D.R. Horton Inc
DHI—
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D.R. Horton Inc AI Insights
Informational only. Not investment advice.Snapshot
- Inventory of 25.3B TTM (71% of assets) vs 1.4B industry median - 18x scale advantage but ties up massive capital[Inventory]
- FCF of 3.3B TTM despite 1.4B inventory build - generating cash while growing land bank[Free Cash Flow]
- Debt/Equity 0.25 TTM with 3.0B cash vs 6.0B debt - fortress balance sheet for cyclical business[Debt to Equity]
Watch Triggers
- Change in Inventory: Inventory growth exceeds FCF for 2+ quarters — Signals overbuilding risk; current 1.4B build already exceeds 3.3B FCF by 42%
- Gross Margin: Falls below 20% (currently 23.7% TTM) — Would indicate pricing pressure from rates or competition eroding moat
- Operating Cash Flow: Turns negative for 2+ quarters — Current 2.5B TTM funds buybacks; negative signals cycle turn
Bull Case
Largest homebuilder scale (34.3B revenue TTM, 5x industry median) enables land acquisition leverage and supplier pricing that smaller builders cannot match
Total RevenueInventoryOperating Margin
Trading at P/E 12.6x vs 10.1x median while delivering ROE 14.5% vs 10.5% median - premium justified by superior returns
P/E RatioROENet Margin
Bear Case
Inventory grew 1.4B TTM while industry median shrank 62M - aggressive land bets could impair if housing weakens
Change in InventoryInventoryWorking Capital
Working capital of 32.2B TTM (94% of market cap) creates massive capital intensity vs asset-light peers
Working CapitalAsset TurnoverROIC
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
58%
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Forward Thesis
Housing supply shortage sustains pricing power through 2026 despite rate headwinds
1-3ymed
- Land bank of 25.3B positions for volume when rates ease
- Net margin 10.5% TTM vs 7.9% median shows cost discipline
- Debt paydown of 1.3B TTM reduces interest sensitivity
Operating margin 12.9% vs 10% industry medianFCF 3.3B TTM funds operations without new debtROE 14.5% TTM vs 10.5% median
Valuation Context
Caveats
Public Strategies Rankings
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DHI Fundamentals
Construction → Construction of Buildings
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$40.2B | — | ||
$43.31B | — | ||
12 | — | ||
$33.52B | -8.6% | — | |
$10.99 | -22.2% | — | |
12.3% | -3.5% | — | |
9.95% | -2.7% | — | |
$3.48B | +21.6% | — | |
13.6% | -5.7% | — | |
Beta 5Y (Monthly) | unknown | — |
DHI Dividend History
102 dividends
2026
$0.450002/05/26$0.4500
2025
$1.650011/13/25$0.4500
08/07/25$0.4000
05/02/25$0.4000
02/07/25$0.4000
2024
$1.300011/12/24$0.4000
08/01/24$0.3000
05/01/24$0.3000
02/05/24$0.3000
2023
$1.050011/20/23$0.3000
08/04/23$0.2500
05/02/23$0.2500
02/06/23$0.2500
2022
$0.925012/01/22$0.2500
08/03/22$0.2250
05/06/22$0.2250
02/16/22$0.2250
2021
$0.825012/03/21$0.2250
08/09/21$0.2000
05/07/21$0.2000
02/16/21$0.2000
2020
$0.725012/03/20$0.2000
08/11/20$0.1750
05/08/20$0.1750
02/07/20$0.1750
2019
$0.625011/26/19$0.1750
08/09/19$0.1500
05/10/19$0.1500
02/08/19$0.1500
2018
$0.525011/23/18$0.1500
08/07/18$0.1250
05/10/18$0.1250
02/22/18$0.1250
2017
$0.425011/30/17$0.1250
08/07/17$0.1000
05/03/17$0.1000
02/01/17$0.1000
2016
$0.340011/23/16$0.1000
08/04/16$0.0800
05/11/16$0.0800
02/03/16$0.0800
2015
$0.267511/25/15$0.0800
08/05/15$0.0625
05/13/15$0.0625
02/04/15$0.0625
2014
$0.200011/26/14$0.0625
08/06/14$0.0625
05/13/14$0.0375
02/05/14$0.0375
2012
$0.300012/13/12$0.1500
11/29/12$0.0375
08/09/12$0.0375
05/04/12$0.0375
02/08/12$0.0375
2011
$0.150011/30/11$0.0375
08/10/11$0.0375
05/10/11$0.0375
02/08/11$0.0375
2010
$0.150011/22/10$0.0375
08/12/10$0.0375
05/12/10$0.0375
02/11/10$0.0375
2009
$0.150012/02/09$0.0375
08/17/09$0.0375
05/15/09$0.0375
02/11/09$0.0375
2008
$0.337512/04/08$0.0375
08/14/08$0.0750
05/15/08$0.0750
02/08/08$0.1500
2007
$0.600011/01/07$0.1500
08/15/07$0.1500
05/02/07$0.1500
01/24/07$0.1500
2006
$0.500010/19/06$0.1500
08/17/06$0.1500
05/03/06$0.1000
01/25/06$0.1000
2005
$0.337510/18/05$0.0900
08/03/05$0.0900
05/04/05$0.0900
01/26/05$0.0675
2004
$0.240010/22/04$0.0600
08/04/04$0.0600
05/05/04$0.0600
01/28/04$0.0600
2003
$0.140010/16/03$0.0350
08/06/03$0.0350
05/09/03$0.0350
01/30/03$0.0350
2002
$0.110010/31/02$0.0300
08/07/02$0.0300
05/10/02$0.0300
02/01/02$0.0200
2001
$0.065110/11/01$0.0167
08/06/01$0.0167
05/04/01$0.0167
02/01/01$0.0150
2000
$0.045010/18/00$0.0120
08/14/00$0.0110
05/11/00$0.0110
02/03/00$0.0110
DHI Stock Splits
5 stock splits
03/17/050.75:1 split
01/13/040.666667:1 split
04/10/021:1.5 split
03/07/011:1.11 split
09/14/001:1.09 split
DHI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/22/26 | 12/31/25 | 10-Q | |
11/19/25 | 09/30/25 | 10-K | |
07/23/25 | 06/30/25 | 10-Q | |
04/23/25 | 03/31/25 | 10-Q | |
01/23/25 | 12/31/24 | 10-Q | |
11/19/24 | 09/30/24 | 10-K | |
07/23/24 | 06/30/24 | 10-Q | |
04/23/24 | 03/31/24 | 10-Q | |
01/24/24 | 12/31/23 | 10-Q | |
11/17/23 | 09/30/23 | 10-K | |
07/24/23 | 06/30/23 | 10-Q | |
04/24/23 | 03/31/23 | 10-Q | |
01/25/23 | 12/31/22 | 10-Q | |
11/18/22 | 09/30/22 | 10-K | |
07/22/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/02/22 | 12/31/21 | 10-Q | |
11/18/21 | 09/30/21 | 10-K | |
07/23/21 | 06/30/21 | 10-Q | |
04/26/21 | 03/31/21 | 10-Q | |
01/27/21 | 12/31/20 | 10-Q | |
11/20/20 | 09/30/20 | 10-K | |
07/30/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
01/28/20 | 12/31/19 | 10-Q | |
11/25/19 | 09/30/19 | 10-K | |
07/31/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
01/29/19 | 12/31/18 | 10-Q | |
11/16/18 | 09/30/18 | 10-K | |
07/27/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
02/08/18 | 12/31/17 | 10-Q | |
11/15/17 | 09/30/17 | 10-K | |
07/27/17 | 06/30/17 | 10-Q | |
04/25/17 | 03/31/17 | 10-Q | |
01/25/17 | 12/31/16 | 10-Q | |
11/18/16 | 09/30/16 | 10-K | |
07/26/16 | 06/30/16 | 10-Q | |
04/25/16 | 03/31/16 | 10-Q | |
01/28/16 | 12/31/15 | 10-Q | |
11/19/15 | 09/30/15 | 10-K | |
07/28/15 | 06/30/15 | 10-Q | |
04/24/15 | 03/31/15 | 10-Q | |
01/27/15 | 12/31/14 | 10-Q | |
11/18/14 | 09/30/14 | 10-K | |
07/24/14 | 06/30/14 | 10-Q | |
04/24/14 | 03/31/14 | 10-Q | |
01/28/14 | 12/31/13 | 10-Q | |
11/26/13 | 09/30/13 | 10-K | |
07/25/13 | 06/30/13 | 10-Q | |
04/26/13 | 03/31/13 | 10-Q | |
01/29/13 | 12/31/12 | 10-Q | |
11/16/12 | 09/30/12 | 10-K | |
07/27/12 | 06/30/12 | 10-Q | |
04/23/12 | 03/31/12 | 10-Q | |
01/27/12 | 12/31/11 | 10-Q | |
11/17/11 | 09/30/11 | 10-K | |
08/02/11 | 06/30/11 | 10-Q | |
04/29/11 | 03/31/11 | 10-Q | |
01/28/11 | 12/31/10 | 10-Q | |
11/17/10 | 09/30/10 | 10-K | |
08/03/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
02/02/10 | 12/31/09 | 10-Q | |
11/20/09 | 09/30/09 | 10-K | |
08/05/09 | 06/30/09 | 10-Q | |
05/04/09 | 03/31/09 | 10-Q | |
02/06/09 | 12/31/08 | 10-Q | |
11/26/08 | 09/30/08 | 5 | |
08/06/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
02/07/08 | 12/31/07 | 10-Q | |
11/27/07 | 09/30/07 | 10-K | |
08/09/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 8-K | |
02/05/07 | 12/31/06 | 10-Q | |
12/12/06 | 09/30/06 | 10-K | |
08/08/06 | 06/30/06 | 8-K | |
05/08/06 | 03/30/06 | Unknown | -- |
02/02/06 | 12/31/05 | 10-Q | |
12/14/05 | 09/30/05 | 10-K | |
08/09/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
02/08/05 | 12/31/04 | 10-Q | |
12/10/04 | 09/30/04 | 10-K | |
08/13/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
02/06/04 | 12/31/03 | 10-Q | |
12/12/03 | 09/30/03 | 5 | |
08/14/03 | 06/30/03 | 8-K | |
05/13/03 | 03/30/03 | Unknown | -- |
02/14/03 | 12/31/02 | 8-K | |
12/13/02 | 09/30/02 | 10-K | |
08/13/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
02/14/02 | 12/31/01 | 10-Q | |
11/20/01 | 09/30/01 | 10-K | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
02/13/01 | 12/31/00 | 10-Q | |
12/13/00 | 09/30/00 | 10-K | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |