D.R. Horton, Inc.

DHI Consumer Cyclical Residential Construction

D.R. Horton, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $34.3 billion, down 6.93% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 4.75%, free cash flow fell 44.1% and total debt fell 1.88%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

139.39 0.16 −0.11%
Market cap
$39.0B
P/E
13.2×
Fwd P/E
13.8×
Dividend yield
1.29%
F-score
4/9
Altman Z
6.41
Beneish M
n/a
Dividend safety
92/100

Insider Decisions trades per month

Total sells 0.04
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — — — — — — —
Insider Ownership 11.21%

Capital & Financial Ratios $m

Market Cap 39,030.00
Revenue 33,349.80
Net Income 3,094.90
Free Cash Flow 3,206.70
Net Debt 1,987.10
Current Ratio 6.43 (at or above 1.5: strong)
Debt/Equity 0.29 (at or below 0.5: strong)
P/E ratio 13.21
Fwd P/E 13.80
P/S ratio 1.18
P/B ratio 1.61
Past 5Y EPS Growth 12.54%
This Y EPS Growth (9.70%) (below 0%: weak)
Next Y EPS Growth 8.03%
Next Y revenue growth (4.34%) (below 0%: weak)
Next 5Y EPS Growth 4.56%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 77.04%
10-year low 10-year high
P/S against its own 10 years 60.56%
10-year low 10-year high
P/B against its own 10 years 21.60%
10-year low 10-year high
EV/Sales against its own 10 years 61.89%
10-year low 10-year high
EV/FCF against its own 10 years 8.08%
10-year low 10-year high

Dividends

Payout Ratio 0.17
Annual Dividend Rate 1.80
Annual Dividend Yield 1.29%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.79
0.45
0.45
0.45
2025 1.65
0.40
0.40
0.40
0.45
2024 1.30
0.30
0.30
0.30
0.40
2023 1.05
0.25
0.25
0.25
0.30
2022 0.93
0.23
0.23
0.23
0.25
2021 0.83
0.20
0.20
0.20
0.23
2020 0.73
0.18
0.18
0.18
0.20
2019 0.63
0.15
0.15
0.15
0.18
2018 0.53
0.13
0.13
0.13
0.15
2017 0.43
0.10
0.10
0.10
0.13
2016 0.34
0.08
0.08
0.08
0.10
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,420 7,022 5,600 5,126
Receivables — — — —
Inventory 22,373 24,903 25,287 26,687
Other — — — —
28,793 31,925 30,887 31,812
2023 2024 2025 Q'26
Payables 1,246 1,346 1,222 1,388
ST’ Debt — — — —
Other — — — —
4,350 4,362 4,764 4,949

Compound Annual Growth %

10y 5y 3y
Sales 12.21% 11.02% 0.76%
Cash Flow 17.19% 19.20% 82.61%
Earnings 16.92% 8.60% (15.09%)
Book Value 15.42% 15.34% 7.74%

Revenue $m

Dec Mar Jun Sep Year
’26 6,887 7,558 9,227 — —
’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
’20 4,021 4,500 5,390 6,400 20,311
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 854 (412) 439 — —
’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
’20 (114) (281) 984 833 1,422
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 827 (450) 397 — —
’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
’20 (132) (294) 924 766 1,265
Fiscal quarters ending in the months shown.

EPS $

Dec Mar Jun Sep Year
’26 2.03 2.24 3.20 — —
’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
’20 1.16 1.30 1.72 2.24 6.41
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 22.97 27.21 32.39 34.08 25.51 64.32 59.25 89.05 133.02 110.44

Analyst estimates 2026–2028

Powerpack
High 34.56 51.83 53.32 56.12 81.21 110.45 108.64 154.64 199.85 184.55
People
People Employees 6,976 7,735 8,437 8,916 9,716 11,788 13,237 13,450 14,766 14,341
Revenue/emp, $m 1.74 1.82 1.90 1.97 2.09 2.36 2.53 2.64 2.49 2.39
Income, $m
Income, $m Revenue 12,157 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801 34,250
Gross margin, % 21.84 21.63 22.84 22.01 24.31 28.35 31.37 26.37 25.91 23.70
EBT 1,354 1,602 2,060 2,125 2,983 5,356 7,630 6,315 6,285 4,740
EBT margin, % 11.13 11.37 12.82 12.08 14.69 19.29 22.79 17.81 17.08 13.84
Net income 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621
Depreciation 74 60 72 83 91 82 81 92 87 101
Per share, $
Per share, $ Revenue 32.77 37.65 42.67 47.22 55.57 76.92 95.19 104.08 111.69 111.02
Earnings 2.39 2.77 3.88 4.34 6.49 11.56 16.65 13.93 14.44 11.62
Cash flow 1.68 1.18 1.45 2.39 3.89 1.48 1.60 12.63 6.65 11.09
Capex (0.23) (0.42) 0.41 (0.22) (0.43) (0.64) (0.42) (0.28) (0.44) (0.37)
Free cash flow 1.45 0.76 1.86 2.18 3.46 0.84 1.18 12.35 6.20 10.72
Book value 18.31 20.70 24.32 27.63 33.16 42.14 56.26 67.91 78.37 80.20
Shares, m 371 374 377 373 366 361 352 341 330 309
Valuation, ×
Valuation, × P/E 12.64 14.43 10.91 12.09 11.64 7.25 4.04 7.61 13.20 14.55
P/S 0.92 1.06 0.99 1.12 1.36 1.09 0.71 1.02 1.71 1.53
P/B 1.65 1.93 1.74 1.91 2.28 1.99 1.20 1.56 2.43 2.11
EV/Sales 1.03 1.15 1.05 1.16 1.35 1.10 0.74 0.98 1.68 1.54
EV/FCF 23.26 57.35 24.01 25.19 21.63 100.03 59.95 8.28 30.21 15.92
Cash, $m
Cash, $m Operating cash flow 624 440 545 892 1,422 534 562 4,304 2,190 3,421
Capex (86) (157) 155 (80) (157) (230) (148) (97) (146) (114)
Free cash flow 538 283 700 812 1,265 305 414 4,208 2,044 3,306
Balance, $m
Balance, $m Working capital 8,813 9,283 10,945 11,956 14,299 18,356 22,116 24,443 27,563 26,124
Total debt 3,271 2,872 3,204 3,399 4,283 5,412 6,067 5,095 5,918 5,966
Net debt 1,305 1,260 901 813 (286) 148 1,108 (1,325) (1,104) 366
Shareholders’ equity 6,793 7,748 9,159 10,295 12,122 15,216 19,786 23,138 25,824 24,742
Returns, %
Returns, % ROA 7.81 8.75 11.11 10.89 13.75 19.45 21.55 15.08 13.85 10.02
ROIC 10.24 10.94 12.40 11.47 15.26 21.64 22.65 17.48 15.01 11.01
ROE 13.97 14.28 17.28 16.64 21.18 30.55 33.47 22.11 19.43 14.18
Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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. $39.0B 13.2× 13.8× +0.02% (above 0%: growing) −4.75% (below 0%: shrinking) −44.12% (below 0%: shrinking) 23.26% 12.52%
LEN.B Lennar Corporation $38.8B 14.5× — −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
PHM PulteGroup, Inc. $21.2B 11.4× 11.8× −9.56% (below 0%: shrinking) −18.36% (below 0%: shrinking) −105.08% (below 0%: shrinking) 25.04% 15.53% Compare
LEN Lennar Corporation $18.5B 14.6× 14.8× −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
NVR NVR, Inc. $15.8B 14.6× 17.0× −10.48% (below 0%: shrinking) −23.46% (below 0%: shrinking) −682.68% (below 0%: shrinking) 20.85% 14.17% Compare
TOL Toll Brothers Inc. $12.3B 10.7× 10.8× −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. $5.0B 19.9× 23.8× +2.30% (above 0%: growing) −3.56% (below 0%: shrinking) −30.95% (below 0%: shrinking) 33.29% 12.16% Compare
SKY Champion Homes, Inc. $4.3B 22.7× 22.0× +1.27% (above 0%: growing) −21.24% (below 0%: shrinking) −4.47% (below 0%: shrinking) 25.24% 8.49% Compare
CVCO Cavco Industries, Inc. $4.1B 22.3× 22.8× +9.54% (above 0%: growing) −15.56% (below 0%: shrinking) +5.65% (above 0%: growing) 22.07% 8.65% Compare
Median of peers $14.1B 14.6× 17.0× −8.67% −20.99% −17.71% 22.79% 10.41%

All 19 Residential Construction stocks →

DHI metrics, ten years each

D.R. Horton, Inc. (DHI) key facts

  • Concern: D.R. Horton, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $34.3 billion, down 6.93% from fiscal 2024.
  • Concern: Net income was $3.6 billion, or $11.62 per share (basic), a net margin of 10.5%.
  • D.R. Horton, Inc. (DHI) is a Residential Construction company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, DHI traded at $139.39, a market capitalization of $39.0 billion.
  • At that price the stock trades at 13.2× trailing-twelve-month earnings and 1.2× sales; its P/E is higher than 77% of its own readings over the past ten years.
  • D.R. Horton, Inc. pays an annual dividend of $1.80 per share, a yield of 1.29%, with a payout ratio of 17.1%.
  • Return on equity was 14.2% and debt-to-equity 0.29.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 6.41 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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

22 Jul

Impact 4 · transcript
stockrow.com/DHI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com