D. R. Horton vs NVR
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put D. R. Horton and NVR side by side, using each one’s latest annual report. Here is what stands out:
- D. R. Horton is the larger business, with $34.3B of revenue in fiscal 2025 against $10.3B for NVR, about 3.3 times as much.
- NVR grew revenue faster (−1.9%, against −6.9%).
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 9.6%).
- Investors pay more for each dollar of NVR’s earnings: a P/E of 15.5x against 14.0x for D. R. Horton.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
D. R. Horton
DHI
1/6
5-year growth
NVR
NVR
5/6
Revenue growthNet marginFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | DHI FY25 | NVR FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.7B | $16.8B |
| Revenue | $34.3B | $10.3B |
| Free cash flow | $3.3B | $1.1B |
| Net income | $3.6B | $1.3B |
| Growth | ||
| Revenue growth | −6.9% | −1.9% |
| 5-year growth | 11.0% | 6.5% |
| Share count change | −6.5% | −7.5% |
| Profitability | ||
| Gross margin | 23.7% | — |
| Operating margin | — | — |
| Net margin | 10.5% | 13.0% |
| FCF margin | 9.6% | 10.6% |
| Return on capital | — | — |
| Return on equity | 14.5% | 33.2% |
| Balance sheet | ||
| Net debt | $3.0B | — |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $4.8B | $1.8B |
| Valuation & quality | ||
| P/E | 14.0x | 15.5x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
DHI $12.2B
NVR $5.8B
FY17
DHI $14.1B
NVR $6.3B
FY18
DHI $16.1B
NVR $7.2B
FY19
DHI $17.6B
NVR $7.4B
FY20
DHI $20.3B
NVR $7.5B
FY21
DHI $27.8B
NVR $9.0B
FY22
DHI $33.5B
NVR $10.5B
FY23
DHI $35.5B
NVR $9.5B
FY24
DHI $36.8B
NVR $10.5B
FY25
DHI $34.3B
NVR $10.3B
DHI
NVR
Operating margin
FY16
DHI —
NVR —
FY17
DHI —
NVR —
FY18
DHI —
NVR —
FY19
DHI —
NVR —
FY20
DHI —
NVR —
FY21
DHI —
NVR —
FY22
DHI —
NVR —
FY23
DHI —
NVR —
FY24
DHI —
NVR —
FY25
DHI —
NVR —
DHI
NVR
Free cash flow
FY16
DHI $546M
NVR $371M
FY17
DHI $338M
NVR $550M
FY18
DHI $477M
NVR $703M
FY19
DHI $765M
NVR $844M
FY20
DHI $1.3B
NVR $909M
FY21
DHI $441M
NVR $1.2B
FY22
DHI $414M
NVR $1.9B
FY23
DHI $4.2B
NVR $1.5B
FY24
DHI $2.0B
NVR $1.3B
FY25
DHI $3.3B
NVR $1.1B
DHI
NVR
Return on capital
FY16
DHI —
NVR —
FY17
DHI —
NVR —
FY18
DHI 14.3%
NVR —
FY19
DHI —
NVR —
FY20
DHI —
NVR —
FY21
DHI —
NVR —
FY22
DHI —
NVR —
FY23
DHI —
NVR —
FY24
DHI —
NVR —
FY25
DHI —
NVR —
DHI
NVR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.