DHI Consumer Cyclical

D.R. Horton, Inc.

$145.23-5.03%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Consumer Cyclical
Industry: Residential Construction
Country: United States
Market cap: 40.6B USD
Enterprise value: 44.0B USD
Full-time employees: 14,341

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its share price swings more than most peers’ (beta 1.35 vs a peer median of 0.63)bigger price swings (beta 1.35 vs peers 0.63)
About average: valuation

Ranks #438 of 1,502 consumer cyclical companies (top 30%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 13% in FY Sep 2025, the weakest of the last 6 years.
D.R. Horton's operating margin fell to 13% in FY Sep 2025, its lowest in the 6 years of filings we have.
Sales growing faster than profits. Since FY Sep 2022: revenue +2.3%, operating profit −42%.
Since FY Sep 2022, D.R. Horton's revenue changed +2.3% while operating profit fell 42%: costs rose faster than sales.
Share count shrinking. Shares outstanding down 19% from September 2022 to July 2026.
D.R. Horton had 19% fewer shares at July 2026 than at September 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 3.5% in the 12 months to June 2026 vs the 12 months before.
D.R. Horton is more profitable than most peers, yet revenue fell 3.5% in the 12 months to June 2026 vs the 12 months before.

StockQuotient Score

61/ 100

Oct 5 62 → Nov 4 61 (-1)

Valuation

Is the price right?

58/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 57 → 58

Share price -1.2%+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield7.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.95Sector median: 0.0439 · MAD: 0.0329

EBITDA yield8.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.04Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield7.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.32Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield58.6%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

23/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth
▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-17.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.87Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth-1.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.86Sector median: 0.0425 · MAD: 0.0636

Revenue growth-3.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.11Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

76/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin11.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.09Sector median: 0.0638 · MAD: 0.0461

Return on assets8.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.99Sector median: 0.0331 · MAD: 0.0254

Return on invested capital10.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.52Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin22.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity12.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.35

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.40Sector median: 0.6345 · MAD: 0.2980

Current ratio6.01×

Yahoo Finance fallback · SEC figure unavailable or out of dateOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.28Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.30×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.47Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about D.R. Horton

Is D.R. Horton getting weaker?: Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 61/100 since Oct 28, 2026.
How is D.R. Horton valued vs its peers?: Priced about in line with its peers. Valuation scores 58/100 against 1,612 consumer cyclical peers. Earnings yield 7.5% vs a peer median of 4.4% (stronger than 76% of peers).Earnings yield 7.5% vs peers 4.4% (stronger than 76% of peers).
Is D.R. Horton growing?: More slowly than most of its peers. Growth scores 23/100 against 1,612 consumer cyclical peers. Revenue growth -3.5% vs a peer median of 3.7% (weaker than 77% of peers).Revenue growth -3.5% vs peers 3.7% (weaker than 77% of peers).
How profitable is D.R. Horton?: More profitable than most of its peers. Profitability scores 76/100 against 1,612 consumer cyclical peers. Return on assets 8.4% vs a peer median of 3.3% (stronger than 87% of peers).Return on assets 8.4% vs peers 3.3% (stronger than 87% of peers).
How risky is D.R. Horton?: Lower risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 6.01× vs a peer median of 1.48× (stronger than 95% of peers).Current ratio 6.01× vs peers 1.48× (stronger than 95% of peers). Beta 1.35 vs a peer median of 0.63 (weaker than 88% of peers).Beta 1.35 vs peers 0.63 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 23, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	33.3B USD	33.4B USD	+0.0%
Net income (12 months)	3.2B USD	3.1B USD	−3.8%
Operating margin	11.8%	11.4%	−0.3 pts
Free cash flow (12 months)	3.5B USD	3.2B USD	−8.4%
Debt	6.6B USD	7.1B USD	+8.4%
Cash	1.9B USD	2.1B USD	+8.4%
Shares outstanding	283.6M	279.7M	−1.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Residential Construction companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Gross margin	28.4%	31.4%	26.4%	25.9%	23.7%	▼ 2.2 pts
Operating margin	19.1%	22.6%	17.2%	16.1%	12.9%	▼ 3.2 pts
Net margin	15.0%	17.5%	13.4%	12.9%	10.5%	▼ 2.5 pts
Return on assets (ROA)	17.4%	19.3%	14.6%	13.2%	10.1%	▼ 3.1 pts
Return on equity (ROE)	28.1%	30.2%	20.9%	18.8%	14.8%	▼ 4.0 pts
Free cash flow margin	1.6%	1.2%	11.7%	5.5%	9.6%	▲ 4.1 pts
Debt to equity	0.36×	0.31×	0.22×	0.23×	0.25×	▲ 5.5%

DHI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its share price swings more than most peers’ (beta 1.35 vs a peer median of 0.63)bigger price swings (beta 1.35 vs peers 0.63)

About average: valuation

Ranks #438 of 1,502 consumer cyclical companies (top 30%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 13% in FY Sep 2025, the weakest of the last 6 years.

D.R. Horton's operating margin fell to 13% in FY Sep 2025, its lowest in the 6 years of filings we have.

Sales growing faster than profits. Since FY Sep 2022: revenue +2.3%, operating profit −42%.

Since FY Sep 2022, D.R. Horton's revenue changed +2.3% while operating profit fell 42%: costs rose faster than sales.

Share count shrinking. Shares outstanding down 19% from September 2022 to July 2026.

D.R. Horton had 19% fewer shares at July 2026 than at September 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Profitable, but revenue is shrinking. More profitable than most peers, but revenue fell 3.5% in the 12 months to June 2026 vs the 12 months before.

D.R. Horton is more profitable than most peers, yet revenue fell 3.5% in the 12 months to June 2026 vs the 12 months before.

Questions investors ask about D.R. Horton

Is D.R. Horton getting weaker?

Its latest SEC filing (Jul 23, 2026) showed no major changes. Its overall score is unchanged at 61/100 since Oct 28, 2026.

How is D.R. Horton valued vs its peers?

Priced about in line with its peers. Valuation scores 58/100 against 1,612 consumer cyclical peers. Earnings yield 7.5% vs a peer median of 4.4% (stronger than 76% of peers).Earnings yield 7.5% vs peers 4.4% (stronger than 76% of peers).

Is D.R. Horton growing?

More slowly than most of its peers. Growth scores 23/100 against 1,612 consumer cyclical peers. Revenue growth -3.5% vs a peer median of 3.7% (weaker than 77% of peers).Revenue growth -3.5% vs peers 3.7% (weaker than 77% of peers).

How profitable is D.R. Horton?

More profitable than most of its peers. Profitability scores 76/100 against 1,612 consumer cyclical peers. Return on assets 8.4% vs a peer median of 3.3% (stronger than 87% of peers).Return on assets 8.4% vs peers 3.3% (stronger than 87% of peers).

How risky is D.R. Horton?

Lower risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Current ratio 6.01× vs a peer median of 1.48× (stronger than 95% of peers).Current ratio 6.01× vs peers 1.48× (stronger than 95% of peers). Beta 1.35 vs a peer median of 0.63 (weaker than 88% of peers).Beta 1.35 vs peers 0.63 (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

33.3B USD

33.4B USD

+0.0%

Net income (12 months)

3.2B USD

3.1B USD

−3.8%

Operating margin

11.8%

11.4%

−0.3 pts

Free cash flow (12 months)

3.5B USD

3.2B USD

−8.4%

Debt

6.6B USD

7.1B USD

+8.4%

Cash

1.9B USD

2.1B USD

+8.4%

Shares outstanding

283.6M

279.7M

−1.4%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Gross margin

28.4%

31.4%

26.4%

25.9%

23.7%

▼ 2.2 pts

Operating margin

19.1%

22.6%

17.2%

16.1%

12.9%

▼ 3.2 pts

Net margin

15.0%

17.5%

13.4%

12.9%

10.5%

▼ 2.5 pts

Return on assets (ROA)

17.4%

19.3%

14.6%

13.2%

10.1%

▼ 3.1 pts

Return on equity (ROE)

28.1%

30.2%

20.9%

18.8%

14.8%

▼ 4.0 pts

Free cash flow margin

1.6%

1.2%

11.7%

5.5%

9.6%

▲ 4.1 pts

Debt to equity

0.36×

0.31×

0.22×

0.23×

0.25×

▲ 5.5%