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Largest US homebuilder by volume, building single-family homes across price points nationwide.
Largest US homebuilder by volume, building single-family homes across price points nationwide.
Earns on each home that closes, the gap between the sale price and the cost of land, materials and labor. Rather than holding raw land, it buys finished lots, many from Forestar, a lot developer it controls, which limits the capital tied up. Its mortgage and title arms handle many buyers' financing in-house.
Moat: narrow (scale, cost advantage). Largest national land/building scale gives purchasing and cost advantages versus smaller regional builders.
Headquarters: Arlington, Texas, US · Founded: 1978
Size D. R. Horton (DHI) is a United States Consumer Discretionary company (Homebuilding) with a market value of $41.3B, the 291st largest of 3,117 United States companies the cockpit tracks. Shares closed at $152.28 on 6 Nov 2026.
Performance Over six months the shares gained 3.1%, against +5.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +4.7%); the operating margin is 11.2% (peer median 9.6%).
Valuation It trades at 17.4× forward earnings against a peer median of 14.3× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.5 points below its cost of capital (10.8% WACC).
Credit D. R. Horton has 4 bonds outstanding ($2.40B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 88 bp.
Short interest Short interest is 4.5% of the free float (15 Oct 2026).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $33.0B | $33.0B | $34.3B | $36.8B | $35.5B |
| Revenue growth | — | -4% | -7% | +4% | — |
| Gross profit | $7.36B | $7.36B | $8.12B | $9.54B | $9.35B |
| EBITDA | $3.82B | $3.73B | $4.80B | $6.20B | $6.33B |
| Net income | $2.89B | $2.89B | $3.59B | $4.76B | $4.75B |
| Free cash flow | $3.35B | $3.35B | $3.28B | $2.02B | $4.16B |
| Capital expenditure | $160M | $160M | $137M | $165M | $149M |
| Total debt | $6.05B | $6.05B | $6.03B | $5.97B | $5.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
| PulteGroup PHM | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% |
| NVR NVR | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DHI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | +12.3% | 10th lowest of 21 |
| 6-month return | +3.1% | +5.2% | 10th lowest of 21 |
| Distance from 52-week high | -10.8% | -21.4% | 6th highest of 21 |
| Revenue growth (TTM) | -3.5% | +4.7% | 9th lowest of 21 |
| Operating margin | 11.2% | 9.6% | 9th highest of 21 |
| Forward P/E | 17.4× | 14.3× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.8% | 5.3% | 8th most demanding of 19 |
| Growth delivered (Del g) | +3.5% | +8.5% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | +4.2 pp | -1.1 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -0.5 pp | -1.1 pp | 10th highest of 21 |
| EV / EBITDA | 12.0× | 9.5× | 7th most expensive of 19 |
| Net debt / EBITDA | 1.0× | 0.8× | 9th most indebted of 19 |
| Bond spread | 88 bp | 90 bp | 3rd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| D. R. Horton DHI | United States | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% | +3.5% |
| PulteGroup PHM | United States | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% | +9.4% |
| Lennar LEN | United States | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% | +8.7% |
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
D. R. Horton has 4 bonds outstanding with $2.40B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.60%, a spread of 88 bp over government bonds.