D. R. Horton (DHI) stock
Consumer Discretionary · Homebuilding
D. R. Horton (DHI) is a Homebuilding company in the Consumer Discretionary sector, headquartered in Arlington, Texas. As of October 23, 2026, DHI closed at $147.48, a market capitalization of $41.25 billion, the 265th largest company in the S&P 500. Over the last twelve months it generated $33.35 billion in revenue (+0% year over year) and $3.20 billion in free cash flow. The stock trades at 14.1x trailing earnings and 13.2x forward earnings.
- 1-year total return: -5.9% (dividends reinvested)
- 5-year return: +11.9% a year
- 52-week range: $130.40 – $170.79
- Gross margin 21.3%, operating margin 13.0%
- Dividend yield: 1.22%, 11 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 23rd largest of 47 Consumer Discretionary stocks in the S&P 500
DHI price chart
1Y price change: -7.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DHI | +5.2% | +3.3% | -5.9% | +14.2% | +11.9% | +19.0% | +15.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1992.
DHI key statistics
- Market cap
- $41.3B
- #265 in S&P 500
- P/E (TTM)
- 14.1x
- Forward P/E
- 13.2x
- EPS (TTM)
- $10.49
- Revenue (TTM)
- $33.4B
- 0%
- Free cash flow
- $3.2B
- Gross margin
- 21.3%
- Operating margin
- 13.0%
- Return on equity
- 12.6%
- Dividend yield
- 1.22%
- 52-week range
- $130.40 – $170.79
- Beta
- 1.35
- Price / sales
- 1.2x
- EV / EBITDA
- 11.4x
- Debt / equity
- 0.29x
- Employees
- 14,341
DHI report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth0.0%D
- Gross margin21.3%D
- Operating margin13.0%C
- FCF margin9.6%C
- Return on equity12.6%C
- Net debt / EBITDA1.2xC
- Forward P/E13.2xA
- PEG ratio1.2xB
- Shareholder yield11.6%A
- Share count change / yr-3.5%A
D.R. Horton financials
Revenue went from $12.2B in fiscal 2016 to $34.3B in fiscal 2025, growing 12.2% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.2B | $14.1B | $16.1B | $17.6B | $20.3B | $27.8B | $33.5B | $35.5B | $36.8B | $34.3B |
| Gross profit | $2.7B | $3.0B | $3.7B | $3.9B | $4.9B | $7.9B | $10.5B | $9.4B | $9.5B | $8.1B |
| Net income | $886.3M | $1.0B | $1.5B | $1.6B | $2.4B | $4.2B | $5.9B | $4.7B | $4.8B | $3.6B |
| EPS (diluted) | $2.36 | $2.74 | $3.81 | $4.29 | $6.41 | $11.41 | $16.51 | $13.82 | $14.34 | $11.57 |
| Free cash flow | $545.8M | $337.5M | $477.1M | $764.9M | $1.3B | $440.9M | $413.6M | $4.2B | $2.0B | $3.3B |
| Buybacks | $0 | $60.6M | $127.5M | $479.8M | $360.4M | $874.0M | $1.1B | $1.2B | $1.8B | $4.3B |
| Dividends paid | $118.7M | $149.6M | $188.4M | $223.4M | $256.0M | $289.3M | $316.5M | $341.2M | $395.2M | $494.8M |
| Diluted shares | 375.1M | 378.9M | 383.4M | 377.4M | 370.2M | 365.8M | 354.8M | 343.3M | 331.6M | 309.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DHI?
A reverse DCF asks what growth the current price requires. With an enterprise value of $46.4B and $3.2B of trailing free cash flow, D.R. Horton needs to grow free cash flow about 2.6% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 19.9% a year over the last five years.
P/E ratio history
Current 12.7x vs. median 13.2x (10th–90th percentile 7.0x–18.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DHI dividend
- Dividend yield
- 1.22%
- Annual dividend
- $1.80
- Years of increases
- 11
- 5-yr dividend growth
- 17.9%
- per year
- Payout ratio
- 17%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DHI analyst price targets
14 analysts' average 12-month target is $152.36 (+3% vs. $147.48). Targets range from $119.00 to $206.00. 19% rate it a buy.
DHI earnings
Next report: October 29, 2026. D.R. Horton has beaten EPS estimates 3 quarters in a row. Last quarter's revenue was $9.2B (+0% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 21, 2026 | $2.99 | $3.20 | +7.1% |
| Apr 21, 2026 | $2.12 | $2.24 | +5.6% |
| Jan 20, 2026 | $1.92 | $2.03 | +6.0% |
| Oct 28, 2025 | $3.27 | $3.04 | -7.1% |
| Jul 22, 2025 | $2.90 | $3.36 | +15.8% |
| Apr 17, 2025 | $2.70 | $2.58 | -4.5% |
| Jan 21, 2025 | $2.36 | $2.61 | +10.8% |
| Oct 29, 2024 | $4.16 | $3.92 | -5.8% |
Stocks like DHI
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 PHM PulteGroup | +1.43% | +1% | $23.1B | 12.9x | Compare |
 LEN Lennar | +0.56% | -32% | $20.2B | 16.1x | Compare |
 NVR NVR | -2.08% | -22% | $16.0B | 16.5x | Compare |
 AMZN Amazon.com | -0.95% | +12% | $2.7T | 20.0x | Compare |
 TSLA Tesla | -0.63% | -17% | $1.5T | 409.0x | Compare |
 HD Home Depot | -2.41% | -15% | $319.1B | 21.5x | Compare |
 MCD McDonald's | -1.65% | -17% | $175.8B | 20.2x | Compare |
 TJX TJX Companies | -1.57% | +3% | $159.6B | 26.9x | Compare |
DHI news
- D.R. Horton (DHI) Cuts 2026 Outlook Following Sales Miss While Undervalued Narrative Holds · Oct 22, 2026
- Analysts Estimate D.R. Horton (DHI) to Report a Decline in Earnings: What to Look Out for · Oct 22, 2026
- 1970s Mortgage Rates Were Much Higher Than Today’s 7.4%, And The Housing Market Still Boomed. So Why Is It Frozen Now? · Oct 21, 2026
- Home Sales Contracts Just Fell to a Record Low as Mortgage Rates Hit 7.4% · Oct 21, 2026
- The housing market is on the verge of collapse, again · Oct 20, 2026
DHI stock FAQ
What is DHI's market cap?
D. R. Horton's market capitalization is $41.25 billion as of October 23, 2026, ranking 265th in the S&P 500.
What is DHI's P/E ratio?
DHI trades at a trailing price-to-earnings ratio of 14.1x and a forward P/E of 13.2x. Its median P/E over the period we track is 13.2x.
Does DHI pay a dividend?
Yes. D. R. Horton pays $1.80 per share a year, a 1.22% yield. It has raised its dividend 11 years in a row. Dividends grew 17.9% a year over the last five years.
How much has DHI stock returned?
Including reinvested dividends, DHI returned -5.9% over one year, +11.9% a year over five years, +19.0% a year over ten years through October 23, 2026.
Is DHI stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies D. R. Horton must grow free cash flow about 3% a year for the next decade. Its free cash flow grew 20% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the DHI price target?
14 analysts cover DHI with an average 12-month price target of $152.36, +3% from the current price. 19% of them rate it a buy.
When does DHI report earnings?
D. R. Horton is expected to report earnings on October 29, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does D. R. Horton have?
D. R. Horton has about 14,341 full-time employees, or $2.3 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology