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D.R. Horton (DHI) Financials

D.R. Horton logo
$156.35 +2.46 (+1.60%)
Closing price 08/8/2025 03:59 PM Eastern
Extended Trading
$157.12 +0.78 (+0.50%)
As of 07:19 AM Eastern
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Annual Income Statements for D.R. Horton

Annual Income Statements for D.R. Horton

This table shows D.R. Horton's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Income / (Loss) Attributable to Common Shareholders
534 751 886 1,038 1,460 1,619 2,374 4,176 5,858 4,746 4,756
Consolidated Net Income / (Loss)
534 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806
Net Income / (Loss) Continuing Operations
534 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806
Total Pre-Tax Income
814 1,123 1,354 1,602 2,060 2,125 2,983 5,356 7,630 6,315 6,285
Total Operating Income
809 1,116 1,332 1,577 2,012 2,093 2,950 5,333 7,570 6,102 5,936
Total Gross Profit
1,756 2,288 2,655 3,048 3,670 3,872 4,938 7,875 10,504 9,350 9,535
Total Revenue
8,025 10,824 12,157 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801
Operating Revenue
8,025 10,824 12,157 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801
Total Cost of Revenue
6,269 8,536 9,503 11,043 12,398 13,721 15,373 19,899 22,976 26,110 27,266
Operating Cost of Revenue
6,269 8,536 9,503 11,043 12,398 13,721 15,373 19,899 22,976 26,110 27,266
Total Operating Expenses
948 1,173 1,323 1,472 1,658 1,779 1,988 2,542 2,934 3,249 3,600
Selling, General & Admin Expense
965 1,186 1,320 1,472 1,677 1,833 2,048 2,556 2,934 3,249 3,600
Total Other Income / (Expense), net
5.50 7.80 22 26 48 32 33 24 59 213 349
Other Income / (Expense), net
5.50 7.80 22 26 45 32 33 42 59 213 349
Income Tax Expense
281 373 467 564 598 507 603 1,165 1,734 1,520 1,479
Net Income / (Loss) Attributable to Noncontrolling Interest
- - 0.00 0.00 2.00 0.10 6.80 15 38 50 50
Basic Earnings per Share
$1.57 $2.05 $2.39 $2.77 $3.88 $4.34 $6.49 $11.56 $16.65 $13.93 $14.44
Weighted Average Basic Shares Outstanding
340M 366.30M 371M 374.30M 376.60M 372.60M 365.50M 361.10M 351.70M 340.70M 329.50M
Diluted Earnings per Share
$1.50 $2.03 $2.36 $2.74 $3.81 - $6.41 $11.41 $16.51 $13.82 $14.34
Weighted Average Diluted Shares Outstanding
340M 366.30M 375.10M 378.90M 383.40M 377.40M 370.20M 365.80M 354.80M 343.30M 331.60M
Weighted Average Basic & Diluted Shares Outstanding
340M 366.30M 372.93M 374.90M 376.40M 377.40M 370.20M 356.53M 344.34M 333.18M 321.17M
Cash Dividends to Common per Share
$0.14 $0.25 $0.32 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 $1.20

Quarterly Income Statements for D.R. Horton

This table shows D.R. Horton's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
959 942 1,335 1,510 947 1,172 1,354 1,283 845 810 1,025
Consolidated Net Income / (Loss)
968 950 1,352 1,526 956 1,184 1,367 1,300 852 819 1,033
Net Income / (Loss) Continuing Operations
968 950 1,352 1,526 956 1,184 1,367 1,300 852 819 1,033
Total Pre-Tax Income
1,267 1,245 1,784 2,018 1,248 1,529 1,799 1,710 1,110 1,067 1,358
Total Operating Income
1,230 1,203 1,732 1,937 1,171 1,452 1,718 1,594 1,032 1,002 1,265
Total Gross Profit
1,967 1,977 2,584 2,823 2,006 2,333 2,642 2,554 1,910 1,900 2,209
Total Revenue
7,258 7,973 9,726 10,504 7,726 9,107 9,966 10,003 7,613 7,734 9,226
Operating Revenue
7,258 7,973 9,726 10,504 7,726 9,107 9,966 10,003 7,613 7,734 9,226
Total Cost of Revenue
5,291 5,996 7,142 7,681 5,720 6,774 7,324 7,448 5,703 5,834 7,017
Operating Cost of Revenue
5,291 5,996 7,142 7,681 5,720 6,774 7,324 7,448 5,703 5,834 7,017
Total Operating Expenses
737 774 852 886 835 881 924 960 878 899 944
Selling, General & Admin Expense
737 774 852 886 835 881 924 960 878 899 944
Total Other Income / (Expense), net
38 42 52 81 76 76 81 116 78 66 93
Other Income / (Expense), net
38 42 52 81 76 76 81 116 78 66 93
Income Tax Expense
299 296 432 493 292 345 432 410 258 248 325
Net Income / (Loss) Attributable to Noncontrolling Interest
9.60 7.40 17 16 8.30 12 13 17 7.00 8.70 8.50
Basic Earnings per Share
$2.79 $2.75 $3.93 $4.46 $2.84 $3.54 $4.12 $3.94 $2.63 $2.59 $3.37
Weighted Average Basic Shares Outstanding
344.20M 342.10M 339.90M 340.70M 333.30M 330.90M 328.40M 329.50M 321.50M 312.50M 304.10M
Diluted Earnings per Share
$2.76 $2.73 $3.90 $4.43 $2.82 $3.52 $4.10 $3.90 $2.61 $2.58 $3.36
Weighted Average Diluted Shares Outstanding
346.90M 344.90M 342.30M 343.30M 335.70M 333.30M 330.10M 331.60M 323.30M 314M 304.90M
Weighted Average Basic & Diluted Shares Outstanding
343.39M 341.07M 338.30M 333.18M 331.82M 329.31M 326.04M 321.17M 315.12M 307.18M 298.12M
Cash Dividends to Common per Share
$0.25 $0.25 $0.25 - $0.30 $0.30 $0.30 - $0.40 $0.40 $0.40

Annual Cash Flow Statements for D.R. Horton

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Change in Cash & Equivalents
-316 722 -81 -288 482 8.00 1,526 197 -664 1,327 644
Net Cash From Operating Activities
-661 700 624 440 545 892 1,422 534 562 4,304 2,190
Net Cash From Continuing Operating Activities
-661 700 624 440 545 892 1,422 534 562 4,290 2,190
Net Income / (Loss) Continuing Operations
534 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806
Consolidated Net Income / (Loss)
534 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806
Depreciation Expense
38 54 61 55 62 72 91 82 81 92 87
Non-Cash Adjustments To Reconcile Net Income
111 100 73 85 87 73 42 -180 -1,548 26 -18
Changes in Operating Assets and Liabilities, net
-1,372 -210 -402 -743 -1,076 -883 -1,092 -3,559 -3,868 -622 -2,686
Net Cash From Investing Activities
-282 -95 -113 -164 19 -394 -166 -252 -415 -310 -191
Net Cash From Continuing Investing Activities
-282 -95 -113 -164 19 -394 -166 -252 -415 -310 -191
Purchase of Property, Plant & Equipment
-100 -56 -86 -157 -138 -224 -287 -267 -148 -149 -165
Acquisitions
-244 -71 -82 -4.10 -159 -316 -9.70 -25 -272 -213 -40
Sale of Property, Plant & Equipment
0.00 56 0.00 0.00 293 144 130 38 0.00 52 19
Other Investing Activities, net
68 -16 36 -8.80 7.30 2.10 0.60 2.10 4.80 -0.70 -4.30
Net Cash From Financing Activities
628 117 -592 -565 -83 -490 271 -85 -811 -2,667 -1,355
Net Cash From Continuing Financing Activities
628 117 -592 -565 -83 -490 271 -85 -811 -2,667 -1,355
Repayment of Debt
-797 -1,456 -550 -1,245 -2,182 -2,686 -1,444 -467 -3,586 -1,879 -1,215
Repurchase of Common Equity
- 0.00 0.00 -61 -128 -480 -360 -848 -1,132 -1,179 -1,788
Payment of Dividends
-49 -92 -119 -150 -192 -227 -256 -289 -317 -341 -395
Issuance of Debt
1,428 1,591 0.00 835 2,381 2,779 2,346 1,542 4,250 762 2,086
Issuance of Common Equity
45 62 72 47 47 143 23 56 35 26 40
Other Financing Activities, net
0.60 12 4.10 9.20 -10 -20 -38 -79 -62 -56 -84
Cash Income Taxes Paid
280 334 390 446 387 488 581 1,138 1,701 1,442 1,670

Quarterly Cash Flow Statements for D.R. Horton

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
40 462 333 492 -556 -251 -73 1,524 -1,475 -551 147
Net Cash From Operating Activities
829 645 788 2,043 -153 -317 698 1,962 647 -436 739
Net Cash From Continuing Operating Activities
829 645 788 2,029 -153 -317 698 1,962 647 -436 739
Net Income / (Loss) Continuing Operations
968 950 1,352 1,526 956 1,184 1,367 1,300 852 819 1,033
Consolidated Net Income / (Loss)
968 950 1,352 1,526 956 1,184 1,367 1,300 852 819 1,033
Depreciation Expense
20 27 24 21 20 21 22 24 24 25 25
Non-Cash Adjustments To Reconcile Net Income
-307 -280 -48 660 -210 -92 53 231 -27 -67 65
Changes in Operating Assets and Liabilities, net
148 -52 -540 -178 -920 -1,430 -744 407 -202 -1,213 -385
Net Cash From Investing Activities
-143 -38 -128 -1.70 -39 -27 -95 -30 -57 -37 -29
Net Cash From Continuing Investing Activities
-143 -38 -128 -1.70 -39 -27 -95 -30 -57 -37 -29
Purchase of Property, Plant & Equipment
-48 -32 -29 -40 -48 -24 -62 -32 -13 -34 -46
Sale of Property, Plant & Equipment
0.00 - - 52 9.90 - 5.00 4.50 0.00 - 18
Other Investing Activities, net
1.70 0.40 -0.30 -2.50 -0.60 -3.00 -1.20 0.50 7.20 -1.00 -1.40
Net Cash From Financing Activities
-647 -145 -326 -1,549 -363 92 -677 -408 -2,065 -77 -563
Net Cash From Continuing Financing Activities
-647 -145 -326 -1,549 -363 92 -677 -408 -2,065 -77 -563
Repayment of Debt
-722 -9.70 93 -1,240 -570 358 -426 -577 -1,513 -134 -61
Repurchase of Common Equity
-118 -302 -340 -419 -377 -418 -436 -557 -1,056 -1,352 -1,168
Payment of Dividends
-86 -86 -85 -84 -100 -99 -98 -98 -129 -126 -122
Issuance of Debt
300 275 - 187 720 265 285 816 660 1,562 790
Other Financing Activities, net
-26 -30 -0.10 -0.20 -38 -44 -1.30 -1.00 -28 -36 -0.80

Annual Balance Sheets for D.R. Horton

This table presents D.R. Horton's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Total Assets
10,185 11,151 11,559 12,185 14,115 15,607 18,912 24,016 30,351 32,582 36,104
Total Current Assets
8,372 9,201 9,654 10,261 11,901 12,796 3,040 19,716 24,229 26,273 29,447
Cash & Equivalents
662 1,384 1,303 1,008 1,473 1,494 3,019 3,210 2,541 3,874 4,516
Restricted Cash
10 9.70 9.50 17 33 20 22 27 32 27 28
Inventories, net
7,701 7,807 8,341 9,237 10,395 11,282 - 16,479 21,656 22,373 24,903
Plant, Property, & Equipment, net
191 147 195 325 401 499 684 393 472 445 531
Total Noncurrent Assets
1,622 2,362 1,710 1,598 1,813 2,293 15,189 3,907 5,651 5,864 6,126
Goodwill
95 87 80 80 109 164 164 164 164 164 164
Noncurrent Deferred & Refundable Income Taxes
565 1,116 476 365 194 144 145 155 141 187 168
Other Noncurrent Operating Assets
486 527 500 566 1,498 1,985 14,880 3,588 5,346 5,513 5,795
Total Liabilities & Shareholders' Equity
10,185 11,151 11,559 12,185 14,115 15,607 18,912 24,016 30,351 32,582 36,104
Total Liabilities
5,066 5,256 4,766 4,437 4,956 5,312 6,791 8,800 10,566 9,445 10,280
Total Current Liabilities
1,400 1,444 1,495 1,565 1,752 1,912 2,508 3,387 4,499 4,350 4,362
Accounts Payable
525 517 578 580 625 634 901 1,177 1,360 1,246 1,346
Accrued Expenses
875 927 917 985 1,128 1,278 1,607 2,210 3,138 3,104 3,017
Total Noncurrent Liabilities
3,666 3,812 3,271 2,872 3,204 3,399 4,283 5,412 6,067 5,095 5,918
Long-Term Debt
- 3,812 3,271 - 3,204 - 4,283 5,412 6,067 5,095 5,918
Commitments & Contingencies
0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
5,120 5,895 6,793 7,748 9,159 10,295 12,122 15,216 19,786 23,138 25,824
Total Preferred & Common Equity
5,116 5,894 6,793 7,747 8,984 10,021 11,840 14,887 19,396 22,696 25,313
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
5,116 5,894 6,793 7,747 8,984 10,021 11,840 14,887 19,396 22,696 25,313
Common Stock
2,617 2,738 2,870 2,996 3,089 3,183 3,245 3,279 3,354 3,436 3,495
Retained Earnings
2,631 3,290 4,057 4,946 6,218 7,640 9,758 13,644 19,185 23,590 27,951
Treasury Stock
-134 -134 -134 -195 -322 -802 -1,163 -2,037 -3,143 -4,330 -6,133
Noncontrolling Interest
3.90 1.10 0.50 0.50 175 274 282 330 389 442 512

Quarterly Balance Sheets for D.R. Horton

This table presents D.R. Horton's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets
30,265 31,171 32,323 32,582 33,382 34,398 35,151 36,104 35,030 35,690 36,396
Total Current Assets
25,058 25,646 26,392 26,273 27,395 27,933 28,556 29,447 29,150 29,001 29,391
Cash & Equivalents
2,591 3,051 3,379 3,874 3,323 3,063 2,992 4,516 3,050 2,471 2,614
Restricted Cash
21 24 29 27 21 30 28 28 19 47 51
Inventories, net
22,445 22,572 22,984 22,373 24,050 24,840 25,536 24,903 26,081 26,482 26,726
Plant, Property, & Equipment, net
502 510 425 445 476 480 521 531 524 537 560
Total Noncurrent Assets
4,705 5,015 5,506 5,864 5,511 5,985 6,074 6,126 5,356 6,153 6,445
Goodwill
164 164 164 164 164 164 164 164 164 164 164
Noncurrent Deferred & Refundable Income Taxes
138 112 122 187 176 167 157 168 127 75 67
Other Noncurrent Operating Assets
4,404 4,739 5,221 5,513 5,172 5,655 5,754 5,795 5,065 5,915 6,215
Total Liabilities & Shareholders' Equity
30,265 31,171 32,323 32,582 33,382 34,398 35,151 36,104 35,030 35,690 36,396
Total Liabilities
9,712 10,049 10,241 9,445 9,778 10,102 10,001 10,280 9,567 10,831 11,803
Total Current Liabilities
4,022 4,082 4,136 4,350 4,488 4,164 4,310 4,362 4,469 4,313 4,554
Accounts Payable
1,205 1,251 1,370 1,246 1,260 1,387 1,413 1,346 1,373 1,374 1,389
Accrued Expenses
2,817 2,831 2,766 3,104 3,227 2,777 2,897 3,017 3,097 2,939 3,165
Total Noncurrent Liabilities
5,690 5,967 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249
Long-Term Debt
5,690 - 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
20,552 21,122 22,082 23,138 23,604 24,296 25,151 25,824 25,463 24,859 24,593
Total Preferred & Common Equity
20,153 20,713 21,656 22,696 23,153 23,816 24,657 25,313 24,944 24,327 24,053
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
20,153 20,713 21,656 22,696 23,153 23,816 24,657 25,313 24,944 24,327 24,053
Common Stock
3,356 3,362 3,399 3,436 3,444 3,436 3,463 3,495 3,512 3,514 3,541
Retained Earnings
20,058 20,915 22,164 23,590 24,437 25,510 26,765 27,951 28,667 29,352 30,255
Treasury Stock
-3,261 -3,564 -3,907 -4,330 -4,728 -5,130 -5,572 -6,133 -7,236 -8,539 -9,742
Noncontrolling Interest
399 409 426 442 450 481 494 512 519 532 540

Annual Metrics And Ratios for D.R. Horton

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
28.21% 34.88% 12.32% 15.90% 14.03% 9.49% 15.45% 36.74% 20.54% 5.92% 3.78%
EBITDA Growth
21.33% 34.44% 20.02% 17.04% 28.14% 3.70% 39.19% 77.53% 41.32% -16.92% -0.54%
EBIT Growth
22.82% 37.98% 20.48% 18.37% 28.41% 3.31% 40.36% 80.17% 41.96% -17.24% -0.48%
NOPAT Growth
16.25% 40.69% 16.98% 17.18% 39.76% 11.63% 47.64% 77.28% 40.19% -20.79% -2.03%
Net Income Growth
15.30% 40.71% 18.06% 17.16% 40.82% 10.69% 47.07% 76.06% 40.67% -18.66% 0.23%
EPS Growth
12.78% 35.33% 16.26% 16.10% 39.05% 0.00% 0.00% 78.00% 44.70% -16.29% 3.76%
Operating Cash Flow Growth
46.20% 205.90% -10.92% -29.44% 23.85% 63.63% 59.35% -62.41% 5.13% 666.13% -49.12%
Free Cash Flow Firm Growth
166.27% -215.42% 126.97% 207.48% -188.32% 236.50% -161.14% 106.50% -126.30% 9,419.31% -53.26%
Invested Capital Growth
-37.39% 99.45% -1.35% -23.18% 61.31% -19.21% 52.52% 30.13% 33.86% 4.52% 11.78%
Revenue Q/Q Growth
8.26% 6.92% 4.91% 3.06% 2.20% 3.13% 36.05% -7.68% 4.79% 2.50% -1.34%
EBITDA Q/Q Growth
5.00% 8.24% 7.52% 2.91% 6.15% 2.70% 328.35% -38.14% 4.64% -0.73% -4.59%
EBIT Q/Q Growth
5.82% 8.50% 7.49% 3.39% 6.16% 2.66% 308.08% -38.40% 4.65% -0.75% -4.68%
NOPAT Q/Q Growth
6.28% 11.05% 4.06% 3.27% 11.69% 5.28% 337.74% -45.68% 5.36% -3.49% -5.28%
Net Income Q/Q Growth
5.29% 10.72% 5.32% 2.93% 11.92% 2.20% 15.94% 13.99% 5.41% -2.49% -4.49%
EPS Q/Q Growth
3.45% 10.93% 5.36% 2.62% 11.73% 0.00% 0.00% 0.00% 6.17% -1.50% -3.56%
Operating Cash Flow Q/Q Growth
0.80% 594.15% 3.91% 25.92% -41.53% 179.30% 1.52% -33.05% 9,109.84% 27.13% -3.58%
Free Cash Flow Firm Q/Q Growth
-8.28% -625.58% 120.76% 193.67% -174.46% 209.29% -19.54% -96.67% 93.62% 30.33% -4.37%
Invested Capital Q/Q Growth
80,770.91% 38,671.74% 56.44% -31.67% 44.59% -29.22% 0.71% 4.94% 2.43% -1.81% -2.24%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
21.89% 21.14% 21.84% 21.63% 22.84% 22.01% 24.31% 28.35% 31.37% 26.37% 25.91%
EBITDA Margin
10.97% 10.93% 11.68% 11.79% 13.25% 12.55% 15.13% 19.65% 23.03% 18.07% 17.31%
Operating Margin
10.08% 10.31% 10.95% 11.19% 12.52% 11.90% 14.52% 19.20% 22.61% 17.21% 16.13%
EBIT Margin
10.15% 10.38% 11.13% 11.37% 12.80% 12.08% 14.69% 19.35% 22.79% 17.81% 17.08%
Profit (Net Income) Margin
6.65% 6.94% 7.29% 7.37% 9.10% 9.20% 11.72% 15.09% 17.61% 13.52% 13.06%
Tax Burden Percent
65.52% 66.82% 65.48% 64.81% 70.99% 76.16% 79.80% 78.25% 77.27% 75.94% 76.47%
Interest Burden Percent
100.00% 100.00% 100.00% 100.00% 100.14% 100.00% 100.00% 99.66% 100.00% 100.00% 100.00%
Effective Tax Rate
34.48% 33.18% 34.52% 35.19% 29.01% 23.84% 20.20% 21.75% 22.73% 24.06% 23.53%
Return on Invested Capital (ROIC)
9.17% 11.19% 9.90% 13.21% 16.26% 16.26% 21.28% 27.13% 28.77% 19.46% 17.62%
ROIC Less NNEP Spread (ROIC-NNEP)
9.48% 11.65% 10.47% 16.74% 26.57% 47.85% 2.86% 28.21% 30.38% 26.37% 38.39%
Return on Net Nonoperating Assets (RNNOA)
2.45% 2.44% 4.07% 1.08% 1.04% 0.38% -0.04% 3.53% 4.92% 2.88% 2.01%
Return on Equity (ROE)
11.62% 13.63% 13.97% 14.28% 17.30% 16.64% 21.24% 30.66% 33.69% 22.34% 19.63%
Cash Return on Invested Capital (CROIC)
55.17% -55.23% 11.26% 39.42% -30.67% 37.51% -20.32% 0.95% -0.19% 15.04% 6.50%
Operating Return on Assets (OROA)
8.55% 10.53% 11.92% 13.50% 15.64% 14.30% 17.28% 25.04% 28.07% 20.07% 18.30%
Return on Assets (ROA)
5.60% 7.04% 7.81% 8.75% 11.12% 10.89% 13.79% 19.53% 21.69% 15.24% 13.99%
Return on Common Equity (ROCE)
11.61% 13.62% 13.97% 14.28% 17.12% 16.26% 20.71% 29.98% 33.00% 21.91% 19.25%
Return on Equity Simple (ROE_SIMPLE)
10.43% 12.74% 13.05% 13.40% 16.28% 16.15% 20.11% 28.15% 30.40% 21.13% 18.99%
Net Operating Profit after Tax (NOPAT)
530 745 872 1,022 1,428 1,594 2,354 4,173 5,850 4,633 4,539
NOPAT Margin
6.60% 6.89% 7.17% 7.25% 8.89% 9.06% 11.59% 15.02% 17.47% 13.07% 12.33%
Net Nonoperating Expense Percent (NNEP)
-0.30% -0.45% -0.58% -3.54% -10.31% -31.59% 18.41% -1.08% -1.62% -6.90% -20.77%
Cost of Revenue to Revenue
78.11% 78.86% 78.16% 78.37% 77.16% 77.99% 75.69% 71.65% 68.63% 73.63% 74.09%
SG&A Expenses to Revenue
12.03% 10.96% 10.86% 10.44% 10.44% 10.42% 10.08% 9.20% 8.76% 9.16% 9.78%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
11.81% 10.83% 10.88% 10.44% 10.32% 10.11% 9.79% 9.15% 8.76% 9.16% 9.78%
Earnings before Interest and Taxes (EBIT)
814 1,123 1,354 1,602 2,057 2,125 2,983 5,374 7,630 6,315 6,285
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
880 1,183 1,420 1,662 2,130 2,208 3,074 5,457 7,711 6,406 6,372
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.31 1.65 1.51 1.79 1.66 1.85 2.24 1.96 1.18 1.59 2.45
Price to Tangible Book Value (P/TBV)
1.34 1.68 1.53 1.81 1.68 1.88 2.27 1.98 1.19 1.60 2.47
Price to Revenue (P/Rev)
0.84 0.90 0.85 0.98 0.93 1.05 1.30 1.05 0.68 1.01 1.69
Price to Earnings (P/E)
12.57 12.98 11.60 13.33 10.20 11.45 11.15 7.00 3.92 7.58 13.05
Dividend Yield
0.75% 0.94% 1.16% 1.08% 1.27% 1.20% 0.96% 0.98% 1.36% 0.94% 0.63%
Earnings Yield
7.96% 7.70% 8.62% 7.50% 9.80% 8.73% 8.97% 14.29% 25.54% 13.19% 7.67%
Enterprise Value to Invested Capital (EV/IC)
1.36 1.37 1.40 1.91 1.55 1.97 2.09 1.82 1.15 1.55 2.35
Enterprise Value to Revenue (EV/Rev)
0.75 1.12 1.01 0.91 1.04 0.98 1.38 1.14 0.80 1.06 1.74
Enterprise Value to EBITDA (EV/EBITDA)
6.86 10.28 8.62 7.72 7.87 7.83 9.11 5.81 3.48 5.87 10.03
Enterprise Value to EBIT (EV/EBIT)
7.41 10.83 9.05 8.00 8.15 8.14 9.38 5.90 3.51 5.96 10.17
Enterprise Value to NOPAT (EV/NOPAT)
11.39 16.32 14.04 12.55 11.73 10.84 11.89 7.60 4.58 8.12 14.09
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 17.37 19.62 29.13 30.74 19.38 19.69 59.36 47.73 8.74 29.20
Enterprise Value to Free Cash Flow (EV/FCFF)
1.89 0.00 12.34 4.20 0.00 4.70 0.00 217.11 0.00 10.50 38.21
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.65 0.48 0.00 0.35 0.00 0.35 0.36 0.31 0.22 0.23
Long-Term Debt to Equity
0.00 0.65 0.48 0.00 0.35 0.00 0.35 0.36 0.31 0.22 0.23
Financial Leverage
0.26 0.21 0.39 0.06 0.04 0.01 -0.01 0.13 0.16 0.11 0.05
Leverage Ratio
2.07 1.94 1.79 1.63 1.56 1.53 1.54 1.57 1.55 1.47 1.40
Compound Leverage Factor
2.07 1.94 1.79 1.63 1.56 1.53 1.54 1.57 1.55 1.47 1.40
Debt to Total Capital
0.00% 39.27% 32.50% 0.00% 25.91% 0.00% 26.11% 26.24% 23.47% 18.04% 18.64%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 39.27% 32.50% 0.00% 25.91% 0.00% 26.11% 26.24% 23.47% 18.04% 18.64%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.08% 0.01% 0.01% 0.01% 1.41% 2.66% 1.72% 1.60% 1.51% 1.56% 1.61%
Common Equity to Total Capital
99.92% 60.72% 67.49% 99.99% 72.68% 97.34% 72.17% 72.16% 75.03% 80.39% 79.75%
Debt to EBITDA
0.00 3.22 2.30 0.00 1.50 0.00 1.39 0.99 0.79 0.80 0.93
Net Debt to EBITDA
0.00 2.04 1.38 0.00 0.79 0.00 0.40 0.40 0.45 0.19 0.22
Long-Term Debt to EBITDA
0.00 3.22 2.30 0.00 1.50 0.00 1.39 0.99 0.79 0.80 0.93
Debt to NOPAT
0.00 5.11 3.75 0.00 2.24 0.00 1.82 1.30 1.04 1.10 1.30
Net Debt to NOPAT
0.00 3.24 2.25 0.00 1.18 0.00 0.53 0.52 0.60 0.26 0.30
Long-Term Debt to NOPAT
0.00 5.11 3.75 0.00 2.24 0.00 1.82 1.30 1.04 1.10 1.30
Altman Z-Score
3.03 3.66 4.07 4.89 4.90 5.19 4.69 5.50 4.90 5.83 7.13
Noncontrolling Interest Sharing Ratio
0.07% 0.05% 0.01% 0.01% 1.04% 2.31% 2.48% 2.24% 2.05% 1.94% 1.95%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
5.98 6.37 6.46 6.56 6.79 6.69 1.21 5.82 5.39 6.04 6.75
Quick Ratio
0.47 0.96 0.87 0.64 0.84 0.78 1.20 0.95 0.56 0.89 1.04
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
3,187 -3,678 992 3,050 -2,694 3,677 -2,248 146 -38 3,581 1,673
Operating Cash Flow to CapEx
-660.08% 700,400.00% 724.62% 279.85% 0.00% 1,110.96% 905.48% 232.55% 379.08% 4,455.59% 1,500.89%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.07 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 29.52 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.83 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.84 1.01 1.07 1.19 1.22 1.18 1.18 1.29 1.23 1.13 1.07
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover
0.90 1.10 1.18 1.26 1.26 1.27 0.00 0.00 1.21 1.19 1.15
Fixed Asset Turnover
53.45 64.10 71.03 54.15 44.26 39.08 34.34 51.60 77.46 77.34 75.38
Accounts Payable Turnover
13.55 16.39 17.37 19.07 20.58 21.80 20.04 19.16 18.11 20.03 21.04
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)
404.61 331.56 310.12 290.50 288.98 288.32 0.00 0.00 302.91 307.75 316.44
Days Payable Outstanding (DPO)
26.93 22.27 21.01 19.14 17.74 16.74 18.22 19.05 20.15 18.22 17.35
Cash Conversion Cycle (CCC)
377.68 309.29 289.11 271.37 271.25 271.58 -18.22 -19.05 282.75 289.53 299.09
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
4,448 8,872 8,752 6,723 10,845 8,762 13,365 17,391 23,280 24,332 27,198
Invested Capital Turnover
1.39 1.63 1.38 1.82 1.83 1.79 1.84 1.81 1.65 1.49 1.43
Increase / (Decrease) in Invested Capital
-2,657 4,424 -120 -2,028 4,122 -2,083 4,602 4,027 5,888 1,053 2,866
Enterprise Value (EV)
6,037 12,165 12,244 12,822 16,759 17,289 27,995 31,722 26,815 37,611 63,935
Market Capitalization
6,705 9,746 10,285 13,846 14,898 18,529 26,471 29,217 22,932 35,975 62,050
Book Value per Share
$14.04 $16.07 $18.25 $20.70 $23.83 $27.10 $32.55 $41.56 $55.82 $67.09 $77.64
Tangible Book Value per Share
$13.78 $15.83 $18.03 $20.48 $23.54 $26.65 $32.10 $41.10 $55.35 $66.61 $77.14
Total Capital
5,120 9,707 10,064 7,748 12,362 10,295 16,405 20,629 25,853 28,232 31,742
Total Debt
0.00 3,812 3,271 0.00 3,204 0.00 4,283 5,412 6,067 5,095 5,918
Total Long-Term Debt
0.00 3,812 3,271 0.00 3,204 0.00 4,283 5,412 6,067 5,095 5,918
Net Debt
-672 2,418 1,959 -1,024 1,687 -1,514 1,243 2,175 3,494 1,194 1,374
Capital Expenditures (CapEx)
100 0.10 86 157 -155 80 157 230 148 97 146
Debt-free, Cash-free Net Working Capital (DFCFNWC)
6,301 6,363 6,846 7,672 8,643 9,370 -2,508 13,092 17,157 18,023 20,541
Debt-free Net Working Capital (DFNWC)
6,972 7,756 8,159 8,696 10,149 10,884 533 16,329 19,730 21,923 25,085
Net Working Capital (NWC)
6,972 7,756 8,159 8,696 10,149 10,884 533 16,329 19,730 21,923 25,085
Net Nonoperating Expense (NNE)
-3.60 -5.21 -14 -17 -34 -24 -27 -18 -46 -162 -267
Net Nonoperating Obligations (NNO)
-672 2,976 1,959 -1,024 1,687 -1,533 1,243 2,175 3,494 1,194 1,374
Total Depreciation and Amortization (D&A)
66 60 66 60 72 83 91 82 81 92 87
Debt-free, Cash-free Net Working Capital to Revenue
78.51% 58.79% 56.31% 54.44% 53.79% 53.26% -12.35% 47.14% 51.25% 50.83% 55.82%
Debt-free Net Working Capital to Revenue
86.88% 71.66% 67.11% 61.71% 63.16% 61.87% 2.62% 58.79% 58.93% 61.83% 68.16%
Net Working Capital to Revenue
86.88% 71.66% 67.11% 61.71% 63.16% 61.87% 2.62% 58.79% 58.93% 61.83% 68.16%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$1.57 $2.05 $2.39 $2.77 $0.00 $4.34 $6.49 $11.56 $16.65 $13.93 $14.44
Adjusted Weighted Average Basic Shares Outstanding
364.59M 368.70M 372.93M 375.04M 0.00 372.60M 365.50M 361.10M 351.70M 340.70M 329.50M
Adjusted Diluted Earnings per Share
$1.50 $2.03 $2.36 $2.74 $0.00 $4.29 $6.41 $11.41 $16.51 $13.82 $14.34
Adjusted Weighted Average Diluted Shares Outstanding
364.59M 368.70M 372.93M 375.04M 0.00 377.40M 370.20M 365.80M 354.80M 343.30M 331.60M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $4.34 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
364.59M 368.70M 372.93M 375.04M 0.00 368.49M 364.39M 356.53M 344.34M 333.18M 321.17M
Normalized Net Operating Profit after Tax (NOPAT)
530 752 874 1,022 1,415 1,553 2,306 4,162 5,850 4,633 4,539
Normalized NOPAT Margin
6.60% 6.95% 7.19% 7.25% 8.81% 8.83% 11.36% 14.98% 17.47% 13.07% 12.33%
Pre Tax Income Margin
10.15% 10.38% 11.13% 11.37% 12.82% 12.08% 14.69% 19.29% 22.79% 17.81% 17.08%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 296.93 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 230.54 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 284.23 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 217.85 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
9.11% 12.20% 13.39% 14.41% 13.10% 14.04% 10.75% 6.90% 5.37% 7.12% 8.22%
Augmented Payout Ratio
9.11% 12.20% 13.39% 20.24% 21.82% 43.69% 25.89% 27.15% 24.56% 31.69% 45.42%

Quarterly Metrics And Ratios for D.R. Horton

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
2.90% -0.33% 10.67% 8.97% 6.45% 14.23% 2.47% -4.78% -1.46% -15.08% -7.43%
EBITDA Growth
-15.14% -33.17% -17.99% -2.27% -1.52% 21.82% 0.76% -15.02% -10.53% -29.55% -24.05%
EBIT Growth
-15.37% -33.88% -18.29% -2.30% -1.55% 22.74% 0.85% -15.29% -11.03% -30.19% -24.51%
NOPAT Growth
-17.15% -36.08% -20.37% -10.31% -4.50% 22.59% -0.50% -17.25% -11.71% -31.65% -26.30%
Net Income Growth
-15.49% -34.16% -18.54% -7.44% -1.30% 24.65% 1.12% -14.80% -10.86% -30.80% -24.41%
EPS Growth
-12.93% -32.26% -16.49% -4.53% 2.17% 28.94% 5.13% -11.96% -7.45% -26.70% -18.05%
Operating Cash Flow Growth
576.22% 197.58% 189.74% 81.66% -118.50% -149.14% -11.33% -3.98% 521.58% -37.73% 5.77%
Free Cash Flow Firm Growth
-23.42% 195.60% 83.56% 109.67% 73.71% -305.98% -134.33% -501.77% -12.55% 88.09% 77.37%
Invested Capital Growth
25.67% -14.06% 9.03% 4.52% 8.12% 50.39% 12.28% 11.78% 7.60% 6.33% 4.87%
Revenue Q/Q Growth
-24.71% 9.85% 21.98% 8.00% -26.45% 17.88% 9.43% 0.37% -23.89% 1.59% 19.29%
EBITDA Q/Q Growth
-38.33% -1.17% 42.11% 12.84% -37.86% 22.26% 17.54% -4.84% -34.58% -3.73% 26.71%
EBIT Q/Q Growth
-38.66% -1.73% 43.25% 13.14% -38.19% 22.53% 17.70% -4.96% -35.08% -3.86% 27.27%
NOPAT Q/Q Growth
-42.46% -2.35% 43.03% 11.60% -38.73% 25.35% 16.08% -7.18% -34.63% -2.96% 25.17%
Net Income Q/Q Growth
-41.25% -1.93% 42.34% 12.87% -37.36% 23.86% 15.47% -4.90% -34.46% -3.85% 26.13%
EPS Q/Q Growth
-40.52% -1.09% 42.86% 13.59% -36.34% 24.82% 16.48% -4.88% -33.08% -1.15% 30.23%
Operating Cash Flow Q/Q Growth
-26.28% -22.27% 22.19% 159.43% -107.51% -106.45% 320.49% 180.91% -67.03% -167.45% 269.33%
Free Cash Flow Firm Q/Q Growth
8.67% 199.54% -119.15% 155.55% -348.22% -679.86% 78.21% 4.76% 30.46% 17.46% 58.61%
Invested Capital Q/Q Growth
1.51% -23.63% 37.30% -1.81% 5.00% 6.23% 2.51% -2.24% 1.08% 4.97% 1.10%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
27.10% 24.79% 26.57% 26.88% 25.97% 25.62% 26.51% 25.54% 25.09% 24.57% 23.95%
EBITDA Margin
17.73% 15.95% 18.59% 19.42% 16.41% 17.02% 18.28% 17.33% 14.90% 14.12% 14.99%
Operating Margin
16.94% 15.09% 17.81% 18.44% 15.16% 15.95% 17.24% 15.94% 13.56% 12.95% 13.71%
EBIT Margin
17.46% 15.62% 18.34% 19.21% 16.15% 16.78% 18.05% 17.09% 14.58% 13.80% 14.72%
Profit (Net Income) Margin
13.34% 11.91% 13.90% 14.52% 12.37% 13.00% 13.72% 12.99% 11.19% 10.59% 11.20%
Tax Burden Percent
76.41% 76.25% 75.77% 75.59% 76.61% 77.44% 75.98% 76.03% 76.75% 76.76% 76.07%
Interest Burden Percent
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate
23.59% 23.75% 24.23% 24.41% 23.39% 22.56% 24.02% 23.98% 23.25% 23.24% 23.93%
Return on Invested Capital (ROIC)
20.55% 19.84% 19.65% 20.77% 16.97% 20.26% 18.58% 17.30% 14.40% 12.54% 12.65%
ROIC Less NNEP Spread (ROIC-NNEP)
21.53% 27.82% 20.78% 23.38% 19.30% -31.03% 20.86% 24.16% 17.40% 14.01% 14.61%
Return on Net Nonoperating Assets (RNNOA)
3.46% 0.59% 3.58% 2.55% 2.20% 0.16% 2.37% 1.27% 1.41% 1.95% 2.13%
Return on Equity (ROE)
24.01% 20.42% 23.23% 23.32% 19.16% 20.42% 20.95% 18.57% 15.80% 14.49% 14.78%
Cash Return on Invested Capital (CROIC)
3.91% 41.43% 11.57% 15.04% 10.87% -19.01% 6.65% 6.50% 9.40% 8.43% 8.35%
Operating Return on Assets (OROA)
21.28% 18.17% 20.74% 21.65% 18.23% 18.97% 19.96% 18.32% 15.64% 13.90% 14.23%
Return on Assets (ROA)
16.26% 13.86% 15.72% 16.37% 13.97% 14.69% 15.16% 13.92% 12.00% 10.67% 10.82%
Return on Common Equity (ROCE)
23.52% 20.02% 22.78% 22.87% 18.80% 20.02% 20.54% 18.21% 15.49% 14.19% 14.48%
Return on Equity Simple (ROE_SIMPLE)
28.37% 25.23% 22.71% 0.00% 20.66% 21.06% 20.41% 0.00% 18.85% 17.83% 16.65%
Net Operating Profit after Tax (NOPAT)
939 917 1,312 1,464 897 1,125 1,306 1,212 792 769 962
NOPAT Margin
12.94% 11.51% 13.49% 13.94% 11.61% 12.35% 13.10% 12.12% 10.41% 9.94% 10.43%
Net Nonoperating Expense Percent (NNEP)
-0.98% -7.98% -1.13% -2.61% -2.33% 51.29% -2.28% -6.85% -3.00% -1.47% -1.95%
Return On Investment Capital (ROIC_SIMPLE)
- - - - 3.11% - - - 2.59% 2.45% 3.02%
Cost of Revenue to Revenue
72.91% 75.21% 73.43% 73.12% 74.03% 74.38% 73.49% 74.46% 74.91% 75.43% 76.05%
SG&A Expenses to Revenue
10.15% 9.70% 8.76% 8.44% 10.81% 9.67% 9.27% 9.60% 11.53% 11.62% 10.24%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
10.15% 9.70% 8.76% 8.44% 10.81% 9.67% 9.27% 9.60% 11.53% 11.62% 10.24%
Earnings before Interest and Taxes (EBIT)
1,267 1,245 1,784 2,018 1,248 1,529 1,799 1,710 1,110 1,067 1,358
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
1,287 1,272 1,808 2,040 1,268 1,550 1,821 1,733 1,134 1,092 1,383
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.50 1.60 1.90 1.59 2.20 2.28 1.88 2.45 1.80 1.65 1.65
Price to Tangible Book Value (P/TBV)
1.51 1.61 1.91 1.60 2.22 2.30 1.89 2.47 1.81 1.66 1.66
Price to Revenue (P/Rev)
0.90 0.98 1.19 1.01 1.42 1.47 1.24 1.69 1.22 1.13 1.15
Price to Earnings (P/E)
5.33 6.40 8.44 7.58 10.77 10.96 9.30 13.05 9.65 9.33 9.99
Dividend Yield
1.05% 1.22% 0.81% 0.94% 0.86% 0.67% 0.82% 0.63% 0.93% 1.10% 1.16%
Earnings Yield
18.77% 15.64% 11.85% 13.19% 9.28% 9.13% 10.75% 7.67% 10.36% 10.71% 10.01%
Enterprise Value to Invested Capital (EV/IC)
1.43 1.69 1.78 1.55 2.09 2.13 1.78 2.35 1.73 1.55 1.53
Enterprise Value to Revenue (EV/Rev)
1.00 0.91 1.28 1.06 1.49 1.56 1.33 1.74 1.29 1.26 1.29
Enterprise Value to EBITDA (EV/EBITDA)
4.51 4.45 6.85 5.87 8.36 8.66 7.41 10.03 7.61 7.71 8.37
Enterprise Value to EBIT (EV/EBIT)
4.56 4.51 6.95 5.96 8.48 8.77 7.51 10.17 7.72 7.84 8.53
Enterprise Value to NOPAT (EV/NOPAT)
5.96 5.93 9.21 8.12 11.63 12.03 10.33 14.09 10.70 10.93 11.97
Enterprise Value to Operating Cash Flow (EV/OCF)
21.54 10.61 13.06 8.74 16.07 24.45 21.79 29.20 15.87 15.54 15.37
Enterprise Value to Free Cash Flow (EV/FCFF)
40.67 3.77 16.09 10.50 19.98 0.00 28.28 38.21 19.04 18.89 18.79
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.28 0.00 0.28 0.22 0.22 0.24 0.23 0.23 0.20 0.26 0.29
Long-Term Debt to Equity
0.28 0.00 0.28 0.22 0.22 0.24 0.23 0.23 0.20 0.26 0.29
Financial Leverage
0.16 0.02 0.17 0.11 0.11 -0.01 0.11 0.05 0.08 0.14 0.15
Leverage Ratio
1.51 1.51 1.51 1.47 1.44 1.44 1.43 1.40 1.39 1.43 1.44
Compound Leverage Factor
1.51 1.51 1.51 1.47 1.44 1.44 1.43 1.40 1.39 1.43 1.44
Debt to Total Capital
21.68% 0.00% 21.66% 18.04% 18.31% 19.64% 18.45% 18.64% 16.68% 20.77% 22.76%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
21.68% 0.00% 21.66% 18.04% 18.31% 19.64% 18.45% 18.64% 16.68% 20.77% 22.76%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
1.52% 1.94% 1.51% 1.56% 1.56% 1.59% 1.60% 1.61% 1.70% 1.69% 1.70%
Common Equity to Total Capital
76.80% 98.06% 76.83% 80.39% 80.13% 78.77% 79.95% 79.75% 81.62% 77.53% 75.54%
Debt to EBITDA
0.76 0.00 0.95 0.80 0.83 0.89 0.85 0.93 0.82 1.13 1.36
Net Debt to EBITDA
0.41 0.00 0.42 0.19 0.30 0.43 0.40 0.22 0.33 0.69 0.86
Long-Term Debt to EBITDA
0.76 0.00 0.95 0.80 0.83 0.89 0.85 0.93 0.82 1.13 1.36
Debt to NOPAT
1.01 0.00 1.27 1.10 1.15 1.24 1.19 1.30 1.15 1.60 1.94
Net Debt to NOPAT
0.54 0.00 0.56 0.26 0.42 0.59 0.56 0.30 0.46 0.98 1.23
Long-Term Debt to NOPAT
1.01 0.00 1.27 1.10 1.15 1.24 1.19 1.30 1.15 1.60 1.94
Altman Z-Score
4.88 4.96 5.45 5.40 6.18 6.32 5.90 6.71 5.96 5.29 5.07
Noncontrolling Interest Sharing Ratio
2.01% 1.97% 1.97% 1.94% 1.92% 1.96% 1.95% 1.95% 1.98% 2.06% 2.08%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
6.23 6.28 6.38 6.04 6.10 6.71 6.63 6.75 6.52 6.72 6.45
Quick Ratio
0.64 0.75 0.82 0.89 0.74 0.74 0.69 1.04 0.68 0.57 0.57
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-3,887 3,869 -741 412 -1,022 -7,969 -1,737 -1,654 -1,150 -949 -393
Operating Cash Flow to CapEx
1,745.47% 2,033.12% 2,706.19% 0.00% -406.90% -1,336.29% 1,225.09% 7,133.09% 4,862.41% -1,271.72% 2,676.09%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.22 1.16 1.13 1.13 1.13 1.13 1.11 1.07 1.07 1.01 0.97
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover
1.15 1.13 1.13 1.19 1.14 1.15 1.13 1.15 1.09 1.03 1.00
Fixed Asset Turnover
73.86 71.34 76.32 77.34 73.53 74.91 78.85 75.38 73.40 69.49 63.99
Accounts Payable Turnover
19.83 18.20 17.51 20.03 21.53 20.71 19.77 21.04 20.70 19.06 18.56
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)
317.54 323.53 323.72 307.75 319.74 316.75 322.01 316.44 335.75 356.02 366.82
Days Payable Outstanding (DPO)
18.40 20.06 20.84 18.22 16.95 17.62 18.46 17.35 17.63 19.15 19.66
Cash Conversion Cycle (CCC)
299.14 303.47 302.88 289.53 302.79 299.13 303.55 299.09 318.12 336.87 347.16
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
23,630 18,047 24,780 24,332 25,549 27,141 27,822 27,198 27,492 28,859 29,177
Invested Capital Turnover
1.59 1.72 1.46 1.49 1.46 1.64 1.42 1.43 1.38 1.26 1.21
Increase / (Decrease) in Invested Capital
4,826 -2,952 2,053 1,053 1,919 9,094 3,042 2,866 1,942 1,718 1,355
Enterprise Value (EV)
33,714 30,464 44,207 37,611 53,390 57,720 49,498 63,935 47,454 44,593 44,726
Market Capitalization
30,237 33,129 41,084 35,975 50,994 54,395 46,333 62,050 44,906 40,062 39,602
Book Value per Share
$58.53 $60.32 $63.50 $67.09 $69.47 $71.77 $74.87 $77.64 $77.67 $77.20 $78.30
Tangible Book Value per Share
$58.05 $59.84 $63.02 $66.61 $68.98 $71.28 $74.38 $77.14 $77.16 $76.68 $77.77
Total Capital
26,243 21,122 28,188 28,232 28,894 30,234 30,842 31,742 30,561 31,377 31,842
Total Debt
5,690 0.00 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249
Total Long-Term Debt
5,690 0.00 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249
Net Debt
3,078 -3,075 2,697 1,194 1,946 2,845 2,671 1,374 2,029 4,000 4,584
Capital Expenditures (CapEx)
48 32 29 -12 38 24 57 28 13 34 28
Debt-free, Cash-free Net Working Capital (DFCFNWC)
18,424 18,490 18,848 18,023 19,563 20,676 21,226 20,541 21,611 22,170 22,172
Debt-free Net Working Capital (DFNWC)
21,036 21,564 22,256 21,923 22,907 23,770 24,246 25,085 24,680 24,688 24,837
Net Working Capital (NWC)
21,036 21,564 22,256 21,923 22,907 23,770 24,246 25,085 24,680 24,688 24,837
Net Nonoperating Expense (NNE)
-29 -32 -40 -61 -58 -59 -61 -88 -60 -50 -71
Net Nonoperating Obligations (NNO)
3,078 -3,075 2,697 1,194 1,946 2,845 2,671 1,374 2,029 4,000 4,584
Total Depreciation and Amortization (D&A)
20 27 24 21 20 21 22 24 24 25 25
Debt-free, Cash-free Net Working Capital to Revenue
54.69% 54.93% 54.48% 50.83% 54.45% 55.79% 56.90% 55.82% 58.91% 62.78% 64.13%
Debt-free Net Working Capital to Revenue
62.45% 64.07% 64.33% 61.83% 63.76% 64.13% 65.00% 68.16% 67.27% 69.91% 71.83%
Net Working Capital to Revenue
62.45% 64.07% 64.33% 61.83% 63.76% 64.13% 65.00% 68.16% 67.27% 69.91% 71.83%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$2.79 $2.75 $3.93 $4.46 $2.84 $3.54 $4.12 $3.94 $2.63 $2.59 $3.37
Adjusted Weighted Average Basic Shares Outstanding
344.20M 342.10M 339.90M 340.70M 333.30M 330.90M 328.40M 329.50M 321.50M 312.50M 304.10M
Adjusted Diluted Earnings per Share
$2.76 $2.73 $3.90 $4.43 $2.82 $3.52 $4.10 $3.90 $2.61 $2.58 $3.36
Adjusted Weighted Average Diluted Shares Outstanding
346.90M 344.90M 342.30M 343.30M 335.70M 333.30M 330.10M 331.60M 323.30M 314M 304.90M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
343.39M 341.07M 338.30M 333.18M 331.82M 329.31M 326.04M 321.17M 315.12M 307.18M 298.12M
Normalized Net Operating Profit after Tax (NOPAT)
939 917 1,312 1,464 897 1,125 1,306 1,212 792 769 962
Normalized NOPAT Margin
12.94% 11.51% 13.49% 13.94% 11.61% 12.35% 13.10% 12.12% 10.41% 9.94% 10.43%
Pre Tax Income Margin
17.46% 15.62% 18.34% 19.21% 16.15% 16.78% 18.05% 17.09% 14.58% 13.80% 14.72%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
5.64% 6.30% 6.81% 7.12% 7.42% 7.35% 7.59% 8.22% 9.01% 10.38% 11.84%
Augmented Payout Ratio
22.18% 25.08% 27.78% 31.69% 37.48% 38.31% 40.36% 45.42% 61.46% 88.78% 115.08%

Key Financial Trends

The financial data for D.R. Horton (NYSE: DHI) over the last four years shows several key trends in revenue, income, cash flow, and balance sheet strength that retail investors should consider.

Income Statement Highlights

  • Operating Revenue has grown from approximately $7.3 billion in Q1 2023 to $9.2 billion in Q3 2025, demonstrating solid sales growth over this period.
  • Net Income has increased from $958.7 million in Q1 2023 to over $1.03 billion in Q3 2025, indicating improved profitability.
  • Gross Profit margin remains strong, with total gross profit around $2.2 billion in Q3 2025 compared to $1.9 billion at Q1 2023, showing good cost management relative to revenue.
  • Diluted earnings per share increased from $2.76 in Q1 2023 to $3.36 in Q3 2025, though share count remains steady with slight repurchases impacting shares outstanding.
  • Cash dividends per share have been consistently around $0.40 in 2025, up from $0.25 in early 2023, signaling a gradual increase in shareholder returns.

Cash Flow Statement Highlights

  • Net Cash From Operating Activities improved significantly from negative $153 million in Q1 2025 to positive $739 million in Q3 2025, reflecting better operational cash generation.
  • Repurchase of Common Equity remains substantial, with over $1.16 billion spent in Q3 2025 alone, which reduces cash reserves.
  • Net Cash Used in Financing Activities is negative $563 million in Q3 2025, driven by debt repayments and equity repurchases, impacting liquidity.
  • Capital expenditures for Property, Plant, & Equipment have been steady around $30-$60 million per quarter, indicating ongoing investment but not excessive expansion.
  • Acquisitions and other investing activities are relatively small but occasionally reduce cash reserves.

Balance Sheet Highlights

  • Total Assets have increased from about $30 billion in early 2023 to nearly $36.4 billion in Q3 2025, reflecting asset growth.
  • Cash and Equivalents have grown from $2.6 billion in Q3 2023 to $2.61 billion in Q3 2025, despite share repurchases and dividends.
  • Inventories have increased steadily to about $26.7 billion in Q3 2025, consistent with a homebuilder managing extensive property assets.
  • Total Liabilities have risen from $9.7 billion in Q1 2023 to $11.8 billion in Q3 2025, reflecting increased debt and other obligations but balanced by equity growth.
  • Total Equity increased from approximately $20.2 billion in Q1 2023 to $24.6 billion by Q3 2025, indicating a strengthening capital base and retained earnings growth.

Summary

D.R. Horton shows a positive trajectory in revenue and earnings growth over the last four years alongside strong operating cash flow improvements. The company actively returns capital to shareholders through dividends and significant share repurchases, signaling management confidence. Balance sheet strength remains solid with growing equity and healthy liquidity despite rising inventories and liabilities typical for the homebuilding sector.

Investors should watch the impact of large equity repurchases and debt management on cash reserves going forward but can take comfort in the company’s improving profitability and cash flow-generation capacity.

08/11/25 04:34 AMAI Generated. May Contain Errors.

Frequently Asked Questions About D.R. Horton's Financials

When does D.R. Horton's financial year end?

According to the most recent income statement we have on file, D.R. Horton's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has D.R. Horton's net income changed over the last 10 years?

D.R. Horton's net income appears to be on an upward trend, with a most recent value of $4.81 billion in 2024, rising from $533.50 million in 2014. The previous period was $4.80 billion in 2023. Find out what analysts predict for D.R. Horton in the coming months.

What is D.R. Horton's operating income?
D.R. Horton's total operating income in 2024 was $5.94 billion, based on the following breakdown:
  • Total Gross Profit: $9.54 billion
  • Total Operating Expenses: $3.60 billion
How has D.R. Horton's revenue changed over the last 10 years?

Over the last 10 years, D.R. Horton's total revenue changed from $8.02 billion in 2014 to $36.80 billion in 2024, a change of 358.6%.

How much debt does D.R. Horton have?

D.R. Horton's total liabilities were at $10.28 billion at the end of 2024, a 8.8% increase from 2023, and a 102.9% increase since 2014.

How much cash does D.R. Horton have?

In the past 10 years, D.R. Horton's cash and equivalents has ranged from $661.80 million in 2014 to $4.52 billion in 2024, and is currently $4.52 billion as of their latest financial filing in 2024.

How has D.R. Horton's book value per share changed over the last 10 years?

Over the last 10 years, D.R. Horton's book value per share changed from 14.04 in 2014 to 77.64 in 2024, a change of 453.1%.



This page (NYSE:DHI) was last updated on 8/11/2025 by MarketBeat.com Staff
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