D. R. Horton vs NVR
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KIRAβs take AI analyst
I put D. R. Horton and NVR side by side, using each oneβs 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 (β1.9%, against β6.9%).
- NVR turned more of its sales into free cash flow (10.6% FCF margin, against 9.6%).
- Investors pay more for each dollar of NVRβs earnings: a P/E of 14.9x against 13.9x 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 | $41.5B | $16.0B |
| Revenue | $34.3B | $10.3B |
| Free cash flow | $3.3B | $1.1B |
| Net income | $3.6B | $1.3B |
| Growth | ||
| Revenue growth | β6.9% | β1.9% |
| 5-year growth | 11.0% | 6.5% |
| Share count change | β6.5% | β7.5% |
| Profitability | ||
| Gross margin | 23.7% | β |
| Operating margin | β | β |
| Net margin | 10.5% | 13.0% |
| FCF margin | 9.6% | 10.6% |
| Return on capital | β | β |
| Return on equity | 14.5% | 33.2% |
| Balance sheet | ||
| Net debt | $3.0B | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $4.8B | $1.8B |
| Valuation & quality | ||
| P/E | 13.9x | 14.9x |
| Piotroski F-score | β | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.