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D.R. Horton, Inc.

DHI Consumer Cyclical Residential Construction

D.R. Horton, Inc.’s revenue for fiscal 2026 (year ended September 2026) was $33.0 billion, down 3.52% from fiscal 2025.

Revenue
−3.17%
EPS
−10.4%
Free cash flow
+5.76%
Total debt
+1.48%

Quarter to September 2026, against a year earlier

157.16 0.17 +0.11%
Market cap
$42.8B
P/E
15.4×
Fwd P/E
14.1×
Dividend yield
1.15%
F-score
4/9
Altman Z
5.59
Beneish M
n/a
Dividend safety
92/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • HomeBuildingOps
  • Rental
  • Financial Services
  • Land

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 12.22%

Capital & Financial Ratios $m

Size
Market Cap 42,790.00
Revenue ttm 33,043.40
Net income ttm 2,937.40
Free cash flow ttm 3,346.80
Net debt Q 1,368.50
Valuation
P/E 15.36
Forward P/E 14.10
Price / sales 1.32
Forward P/S Powerpack
Price / FCF 13.01
Price / book 1.84
Financial health
Current ratio Q 6.01 (at or above 1.5: strong)
Debt / equity Q 0.26 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q −3.17% (below 0%: shrinking)
Operating income growth Q −17.60% (below 0%: shrinking)
EPS, this year −15.23% (below 0%: weak)
EPS, next year A +22.41% (at or above 15%: strong)
Revenue, next year A −4.38% (below 0%: weak)
EPS, past 5 yrs −2.07% (below 0%: weak)
EPS, next 5 yrs A +5.82%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 1.2×; over the ten years it ranged from 0.7× in 2022 to 1.7× in 2024.
P/E against its own 10 years 95.82%
10-year low 10-year high
P/S against its own 10 years 78.84%
10-year low 10-year high
P/B against its own 10 years 51.08%
10-year low 10-year high
EV/Sales against its own 10 years 81.92%
10-year low 10-year high
EV/FCF against its own 10 years 10.92%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.15%
Annual rate
1.80
Payout ratio
17.6%
Growth, 2017–25
+18.5%/yr
  1. 0.43 ’17
  2. 0.53 ’18 +24
  3. 0.63 ’19 +19
  4. 0.73 ’20 +16
  5. 0.83 ’21 +14
  6. 0.93 ’22 +12
  7. 1.05 ’23 +14
  8. 1.30 ’24 +24
  9. 1.65 ’25 +27
  10. 1.79 ’26e +9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 6,420 7,022 5,600 4,685
Receivables — — — —
Inventory 22,373 24,903 25,287 25,066
Other — — — —
28,793 31,925 30,887 29,751
2023 2024 2025 2026
Payables 1,246 1,346 1,222 1,115
ST’ Debt — — — —
Other — — — —
4,350 4,362 4,764 4,951

Compound Annual Growth %

10y 5y 3y
Sales 10.52% 3.54% (2.33%)
Cash Flow 18.85% 45.69% (6.60%)
Earnings 12.54% (7.10%) (15.24%)
Book Value 13.32% 9.28% 0.82%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 3.03 Actual 2.67

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 1.95 2.03 Beat by 0.08
Q2 FY26 2.15 2.24 Beat by 0.09
Q3 FY26 2.99 3.20 Beat by 0.21
Q4 FY26 3.03 2.67 Miss by 0.36
Q1 FY27 2.10 — Reports 19 January 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 2.03 2.24 3.20 2.73 10.28
’25 2.61 2.58 3.36 3.04 11.57
’24 2.82 3.52 4.10 3.92 14.34
’23 2.76 2.73 3.90 4.45 13.82
’22 3.17 4.03 4.67 4.67 16.51
’21 2.14 2.53 3.06 3.70 11.41
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 6,887 7,558 9,227 9,371 33,043
’25 7,613 7,734 9,226 9,678 34,250
’24 7,726 9,107 9,966 10,003 36,801
’23 7,258 7,973 9,726 10,504 35,460
’22 7,053 7,999 8,788 9,640 33,480
’21 5,933 6,447 7,285 8,109 27,774
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 854 (412) 439 2,626 3,507
’25 647 (436) 739 2,472 3,421
’24 (153) (317) 698 1,962 2,190
’23 829 645 788 2,043 4,304
’22 (174) (660) 272 1,125 562
’21 (252) 97 120 569 534
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 827 (450) 397 2,573 3,347
’25 633 (470) 711 2,433 3,306
’24 (191) (340) 641 1,934 2,044
’23 782 613 758 2,055 4,208
’22 (205) (702) 236 1,084 414
’21 (323) (5) 111 521 305
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 1.3% a year for ten years. It grew 27.6% a year over the last ten.

Implied
1.3%
10 years, reported
27.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801 34,250 33,043 +9.9% 32,209 34,541 — +2.2%
Gross margin, % 21.63 22.84 22.01 24.31 28.35 31.37 26.37 25.91 23.70 22.28 +0.7 pt
EBT 1,602 2,060 2,125 2,983 5,356 7,630 6,315 6,285 4,740 3,906 +10.4%
EBT margin, % 11.37 12.82 12.08 14.69 19.29 22.79 17.81 17.08 13.84 11.82 +0.5 pt
Net income 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621 2,937 +12.2%
Per share, $
Per share, $ Revenue 37.65 42.67 47.22 55.57 76.92 95.19 104.08 111.69 111.02 116.02 +13.3%
Earnings 2.77 3.88 4.34 6.49 11.56 16.65 13.93 14.44 11.62 10.31 +15.7%
Cash flow 1.18 1.45 2.39 3.89 1.48 1.60 12.63 6.65 11.09 12.31 +29.8%
Capex (0.42) 0.41 (0.22) (0.43) (0.64) (0.42) (0.28) (0.44) (0.37) (0.56) +3.3%
Free cash flow 0.76 1.86 2.18 3.46 0.84 1.18 12.35 6.20 10.72 11.75 +35.6%
Book value 20.70 24.32 27.63 33.16 42.14 56.26 67.91 78.37 80.20 83.27 +16.7%
Shares, m 374 377 373 366 361 352 341 330 309 285 (3.0%)
Valuation, ×
Valuation, × P/E 14.43 10.91 12.09 11.64 7.25 4.04 7.61 13.20 14.55 13.36 10.9
P/S 1.06 0.99 1.12 1.36 1.09 0.71 1.02 1.71 1.53 1.15 1.2
P/B 1.93 1.74 1.91 2.28 1.99 1.20 1.56 2.43 2.11 1.60 1.9
EV/Sales 1.15 1.05 1.16 1.35 1.10 0.74 0.98 1.68 1.54 1.19 1.2
EV/FCF 57.35 24.01 25.19 21.63 100.03 59.95 8.28 30.21 15.92 11.72 35.4
Cash, $m
Cash, $m Operating cash flow 440 545 892 1,422 534 562 4,304 2,190 3,421 3,507 +25.9%
Capex (157) 155 (80) (157) (230) (148) (97) (146) (114) (160) +0.2%
Free cash flow 283 700 812 1,265 305 414 4,208 2,044 3,306 3,347 +31.6%
Balance, $m
Balance, $m Working capital 9,283 10,945 11,956 14,299 18,356 22,116 24,443 27,563 26,124 24,800 +11.5%
Net debt 1,260 901 813 (286) 148 1,108 (1,325) (1,104) 366 1,369 +0.9%
Shareholders’ equity 7,748 9,159 10,295 12,122 15,216 19,786 23,138 25,824 24,742 23,714 +13.2%
Returns, %
Returns, % ROA 8.75 11.11 10.89 13.75 19.45 21.55 15.08 13.85 10.02 8.22 (0.5) pt
ROIC 10.94 12.40 11.47 15.26 21.64 22.65 17.48 15.01 11.01 9.00 (1.9) pt
ROE 14.28 17.28 16.64 21.18 30.55 33.47 22.11 19.43 14.18 11.93 (2.4) pt
People
People Employees 7,735 8,437 8,916 9,716 11,788 13,237 13,450 14,766 14,341 — +8.0%
Revenue/emp, $m 1.82 1.90 1.97 2.09 2.36 2.53 2.64 2.49 2.39 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

D.R. Horton is a residential builder that constructs and sells homes in the United States. Founded in 1978 and headquartered in Arlington, it operates through local homebuilding divisions in 126 markets across 36 states. Paul Romanowski is President and Chief Executive Officer.

Homebuilding is its core activity. The company sells mainly completed homes, chiefly single-family detached houses, while attached homes include townhomes and duplexes. Its range covers entry-level, first-time move-up, move-up, active-adult and luxury buyers. Homes generally range from 1,000 to 4,000 square feet and from $250,000 to more than $1,000,000. Homebuilding operations closed 84,863 homes in fiscal 2025 at an average closing price of $370,400.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
HomeBuildingOps 31,432 91.77%
Rental 1,640 4.79%
Financial Services 841 2.46%
Land 337 0.98%
Gross margin 23.70%
Operating margin 12.92%
Pre-tax margin 13.84%

Revenue by segment since 2016

D.R. Horton, Inc. vs peers in Residential Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DHI D.R. Horton, Inc. $42.6B 15.4× 14.1× −3.17% (below 0%: shrinking) −10.42% (below 0%: shrinking) +5.76% (above 0%: growing) 20.45% 9.90%
LEN.B Lennar Corporation $38.8B 16.9× — −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
PHM PulteGroup, Inc. $25.0B 14.3× 13.4× −9.78% (below 0%: shrinking) −14.43% (below 0%: shrinking) −19.28% (below 0%: shrinking) 25.30% 15.80% Compare
LEN Lennar Corporation $21.9B 17.3× 17.9× −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
NVR NVR, Inc. $17.0B 16.9× 17.6× −7.94% (below 0%: shrinking) −21.61% (below 0%: shrinking) −52.66% (below 0%: shrinking) 0.00% 0.00% Compare
TOL Toll Brothers Inc. $14.6B 12.4× 11.5× −9.72% (below 0%: shrinking) −20.74% (below 0%: shrinking) −36.31% (below 0%: shrinking) 23.52% 13.51% Compare
IBP Installed Building Products, Inc. $6.3B 25.1× 24.3× +3.88% (above 0%: growing) −18.18% (below 0%: shrinking) −30.95% (below 0%: shrinking) 31.84% 11.34% Compare
SKY Champion Homes, Inc. $5.2B 27.2× 24.4× +6.22% (above 0%: growing) −1.22% (below 0%: shrinking) −57.16% (below 0%: shrinking) 25.53% 9.05% Compare
CVCO Cavco Industries, Inc. $5.2B 27.1× 27.5× +17.94% (above 0%: growing) +9.06% (above 0%: growing) −3.01% (below 0%: shrinking) 22.49% 10.65% Compare
Median of peers $15.8B 17.1× 17.9× −8.30% −19.46% −25.11% 23.00% 9.85%

All 19 Residential Construction stocks →

From the latest earnings call

Updated

  • Paul Romanowski said affordability constraints and cautious consumer sentiment continued to affect new-home demand, and operators would adjust to evolving market conditions.
  • Bill Wheat said D.R. Horton expects sales incentives to remain elevated, while current visibility points to a relatively stable margin outlook for Q4.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Melius Research Oct 19, 2026 Initiated Sell 128.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.08%
Held by the ten largest 51.17%
Holder Shares Stake Change
Capital Group 43.26m 15.41% +1.38m
Vanguard 32.07m 11.43% −462.66k
BlackRock 24.97m 8.90% −2.87m
State Street 12.08m 4.30% +218.15k
Fidelity (FMR) 9.44m 3.36% −323.11k
Geode Capital Management 7.22m 2.57% −50.78k
UBS 3.84m 1.37% −47.68k
Morgan Stanley 3.70m 1.32% −147.83k
Goldman Sachs 3.55m 1.27% +28.71k
GREENHAVEN ASSOCIATES INC 3.51m 1.25% +38.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 December 2025

Ownership

Directors and executive officers, together 0.66%
The Vanguard Group 11.97%
Capital World Investors 10.46%
BlackRock, Inc. 9.76%
Horton Family Limited Partnership and Affiliates 6.91%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

D.R. Horton, Inc. (DHI) Latest News

5 Nov

Impact 3 · · Simply Wall St.

2 Nov

Impact 3 · · Benzinga

31 Oct

Impact 3 · · StockStory

30 Oct

Impact 3 · · The Motley Fool
Impact 3 · · MarketBeat

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

21 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · MarketBeat
Impact 3 · · Zacks

14 Oct

Impact 3 · · GlobeNewswire
Impact 3 · · StockStory

13 Oct

Impact 4 · · PR Newswire
Impact 3 · · MT Newswires

12 Oct

Impact 3 · · Barchart

7 Oct

Impact 3 · · Zacks

6 Oct

Impact 3 · · Trefis

DHI metrics, ten years each

stockrow.com/DHI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com