A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
PULTEGROUP INC/MI/
PHM
$25.7B
Mkt Cap
$128.75
+3.27%
PULTEGROUP INC/MI/ (PHM) has a current P/E ratio of 11.6, compared to its historical median P/E of 8.4. The stock is currently considered Fair based on its historical valuation range.
PULTEGROUP INC/MI/ (PHM) has a 5-year average return on invested capital (ROIC) of 28.3%. This indicates strong capital allocation and a potential competitive advantage.
PULTEGROUP INC/MI/ (PHM) has a market capitalization of $24.9B. It is classified as a large-cap stock.
Yes, PULTEGROUP INC/MI/ (PHM) pays a dividend with a trailing twelve-month yield of 0.73%. The company also returns capital through share buybacks, with a buyback yield of 4.85%.
Based on historical P/E analysis, PULTEGROUP INC/MI/ (PHM) appears fair. The current P/E of 11.6 is 37% above its historical median of 8.4. The estimated fair value CAGR (P/E method) is 25.0%.
PULTEGROUP INC/MI/ (PHM) operates in the Operative Builders industry, within the Industrials sector.
PULTEGROUP INC/MI/ (PHM) reported annual revenue of $17.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
PulteGroup is one of the largest homebuilders in the United States, operating through multiple brands including Pulte Homes, Centex, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods across 47 markets in 26 states. The company's core business involves acquiring and developing land for residential purposes and constructing single-family detached homes (83% of closings) and attached homes such as townhomes and condominiums, with sales prices ranging from approximately $150,000 to over $3,000,000, predominantly in the $250,000 to $750,000 range. PulteGroup employs a diversified customer strategy targeting first-time homebuyers (38% of 2025 closings), move-up buyers (40%), and active adult customers through Del Webb (22%), with homes sold on both built-to-order and speculative bases to balance customer demand with market flexibility. The company controls 234,632 lots as of December 31, 2025, of which 101,104 are owned and 133,528 are under land option agreements, using option agreements to manage risk and enhance returns on land investments. Construction is performed primarily by independent subcontractors under company supervision, with emphasis on quality control, energy efficiency, smart home features, and internet connectivity, while sales and marketing leverage in-house architectural services, digital tools including websites and virtual reality walkthroughs, commissioned sales teams, and third-party agents. PulteGroup also operates financial services businesses including mortgage banking, title, and insurance agency operations through Pulte Mortgage and other subsidiaries, which generated 2% of consolidated revenues.
【Cautious demand recovery ahead】 Management remains optimistic about long-term housing demand despite near-term uncertainty from geopolitical disruptions and elevated competitive incentives, noting that demand has held up better than expected and could improve if global tensions ease and interest rates decline toward 6%. The company expects to benefit from a strategic shift toward higher-margin built-to-order homes and increased active adult closings in the back half of 2026, with gross margins expected to recover from Q2 lows as the mix of product and buyer segments improves. PulteGroup is targeting a 60/40 built-to-order to speculative home mix and aims to grow active adult closings toward 25% of total unit volume through new community openings, while maintaining disciplined capital allocation focused on land investment, dividend funding, and shareholder returns through share repurchases. The company expects house costs to remain flat to slightly down in 2026 while lot costs are anticipated to increase 7%-8%, and management believes incentive loads will remain elevated in the competitive market but may decline modestly due to favorable buyer and product mix shifts.
| Metric | Target | Period |
|---|---|---|
| Home closings | 28,500–29,000 homes | FY2026 |
| Average sales price (ASP) | $550,000–$560,000 | FY2026 |
| Gross margin | 24.5%–25.0% | FY2026 |
| SG&A expense | 9.5%–9.7% of home sale revenues | FY2026 |
| Land acquisition and development spend | $5.4 billion | FY2026 |
| Cash flow generation | approximately $1 billion | FY2026 |
| Community count growth | 3%–5% | FY2026 (each quarter) |
Home closings (FY2026): “we expect to close between 6,700 and 7,100 homes in the second quarter of 2026. This keeps us on track with our previous guidance on closings in the range of 28,500-29,000 homes for full year 2026.”
Average sales price (ASP) (FY2026): “For the full year 2026, we reaffirm our previous guidance of ASP of $550,000-$560,000, as we expect a higher mix of build-to-order closings in the third and fourth quarters.”
Gross margin (FY2026): “we maintain our guide for full year 2026 gross margin to be in the range of 24.5%-25.0%, although likely toward the lower end of the range.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 16.8B | 17.3B | 17.9B | 16.1B | 16.0B | 13.7B |
| Net Income | 2.0B | 2.2B | 3.1B | 2.6B | 2.6B | 1.9B |
| EPS | $10.32 | $11.12 | $14.69 | $11.72 | $11.01 | $7.43 |
| Free Cash Flow | 1.8B | 1.7B | 1.6B | 2.1B | 556M | 931M |
| ROIC | 0.0% | 19.0% | 29.3% | 28.1% | 29.6% | 35.6% |
| Gross Margin | - | - | - | - | 31.3% | - |
| Debt/Equity | 0.05 | 0.07 | 0.08 | 0.10 | 0.23 | 0.09 |
| Dividends/Share | $0.95 | $0.92 | $0.82 | $0.68 | $0.61 | $0.57 |
| Operating Income | 0 | 2.9B | 4.0B | 3.4B | 3.4B | 2.5B |
| Operating Margin | 0.0% | 16.8% | 22.3% | 21.4% | 21.5% | 18.2% |
| ROE | 15.8% | 17.7% | 27.4% | 26.9% | 29.4% | 27.5% |
| Shares Outstanding | 193M | 200M | 210M | 221M | 238M | 260M |
PULTEGROUP INC/MI/ passes 7 of 9 quality checks, indicating strong fundamentals.
PULTEGROUP INC/MI/ trades at 11.6x trailing earnings, compared to its 15-year median P/E of 8.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.2x vs a median of 13.6x. The company's 5-year average ROIC is 28.3% with a gross margin of 31.3%. Total shareholder yield (dividends + buybacks) is 5.6%. At current prices, the estimated annualized return to fair value is +11.2%.
PULTEGROUP INC/MI/ (PHM) has a net profit margin of 12.8%. This is a healthy margin.
PULTEGROUP INC/MI/ (PHM) generated $1.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PULTEGROUP INC/MI/ (PHM) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
PULTEGROUP INC/MI/ (PHM) reported earnings per share (EPS) of $11.12 in its most recent fiscal year.
PULTEGROUP INC/MI/ (PHM) has a return on equity (ROE) of 17.7%. This indicates the company generates strong returns for shareholders.
PULTEGROUP INC/MI/ (PHM) has a 5-year average gross margin of 31.3%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for PULTEGROUP INC/MI/ (PHM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PULTEGROUP INC/MI/ (PHM) has a book value per share of $65.08, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management remains optimistic about long-term housing demand despite near-term uncertainty from geopolitical disruptions and elevated competitive incentives, noting that demand has held up better than expected and could improve if global tensions ease and interest rates decline toward 6%. The company expects to benefit from a strategic shift toward higher-margin built-to-order homes and increased active adult closings in the back half of 2026, with gross margins expected to recover from Q2 lows as the mix of product and buyer segments improves. PulteGroup is targeting a 60/40 built-to-order to speculative home mix and aims to grow active adult closings toward 25% of total unit volume through new community openings, while maintaining disciplined capital allocation focused on land investment, dividend funding, and shareholder returns through share repurchases. The company expects house costs to remain flat to slightly down in 2026 while lot costs are anticipated to increase 7%-8%, and management believes incentive loads will remain elevated in the competitive market but may decline modestly due to favorable buyer and product mix shifts.
Based on recent SEC filings and earnings calls, PULTEGROUP INC/MI/ (PHM) has provided the following forward guidance: Home closings: 28,500–29,000 homes (FY2026); Average sales price (ASP): $550,000–$560,000 (FY2026); Gross margin: 24.5%–25.0% (FY2026); SG&A expense: 9.5%–9.7% of home sale revenues (FY2026); Land acquisition and development spend: $5.4 billion (FY2026), plus 2 additional metrics.
SG&A expense (FY2026): “we are maintaining our guidance for full year 2026 expense to be in the range of 9.5%-9.7% of home sale revenues.”
Land acquisition and development spend (FY2026): “we are projecting land acquisition and development spend of $5.4 billion in 2026.”
Cash flow generation (FY2026): “Assuming this level of land spend and the expectation that house inventory will increase commensurate with an increasing level of build to order home sales, we would expect 2026 cash flow generation to be approximately $1 billion.”
Community count growth (FY2026 (each quarter)): “we expect year-over-year community count growth of 3%-5% in each of the remaining three quarters of 2026.”
No recent press releases.