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D. R. Horton

DHI NYSE Homebuilding Financials FY2016–FY2025

D. R. Horton's revenue fell 6.9% to $34.3 billion in fiscal 2025. Its net margin was 10.5%, down from 12.9% a year earlier. Free cash flow was $3.3 billion, up 62.2%. It paid out $4.8 billion in dividends and buybacks, 146% of free cash flow. The diluted share count fell 6.5%.

Last close · Oct 23, 2026

$147.48

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$34.3B
6.9% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$3.6B
24.6%
Free cash flow Cash from operations minus capital spending.
$3.3B
62.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$41.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.0x
On $10.51 EPS (TTM)

About these figures. Total debt is D.R. Horton's notes payable, which include its mortgage business's borrowings.

What D. R. Horton does

No business description yet.

Legal name
D.R. Horton, Inc.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0000882184-25-000081
0000882184

Revenue and margins

D. R. Horton had $34.3B of revenue in fiscal 2025, down 6.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.3B in fiscal 2025, 9.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

D. R. Horton returned $4.8B to shareholders in fiscal 2025, 146% of free cash flow. The diluted share count fell 6.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value D. R. Horton yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.0B and divides by 309.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.0x · peers 14.2x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably D. R. Horton can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.2B$2.5B$3.9B$4.5B$3.0B
Debt incl. finance leases $5.4B$6.1B$5.1B$5.9B$6.0B
Debt / equity 0.4x0.3x0.2x0.2x0.3x
Total assets $24.0B$30.4B$32.6B$36.1B$35.5B
Total liabilities $8.8B$10.6B$9.4B$10.3B$10.7B
Shareholders' equity $14.9B$19.4B$22.7B$25.3B$24.2B
Net debt (− = net cash) $2.2B$3.5B$1.2B$1.4B$3.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 13, 2026 Aron M. OdomSVP, Controller and PAO Sold 260 $167.55 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio 1.4%7.5%0.5%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
D. R. Horton DHI $41.7B −6.9% — 9.6% — 14.0x —
Lennar LEN $20.2B −3.5% — 0.1% 8.3% 16.1x — Compare →
PulteGroup PHM $22.8B −3.5% — 10.1% 17.9% 12.9x — Compare →
Toll Brothers TOL $13.2B 1.1% 15.7% 9.4% 13.6% 11.2x — Compare →
NVR NVR $16.8B −1.9% — 10.6% — 15.5x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.2B $14.1B $16.1B $17.6B $20.3B $27.8B $33.5B $35.5B $36.8B $34.3B
Gross profit $2.7B $3.0B $3.7B $3.9B $4.9B $7.9B $10.5B $9.4B $9.5B $8.1B
Interest expense — — $0.0M — — — — — — —
Pretax income $1.4B $1.6B $2.1B $2.1B $3.0B $5.4B $7.6B $6.3B $6.3B $4.7B
Income tax $467M $564M $598M $507M $603M $1.2B $1.7B $1.5B $1.5B $1.1B
Net income $886M $1.0B $1.5B $1.6B $2.4B $4.2B $5.9B $4.7B $4.8B $3.6B
Diluted EPS $2.36 $2.74 $3.81 $4.29 $6.41 $11.41 $16.51 $13.82 $14.34 $11.57
Diluted shares 0.38B 0.38B 0.38B 0.38B 0.37B 0.37B 0.35B 0.34B 0.33B 0.31B
Cash flow
Cash from operations $624M $440M $545M $892M $1.4B $534M $562M $4.3B $2.2B $3.4B
Capital expenditure $78.1M $103M $68.1M $127M $96.5M $93.5M $148M $149M $165M $137M
Free cash flow $546M $338M $477M $765M $1.3B $441M $414M $4.2B $2.0B $3.3B
Depreciation and amortization $61.0M $54.7M $62.4M $72.0M $90.6M $82.1M $81.4M $91.6M $87.1M $101M
Stock-based compensation $49.0M $59.2M $55.8M $73.2M $77.8M $91.4M $105M $111M $118M $131M
Acquisitions $82.2M $4.1M $159M $316M $9.7M $24.5M $272M $213M $40.4M $53.1M
Share buybacks $0.0M $60.6M $128M $480M $360M $874M $1.1B $1.2B $1.8B $4.3B
Dividends paid $119M $150M $188M $223M $256M $289M $317M $341M $395M $495M
Dividends and buybacks $119M $210M $316M $703M $616M $1.2B $1.4B $1.5B $2.2B $4.8B
Balance sheet
Cash and short-term investments $1.3B $1.0B $1.5B $1.5B $3.0B $3.2B $2.5B $3.9B $4.5B $3.0B
Total debt $3.3B $2.9B $3.2B $3.4B $4.3B $5.4B $6.1B $5.1B $5.9B $6.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $195M $325M $401M $499M $684M $393M $472M $445M $531M $579M
Total assets $11.6B $12.2B $14.1B $15.6B $18.9B $24.0B $30.4B $32.6B $36.1B $35.5B
Total liabilities $4.8B $4.4B $5.0B $5.3B $6.8B $8.8B $10.6B $9.4B $10.3B $10.7B
Shareholders' equity $6.8B $7.7B $9.0B $10.0B $11.8B $14.9B $19.4B $22.7B $25.3B $24.2B
Margins
Gross margin 21.8% 21.6% 22.8% 22.0% 24.3% 28.4% 31.4% 26.4% 25.9% 23.7%
EBITDA margin — — 13.2% — — — — — — —
Net margin 7.3% 7.4% 9.1% 9.2% 11.7% 15.0% 17.5% 13.4% 12.9% 10.5%
FCF margin 4.5% 2.4% 3.0% 4.4% 6.5% 1.6% 1.2% 11.7% 5.5% 9.6%
Returns
Return on capital — — 14.3% — — — — — — —
Return on equity 14.0% 14.3% 17.5% 17.0% 21.7% 31.3% 34.2% 22.6% 19.8% 14.5%
Return on assets 7.8% 8.8% 11.1% 10.9% 13.8% 19.5% 21.6% 15.1% 13.9% 10.0%
Growth
Revenue growth 12.3% 15.9% 14.0% 9.5% 15.5% 36.7% 20.5% 5.9% 3.8% −6.9%
Net income growth 18.1% 17.2% 40.6% 10.8% 46.7% 75.9% 40.3% −19.0% 0.2% −24.6%
EPS growth 16.3% 16.1% 39.1% 12.6% 49.4% 78.0% 44.7% −16.3% 3.8% −19.3%
FCF growth −15.3% −38.2% 41.4% 60.3% 73.2% −66.7% −6.2% 904.7% −51.3% 62.2%
Share count change 1.4% 1.0% 1.2% −1.6% −1.9% −1.2% −3.0% −3.2% −3.4% −6.5%
Financial health
Net debt / EBITDA — — 0.8x — — — — — — —
Debt / equity 0.5x 0.4x 0.4x 0.3x 0.4x 0.4x 0.3x 0.2x 0.2x 0.3x
Capital allocation
Capex / revenue 0.6% 0.7% 0.4% 0.7% 0.5% 0.3% 0.4% 0.4% 0.5% 0.4%
Stock comp / revenue 0.4% 0.4% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.4%
Payouts / FCF 21.8% 62.3% 66.2% 91.9% 46.5% 263.9% 342.5% 37.1% 108.4% 146.0%
Quality scores
Accruals ratio 2.3% 5.0% 7.0% 4.9% 5.5% 17.0% 19.5% 1.4% 7.5% 0.5%

Source: SEC EDGAR XBRL filings (CIK 0000882184). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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