D.R. Horton (DHI)
Market Price (9/1/2026): $143.8 | Market Cap: $40.6 BilInvestor Relations Sector: Consumer Discretionary | Industry: Homebuilding
D.R. Horton (DHI)
Market Price (9/1/2026): $143.8Market Cap: $40.6 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 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 7.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.4 Bil, FCF LTM is 3.2 Bil Stock buyback supportStock Buyback 3Y Total is 8.9 Bil Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0% 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 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 7.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.4 Bil, FCF LTM is 3.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 8.9 Bil |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0% |
| 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
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D.R. Horton (DHI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Persistent Macroeconomic Headwinds from Elevated Mortgage Rates. Mortgage interest rates remained a significant drag on housing demand throughout the period, with the average 30-year fixed rate standing at 6.65% by late August 2026 and forecasts predicting it would hover between 6% and 7% for the remainder of the year. These elevated rates contributed to ongoing affordability constraints and weakening consumer sentiment, leading to a challenging housing market. This environment saw pending home sales fall 3.1% annually and mortgage purchase applications drop 5% year-over-year by August, signaling a mismatch between supply and demand.
2. Mixed Fiscal Q3 2026 Performance and Lowered Full-Year Guidance. D.R. Horton reported strong fiscal Q3 2026 results on July 21, 2026, with earnings per diluted share of $3.20 and consolidated revenues of $9.2 billion, both exceeding analysts' consensus estimates of $2.97-$3.02 and $9.10-$9.19 billion, respectively. Home closings increased 4% to 23,983 units, and the home sales gross margin reached 20.7%, at the high end of guidance. However, these positives were tempered by a 12% decrease in net income and a 5% decline in diluted EPS year-over-year. Critically, the company lowered its full-year fiscal 2026 guidance, expecting consolidated revenues between $32.5 billion and $33.0 billion and 83,800 to 84,300 homes closed, a reduction from earlier expectations due to softer demand observed in May and June. Furthermore, the cancellation rate rose to 20% in fiscal Q3 2026, up from 17% in the prior year's quarter.
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D.R. Horton (DHI) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Persistent Macroeconomic Headwinds from Elevated Mortgage Rates. Mortgage interest rates remained a significant drag on housing demand throughout the period, with the average 30-year fixed rate standing at 6.65% by late August 2026 and forecasts predicting it would hover between 6% and 7% for the remainder of the year. These elevated rates contributed to ongoing affordability constraints and weakening consumer sentiment, leading to a challenging housing market. This environment saw pending home sales fall 3.1% annually and mortgage purchase applications drop 5% year-over-year by August, signaling a mismatch between supply and demand.
2. Mixed Fiscal Q3 2026 Performance and Lowered Full-Year Guidance. D.R. Horton reported strong fiscal Q3 2026 results on July 21, 2026, with earnings per diluted share of $3.20 and consolidated revenues of $9.2 billion, both exceeding analysts' consensus estimates of $2.97-$3.02 and $9.10-$9.19 billion, respectively. Home closings increased 4% to 23,983 units, and the home sales gross margin reached 20.7%, at the high end of guidance. However, these positives were tempered by a 12% decrease in net income and a 5% decline in diluted EPS year-over-year. Critically, the company lowered its full-year fiscal 2026 guidance, expecting consolidated revenues between $32.5 billion and $33.0 billion and 83,800 to 84,300 homes closed, a reduction from earlier expectations due to softer demand observed in May and June. Furthermore, the cancellation rate rose to 20% in fiscal Q3 2026, up from 17% in the prior year's quarter.
3. Neutral Analyst Sentiment and Strategic Positioning. Despite the mixed Q3 results, analysts largely maintained a "Hold" consensus rating for D.R. Horton, with an average 12-month price target of $166.92, indicating modest potential upside from the stock's trading levels during the period. While some analysts adjusted price targets, the overall sentiment remained balanced. D.R. Horton's strategic focus on affordable housing, with 73% of homes closed in Q3 priced below $400,000, helped it navigate market pressures. Additionally, the company continued its capital allocation strategy by repurchasing 4.2 million shares for $615.7 million during fiscal Q3 2026, which provided some support for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -1.4% change in DHI stock from 5/31/2026 to 8/31/2026 was primarily driven by a -3.8% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 146.65 | 144.56 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,348 | 33,350 | 0.0% |
| Net Income Margin (%) | 9.5% | 9.2% | -3.8% |
| P/E Multiple | 13.3 | 13.4 | 0.4% |
| Shares Outstanding (Mil) | 288 | 282 | 2.0% |
| Cumulative Contribution | -1.4% |
Market Drivers
5/31/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| DHI | -1.4% | |
| Market (SPY) | 1.4% | 34.1% |
| Sector (XLY) | -3.5% | 50.0% |
Fundamental Drivers
The -9.3% change in DHI stock from 2/28/2026 to 8/31/2026 was primarily driven by a -8.0% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 159.43 | 144.56 | -9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,524 | 33,350 | -0.5% |
| Net Income Margin (%) | 9.9% | 9.2% | -8.0% |
| P/E Multiple | 14.0 | 13.4 | -4.4% |
| Shares Outstanding (Mil) | 292 | 282 | 3.6% |
| Cumulative Contribution | -9.3% |
Market Drivers
2/28/2026 to 8/31/2026| Return | Correlation | |
|---|---|---|
| DHI | -9.3% | |
| Market (SPY) | 12.1% | 44.2% |
| Sector (XLY) | -0.0% | 54.3% |
Fundamental Drivers
The -13.7% change in DHI stock from 8/31/2025 to 8/31/2026 was primarily driven by a -20.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.47 | 144.56 | -13.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,575 | 33,350 | -3.5% |
| Net Income Margin (%) | 11.5% | 9.2% | -20.1% |
| P/E Multiple | 12.8 | 13.4 | 4.0% |
| Shares Outstanding (Mil) | 304 | 282 | 7.8% |
| Cumulative Contribution | -13.7% |
Market Drivers
8/31/2025 to 8/31/2026| Return | Correlation | |
|---|---|---|
| DHI | -13.7% | |
| Market (SPY) | 19.9% | 30.6% |
| Sector (XLY) | 1.2% | 47.1% |
Fundamental Drivers
The 25.3% change in DHI stock from 8/31/2023 to 8/31/2026 was primarily driven by a 65.9% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 8312026 | Change |
|---|---|---|---|
| Stock Price ($) | 115.36 | 144.56 | 25.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,596 | 33,350 | -3.6% |
| Net Income Margin (%) | 14.1% | 9.2% | -34.9% |
| P/E Multiple | 8.1 | 13.4 | 65.9% |
| Shares Outstanding (Mil) | 340 | 282 | 20.4% |
| Cumulative Contribution | 25.3% |
Market Drivers
8/31/2023 to 8/31/2026| Return | Correlation | |
|---|---|---|
| DHI | 25.3% | |
| Market (SPY) | 76.3% | 32.3% |
| Sector (XLY) | 39.7% | 42.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DHI Return | 59% | -17% | 72% | -7% | 4% | 3% | 127% |
| Peers Return | 47% | -24% | 91% | 9% | -6% | -2% | 116% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| DHI Win Rate | 75% | 42% | 58% | 58% | 50% | 62% | |
| Peers Win Rate | 72% | 42% | 63% | 60% | 43% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DHI Max Drawdown | -20% | -44% | -23% | -30% | -25% | -21% | |
| Peers Max Drawdown | -20% | -42% | -20% | -25% | -27% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/31/2026 (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% | 23.8% |
| 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% | 23.8% |
| 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)
D.R. Horton, Inc. (DHI) is a leading homebuilding company with extensive operations across the United States. It specializes in the acquisition and development of land, followed by the construction and sale of residential homes. The company operates in 31 states and 98 markets, marketing homes under various brand names including D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes.
The company's core products include a diverse range of residential properties, from single-family detached homes to attached homes such as townhomes, duplexes, and triplexes. Beyond construction, D.R. Horton also provides essential ancillary services, offering mortgage financing and title insurance policies, as well as engaging in residential lot development. This integrated approach allows it to serve homebuyers comprehensively.
In addition to its primary homebuilding business, D.R. Horton has diversified interests including the development, construction, ownership, and sale of multi-family and single-family rental properties. It also holds non-residential real estate, such as ranch land, and owns and operates energy-related assets. The company primarily serves individual homebuyers seeking new homes across its wide geographic footprint in the U.S.
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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.
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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.
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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.
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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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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.
Peer Outperformance in Homebuilding
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DHI | D.R. Horton | -1.0% | 13.4x | -13.7% | 24.1% | 57.0% | — |
| PHM | PulteGroup | -0.5% | 12.5x | -3.6% | 56.4% | 142.3% | +85pp |
| TOL | Toll Brothers | 0.2% | 11.2x | 4.0% | 75.3% | 134.5% | +78pp |
| MHO | M/I Homes | 0.3% | 12.0x | 1.1% | 47.6% | 119.8% | +63pp |
| IBP | Installed Building Products | 2.5% | 25.8x | -6.1% | 73.6% | 110.7% | +54pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -9.6% | 96.0% | 69.2% | LINC 291% · CVSA 257% · PRDO 222% |
| Homebuilding ← | 18 | -4.8% | 16.9% | 42.0% | GRBK 182% · PHM 142% · TOL 135% |
| Automotive Retail | 18 | -15.2% | 0.9% | 12.4% | MUSA 242% · PAG 173% · ORLY 125% |
| Hotels, Resorts & Cruise Lines | 22 | 14.1% | 44.7% | 11.6% | RCL 236% · MAR 164% · HLT 156% |
| Home Improvement Retail | 5 | -19.0% | -6.5% | 6.7% | HD 14% · LOW 11% · HVT 7% |
| Specialty Stores | 7 | -5.2% | 24.4% | 3.4% | FIVE 14% · DKS 10% · SIG 9% |
| Distributors | 4 | -9.4% | -25.3% | -8.5% | ARMK 134% · GPC 27% · LKQ -44% |
| Restaurants | 33 | -5.7% | -12.4% | -9.8% | EAT 327% · CAKE 162% · RAVE 143% |
| Specialized Consumer Services | 10 | -12.0% | 25.3% | -13.9% | HRB 133% · FTDR 85% · SCI 39% |
| Footwear | 9 | 52.0% | 31.9% | -16.0% | WEYS 151% · DECK 26% · SHOO 21% |
| Home Furnishings | 4 | -7.8% | 15.9% | -16.9% | SGI 50% · LZB 1% · MHK -35% |
| Leisure Products | 13 | -18.3% | -22.2% | -30.6% | GOLF 85% · HAS 16% · MCFT -12% |
| Leisure Facilities | 11 | 1.2% | -7.7% | -35.4% | OSW 145% · JAKK 94% · ESCA 9% |
| Apparel Retail | 25 | 0.1% | -0.4% | -36.1% | ANF 300% · DXLG 188% · URBN 139% |
| Automotive Parts & Equipment | 38 | -11.9% | -11.1% | -38.0% | MOD 1348% · GTX 289% · STRT 89% |
| Apparel, Accessories & Luxury Goods | 27 | -4.3% | -9.9% | -40.1% | TPR 246% · RL 223% · ELA 221% |
| Household Appliances | 18 | 7.0% | 33.0% | -41.9% | KEQU 181% · FLXS 156% · HBB 111% |
| Casinos & Gaming | 19 | -15.3% | -30.2% | -49.1% | MCRI 107% · RSI 75% · RRR 49% |
| Broadline Retail | 15 | 6.4% | 12.5% | -53.3% | DDS 314% · AMZN 49% · EBAY 48% |
| Computer & Electronics Retail | 3 | -18.0% | -0.2% | -61.8% | BBY -14% · UPBD -62% · GME -65% |
| Automobile Manufacturers | 8 | -64.9% | -50.5% | -70.6% | GM 83% · TSLA 50% · F 45% |
| Other Specialty Retail | 18 | -32.3% | -48.4% | -78.9% | TLF 109% · BBW 93% · WINA 90% |
| Consumer Electronics | 11 | -10.1% | -15.7% | -80.0% | AXIL 2610% · GRMN 79% · TBCH -55% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | - |
| Mkt Cap | 18.8 |
| Rev LTM | 13,583 |
| Op Inc LTM | 1,879 |
| FCF LTM | 1,068 |
| FCF 3Y Avg | 1,315 |
| CFO LTM | 1,129 |
| CFO 3Y Avg | 1,385 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.3% |
| Rev Chg 3Y Avg | -0.8% |
| Rev Chg Q | -10.1% |
| QoQ Delta Rev Chg LTM | -2.7% |
| Op Inc Chg LTM | -25.6% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 12.6% |
| Op Mgn 3Y Avg | 15.2% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 9.4% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.8 |
| P/S | 1.2 |
| P/Op Inc | 9.7 |
| P/EBIT | 9.8 |
| P/E | 12.3 |
| P/CFO | 13.4 |
| Total Yield | 9.2% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 6.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | - |
| 3M Rtn | - |
| 6M Rtn | - |
| 12M Rtn | - |
| 3Y Rtn | - |
| 1M Excs Rtn | - |
| 3M Excs Rtn | - |
| 6M Excs Rtn | - |
| 12M Excs Rtn | - |
| 3Y Excs Rtn | - |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 31,516 | 33,962 | 31,743 | 31,923 | 26,578 |
| Forestar | 1,662 | 1,509 | 1,437 | 1,519 | 1,326 |
| Rental | 1,640 | 1,685 | 2,606 | 510 | 268 |
| Financial Services | 841 | 882 | 802 | 795 | 824 |
| Eliminations and Other | -1,409 | -1,237 | -1,127 | -1,267 | -1,221 |
| Total | 34,250 | 36,801 | 35,460 | 33,480 | 27,774 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 26,700 | 27,481 | 24,700 | 22,285 | 18,932 |
| Forestar | 3,137 | 2,840 | 2,471 | 2,343 | 2,102 |
| Financial Services | 3,056 | 2,957 | 2,980 | 3,006 | 2,235 |
| Rental | 2,851 | 3,123 | 2,860 | 2,697 | 865 |
| Eliminations and Other | -272 | -297 | -429 | 20 | -118 |
| Total | 35,471 | 36,104 | 32,582 | 30,351 | 24,016 |
Price Behavior
| Market Price | $144.56 | |
| Market Cap ($ Bil) | 40.8 | |
| First Trading Date | 06/05/1992 | |
| Distance from 52W High | -20.5% | |
| 50 Days | 200 Days | |
| DMA Price | $150.52 | $149.03 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | -4.0% | -3.0% |
| 3M | 1YR | |
| Volatility | 37.7% | 35.7% |
| Downside Capture | 126.03 | 90.57 |
| Upside Capture | 112.91 | 54.18 |
| Correlation (SPY) | 33.7% | 30.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.74 | 1.14 | 0.94 | 1.14 | 0.85 | 0.75 |
| Up Beta | 1.57 | -0.10 | 0.38 | 1.39 | 1.38 | 0.86 |
| Down Beta | 1.44 | 0.96 | 0.85 | 1.02 | 0.69 | 0.34 |
| Up Capture | 162% | 121% | 112% | 81% | 44% | 61% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 20 | 30 | 59 | 116 | 376 |
| Down Capture | 230% | 218% | 123% | 129% | 93% | 98% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 22 | 34 | 68 | 135 | 374 |
[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 | -13.4% | 35.6% | -0.35 | - |
| Sector ETF (XLY) | 0.2% | 19.4% | -0.11 | 46.9% |
| Equity (SPY) | 19.3% | 12.8% | 1.11 | 30.3% |
| Gold (GLD) | 29.8% | 29.0% | 0.89 | 9.3% |
| Commodities (DBC) | 41.3% | 20.4% | 1.58 | -30.6% |
| Real Estate (VNQ) | 9.2% | 13.7% | 0.40 | 46.7% |
| Bitcoin (BTCUSD) | -30.9% | 43.7% | -0.72 | 3.6% |
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 | 10.0% | 35.7% | 0.34 | - |
| Sector ETF (XLY) | 6.2% | 24.1% | 0.21 | 52.0% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 47.0% |
| Gold (GLD) | 19.4% | 18.7% | 0.84 | 10.6% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -3.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 54.6% |
| Bitcoin (BTCUSD) | 9.5% | 52.7% | 0.36 | 19.4% |
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 | 17.6% | 36.0% | 0.55 | - |
| Sector ETF (XLY) | 12.2% | 22.2% | 0.50 | 55.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 52.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 12.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.34 | 10.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 55.1% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.9% | 2.0% | 0.9% |
| 4/21/2026 | -0.6% | -3.6% | -12.3% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 13 |
| # Negative | 12 | 8 | 11 |
| Median Positive | 3.2% | 2.8% | 6.1% |
| Median Negative | -2.7% | -2.7% | -4.6% |
| Max Positive | 17.0% | 11.4% | 28.4% |
| Max Negative | -7.2% | -8.7% | -12.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/21/2026 | -0.9% | 2.0% | 0.9% |
| 4/21/2026 | -0.6% | -3.6% | -12.3% |
| 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% |
| 4/18/2024 | 0.1% | 0.3% | 3.8% |
| 1/23/2024 | -2.7% | 0.1% | 1.6% |
| 11/7/2023 | 0.5% | 6.4% | 12.8% |
| 7/20/2023 | -1.9% | 0.6% | -8.7% |
| 4/20/2023 | -0.9% | 0.7% | 2.6% |
| 1/24/2023 | -1.6% | 1.7% | -4.6% |
| 11/9/2022 | 11.2% | 10.2% | 13.5% |
| 7/21/2022 | 3.8% | 6.5% | 5.5% |
| 4/26/2022 | -2.9% | -0.7% | -4.1% |
| 2/2/2022 | -2.9% | -2.3% | -5.7% |
| 11/9/2021 | -2.6% | 1.6% | 9.9% |
| 7/22/2021 | 4.4% | 6.5% | 6.1% |
| 4/22/2021 | 3.5% | 6.9% | -4.4% |
| 1/26/2021 | -4.0% | -0.5% | -4.0% |
| 11/10/2020 | 2.8% | 3.7% | -1.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 16 | 13 |
| # Negative | 12 | 8 | 11 |
| Median Positive | 3.2% | 2.8% | 6.1% |
| Median Negative | -2.7% | -2.7% | -4.6% |
| Max Positive | 17.0% | 11.4% | 28.4% |
| Max Negative | -7.2% | -8.7% | -12.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 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 |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/02/2022 | 10-Q |
| 09/30/2021 | 11/18/2021 | 10-K |
| 06/30/2021 | 07/23/2021 | 10-Q |
| 03/31/2021 | 04/26/2021 | 10-Q |
| 12/31/2020 | 01/27/2021 | 10-Q |
| 09/30/2020 | 11/20/2020 | 10-K |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 01/28/2020 | 10-Q |
| 09/30/2019 | 11/25/2019 | 10-K |
Recent Forward Guidance
Updated 7/22/2026Latest: Q3 2026 Earnings Reported 7/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Consolidated Revenues | 32.50 Bil | 32.75 Bil | 33.00 Bil | -3.7% | Lowered | Guidance: 34.00 Bil for 2026 | |
| 2026 Homes Closed | 83,800 | 84,050 | 84,300 | -3.1% | Lowered | Guidance: 86,750 for 2026 | |
| 2026 Income Tax Rate | 25.0% | 0.5% | Raised | 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 | |||
Prior: 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 | 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 | |||
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 | |||
Q4 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Consolidated Revenues | 33.50 Bil | 34.25 Bil | 35.00 Bil | 0.9% | Higher New | Actual: 33.95 Bil for 2025 | |
| 2026 Homes Closed | 86,000 | 87,000 | 88,000 | 2.1% | Higher New | Actual: 85,250 for 2025 | |
| 2026 Income Tax Rate | 24.5% | 0.5% | Higher New | Actual: 24.0% for 2025 | |||
| 2026 Consolidated Cash Flow Provided by Operations | 3.00 Bil | 0 | Same New | Actual: 3.00 Bil for 2025 | |||
| 2026 Share Repurchases | 2.50 Bil | -41.9% | Lower New | Actual: 4.30 Bil for 2025 | |||
| 2026 Dividend Payments | 500.00 Mil | 0 | Same New | Actual: 500.00 Mil for 2025 | |||
Insider Activity
Updated 8/26/2026| # | 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 |
| # | 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 |
| 6 | Odom, Aron M | SVP, Controller and PAO | Direct | Sell | 8142025 | 166.20 | 1,233 | 204,925 | 1,301,845 | Form |
Investor Activity (13F)
Updated Sep 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Greenhaven Associates Inc | $475.7 Mil | 7.8% | 27 | Hold | 13F |
| Horiko Capital Management LLC | $20.4 Mil | 4.7% | 20 | Hold | 13F |
| Smead Capital Management, Inc. | $205.5 Mil | 4.5% | 32 | TRIM -12.9% | 13F |
| Crake Asset Management LLP | $79.2 Mil | 2.8% | 20 | New | 13F |
| Brave Warrior Advisors, LLC | $95.2 Mil | 2.4% | 36 | Hold | 13F |
| Trinity Street Asset Management LLP | $21.6 Mil | 1.5% | 22 | Hold | 13F |
| Hook Mill Capital Partners, LP | $8.0 Mil | 0.7% | 39 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| TB Alternative Assets Ltd. | $20.0 Mil | 3.3% | 50 | Exited | Dec 31, 2025 | 13F |
| Voss Capital, LP | $16.6 Mil | 0.9% | 48 | Exited | Dec 31, 2025 | 13F |
| Concord Investment Counsel Inc. | $5.1 Mil | 1.7% | 40 | Exited | Dec 31, 2025 | 13F |
| Smead Capital Management, Inc. | $205.5 Mil | 4.5% | 32 | TRIM -12.9% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Greenhaven Associates Inc | $475.7 Mil | 7.8% | 27 | Hold | 13F |
| Smead Capital Management, Inc. | $205.5 Mil | 4.5% | 32 | TRIM -12.9% | 13F |
| Brave Warrior Advisors, LLC | $95.2 Mil | 2.4% | 36 | Hold | 13F |
| Crake Asset Management LLP | $79.2 Mil | 2.8% | 20 | New | 13F |
| Trinity Street Asset Management LLP | $21.6 Mil | 1.5% | 22 | Hold | 13F |
| Horiko Capital Management LLC | $20.4 Mil | 4.7% | 20 | Hold | 13F |
| Hook Mill Capital Partners, LP | $8.0 Mil | 0.7% | 39 | New | 13F |
D.R. Horton — Investor Video Playlist
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Homebuilding Resources |
| Builder Online |
| Professional Builder |
| HousingWire |
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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