PulteGroup vs Toll Brothers
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The short version
- PulteGroup is the larger business, with $17.3B of revenue in fiscal 2025 against $11.0B for Toll Brothers, about 1.6 times as much.
- Toll Brothers grew revenue faster (1.1%, against −3.5%).
- PulteGroup turned more of its sales into free cash flow (10.1% FCF margin, against 9.4%).
- PulteGroup earned a higher return on the capital invested in it (17.9%, against 13.6%).
- Investors pay more for each dollar of PulteGroup’s earnings: a P/E of 12.9x against 11.2x for Toll Brothers.
| Latest fiscal year | PHM · FY25 | TOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.8B | $13.2B |
| Revenue | $17.3B | $11.0B |
| Free cash flow | $1.7B | $1.0B |
| Net income | $2.2B | $1.3B |
| Growth | ||
| Revenue growth | −3.5% | 1.1% |
| 5-year growth | 9.4% | 9.2% |
| Share count change | −4.9% | −4.7% |
| Profitability | ||
| Gross margin | — | 25.1% |
| Operating margin | — | 15.7% |
| Net margin | 12.8% | 12.3% |
| FCF margin | 10.1% | 9.4% |
| Return on capital | 17.9% | 13.6% |
| Return on equity | 17.7% | 16.9% |
| Balance sheet | ||
| Net debt | −$350M | $1.5B |
| Net debt / EBITDA | −0.1x | 0.9x |
| Dividends and buybacks | $1.4B | $748M |
| Valuation & quality | ||
| P/E | 12.9x | 11.2x |
| Piotroski F-score | — | — |
FY16
PHM $7.7B
TOL —
FY17
PHM $8.6B
TOL $5.8B
FY18
PHM $10.2B
TOL $7.1B
FY19
PHM $10.2B
TOL $7.2B
FY20
PHM $11.0B
TOL $7.1B
FY21
PHM $13.7B
TOL $8.8B
FY22
PHM $16.0B
TOL $10.3B
FY23
PHM $16.1B
TOL $10.0B
FY24
PHM $17.9B
TOL $10.8B
FY25
PHM $17.3B
TOL $11.0B
PHM
TOL
FY16
PHM —
TOL —
FY17
PHM —
TOL 11.1%
FY18
PHM —
TOL 11.0%
FY19
PHM —
TOL 9.4%
FY20
PHM —
TOL 7.8%
FY21
PHM —
TOL 11.6%
FY22
PHM —
TOL 14.7%
FY23
PHM —
TOL 17.3%
FY24
PHM —
TOL 18.8%
FY25
PHM —
TOL 15.7%
PHM
TOL
FY16
PHM $29.0M
TOL $122M
FY17
PHM $631M
TOL $833M
FY18
PHM $1.4B
TOL $560M
FY19
PHM $1.0B
TOL $351M
FY20
PHM $1.7B
TOL $899M
FY21
PHM $931M
TOL $1.2B
FY22
PHM $556M
TOL $915M
FY23
PHM $2.1B
TOL $1.2B
FY24
PHM $1.6B
TOL $937M
FY25
PHM $1.7B
TOL $1.0B
PHM
TOL
FY16
PHM 10.8%
TOL 4.4%
FY17
PHM 6.7%
TOL 5.9%
FY18
PHM 15.0%
TOL 8.8%
FY19
PHM 14.8%
TOL 6.8%
FY20
PHM 20.5%
TOL 5.5%
FY21
PHM 26.9%
TOL 10.5%
FY22
PHM 29.7%
TOL 14.9%
FY23
PHM 25.5%
TOL 15.7%
FY24
PHM 27.2%
TOL 17.5%
FY25
PHM 17.9%
TOL 13.6%
PHM
TOL
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.