Taylor Morrison Home Corporation (TMHC) 10-Year Financial Performance & Capital Metrics

TMHC • • Industrial / General

Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersRegional & Market-Specific Builders

AboutTaylor Morrison Home Corporation, together with its subsidiaries, operates as a public homebuilder in the United States. The company designs, builds, and sells single and multi-family detached and attached homes; and develops lifestyle and master-planned communities. It also develops and constructs multi-use properties consisting of commercial space, retail, and multi-family properties under the Urban Form brand name; and offers title insurance and closing settlement services, as well as financial services. In addition, the company operates under the Taylor Morrison, William Lyon Signature, and Darling Homes brand names in Arizona, California, Colorado, Florida, Georgia, Nevada, North and South Carolina, Oregon, Texas, and Washington. Taylor Morrison Home Corporation was founded in 1936 and is headquartered in Scottsdale, Arizona.Show more

Revenue $8.17B +10.1%
EBITDA $1.28B +13.7%
Net Income $883M +14.9%
EPS (Diluted) 8.27 +18.5%
Gross Margin 24.65% +1.9%
EBITDA Margin 15.73% +3.3%
Operating Margin 15.22% +3.0%
Net Margin 10.81% +4.3%
ROE 15.76% +2.3%
ROIC 13.11% +4.8%
Debt/Equity 0.37 -5.1%
Interest Coverage 93.37

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 28.2%
✓Strong Piotroski F-Score: 8/9
✓Strong 5Y sales CAGR of 11.4%
✓Good 3Y average ROE of 18.5%
✓Share count reduced 3.7% through buybacks
✓Trading at only 1.2x book value

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.67%

5Y11.39%

3Y2.88%

TTM6.98%

Profit (Net Income) CAGR

10Y28.59%

5Y28.24%

3Y10.03%

TTM4.94%

EPS CAGR

10Y14.32%

5Y28.61%

3Y16.88%

TTM9.66%

ROCE

10Y Avg11.04%

5Y Avg13.8%

3Y Avg16.2%

Latest15.15%

Peer Comparison

Regional & Market-Specific Builders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BZHBeazer Homes USA, Inc.	711.14M	24.10	15.86	1.77%	2.84%	5.56%	0.49%	0.85
TOLToll Brothers, Inc.	14.16B	149.04	9.93	8.52%	12.64%	16.95%	6.61%	0.39
GRBKGreen Brick Partners, Inc.	3.23B	74.19	8.78	18.07%	16.03%	18.02%	0.67%	0.20
TMHCTaylor Morrison Home Corporation	6.27B	64.15	7.76	10.11%	10.19%	13.77%	2.77%	0.37
TPHTri Pointe Homes, Inc.	3.05B	35.50	7.35	20.93%	9.05%	11.12%	22.05%	0.33
MHOM/I Homes, Inc.	3.63B	139.00	7.05	11.83%	10.56%	15%	4.71%	0.26
HOVHovnanian Enterprises, Inc.	648.42M	125.47	3.95	9.03%	5.06%	19.02%	0.89%	1.27
UHGUnited Homes Group, Inc.	34.51M	1.58	1.76	10.02%	-4.49%	-35.51%	44.66%	1.80

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.98B	3.55B	3.89B	4.23B	4.76B	6.13B	7.5B	8.22B	7.42B	8.17B
Revenue Growth %	0.1%	0.19%	0.09%	0.09%	0.13%	0.29%	0.22%	0.1%	-0.1%	0.1%
Cost of Goods Sold+	2.41B	2.87B	3.15B	3.44B	3.89B	5.07B	5.94B	6.11B	5.62B	6.15B
COGS % of Revenue	0.81%	0.81%	0.81%	0.81%	0.82%	0.83%	0.79%	0.74%	0.76%	0.75%
Gross Profit+	567.91M	680.28M	738.93M	787.09M	867.19M	1.06B	1.56B	2.12B	1.79B	2.01B
Gross Margin %	0.19%	0.19%	0.19%	0.19%	0.18%	0.17%	0.21%	0.26%	0.24%	0.25%
Gross Profit Growth %	0%	0.2%	0.09%	0.07%	0.1%	0.23%	0.46%	0.36%	-0.15%	0.12%
Operating Expenses+	293.91M	361.76M	390.44M	416.94M	490.27M	572.38M	668.34M	643.21M	698.71M	770.5M
OpEx % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.08%	0.09%	0.09%
Selling, General & Admin	293.91M	361.76M	390.44M	416.94M	490.27M	572.38M	668.34M	643.21M	698.71M	770.5M
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.08%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	274M	318.52M	348.49M	370.15M	376.92M	491.93M	888.18M	1.47B	1.1B	1.24B
Operating Margin %	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%	0.12%	0.18%	0.15%	0.15%
Operating Income Growth %	-0.13%	0.16%	0.09%	0.06%	0.02%	0.31%	0.81%	0.66%	-0.26%	0.13%
EBITDA+	278.11M	322.49M	352.44M	396.54M	408.34M	529.26M	928.16M	1.51B	1.13B	1.28B
EBITDA Margin %	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.12%	0.18%	0.15%	0.16%
EBITDA Growth %	-0.13%	0.16%	0.09%	0.13%	0.03%	0.3%	0.75%	0.62%	-0.25%	0.14%
D&A (Non-Cash Add-back)	4.11M	3.97M	3.95M	26.39M	31.42M	37.34M	39.98M	33.84M	33.41M	41.19M
EBIT	274M	318.52M	348.49M	370.15M	376.92M	491.93M	854.81M	1.47B	1.1B	1.24B
Net Interest Income+	192K	184K	577K	1.64M	2.67M	1.61M	-3.79M	-17.67M	12.58M	-13.32M
Interest Income	192K	184K	577K	1.64M	2.67M	1.61M	0	0	12.58M	0
Interest Expense	0	0	0	0	0	0	3.79M	17.67M	0	13.32M
Other Income/Expense	-13.02M	-4.31M	7.17M	-96.63M	-54.65M	-167.81M	-25.07M	-81.35M	-78.32M	-87.23M
Pretax Income+	260.99M	314.21M	355.66M	273.52M	322.27M	324.12M	863.11M	1.39B	1.02B	1.16B
Pretax Margin %	0.09%	0.09%	0.09%	0.06%	0.07%	0.05%	0.12%	0.17%	0.14%	0.14%
Income Tax+	90M	107.64M	179.01M	63.04M	67.36M	74.59M	180.74M	336.43M	248.1M	269.55M
Effective Tax Rate %	0.23%	0.17%	0.26%	0.75%	0.79%	0.75%	0.77%	0.76%	0.76%	0.76%
Net Income+	61.05M	52.62M	91.22M	206.36M	254.65M	243.44M	663.03M	1.05B	768.93M	883.31M
Net Margin %	0.02%	0.01%	0.02%	0.05%	0.05%	0.04%	0.09%	0.13%	0.1%	0.11%
Net Income Growth %	-0.15%	-0.14%	0.73%	1.26%	0.23%	-0.04%	1.72%	0.59%	-0.27%	0.15%
Net Income (Continuing)	170.99M	206.56M	176.65M	210.48M	254.91M	249.53M	682.37M	1.06B	769.74M	886.57M
Discontinued Operations	15.65M	0	0	0	0	0	0	0	0	0
Minority Interest	1.45B	1.61B	750.43M	3.54M	8.01M	89.21M	45.13M	16.53M	17.34M	11.64M
EPS (Diluted)+	1.85	1.69	1.47	1.79	2.35	1.88	5.18	9.06	6.98	8.27
EPS Growth %	-0.15%	-0.09%	-0.13%	0.22%	0.31%	-0.2%	1.76%	0.75%	-0.23%	0.18%
EPS (Basic)	1.85	1.69	1.47	1.85	2.38	1.90	5.26	9.16	7.09	8.43
Diluted Shares Outstanding	122.38M	120.83M	120.92M	115.12M	108.29M	129.17M	128.02M	116.22M	110.14M	106.09M
Basic Shares Outstanding	33.06M	31.08M	62.06M	111.74M	107M	127.81M	126.08M	114.98M	108.42M	104.13M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.66B	3.74B	3.89B	4.68B	4.66B	6.41B	7.27B	6.9B	7.02B	7.52B
Cash & Short-Term Investments	126.19M	300.18M	573.92M	329.64M	326.44M	532.84M	832.82M	724.49M	798.57M	487.15M
Cash Only	126.19M	300.18M	573.92M	329.64M	326.44M	532.84M	832.82M	724.49M	798.57M	487.15M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	120.73M	115.25M	94.49M	86.59M	70.45M	96.24M	150.86M	191.5M	184.52M	217.7M
Days Sales Outstanding	14.8	11.85	8.88	7.48	5.4	5.73	7.34	8.5	9.08	9.73
Inventory	3.13B	3.02B	2.96B	3.98B	3.99B	5.33B	5.5B	5.37B	5.55B	6.23B
Days Inventory Outstanding	473.77	383.76	343.29	422.32	373.59	384.27	337.66	320.97	359.97	369.73
Other Current Assets	216.88M	248.87M	207.51M	212.42M	230.49M	394.82M	745.92M	568.03M	451.49M	537.34M
Total Non-Current Assets+	465.38M	480.04M	437.29M	585.31M	583.09M	1.33B	1.46B	1.57B	1.65B	1.78B
Property, Plant & Equipment	41.5M	43.82M	56.88M	144.66M	162.34M	296.77M	470.58M	556.2M	573.54M	600.43M
Fixed Asset Turnover	71.73x	81.02x	68.31x	29.22x	29.33x	20.65x	15.94x	14.79x	12.93x	13.60x
Goodwill	57.7M	66.2M	66.2M	152.12M	149.43M	663.2M	663.2M	663.2M	663.2M	663.2M
Intangible Assets	4.25M	3.19M	2.13M	1.07M	637K	0	0	0	0	0
Long-Term Investments	128.45M	157.91M	192.36M	140.54M	128.76M	127.95M	171.41M	282.9M	346.19M	439.72M
Other Non-Current Assets	0	2.29M	1.58M	1.84M	2.1M	5.29M	2.11M	0	0	0
Total Assets+	4.12B	4.22B	4.33B	5.26B	5.25B	7.74B	8.73B	8.47B	8.67B	9.3B
Asset Turnover	0.72x	0.84x	0.90x	0.80x	0.91x	0.79x	0.86x	0.97x	0.86x	0.88x
Asset Growth %	-0%	0.02%	0.02%	0.22%	-0%	0.48%	0.13%	-0.03%	0.02%	0.07%
Total Current Liabilities+	497.65M	353.59M	355.4M	615.96M	445.36M	737.2M	987.68M	898.14M	805.1M	755.3M
Accounts Payable	151.86M	136.64M	140.16M	151.59M	164.58M	215.05M	253.35M	269.76M	263.48M	270.27M
Days Payables Outstanding	23.01	17.38	16.26	16.08	15.42	15.5	15.56	16.12	17.1	16.03
Short-Term Debt	115M	0	0	200M	0	0	31.53M	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0
Current Ratio	7.35x	10.58x	10.94x	7.60x	10.47x	8.69x	7.36x	7.68x	8.72x	9.95x
Quick Ratio	1.07x	2.05x	2.62x	1.13x	1.52x	1.46x	1.79x	1.70x	1.83x	1.70x
Cash Conversion Cycle	465.57	378.23	335.91	413.71	363.57	374.5	329.45	313.35	351.94	363.43
Total Non-Current Liabilities+	1.65B	1.71B	1.62B	2.23B	2.25B	3.41B	3.77B	2.93B	2.53B	2.66B
Long-Term Debt	1.55B	1.59B	1.5B	2.01B	1.94B	2.93B	3.27B	2.48B	2.02B	2.12B
Capital Lease Obligations	0	0	0	0	42.32M	83.24M	96.17M	100.17M	85M	79M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	98.69M	120.6M	125.89M	220.15M	271.52M	395.41M	402.35M	341.69M	432.6M	464.17M
Total Liabilities	2.15B	2.06B	1.98B	2.85B	2.7B	4.14B	4.76B	3.82B	3.34B	3.42B
Total Debt+	1.68B	1.59B	1.5B	2.21B	1.98B	3.01B	3.4B	2.58B	2.1B	2.2B
Net Debt	1.56B	1.29B	924.14M	1.88B	1.66B	2.48B	2.57B	1.86B	1.3B	1.71B
Debt / Equity	0.85x	0.73x	0.64x	0.91x	0.78x	0.84x	0.86x	0.56x	0.39x	0.37x
Debt / EBITDA	6.05x	4.92x	4.25x	5.57x	4.86x	5.69x	3.66x	1.71x	1.86x	1.71x
Net Debt / EBITDA	5.60x	3.99x	2.62x	4.74x	4.06x	4.68x	2.76x	1.23x	1.15x	1.33x
Interest Coverage	-	-	-	-	-	-	234.23x	83.40x	-	93.37x
Total Equity+	1.97B	2.16B	2.35B	2.42B	2.55B	3.59B	3.97B	4.65B	5.33B	5.88B
Equity Growth %	0.11%	0.1%	0.09%	0.03%	0.05%	0.41%	0.1%	0.17%	0.15%	0.1%
Book Value per Share	16.12	17.88	19.41	21.01	23.51	27.82	31.02	39.98	48.41	55.41
Total Shareholders' Equity	519.92M	551.81M	1.6B	2.42B	2.54B	3.5B	3.93B	4.63B	5.31B	5.87B
Common Stock	1K	1K	1K	1K	1K	1K	1K	1K	1K	1K
Retained Earnings	176M	228.61M	319.83M	527.7M	782.35M	1.03B	1.69B	2.74B	3.51B	4.39B
Treasury Stock	-14.98M	-43.52M	-47.62M	-186.09M	-343.52M	-446.86M	-760.86M	-1.14B	-1.27B	-1.62B
Accumulated OCI	361.92M	-17.99M	-17.97M	2M	884K	-1.17M	689K	359K	896K	2.51M
Minority Interest	1.45B	1.61B	750.43M	3.54M	8.01M	89.21M	45.13M	16.53M	17.34M	11.64M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-262.69M	372.6M	386.23M	135.59M	393.22M	1.12B	376.65M	1.11B	806.17M	210.08M
Operating CF Margin %	-0.09%	0.1%	0.1%	0.03%	0.08%	0.18%	0.05%	0.13%	0.11%	0.03%
Operating CF Growth %	-0.96%	2.42%	0.04%	-0.65%	1.9%	1.86%	-0.66%	1.94%	-0.27%	-0.74%
Net Income	229.04M	206.56M	176.65M	210.48M	254.91M	249.53M	682.37M	1.06B	768.93M	886.57M
Depreciation & Amortization	4.11M	3.97M	3.95M	26.39M	31.42M	37.34M	39.98M	33.84M	33.41M	41.19M
Stock-Based Compensation	7.89M	10.91M	11.59M	21.12M	14.76M	32.13M	19.94M	26.9M	26.09M	22.46M
Deferred Taxes	24.7M	26.85M	88.5M	44.47M	2.65M	50.58M	86.84M	83.58M	-169K	-8.42M
Other Non-Cash Items	-50.08M	7.96M	2.67M	30.71M	36.36M	39.53M	43.14M	87.67M	26.66M	116.39M
Working Capital Changes	-478.35M	116.34M	102.87M	-197.58M	53.1M	714.18M	-495.62M	-180.47M	-48.76M	-848.11M
Change in Receivables	-76.7M	-48.32M	61.18M	-31.78M	-22.89M	-15.83M	-524.06M	0	31.01M	0
Change in Inventory	-424.61M	166.34M	41.72M	-248.22M	990K	535.24M	-343.13M	-50.79M	-78.58M	-797.33M
Change in Payables	3M	-20.48M	-20.99M	63.64M	73.11M	62.33M	197.12M	-61.85M	84.81M	215.99M
Cash from Investing+	50.17M	-81.35M	-35.99M	-159.72M	-19.3M	-312.8M	-74.26M	-14.88M	-97.19M	-136.44M
Capital Expenditures	-4.3M	-1.91M	-3.42M	-20.46M	-30.12M	-37.76M	-21.2M	-30.58M	-33.43M	-36.33M
CapEx % of Revenue	0%	0%	0%	0%	0.01%	0.01%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	40.08M	5.73M	4.08M	57M	23.58M	40.06M	31.91M	125.28M	824K	-100.11M
Cash from Financing+	-103M	-117.26M	-76.55M	-219.52M	-377.2M	-604.94M	-155K	-1.2B	-628.51M	-393.57M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9.4M	-4.26M	4.64M	1.4M	4.25M	-49.96M	-41.22M	-29.88M	17.01M	-13.47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-266.99M	370.69M	382.81M	115.14M	363.1M	1.09B	355.45M	1.08B	772.74M	173.75M
FCF Margin %	-0.09%	0.1%	0.1%	0.03%	0.08%	0.18%	0.05%	0.13%	0.1%	0.02%
FCF Growth %	-0.94%	2.39%	0.03%	-0.7%	2.15%	1.99%	-0.67%	2.03%	-0.28%	-0.78%
FCF per Share	-2.18	3.07	3.17	1.00	3.35	8.40	2.78	9.27	7.02	1.64
FCF Conversion (FCF/Net Income)	-4.30x	7.08x	4.23x	0.66x	1.54x	4.61x	0.57x	1.05x	1.05x	0.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	90.76M	107.96M	96.53M	63.48M	20.13M	3.36M	146.17M	270.03M	204.27M	264.43M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.26%	2.55%	4.05%	8.66%	10.26%	7.93%	17.53%	24.43%	15.41%	15.76%
Return on Invested Capital (ROIC)	6.04%	6.85%	7.78%	7.34%	6.65%	7.18%	10.57%	16.95%	12.51%	13.11%
Gross Margin	19.08%	19.16%	19.02%	18.62%	18.21%	17.36%	20.75%	25.74%	24.2%	24.65%
Net Margin	2.05%	1.48%	2.35%	4.88%	5.35%	3.97%	8.84%	12.8%	10.37%	10.81%
Debt / Equity	0.85x	0.73x	0.64x	0.91x	0.78x	0.84x	0.86x	0.56x	0.39x	0.37x
Interest Coverage	-	-	-	-	-	-	234.23x	83.40x	-	93.37x
FCF Conversion	-4.30x	7.08x	4.23x	0.66x	1.54x	4.61x	0.57x	1.05x	1.05x	0.24x
Revenue Growth	9.91%	19.26%	9.44%	8.81%	12.65%	28.71%	22.38%	9.65%	-9.81%	10.11%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024
Home Sales	-	-	4.12B	8.46B	10.75B	7.17B	7.89B	7.16B	7.76B
Home Sales Growth	-	-	-	105.59%	27.08%	-33.30%	10.01%	-9.26%	8.33%
Financial Services	-	-	67.76M	143.9M	244.74M	164.62M	135.49M	160.31M	199.46M
Financial Services Growth	-	-	-	112.37%	70.07%	-32.74%	-17.69%	18.32%	24.42%
Amenity	-	-	4.52M	35.83M	88.57M	65.77M	118.98M	37.69M	137.98M
Amenity Growth	-	-	-	693.14%	147.18%	-25.74%	80.90%	-68.32%	266.08%
Land Sales	-	-	39.9M	59.95M	129.7M	99.44M	81.07M	60.97M	81.42M
Land Sales Growth	-	-	-	50.25%	116.34%	-23.33%	-18.48%	-24.79%	33.53%
East	1.1B	1.38B	-	-	-	-	-	-	-
East Growth	-	26.00%	-	-	-	-	-	-	-
West	1.39B	1.32B	-	-	-	-	-	-	-
West Growth	-	-4.89%	-	-	-	-	-	-	-
Central	1B	1.11B	-	-	-	-	-	-	-
Central Growth	-	10.79%	-	-	-	-	-	-	-
Mortgage Operations	59.95M	69.14M	-	-	-	-	-	-	-
Mortgage Operations Growth	-	15.31%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Taylor Morrison Home Corporation (TMHC) has a price-to-earnings (P/E) ratio of 7.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Taylor Morrison Home Corporation (TMHC) reported $8.38B in revenue for fiscal year 2024. This represents a 511% increase from $1.37B in 2011.

Taylor Morrison Home Corporation (TMHC) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Taylor Morrison Home Corporation (TMHC) is profitable, generating $853.6M in net income for fiscal year 2024 (10.8% net margin).

Dividend & Returns

Taylor Morrison Home Corporation (TMHC) has a return on equity (ROE) of 15.8%. This is reasonable for most industries.

Taylor Morrison Home Corporation (TMHC) generated $580.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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