% | 27.7% |
| Gross Margin | - | 23.7% | 25.9% | 26.4% | 31.4% | 28.4% |
| Debt/Equity | 0.28 | 0.25 | 0.23 | 0.22 | 0.31 | 0.36 |
| Dividends/Share | $1.76 | $1.60 | $1.20 | $1.00 | $0.90 | $0.80 |
| Operating Income | 0 | 4.7B | 6.2B | 6.3B | 7.6B | 5.3B |
| Operating Margin | 0.0% | 13.7% | 16.9% | 17.7% | 22.7% | 19.2% |
| ROE | 13.4% | 14.5% | 19.8% | 22.5% | 34.2% | 31.2% |
| Shares Outstanding | 285M | 310M | 332M | 343M | 355M | 366M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.0B | 10.8B | 12.2B | 14.1B | 16.1B | 17.6B | 20.3B | 27.8B | 33.5B | 35.5B | 36.8B | 34.3B | 33.3B |
| Gross Margin | N/A | N/A | 21.8% | 21.6% | 22.8% | 22.0% | 24.3% | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | 1.3B | 1.5B | 1.7B | 1.8B | 2.0B | 2.6B | 2.9B | 3.2B | 3.6B | 3.7B | 3.7B |
| EBIT | 831M | 1.1B | 1.4B | 1.6B | 2.1B | 2.1B | 3.0B | 5.3B | 7.6B | 6.3B | 6.2B | 4.7B | 0 |
| Op. Margin | 10.4% | 10.4% | 11.1% | 11.4% | 12.8% | 12.1% | 14.7% | 19.2% | 22.7% | 17.7% | 16.9% | 13.7% | 0.0% |
| Net Income | 550M | 751M | 886M | 1.0B | 1.5B | 1.6B | 2.4B | 4.2B | 5.9B | 4.7B | 4.8B | 3.6B | 3.2B |
| Net Margin | 6.9% | 6.9% | 7.3% | 7.4% | 9.1% | 9.2% | 11.7% | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% | 9.5% |
| Non-Recurring | 0 | 9.8M | 7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.4% | 9.1% | 10.4% | 11.3% | 14.4% | 14.3% | 19.0% | 27.7% | 29.3% | 20.3% | 18.8% | 13.3% | 0.0% |
| ROE | 12.0% | 13.6% | 14.0% | 14.3% | 17.5% | 17.0% | 21.7% | 31.2% | 34.2% | 22.5% | 19.8% | 14.5% | 13.4% |
| ROA | 5.8% | 7.0% | 7.8% | 8.7% | 11.1% | 10.9% | 13.8% | 19.5% | 21.5% | 15.1% | 13.8% | 10.0% | 8.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -661M | 700M | 624M | 440M | 545M | 892M | 1.4B | 534M | 562M | 4.3B | 2.2B | 3.4B | 3.7B |
| Free Cash Flow | -762M | 644M | 546M | 338M | 477M | 765M | 1.3B | 441M | 414M | 4.2B | 2.0B | 3.3B | 3.5B |
| Owner Earnings | -726M | 604M | 514M | 326M | 427M | 747M | 1.3B | 361M | 375M | 4.1B | 2.0B | 3.2B | 3.4B |
| CapEx | 100M | 56M | 78M | 103M | 68M | 127M | 97M | 94M | 148M | 149M | 165M | 137M | 154M |
| Maint. CapEx | 38M | 54M | 61M | 55M | 62M | 72M | 91M | 82M | 81M | 92M | 87M | 101M | 108M |
| Growth CapEx | 62M | 2.0M | 17M | 48M | 5.7M | 55M | 5.9M | 11M | 67M | 57M | 78M | 36M | 46M |
| D&A | 38M | 54M | 61M | 55M | 62M | 72M | 91M | 82M | 81M | 92M | 87M | 101M | 108M |
| CapEx/OCF | N/A | 8.0% | 13.9% | 23.3% | 12.5% | 14.3% | 6.8% | 17.5% | 26.4% | 3.5% | 7.5% | 4.0% | 4.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 49M | 92M | 119M | 150M | 188M | 223M | 256M | 289M | 317M | 341M | 395M | 495M | 502M |
| Dividend Yield | 0.7% | 1.1% | 1.2% | 1.3% | 1.2% | 1.5% | 1.3% | 1.0% | 1.1% | 1.0% | 0.8% | 1.1% | 1.2% |
| Share Buybacks | 0 | 0 | 0 | 61M | 128M | 480M | 360M | 874M | 1.1B | 1.2B | 1.8B | 4.3B | 3.5B |
| Buyback Yield | N/A | N/A | N/A | 0.5% | 0.9% | 2.6% | 1.4% | 2.9% | 4.6% | 3.2% | 2.9% | 8.3% | 8.4% |
| Stock-Based Comp | 26M | 42M | 49M | 59M | 56M | 73M | 78M | 91M | 105M | 111M | 118M | 131M | 132M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 3.0B | 2.4B | 2.0B | 1.9B | 1.7B | 1.9B | 1.3B | 2.2B | 3.5B | 1.2B | 1.4B | 3.0B | 4.6B |
| Cash & Equiv. | 662M | 1.4B | 1.3B | 1.0B | 1.5B | 1.5B | 3.0B | 3.2B | 2.5B | 3.9B | 4.5B | 3.0B | 1.9B |
| Long-Term Debt | 3.7B | 3.8B | 3.3B | 2.9B | 3.2B | 3.4B | 4.3B | 5.4B | 6.1B | 5.1B | 5.9B | 6.0B | 6.6B |
| Debt/Equity | 0.72 | 0.65 | 0.48 | 0.37 | 0.36 | 0.34 | 0.36 | 0.36 | 0.31 | 0.22 | 0.23 | 0.25 | 0.28 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 5.1B | 5.9B | 6.8B | 7.7B | 9.0B | 10.0B | 11.8B | 14.9B | 19.4B | 22.7B | 25.3B | 24.2B | 23.6B |
| Total Assets | 10.2B | 11.2B | 11.6B | 12.2B | 14.1B | 15.6B | 18.9B | 24.0B | 30.4B | 32.6B | 36.1B | 35.5B | 35.6B |
| Total Liabilities | 5.1B | 5.3B | 4.8B | 4.4B | 5.0B | 5.3B | 6.8B | 8.8B | 10.6B | 9.4B | 10.3B | 10.7B | 11.4B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 287M | 320M | 319M | 333M | 332M |
| Retained Earnings | 2.6B | 3.3B | 4.1B | 4.9B | 6.2B | 7.6B | 9.8B | 13.6B | 19.2B | 23.6B | 28.0B | 31.0B | 32.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.5B |
| Per Share Data | |||||||||||||
| EPS | 1.50 | 2.03 | 2.36 | 2.74 | 3.81 | 4.29 | 6.41 | 11.41 | 16.51 | 13.82 | 14.34 | 11.57 | 10.82 |
| Owner EPS | -1.98 | 1.63 | 1.37 | 0.86 | 1.11 | 1.98 | 3.38 | 0.99 | 1.06 | 11.94 | 5.98 | 10.29 | 11.97 |
| Book Value | 13.95 | 15.94 | 18.09 | 20.44 | 23.44 | 26.56 | 31.97 | 40.68 | 54.67 | 66.09 | 76.32 | 78.07 | 82.91 |
| Cash Flow/Share | -1.80 | 1.89 | 1.66 | 1.16 | 1.42 | 2.36 | 3.84 | 1.46 | 1.58 | 12.53 | 6.60 | 11.04 | 11.51 |
| Dividends/Share | 0.14 | 0.25 | 0.32 | 0.40 | 0.50 | 0.60 | 0.70 | 0.80 | 0.90 | 1.00 | 1.20 | 1.60 | 1.76 |
| Shares Out. | 366.7M | 369.8M | 375.6M | 379.0M | 383.3M | 377.3M | 370.3M | 366.0M | 354.8M | 343.4M | 331.7M | 309.9M | 284.9M |
| Valuation | |||||||||||||
| P/E Ratio | 12.3 | 12.9 | 11.6 | 13.0 | 10.2 | 11.4 | 11.0 | 7.1 | 4.2 | 7.7 | 13.0 | 14.4 | 13.6 |
| P/FCF | N/A | 15.0 | 18.8 | 39.9 | 31.2 | 24.0 | 19.7 | 67.5 | 59.1 | 8.8 | 30.7 | 15.7 | 12.0 |
| EV/EBIT | 10.9 | 9.5 | 8.1 | 8.9 | 7.4 | 8.8 | 8.2 | 5.4 | 3.3 | 5.4 | 9.5 | 10.9 | N/A |
| Price/Book | 1.3 | 1.6 | 1.5 | 1.7 | 1.7 | 1.8 | 2.2 | 2.0 | 1.3 | 1.6 | 2.5 | 2.1 | 1.8 |
| Price/Sales | 0.9 | 0.8 | 0.9 | 0.8 | 1.0 | 0.8 | 1.0 | 1.1 | 0.8 | 1.0 | 1.3 | 1.3 | 1.3 |
| FCF Yield | -11.6% | 6.7% | 5.3% | 2.5% | 3.2% | 4.2% | 5.1% | 1.5% | 1.7% | 11.4% | 3.3% | 6.4% | 8.4% |
| Market Cap | 6.6B | 9.6B | 10.2B | 13.5B | 14.9B | 18.4B | 26.1B | 29.7B | 24.4B | 36.5B | 62.1B | 51.5B | 41.8B |
| Avg. Price | 19.03 | 23.43 | 27.17 | 29.32 | 41.11 | 38.95 | 52.29 | 80.20 | 78.47 | 98.23 | 146.02 | 144.11 | 146.76 |
| Year-End Price | 18.42 | 26.09 | 27.27 | 35.50 | 38.84 | 48.72 | 70.47 | 81.26 | 68.88 | 106.21 | 187.13 | 166.21 | 146.76 |
HORTON D R INC /DE/ passes 7 of 9 quality checks, indicating strong fundamentals.
HORTON D R INC /DE/ trades at 13.5x trailing earnings, compared to its 15-year median P/E of 11.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.9x vs a median of 27.3x. The company's 5-year average ROIC is 21.9% with a gross margin of 27.1%. Total shareholder yield (dividends + buybacks) is 9.6%. At current prices, the estimated annualized return to fair value is +33.9%.
HORTON D R INC /DE/ (DHI) has a net profit margin of 10.5%. This is a healthy margin.
HORTON D R INC /DE/ (DHI) generated $3.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HORTON D R INC /DE/ (DHI) has a debt-to-equity ratio of 0.25. This indicates a conservatively financed balance sheet.
HORTON D R INC /DE/ (DHI) reported earnings per share (EPS) of $11.57 in its most recent fiscal year.
HORTON D R INC /DE/ (DHI) has a return on equity (ROE) of 14.5%. This indicates moderate shareholder returns.
HORTON D R INC /DE/ (DHI) has a 5-year average gross margin of 27.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for HORTON D R INC /DE/ (DHI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HORTON D R INC /DE/ (DHI) has a book value per share of $78.07, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects new home demand to continue reflecting ongoing affordability constraints and cautious consumer sentiment throughout fiscal 2026, with sales incentives remaining elevated and dependent on mortgage interest rates and market conditions. The company anticipates construction cost savings to flow through in the third and fourth quarters of fiscal 2026, though lot costs are expected to remain sticky and incrementally higher, partially offsetting material and labor cost benefits. Management is focused on managing inventory levels and starts pace based on market demand, with community count expected to moderate from double-digit growth toward mid-to-high single-digit levels as the year progresses. Capital allocation priorities remain balanced between investing in operations to support growth, maintaining leverage around 20%, and returning cash to shareholders through share repurchases and dividends.
Based on recent SEC filings and earnings calls, HORTON D R INC /DE/ (DHI) has provided the following forward guidance: Consolidated revenues: $33.5 billion–$34.5 billion (FY2026); Homes closed by homebuilding operations: 86,000–87,500 homes (FY2026); Home sales gross margin: 19.7%–20.2% (Q3 FY2026); Consolidated pre-tax profit margin: 12.2%–12.7% (Q3 FY2026); Operating cash flow: at least $3 billion (FY2026), plus 3 additional metrics.
Consolidated pre-tax profit margin (Q3 FY2026): “our consolidated pre-tax margin to be between 12.2% and 12.7%”
Operating cash flow (FY2026): “operating cash flow of at least $3 billion”
Common stock repurchases (FY2026): “common stock repurchases of approximately $2.5 billion”
Dividend payments (FY2026): “dividend payments of around $500 million”
Income tax rate (FY2026): “We continue to forecast an income tax rate for fiscal 2026 of approximately 24.5%”
No recent press releases.