# D.R. Horton, Inc. (DHI)

> Source: Nexqual · https://nexqual.com/DHI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, D.R. Horton, Inc. (DHI), nexqual.com/DHI" · informational, not investment advice.

**Price:** USD 147.66 (+6.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 138.98 · day 138.73–147.71 · 52w 130.4–170.79 · market cap $41.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $33.3B, net income $3.05B (9.2% margin), free cash flow $3.20B (SEC filings).
- Valuation: P/E 13.5x (avg 11.9x at the last 3 fiscal year-ends).
- 4 of 80 tracked superinvestors hold DHI (13F, Q2 2026): 1 new, 1 added, 2 reduced, 0 unchanged.
- Analysts: Hold (mean 2.95 on a 1–5 scale) (21 analysts), mean target USD 152.36 (range 119–206).
- Total return with dividends: 1Y -5.8% vs S&P 500 +14.9%; 5Y +75.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 3, revenue estimate $9.08B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.8B | $33.5B | $35.5B | $36.8B | $34.3B | $33.3B |
| Gross profit | $7.88B | $10.5B | $9.35B | $9.54B | $8.12B | — |
| Net income | $4.18B | $5.86B | $4.75B | $4.76B | $3.59B | $3.05B |
| EPS (diluted) | $11.41 | $16.51 | $13.82 | $14.34 | $11.57 | — |
| Free cash flow | $441M | $414M | $4.16B | $2.02B | $3.28B | $3.20B |
| Gross margin | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% | — |
| Net margin | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% | 9.2% |
| Revenue growth | +36.7% | +20.5% | +5.9% | +3.8% | -6.9% | — |
| Cash + short-term investments | $3.21B | $2.54B | $3.87B | $4.52B | $2.99B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.5x · P/S 1.2x · P/FCF 12.9x · P/B 1.7x · FCF yield 7.75% · Earnings yield 7.39% · Dividend yield (paid, TTM) 1.23% · Buyback yield (TTM) 7.02%
P/E at fiscal year-ends: Sep 2025 14.6x, Sep 2024 13.3x, Sep 2023 7.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold DHI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Greenhaven Associates |  | 6.59% | $571M | Added +1.1% |
| Glenn Greenberg | Brave Warrior Advisors | 2.43% | $111M | Reduced -1.3% |
| Third Avenue Management |  | 1.80% | $11.3M | Reduced -6.3% |
| Warren Buffett | Berkshire Hathaway | <0.01% | $581K | New position |

## Analysts
Consensus Hold (mean 2.95 on a 1–5 scale), 21 analysts; mean target USD 152.36 (low 119, high 206).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Wells Fargo | Target lowered | Equal-Weight | $145 → $140 |
| 2026-10-16 | StoneX | Initiated | Hold |  |
| 2026-10-15 | Citigroup | Target lowered | Neutral | $160 → $150 |
| 2026-10-15 | RBC Capital | Target lowered | Underperform | $125 → $119 |
| 2026-10-06 | Melius Research | Initiated | Sell | $128 |
| 2026-10-06 | Barclays | Target lowered | Equal-Weight | $141 → $130 |
| 2026-10-01 | Morgan Stanley | Initiated | Equal-Weight | $151 |
| 2026-09-25 | Evercore ISI Group | Target lowered | In-Line | $177 → $166 |
| 2026-09-22 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $167 → $160 |
| 2026-09-16 | Truist Securities | Target lowered | Hold | $150 → $140 |
| 2026-09-11 | Wells Fargo | Target lowered | Equal-Weight | $155 → $145 |
| 2026-08-04 | Wells Fargo | Target lowered | Equal-Weight | $170 → $155 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -5.8% | +75.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -5.8% | +11.9% |
| Volatility (annualized) | 35.6% | 33.6% |
| Max drawdown | -21.0% (Feb 2026→Mar 2026) | -44.5% (Dec 2021→Jun 2022) |

## Peers (Residential Construction)
PHM (PulteGroup, Inc.) USD 119.48 +5.84% · LEN (Lennar Corporation) USD 84.45 +8.69% · NVR (NVR, Inc.) USD 6,110.63 +3.57% · TOL (Toll Brothers, Inc.) USD 141.08 +4.47% · IBP (Installed Building Products, In) USD 198.13 +5.46% · SKY (Champion Homes, Inc.) USD 79.72 +5.27%

## More
Full page: https://nexqual.com/DHI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DHI's own 10-K filed 2025-11-19 (https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Forestar Group Inc. (FOR) | "Our homebuilding operations acquire finished lots from Forestar in accordance with the master supply agreement between the two companies." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| HomeBuildingOps | $8.69B | 94.1% | +1.2% |
| Forestar Group | $407.0M | 4.4% | +4.2% |
| Rental | $266.1M | 2.9% | -30.1% |
| Financial Services | $220.7M | 2.4% | -3.1% |
| Total revenue | $9.23B | 100% | — |
The lines above cover 103.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| HomeBuildingOps | $8.68B | 94.1% | +1.4% |
| Land | $4.3M | 0.0% | -78.3% |
| Total revenue | $9.23B | 100% | — |
The lines above cover 94.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.00 | $3.04 | -1.2% | $9.08B | 14 |
| Next quarter (ends 2026-12-31) | $2.13 | $2.24 | -5.1% | $7.10B | 9 |
| Current fiscal year (ends 2026-09-30) | $10.43 | $10.44 | -0.1% | $32.75B | 16 |
| Next fiscal year (ends 2027-09-30) | $11.15 | $11.69 | -4.6% | $33.69B | 16 |