Consumer Cyclical · Residential Construction
Price
$166.29
Market Cap
$47.2B
Employees
14,766
Beta
1.38
Avg Volume
2,464,422
CEO
Paul J. Romanowski
Business Description
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.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
14.31
Stock Price: $166.29
EPS (Diluted): 11.62
EPS (Diluted): 11.62
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.16
Stock Price: $166.29
Total Equity: $24.19B
Shares: 309,900,000
Total Equity: $24.19B
Shares: 309,900,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
11.43
Market Cap: $47.16B
Total Debt: $5.97B
Cash: $2.99B
EBITDA: $4.84B
Total Debt: $5.97B
Cash: $2.99B
EBITDA: $4.84B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$55.3B
Market Cap: $47.16B
Total Debt: $5.97B
Cash: $2.99B
Total Debt: $5.97B
Cash: $2.99B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
23.7%
Gross Profit: $8.12B
Revenue: $34.25B
Revenue: $34.25B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
12.9%
Operating Income: $4.42B
Revenue: $34.25B
Revenue: $34.25B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
10.5%
Net Income: $3.59B
Revenue: $34.25B
Revenue: $34.25B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
14.8%
Net Income: $3.59B
Total Equity: $24.19B
Total Equity: $24.19B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
12.4%
Operating Income: $4.42B
Tax Rate: 23.6%
Equity: $24.19B
Total Debt: $5.97B
Cash: $2.99B
Tax Rate: 23.6%
Equity: $24.19B
Total Debt: $5.97B
Cash: $2.99B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
17.39
Current Assets: $34.14B
Current Liabilities: $1.96B
Current Liabilities: $1.96B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.25
Short-Term Debt: $0.00
Long-Term Debt: $5.97B
Total Debt: $5.97B
Total Equity: $24.19B
Long-Term Debt: $5.97B
Total Debt: $5.97B
Total Equity: $24.19B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$110.52
Revenue: $34.25B
Shares: 309,900,000
Shares: 309,900,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$78.06
Total Equity: $24.19B
Shares: 309,900,000
Shares: 309,900,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$10.60
Operating CF: $3.42B
CapEx: -$137.40M
Shares: 309,900,000
CapEx: -$137.40M
Shares: 309,900,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.9%
Last Dividend: N/A
Stock Price: $166.29
Stock Price: $166.29
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.59B
Net Income: $3.59B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares DHI against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:04pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Operating Expenses | $2.5B | $2.8B | $3.1B | $3.4B | $3.7B |
| Operating Income | $5.4B | $7.7B | $6.2B | $6.1B | $4.4B |
| Net Income | $4.2B | $5.9B | $4.7B | $4.8B | $3.6B |
| EBITDA | $5.4B | $7.7B | $6.4B | $6.4B | $4.8B |
| EPS | $11.56 | $16.65 | $13.93 | $14.44 | $11.62 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:04pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $3.2B | $2.5B | $3.9B | $4.5B | $3.0B |
| Total Current Assets | $23.2B | $28.8B | $31.2B | $34.7B | $34.1B |
| Total Assets | $24.0B | $30.4B | $32.6B | $36.1B | $35.5B |
| 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 |
| Total Equity | $14.9B | $19.4B | $22.7B | $25.3B | $24.2B |
| Retained Earnings | $13.6B | $19.2B | $23.6B | $28.0B | $31.0B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:04pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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 |
| Acquisitions (net) | -$24.5M | -$271.5M | -$212.9M | -$40.4M | -$53.1M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$926.9M | -$1.2B | -$1.2B | -$1.8B | -$4.3B |
| Net Change in Cash | $197.1M | -$664.3M | $1.3B | $643.9M | -$1.5B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 10:56pm (10h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$34.0B $33.9B – $34.2B
|
$33.5B $33.0B – $33.9B
|
$35.5B $32.5B – $37.6B
|
$37.5B $36.7B – $38.3B
|
| EBITDA |
$6.3B $6.2B – $6.3B
|
$6.2B $6.1B – $6.2B
|
$6.5B $6.0B – $6.9B
|
$6.9B $6.8B – $7.1B
|
| Net Income |
$3.7B $3.6B – $3.7B
|
$3.2B $3.1B – $3.4B
|
$3.3B $3.2B – $4.1B
|
$3.9B $3.6B – $4.8B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:04pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +20.5% | +5.9% | +3.8% | -6.9% |
| Gross Profit Growth | +33.4% | -11.0% | +2.0% | -14.9% |
| Operating Income Growth | +43.0% | -19.0% | -2.0% | -27.6% |
| Net Income Growth | +40.3% | -19.0% | +0.2% | -24.6% |
| EBITDA Growth | +42.0% | -16.9% | -0.5% | -24.0% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:04pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-07 | $0.45 | 2026-04-21 | 2026-05-07 | 2026-05-14 |
| 2026-02-05 | $0.45 | 2026-01-20 | 2026-02-05 | 2026-02-12 |
| 2025-11-13 | $0.45 | 2025-10-28 | 2025-11-13 | 2025-11-20 |
| 2025-08-07 | $0.40 | 2025-07-21 | 2025-08-07 | 2025-08-14 |
| 2025-05-02 | $0.40 | 2025-04-17 | 2025-05-02 | 2025-05-09 |
| 2025-02-07 | $0.40 | 2025-01-21 | 2025-02-07 | 2025-02-14 |
| 2024-11-12 | $0.40 | 2024-10-29 | 2024-11-12 | 2024-11-19 |
| 2024-08-01 | $0.30 | 2024-07-18 | 2024-08-01 | 2024-08-08 |
| 2024-05-01 | $0.30 | 2024-04-18 | 2024-05-02 | 2024-05-09 |
| 2024-02-05 | $0.30 | 2024-01-23 | 2024-02-06 | 2024-02-13 |
| 2023-11-20 | $0.30 | 2023-11-07 | 2023-11-21 | 2023-11-28 |
| 2023-08-04 | $0.25 | 2023-07-20 | 2023-08-07 | 2023-08-14 |
| 2023-05-02 | $0.25 | 2023-04-20 | 2023-05-03 | 2023-05-10 |
| 2023-02-06 | $0.25 | 2023-01-24 | 2023-02-07 | 2023-02-14 |
| 2022-12-01 | $0.25 | 2022-11-09 | 2022-12-02 | 2022-12-12 |
| 2022-08-03 | $0.23 | 2022-07-21 | 2022-08-04 | 2022-08-11 |
| 2022-05-06 | $0.23 | 2022-04-27 | 2022-05-09 | 2022-05-18 |
| 2022-02-16 | $0.23 | 2022-02-02 | 2022-02-17 | 2022-02-25 |
| 2021-12-03 | $0.23 | 2021-11-09 | 2021-12-06 | 2021-12-15 |
| 2021-08-09 | $0.20 | 2021-07-22 | 2021-08-10 | 2021-08-17 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for DHI — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30