DHINYSEOperative BuildersFiscal year ends September 30
HORTON D R INC /DE/
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$135.31−4.08 (-2.93%)
Close on Oct 19, 2026
- Market cap
- $38.29B
- P/E (TTM)
- 12.9
- Dividend yield
- 1.18%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
23.7%−0.6 pts over 5 years
Net margin
10.5%−1.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.9% | +0.8% | +11.0% | +12.2% | |
| Gross profit | -14.9% | -8.2% | +10.4% | – | |
| Net income | -24.6% | -15.1% | +8.6% | – | |
| EPS, diluted | -19.3% | -11.2% | +12.5% | +19.0% | |
| Free cash flow | +62.2% | +99.5% | +19.9% | +17.7% | |
| Dividend per share | +33.3% | +21.1% | +18.0% | +20.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 14.0% | 21.7% | 14.5% | |
| Return on assets | 7.8% | 13.8% | 10.0% | |
| Capex to revenue | 0.6% | 0.5% | 0.4% | |
| Diluted shares | 375M | 370M | 310M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Horton D R generated $11.01B from operations and spent $11.78B on capital expenditure, dividends and share buybacks. 6% of that went back into the business.
Generated
$11.01B
Used
$11.78B
Capital expenditure$693.00M6%Dividends$1.84B16%Share buybacks$9.25B79%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.5%
×Asset turnover0.96×
×Equity multiplier1.45×
=Return on equity, FY202514.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.5% | 0.96× | 1.45× | 14.5% |
| FY2024 | 12.9% | 1.07× | 1.43× | 19.8% |
| FY2023 | 13.4% | 1.13× | 1.50× | 22.5% |
| FY2022 | 17.5% | 1.23× | 1.59× | 34.2% |
| FY2021 | 15.0% | 1.29× | 1.61× | 31.2% |
| FY2020 | 11.7% | 1.18× | 1.58× | 21.7% |
| FY2019 | 9.2% | 1.18× | 1.56× | 17.0% |
| FY2018 | 9.1% | 1.22× | 1.57× | 17.5% |
| FY2017 | 7.4% | 1.19× | 1.63× | 14.3% |
| FY2016 | 7.3% | 1.07× | 1.79× | 14.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$3.59B
- Cash generatingOperating cash flow above zero$3.42B
- Return on assets improvedROA up on the prior year14.6% → 9.9%
- Earnings backed by cashOperating cash flow above net income$3.42B vs $3.59B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise332M → 310M
- Gross margin improvedGross margin up on the prior year25.91% → 23.70%
- More efficientAsset turnover rose1.13 → 0.95