D. R. Horton vs PulteGroup
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The short version
- D. R. Horton is the larger business, with $34.3B of revenue in fiscal 2025 against $17.3B for PulteGroup, about 2.0 times as much.
- PulteGroup grew revenue faster (−3.5%, against −6.9%).
- PulteGroup turned more of its sales into free cash flow (10.1% FCF margin, against 9.6%).
- Investors pay more for each dollar of D. R. Horton’s earnings: a P/E of 14.0x against 12.9x for PulteGroup.
| Latest fiscal year | DHI · FY25 | PHM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.7B | $22.8B |
| Revenue | $34.3B | $17.3B |
| Free cash flow | $3.3B | $1.7B |
| Net income | $3.6B | $2.2B |
| Growth | ||
| Revenue growth | −6.9% | −3.5% |
| 5-year growth | 11.0% | 9.4% |
| Share count change | −6.5% | −4.9% |
| Profitability | ||
| Gross margin | 23.7% | — |
| Operating margin | — | — |
| Net margin | 10.5% | 12.8% |
| FCF margin | 9.6% | 10.1% |
| Return on capital | — | 17.9% |
| Return on equity | 14.5% | 17.7% |
| Balance sheet | ||
| Net debt | $3.0B | −$350M |
| Net debt / EBITDA | — | −0.1x |
| Dividends and buybacks | $4.8B | $1.4B |
| Valuation & quality | ||
| P/E | 14.0x | 12.9x |
| Piotroski F-score | — | — |
Revenue
FY16
DHI $12.2B
PHM $7.7B
FY17
DHI $14.1B
PHM $8.6B
FY18
DHI $16.1B
PHM $10.2B
FY19
DHI $17.6B
PHM $10.2B
FY20
DHI $20.3B
PHM $11.0B
FY21
DHI $27.8B
PHM $13.7B
FY22
DHI $33.5B
PHM $16.0B
FY23
DHI $35.5B
PHM $16.1B
FY24
DHI $36.8B
PHM $17.9B
FY25
DHI $34.3B
PHM $17.3B
DHI
PHM
Operating margin
FY16
DHI —
PHM —
FY17
DHI —
PHM —
FY18
DHI —
PHM —
FY19
DHI —
PHM —
FY20
DHI —
PHM —
FY21
DHI —
PHM —
FY22
DHI —
PHM —
FY23
DHI —
PHM —
FY24
DHI —
PHM —
FY25
DHI —
PHM —
DHI
PHM
Free cash flow
FY16
DHI $546M
PHM $29.0M
FY17
DHI $338M
PHM $631M
FY18
DHI $477M
PHM $1.4B
FY19
DHI $765M
PHM $1.0B
FY20
DHI $1.3B
PHM $1.7B
FY21
DHI $441M
PHM $931M
FY22
DHI $414M
PHM $556M
FY23
DHI $4.2B
PHM $2.1B
FY24
DHI $2.0B
PHM $1.6B
FY25
DHI $3.3B
PHM $1.7B
DHI
PHM
Return on capital
FY16
DHI —
PHM 10.8%
FY17
DHI —
PHM 6.7%
FY18
DHI 14.3%
PHM 15.0%
FY19
DHI —
PHM 14.8%
FY20
DHI —
PHM 20.5%
FY21
DHI —
PHM 26.9%
FY22
DHI —
PHM 29.7%
FY23
DHI —
PHM 25.5%
FY24
DHI —
PHM 27.2%
FY25
DHI —
PHM 17.9%
DHI
PHM
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.