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D.R. Horton, Inc. (DHI) 10-Year Financial Performance & Capital Metrics

DHI • • Industrial / General
Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersNational Production Homebuilders
AboutD.R. Horton, Inc. operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 31 states and 98 markets under the names of D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes. The company constructs and sells single-family detached homes; and attached homes, such as town homes, duplexes, and triplexes. It also provides mortgage financing services; and title insurance policies, and examination and closing services, as well as engages in the residential lot development business. In addition, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; owns non-residential real estate, including ranch land and improvements; and owns and operates energy related assets. It primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is headquartered in Arlington, Texas.Show more
  • Revenue $34.25B -6.9%
  • EBITDA $4.53B -27.0%
  • Net Income $3.59B -24.6%
  • EPS (Diluted) 11.57 -19.3%
  • Gross Margin 23.7% -8.5%
  • EBITDA Margin 13.21% -21.6%
  • Operating Margin 12.92% -22.2%
  • Net Margin 10.47% -19.0%
  • ROE 14.18% -27.0%
  • ROIC 12.05% -32.1%
  • Debt/Equity 0.24 +5.4%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓11 consecutive years of dividend growth
  • ✓Strong 5Y sales CAGR of 11.0%
  • ✓Good 3Y average ROE of 18.6%
  • ✓Share count reduced 6.5% through buybacks
  • ✓Healthy 5Y average net margin of 13.9%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.21%
5Y11.02%
3Y0.76%
TTM-6.93%

Profit (Net Income) CAGR

10Y16.92%
5Y8.6%
3Y-15.09%
TTM-24.63%

EPS CAGR

10Y19.01%
5Y12.54%
3Y-11.18%
TTM-19.43%

ROCE

10Y Avg18.82%
5Y Avg22.19%
3Y Avg17.77%
Latest13.09%

Peer Comparison

National Production Homebuilders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
NVRNVR, Inc.20.83B7623.0115.0410.58%13.9%36.14%6.46%0.24
DHID.R. Horton, Inc.46.87B161.0013.92-6.93%10.47%14.49%7.01%0.24
PHMPulteGroup, Inc.25.9B132.879.0411.74%14.93%20.51%6.03%0.19
LENLennar Corporation26.38B122.258.543.47%7.72%11.8%8.46%0.16
KBHKB Home3.93B62.247.378.1%7.92%11.08%8.22%0.42

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+12.16B14.09B16.07B17.59B20.31B27.77B33.48B35.46B36.8B34.25B
Revenue Growth %0.12%0.16%0.14%0.09%0.15%0.37%0.21%0.06%0.04%-0.07%
Cost of Goods Sold+9.5B11.04B12.4B13.72B15.37B19.9B22.98B26.11B27.27B26.13B
COGS % of Revenue0.78%0.78%0.77%0.78%0.76%0.72%0.69%0.74%0.74%0.76%
Gross Profit+2.65B3.05B3.67B3.87B4.94B7.88B10.5B9.35B9.54B8.12B
Gross Margin %0.22%0.22%0.23%0.22%0.24%0.28%0.31%0.26%0.26%0.24%
Gross Profit Growth %0.16%0.15%0.2%0.06%0.28%0.59%0.33%-0.11%0.02%-0.15%
Operating Expenses+1.27B1.38B1.63B1.82B1.98B2.48B2.8B3.11B3.42B3.69B
OpEx % of Revenue0.1%0.1%0.1%0.1%0.1%0.09%0.08%0.09%0.09%0.11%
Selling, General & Admin1.27B1.38B1.63B1.82B1.98B2.48B2.8B3.11B3.42B3.69B
SG&A % of Revenue0.1%0.1%0.1%0.1%0.1%0.09%0.08%0.09%0.09%0.11%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses0000000000
Operating Income+1.38B1.66B2.04B2.05B2.95B5.39B7.71B6.24B6.11B4.42B
Operating Margin %0.11%0.12%0.13%0.12%0.15%0.19%0.23%0.18%0.17%0.13%
Operating Income Growth %0.21%0.2%0.23%0.01%0.44%0.82%0.43%-0.19%-0.02%-0.28%
EBITDA+1.45B1.72B2.1B2.13B3.03B5.47B7.79B6.33B6.2B4.53B
EBITDA Margin %0.12%0.12%0.13%0.12%0.15%0.2%0.23%0.18%0.17%0.13%
EBITDA Growth %0.2%0.19%0.22%0.01%0.43%0.8%0.43%-0.19%-0.02%-0.27%
D&A (Non-Cash Add-back)61M54.7M62.4M72M80.4M73.9M81.4M91.6M87.1M101.3M
EBIT1.35B1.6B2.06B2.13B2.98B5.36B7.63B6.31B6.28B4.74B
Net Interest Income+13.5M14.5M00000000
Interest Income13.5M14.5M00000000
Interest Expense0000000000
Other Income/Expense-30.6M-62.3M19.6M70.5M28.5M-34.9M-78.7M73.4M170.8M315.7M
Pretax Income+1.35B1.6B2.06B2.13B2.98B5.36B7.63B6.31B6.28B4.74B
Pretax Margin %0.11%0.11%0.13%0.12%0.15%0.19%0.23%0.18%0.17%0.14%
Income Tax+467.2M563.7M597.7M506.7M602.5M1.17B1.73B1.52B1.48B1.12B
Effective Tax Rate %0.65%0.65%0.71%0.76%0.8%0.78%0.77%0.75%0.76%0.76%
Net Income+886.3M1.04B1.46B1.62B2.37B4.18B5.86B4.75B4.76B3.59B
Net Margin %0.07%0.07%0.09%0.09%0.12%0.15%0.17%0.13%0.13%0.1%
Net Income Growth %0.18%0.17%0.41%0.11%0.47%0.76%0.4%-0.19%0%-0.25%
Net Income (Continuing)886.3M1.04B1.46B1.62B2.38B4.19B5.9B4.8B4.81B3.62B
Discontinued Operations0000000000
Minority Interest500K500K174.5M274.2M281.5M329.7M389.3M441.7M511.6M551.8M
EPS (Diluted)+2.362.743.814.296.4111.4216.5113.8214.3411.57
EPS Growth %0.16%0.16%0.39%0.13%0.49%0.78%0.45%-0.16%0.04%-0.19%
EPS (Basic)2.392.773.884.346.4911.5616.6513.9314.4411.62
Diluted Shares Outstanding375.1M378.9M383.4M377.4M370.2M365.8M354.8M343.3M331.6M309.9M
Basic Shares Outstanding371M374.3M376.6M372.6M365.5M361.1M351.7M340.7M329.5M308.5M
Dividend Payout Ratio0.13%0.14%0.13%0.14%0.11%0.07%0.05%0.07%0.08%0.14%

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+10.65B11.33B13.32B14.7B17.8B23.2B28.8B31.17B34.75B34.14B
Cash & Short-Term Investments1.3B1.01B1.47B1.49B3.02B3.21B2.54B3.87B4.52B2.99B
Cash Only1.3B1.01B1.47B1.49B3.02B3.21B2.54B3.87B4.52B2.99B
Short-Term Investments0000000000
Accounts Receivable219.7M134.4M136.3M218M271.4M321.7M423.1M426.9M421.4M458.9M
Days Sales Outstanding6.63.483.14.524.884.234.614.394.184.89
Inventory8.34B9.24B10.39B11.28B12.24B16.48B21.66B22.37B24.9B25.29B
Days Inventory Outstanding320.38305.32306.03300.12290.55302.27344.03312.76333.37353.17
Other Current Assets752.2M916M1.27B1.65B2.22B3.13B4.1B4.41B4.79B5.28B
Total Non-Current Assets+913.4M858.5M798.8M911.4M1.12B819.2M1.55B1.41B1.36B1.33B
Property, Plant & Equipment252.3M52M39.2M56.9M104.4M114.6M144.4M64.6M70M85.9M
Fixed Asset Turnover48.19x270.98x409.90x309.19x194.55x242.36x231.86x548.92x525.73x398.72x
Goodwill80M80M109.2M163.5M163.5M163.5M163.5M163.5M163.5M163.5M
Intangible Assets000017.1M4.1M10.6M11.1M5.9M27.1M
Long-Term Investments654M011M6.5M000000
Other Non-Current Assets-549.2M361.5M445.4M521.4M685.2M381.7M1.09B983.2M951.5M1.01B
Total Assets+11.56B12.18B14.11B15.61B18.91B24.02B30.35B32.58B36.1B35.47B
Asset Turnover1.05x1.16x1.14x1.13x1.07x1.16x1.10x1.09x1.02x0.97x
Asset Growth %0.04%0.05%0.16%0.11%0.21%0.27%0.26%0.07%0.11%-0.02%
Total Current Liabilities+690.6M723.9M851.6M853M1.21B1.8B2.19B2.08B2.04B1.96B
Accounts Payable577.5M580.4M624.7M634M900.5M1.18B1.36B1.25B1.35B1.22B
Days Payables Outstanding22.1819.1818.3916.8721.3821.5921.6117.4218.0117.07
Short-Term Debt0000000000
Deferred Revenue (Current)01000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities0000000000
Current Ratio15.41x15.65x15.64x17.23x14.71x12.87x13.13x14.96x17.06x17.39x
Quick Ratio3.34x2.89x3.43x4.00x4.60x3.73x3.26x4.22x4.83x4.51x
Cash Conversion Cycle304.79289.61290.73287.78274.04284.91327.03299.74319.54341
Total Non-Current Liabilities+4.08B3.71B4.1B4.46B5.58B7B8.37B7.36B8.24B8.77B
Long-Term Debt3.27B2.87B3.2B3.4B4.28B5.41B6.07B5.09B5.92B5.97B
Capital Lease Obligations000037M37M47.9M48.1M53.3M65.6M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities749.8M789.7M862.6M1B1.17B1.55B2.26B2.22B2.27B2.73B
Total Liabilities4.77B4.44B4.96B5.31B6.79B8.8B10.57B9.44B10.28B10.73B
Total Debt+3.27B2.87B3.2B3.4B4.32B5.45B6.11B5.14B5.97B6.03B
Net Debt1.97B1.86B1.73B1.91B1.3B2.24B3.57B1.27B1.45B3.05B
Debt / Equity0.48x0.37x0.35x0.33x0.36x0.36x0.31x0.22x0.23x0.24x
Debt / EBITDA2.26x1.67x1.52x1.60x1.42x1.00x0.78x0.81x0.96x1.33x
Net Debt / EBITDA1.36x1.08x0.82x0.90x0.43x0.41x0.46x0.20x0.23x0.67x
Interest Coverage----------
Total Equity+6.79B7.75B9.16B10.3B12.12B15.22B19.79B23.14B25.82B24.74B
Equity Growth %0.15%0.14%0.18%0.12%0.18%0.26%0.3%0.17%0.12%-0.04%
Book Value per Share18.1120.4523.8927.2832.7441.6055.7767.4077.8879.84
Total Shareholders' Equity6.79B7.75B8.98B10.02B11.84B14.89B19.4B22.7B25.31B24.19B
Common Stock3.8M3.8M3.9M3.9M3.9M4M4M4M4M4M
Retained Earnings4.06B4.95B6.22B7.64B9.76B13.64B19.19B23.59B27.95B31.04B
Treasury Stock-134.3M-194.9M-322.4M-802.2M-1.16B-2.04B-3.14B-4.33B-6.13B-10.43B
Accumulated OCI0000000000
Minority Interest500K500K174.5M274.2M281.5M329.7M389.3M441.7M511.6M551.8M

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+618M435.1M545.2M892.1M1.42B534.4M561.8M4.3B2.19B3.42B
Operating CF Margin %0.05%0.03%0.03%0.05%0.07%0.02%0.02%0.12%0.06%0.1%
Operating CF Growth %-0.12%-0.3%0.25%0.64%0.59%-0.62%0.05%6.66%-0.49%0.56%
Net Income886.3M1.04B1.46B1.62B2.38B4.19B5.9B4.8B4.76B3.59B
Depreciation & Amortization61M54.7M62.4M72M80.4M73.9M81.4M91.6M87.1M101.3M
Stock-Based Compensation49M59.2M55.8M73.2M77.8M91.4M105.1M111.2M118.1M131M
Deferred Taxes75.3M110.8M170.9M20.1M14.1M-10M29.1M-45.9M19M123.2M
Other Non-Cash Items29.5M30.9M40.7M11M-26.2M39.9M70.4M80.3M128.4M193.8M
Working Capital Changes-483.1M-858.9M-1.25B-902.8M-1.1B-3.85B-5.62B-728.3M-2.92B-713.6M
Change in Receivables0000000-131.6M00
Change in Inventory-506.5M-946.7M-1.06B-591.8M-1.06B-3.76B-5.18B-516.4M78.8M158.1M
Change in Payables52.1M83.9M129.1M126.2M566.2M845.1M1.04B-101.8M19.6M83.7M
Cash from Investing+-112.6M-171M2.6M-394M-166.1M-252.2M-414.9M-310.2M-190.6M-168.7M
Capital Expenditures-86.1M-157.3M-68.1M-224.1M-286.8M-267.4M-148.2M-148.6M-165.3M0
CapEx % of Revenue0.01%0.01%0%0.01%0.01%0.01%0%0%0%0%
Acquisitions----------
Investments----------
Other Investing-15.9M-800K495.9M141.5M126.1M39.7M4.8M51.3M15.1M-115.6M
Cash from Financing+-586M-559.5M-82.5M-490.1M270.6M-85.1M-811.2M-2.67B-1.36B-4.76B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-118.7M-149.6M-188.4M-223.4M-256M-289.3M-316.5M-341.2M-395.2M-494.8M
Share Repurchases----------
Other Financing88.3M61M44.2M139.5M18.3M53.8M126.3M-29.3M-3.1M-737.1M
Net Change in Cash----------
Free Cash Flow+531.9M277.8M477.1M668M1.13B267M413.6M4.16B2.02B3.28B
FCF Margin %0.04%0.02%0.03%0.04%0.06%0.01%0.01%0.12%0.06%0.1%
FCF Growth %-0.17%-0.48%0.72%0.4%0.7%-0.76%0.55%9.05%-0.51%0.62%
FCF per Share1.420.731.241.773.070.731.1712.106.1110.60
FCF Conversion (FCF/Net Income)0.70x0.42x0.37x0.55x0.60x0.13x0.10x0.91x0.46x0.95x
Interest Paid0000000000
Taxes Paid389.9M446.4M-387.2M488M581.3M1.14B1.7B1.44B1.67B0

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)13.97%14.28%17.27%16.64%21.18%30.55%33.47%22.11%19.43%14.18%
Return on Invested Capital (ROIC)12.15%13.59%14.93%13.35%17.3%26.19%28.33%19.6%17.74%12.05%
Gross Margin21.84%21.63%22.84%22.01%24.31%28.35%31.37%26.37%25.91%23.7%
Net Margin7.29%7.37%9.09%9.2%11.69%15.03%17.5%13.38%12.92%10.47%
Debt / Equity0.48x0.37x0.35x0.33x0.36x0.36x0.31x0.22x0.23x0.24x
FCF Conversion0.70x0.42x0.37x0.55x0.60x0.13x0.10x0.91x0.46x0.95x
Revenue Growth12.32%15.9%14.03%9.49%15.45%36.74%20.54%5.92%3.78%-6.93%

Revenue by Segment

2016201720182019202020212022202320242025
Homebuilding11.86B13.74B15.62B17.02B19.64B26.58B31.92B31.74B33.96B31.52B
Homebuilding Growth-15.85%13.70%8.92%15.44%35.30%20.11%-0.56%6.99%-7.20%
Forestar Group--109.2M428.3M931.8M1.33B1.52B1.44B1.51B1.66B
Forestar Group Growth---292.22%117.56%42.28%14.58%-5.41%5.05%10.14%
Rental-----267.8M510.2M2.61B1.69B1.64B
Rental Growth------90.52%410.68%-35.33%-2.65%
Financial Services295.6M349.5M375.3M441.7M584.9M823.6M795M801.5M882.5M841.2M
Financial Services Growth-18.23%7.38%17.69%32.42%40.81%-3.47%0.82%10.11%-4.68%
Eliminations and Other--------1.13B-1.24B-1.36B
Eliminations and Other Growth---------9.83%-10.28%
Others---32.6M37.9M-----
Others Growth----16.26%-----

Revenue by Geography

2016201720182019202020212022202320242025
Southeast3.46B4.09B4.58B4.98B5.85B7.08B7.95B8.76B8.88B6.97B
Southeast Growth-18.02%12.01%8.72%17.43%21.12%12.31%10.18%1.32%-21.47%
South Central3B3.38B3.77B4.2B5B6.11B8.19B7.61B7.65B6.9B
South Central Growth-12.95%11.43%11.47%18.93%22.27%34.05%-7.08%0.52%-9.84%
East1.45B1.64B1.89B2.29B2.64B4.46B5.32B5.33B6.07B6.14B
East Growth-13.38%15.44%20.96%15.37%68.75%19.27%0.14%14.04%1.07%
Southwest388.1M597.5M768.7M772.6M881.6M4.07B4.84B4.28B4.91B4.6B
Southwest Growth-53.96%28.65%0.51%14.11%361.77%18.91%-11.53%14.75%-6.50%
North-----2.34B2.96B3.18B3.68B4.23B
North Growth------26.59%7.32%15.86%14.72%
Northwest-----2.52B2.66B2.58B2.76B2.69B
Northwest Growth------5.63%-2.86%6.94%-2.73%
West2.92B3.3B3.75B3.65B3.85B-----
West Growth-13.02%13.88%-2.76%5.39%-----
Midwest651.7M736.5M858.9M1.12B1.43B-----
Midwest Growth-13.01%16.62%30.76%27.24%-----

Frequently Asked Questions

Valuation & Price

D.R. Horton, Inc. (DHI) has a price-to-earnings (P/E) ratio of 13.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

D.R. Horton, Inc. (DHI) reported $34.25B in revenue for fiscal year 2025. This represents a 687% increase from $4.35B in 2012.

D.R. Horton, Inc. (DHI) saw revenue decline by 6.9% over the past year.

Yes, D.R. Horton, Inc. (DHI) is profitable, generating $3.59B in net income for fiscal year 2025 (10.5% net margin).

Dividend & Returns

Yes, D.R. Horton, Inc. (DHI) pays a dividend with a yield of 0.99%. This makes it attractive for income-focused investors.

D.R. Horton, Inc. (DHI) has a return on equity (ROE) of 14.2%. This is reasonable for most industries.

D.R. Horton, Inc. (DHI) generated $3.30B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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