D.R. Horton Inc Stock Research

Market Summary

USD98.08+1.80

Market Closed

1.87%

DHI Stock Price

DHI RSI Chart

DHI Valuation

Market Cap

33.7B

Price/Earnings (Trailing)

5.93

Price/Sales (Trailing)

EV/EBITDA

4.15

Price/Free Cashflow

24.05

DHI Price/Sales (Trailing)

DHI Profitability

Operating Margin

30.65%

EBT Margin

21.97%

Return on Equity

28.19%

Return on Assets

18.77%

Free Cashflow Yield

4.16%

DHI Fundamentals

DHI Revenue

Revenue (TTM)

33.7B

Revenue Y/Y

2.9%

Revenue Q/Q

-24.71%

DHI Earnings

Earnings (TTM)

5.7B

Earnings Y/Y

-16.02%

Earnings Q/Q

-41.25%

Price Action

52 Week Range

59.07103.88

(Low)(High)

Last 7 days

2.7%

Last 30 days

-4.2%

Last 90 days

6.5%

Trailing 12 Months

20.5%

DHI Financial Health

DHI Investor Care

Dividend Yield

0.94%

Dividend/Share (TTM)

0.93

Buy Backs (1Y)

3.60%

Diluted EPS (TTM)

16.12

Peers (Alternatives to DR Horton)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
DHI	33.7B	33.7B	-4.22%	20.48%	5.93	1	16.58%	25.40%
GRMN	18.6B	4.9B	-1.90%	-11.92%	19.15	3.84	-2.46%	-10.04%
NVR	17.9B	10.5B	2.36%	10.58%	10.37	1.7	17.60%	39.53%
PHM	12.6B	16.2B	-4.83%	17.99%	4.83	0.78	16.53%	34.48%
MID-CAP
WHR	7.0B	19.7B	-12.75%	-30.01%	-4.6	0.35	-10.28%	-185.19%
TOL	6.6B	10.3B	-3.95%	14.25%	5	0.65	13.82%	49.17%
MTH	4.0B	5.6B	-7.85%	14.86%	4.04	0.65	-	34.54%
KBH	3.1B	6.9B	-8.57%	-3.63%	3.76	0.45	20.59%	44.61%
MDC	2.7B	5.7B	-7.50%	-10.13%	4.79	0.47	8.82%	-2.01%
LGIH	2.5B	2.3B	-10.91%	-11.25%	7.67	1.09	-24.45%	-23.99%
SMALL-CAP
MHO	1.6B	4.1B	-5.07%	17.18%	3.31	0.39	10.29%	23.63%
GRBK	1.5B	1.8B	-3.43%	43.53%	5.17	0.86	25.30%	53.46%
BZH	460.2M	2.3B	-9.42%	-14.74%	2.19	0.2	6.55%	45.02%
HOV	446.0M	2.9B	-7.70%	-4.12%	1.98	0.15	3.56%	-62.90%
CHCI	48.5M	37.8M	8.59%	1.92%	9.18	1.28	25.98%	-64.49%

Financials for DR Horton

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	0.6%	33,684	33,480	31,950	30,446	28,894
S&GA Expenses	2.4%	3,005	2,934	2,795	2,710	2,636
EBITDA	-3.0%	7,481	7,711	7,376	6,597	-
EBITDA Margin	-3.6%	0.22*	0.23*	0.23*	0.22*	-
Earnings Before Taxes	-3.0%	7,400	7,630	7,290	6,523	5,819
EBT Margin	-3.6%	0.22*	0.23*	0.23*	0.21*	-
Net Income	-3.0%	5,681	5,858	5,571	5,038	4,530
Net Income Margin	-3.6%	0.17*	0.17*	0.17*	0.17*	-
Free Cahsflow	238.5%	1,400	414	-149	-280	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.3%	30,265	30,351	28,870	26,685	24,999
Cash Equivalents	2.0%	2,591	2,541	1,656	1,664	2,465
Net PPE	6.4%	502	472	481	434	410
Goodwill	0%	164	164	164	164	164
Liabilities	-8.1%	9,712	10,566	10,434	9,568	8,986
Shareholder's Equity	3.9%	20,153	19,396	18,063	17,118	16,013
Retained Earnings	4.5%	20,058	19,185	17,632	16,063	14,706
Additional Paid-In Capital	0.1%	3,352	3,350	3,318	3,289	3,283
Shares Outstanding	-0.2%	343	344	347	352	356
Minority Interest	2.5%	399	389	373	343	336

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	178.6%	1,565	562	6.00	-145	612
Share Based Compensation	-0.8%	104	105	101	99.00	93.00
Cashflow From Investing	-28.1%	-531	-414	-418	-124	-187
Cashflow From Financing	-9.2%	-885	-811	127	-272	-435
Dividend Payments	1.9%	323	317	310	303	297
Buy Backs	-15.0%	940	1,106	1,067	998	1,082

Risks for DHI

What is the probability of a big loss on DHI?

68.5%

Probability that DR Horton stock will be more than 20% underwater in next one year

41.1%

Probability that DR Horton stock will be more than 30% underwater in next one year.

30%

Probability that DR Horton stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does DHI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if DR Horton was unfortunately bought at previous high price.

Drawdowns

Returns for DHI

Cumulative Returns on DHI

15.9%

10-Year Cumulative Returns

19.5%

7-Year Cumulative Returns

18.3%

5-Year Cumulative Returns

36.0%

3-Year Cumulative Returns

What are the long-term rolling returns for DHI?

FIve years rolling returns for DR Horton.

Annualized Returns

Which funds bought or sold DHI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-16.18	58,226	604,226	0.02%
2023-03-13	Claro Advisors LLC	new	-	250,931	250,931	0.08%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	29.16	10,648,500	25,656,500	0.03%
2023-03-10	MATHER GROUP, LLC.	added	58.00	298,793	571,793	0.01%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-7.68	244,000	1,344,000	0.01%
2023-03-01	SMITHBRIDGE ASSET MANAGEMENT INC/DE	new	-	872,000	872,000	0.23%
2023-02-28	Voya Investment Management LLC	added	12.13	7,666,560	23,502,600	0.03%
2023-02-27	Parallax Volatility Advisers, L.P.	new	-	7,114,170	7,114,170	0.01%
2023-02-24	National Pension Service	reduced	-6.23	8,386,490	46,030,300	0.09%
2023-02-24	SRS Capital Advisors, Inc.	reduced	-0.1	85,983	351,983	0.05%

Latest Funds Activity

Are funds buying DHI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own DHI

No. of Funds

DR Horton News

Schedule 13G FIlings of DR Horton

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	horton family limited partnership	5.66%	19,435,892	SC 13G/A
Feb 13, 2023	capital world investors	11.8%	40,610,030	SC 13G/A
Feb 13, 2023	capital research global investors	8.9%	30,592,657	SC 13G
Feb 09, 2023	vanguard group inc	10.11%	34,846,932	SC 13G/A
Jan 31, 2023	blackrock inc.	7.4%	25,622,815	SC 13G/A
Feb 11, 2022	horton family limited partnership	5.5%	19,435,892	SC 13G/A
Feb 10, 2022	vanguard group inc	10.07%	35,690,537	SC 13G/A
Feb 09, 2022	vanguard group inc	9.97%	35,496,538	SC 13G/A
Jan 31, 2022	blackrock inc.	9.9%	35,431,305	SC 13G/A
May 10, 2021	vanguard group inc	10.01%	36,086,024	SC 13G/A

DHI Fair Value

DR Horton fair value in different scenarios

The table shows the Fair Value estimates for DR Horton for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	356.04 263.01%	482.65 392.10%	725.15 639.35%	951.94 870.58%	1124.37 1046.38%
Current Inflation	325.09 231.45%	433.29 341.77%	637.67 550.15%	826.32 742.50%	969.74 888.72%
Very High Inflation	287.06 192.68%	373.94 281.26%	534.94 445.41%	681.03 594.36%	792.20 707.71%

Historical DR Horton Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of DR Horton

View All Filings

Date Filed	Form Type	Document
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading

Latest Insider Trading transactions for DHI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-13	HORTON DONALD R	gifted	-	-	-2,888,600	chairman
2023-03-13	Allen Barbara K	sold	-43,103	95.9991	-449	-
2023-03-12	BUCHANAN MICHAEL R	acquired	-	-	449	-
2023-03-12	WHEAT BILL W	acquired	-	-	4,949	evp and cfo
2023-03-12	Allen Barbara K	acquired	-	-	449	-
2023-03-12	ANDERSON BRADLEY S	acquired	-	-	449	-
2023-03-12	HORTON DONALD R	acquired	-	-	21,063	chairman
2023-03-12	Romanowski Paul J	acquired	-	-	3,846	evp and coo
2023-03-12	Miller Maribess L	acquired	-	-	449	-
2023-03-12	Murray Michael J	acquired	-	-	4,949	evp and coo

About DR Horton

David V. Auld

www.drhorton.com

11800

D.R. Horton, Inc. operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 31 states and 98 markets under the names of D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes. The company constructs and sells single-family detached homes; and attached homes, such as town homes, duplexes, and triplexes. It also provides mortgage financing services; and title insurance policies, and examination and closing services, as well as engages in the residential lot development business. In addition, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; owns non-residential real estate, including ranch land and improvements; and owns and operates energy related assets. It primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is headquartered in Arlington, Texas.

DHI Income Statement

2022-12-31

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 7,257.8	$ 7,053.4
Cost of sales	5,291.3	4,905.7
Selling, general and administrative expense	737.0	665.9
Other (income) expense	(37.7)	(15.5)
Income before income taxes	1,267.2	1,497.3
Income tax expense	298.9	351.5
Net income	968.3	1,145.8
Net income attributable to noncontrolling interests	9.6	4.2
Net income attributable to D.R. Horton, Inc.	$ 958.7	$ 1,141.6
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.79	$ 3.21
Weighted average number of common shares	344.2	356.1
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$ 2.76	$ 3.17
Adjusted weighted average number of common shares	346.9	360.1

DHI Balance Sheet

2022-12-31

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022
ASSETS
Cash and cash equivalents	$ 2,591.1	$ 2,540.5
Restricted cash	21.4	32.4
Total cash, cash equivalents and restricted cash	2,612.5	2,572.9
Inventories:
Construction in progress and finished homes	9,508.0	9,798.2
Residential land and lots — developed and under development	9,898.9	9,173.1
Land held for development	108.6	110.8
Land held for sale	29.5	29.4
Rental properties	2,900.3	2,544.2
Total inventories	22,445.3	21,655.7
Mortgage loans held for sale	1,782.7	2,386.0
Deferred Income Tax Assets, Net	137.9	141.1
Property and equipment, net	501.7	471.6
Other assets	2,620.9	2,960.3
Goodwill	163.5	163.5
Total assets	30,264.5	30,351.1
LIABILITIES
Accounts payable	1,205.0	1,360.3
Accrued expenses and other liabilities	2,816.8	3,138.3
Notes payable	5,690.3	6,066.9
Total liabilities	9,712.1	10,565.5
Commitments and contingencies (Note K)
EQUITY
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0.0	0.0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 399,882,765 shares issued and 343,278,561 shares outstanding at December 31, 2022 and 399,172,937 shares issued and 343,953,023 shares outstanding at September 30, 2022	4.0	4.0
Additional paid-in capital	3,352.0	3,349.5
Retained earnings	20,057.9	19,185.3
Treasury stock, 56,604,204 shares and 55,219,914 shares at December 31, 2022 and September 30, 2022, respectively, at cost	(3,260.6)	(3,142.5)
Stockholders’ equity	20,153.3	19,396.3
Noncontrolling interests	399.1	389.3
Total equity	20,552.4	19,785.6
Total liabilities and equity	$ 30,264.5	$ 30,351.1