NYSE: DHI
D. R. Horton
Consumer Discretionary · Operative Builders
52-week range
$130.40$170.79
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$45.6B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $11.3B |
| FY2017, ended Sep 30, 2017 | $15.0B |
| FY2018, ended Sep 30, 2018 | $15.9B |
| FY2019, ended Sep 30, 2019 | $19.4B |
| FY2020, ended Sep 30, 2020 | $27.6B |
| FY2021, ended Sep 30, 2021 | $29.9B |
| FY2022, ended Sep 30, 2022 | $23.2B |
| FY2023, ended Sep 30, 2023 | $35.8B |
| FY2024, ended Sep 30, 2024 | $61.3B |
| FY2025, ended Sep 30, 2025 | $49.5B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $45.6B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$33.4B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $12.2B |
| FY2017, ended Sep 30, 2017 | $14.1B |
| FY2018, ended Sep 30, 2018 | $16.1B |
| FY2019, ended Sep 30, 2019 | $17.6B |
| FY2020, ended Sep 30, 2020 | $20.3B |
| FY2021, ended Sep 30, 2021 | $27.8B |
| FY2022, ended Sep 30, 2022 | $33.5B |
| FY2023, ended Sep 30, 2023 | $35.5B |
| FY2024, ended Sep 30, 2024 | $36.8B |
| FY2025, ended Sep 30, 2025 | $34.3B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $33.4B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $886M | $546M |
| FY2017, ended Sep 30, 2017 | $1.04B | $338M |
| FY2018, ended Sep 30, 2018 | $1.46B | $477M |
| FY2019, ended Sep 30, 2019 | $1.62B | $765M |
| FY2020, ended Sep 30, 2020 | $2.37B | $1.33B |
| FY2021, ended Sep 30, 2021 | $4.18B | $441M |
| FY2022, ended Sep 30, 2022 | $5.86B | $414M |
| FY2023, ended Sep 30, 2023 | $4.75B | $4.16B |
| FY2024, ended Sep 30, 2024 | $4.76B | $2.02B |
| FY2025, ended Sep 30, 2025 | $3.59B | $3.28B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $3.05B | $3.20B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.08B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $1.30B |
| FY2017, ended Sep 30, 2017 | $1.01B |
| FY2018, ended Sep 30, 2018 | $1.47B |
| FY2019, ended Sep 30, 2019 | $1.49B |
| FY2020, ended Sep 30, 2020 | $3.02B |
| FY2021, ended Sep 30, 2021 | $3.21B |
| FY2022, ended Sep 30, 2022 | $2.54B |
| FY2023, ended Sep 30, 2023 | $3.87B |
| FY2024, ended Sep 30, 2024 | $4.52B |
| FY2025, ended Sep 30, 2025 | $2.99B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $2.08B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 25.0% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.280M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 373M |
| FY2017, ended Sep 30, 2017 | 375M |
| FY2018, ended Sep 30, 2018 | 376M |
| FY2019, ended Sep 30, 2019 | 368M |
| FY2020, ended Sep 30, 2020 | 364M |
| FY2021, ended Sep 30, 2021 | 357M |
| FY2022, ended Sep 30, 2022 | 344M |
| FY2023, ended Sep 30, 2023 | 333M |
| FY2024, ended Sep 30, 2024 | 321M |
| FY2025, ended Sep 30, 2025 | 292M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 280M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $2.76B more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Sep 30, 2016 | $0 | $49.0M | — |
| FY2017, ended Sep 30, 2017 | $60.6M | $59.2M | $0 |
| FY2018, ended Sep 30, 2018 | $128M | $55.8M | $0 |
| FY2019, ended Sep 30, 2019 | $480M | $73.2M | $101M |
| FY2020, ended Sep 30, 2020 | $360M | $77.8M | $0 |
| FY2021, ended Sep 30, 2021 | $874M | $91.4M | $33.5M |
| FY2022, ended Sep 30, 2022 | $1.10B | $105M | $1.70M |
| FY2023, ended Sep 30, 2023 | $1.20B | $111M | $0 |
| FY2024, ended Sep 30, 2024 | $1.80B | $118M | $19.7M |
| FY2025, ended Sep 30, 2025 | $4.30B | $131M | $0 |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $2.90B | $137M | — |
Revenue (TTM)
$33.4B
−3.5% YoY
Net income (TTM)
$3.05B
−23.0% YoY
Cash
$2.08B
−20.5% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $40.8B
- P/E
- 13.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.2×
- Price / Book
- 1.7×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $33.4B
- Revenue Growth YoY
- −3.5%
- Revenue CAGR 3Y
- 0.8%
- Revenue CAGR 5Y
- 11.0%
- EPS Growth YoY
- −15.7%
- Net Income Growth YoY
- −23.0%
Profitability
Trailing 12 months- Gross Margin
- 22.6%
- Operating Margin
- —
- Net Margin
- 9.2%
- FCF Margin
- 9.6%
- Return on Equity
- 12.8%
Earnings
Trailing 12 months- Net Income
- $3.05B
- EPS (diluted)
- $10.49
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $2.08B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $36.5B
- Total Liabilities
- $12.1B
- Shareholders' Equity
- $23.8B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.35B
- Capital Expenditure
- $150M
- Free Cash Flow
- $3.20B
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $1.80
- Beta (5Y)
- 1.35
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $33.4B.
Note
Net margin of 9.2% over the last 12 months.
Note
Free cash flow of $3.20B, 9.6% of revenue.
Strength
Share count is down 6.2% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 19, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K63Mildly positive
63Mildly positive
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 19, 2024 · Read the filing on EDGAR
- Revenue rose 4% to $36.8 billion, while net income was flat at about $4.8 billion; earnings per share rose 4% to $14.34.
- Net sales orders rose 10% and home closings rose 8%. Home sales gross margin held at 23.5%, but incentives are expected to stay high.
- Rental revenue fell 36% and its pre-tax profit fell 56% to $229 million, as fewer single-family rental homes were sold.
- Operating cash flow halved to $2.2 billion as land spending rose. Share buybacks increased to $1.8 billion and the quarterly dividend was raised to $0.40.
Business momentum
Improving
“our consolidated revenues increased 4% to $36.8 billion compared to $35.5 billion in the prior year. Our pre-tax income was $6.3 billion in both fiscal 2024 and 2023”
Outlook
Cautious
“We expect our incentive levels to remain elevated, assuming similar market conditions and no significant changes in mortgage interest rates.”
Financial stress
Low
“Our net debt to total capital (notes payable net of cash divided by stockholders’ equity plus notes payable net of cash) was 5.2% at September 30, 2024 compared to 5.1% at September 30, 2023.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Sales orders up 10%
“Net sales orders increased 10% to 86,561 homes, and the value of net sales orders increased 11% to $32.7 billion.”
Home sales margin held steady
“Home sales gross margin was 23.5% in both years.”
Strong cash and bigger shareholder returns
“During fiscal 2024, we repurchased 12.5 million shares at a total cost, including commissions and excise taxes, of $1.8 billion”
Concerns
Operating cash flow halved
“Net cash provided by operations was $2.2 billion compared to $4.3 billion.”
Order backlog down 20%
“Sales order backlog decreased 20% to 12,180 homes, and the value of sales order backlog decreased 19% to $4.8 billion.”
Overhead costs rising faster than revenue
“SG&A expense from homebuilding activities increased 14% to $2.6 billion in fiscal 2024 from $2.2 billion in fiscal 2023.”
New risks since the previous report
Rental business shrinking sharply
“Revenues from our rental operations decreased to $1.7 billion in fiscal 2024 from $2.6 billion in fiscal 2023, and pre-tax income decreased to $228.7 million from $524.2 million.”
More unsold finished homes in inventory
“At September 30, 2024, approximately 10,300 of our unsold homes were completed, of which approximately 1,100 homes had been completed for more than six months.”
Rising construction defect claims
“At September 30, 2024 and 2023, we had reserves for approximately 825 and 600 pending construction defect claims, respectively”
Biggest risks named
- High mortgage rates hurting home affordability
- Incentives and price cuts squeezing margins
- Land and inventory write-downs if housing weakens
- Weaker rental property sales
- Construction defect and warranty claims
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 63 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 19, 2025 | Pro | |||
| 10-K | Nov 19, 2024 | 63 | Improving | None | |
| 10-K | Nov 17, 2023 | 55 | Mixed | None | |
| 10-K | Nov 18, 2022 | 66 | Strong improvement | None | |
| 10-K | Nov 18, 2021 | 74 | Strong improvement | None | |
| 10-K | Nov 20, 2020 | 76 | Strong improvement | None | |
| 10-K | Nov 25, 2019 | 68 | Improving | None | |
| 10-K | Nov 16, 2018 | 72 | Strong improvement | 1 minor | |
| 10-K | Nov 15, 2017 | 73 | Strong improvement | None | |
| 10-K | Nov 18, 2016 | 75 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Jul 23, 2026. View filings on SEC EDGAR