Horton D R Inc (DHI)
Consumer Discretionary · Homebuilding · US stock · S&P 500 component
$147.66
▲ +8.68 (6.25%)
Fair valueFair
$146 −0.9% to fair value
$73fair band $125–$177$220
Day's range
$138.73 – $147.71
52-week range
$130.40 – $170.79
About Horton D R Inc
D.R. Horton is a homebuilder that designs, builds and finishes single-family houses, and also some townhomes, in markets across the United States. Homes are offered under several brands aimed at different price points, including entry-level and move-up customers. The company also builds rental communities, develops land and lots, and has mortgage and title services that support its home closings. Customers are mainly families and first-time home purchasers.
Revenue comes mainly from the closing of home purchases, with additional income from rental properties and financial services. Revenue was $33.3 billion over the last twelve months, with growth of 0.8% a year across the last three years. The operating margin is 12.3%, and the business earns a profit of 14% on the capital invested in it. It pays a dividend with a yield of 1.2%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $130.40 – $170.79Volume 3,247,214Daily, split-adjusted
Vitals
Market cap$41.8B
52-week range$130.40 – $170.79
Volume (last day)3,247,214
P/E (TTM)14.2
EBIT / EV yield10.1%
Free-cash-flow yield7.7%
Dividend yield1.2%
Revenue (TTM)$33.3B
Net income (TTM)$3.1B
Operating margin12.3%
Return on capital14.2%
Debt incl. leasesData missing
Cash & securities$2.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$146middle half of models $137 – $168
Fair
−0.9% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $148
Undervalued < $125Fair $125 – $177Overvalued > $177
P/E multiple
$141
P/B multiple
$149
P/S multiple
$148
EV/EBITDA multiple
$136
EV/EBIT multiple
$123
EV/revenue multiple
$146
10-year DCF, EBITDA exit
$172
5-year DCF, EBITDA exit
$157
10-year DCF, revenue exit
$171
5-year DCF, revenue exit
$159
10-year DCF, growth exit
$207
5-year DCF, growth exit
$199
Dividend discount, stable
$64
Dividend discount, multi-stage
$78
Earnings power value · not used
$327
Growth the price implies
-1.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
64/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield10.1%
Free-cash-flow yield7.7%
Fair value vs price1.0×
Growth
Weak
28/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)0.8%
EPS growth (3y)-11.2%
Growth consistency30%
Profitability
Weak
30/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital14.2%
Operating margin12.3%
Gross profitability20.7%
Financial health
Weak
36/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Interest coverNo interest cost
Dividends
Fair
70/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.2%
Dividends vs free cash flow16%
Dividend growth16.1%
Quarterly results: last 6 quarters
-15.1%
Mar '25
-7.4%
Jun '25
-3.2%
Sep '25
-9.5%
Dec '25
-2.3%
Mar '26
+0.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.2B, diluted EPS $3.20.
Compare with peers
LEN Lennar Corp33 PHM Pultegroup Inc26 NVR Nvr Inc25Other Homebuilding companies by X-Ray Score.
SWOT analysis: Horton D R Inc
Strengthsinside the company
- Free cash flow equals 7.7% of the market value, which funds dividends, buybacks or debt paydown.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 14.2% is well below the 24.9% median of industry peers.
- Earnings per share have declined 11.2% a year over three years.
Opportunitiesvaluation and setting
- Dividends use only 16% of free cash flow, which leaves room to raise them.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Revenue growth slowed to -6.9% last year from 0.8% a year over three years.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Homebuilding follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DHI with peers and sector
Medians of 3 Homebuilding peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): PHM 26, LEN 33, NVR 25.
| Metric | DHI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 26 | 51 |
| Valuation | 63 | 46 | 48 |
| Growth | 28 | 16 | 53 |
| Profitability | 30 | 10 | 52 |
| Financial health | 36 | – | 50 |
| Dividends | 70 | – | 51 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
DHI ranks #35 of 47 in Consumer Discretionary and #1 of 4 in Homebuilding by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DHI
Each factor is rated by where DHI stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 3 Average · 9 Bad of 19
Growth: 0 · 0 · 3
Profitability: 0 · 2 · 3
Financial strength: 1 · 0 · 1
Valuation: 5 · 0 · 0
Cash flow: 1 · 1 · 2
| Factor | DHI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +0.8% | Bad beats 14% | +6.5% | – | – |
| Revenue growth, last year | −6.9% | Bad beats 1% | +4.9% | +5.9% | ▼ Worse |
| EPS growth, 3 years a year | −11.2% | Bad beats 26% | +4.0% | – | – |
| Profitability | |||||
| Gross margin | 22.6% | Bad beats 18% | 42.5% | 26.4% | ▼ Worse |
| Operating margin | 12.3% | Average beats 37% | 14.9% | 17.8% | ▼ Worse |
| Net margin | 9.2% | Average beats 38% | 11.4% | 13.4% | ▼ Worse |
| Return on invested capital | 14.2% | Bad beats 32% | 24.6% | – | – |
| Return on equity | 12.8% | Bad beats 21% | 35.3% | 20.9% | ▼ Worse |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 76% | 25.3x | – | – |
| Piotroski F-score | 4 / 9 | Bad beats 9% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 13.7x | Good beats 86% | 21.1x | 7.8x | ▼ Worse |
| Price / book | 1.8x | Good beats 85% | 7.2x | 2.1x | ▲ Better |
| Price / sales | 1.3x | Good beats 73% | 2.1x | 1.1x | ≈ In line |
| EV / EBITDA | 9.6x | Good beats 77% | 15.0x | – | – |
| Free cash flow yield | 7.7% | Good beats 74% | 4.3% | 3.2% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 9.6% | Average beats 47% | 10.8% | 5.5% | ▲ Better |
| Cash from operations / net income | 1.10 | Bad beats 19% | 1.37 | 0.46 | ▲ Better |
| Free cash flow growth, 3 years a year | +99.5% | Good beats 96% | +12.1% | – | – |
| Accruals (lower is better) | −0.8% | Bad beats 17% | −5.3% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 2 Average · ● 7 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldGood
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Good
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 46/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $27.8B | $33.5B | $35.5B | $36.8B | $34.3B |
| Operating income | $5.4B | $7.6B | $6.3B | $6.3B | $4.7B |
| Net income | $4.2B | $5.9B | $4.7B | $4.8B | $3.6B |
| Operating cash flow | $534M | $562M | $4.3B | $2.2B | $3.4B |
| Operating margin | 19.3% | 22.8% | 17.8% | 17.1% | 13.8% |
| Free cash flow | $441M | $414M | $4.2B | $2.0B | $3.3B |
| Diluted EPS | $11.41 | $16.51 | $13.82 | $14.34 | $11.57 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 137.9 | Bullish |
| EMA 10 | 139.3 | Bullish |
| SMA 20 | 137.4 | Bullish |
| EMA 20 | 138.6 | Bullish |
| SMA 50 | 141.1 | Bullish |
| EMA 50 | 140.7 | Bullish |
| SMA 100 | 146.1 | Bullish |
| EMA 100 | 143.4 | Bullish |
| SMA 200 | 147.3 | Bullish |
| EMA 200 | 145.5 | Bullish |
Oscillators (daily)
| RSI (14) | 62.07 | Neutral |
| MACD (12, 26) | 0.12 | Bullish |
| Momentum (12) | 7.98 | Bullish |
| Stochastic %K (14) | 99.74 | Bearish |
| Williams %R (14) | -0.26 | Bearish |
| CCI (20) | 190.6 | Bearish |
Pivot points (classic, last session)
S3 132.7 | S2 135.7 | S1 141.7 | Pivot 144.7 | R1 150.7 | R2 153.7 | R3 159.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.80 USD
Yield on today's price
1.22%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.4000 | |
| 0.3000 | |
| 0.3000 | |
| 0.3000 | |
| 0.3000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DHI
| ETF | Share of the fund |
|---|---|
| ITB iShares U.S. Home Construction | 15.70% |
| NAIL Direxion Daily Homebuilders & Supplies... | 12.38% |
| XHB SPDR S&P Homebuilders | 3.29% |
| XLY Consumer Discretionary Select Sector S... | 1.07% |
| COWZ Pacer US Cash Cows 100 | 1.03% |
| VLUE iShares MSCI USA Value Factor | 0.89% |
| CGGR Capital Group Growth | 0.79% |
| VOE Vanguard Mid-Cap Value | 0.72% |
The eight funds with the largest weight in DHI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DHI stock splits
DHI has split its stock 5 times since 1993. The latest was a 4-for-3 split on 17 Mar 2005.
Full DHI stock split history →DHI SEC filings
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.