D.R. Horton, Inc. (DHI) Financial Ratios
30 years of historical data (1996–2025) · Consumer Cyclical · Residential Construction
EV/EBITDA
↑
10.05
↑+31% vs avg
5yr avg: 7.66
30Y Low3.5·High50.0
P/FCF
↓
12.92
↓-72% vs avg
5yr avg: 45.79
30Y Low2.2·High115.0
P/B Ratio
↑
1.83
-2% vs avg
5yr avg: 1.88
30Y Low0.7·High2.4
ROE
↓
14.2%
↑-41% vs avg
5yr avg: 23.9%
30Y Low-62%·High33%
Debt/EBITDA
↑
1.33
↑+36% vs avg
5yr avg: 0.98
30Y Low0.8·High22.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DHI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
D.R. Horton, Inc. trades at 12.7x earnings, 34% above its 5-year average of 9.4x, sitting at the 63rd percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 19.3x, the stock trades at a discount of 34%. On a free-cash-flow basis, the stock trades at 12.9x P/FCF, 72% below the 5-year average of 45.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.4B | $52.5B | $63.3B | $36.9B | $23.9B | $30.7B | $28.0B | $19.9B | $16.2B | $15.1B | $11.3B |
| Enterprise Value | $45.5B | $55.6B | $64.7B | $38.2B | $27.5B | $33.0B | $29.3B | $21.8B | $17.9B | $17.0B | $13.3B |
| P/E Ratio → | 12.66 | 14.65 | 13.30 | 7.78 | 4.08 | 7.35 | 11.80 | 12.29 | 11.07 | 14.57 | 12.80 |
| P/S Ratio | 1.24 | 1.53 | 1.72 | 1.04 | 0.71 | 1.11 | 1.38 | 1.13 | 1.01 | 1.07 | 0.93 |
| P/B Ratio | 1.83 | 2.12 | 2.45 | 1.59 | 1.21 | 2.02 | 2.31 | 1.93 | 1.77 | 1.95 | 1.67 |
| P/FCF | 12.92 | 15.99 | 31.25 | 8.88 | 57.78 | 115.04 | 24.67 | 29.78 | 33.90 | 54.46 | 21.30 |
| P/OCF | 12.40 | 15.35 | 28.89 | 8.57 | 42.53 | 57.48 | 19.69 | 22.30 | 29.66 | 34.77 | 18.33 |
P/E links to full P/E history page with 30-year chart
DHI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
D.R. Horton, Inc.'s enterprise value stands at 10.0x EBITDA, 31% above its 5-year average of 7.7x. The Consumer Cyclical sector median is 11.3x, placing the stock at a 11% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.62 | 1.76 | 1.08 | 0.82 | 1.19 | 1.44 | 1.24 | 1.11 | 1.21 | 1.09 |
| EV / EBITDA | 10.05 | 12.28 | 10.44 | 6.03 | 3.53 | 6.03 | 9.65 | 10.25 | 8.51 | 9.88 | 9.20 |
| EV / EBIT | 10.28 | 11.72 | 10.30 | 6.04 | 3.60 | 6.15 | 9.82 | 10.26 | 8.69 | 10.61 | 9.82 |
| EV / FCF | — | 16.92 | 31.97 | 9.18 | 66.42 | 123.43 | 25.82 | 32.63 | 37.52 | 61.17 | 25.00 |
DHI Profitability
Margins and return-on-capital ratios measuring operating efficiency
D.R. Horton, Inc. earns an operating margin of 12.9%, above the Consumer Cyclical sector average of 2.9%. Operating margins have compressed from 17.6% to 12.9% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 14.2% is modest. ROIC of 12.1% represents solid returns on invested capital versus a sector median of 5.8%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.7% | 23.7% | 25.9% | 26.4% | 31.4% | 28.4% | 24.3% | 22.0% | 22.8% | 21.6% | 21.8% |
| Operating Margin | 12.9% | 12.9% | 16.6% | 17.6% | 23.0% | 19.4% | 14.5% | 11.7% | 12.7% | 11.8% | 11.4% |
| Net Profit Margin | 10.5% | 10.5% | 12.9% | 13.4% | 17.5% | 15.0% | 11.7% | 9.2% | 9.1% | 7.4% | 7.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.2% | 14.2% | 19.4% | 22.1% | 33.5% | 30.5% | 21.2% | 16.6% | 17.3% | 14.3% | 14.0% |
| ROA | 10.0% | 10.0% | 13.8% | 15.1% | 21.5% | 19.5% | 13.8% | 10.9% | 11.1% | 8.7% | 7.8% |
| ROIC | 12.1% | 12.1% | 17.7% | 19.6% | 28.3% | 26.2% | 17.3% | 13.3% | 14.9% | 13.6% | 12.2% |
| ROCE | 13.1% | 13.1% | 18.9% | 21.3% | 30.6% | 27.0% | 18.2% | 14.7% | 16.5% | 14.9% | 13.0% |
DHI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
D.R. Horton, Inc. carries a Debt/EBITDA ratio of 1.3x, which is manageable (69% below the sector average of 4.3x). Net debt stands at $3.0B ($6.0B total debt minus $3.0B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.23 | 0.22 | 0.31 | 0.36 | 0.36 | 0.33 | 0.35 | 0.37 | 0.48 |
| Debt / EBITDA | 1.33 | 1.33 | 0.96 | 0.81 | 0.78 | 1.00 | 1.42 | 1.60 | 1.52 | 1.67 | 2.26 |
| Net Debt / Equity | — | 0.12 | 0.06 | 0.05 | 0.18 | 0.15 | 0.11 | 0.19 | 0.19 | 0.24 | 0.29 |
| Net Debt / EBITDA | 0.67 | 0.67 | 0.23 | 0.20 | 0.46 | 0.41 | 0.43 | 0.90 | 0.82 | 1.08 | 1.36 |
| Debt / FCF | — | 0.93 | 0.72 | 0.31 | 8.64 | 8.39 | 1.15 | 2.85 | 3.63 | 6.71 | 3.70 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
DHI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
D.R. Horton, Inc.'s current ratio of 17.39x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 4.51x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 14.96x to 17.39x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 17.39 | 17.39 | 17.06 | 14.96 | 13.13 | 12.87 | 14.71 | 17.23 | 15.64 | 15.65 | 15.41 |
| Quick Ratio | 4.51 | 4.51 | 4.83 | 4.22 | 3.26 | 3.73 | 4.60 | 4.00 | 3.43 | 2.89 | 3.34 |
| Cash Ratio | 1.52 | 1.52 | 2.22 | 1.86 | 1.16 | 1.78 | 2.50 | 1.75 | 1.73 | 1.39 | 1.89 |
| Asset Turnover | — | 0.97 | 1.02 | 1.09 | 1.10 | 1.16 | 1.07 | 1.13 | 1.14 | 1.16 | 1.05 |
| Inventory Turnover | 1.03 | 1.03 | 1.09 | 1.17 | 1.06 | 1.21 | 1.26 | 1.22 | 1.19 | 1.20 | 1.14 |
| Days Sales Outstanding | — | 4.89 | 4.18 | 4.39 | 4.61 | 4.23 | 4.88 | 4.52 | 3.10 | 3.48 | 6.60 |
DHI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
D.R. Horton, Inc. returns 11.2% to shareholders annually — split between a 1.1% dividend yield and 10.1% buyback yield. The payout ratio of 13.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.9% | 0.6% | 0.9% | 1.3% | 0.9% | 0.9% | 1.1% | 1.2% | 1.0% | 1.0% |
| Payout Ratio | 13.8% | 13.8% | 8.3% | 7.2% | 5.4% | 6.9% | 10.8% | 13.8% | 12.9% | 14.4% | 13.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 6.8% | 7.5% | 12.9% | 24.5% | 13.6% | 8.5% | 8.1% | 9.0% | 6.9% | 7.8% |
| FCF Yield | 7.7% | 6.3% | 3.2% | 11.3% | 1.7% | 0.9% | 4.1% | 3.4% | 3.0% | 1.8% | 4.7% |
| Buyback Yield | 10.1% | 8.2% | 2.8% | 3.3% | 5.0% | 3.0% | 1.4% | 2.5% | 0.9% | 0.4% | 0.1% |
| Total Shareholder Yield | 11.2% | 9.1% | 3.5% | 4.3% | 6.3% | 4.0% | 2.3% | 3.6% | 2.0% | 1.4% | 1.1% |
| Shares Outstanding | — | $310M | $332M | $343M | $355M | $366M | $370M | $377M | $383M | $379M | $375M |
Peer Comparison
Compare DHI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DHIYou | $42B | 12.7 | 10.0 | 12.9 | 23.7% | 12.9% | 14.2% | 12.1% | 1.3 |
 LEN | $19B | 10.8 | 7.3 | 659.9 | 17.7% | 8.0% | 8.2% | 7.9% | 2.2 |
 PHM | $23B | 10.6 | 7.4 | 13.0 | 26.4% | 17.3% | 17.7% | 17.2% | 0.8 |
 NVR | $17B | 13.8 | 8.9 | 15.2 | 23.0% | 16.2% | 33.2% | 43.8% | 0.7 |
 TOL | $13B | 10.2 | 8.1 | 12.7 | 26.0% | 15.7% | 16.9% | 13.4% | 1.6 |
 MHO | $3B | 8.7 | 7.0 | 27.4 | 23.0% | 11.5% | 13.2% | 11.3% | 2.1 |
 SKY | $4B | 21.3 | 12.6 | 21.2 | 26.2% | 9.5% | 13.4% | 16.9% | 0.5 |
 KBH | $3B | 7.9 | 8.1 | 10.5 | 18.9% | 8.4% | 10.8% | 7.4% | 3.1 |
 TPH | $4B | 17.2 | 11.6 | 31.0 | 22.0% | 9.7% | 7.2% | 7.2% | 3.5 |
 TMHC | $6B | 7.6 | 6.2 | 6.9 | 23.0% | 14.0% | 12.8% | 11.0% | 2.1 |
 CVCO | $5B | 23.4 | 20.4 | 29.2 | 23.1% | 9.4% | 16.3% | 19.4% | 0.2 |
| Consumer Cyclical Median | — | 19.3 | 11.3 | 14.6 | 37.9% | 2.9% | 5.8% | 5.8% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
Full DHI Stock Analysis
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Start ComparisonDHI — Frequently Asked Questions
Quick answers to the most common questions about buying DHI stock.
What is D.R. Horton, Inc.'s P/E ratio?
D.R. Horton, Inc.'s current P/E ratio is 12.7x. The historical average is 11.4x. This places it at the 63th percentile of its historical range.
What is D.R. Horton, Inc.'s EV/EBITDA?
D.R. Horton, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.5x.
What is D.R. Horton, Inc.'s ROE?
D.R. Horton, Inc.'s return on equity (ROE) is 14.2%. The historical average is 15.5%.
Is DHI stock overvalued?
Based on historical data, D.R. Horton, Inc. is trading at a P/E of 12.7x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is D.R. Horton, Inc.'s dividend yield?
D.R. Horton, Inc.'s current dividend yield is 1.09% with a payout ratio of 13.8%.
What are D.R. Horton, Inc.'s profit margins?
D.R. Horton, Inc. has 23.7% gross margin and 12.9% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does D.R. Horton, Inc. have?
D.R. Horton, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.