# PulteGroup (PHM.US)

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

Analysis as of: 2026-10-16T07:31:11.531Z. 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: $112.99 per share; close as of 2026-10-15.

Estimated value: low $196.61 per share, central $277.36 per share, high $324.38 per share. Buy at or below the central value $277.36 per share. Valuation as of 2026-10-16T07:31:11.531Z; scenarios are not confidence intervals.

Expected annual return: 20.0% at the stated quote. About 20.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.16×

- FY2021: 0.19×

- FY2022: 0.21×

- FY2023: -0.08×

- FY2024: 0.22×

- FY2025: 0.17×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.8%

- ROIC, second-lowest year: 8.5%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 25.2%

- Recent gross margin (lower of latest and 3-year median): 26.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 17.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 8.5%

- FY2018: 14.6%

- FY2019: 13.8%

- FY2020: 20.5%

- FY2021: 21.1%

- FY2022: 25.2%

- FY2023: -9.8%

- FY2024: 23.5%

- FY2025: 17.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $12B

- Net income, five-year total: $12B

- Return on incremental invested capital: 24.9%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -9.7 pp

- Working capital / revenue, final three-year average: 71.2%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.6% vs 17.1%

- Per-share earnings: 1.46 to 11.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -5.7%

- Ordinary dilution, 5-year annual growth: -5.8%

- Market cap gain: $17B

- Cumulative retained earnings: $8.0B

- Diluted shares, 10-year annual growth: -5.7%

- Diluted shares, 5-year annual growth: -5.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 29.8%

- Per-share value change: $10.31

- Per-share value, starting three-year median: $1.46

- Per-share value, ending three-year median: $11.77

- Buybacks concentrated in cheaper years (correlation): 0.13

- Average buyback yield: 6.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $169M

- Cumulative net income, 10 years: $17B

- ROIC, first three-year median: 8.6%

- ROIC, last three-year median: 17.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.76

- FY2017: $1.46

- FY2018: $3.59

- FY2019: $3.69

- FY2020: $5.22

- FY2021: $7.49

- FY2022: $11.08

- FY2023: $11.77

- FY2024: $14.69

- FY2025: $11.12

### accounting: pass

- Sloan accruals: 1.9%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.3%

- FY2017: -2.2%

- FY2018: -4.2%

- FY2019: -0.6%

- FY2020: -3.1%

- FY2021: 7.1%

- FY2022: 13.2%

- FY2023: 2.8%

- FY2024: 8.1%

- FY2025: 1.9%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): 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 21% since Sep 2024 · "Both metrics declined year over year amid continued affordability pressures and margin compression." (finance.yahoo.com, Apr 2026) · sales -5.2%

Story as of 2026-10-16T09:59:24.027Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.4% a year for ten years

- 2025-07-22: PulteGroup stock jumps after Q2 earnings, revenue rise past consensus ([seekingalpha.com](https://seekingalpha.com/news/4470018-pultegroup-stock-jumps-after-q2-earnings-revenue-rise-past-consensus?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-21: PulteGroup’s Earnings Are Mixed. Lower Mortgage Rates Aren’t Driving Demand Right Now. ([finance.yahoo.com](https://finance.yahoo.com/m/ddd4c0ab-2612-3c11-bc79-7373a966e4a2/pultegroup%E2%80%99s-earnings-are.html))

- 2026-01-30: PHM Q4 Deep Dive: Margins Compress as Incentives Rise, Active Adult Segment Expands ([finance.yahoo.com](https://finance.yahoo.com/news/phm-q4-deep-dive-margins-053607388.html))

- 2026-03-01: PulteGroup (PHM) Valuation Reassessed As Orders Soften And Margins Face Pressure ([finance.yahoo.com](https://finance.yahoo.com/news/pultegroup-phm-valuation-reassessed-orders-011101134.html))

- 2026-04-23: PulteGroup earnings miss estimates as margins compress ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pultegroup-earnings-miss-estimates-margins-111501124.html))

### Sales · FY2025–2026

sales -5.2%; source https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm; observed 2026-02-04.

- FY2017: $8.6B 

- FY2018: $10B 

- FY2019: $10B 

- FY2020: $11B 

- FY2021: $14B 

- FY2022: $16B 

- FY2023: $16B 

- FY2024: $18B 

- FY2025: $17B 

- FY2026: $16B 

### Gross margin · FY2025

gross margin 26.4%; source https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm; observed 2026-02-04.

- FY2016: 25.3% 

- FY2017: 21.7% 

- FY2018: 23.3% 

- FY2019: 23.5% 

- FY2020: 25.2% 

- FY2021: 27.2% 

- FY2022: 29.8% 

- FY2023: 0.0% 

- FY2024: 29.1% 

- FY2025: 26.4% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are USD 17.3 billion.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2025-12-31 (filed 2026-02-04); FY2025: revenue 17311953000; grossProfit 4572604000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 0% to 29.1% during 2023–25; it earns 15.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2023-12-31 (filed 2026-02-04); FY2023: grossProfit / revenue = 0%.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2024-12-31 (filed 2026-02-04); FY2024: grossProfit / revenue = 29.1%.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2025-12-31 (filed 2026-02-04); FY2025: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); 10-year return on capital observations [[2016,0.08560458492294166],[2017,0.08541323639945733],[2018,0.14558929759001896],[2019,0.138367203548377],[2020,0.20530940878750042],[2021,0.21068097533047708],[2022,0.2520790448377006],[2023,-0.09793558942603875],[2024,0.2350212690328705],[2025,0.17131937098848316]]; median 0.15845433428925104. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices rose 2%; sales volumes fell.

- Source: https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm (filed 2026-02-04); [p0] t rates and higher housing costs, as well as volatility in other macroeconomic and geopolitical conditions, including higher job losses and weakened consumer confidence. We have responded to these conditions by adjusting production cadence and sales prices where necessary and focusing sales incentives on discounts on spec inventory (houses without customer orders) and closing cost incentives, especially mortgage interest rate buydowns. Despite these efforts, net new orders in units decreased 4% in 2025 versus 2024. We expect that many homebuyers will continue to face affordability challenges, so our sales paces may remain volatile on a monthly basis. In response, we expect our sales incentives to remain elevated and for our pace of house starts to remain dynamic. Additionally, we continue to face pressure in the cost of land acquisition and development. Due to the length of our land development and construction cycle times, there is a lag between when such cost changes occur and when they impact our operating results. This is evidenced in our gross margin from home sales, which decreased to 26.3% in 2025 versus 28.9% in 2024. Additionally, gross margin from home sales decreased each quarter in 2025, from 27.5% in the first quarter of 2025 to 24.7% in the fourth quarter of 2025. These decreases are primarily due to the aforementioned elevated sales incentives combined with higher land costs. While we expect to continue to generate healthy gross margins, they may decline somewhat in future periods as a result of these factors. In response to the significant shift in market conditions in 2025, we have slowed the pace of our housing starts, have increased sales incentives, and are taking additional pricing actions in many of our communities, which resulted in $77.4 million of land inventory impairments in 2025. We continue

[p1] s, they may decline somewhat in future periods as a result of these factors. In response to the significant shift in market conditions in 2025, we have slowed the pace of our housing starts, have increased sales incentives, and are taking additional pricing actions in many of our communities, which resulted in $77.4 million of land inventory impairments in 2025. We continue to update the underwriting for our land option contracts prior to buying additional land and have made decisions to walk away from a number of land option agreements, which resulted in write-offs of deposits and pre-acquisition costs totaling $48.4 million in 2025. We will continue working with our trade partners to update the costs for materials, labor, and services to reflect changes in market conditions and will continue to adjust our overhead cost structure as necessary to align with demand. Although elevated mortgage interest rates and volatile macroeconomic and geopolitical conditions may persist for some time, we believe the demographics supporting housing demand remain favorable over the long term. Inventories of new and existing homes have increased in the majority of our geographies as a result of the weakened demand experienced this year, so we are taking a measured approach to our capital allocation strategy as we anticipate continued volatility in demand. Accordingly, we 22 are focused on protecting liquidity and closely managing our cash flows while also continuing to emphasize shareholder returns, including the following actions: –Increasing our lot optionality within our land pipeline for increased flexibility; –Producing sufficient levels of spec inventory to service buyers seeking to close within 30 to 90 days; –Maintaining a focus on shareholder return through dividends and share buybacks, including an 18% increase in our dividend

[p2] d) 61,752 Income before income taxes $ 2,753,291 (27) % $ 3,795,924 Supplemental data: Gross margin from home sales (a) 26.3 % (260) bps 28.9 % SG&A % of home sale revenues (b) 9.4 % 180 bps 7.6 % Closings (units) 29,572 (5) % 31,219 Average selling price $ 566 2 % $ 555 Net new orders (f): Units 27,914 (4) % 29,226 Dollars $ 15,518,916 (6) % $ 16,493,524 Cancellation rate 15 % 15 % Average active communities 993 5 % 945 Backlog at December 31: Units 8,495 (16) % 10,153 Dollars $ 5,270,112 (19) % $ 6,494,718 (a)Includes the amortization of capitalized interest. (b)Includes insurance reserve reversals of $42.3 million and $333.9 million in 2025 and 2024, respectively. (c)Equity income from unconsolidated entities includes a gain of $39.5 million in 2024 related to the sale of our minority interest in a joint venture. (d)Percentage not meaningful. (e)See "Other income (expense), net" for a table summarizing significant items (Note 1). (f)Net new order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders. 24 Home sale revenues Home sale revenues for 2025 were lower than 2024 by $575.0 million, or 3%. The decrease was attributable to a 5% decrease in closings, partially offset by a 2% increase in average selling price. The decrease in closings in 2025 was primarily attributable to lower net new orders in 2025 and a weaker order backlog entering the year, partially offset by a higher community count and improved production cycle times. Average selling price increased primarily due to product and geographic mix, including a slightly higher mix of closings toward our move-up buyers and in our Northeast segment, both of which carry a higher average selling price, partially offset by higher sales incentives. Home sale gross margins 

[p3] ted to cancellations and change orders. 24 Home sale revenues Home sale revenues for 2025 were lower than 2024 by $575.0 million, or 3%. The decrease was attributable to a 5% decrease in closings, partially offset by a 2% increase in average selling price. The decrease in closings in 2025 was primarily attributable to lower net new orders in 2025 and a weaker order backlog entering the year, partially offset by a higher community count and improved production cycle times. Average selling price increased primarily due to product and geographic mix, including a slightly higher mix of closings toward our move-up buyers and in our Northeast segment, both of which carry a higher average selling price, partially offset by higher sales incentives. Home sale gross margins Home sale gross margins were 26.3% in 2025, compared with 28.9% in 2024. The lower home sale gross margins were primarily attributable to the aforementioned pricing actions we took in 2025, including elevated sales incentives, increased land acquisition and development costs, and higher land impairments as the result of the more challenging market conditions. We expect these factors to continue to impact our gross margins over the near term. Gross margins in 2025 were also unfavorably impacted by our efforts to reduce completed spec inventory to more appropriate levels, which we expect will continue to be an area of focus in 2026. While we have made significant progress in reducing the level of spec inventory during 2025, the level of completed spec inventory remains elevated for the current demand environment. Land sale and other revenues We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and the

[p4] elling price. The decrease in closings in 2025 was primarily attributable to lower net new orders in 2025 and a weaker order backlog entering the year, partially offset by a higher community count and improved production cycle times. Average selling price increased primarily due to product and geographic mix, including a slightly higher mix of closings toward our move-up buyers and in our Northeast segment, both of which carry a higher average selling price, partially offset by higher sales incentives. Home sale gross margins Home sale gross margins were 26.3% in 2025, compared with 28.9% in 2024. The lower home sale gross margins were primarily attributable to the aforementioned pricing actions we took in 2025, including elevated sales incentives, increased land acquisition and development costs, and higher land impairments as the result of the more challenging market conditions. We expect these factors to continue to impact our gross margins over the near term. Gross margins in 2025 were also unfavorably impacted by our efforts to reduce completed spec inventory to more appropriate levels, which we expect will continue to be an area of focus in 2026. While we have made significant progress in reducing the level of spec inventory during 2025, the level of completed spec inventory remains elevated for the current demand environment. Land sale and other revenues We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales and other revenues contributed income of $13.7 million and $5.5 million in 2025 and 2024, respectively. SG

[p5] ved production cycle times. Average selling price increased primarily due to product and geographic mix, including a slightly higher mix of closings toward our move-up buyers and in our Northeast segment, both of which carry a higher average selling price, partially offset by higher sales incentives. Home sale gross margins Home sale gross margins were 26.3% in 2025, compared with 28.9% in 2024. The lower home sale gross margins were primarily attributable to the aforementioned pricing actions we took in 2025, including elevated sales incentives, increased land acquisition and development costs, and higher land impairments as the result of the more challenging market conditions. We expect these factors to continue to impact our gross margins over the near term. Gross margins in 2025 were also unfavorably impacted by our efforts to reduce completed spec inventory to more appropriate levels, which we expect will continue to be an area of focus in 2026. While we have made significant progress in reducing the level of spec inventory during 2025, the level of completed spec inventory remains elevated for the current demand environment. Land sale and other revenues We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales and other revenues contributed income of $13.7 million and $5.5 million in 2025 and 2024, respectively. SG&A SG&A as a percentage of home sale revenues was 9.4% and 7.6% in 2025 and 2024, respectively. The gross dollar amount of our SG&A increased $252.7 million, or 19%, in 2025 compared with 2024. This increas

[p6]  average selling price, partially offset by higher sales incentives. Home sale gross margins Home sale gross margins were 26.3% in 2025, compared with 28.9% in 2024. The lower home sale gross margins were primarily attributable to the aforementioned pricing actions we took in 2025, including elevated sales incentives, increased land acquisition and development costs, and higher land impairments as the result of the more challenging market conditions. We expect these factors to continue to impact our gross margins over the near term. Gross margins in 2025 were also unfavorably impacted by our efforts to reduce completed spec inventory to more appropriate levels, which we expect will continue to be an area of focus in 2026. While we have made significant progress in reducing the level of spec inventory during 2025, the level of completed spec inventory remains elevated for the current demand environment. Land sale and other revenues We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales and other revenues contributed income of $13.7 million and $5.5 million in 2025 and 2024, respectively. SG&A SG&A as a percentage of home sale revenues was 9.4% and 7.6% in 2025 and 2024, respectively. The gross dollar amount of our SG&A increased $252.7 million, or 19%, in 2025 compared with 2024. This increase resulted primarily from insurance reserve reversals of $42.3 million in 2025 compared to $333.9 million in 2024. Additionally, SG&A in 2025 reflects headcount and technology costs to support ongoing production volumes and investmen

[p7] 3 to the Consolidated Financial Statements for additional discussion of these charges. Northeast: For 2025, Northeast home sale revenues increased 16% compared with 2024 due to a 9% increase in closings combined with a 7% increase in average selling price. The increase in closings occurred across the majority of markets, while the increase in average selling price occurred across all markets. Income before income taxes increased 28%, primarily due to increased revenues across the majority of markets, and higher gross margins across all markets. Net new orders decreased across the majority of markets. Southeast: For 2025, Southeast home sale revenues increased 3% compared with 2024 due to a 5% increase in average selling price partially offset by a 2% decrease in closings. The increase in average selling price was mixed among markets, while the decrease in closings occurred across the majority of markets. Income before income taxes decreased 11% primarily due to lower gross margins across all markets. Net new orders increased across the majority of markets. Florida: For 2025, Florida home sale revenues decreased 9% compared with 2024 due to a 6% decrease in closings combined with a 4% decrease in average selling price. The decrease in closings and average selling price occurred across the majority of markets. Income before income taxes decreased 27%, primarily due to lower revenue across the majority of markets and lower gross margins across all markets. Net new orders increased across the majority of markets. Midwest: For 2025, Midwest home sale revenues increased 5% compared with 2024 due to a 6% increase in closings partially offset by a slight decrease in average selling price. The increase in closings and decrease in average selling price occurred across the majority of markets. Income before income taxes increased

[p8] theast home sale revenues increased 16% compared with 2024 due to a 9% increase in closings combined with a 7% increase in average selling price. The increase in closings occurred across the majority of markets, while the increase in average selling price occurred across all markets. Income before income taxes increased 28%, primarily due to increased revenues across the majority of markets, and higher gross margins across all markets. Net new orders decreased across the majority of markets. Southeast: For 2025, Southeast home sale revenues increased 3% compared with 2024 due to a 5% increase in average selling price partially offset by a 2% decrease in closings. The increase in average selling price was mixed among markets, while the decrease in closings occurred across the majority of markets. Income before income taxes decreased 11% primarily due to lower gross margins across all markets. Net new orders increased across the majority of markets. Florida: For 2025, Florida home sale revenues decreased 9% compared with 2024 due to a 6% decrease in closings combined with a 4% decrease in average selling price. The decrease in closings and average selling price occurred across the majority of markets. Income before income taxes decreased 27%, primarily due to lower revenue across the majority of markets and lower gross margins across all markets. Net new orders increased across the majority of markets. Midwest: For 2025, Midwest home sale revenues increased 5% compared with 2024 due to a 6% increase in closings partially offset by a slight decrease in average selling price. The increase in closings and decrease in average selling price occurred across the majority of markets. Income before income taxes increased 10%, primarily due to increased revenues and gross margins across the majority of markets. The decrease in net

### Where the cash goes

Reinvests 0.7% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2016-12-31 (filed 2026-02-04); FY2016: growth capex 0; upkeep 39295000; owner earnings 617415000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2017-12-31 (filed 2026-02-04); FY2017: growth capex 0; upkeep 32051000; owner earnings 466168000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2018-12-31 (filed 2026-02-04); FY2018: growth capex 9610000; upkeep 49429000; owner earnings 1022023000. Growth capex / owner earnings = 0.009402919503768507.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2019-12-31 (filed 2026-02-04); FY2019: growth capex 293994.7558130026; upkeep 57825005.244187; owner earnings 1012873994.755813. Growth capex / owner earnings = 0.00029025797615021186.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2020-12-31 (filed 2026-02-04); FY2020: growth capex 0; upkeep 58354000; owner earnings 1414566000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2021-12-31 (filed 2026-02-04); FY2021: growth capex 2828000; upkeep 69953000; owner earnings 1946320000. Growth capex / owner earnings = 0.001452998479181224.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2022-12-31 (filed 2026-02-04); FY2022: growth capex 36017077.79000719; upkeep 76643922.20999281; cash acquisitions 75101000; owner earnings 2611591077.790007. Growth capex plus acquisitions / owner earnings = 0.04254803852524954.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2023-12-31 (filed 2026-02-04); FY2023: growth capex 0; upkeep 92201000; cash acquisitions 23403000; owner earnings 2588920000. Growth capex plus acquisitions / owner earnings = 0.00903967677641642.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2024-12-31 (filed 2026-02-04); FY2024: growth capex 29383000; upkeep 89162000; cash acquisitions 16037000; owner earnings 3083262000. Growth capex plus acquisitions / owner earnings = 0.014731151617994188.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2025-12-31 (filed 2026-02-04); FY2025: growth capex 0; upkeep 122716000; cash acquisitions 15744000; owner earnings 2208521000. Growth capex plus acquisitions / owner earnings = 0.0071287526810929125.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); Dividend observations: [[2016,124666000],[2017,112748000],[2018,104020000],[2019,122350000],[2020,130179000],[2021,147834000],[2022,144115000],[2023,142459000],[2024,167707000],[2025,176684000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PHM.US.json#2025-12-31 (filed 2026-02-04); FY2025: cash repurchases 1224335000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PHM.US SharesStats.PercentInsiders = 0.668 percentage points; cache date 2026-10-16.

### What could break it

"Inflation has resulted in increased costs that we may not be able to recoup" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm (filed 2026-02-04); Inflation has resulted in increased costs that we may not be able to recoup

### What the price says

The price assumes cash profits shrink 5.4% yearly over ten years; actual growth was 23.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-04); Ten-year compound average after fade. Initial solved rate -0.08809727286343266. Price 112.99; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.3754353197533027 → FY2025 11.068227947698922. Closing-price date 2026-10-15.

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

- 2016-10: $18.60 per share

- 2016-11: $18.86 per share

- 2016-12: $18.38 per share

- 2017-01: $21.51 per share

- 2017-02: $22.05 per share

- 2017-03: $23.55 per share

- 2017-04: $22.67 per share

- 2017-05: $22.67 per share

- 2017-06: $24.53 per share

- 2017-07: $24.42 per share

- 2017-08: $25.82 per share

- 2017-09: $27.33 per share

- 2017-10: $30.23 per share

- 2017-11: $34.13 per share

- 2017-12: $33.25 per share

- 2018-01: $31.83 per share

- 2018-02: $28.07 per share

- 2018-03: $29.49 per share

- 2018-04: $30.36 per share

- 2018-05: $30.25 per share

- 2018-06: $28.75 per share

- 2018-07: $28.49 per share

- 2018-08: $27.95 per share

- 2018-09: $24.77 per share

- 2018-10: $24.57 per share

- 2018-11: $26.52 per share

- 2018-12: $25.99 per share

- 2019-01: $27.81 per share

- 2019-02: $27.00 per share

- 2019-03: $27.96 per share

- 2019-04: $31.46 per share

- 2019-05: $31.00 per share

- 2019-06: $31.62 per share

- 2019-07: $31.51 per share

- 2019-08: $33.80 per share

- 2019-09: $36.55 per share

- 2019-10: $39.24 per share

- 2019-11: $39.65 per share

- 2019-12: $38.80 per share

- 2020-01: $44.65 per share

- 2020-02: $40.20 per share

- 2020-03: $22.32 per share

- 2020-04: $28.27 per share

- 2020-05: $33.97 per share

- 2020-06: $34.03 per share

- 2020-07: $43.60 per share

- 2020-08: $44.59 per share

- 2020-09: $46.29 per share

- 2020-10: $40.76 per share

- 2020-11: $43.63 per share

- 2020-12: $43.12 per share

- 2021-01: $43.50 per share

- 2021-02: $45.11 per share

- 2021-03: $52.44 per share

- 2021-04: $59.12 per share

- 2021-05: $57.79 per share

- 2021-06: $54.57 per share

- 2021-07: $54.87 per share

- 2021-08: $53.86 per share

- 2021-09: $45.92 per share

- 2021-10: $48.08 per share

- 2021-11: $50.03 per share

- 2021-12: $57.16 per share

- 2022-01: $52.69 per share

- 2022-02: $49.66 per share

- 2022-03: $41.90 per share

- 2022-04: $41.76 per share

- 2022-05: $45.26 per share

- 2022-06: $39.63 per share

- 2022-07: $43.62 per share

- 2022-08: $40.66 per share

- 2022-09: $37.50 per share

- 2022-10: $39.99 per share

- 2022-11: $44.78 per share

- 2022-12: $45.53 per share

- 2023-01: $56.89 per share

- 2023-02: $54.67 per share

- 2023-03: $58.28 per share

- 2023-04: $67.15 per share

- 2023-05: $66.08 per share

- 2023-06: $77.68 per share

- 2023-07: $84.39 per share

- 2023-08: $82.06 per share

- 2023-09: $74.05 per share

- 2023-10: $73.59 per share

- 2023-11: $88.42 per share

- 2023-12: $103.22 per share

- 2024-01: $104.56 per share

- 2024-02: $108.38 per share

- 2024-03: $120.62 per share

- 2024-04: $111.42 per share

- 2024-05: $117.32 per share

- 2024-06: $110.10 per share

- 2024-07: $132.00 per share

- 2024-08: $131.65 per share

- 2024-09: $143.53 per share

- 2024-10: $129.53 per share

- 2024-11: $135.27 per share

- 2024-12: $108.90 per share

- 2025-01: $113.78 per share

- 2025-02: $103.28 per share

- 2025-03: $102.80 per share

- 2025-04: $102.58 per share

- 2025-05: $98.03 per share

- 2025-06: $105.46 per share

- 2025-07: $112.92 per share

- 2025-08: $132.02 per share

- 2025-09: $132.13 per share

- 2025-10: $119.87 per share

- 2025-11: $127.19 per share

- 2025-12: $117.26 per share

- 2026-01: $125.09 per share

- 2026-02: $137.20 per share

- 2026-03: $117.61 per share

- 2026-04: $122.36 per share

- 2026-05: $118.18 per share

- 2026-06: $137.21 per share

- 2026-07: $126.47 per share

- 2026-08: $126.32 per share

- 2026-09: $116.06 per share

- 2026-10: $112.99 per share

## Annual estimated value (USD per share)

- FY2016: low $21.39 per share, central $24.11 per share, high $27.73 per share

- FY2017: low $25.03 per share, central $28.42 per share, high $32.93 per share

- FY2018: low $37.63 per share, central $46.15 per share, high $53.31 per share

- FY2019: low $45.53 per share, central $63.41 per share, high $73.82 per share

- FY2020: low $64.00 per share, central $87.66 per share, high $101.44 per share

- FY2021: low $78.84 per share, central $110.15 per share, high $128.39 per share

- FY2022: low $122.83 per share, central $174.15 per share, high $204.03 per share

- FY2023: low $116.13 per share, central $131.43 per share, high $151.79 per share

- FY2024: low $193.29 per share, central $273.47 per share, high $320.17 per share

- FY2025: low $198.14 per share, central $279.48 per share, high $326.84 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 2026-10-15T06:36:56.057Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/822416/000082241626000007/phm-20251231.htm); period 2025-12-31, filed 2026-02-04.

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.