— Know what they know.
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Not Investment Advice

DHI

NYSE · USD
D.R. Horton, Inc.
Consumer Cyclical · Residential Construction
CEO Paul J. Romanowski Employees 14,341 R&D / revenue 0.0%
Last price
$139.39−0.11%last session
Market cap
$39.0B
P/E (TTM)
13.2x
From 52w high
−18.4%
From 52w low
+6.9%
1-year return
−7.8%
RSI 14 · vs SMA200
52.1 · −5.4%
IS score
51.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DHI   SPY   XLY (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116XLY 97DHI 92

Score DNA

Each bar is a 0-100 score within the scored universe
41
Profitability
20
Growth
69
Value
49
Momentum
100
Risk (safety)
68
Quality
74
Balance sheet
93
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for DHI (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 5 / 9Altman Z 5.9Beta 1.373 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 2, $581,953 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+89
186 new holders, 89 closed
1,238 filers hold 84.9% · 470 added, 417 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+68
1,134 funds adding shares
1,066 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
54.9%
20-day avg 41.6%, 50-day avg 48.0%
Latest 13.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$34.3B
Revenue growth YoY−6.9%
Gross margin23.7%
Operating income$4.4B
Operating margin12.9%
Net income$3.6B
Net margin10.5%
EPS (diluted)$11.57
Cash flow
Operating cash flow$3.4B
Capital expenditure$137.4M
Free cash flow$3.3B
FCF conversion (FCF / OCF)96.0%
Stock-based compensation$131.0M
FCF less SBC$3.2B
Buybacks$4.3B
Dividends$494.8M
Balance sheet & returns
Cash & short-term investments$3.0B
Total debt$6.0B
Net debt$3.0B
Shareholders' equity$24.7B
Goodwill & intangibles$190.6M
Debt / equity0.30
ROE (TTM)12.8%
ROIC (TTM)8.5%
Operating margin by fiscal year
19.4%FY202123.0%FY202217.5%FY202316.6%FY202412.9%FY2025
Revenue $27.8B (FY2021) to $34.3B (FY2025), a 5.4% CAGR.

Valuation

P/E (TTM)13.2x
EV / EBITDA10.7x
Price / sales1.17x
Price / FCF11.8x
FCF yield8.49%
Buyback yield10.98%
SBC / revenue0.3%
Price / book1.68x
Forward P/E FY202712.4x
Forward P/E FY202810.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $159.00 across 8 analysts last quarter is theirs, not ours.

DHI vs industry median

52 companies in Residential Construction
Gross margin 22.6% 18.7% Operating margin 11.6% 7.5% Net margin 9.2% 4.6% ROIC 8.5% 9.0%
DHI (TTM)Industry median Asset turnover 0.91 vs industry 0.92 · financial leverage 1.53

Earnings delivery

Next report 2026-10-29 · consensus EPS $3.01
67%
beat rate, 8 of 12 quarters
+5.6%
median EPS surprise
3
longest beat streak
+13-2+15+9-6+10-2+14-7+5+4+6
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-07-21. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DHI D.R. Horton, Inc. $39.0B13.2x12.8%9.2%−6.9% −7.8%
PHM PulteGroup, Inc. $21.6B11.6x14.9%11.9%−7.3% −7.5%
LEN Lennar Corporation $18.3B14.6x5.9%3.5%−8.1% −35.9%
NVR NVR, Inc. $15.9B14.6x31.5%10.2%−10.6% −22.2%
TOL Toll Brothers, Inc. $12.3B10.7x14.4%10.5%−1.1% +0.3%
TMHC Taylor Morrison Home Corpora $6.7B10.6x11.0%7.2%−9.0% —
IBP Installed Building Products, $4.9B19.9x38.5%8.3%+0.3% —
MDC M.D.C. Holdings, Inc. $4.7B54.8x2.5%2.2%+5,346.9% —
12-month window: SPY +15.9%, sector ETF XLY −3.2%. Past returns describe history only.

Recent 8-K filings

2026-09-15Other Events
2026-07-21Earnings Release; Exhibits
2026-05-12Material Agreement; Financial Obligation; Exhibits
2026-04-21Earnings Release; Exhibits
2026-03-31Material Agreement; Financial Obligation; Exhibits
2026-01-20Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding279,701,267
Free float89.6%
Institutional ownership84.9%
Beta1.37
Dividend yield1.29%
Last dividend$0.45 on 2026-08-06
50 / 200-day average$141.89 / $147.94
Large-cap Consumer Cyclical median P/E24.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DHI sits among 20 scored companies in Residential Construction (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDHIIndustry medianIndustry percentileSector median
P/E (TTM) 12.8x 12.8x
50th		 17.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.2x 0.8x
63rd		 1.0x
Price / book 1.6x 1.1x
68th		 2.4x
Price / tangible book 2.0x 1.2x
78th		 4.2x
Price / free cash flow 11.8x 15.8x
24th		 15.2x
Price / operating cash flow 11.6x 14.0x
28th		 10.2x
Enterprise value $44.1B $3.7B
100th		 $5.6B
EV / sales 1.3x 1.2x
58th		 1.4x
EV / EBITDA 10.7x 10.7x
56th		 11.4x
EV / EBIT 11.0x 11.3x
44th		 16.0x
EV / free cash flow 13.3x 16.2x
18th		 21.0x
Earnings yield 7.8% 7.5%
53rd		 4.8%
FCF yield 8.5% 6.1%
79th		 5.9%
Operating cash flow yield 8.6% 6.9%
74th		 9.3%
Graham number (per share) $140.26 $91.95
78th		 $33.39

Profitability (TTM)

MeasureDHIIndustry medianIndustry percentileSector median
Gross margin 22.6% 22.4%
53rd		 34.2%
EBITDA margin 12.3% 10.2%
68th		 11.7%
Operating margin 11.6% 9.5%
58th		 8.7%
EBIT margin 12.0% 9.3%
68th		 8.2%
Net margin 9.2% 6.6%
74th		 4.9%
NOPAT margin 8.8% 7.3%
58th		 6.8%
FCF margin 9.9% 7.0%
74th		 6.5%
Operating cash flow margin 10.1% 7.8%
74th		 10.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 11.2% 11.4%
37th		 17.2%
Stock comp / revenue 0.3% 0.4%
22nd		 0.6%
Effective tax rate 24.6% 23.2%
74th		 22.4%

Returns on capital

MeasureDHIIndustry medianIndustry percentileSector median
ROE (on average equity) 12.8% 9.6%
68th		 12.8%
ROA 8.4% 5.5%
63rd		 4.4%
ROIC 10.1% 9.7%
53rd		 9.3%
ROCE 12.1% 8.8%
63rd		 9.9%
Return on tangible assets 11.0% 8.3%
68th		 7.4%
Cash ROIC (OCF / invested capital) 11.6% 6.5%
68th		 14.4%
Gross profitability (GP / assets) 20.7% 18.3%
58th		 31.6%
ROIC, 3-yr average 11.4% 11.1%
53rd		 7.4%
ROIC, 5-yr average 17.9% 15.7%
63rd		 9.1%
ROE, 5-yr average 20.6% 19.0%
63rd		 15.8%
Incremental ROIC 17.5% 13.2%
58th		 11.2%

Growth

MeasureDHIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -3.5% -8.4%
74th		 6.0%
Revenue growth (QoQ) 22.1% 16.7%
74th		 6.6%
Revenue CAGR, 3 yr -1.2% -0.4%
42nd		 3.0%
Revenue CAGR, 5 yr 5.1% 4.2%
63rd		 5.9%
Gross profit CAGR, 3 yr -7.1% -5.5%
32nd		 3.3%
Operating income CAGR, 3 yr -15.0% -13.5%
44th		 2.1%
Net income growth (TTM YoY) -23.0% -37.9%
67th		 4.7%
Net income CAGR, 3 yr -14.4% -17.1%
56th		 1.4%
EPS growth (TTM YoY) -20.6% -34.4%
61st		 7.6%
EPS CAGR, 3 yr -9.4% -15.0%
61st		 3.4%
EPS CAGR, 5 yr 1.0% 1.0%
44th		 2.9%
FCF growth (TTM YoY) 18.2% 18.5%
46th		 26.3%
FCF CAGR, 3 yr 0.7% -22.0%
93rd		 6.5%
Operating cash flow CAGR, 3 yr -0.3% -23.2%
94th		 6.7%
Book value CAGR, 3 yr 9.3% 9.6%
47th		 8.1%
Dividend CAGR, 3 yr 8.3% 5.2%
92nd		 3.2%
Sustainable growth rate 10.6% 9.5%
61st		 12.2%

Margin history & stability

MeasureDHIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 24.6% 23.4%
63rd		 34.9%
Operating margin, 3-yr average 14.4% 9.9%
74th		 8.0%
Net margin, 3-yr average 11.3% 8.1%
74th		 4.8%
FCF margin, 3-yr average 7.9% 4.1%
68th		 5.7%
Revenue stability (0-1) 0.44 0.44
53rd		 0.80
Earnings stability (0-1) 0.19 0.36
32nd		 0.43
Margin stability (0-1) 0.92 0.89
84th		 0.92

Liquidity (latest quarter)

MeasureDHIIndustry medianIndustry percentileSector median
Cash & short-term investments $2.1B $328.0M
100th		 $278.1M
Net cash (− = net debt) −$5.1B −$740.8M
0th		 −$1.2B
Working capital $31.6B $2.4B
100th		 $298.0M
Current ratio 9.84 4.60
84th		 1.49
Quick ratio 2.37 1.17
84th		 0.92
Cash ratio (cash + ST investments / current liabilities) 0.58 0.61
47th		 0.31
Defensive interval (days) 249 days 411 days
16th		 290 days

Leverage & solvency (latest quarter)

MeasureDHIIndustry medianIndustry percentileSector median
Total debt $7.2B $1.3B
100th		 $1.8B
Debt / equity 0.30 0.33
37th		 1.04
Net debt / equity 0.21 0.21
53rd		 0.78
Debt / assets 19.7% 19.8%
47th		 39.7%
Debt / capital 23.2% 24.6%
37th		 51.0%
Debt / EBITDA 1.75 1.95
44th		 3.26
Net debt / EBITDA 1.24 1.24
50th		 2.42
Interest coverage (EBIT / interest) 43.7x 32.9x
58th		 5.1x
Cash interest coverage 36.7x 36.7x
50th		 6.0x
Debt payback (years of OCF) 2.1 yrs 4.1 yrs
29th		 3.8 yrs
Liabilities / assets 33.2% 36.5%
32nd		 68.1%
IS credit model rating AAA — —
Implied credit spread (bps) 50 80
0th		 275

Efficiency

MeasureDHIIndustry medianIndustry percentileSector median
Asset turnover 0.91 0.92
47th		 1.00
Fixed asset turnover 496.28 34.82
100th		 3.73
Inventory turnover 1.0 1.1
42nd		 5.3
Receivables turnover 251.7 37.6
100th		 19.9
Days sales outstanding 1 days 7 days
11th		 18 days
Days inventory outstanding 378 days 332 days
58th		 68 days
Days payables outstanding 20 days 21 days
37th		 42 days
Cash conversion cycle (days) 360 days 223 days
58th		 44 days
Capex / revenue 0.1% 0.6%
5th		 3.1%
Capex / depreciation 0.39 1.15
16th		 0.89
Operating expense ratio 10.0% 12.3%
21st		 24.8%

Cash flow & earnings quality

MeasureDHIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.10 0.93
67th		 1.76
FCF / net income 1.08 0.79
67th		 1.18
FCF / operating cash flow 98.7% 90.4%
94th		 70.1%
Capex / operating cash flow 1.3% 9.6%
6th		 29.9%
Accruals ratio -0.8% 0.5%
32nd		 -5.7%
Sloan accruals ratio -4.0% -0.3%
42nd		 -3.6%
Earnings quality score (0-1) 1.00 0.75
89th		 0.75

Dividends & buybacks

MeasureDHIIndustry medianIndustry percentileSector median
Dividend yield 1.3% 0.0%
68th		 0.8%
Dividend per share (TTM) $1.80 $0.00
79th		 $0.40
Payout ratio (dividends / net income) 16.6% 9.9%
56th		 17.8%
Dividends / FCF 15.3% 7.2%
65th		 11.6%
Dividend growth (YoY) 10.2% 5.5%
67th		 4.8%
Buyback yield 7.5% 5.4%
84th		 1.6%
Shareholder yield (dividends + buybacks) 8.8% 6.7%
74th		 3.7%
Share count change (YoY) -3.0% -4.7%
74th		 -0.9%
Buybacks, last 5 years $13.1B $615.5M
100th		 $198.3M

Scores & forensic checks

MeasureDHIIndustry medianIndustry percentileSector median
IS score 52 41
79th		 50
IS profitability 41 31
63rd		 38
IS growth 20 16
63rd		 53
IS value 69 79
37th		 50
IS momentum 49 38
79th		 72
IS risk (safety) 100 95
53rd		 65
IS quality 68 58
84th		 63
IS balance sheet 74 72
53rd		 48
IS earnings quality 93 83
95th		 77
IS cash flow 62 56
74th		 56
Piotroski F-score (0-9) 5 4
58th		 6
Altman Z-score 5.9 4.0
68th		 2.8
Beneish M-score −2.50 −2.46
47th		 −2.69
Ohlson O-score −11.09 −9.71
5th		 −6.83
IS credit score 96 87
74th		 58

Per share

MeasureDHIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $10.59 $5.23
79th		 $2.05
Book value per share $82.59 $85.63
47th		 $14.46
Tangible book per share $84.20 $76.78
58th		 $3.70
Revenue per share $115.64 $111.77
58th		 $46.29
FCF per share $11.47 $5.23
79th		 $2.72
Operating cash flow per share $11.62 $5.58
74th		 $4.86
Cash per share $7.21 $8.47
47th		 $3.59

Size (TTM)

MeasureDHIIndustry medianIndustry percentileSector median
Market cap $39.0B $3.5B
100th		 $3.6B
Revenue $33.3B $4.0B
100th		 $3.9B
EBITDA $4.1B $361.3M
100th		 $442.3M
Net income $3.1B $239.1M
100th		 $178.6M
Free cash flow $3.3B $199.4M
100th		 $206.3M
Total assets $36.5B $4.3B
100th		 $4.4B
Shareholders' equity $23.8B $2.3B
100th		 $957.6M
Employees 14,341 2,014
100th		 12,300

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-08Murray Michael J
EVP and COO
 Gift 5,000——123,968
2026-08-26Smith Barbara
Director
 Option exercise 264——817
2026-08-26Smith Barbara
Director
 Option exercise 264——792
2026-08-26Crowley Elaine D
Director
 Option exercise 264——817
2026-08-26Crowley Elaine D
Director
 Option exercise 264——792
2026-08-26Crow M Chad
Director
 Option exercise 264——951
2026-08-26Crow M Chad
Director
 Option exercise 264——792
2026-04-22Wheat Bill W
EVP and CFO
 Award / grant 5,110——340,464
2026-04-22Wheat Bill W
EVP and CFO
 Tax withholding 3,920$162.95$638,764336,544
2026-04-22Murray Michael J
EVP and COO
 Award / grant 6,388——133,960
2026-04-22Murray Michael J
EVP and COO
 Tax withholding 4,992$162.95$813,446128,968
2026-04-22Romanowski Paul J
Director, President and CEO
 Award / grant 7,665——206,079

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired424,273—
GiftDisposed15,000—
Option exerciseDisposed1115,089—
Option exerciseAcquired1015,089—
Tax withholdingDisposed823,055$3.7M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 2 notices · 3,660 shares · $581,953
FiledFilerShares proposedEst. proceeds
2026-02-13Odom Aron M.260$43,563
2026-02-03Buchanan Michael R3,400$538,390
2025-09-05David Auld30,000$5.5M
2025-09-05Odom Aron M.1,376$251,808
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (6 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-01-09Gilbert CisnerosHouseSale$1,001 - $15,0002026-02-16
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-10
2022-10-05Tommy TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2022-10-05Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002022-11-09
2022-03-30Tommy TubervilleSenatePurchase$1,001 - $15,0002022-04-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
Capital World Investors37,280,759$6.1B13.33%
BlackRock, Inc.24,974,471$4.1B8.93%
VANGUARD CAPITAL MANAGEMENT LLC16,937,322$2.8B6.06%
VANGUARD PORTFOLIO MANAGEMENT LLC12,400,299$2.0B4.43%
STATE STREET CORP12,077,744$2.0B4.32%
FMR LLC9,440,491$1.5B3.38%
GEODE CAPITAL MANAGEMENT, LLC7,224,096$1.2B2.58%
Capital Research Global Investors5,686,635$926.3M2.03%
GOLDMAN SACHS GROUP INC3,554,668$579.0M1.27%
GREENHAVEN ASSOCIATES INC3,505,800$571.0M1.25%
Invesco Ltd.3,471,522$565.4M1.24%
NORGES BANK3,247,214$528.9M1.16%
DIMENSIONAL FUND ADVISORS LP3,123,368$508.8M1.12%
BANK OF AMERICA CORP /DE/2,930,736$477.4M1.05%
FRANKLIN RESOURCES INC2,862,585$466.3M1.02%

Institutional ownership by quarter

2023-092026-0684.9%
% of shares held by 13F filers
2023-092026-061,238
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,23884.9%18647041789
2026-03-311,14984.5%108430441124
2025-12-311,18687.2%160403458158
2025-09-301,20887.8%222449379105
2025-06-301,10587.3%138390437117
2025-03-311,10389.2%133408412138
2024-12-311,12391.3%150388444194
2024-09-301,18891.2%20140243665
2024-06-301,06993.1%108430382112
2024-03-311,08994.6%13937943397
2023-12-311,06194.9%21135138475
2023-09-3094396.2%12134235187

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-10SCHEDULE 13G/ADouglas Reagan Horton8.1%22,806,485
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-13SCHEDULE 13G/ACapital World Investors12.8%37,169,641
2025-10-03SCHEDULE 13GCapital World Investors10.2%30,441,897
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.05%$1.1B
VSMPX0.05%$1.1B
VTSAX0.05%$1.1B
VTI0.05%$1.1B
VFIAX0.05%$913.2M
VOO0.05%$913.2M

Share structure

Shares outstanding279,701,267
Float250,568,463
Free float89.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$27.8B$33.5B$35.5B$36.8B$34.3B
Cost of revenue$19.9B$23.0B$26.1B$27.3B$26.1B
Gross profit$7.9B$10.5B$9.4B$9.5B$8.1B
R&D$0$0$0$0$0
SG&A$2.5B$2.8B$3.1B$3.4B$3.7B
Operating income$5.4B$7.7B$6.2B$6.1B$4.4B
EBITDA$5.4B$7.7B$6.4B$6.4B$4.8B
Pretax income$5.4B$7.6B$6.3B$6.3B$4.7B
Income tax$1.2B$1.7B$1.5B$1.5B$1.1B
Net income$4.2B$5.9B$4.7B$4.8B$3.6B
EPS, diluted$11.42$16.51$13.82$14.34$11.57
Diluted shares365.8M354.8M343.3M331.6M309.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.2B$2.5B$3.9B$4.5B$3.0B
Receivables$321.7M$423.1M$426.9M$421.4M$458.9M
Inventory$16.5B$21.7B$22.4B$24.9B$25.3B
Total current assets$23.2B$28.8B$31.2B$34.7B$34.1B
PP&E, net$114.6M$144.4M$64.6M$70.0M$85.9M
Goodwill & intangibles$167.6M$174.1M$174.6M$169.4M$190.6M
Total assets$24.0B$30.4B$32.6B$36.1B$35.5B
Accounts payable$1.2B$1.4B$1.2B$1.3B$1.2B
Total current liabilities$1.8B$2.2B$2.1B$2.0B$2.0B
Long-term debt$5.4B$6.1B$5.1B$5.9B$6.0B
Total liabilities$8.8B$10.6B$9.4B$10.3B$10.7B
Shareholders' equity$15.2B$19.8B$23.1B$25.8B$24.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$4.2B$5.9B$4.8B$4.8B$3.6B
Depreciation & amortization$73.9M$81.4M$91.6M$87.1M$101.3M
Stock-based compensation$91.4M$105.1M$111.2M$118.1M$131.0M
Change in working capital−$3.9B−$5.6B−$728.3M−$2.9B−$713.6M
Operating cash flow$534.4M$561.8M$4.3B$2.2B$3.4B
Capital expenditure−$267.4M−$148.2M−$148.6M−$165.3M−$137.4M
Free cash flow$267.0M$413.6M$4.2B$2.0B$3.3B
Investing cash flow−$252.2M−$414.9M−$310.2M−$190.6M−$168.7M
Net debt issued / repaid$1.1B$572.5M−$1.1B$894.7M$750.6M
Buybacks−$926.9M−$1.2B−$1.2B−$1.8B−$4.3B
Dividends paid−$289.3M−$316.5M−$341.2M−$395.2M−$494.8M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin28.4%31.4%26.4%25.9%23.7%
Operating margin19.4%23.0%17.5%16.6%12.9%
Net margin15.0%17.5%13.4%12.9%10.5%
FCF margin1.0%1.2%11.7%5.5%9.6%
ROE31.2%34.2%22.5%19.8%14.5%
ROIC24.6%25.9%19.7%17.5%12.4%
ROA19.5%21.5%15.1%13.8%10.0%
Debt / equity0.370.320.230.240.25
Interest coverage—————
Current ratio12.8713.1314.9617.0617.39
Revenue growth+36.7%+20.5%+5.9%+3.8%−6.9%
EPS growth+79.5%+45.2%−16.5%+3.9%−17.0%
P/E at year end7.0x3.9x7.5x12.9x14.0x
EV / EBITDA at year end5.8x3.4x5.8x9.9x11.0x
FCF yield at year end0.92%1.81%11.65%3.29%6.56%
Dividend payout6.9%5.4%7.2%8.3%13.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Homebuilding$26.6B$31.9B$31.7B$34.0B$31.5B
Rental$267.8M$510.2M$2.6B$1.7B$1.6B
Forestar Group$1.3B$1.5B$1.4B$1.5B$1.7B
Financial Services$823.6M$795.0M$801.5M$882.5M$841.2M
Eliminations and Other——−$1.1B−$1.2B−$1.4B

Revenue by region · FY2025

Southeast$7.0B · 22%
South Central$6.9B · 22%
East$6.1B · 19%
Southwest$4.6B · 15%
North$4.2B · 13%
Northwest$2.7B · 9%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $3.01 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$32.7B$32.5B – $33.0B$10.45$9.87 – $10.741613.3x
2027$33.7B$32.7B – $34.6B$11.27$10.57 – $12.321612.4x
2028$35.8B$34.2B – $39.2B$13.18$11.52 – $15.26710.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-21$3.02$3.20+6.0%$9.1B$9.2B+1.4%
2026-04-21$2.15$2.24+4.2%$7.5B$7.6B+0.1%
2026-01-20$1.93$2.03+5.2%$6.6B$6.9B+4.6%
2025-10-28$3.27$3.04−7.0%$9.4B$9.7B+2.8%
2025-07-22$2.94$3.36+14.3%$8.8B$9.2B+5.1%
2025-04-17$2.62$2.58−1.5%$8.0B$7.7B−3.7%
2025-01-21$2.37$2.61+10.1%$7.0B$7.6B+8.5%
2024-10-29$4.17$3.92−6.0%$10.2B$10.0B−2.1%
2024-07-18$3.75$4.10+9.3%$9.6B$10.0B+3.7%
2024-04-18$3.06$3.52+15.0%$8.1B$9.1B+11.8%
2024-01-23$2.88$2.82−2.1%$7.6B$7.7B+1.7%
2023-11-07$3.93$4.45+13.2%$10.0B$10.5B+4.9%
2023-07-20$2.79$3.90+39.8%$10.0B$9.7B−2.5%
2023-04-20$1.93$2.73+41.5%$6.5B$8.0B+23.2%
2023-01-24$2.26$2.76+22.1%$6.4B$7.3B+13.9%
2022-11-09$5.09$4.67−8.3%$9.9B$9.6B−2.3%
2022-07-21$4.49$4.67+4.0%$8.8B$8.8B−0.3%
2022-04-26$3.37$4.03+19.6%$7.5B$8.0B+6.8%
2022-02-02$2.79$3.17+13.6%$7.6B$7.1B−7.5%
2021-11-09$3.40$3.70+8.8%$8.2B$8.1B−1.0%
2021-07-22$2.81$3.11+10.7%$8.2B$7.3B−11.1%
2021-04-22$2.15$2.53+17.7%$5.3B$6.4B+21.5%
2021-01-26$1.69$2.14+26.6%$4.4B$5.9B+36.3%
2020-11-10$1.76$2.24+27.3%$7.0B$6.4B−8.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.506-220.306-290.507-060.507-130.907-200.507-270.408-030.308-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$288.4M2,015,45965,496
2026-08-24$269.6M1,820,87155,874
2026-08-17$320.5M2,152,20461,868
2026-08-10$348.0M2,348,14170,441
2026-08-03$368.7M2,486,45869,062
2026-07-27$465.8M3,156,78182,961

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1554.9%
DateShort shareShort volumeTotal volume
2026-10-1554.9%619,6781,129,028
2026-10-1452.2%471,704903,105
2026-10-1346.8%377,711806,375
2026-10-1242.0%306,142729,551
2026-10-0961.6%453,646735,882
2026-10-0846.2%371,406804,745
2026-10-0762.4%776,9141,244,166
2026-10-0628.6%606,5282,123,181
2026-10-0530.7%393,4291,280,482
2026-10-0233.3%329,869992,026
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+4.4Jan-0.1Feb+1.1Mar+4.7Apr-2.9May-1.7Jun+4.5Jul+1.3Aug-1.8Sep-2.6Oct+5.2Nov+2.7Dec
MonthAvg returnUp yearsYears
Jan+4.4%70%20
Feb−0.1%45%20
Mar+1.1%71%21
Apr+4.7%60%20
May−2.9%45%20
Jun−1.7%45%20
Jul+4.5%70%20
Aug+1.3%60%20
Sep−1.8%45%20
Oct−2.6%35%20
Nov+5.2%75%20
Dec+2.7%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1452.1
MFI43.8
ADX11.3
Stochastic %K / %D58.5 / 43.5
Williams %R-28.1
CCI69
TSI / signal-9.3 / -12.7
Chaikin money flow0.11
ATR$4.02
Bollinger width8.6%
Volume vs 20-day avg1.08x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$137.46 (+1.4%)
SMA 50$141.76 (−1.7%)
SMA 200$147.33 (−5.4%)
EMA 21$137.54 (+1.3%)
EMA 50$140.66 (−0.9%)
EMA 200$145.73 (−4.4%)
Bollinger upper$143.39 (−2.8%)
Bollinger lower$131.53 (+6.0%)
Parabolic SAR$130.60 (+6.7%)
Open the live chart, 110+ indicators

About D.R. Horton, Inc.

Established in Arlington, Texas, in 1978, D.R. Horton, Inc. operates as a prominent residential construction enterprise. The company's core business involves acquiring and preparing land, then constructing and marketing homes across a substantial portion of the United States. Its operations span 31 states and 98 distinct markets, covering the East, North, Southeast, South Central, Southwest, and Northwest regions. Under several well-known brand names, including D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes, the firm develops diverse housing types. This includes both individual detached houses and attached residences such as townhomes, duplexes, and triplexes. Beyond its primary homebuilding activities, D.R. Horton offers a range of complementary services. These encompass providing mortgage financing to its clientele, as well as furnishing title insurance, examination, and closing services. The company is also engaged in the development of residential lots. Additionally, D.R. Horton's portfolio extends to the creation, ownership, leasing, and sale of multi-family and single-family rental properties. It also holds non-residential real estate, such as ranch land and related facilities, and manages assets within the energy sector. The company primarily caters to individuals purchasing new homes.

https://www.drhorton.com

Key executives

NameTitlePayBorn
Paul J. RomanowskiPresident, Chief Executive Officer & Director$4.3M1971
Michael J. MurrayExecutive Vice President & Chief Operating Officer$3.5M1966
David V. AuldExecutive Chairman$3.2M1956
Bill W. WheatExecutive Vice President & Chief Financial Officer$2.9M1966
Aron OdomSenior Vice President & Corporate Controller—1974
Collin DawsonVice President of Corporate Finance & Treasurer——
Jessica HansenSenior VP of Communications & People and Head of Investor Relations——
Matt FarrisPresident of West Region——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Paul J. Romanowski President and Chief Executive Officer2025$700,000$20.7M$3.6M$25.1M
Michael J. Murray Executive Vice President and Chief Operating Officer2025$500,000$17.4M$3.0M$21.1M
David V. Auld Executive Chairman2025$700,000$14.6M$2.4M$17.9M
Bill W. Wheat Executive Vice President and Chief Financial Officer2025$500,000$13.0M$2.4M$16.1M

Employees

8k20189k201910k202012k202113k202213k202315k202414k2025

Dividends

Ex-dateAmountPaid
2026-08-06$0.452026-08-13
2026-05-07$0.452026-05-14
2026-02-05$0.452026-02-12
2025-11-13$0.452025-11-20
2025-08-07$0.42025-08-14
2025-05-02$0.42025-05-09
2025-02-07$0.42025-02-14
2024-11-12$0.42024-11-19

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage71
Intangibles47
Switching costs27
Network effect45
Efficient scale95
Our component scores (0-100) and overall 53.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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