D.R. Horton (DHI)
Market Price (5/5/2026): $143.58 | Market Cap: $41.3 BilSector: Consumer Discretionary | Industry: Homebuilding
D.R. Horton (DHI)
Market Price (5/5/2026): $143.58Market Cap: $41.3 BilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 8.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.7 Bil, FCF LTM is 3.5 Bil Stock buyback supportStock Buyback 3Y Total is 8.6 Bil Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -38% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.3% Key risksDHI key risks include [1] reduced housing demand from its core first-time and entry-level homebuyer base due to interest rate sensitivity and [2] potential losses on its extensive inventory of land, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.6%, FCF Yield is 8.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.7 Bil, FCF LTM is 3.5 Bil |
| Stock buyback supportStock Buyback 3Y Total is 8.6 Bil |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -40%, 3Y Excs Rtn is -38% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.3% |
| Key risksDHI key risks include [1] reduced housing demand from its core first-time and entry-level homebuyer base due to interest rate sensitivity and [2] potential losses on its extensive inventory of land, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. D.R. Horton's stock movement was influenced by mixed quarterly financial results and guidance during the period. The company reported fiscal first-quarter 2026 earnings of $2.03 per share, exceeding analyst estimates of $1.95, with revenues also surpassing expectations at $6.887 billion. D.R. Horton also reiterated its fiscal 2026 revenue guidance in the range of $33.5 billion to $35.0 billion, contributing to investor stability. However, in the second fiscal quarter of 2026, while earnings per share of $2.24 beat estimates of $2.17, revenue of $7.558 billion missed expectations and represented a 2.3% year-over-year decrease, leading to some investor caution.
2. Persistent elevated mortgage rates and ongoing affordability challenges tempered buyer demand. Throughout the period, 30-year fixed mortgage rates remained high, hovering around 6.0% to 6.14% in February 2026 and rising to approximately 6.38% by late April 2026. These elevated rates, coupled with record high median home prices reaching $408,800 in March 2026, exacerbated affordability concerns for potential homebuyers. This sentiment was reflected in the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, which declined to 34 in April 2026, marking its lowest level since September 2025.
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Stock Movement Drivers
Fundamental Drivers
The -3.3% change in DHI stock from 1/31/2026 to 5/4/2026 was primarily driven by a -4.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 148.42 | 143.53 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,524 | 33,348 | -0.5% |
| Net Income Margin (%) | 9.9% | 9.5% | -4.4% |
| P/E Multiple | 13.0 | 13.0 | 0.1% |
| Shares Outstanding (Mil) | 292 | 288 | 1.5% |
| Cumulative Contribution | -3.3% |
Market Drivers
1/31/2026 to 5/4/2026| Return | Correlation | |
|---|---|---|
| DHI | -3.3% | |
| Market (SPY) | 3.6% | 29.2% |
| Sector (XLY) | -2.7% | 44.0% |
Fundamental Drivers
The -3.1% change in DHI stock from 10/31/2025 to 5/4/2026 was primarily driven by a -17.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 148.20 | 143.53 | -3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,575 | 33,348 | -3.5% |
| Net Income Margin (%) | 11.5% | 9.5% | -17.0% |
| P/E Multiple | 11.4 | 13.0 | 14.5% |
| Shares Outstanding (Mil) | 304 | 288 | 5.6% |
| Cumulative Contribution | -3.1% |
Market Drivers
10/31/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| DHI | -3.1% | |
| Market (SPY) | 5.5% | 31.3% |
| Sector (XLY) | -1.5% | 46.3% |
Fundamental Drivers
The 14.9% change in DHI stock from 4/30/2025 to 5/4/2026 was primarily driven by a 43.3% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 124.87 | 143.53 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,315 | 33,348 | -5.6% |
| Net Income Margin (%) | 12.2% | 9.5% | -21.7% |
| P/E Multiple | 9.1 | 13.0 | 43.3% |
| Shares Outstanding (Mil) | 312 | 288 | 8.5% |
| Cumulative Contribution | 14.9% |
Market Drivers
4/30/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| DHI | 14.9% | |
| Market (SPY) | 30.4% | 26.6% |
| Sector (XLY) | 20.3% | 42.5% |
Fundamental Drivers
The 34.6% change in DHI stock from 4/30/2023 to 5/4/2026 was primarily driven by a 85.0% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 106.62 | 143.53 | 34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,658 | 33,348 | -0.9% |
| Net Income Margin (%) | 15.4% | 9.5% | -38.2% |
| P/E Multiple | 7.0 | 13.0 | 85.0% |
| Shares Outstanding (Mil) | 342 | 288 | 18.8% |
| Cumulative Contribution | 34.6% |
Market Drivers
4/30/2023 to 5/4/2026| Return | Correlation | |
|---|---|---|
| DHI | 34.6% | |
| Market (SPY) | 78.7% | 32.0% |
| Sector (XLY) | 63.2% | 41.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHI Return | 59% | -17% | 72% | -7% | 4% | 4% | 129% |
| Peers Return | 47% | -24% | 91% | 9% | -6% | -6% | 106% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 92% |
Monthly Win Rates [3] | |||||||
| DHI Win Rate | 75% | 42% | 58% | 58% | 50% | 60% | |
| Peers Win Rate | 72% | 42% | 63% | 60% | 43% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| DHI Max Drawdown | -4% | -44% | 0% | -11% | -17% | -8% | |
| Peers Max Drawdown | -4% | -41% | -0% | -5% | -22% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LEN, PHM, NVR, TOL, KBH. See DHI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/4/2026 (YTD)
How Low Can It Go
| Event | DHI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.0% | -9.5% |
| % Gain to Breakeven | 29.9% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.2% | -6.7% |
| % Gain to Breakeven | 11.4% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.8% | 32.4% |
| Time to Breakeven | 307 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.5% | -33.7% |
| % Gain to Breakeven | 115.0% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.7% |
| Time to Breakeven | 78 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.2% | -12.2% |
| % Gain to Breakeven | 33.6% | 13.9% |
| Time to Breakeven | 62 days | 62 days |
In The Past
D.R. Horton's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.2% gain to breakeven.
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| Event | DHI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.0% | -9.5% |
| % Gain to Breakeven | 29.9% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.1% | -24.5% |
| % Gain to Breakeven | 72.8% | 32.4% |
| Time to Breakeven | 307 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.5% | -33.7% |
| % Gain to Breakeven | 115.0% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.7% |
| Time to Breakeven | 78 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.2% | -12.2% |
| % Gain to Breakeven | 33.6% | 13.9% |
| Time to Breakeven | 62 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -30.8% | -0.2% |
| % Gain to Breakeven | 44.6% | 0.2% |
| Time to Breakeven | 402 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.8% | -17.9% |
| % Gain to Breakeven | 42.4% | 21.8% |
| Time to Breakeven | 36 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -29.9% | -15.4% |
| % Gain to Breakeven | 42.6% | 18.2% |
| Time to Breakeven | 558 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.8% | -53.4% |
| % Gain to Breakeven | 210.2% | 114.4% |
| Time to Breakeven | 164 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -30.9% | -8.6% |
| % Gain to Breakeven | 44.7% | 9.5% |
| Time to Breakeven | 1753 days | 47 days |
In The Past
D.R. Horton's stock fell -9.2% during the 2025 US Tariff Shock. Such a loss loss requires a 10.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About D.R. Horton (DHI)
AI Analysis | Feedback
Here are 1-3 brief analogies for D.R. Horton:
- D.R. Horton is like Ford, but for houses. They mass-produce new homes across the country, offering different brands for various market segments.
- You can think of D.R. Horton as the Walmart of new home sales. They are the largest homebuilder in the U.S., constructing and selling a vast volume of homes in countless markets.
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- Residential Home Sales and Construction: The company constructs and sells a variety of new homes, including single-family detached, town homes, duplexes, and triplexes.
- Mortgage Financing Services: D.R. Horton provides mortgage financing solutions to homebuyers.
- Title Services: The company offers title insurance policies along with examination and closing services.
- Residential Lot Development: D.R. Horton engages in the acquisition and development of land for residential purposes.
- Rental Property Services: The company develops, constructs, owns, leases, and sells both multi-family and single-family rental properties.
AI Analysis | Feedback
D.R. Horton (DHI) primarily serves individual homebuyers.
The company caters to a diverse range of customers, which can be broadly categorized into the following segments:
- First-time homebuyers: These customers are typically entering the housing market for the first time, often seeking more affordable and entry-level homes, a segment often addressed by D.R. Horton's "Express Homes" brand.
- Move-up homebuyers: This category includes individuals or families looking for larger homes, more amenities, or homes in different locations, often having previously owned a home. D.R. Horton's core brand and "Emerald Homes" often serve this segment.
- Active adult/Retiree homebuyers: Customers in this segment often seek homes designed for a low-maintenance lifestyle, sometimes in age-restricted or age-targeted communities, a market specifically addressed by D.R. Horton's "Freedom Homes" brand.
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Paul J. Romanowski, President and Chief Executive Officer
Paul J. Romanowski was appointed President and Chief Executive Officer of D.R. Horton in October 2023. He has been an integral member of the D.R. Horton management team for over 20 years. Mr. Romanowski joined the company in 1999, serving as the Division President of the South Florida Division from 1999 to 2014. He then served as a Region President, overseeing D.R. Horton's homebuilding operations in Florida and five Mid-Atlantic states from 2014 to 2021. Prior to his promotion to CEO, he was Executive Vice President and Co-Chief Operating Officer from October 2021 until October 2023. Before joining D.R. Horton, he worked for Metrostudy and in land acquisition for another public homebuilder. He graduated from Butler University in 1992 with a Bachelor of Business Administration in marketing.
Bill W. Wheat, Executive Vice President and Chief Financial Officer
Bill W. Wheat has served as Executive Vice President and Chief Financial Officer of D.R. Horton since 2003. He joined the company in 1998 as an Accounting Manager and was later Senior Vice President and Controller from 2000 to 2003. Mr. Wheat also served as a member of the Board of Directors of D.R. Horton from October 2003 to January 2011. He began his career with Price Waterhouse LLP (now PricewaterhouseCoopers) and then held various financial and accounting roles at The Bombay Company. In the past, he also occupied the position of Chief Financial Officer at Forestar Group, Inc. Mr. Wheat graduated from Baylor University in 1988 with a Bachelor of Business Administration in accounting and finance.
David V. Auld, Executive Chairman
David V. Auld became Executive Chairman of the Board of D.R. Horton in May 2024, following the passing of the company's founder and chairman, Donald Horton. He previously served as Executive Vice Chair of the Board from October 2023 to May 2024. Mr. Auld was the President and Chief Executive Officer of D.R. Horton from October 2014 to October 2023. His tenure as CEO saw significant growth in revenues, market share, earnings, and cash flow generation for the company. He joined D.R. Horton in 1988, serving as Division President of the Orlando Division until 2005. From 2005 to 2013, he was Region President, overseeing homebuilding operations in Florida, North and South Carolina, Georgia, and Alabama. He was Executive Vice President and Chief Operating Officer from November 2013 until October 2014. Before joining D.R. Horton, Mr. Auld worked for Texas American Bank and General Dynamics.
Michael J. Murray, Executive Vice President and Chief Operating Officer
Michael J. Murray has served as Executive Vice President and Chief Operating Officer of D.R. Horton since October 2014. He joined the company in 2002 as the Director of Internal Audit. From 2004 to 2012, Mr. Murray held the position of Vice President and Controller, and subsequently served as Senior Vice President of Business Development from 2012 until October 2014. His career began at Price Waterhouse LLP (now PricewaterhouseCoopers), after which he worked at several other companies in finance and accounting roles before joining D.R. Horton. Mr. Murray graduated from the University of Texas at Arlington in 1988 with a Bachelor of Business Administration in accounting.
AI Analysis | Feedback
D.R. Horton (DHI) faces several key risks inherent to the homebuilding industry. The most significant of these are tied to macroeconomic conditions, the substantial investment in land and inventory, and the volatility of construction costs.Key Risks for D.R. Horton (DHI)
1. Macroeconomic Conditions and Interest Rate Sensitivity: The performance of D.R. Horton is highly susceptible to broader economic fluctuations, including changes in interest rates, which directly impact homebuyer demand and affordability. Rising interest rates can dampen the ability of potential buyers to secure mortgage financing or make homes less affordable, thereby reducing sales volumes and profitability. The company's financial services segment, which provides mortgage financing, is also directly affected by these conditions.
2. Land and Inventory Risk: As a homebuilding company, D.R. Horton engages in the acquisition and development of land, maintaining substantial land, lot, and rental property inventory. There are inherent risks in controlling, owning, and developing this land. A decline in housing demand or property values could prevent the company from selling homes or rental properties profitably, potentially leading to an inability to fully recover the costs of its land and lots. The values of these assets can fluctuate significantly with market conditions.
3. Construction Cost Volatility: D.R. Horton faces challenges in effectively managing costs, particularly due to fluctuating material costs and potential labor shortages within the highly competitive homebuilding industry. Increases in the cost of raw materials and skilled labor can compress profit margins and impact the company's financial results.
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D.R. Horton (DHI) operates in several addressable markets across the United States for its main products and services:
- Residential Home Building (Construction and Sale of Homes): The U.S. residential construction market size is estimated at USD 1.41 trillion in 2026. New-build activity represented 69.05% of this market in 2025. An estimated 679,000 new homes were sold in 2025. The House Building Market in North America, with the U.S. contributing approximately 80% of the market share, is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.1% from 2025 to 2035.
- Mortgage Financing Services: The total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026, up from $2.0 trillion in 2025. Within this, purchase originations are forecast to reach $1.46 trillion in 2026, and refinance originations are expected to be $737 billion.
- Title Insurance Policies, Examination, and Closing Services: The U.S. title insurance industry generated $4.5 billion in title insurance premiums during the second quarter of 2025. For the first six months of 2025, premium volume increased by 13.2% compared to the same period in 2024. The North American title insurance market, where the U.S. is the primary contributor (holding approximately 70% of the global market share), was estimated at $2 billion in 2023 and is projected to reach $2.8 billion by 2032. The global home title insurance market size was valued at USD 1.19 billion in 2025 and is projected to grow to USD 1.28 billion in 2026.
- Residential Lot Development: The market size for Land Development in the U.S. was $22.5 billion in 2025 and is projected to be $22.6 billion in 2026.
-
Multi-family and Single-family Rental Properties:
- Multi-family Rental Properties: The number of multi-family rental households in the U.S. reached an estimated 22.4 million in 2025. This is an increase from 22 million households in 2024, which was the highest level on record. Multi-family rentals accounted for 33% of the U.S. rental stock as of 2024. Total multi-family rental units reached a record of 12.1 million in 2024.
- Single-family Rental Properties: The number of single-family rental (SFR) households in the U.S. increased to 14.6 million in 2025. In 2024, the number of SFR households was 14.4 million. Single-family rentals represented 31% of the U.S. rental stock as of 2024.
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D.R. Horton (DHI) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * **Focus on Affordable Housing and First-Time Homebuyers:** D.R. Horton continues to prioritize providing affordable housing options, particularly targeting first-time homebuyers. This strategy is crucial for navigating affordability constraints in the market and is expected to sustain demand and drive sales volume. * **Increased Net Sales Orders and Community Count:** Despite a challenging market, the company reported a 3% increase in net sales orders in the first quarter of fiscal 2026. Management also anticipates maintaining a high community count, indicating a focus on expanding the availability of homes to meet demand, which directly contributes to higher closing volumes and revenue. * **Growth in Rental Operations:** D.R. Horton's rental operations, encompassing both single-family and multi-family rental properties, are a significant and growing revenue stream. In the first quarter of fiscal 2026, the company generated $109.5 million in revenue from the sale of 397 single-family rental homes. This diversification beyond traditional home sales provides an additional avenue for revenue growth. * **Contribution from Forestar's Lot Development Business:** Forestar, a majority-owned subsidiary, contributes revenue through lot sales, with a substantial portion under contract with or subject to a right of first offer to D.R. Horton. For example, in Q1 fiscal 2026, Forestar sold 1,944 lots, generating $273.0 million in revenue. This segment provides a consistent revenue stream and ensures a flexible and reliable lot supply for D.R. Horton's homebuilding operations.AI Analysis | Feedback
Share Repurchases
- D.R. Horton repurchased common stock totaling $4.3 billion in fiscal year 2025.
- The company's Board of Directors authorized $3.3 billion for future stock repurchases as of September 30, 2025.
- In fiscal year 2024, D.R. Horton repurchased $1.803 billion of common stock, and in fiscal year 2023, it repurchased $1.187 billion.
Share Issuance
- As of September 30, 2025, D.R. Horton had 404,031,443 shares issued, an increase from 402,848,342 shares issued at September 30, 2024.
- Despite new issuances, the number of common shares outstanding decreased by 9% in fiscal year 2025 compared to the prior year due to repurchases.
Inbound Investments
- No significant inbound investments by third-parties such as strategic partners or private equity firms were explicitly reported over the last 3-5 years.
Outbound Investments
- No significant strategic outbound investments in other companies were explicitly reported over the last 3-5 years. The company's focus remains on its core homebuilding, residential lot development (Forestar), financial services, and rental property operations.
Capital Expenditures
- D.R. Horton invested $8.5 billion in lots, land, and development during fiscal year 2025.
- The primary focus of capital expenditures is on land acquisition, land development, and the construction of residential homes and rental properties.
- The company's total inventory, which includes construction in progress, finished homes, and residential land and lots, amounted to $25.287 billion at September 30, 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 125.10 |
| Mkt Cap | 18.7 |
| Rev LTM | 14,041 |
| Op Inc LTM | 1,995 |
| FCF LTM | 1,275 |
| FCF 3Y Avg | 1,463 |
| CFO LTM | 1,331 |
| CFO 3Y Avg | 1,532 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.8% |
| Rev Chg 3Y Avg | -0.2% |
| Rev Chg Q | -8.6% |
| QoQ Delta Rev Chg LTM | -2.0% |
| Op Inc Chg LTM | -26.7% |
| Op Inc Chg 3Y Avg | -11.9% |
| Op Mgn LTM | 13.5% |
| Op Mgn 3Y Avg | 15.8% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 10.9% |
| CFO/Rev 3Y Avg | 9.3% |
| FCF/Rev LTM | 10.5% |
| FCF/Rev 3Y Avg | 8.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.7 |
| P/S | 1.2 |
| P/Op Inc | 8.6 |
| P/EBIT | 8.7 |
| P/E | 11.2 |
| P/CFO | 11.5 |
| Total Yield | 10.6% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 6.8% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.9% |
| 3M Rtn | -12.6% |
| 6M Rtn | -9.4% |
| 12M Rtn | 0.1% |
| 3Y Rtn | 25.1% |
| 1M Excs Rtn | -11.3% |
| 3M Excs Rtn | -15.9% |
| 6M Excs Rtn | -16.3% |
| 12M Excs Rtn | -26.0% |
| 3Y Excs Rtn | -46.6% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 27,481 | 24,700 | 22,285 | 18,932 | 15,221 |
| Rental | 3,123 | 2,860 | 2,697 | 865 | |
| Financial Services | 2,957 | 2,980 | 3,006 | 2,235 | 1,726 |
| Forestar | 2,840 | 2,471 | 2,343 | 2,102 | 1,740 |
| Eliminations and Other | -297 | -429 | 20 | -118 | |
| Eliminations and Other Adjustments | -155 | ||||
| Other | 379 | ||||
| Total | 36,104 | 32,582 | 30,351 | 24,016 | 18,912 |
Price Behavior
| Market Price | $143.53 | |
| Market Cap ($ Bil) | 41.3 | |
| First Trading Date | 06/05/1992 | |
| Distance from 52W High | -21.5% | |
| 50 Days | 200 Days | |
| DMA Price | $147.05 | $153.68 |
| DMA Trend | up | down |
| Distance from DMA | -2.4% | -6.6% |
| 3M | 1YR | |
| Volatility | 36.2% | 38.9% |
| Downside Capture | 0.28 | 0.43 |
| Upside Capture | 22.94 | 72.41 |
| Correlation (SPY) | 28.5% | 26.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.79 | 1.19 | 0.67 | 0.82 | 0.82 | 0.72 |
| Up Beta | 1.80 | 2.06 | 1.55 | 1.49 | 1.25 | 0.88 |
| Down Beta | -9.76 | 1.56 | 1.40 | 0.82 | 0.62 | 0.33 |
| Up Capture | 67% | 57% | 23% | 57% | 64% | 56% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 20 | 34 | 57 | 123 | 386 |
| Down Capture | -726% | 84% | -1% | 53% | 70% | 95% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 23 | 30 | 68 | 129 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHI | |
|---|---|---|---|---|
| DHI | 15.7% | 38.8% | 0.46 | - |
| Sector ETF (XLY) | 19.7% | 18.8% | 0.82 | 42.6% |
| Equity (SPY) | 29.7% | 12.5% | 1.83 | 26.7% |
| Gold (GLD) | 39.6% | 27.2% | 1.21 | 5.4% |
| Commodities (DBC) | 50.7% | 18.0% | 2.18 | -19.5% |
| Real Estate (VNQ) | 12.1% | 13.5% | 0.60 | 49.3% |
| Bitcoin (BTCUSD) | -19.0% | 42.2% | -0.39 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHI | |
|---|---|---|---|---|
| DHI | 8.5% | 35.5% | 0.31 | - |
| Sector ETF (XLY) | 6.6% | 23.8% | 0.24 | 51.9% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 47.8% |
| Gold (GLD) | 20.1% | 17.9% | 0.91 | 10.3% |
| Commodities (DBC) | 14.1% | 19.1% | 0.60 | 1.4% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 54.2% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.34 | 18.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DHI | |
|---|---|---|---|---|
| DHI | 17.8% | 35.7% | 0.56 | - |
| Sector ETF (XLY) | 12.6% | 22.0% | 0.53 | 55.8% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 52.7% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 11.2% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 13.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 55.2% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | -0.6% | -3.6% | |
| 1/20/2026 | 3.2% | -3.0% | 7.2% |
| 10/28/2025 | -3.2% | -8.7% | -2.4% |
| 7/22/2025 | 17.0% | 11.4% | 28.4% |
| 4/17/2025 | 3.2% | 7.2% | 7.3% |
| 1/21/2025 | 2.2% | 0.2% | -10.2% |
| 10/29/2024 | -7.2% | -5.3% | -6.2% |
| 7/18/2024 | 0.2% | -0.4% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 14 |
| # Negative | 11 | 8 | 10 |
| Median Positive | 3.2% | 3.7% | 7.3% |
| Median Negative | -2.7% | -2.7% | -4.5% |
| Max Positive | 17.0% | 11.4% | 29.1% |
| Max Negative | -7.2% | -8.7% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 01/22/2026 | 10-Q |
| 09/30/2025 | 11/19/2025 | 10-K |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 01/23/2025 | 10-Q |
| 09/30/2024 | 11/19/2024 | 10-K |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 01/24/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 01/25/2023 | 10-Q |
| 09/30/2022 | 11/18/2022 | 10-K |
| 06/30/2022 | 07/22/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 33.50 Bil | 34.00 Bil | 34.50 Bil | -0.7% | Lowered | Guidance: 34.25 Bil for 2026 | |
| 2026 Homes Closed | 86,000 | 86,750 | 87,500 | -0.3% | Lowered | Guidance: 87,000 for 2026 | |
| 2026 Income Tax Rate | 24.5% | 0 | 0 | Affirmed | Guidance: 24.5% for 2026 | ||
| 2026 Free Cash Flow | 3.00 Bil | 0 | Affirmed | Guidance: 3.00 Bil for 2026 | |||
| 2026 Share Repurchases | 2.50 Bil | 0 | Affirmed | Guidance: 2.50 Bil for 2026 | |||
| 2026 Dividends | 500.00 Mil | 0 | Affirmed | Guidance: 500.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 1/20/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Consolidated Revenues | 33.50 Bil | 34.25 Bil | 35.00 Bil | 0 | Affirmed | Guidance: 34.25 Bil for 2026 | |
| 2026 Homes Closed | 86,000 | 87,000 | 88,000 | 0 | Affirmed | Guidance: 87,000 for 2026 | |
| 2026 Income Tax Rate | 24.5% | 0 | Affirmed | Guidance: 24.5% for 2026 | |||
| 2026 Consolidated Cash Flow Provided by Operations | 3.00 Bil | 0 | Affirmed | Guidance: 3.00 Bil for 2026 | |||
| 2026 Share Repurchases | 2.50 Bil | 0 | Affirmed | Guidance: 2.50 Bil for 2026 | |||
| 2026 Dividend Payments | 500.00 Mil | 0 | Affirmed | Guidance: 500.00 Mil for 2026 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Odom, Aron M | SVP, Controller and PAO | Direct | Sell | 2172026 | 167.55 | 260 | 43,563 | 1,081,870 | Form |
| 2 | Murray, Michael J | EVP and COO | Direct | Sell | 2172026 | 148.97 | 120 | 17,876 | 18,247,958 | Form |
| 3 | Buchanan, Michael R | Direct | Sell | 9092025 | 180.74 | 1,000 | 180,740 | 215,623 | Form | |
| 4 | Odom, Aron M | SVP, Controller and PAO | Direct | Sell | 9092025 | 183.00 | 1,376 | 251,808 | 1,181,631 | Form |
| 5 | Auld, David V | Executive Chairman | Direct | Sell | 9092025 | 182.21 | 30,000 | 5,466,411 | 148,626,613 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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