# DR Horton (DHI.US)

Canonical: https://gigainvestors.com/s/DHI

Analysis as of: 2026-10-16T07:28:00.280Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $139.55 per share; close as of 2026-10-15.

Estimated value: low $178.55 per share, central $202.47 per share, high $234.32 per share. Buy at or below the central value $202.47 per share. Valuation as of 2026-10-16T07:28:00.280Z; scenarios are not confidence intervals.

Expected annual return: 13.4% at the stated quote. About 13.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.15×

- FY2021: 0.19×

- FY2022: 0.23×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.13×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 15.6%

- ROIC, second-lowest year: 10.2%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 24.0%

- Recent gross margin (lower of latest and 3-year median): 22.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 14.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.0%

- FY2018: 13.7%

- FY2019: 11.0%

- FY2020: 18.2%

- FY2021: 24.9%

- FY2022: 26.2%

- FY2023: 20.0%

- FY2024: 17.6%

- FY2025: 12.5%

- LTM to Jun 2026: 10.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $22B

- Net income, five-year total: $22B

- Return on incremental invested capital: 10.7%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 7.7 pp

- Working capital / revenue, final three-year average: 71.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 0.99×

- LTM to Jun 2026: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.0% vs 17.6%

- Per-share earnings: 2.36 to 13.82 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.8%

- Ordinary dilution, 5-year annual growth: -3.5%

- Market cap gain: $35B

- Cumulative retained earnings: $26B

- Diluted shares, 10-year annual growth: -1.8%

- Diluted shares, 5-year annual growth: -3.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.7%

- Per-share value change: $11.46

- Per-share value, starting three-year median: $2.36

- Per-share value, ending three-year median: $13.82

- Buybacks concentrated in cheaper years (correlation): 0.35

- Average buyback yield: 3.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $104M

- Cumulative net income, 10 years: $30B

- ROIC, first three-year median: 9.0%

- ROIC, last three-year median: 17.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.36

- FY2017: $2.74

- FY2018: $3.81

- FY2019: $4.29

- FY2020: $6.41

- FY2021: $11.42

- FY2022: $16.51

- FY2023: $13.82

- FY2024: $14.34

- FY2025: $11.57

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.3%

- FY2017: 5.0%

- FY2018: 6.5%

- FY2019: 4.7%

- FY2020: 5.0%

- FY2021: 15.2%

- FY2022: 17.4%

- FY2023: 1.4%

- FY2024: 7.1%

- FY2025: 0.5%

## Holders

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 27% since Sep 2024 · "D.R. Horton Faces Slower Home Sales, Margin Pressure, Oppenheimer Says" (finance.yahoo.com, Oct 2026) · sales -2.6%

Story as of 2026-10-16T09:58:38.056Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.9% a year for ten years

- 2025-07-22: D.R. Horton third-quarter results top estimates on incentives push ([finance.yahoo.com](https://finance.yahoo.com/news/d-r-horton-third-quarter-104948712.html))

- 2025-10-28: D.R. Horton Stock Tumbles on Q4 Earnings Miss, Revenues Down Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/d-r-horton-stock-tumbles-170400152.html))

- 2026-01-21: DHI Q4 Deep Dive: Incentive Spending Supports Demand Amid Margin Compression ([finance.yahoo.com](https://finance.yahoo.com/news/dhi-q4-deep-dive-incentive-053055385.html))

- 2026-04-21: D.R. Horton's Q2 Earnings Beat on Better Order Momentum, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/d-r-hortons-q2-earnings-144000834.html))

- 2026-06-12: D.R. Horton's Multi-Year Contracts Offer Protection Against Rising Input Costs, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/d-r-horton-apos-multi-200632502.html))

- 2026-10-13: D.R. Horton Faces Slower Home Sales, Margin Pressure, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/d-r-horton-faces-slower-160749990.html))

### Sales · FY2025–2026

sales -2.6%; source https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm; observed 2025-11-19.

- FY2017: $14B 

- FY2018: $16B 

- FY2019: $18B 

- FY2020: $20B 

- FY2021: $28B 

- FY2022: $33B 

- FY2023: $35B 

- FY2024: $37B 

- FY2025: $34B 

- FY2026: $33B 

### Gross margin · FY2026

gross margin 22.6%; source https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm; observed 2025-11-19.

- FY2017: 21.6% 

- FY2018: 22.8% 

- FY2019: 22.0% 

- FY2020: 24.3% 

- FY2021: 28.4% 

- FY2022: 31.4% 

- FY2023: 26.4% 

- FY2024: 25.9% 

- FY2025: 23.7% 

- FY2026: 22.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in residential construction; annual sales are USD 34.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); FY2025: revenue 34250400000; grossProfit 8116200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHI.US: D.R. Horton, Inc. operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 126 markets across 36 states under the names of D.R. Horton. The company also constructs and sells single-family detached homes; and attached homes, such as townhomes and duplexes. In addition, it provides mortgage financing and title agency services; and engages in the residential lot development business. Further, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; conducts insurance-related operations; and owns water rights and other water-related assets, as well as non-residential real estate, including ranch land and improvements. It primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is headquartered in Arlington, Texas.

### Why customers stay

Margins ranged from 23.7% to 26.4% during 2023–25; it earns 15.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2023: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2024: grossProfit / revenue = 25.9%.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); FY2025: grossProfit / revenue = 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); 10-year return on capital observations [[2017,0.09028666805758398],[2018,0.13656812008457156],[2019,0.10964115075544793],[2020,0.1821885258379569],[2021,0.24924718271676713],[2022,0.26171450838777527],[2023,0.1995260579122403],[2024,0.17574065443434234],[2025,0.12483953331389941],[2026,0.10174541074135515]]; median 0.15615438725945696. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 2%; sales volumes fell.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); [p0]  under contract but not yet closed at the end of the period. At September 30, 2025, the value of our backlog of sales orders was $4.1 billion (10,785 homes), a decrease of 14% from $4.8 billion (12,180 homes) at September 30, 2024. The average sales price of homes in backlog was $382,000 at September 30, 2025, down from the $391,700 average at September 30, 2024. Many of the contracts in our sales order backlog are subject to contingencies, such as those described above, which can result in cancellations. As a percentage of gross sales orders, cancellations of sales contracts were 18% in both fiscal 2025 and 2024. The length of time between the signing of a sales contract for a home and delivery of the home to the buyer (closing) is generally from one to three months; therefore, substantially all of the homes in our sales backlog at September 30, 2025 are scheduled to close in fiscal 2026. 8 Table of Contents Customer Service and Quality Control Our homebuilding operating divisions are responsible for pre-closing quality control inspections and responding to customers’ post-closing needs. We believe that a prompt and courteous response to homebuyers’ needs during and after construction reduces post-closing repair costs, enhances our reputation for quality and service and ultimately leads to repeat and referral business from the real estate community and homebuyers. We typically provide our homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems and a one-year limited warranty on other construction components. The subcontractors who perform the actual construction also provide us with warranties on workmanship and are expected to respond to us and the homeowner in a timely manner. 

[p1] s margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers. We strive to remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of demand in each of our local markets. We expect to maintain an elevated level of sales incentives to support demand and may increase them further, depending on market conditions and changes in mortgage interest rates. We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 75% of the lots owned and controlled at September 30, 2025 compared to 76% at September 30, 2024. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During fiscal 2025, 65% of the homes we closed were on lots developed by either Forestar or a third party compared to 63% in fiscal 2024. We believe our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions. 31 Table of Contents Strategy Our operating strategy focuses on consistently enhancing long-term value to our shareholders by leveraging our financial and competitive positions to maximize the returns on our inventory investments and generate strong profits and cash flows from operations, while managing risk and maint

[p2]  was 19.8% compared to 18.9%, and net debt to total capital was 11.0% compared to 5.2%. Homebuilding: •Homebuilding revenues decreased 7% to $31.5 billion compared to $34.0 billion. •Homes closed decreased 5% to 84,863 homes, and the average closing price of those homes decreased 2% to $370,400. •Net sales orders decreased 4% to 83,423 homes, and the value of net sales orders decreased 6% to $30.8 billion. •Sales order backlog decreased 11% to 10,785 homes, and the value of sales order backlog decreased 14% to $4.1 billion. •Home sales gross margin was 21.5% compared to 23.5%. •Homebuilding SG&A expense was 8.3% of homebuilding revenues compared to 7.5%. •Homebuilding pre-tax income was $4.1 billion compared to $5.5 billion. •Homebuilding pre-tax income was 13.1% of homebuilding revenues compared to 16.1%. •Net cash provided by homebuilding operations was $3.4 billion compared to $2.2 billion. •Homebuilding cash and cash equivalents totaled $2.2 billion compared to $3.6 billion. •Homebuilding inventories totaled $20.3 billion compared to $20.0 billion. •Homes in inventory totaled 29,600 compared to 37,400. •Owned lots totaled 147,000 compared to 152,500, and lots controlled through purchase contracts totaled 444,900 compared to 480,400. •Homebuilding debt was $3.2 billion compared to $2.9 billion. 33 Table of Contents Rental: •Rental revenues were $1.6 billion compared to $1.7 billion. •Rental pre-tax income was $170.0 million compared to $228.7 million. •Rental inventory totaled $2.7 billion compared to $2.9 billion. •Single-family rental homes closed totaled 3,460 compared to 3,970. •Multi-family rental units closed totaled 2,947 compared to 2,202. Forestar: •Forestar’s revenues increased 10% to $1.7 billion compared to $1.5 billion. Revenues in fiscal 2025 and 2024 included $1.4 billion and $1.3 billion, respectivel

[p3]  key operating and financial data for our homebuilding operations by reporting segment as of and for the fiscal years ended September 30, 2025 and 2024. Net Sales Orders (1) Year Ended September 30, Net Homes Sold Value (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 4,938 5,391 (8) % $ 2,679.2 $ 2,750.8 (3) % $ 542,600 $ 510,300 6 % Southwest 9,325 9,942 (6) % 4,436.4 4,855.6 (9) % 475,800 488,400 (3) % South Central 22,000 22,549 (2) % 6,744.9 7,285.5 (7) % 306,600 323,100 (5) % Southeast 19,700 22,982 (14) % 6,625.8 8,115.2 (18) % 336,300 353,100 (5) % East 17,290 16,425 5 % 5,958.3 5,830.8 2 % 344,600 355,000 (3) % North 10,170 9,272 10 % 4,315.9 3,876.1 11 % 424,400 418,000 2 % 83,423 86,561 (4) % $ 30,760.5 $ 32,714.0 (6) % $ 368,700 $ 377,900 (2) % _______________ (1)Net sales orders represent the number and dollar value of new sales contracts executed with customers (gross sales orders), net of cancelled sales orders. Sales Order Cancellations Year Ended September 30, Cancelled Sales Orders Value (In millions) Cancellation Rate (1) 2025 2024 2025 2024 2025 2024 Northwest 832 852 $ 471.5 $ 456.2 14 % 14 % Southwest 1,702 1,726 848.1 827.7 15 % 15 % South Central 4,473 4,805 1,462.2 1,608.6 17 % 18 % Southeast 4,699 5,570 1,627.3 1,997.0 19 % 20 % East 3,892 3,850 1,378.7 1,363.7 18 % 19 % North 2,500 2,208 1,045.2 912.5 20 % 19 % 18,098 19,011 $ 6,833.0 $ 7,165.7 18 % 18 % _______________ (1)Cancellation rate represents the number of cancelled sales orders divided by gross sales orders. 35 Table of Contents Net Sales Orders The value of net sales orders was $30.8 billion (83,423 homes) in fiscal 2025 compared to $32.7 billion (86,561 homes) in fiscal 2024. The decrease in value was primarily attributable to a 4% decrease in sales order volume, along with a 2

[p4]  orders was $30.8 billion (83,423 homes) in fiscal 2025 compared to $32.7 billion (86,561 homes) in fiscal 2024. The decrease in value was primarily attributable to a 4% decrease in sales order volume, along with a 2% decrease in the average selling price. In regions where sales order volume decreased, the markets contributing most to the decrease in fiscal 2025 were the Salt Lake City market in the Northwest, the Phoenix and California markets in the Southwest, the Dallas and Fort Worth markets in the South Central and the Florida markets (particularly Tampa and Jacksonville) in the Southeast. In regions where sales order volume increased, the markets contributing most to the increase were the North Carolina markets in the East and the New Jersey, Chicago and suburban Washington, D.C. markets in the North. During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment. We remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets. Sales Order Backlog As of September 30, Homes in Backlog Value (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 476 535 (11) % $ 277.8 $ 284.2 (2) % $ 583,600 $ 531,200 10 % Southwest 1,035 1,214 (15) % 486.4 623.6 (22) % 470,000 513,700 (9) % South Central 2,435 2,709 (10) % 753.1 872.4 (14) % 309,300 322,000 (4) % Southeast 2,405 3,095 (22) % 821.9 1,135.5 (28) % 341,700 366,900 (7) % East 2,323 2,744 (15) % 839.5 1,012.3 (17) % 361,400 368,900 (2) % North 2,111 1,883 12 % 941.4 842.3 12 % 445,900 447,300 — % 10,785 12,180 (11) % $ 4,120.1 $ 4,770.3 (14) % $ 382,000 $ 391,700 (2) % Sales

[p5] ng fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment. We remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets. Sales Order Backlog As of September 30, Homes in Backlog Value (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 476 535 (11) % $ 277.8 $ 284.2 (2) % $ 583,600 $ 531,200 10 % Southwest 1,035 1,214 (15) % 486.4 623.6 (22) % 470,000 513,700 (9) % South Central 2,435 2,709 (10) % 753.1 872.4 (14) % 309,300 322,000 (4) % Southeast 2,405 3,095 (22) % 821.9 1,135.5 (28) % 341,700 366,900 (7) % East 2,323 2,744 (15) % 839.5 1,012.3 (17) % 361,400 368,900 (2) % North 2,111 1,883 12 % 941.4 842.3 12 % 445,900 447,300 — % 10,785 12,180 (11) % $ 4,120.1 $ 4,770.3 (14) % $ 382,000 $ 391,700 (2) % Sales Order Backlog Sales order backlog represents homes under contract but not yet closed at the end of the period. Many of the contracts in our sales order backlog are subject to contingencies, including mortgage loan approval and buyers selling their existing homes, which can result in cancellations. A portion of the contracts in backlog will not result in closings due to cancellations. Homes Closed and Revenue Year Ended September 30, Homes Closed Home Sales Revenue (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 4,997 5,403 (8) % $ 2,685.7 $ 2,744.6 (2) % $ 537,500 $ 508,000 6 % Southwest 9,504 10,135 (6) % 4,573.7 4,913.3 (7) % 481,200 484,800 (1) % South Central 22,319 23,467 (5) % 6,885.4 7,639.6 (10) % 308,500 325,500 (5) % Southeast 20,390 24,703 (17) %

[p6] l continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets. Sales Order Backlog As of September 30, Homes in Backlog Value (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 476 535 (11) % $ 277.8 $ 284.2 (2) % $ 583,600 $ 531,200 10 % Southwest 1,035 1,214 (15) % 486.4 623.6 (22) % 470,000 513,700 (9) % South Central 2,435 2,709 (10) % 753.1 872.4 (14) % 309,300 322,000 (4) % Southeast 2,405 3,095 (22) % 821.9 1,135.5 (28) % 341,700 366,900 (7) % East 2,323 2,744 (15) % 839.5 1,012.3 (17) % 361,400 368,900 (2) % North 2,111 1,883 12 % 941.4 842.3 12 % 445,900 447,300 — % 10,785 12,180 (11) % $ 4,120.1 $ 4,770.3 (14) % $ 382,000 $ 391,700 (2) % Sales Order Backlog Sales order backlog represents homes under contract but not yet closed at the end of the period. Many of the contracts in our sales order backlog are subject to contingencies, including mortgage loan approval and buyers selling their existing homes, which can result in cancellations. A portion of the contracts in backlog will not result in closings due to cancellations. Homes Closed and Revenue Year Ended September 30, Homes Closed Home Sales Revenue (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 4,997 5,403 (8) % $ 2,685.7 $ 2,744.6 (2) % $ 537,500 $ 508,000 6 % Southwest 9,504 10,135 (6) % 4,573.7 4,913.3 (7) % 481,200 484,800 (1) % South Central 22,319 23,467 (5) % 6,885.4 7,639.6 (10) % 308,500 325,500 (5) % Southeast 20,390 24,703 (17) % 6,939.4 8,853.4 (22) % 340,300 358,400 (5) % East 17,711 17,062 4 % 6,131.1 6,070.9 1 % 346,200 355,800 (3) % North 9,942 8,920 11 % 4,216.7 3,681.8 15 % 424,100 412,800 3 % 84,863 89,690 (5) % $ 31,432.0 $ 33,903.6 (7)

[p7] xisting homes, which can result in cancellations. A portion of the contracts in backlog will not result in closings due to cancellations. Homes Closed and Revenue Year Ended September 30, Homes Closed Home Sales Revenue (In millions) Average Selling Price 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Northwest 4,997 5,403 (8) % $ 2,685.7 $ 2,744.6 (2) % $ 537,500 $ 508,000 6 % Southwest 9,504 10,135 (6) % 4,573.7 4,913.3 (7) % 481,200 484,800 (1) % South Central 22,319 23,467 (5) % 6,885.4 7,639.6 (10) % 308,500 325,500 (5) % Southeast 20,390 24,703 (17) % 6,939.4 8,853.4 (22) % 340,300 358,400 (5) % East 17,711 17,062 4 % 6,131.1 6,070.9 1 % 346,200 355,800 (3) % North 9,942 8,920 11 % 4,216.7 3,681.8 15 % 424,100 412,800 3 % 84,863 89,690 (5) % $ 31,432.0 $ 33,903.6 (7) % $ 370,400 $ 378,000 (2) % 36 Table of Contents Home Sales Revenue Revenues from home sales were $31.4 billion (84,863 homes closed) in fiscal 2025 compared to $33.9 billion (89,690 homes closed) in fiscal 2024. The decrease in revenues was primarily attributable to a 5% decrease in closings volume, along with a 2% decrease in the average selling price. In regions where homes closed decreased, the markets contributing most were the Salt Lake City market in the Northwest, the Phoenix and California markets in the Southwest, the Dallas and Fort Worth markets in the South Central and the Florida markets (particularly Tampa and Jacksonville) in the Southeast. In regions where homes closed increased, the markets contributing most to the increase were the North Carolina markets in the East and the suburban Washington, D.C., Chicago and New Jersey markets in the North. Homebuilding Operating Margin Analysis Percentages of Related Revenues Year Ended September 30, 2025 2024 Gross profit — home sales 21.5 % 23.5 % Gross profit — land/lot sales and 

[p8] 1.4 billion (84,863 homes closed) in fiscal 2025 compared to $33.9 billion (89,690 homes closed) in fiscal 2024. The decrease in revenues was primarily attributable to a 5% decrease in closings volume, along with a 2% decrease in the average selling price. In regions where homes closed decreased, the markets contributing most were the Salt Lake City market in the Northwest, the Phoenix and California markets in the Southwest, the Dallas and Fort Worth markets in the South Central and the Florida markets (particularly Tampa and Jacksonville) in the Southeast. In regions where homes closed increased, the markets contributing most to the increase were the North Carolina markets in the East and the suburban Washington, D.C., Chicago and New Jersey markets in the North. Homebuilding Operating Margin Analysis Percentages of Related Revenues Year Ended September 30, 2025 2024 Gross profit — home sales 21.5 % 23.5 % Gross profit — land/lot sales and other 40.0 % 31.3 % Inventory and land option charges (0.5) % (0.2) % Gross profit — total homebuilding 21.1 % 23.3 % Selling, general and administrative expense 8.3 % 7.5 % Other (income) expense (0.3) % (0.3) % Homebuilding pre-tax income 13.1 % 16.1 % Home Sales Gross Profit Gross profit from home sales decreased to $6.8 billion in fiscal 2025 from $8.0 billion in fiscal 2024 and decreased 200 basis points to 21.5% as a percentage of home sales revenues. The percentage decrease resulted from a decrease of 170 basis points due to the average cost of our homes closed increasing along with a decrease in the average selling price of those homes, 20 basis points due to an increase in warranty and construction defect costs and 10 basis points due to an increase in the amortization of capitalized interest. We remain focused on managing the pricing, incentives and sales pace in each of 

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 4.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2016: growth capex 23167355.425798684; upkeep 62932644.574201316; owner earnings 884367355.4257987. Growth capex / owner earnings = 0.026196529398853984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2017: growth capex 36066777.20756248; upkeep 121233222.79243752; owner earnings 971866777.2075624. Growth capex / owner earnings = 0.03711082429547817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2018: growth capex 5700000; upkeep 62400000; owner earnings 1460300000. Growth capex / owner earnings = 0.0039033075395466686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2019: growth capex 31618884.73457426; upkeep 192481115.26542574; owner earnings 1498018884.7345743. Growth capex / owner earnings = 0.021107133599438322.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2020: growth capex 67429246.02071953; upkeep 219370753.97928047; owner earnings 2234729246.0207195. Growth capex / owner earnings = 0.030173340300972795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2021: growth capex 167302576.15032744; upkeep 100097423.84967256; owner earnings 4149602576.1503277. Growth capex / owner earnings = 0.04031773479028864.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2022: growth capex 66800000; upkeep 81400000; owner earnings 5857500000. Growth capex / owner earnings = 0.011404182671788306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2023: growth capex 32155318.783009708; upkeep 116444681.21699029; owner earnings 4720855318.78301. Growth capex / owner earnings = 0.006811333246132829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2024: growth capex 15237525.188781828; upkeep 150062474.81121817; owner earnings 4693437525.188782. Growth capex / owner earnings = 0.003246559713856836.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); FY2025: growth capex 0; upkeep 137400000; owner earnings 3549100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); Dividend observations: [[2016,118700000],[2017,149600000],[2018,188400000],[2019,223400000],[2020,256000000],[2021,289300000],[2022,316500000],[2023,341200000],[2024,395200000],[2025,494800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); FY2025: cash repurchases 4281600000 USD.

### Are managers owners

Insiders own 10.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHI.US SharesStats.PercentInsiders = 10.398 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm (filed 2025-11-19); components of home construction costs.

In the recent past, we experienced multiple disruptions in our supply chain, which resulted in shortages of certain building materials and tightness in the labor market. This caused our construction cycle to lengthen and costs of building materials to increase. Our construction cycle times have since improved and recently normalized; however, if shortages and cost increases in building materials and tightness in the labor market increase, our construction cycle time and profit margins could be adversely impacted.

In addition, newly imposed or increased tariffs, duties and/or trade restrictions, such as those imposed by the current administration, on imported materials and goods that are used in conn

tion, on imported materials and goods that are used in connection with the construction and delivery of our homes, including steel, aluminum and lumber, may raise our costs for these items or for the products made with them. These factors may cause construction delays or cause us to incur more costs building our homes.

Public health issues such as a major epidemic or pandemic could adversely affect our business and financial results.

The U.S. and other countries have experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. In the event of a widespread, prolonged, actual or perceived outbreak of any contagious disease, our operations could be negatively impacted. Such events have had, and could in the future have, an effect on our operations, including a reduction in customer traffic, a disruption in our supply chain, tightness in the labor market or other factors, all of which could reduce demand for our homes. These or other repercussions of a public health crisis that affect the global economy could have an adverse impact on our results of operations and financial condition.

Our business and financial results could be adversely affected by weather conditions and natural disasters.

Physical risks, including weather conditions and natural disasters, such as hurricanes, tornadoes, earthqua

 generate significant negative publicity and have a corresponding impact on our reputation, our relationships with relevant regulatory agencies or governmental authorities, and our ability to attract customers and employees, which in turn could have a material adverse effect on our financial results and liquidity.

We are required to obtain performance bonds, the unavailability of which could adversely affect our results of operations and cash flows.

We often are required to provide surety bonds to secure our performance or obligations under construction contracts, development agreements and other arrangements. At September 30, 2025, we had $3.5 billion of outstanding surety bonds. Our ability to obtain surety bonds primarily depends up

### What the price says

The price assumes cash profits shrink 3.9% yearly over ten years; actual growth was 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); Ten-year compound average after fade. Initial solved rate -0.06799091454714262. Price 139.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.030016224986479 → FY2025 11.45240400129074. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $28.83 per share

- 2016-11: $27.72 per share

- 2016-12: $27.33 per share

- 2017-01: $29.91 per share

- 2017-02: $32.00 per share

- 2017-03: $33.31 per share

- 2017-04: $32.89 per share

- 2017-05: $32.69 per share

- 2017-06: $34.57 per share

- 2017-07: $35.69 per share

- 2017-08: $36.15 per share

- 2017-09: $39.93 per share

- 2017-10: $44.21 per share

- 2017-11: $51.00 per share

- 2017-12: $51.07 per share

- 2018-01: $49.05 per share

- 2018-02: $41.90 per share

- 2018-03: $43.84 per share

- 2018-04: $44.14 per share

- 2018-05: $42.21 per share

- 2018-06: $41.00 per share

- 2018-07: $43.70 per share

- 2018-08: $44.51 per share

- 2018-09: $42.18 per share

- 2018-10: $35.96 per share

- 2018-11: $37.22 per share

- 2018-12: $34.66 per share

- 2019-01: $38.45 per share

- 2019-02: $38.89 per share

- 2019-03: $41.38 per share

- 2019-04: $44.31 per share

- 2019-05: $42.76 per share

- 2019-06: $43.13 per share

- 2019-07: $45.93 per share

- 2019-08: $49.47 per share

- 2019-09: $52.71 per share

- 2019-10: $52.37 per share

- 2019-11: $55.35 per share

- 2019-12: $52.75 per share

- 2020-01: $59.20 per share

- 2020-02: $53.27 per share

- 2020-03: $34.00 per share

- 2020-04: $47.22 per share

- 2020-05: $55.30 per share

- 2020-06: $55.45 per share

- 2020-07: $66.16 per share

- 2020-08: $71.37 per share

- 2020-09: $75.63 per share

- 2020-10: $66.81 per share

- 2020-11: $74.50 per share

- 2020-12: $68.92 per share

- 2021-01: $76.80 per share

- 2021-02: $76.87 per share

- 2021-03: $89.12 per share

- 2021-04: $98.29 per share

- 2021-05: $95.29 per share

- 2021-06: $90.37 per share

- 2021-07: $95.43 per share

- 2021-08: $95.62 per share

- 2021-09: $83.97 per share

- 2021-10: $89.27 per share

- 2021-11: $97.70 per share

- 2021-12: $108.45 per share

- 2022-01: $89.22 per share

- 2022-02: $85.40 per share

- 2022-03: $74.51 per share

- 2022-04: $69.59 per share

- 2022-05: $75.15 per share

- 2022-06: $66.19 per share

- 2022-07: $78.03 per share

- 2022-08: $71.15 per share

- 2022-09: $67.35 per share

- 2022-10: $76.88 per share

- 2022-11: $86.00 per share

- 2022-12: $89.14 per share

- 2023-01: $98.69 per share

- 2023-02: $92.48 per share

- 2023-03: $97.69 per share

- 2023-04: $109.82 per share

- 2023-05: $106.84 per share

- 2023-06: $121.69 per share

- 2023-07: $127.02 per share

- 2023-08: $119.02 per share

- 2023-09: $107.47 per share

- 2023-10: $104.40 per share

- 2023-11: $127.67 per share

- 2023-12: $151.98 per share

- 2024-01: $142.91 per share

- 2024-02: $149.44 per share

- 2024-03: $164.55 per share

- 2024-04: $142.49 per share

- 2024-05: $147.80 per share

- 2024-06: $140.93 per share

- 2024-07: $179.93 per share

- 2024-08: $188.76 per share

- 2024-09: $190.77 per share

- 2024-10: $169.00 per share

- 2024-11: $168.78 per share

- 2024-12: $139.82 per share

- 2025-01: $141.90 per share

- 2025-02: $126.81 per share

- 2025-03: $127.13 per share

- 2025-04: $126.34 per share

- 2025-05: $118.06 per share

- 2025-06: $128.92 per share

- 2025-07: $142.84 per share

- 2025-08: $169.48 per share

- 2025-09: $169.47 per share

- 2025-10: $149.08 per share

- 2025-11: $159.01 per share

- 2025-12: $144.03 per share

- 2026-01: $148.84 per share

- 2026-02: $160.39 per share

- 2026-03: $137.22 per share

- 2026-04: $153.86 per share

- 2026-05: $147.09 per share

- 2026-06: $162.88 per share

- 2026-07: $143.06 per share

- 2026-08: $144.56 per share

- 2026-09: $136.65 per share

- 2026-10: $139.55 per share

## Annual estimated value (USD per share)

- FY2016: low $28.60 per share, central $32.15 per share, high $36.88 per share

- FY2017: low $30.36 per share, central $34.59 per share, high $39.88 per share

- FY2018: low $41.44 per share, central $56.38 per share, high $65.62 per share

- FY2019: low $49.13 per share, central $68.88 per share, high $80.39 per share

- FY2020: low $70.57 per share, central $97.79 per share, high $113.63 per share

- FY2021: low $101.07 per share, central $141.27 per share, high $164.68 per share

- FY2022: low $146.42 per share, central $206.91 per share, high $242.13 per share

- FY2023: low $196.17 per share, central $276.28 per share, high $322.93 per share

- FY2024: low $212.27 per share, central $298.34 per share, high $348.46 per share

- FY2025: low $207.46 per share, central $293.17 per share, high $343.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:41.413Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm); period 2025-09-30, filed 2025-11-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Warren Buffett](https://gigainvestors.com/BRK): 3,564 DHI shares; USD 581,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 684,478 DHI shares; USD 111,488,000 reported position value; 2.43% of portfolio; reduce; quarter 2026 Q2.
- [Edgar Wachenheim](https://gigainvestors.com/GA): 3,505,800 DHI shares; USD 571,025,000 reported position value; 6.59% of portfolio; add; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 69,205 DHI shares; USD 11,272,000 reported position value; 1.8% of portfolio; reduce; quarter 2026 Q2.

# DHI — D.R. Horton

Held by 4 investors · USD 694,366,000 total · 2026 Q2 · reported price USD 162.88 (split-adjusted).
Page: https://gigainvestors.com/s/DHI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Edgar Wachenheim (https://gigainvestors.com/GA) | USD 571,025,000 | 6.6% | add +1.12% |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 111,488,000 | 2.4% | reduce -1.31% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 11,272,000 | 1.8% | reduce -6.27% |
| Warren Buffett (https://gigainvestors.com/BRK) | USD 581,000 | 0.0% | new |

## Total held by quarter

- 2011 Q1: USD 13,044,971 · 1 holder · USD 11.65
- 2011 Q2: USD 12,133,325 · 1 holder · USD 11.52
- 2011 Q3: USD 0 · 0 holders
- 2011 Q4: USD 0 · 0 holders
- 2012 Q1: USD 0 · 0 holders
- 2012 Q2: USD 0 · 0 holders
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 30,783,975 · 1 holder · USD 28.48
- 2015 Q2: USD 29,573,369 · 1 holder · USD 27.36
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 252,006 · 1 holder · USD 40.93
- 2018 Q3: USD 33,947,180 · 2 holders · USD 42.23
- 2018 Q4: USD 39,910,708 · 2 holders · USD 34.66
- 2019 Q1: USD 678,860,211 · 4 holders · USD 41.38
- 2019 Q2: USD 1,345,399,883 · 5 holders · USD 43.13
- 2019 Q3: USD 1,177,990,880 · 5 holders · USD 52.71
- 2019 Q4: USD 1,001,684,835 · 4 holders · USD 52.75
- 2020 Q1: USD 538,314,520 · 4 holders · USD 34.00
- 2020 Q2: USD 1,033,639,511 · 4 holders · USD 55.45
- 2020 Q3: USD 1,055,910,116 · 3 holders · USD 75.63
- 2020 Q4: USD 957,467,725 · 3 holders · USD 68.92
- 2021 Q1: USD 1,115,789,682 · 4 holders · USD 89.12
- 2021 Q2: USD 927,375,355 · 4 holders · USD 90.37
- 2021 Q3: USD 887,637,577 · 4 holders · USD 83.97
- 2021 Q4: USD 1,112,522,287 · 3 holders · USD 108.45
- 2022 Q1: USD 751,360,202 · 4 holders · USD 74.51
- 2022 Q2: USD 883,469,653 · 5 holders · USD 66.19
- 2022 Q3: USD 695,972,877 · 4 holders · USD 67.35
- 2022 Q4: USD 495,794,897 · 3 holders · USD 89.14
- 2023 Q1: USD 530,648,563 · 3 holders · USD 97.69
- 2023 Q2: USD 1,357,276,474 · 4 holders · USD 121.69
- 2023 Q3: USD 1,166,483,652 · 4 holders · USD 107.47
- 2023 Q4: USD 674,533,442 · 3 holders · USD 151.98
- 2024 Q1: USD 743,951,448 · 3 holders · USD 164.55
- 2024 Q2: USD 669,055,591 · 4 holders · USD 140.93
- 2024 Q3: USD 895,462,744 · 4 holders · USD 190.77
- 2024 Q4: USD 652,523,721 · 4 holders · USD 139.82
- 2025 Q1: USD 1,008,846,599 · 6 holders · USD 127.13
- 2025 Q2: USD 1,208,309,017 · 6 holders · USD 128.92
- 2025 Q3: USD 771,861,170 · 4 holders · USD 169.47
- 2025 Q4: USD 614,167,253 · 3 holders · USD 144.03
- 2026 Q1: USD 581,032,978 · 3 holders · USD 137.22
- 2026 Q2: USD 694,366,000 · 4 holders · USD 162.88