D. R. Horton vs Toll Brothers
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The short version
- D. R. Horton is the larger business, with $34.3B of revenue in fiscal 2025 against $11.0B for Toll Brothers, about 3.1 times as much.
- Toll Brothers grew revenue faster (1.1%, against −6.9%).
- Investors pay more for each dollar of D. R. Horton’s earnings: a P/E of 14.0x against 11.2x for Toll Brothers.
| Latest fiscal year | DHI · FY25 | TOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $41.7B | $13.2B |
| Revenue | $34.3B | $11.0B |
| Free cash flow | $3.3B | $1.0B |
| Net income | $3.6B | $1.3B |
| Growth | ||
| Revenue growth | −6.9% | 1.1% |
| 5-year growth | 11.0% | 9.2% |
| Share count change | −6.5% | −4.7% |
| Profitability | ||
| Gross margin | 23.7% | 25.1% |
| Operating margin | — | 15.7% |
| Net margin | 10.5% | 12.3% |
| FCF margin | 9.6% | 9.4% |
| Return on capital | — | 13.6% |
| Return on equity | 14.5% | 16.9% |
| Balance sheet | ||
| Net debt | $3.0B | $1.5B |
| Net debt / EBITDA | — | 0.9x |
| Dividends and buybacks | $4.8B | $748M |
| Valuation & quality | ||
| P/E | 14.0x | 11.2x |
| Piotroski F-score | — | — |
Revenue
FY16
DHI $12.2B
TOL —
FY17
DHI $14.1B
TOL $5.8B
FY18
DHI $16.1B
TOL $7.1B
FY19
DHI $17.6B
TOL $7.2B
FY20
DHI $20.3B
TOL $7.1B
FY21
DHI $27.8B
TOL $8.8B
FY22
DHI $33.5B
TOL $10.3B
FY23
DHI $35.5B
TOL $10.0B
FY24
DHI $36.8B
TOL $10.8B
FY25
DHI $34.3B
TOL $11.0B
DHI
TOL
Operating margin
FY16
DHI —
TOL —
FY17
DHI —
TOL 11.1%
FY18
DHI —
TOL 11.0%
FY19
DHI —
TOL 9.4%
FY20
DHI —
TOL 7.8%
FY21
DHI —
TOL 11.6%
FY22
DHI —
TOL 14.7%
FY23
DHI —
TOL 17.3%
FY24
DHI —
TOL 18.8%
FY25
DHI —
TOL 15.7%
DHI
TOL
Free cash flow
FY16
DHI $546M
TOL $122M
FY17
DHI $338M
TOL $833M
FY18
DHI $477M
TOL $560M
FY19
DHI $765M
TOL $351M
FY20
DHI $1.3B
TOL $899M
FY21
DHI $441M
TOL $1.2B
FY22
DHI $414M
TOL $915M
FY23
DHI $4.2B
TOL $1.2B
FY24
DHI $2.0B
TOL $937M
FY25
DHI $3.3B
TOL $1.0B
DHI
TOL
Return on capital
FY16
DHI —
TOL 4.4%
FY17
DHI —
TOL 5.9%
FY18
DHI 14.3%
TOL 8.8%
FY19
DHI —
TOL 6.8%
FY20
DHI —
TOL 5.5%
FY21
DHI —
TOL 10.5%
FY22
DHI —
TOL 14.9%
FY23
DHI —
TOL 15.7%
FY24
DHI —
TOL 17.5%
FY25
DHI —
TOL 13.6%
DHI
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.