Consumer Discretionary · Homebuilding · US stock · price as of 22 Oct 2026
Key indicators
Price
$147.66
52-week range
$130.40 – $170.79
Market cap
$41.8B
P/E (trailing)
14.2×
EV / EBITDA
9.4×
Free-cash-flow yield
7.7%
Dividend yield
1.2%
Revenue (last 12 months)
$33.3B
Revenue growth (3y a year)
0.8%
Operating margin
12.3%
Return on invested capital
14.2%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$146.39 middle half of models $137 – $168
Versus priceFair−1% to fair value
P/E multiple
$140.59
P/B multiple
$149.12
P/S multiple
$148.18
EV/EBITDA multiple
$136.19
EV/EBIT multiple
$122.74
EV/revenue multiple
$146.33
10-year DCF, EBITDA exit
$171.96
5-year DCF, EBITDA exit
$156.85
10-year DCF, revenue exit
$171.28
5-year DCF, revenue exit
$159.13
10-year DCF, growth exit
$206.90
5-year DCF, growth exit
$199.06
Dividend discount, stable
$63.65
Dividend discount, multi-stage
$77.56
Model uncertainty
High
X-Ray Score
43/ 100 · Medium confidence · ahead of 26% of sector peers
Valuation63
Growth28
Profitability30
Financial health36
Dividends70
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Horton D R Inc an X-Ray Score of 43 out of 100 (medium confidence), ahead of 26% of the S&P 500 stocks in its sector. Its strongest lens is dividends (70) and its weakest is growth (28).
Our fair value (the average of the valid models) is $146.39 (range $137.29 to $168.25). At $147.66 the stock trades 1% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Horton D R Inc (DHI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$79.71
$64.65
$104.17
$186.43
$167.46
$147.66
Market cap
$29.2B
$22.9B
$35.8B
$61.8B
$51.9B
$41.8B
P/E
7.0×
3.9×
7.5×
13.0×
14.5×
14.2×
EV / revenue
0.9×
0.6×
0.9×
1.6×
1.4×
1.2×
EV / EBITDA
4.8×
2.7×
5.0×
9.1×
10.2×
9.6×
Price / free cash flow
66.1×
55.5×
8.6×
30.5×
15.8×
13.0×
Free-cash-flow yield
1.5%
1.8%
11.6%
3.3%
6.3%
7.7%
Price / book
2.0×
1.2×
1.6×
2.4×
2.1×
1.8×
Dividend yield
1.00%
1.39%
0.96%
0.64%
0.96%
1.22%
Fundamentals checklist ● 4 Good · ● 2 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.8%Bad
Free-cash-flow yield7.7%Good
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−11.2%Bad
Free-cash-flow growth (3y)99.5%Good
Revenue growth (3y)0.8%Bad
Growth consistency30%Bad
Balance sheet
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield10.1%Good
Profitability
Return on invested capital14.2%Bad
Operating margin12.3%Average
Gross profitability20.7%Bad
XStocksXray
Horton D R Inc (DHI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
27,774
33,480
35,460
36,801
34,250
33,350
Gross profit
7,875
10,504
9,350
9,535
8,116
7,541
Operating income
5,356
7,630
6,315
6,285
4,740
4,097
Net income
4,176
5,858
4,746
4,756
3,585
3,053
Diluted EPS ($)
11.41
16.51
13.82
14.34
11.57
10.39
Free cash flow
441
414
4,156
2,025
3,284
3,202
Gross margin
28.4%
31.4%
26.4%
25.9%
23.7%
22.6%
Operating margin
19.3%
22.8%
17.8%
17.1%
13.8%
12.3%
Net margin
15.0%
17.5%
13.4%
12.9%
10.5%
9.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
24,016
30,351
32,582
36,104
35,471
36,511
Cash
3,210
2,541
3,874
4,516
2,985
2,079
Total debt
–
–
–
–
–
–
Equity
14,887
19,396
22,696
25,313
24,190
23,820
Dividend per share ($)
0.80
0.90
1.00
1.20
1.60
1.75
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
