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Earnings transcript
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DHI
D.R. Horton, Inc.
$151.07
6.79
(4.71%)
| Exchange: | NYSE |
| Market Cap: | 42.84B |
| Shares Outstanding: | 523.884M |
Delayed data
About The Company
| Sector: | Consumer Cyclical | |||||
| Industry: | Residential Construction | |||||
| CEO: | Paul J. Romanowski | |||||
| Full Time Employees: | 14766 | |||||
| Address: |
| |||||
| Website: | https://www.drhorton.com |
Established in Arlington, Texas, in 1978, D.R. Horton, Inc. operates as a prominent residential construction enterprise. The company’s core business involves acquiring and preparing land, then constructing and marketing homes across a substantial portion of the United States. Its operations span 31 states and 98 distinct markets, covering the East, North, Southeast, South Central, Southwest, and Northwest regions. Under several well-known brand names, including D.R. Horton, America’s Builder, Express Homes, Emerald Homes, and Freedom Homes, the firm develops diverse housing types. This includes both individual detached houses and attached residences such as townhomes, duplexes, and triplexes. Beyond its primary homebuilding activities, D.R. Horton offers a range of complementary services. These encompass providing mortgage financing to its clientele, as well as furnishing title insurance, examination, and closing services. The company is also engaged in the development of residential lots. Additionally, D.R. Horton’s portfolio extends to the creation, ownership, leasing, and sale of multi-family and single-family rental properties. It also holds non-residential real estate, such as ranch land and related facilities, and manages assets within the energy sector. The company primarily caters to individuals purchasing new homes.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 35,460,400 | 36,801,400 | 34,250,400 |
| Gross Profit | 9,350,400 | 9,535,400 | 8,116,200 |
| EBITDA | 6,406,300 | 6,371,800 | 4,841,200 |
| Operating Income | 6,241,300 | 6,113,900 | 4,424,200 |
| Net Income | 4,745,700 | 4,756,400 | 3,585,200 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 32,582,400 | 36,104,300 | 35,471,200 |
| Total Liabilities | 9,444,500 | 10,279,900 | 10,729,000 |
| Total Stockholders Equity | 22,696,200 | 25,312,800 | 24,190,400 |
| Total Debt | 5,142,600 | 5,971,000 | 5,965,500 |
| Cash and Cash Equivalents | 3,873,600 | 4,516,400 | 3,033,300 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 4,304,100 | 2,189,800 | 3,420,900 |
| Capital Expenditure | -148,600 | -165,300 | 0 |
| Free Cash Flow | 4,155,500 | 2,024,500 | 3,420,900 |
| Net Income | 4,795,200 | 4,756,400 | 3,585,200 |
| Net Change in Cash | 1,327,200 | 643,900 | -1,510,700 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 36,658,862.677 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 38,340,576.112 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 37,499,719.395 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 6,752,416.331 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 7,062,181.240 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 6,907,298.786 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 3,566,242.439 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 4,836,451.266 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 3,898,780.360 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 3,382,706.499 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 3,537,887.063 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 3,460,296.781 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 13.870 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 15.610 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 11.510 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 6 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 5 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Revenue Performance: DHI has demonstrated robust revenue figures in recent income statements, reflecting consistent demand for its homebuilding services. This aligns with positive industry trends in the construction and real estate sector, as evidenced by favorable industry performance metrics over 1-year and 5-year periods.
- Solid Profitability Metrics: Key metrics such as gross profit margin (TTM) and net profit margin (TTM) indicate efficient cost management and strong profitability compared to industry averages, positioning DHI as a leader in operational efficiency within the homebuilding industry.
- Healthy Cash Flow: Free cash flow (TTM) and operating cash flow from cash flow statements highlight DHI’s ability to generate significant liquidity, supporting reinvestment in growth initiatives and debt management, as seen in a reasonable debt-to-equity ratio (TTM).
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates DHI intrinsic value between $89.83 – $99.71 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about DHI valuation
Is D.R. Horton, Inc. (DHI) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for D.R. Horton, Inc. (DHI) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is DHI a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether DHI trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is DHI’s P/E ratio?
You can see DHI’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for DHI?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is DHI a good long-term investment?
Whether DHI fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
DHI
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Daily snapshot
4.71
Trading Metrics:
| Open: | 145.86 | Previous Close: | 144.28 | |
| Day Low: | 144.24 | Day High: | 151.36 | |
| Year Low: | 119.54 | Year High: | 184.55 | |
| Price Avg 50: | 145.8 | Price Avg 200: | 153.2 | |
| Volume: | 1.994M | Average Volume: | 2.598M |
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Welcome to MARKETSNAP’s SWOT analysis for D.R. Horton, one of the big players in the homebuilding space. If you’re not super familiar with them, D.R. Horton is a leading home construction company in the United States, operating within the consumer cyclical sector, specifically in the residential construction industry. They’ve got a massive footprint, building homes across various markets, and they’re known for catering to a wide range of buyers—from first-timers to luxury seekers. With thousands of full-time employees and a…
