D.R. Horton (DHI) Financials

$120.90 +1.12 (+0.94%)

As of 03:59 PM Eastern

Annual Income Statements for D.R. Horton

This table shows D.R. Horton's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	751	886	1,038	1,460	1,619	2,374	4,176	5,858	4,746	4,756
Consolidated Net Income / (Loss)	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Net Income / (Loss) Continuing Operations	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Total Pre-Tax Income	1,123	1,354	1,602	2,060	2,125	2,983	5,356	7,630	6,315	6,285
Total Operating Income	1,116	1,332	1,577	2,012	2,093	2,950	5,333	7,570	6,102	5,936
Total Gross Profit	2,288	2,655	3,048	3,670	3,872	4,938	7,875	10,504	9,350	9,535
Total Revenue	10,824	12,157	14,091	16,068	17,593	20,311	27,774	33,480	35,460	36,801
Operating Revenue	10,824	12,157	14,091	16,068	17,593	20,311	27,774	33,480	35,460	36,801
Total Cost of Revenue	8,536	9,503	11,043	12,398	13,721	15,373	19,899	22,976	26,110	27,266
Operating Cost of Revenue	8,536	9,503	11,043	12,398	13,721	15,373	19,899	22,976	26,110	27,266
Total Operating Expenses	1,173	1,323	1,472	1,658	1,779	1,988	2,542	2,934	3,249	3,600
Selling, General & Admin Expense	1,186	1,320	1,472	1,677	1,833	2,048	2,556	2,934	3,249	3,600
Total Other Income / (Expense), net	7.80	22	26	48	32	33	24	59	213	349
Other Income / (Expense), net	7.80	22	26	45	32	33	42	59	213	349
Income Tax Expense	373	467	564	598	507	603	1,165	1,734	1,520	1,479
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	2.00	0.10	6.80	15	38	50	50
Basic Earnings per Share	$2.05	$2.39	$2.77	$3.88	$4.34	$6.49	$11.56	$16.65	$13.93	$14.44
Weighted Average Basic Shares Outstanding	366.30M	371M	374.30M	376.60M	372.60M	365.50M	361.10M	351.70M	340.70M	329.50M
Diluted Earnings per Share	$2.03	$2.36	$2.74	$3.81	-	$6.41	$11.41	$16.51	$13.82	$14.34
Weighted Average Diluted Shares Outstanding	366.30M	375.10M	378.90M	383.40M	377.40M	370.20M	365.80M	354.80M	343.30M	331.60M
Weighted Average Basic & Diluted Shares Outstanding	366.30M	372.93M	374.90M	376.40M	377.40M	370.20M	356.53M	344.34M	333.18M	321.17M
Cash Dividends to Common per Share	$0.25	$0.32	$0.40	$0.50	$0.60	$0.70	$0.80	$0.90	$1.00	$1.20

This table shows D.R. Horton's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Income / (Loss) Attributable to Common Shareholders	1,648	1,632	959	942	1,335	1,510	947	1,172	1,354	1,283	845
Consolidated Net Income / (Loss)	1,659	1,648	968	950	1,352	1,526	956	1,184	1,367	1,300	852
Net Income / (Loss) Continuing Operations	1,659	1,648	968	950	1,352	1,526	956	1,184	1,367	1,300	852
Total Pre-Tax Income	2,183	2,066	1,267	1,245	1,784	2,018	1,248	1,529	1,799	1,710	1,110
Total Operating Income	2,168	2,046	1,230	1,203	1,732	1,937	1,171	1,452	1,718	1,594	1,032
Total Gross Profit	2,909	2,879	1,967	1,977	2,584	2,823	2,006	2,333	2,642	2,554	1,910
Total Revenue	8,788	9,640	7,258	7,973	9,726	10,504	7,726	9,107	9,966	10,003	7,613
Operating Revenue	8,788	9,640	7,258	7,973	9,726	10,504	7,726	9,107	9,966	10,003	7,613
Total Cost of Revenue	5,879	6,761	5,291	5,996	7,142	7,681	5,720	6,774	7,324	7,448	5,703
Operating Cost of Revenue	5,879	6,761	5,291	5,996	7,142	7,681	5,720	6,774	7,324	7,448	5,703
Total Operating Expenses	741	832	737	774	852	886	835	881	924	960	878
Selling, General & Admin Expense	741	832	737	774	852	886	835	881	924	960	878
Total Other Income / (Expense), net	15	19	38	42	52	81	76	76	81	116	78
Other Income / (Expense), net	15	19	38	42	52	81	76	76	81	116	78
Income Tax Expense	524	418	299	296	432	493	292	345	432	410	258
Net Income / (Loss) Attributable to Noncontrolling Interest	12	16	9.60	7.40	17	16	8.30	12	13	17	7.00
Basic Earnings per Share	$4.70	$4.67	$2.79	$2.75	$3.93	$4.46	$2.84	$3.54	$4.12	$3.94	$2.63
Weighted Average Basic Shares Outstanding	350.80M	351.70M	344.20M	342.10M	339.90M	340.70M	333.30M	330.90M	328.40M	329.50M	321.50M
Diluted Earnings per Share	$4.67	$4.64	$2.76	$2.73	$3.90	$4.43	$2.82	$3.52	$4.10	$3.90	$2.61
Weighted Average Diluted Shares Outstanding	353.10M	354.80M	346.90M	344.90M	342.30M	343.30M	335.70M	333.30M	330.10M	331.60M	323.30M
Weighted Average Basic & Diluted Shares Outstanding	347.48M	344.34M	343.39M	341.07M	338.30M	333.18M	331.82M	329.31M	326.04M	321.17M	315.12M
Cash Dividends to Common per Share	$0.23	-	$0.25	$0.25	$0.25	-	$0.30	$0.30	$0.30	-	$0.40

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	722	-81	-288	482	8.00	1,526	197	-664	1,327	644
Net Cash From Operating Activities	700	624	440	545	892	1,422	534	562	4,304	2,190
Net Cash From Continuing Operating Activities	700	624	440	545	892	1,422	534	562	4,290	2,190
Net Income / (Loss) Continuing Operations	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Consolidated Net Income / (Loss)	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Depreciation Expense	54	61	55	62	72	91	82	81	92	87
Non-Cash Adjustments To Reconcile Net Income	100	73	85	87	73	42	-180	-1,548	26	-18
Changes in Operating Assets and Liabilities, net	-210	-402	-743	-1,076	-883	-1,092	-3,559	-3,868	-622	-2,686
Net Cash From Investing Activities	-95	-113	-164	19	-394	-166	-252	-415	-310	-191
Net Cash From Continuing Investing Activities	-95	-113	-164	19	-394	-166	-252	-415	-310	-191
Purchase of Property, Plant & Equipment	-56	-86	-157	-138	-224	-287	-267	-148	-149	-165
Acquisitions	-71	-82	-4.10	-159	-316	-9.70	-25	-272	-213	-40
Sale of Property, Plant & Equipment	56	0.00	0.00	293	144	130	38	0.00	52	19
Other Investing Activities, net	-16	36	-8.80	7.30	2.10	0.60	2.10	4.80	-0.70	-4.30
Net Cash From Financing Activities	117	-592	-565	-83	-490	271	-85	-811	-2,667	-1,355
Net Cash From Continuing Financing Activities	117	-592	-565	-83	-490	271	-85	-811	-2,667	-1,355
Repayment of Debt	-1,456	-550	-1,245	-2,182	-2,686	-1,444	-467	-3,586	-1,879	-1,215
Repurchase of Common Equity	0.00	0.00	-61	-128	-480	-360	-848	-1,132	-1,179	-1,788
Payment of Dividends	-92	-119	-150	-192	-227	-256	-289	-317	-341	-395
Issuance of Debt	1,591	0.00	835	2,381	2,779	2,346	1,542	4,250	762	2,086
Issuance of Common Equity	62	72	47	47	143	23	56	35	26	40
Other Financing Activities, net	12	4.10	9.20	-10	-20	-38	-79	-62	-56	-84
Cash Income Taxes Paid	334	390	446	387	488	581	1,138	1,701	1,442	1,670

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-4.80	889	40	462	333	492	-556	-251	-73	1,524	-1,475
Net Cash From Operating Activities	272	1,125	829	645	788	2,043	-153	-317	698	1,962	647
Net Cash From Continuing Operating Activities	272	1,125	829	645	788	2,029	-153	-317	698	1,962	647
Net Income / (Loss) Continuing Operations	1,659	1,648	968	950	1,352	1,526	956	1,184	1,367	1,300	852
Consolidated Net Income / (Loss)	1,659	1,648	968	950	1,352	1,526	956	1,184	1,367	1,300	852
Depreciation Expense	21	21	20	27	24	21	20	21	22	24	24
Non-Cash Adjustments To Reconcile Net Income	-438	-528	-307	-280	-48	660	-210	-92	53	231	-27
Changes in Operating Assets and Liabilities, net	-970	-17	148	-52	-540	-178	-920	-1,430	-744	407	-202
Net Cash From Investing Activities	-304	-42	-143	-38	-128	-1.70	-39	-27	-95	-30	-57
Net Cash From Continuing Investing Activities	-304	-42	-143	-38	-128	-1.70	-39	-27	-95	-30	-57
Purchase of Property, Plant & Equipment	-36	-40	-48	-32	-29	-40	-48	-24	-62	-32	-13
Acquisitions	-272	-	-97	-6.40	-99	-11	-1.00	-	-37	-2.50	-51
Sale of Property, Plant & Equipment	-	-	0.00	-	-	52	9.90	-	5.00	4.50	0.00
Other Investing Activities, net	2.80	-1.80	1.70	0.40	-0.30	-2.50	-0.60	-3.00	-1.20	0.50	7.20
Net Cash From Financing Activities	28	-194	-647	-145	-326	-1,549	-363	92	-677	-408	-2,065
Net Cash From Continuing Financing Activities	28	-194	-647	-145	-326	-1,549	-363	92	-677	-408	-2,065
Repayment of Debt	-1,483	-1,475	-722	-9.70	93	-1,240	-570	358	-426	-577	-1,513
Repurchase of Common Equity	-290	-272	-118	-302	-340	-419	-377	-418	-436	-557	-1,056
Payment of Dividends	-79	-78	-86	-86	-85	-84	-100	-99	-98	-98	-129
Issuance of Debt	1,875	1,625	300	275	-	187	720	265	285	816	660
Issuance of Common Equity	4.70	6.30	5.50	7.40	5.80	6.80	1.60	30	-	8.40	0.00
Other Financing Activities, net	-0.10	-0.20	-26	-30	-0.10	-0.20	-38	-44	-1.30	-1.00	-28

This table presents D.R. Horton's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	11,151	11,559	12,185	14,115	15,607	18,912	24,016	30,351	32,582	36,104
Total Current Assets	9,201	9,654	10,261	11,901	12,796	3,040	19,716	24,229	26,273	29,447
Cash & Equivalents	1,384	1,303	1,008	1,473	1,494	3,019	3,210	2,541	3,874	4,516
Restricted Cash	9.70	9.50	17	33	20	22	27	32	27	28
Inventories, net	7,807	8,341	9,237	10,395	11,282	-	16,479	21,656	22,373	24,903
Plant, Property, & Equipment, net	147	195	325	401	499	684	393	472	445	531
Total Noncurrent Assets	2,362	1,710	1,598	1,813	2,293	15,189	3,907	5,651	5,864	6,126
Goodwill	87	80	80	109	164	164	164	164	164	164
Noncurrent Deferred & Refundable Income Taxes	1,116	476	365	194	144	145	155	141	187	168
Other Noncurrent Operating Assets	527	500	566	1,498	1,985	14,880	3,588	5,346	5,513	5,795
Total Liabilities & Shareholders' Equity	11,151	11,559	12,185	14,115	15,607	18,912	24,016	30,351	32,582	36,104
Total Liabilities	5,256	4,766	4,437	4,956	5,312	6,791	8,800	10,566	9,445	10,280
Total Current Liabilities	1,444	1,495	1,565	1,752	1,912	2,508	3,387	4,499	4,350	4,362
Accounts Payable	517	578	580	625	634	901	1,177	1,360	1,246	1,346
Accrued Expenses	927	917	985	1,128	1,278	1,607	2,210	3,138	3,104	3,017
Total Noncurrent Liabilities	3,812	3,271	2,872	3,204	3,399	4,283	5,412	6,067	5,095	5,918
Long-Term Debt	3,812	3,271	-	3,204	-	4,283	5,412	6,067	5,095	5,918
Commitments & Contingencies	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,895	6,793	7,748	9,159	10,295	12,122	15,216	19,786	23,138	25,824
Total Preferred & Common Equity	5,894	6,793	7,747	8,984	10,021	11,840	14,887	19,396	22,696	25,313
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,894	6,793	7,747	8,984	10,021	11,840	14,887	19,396	22,696	25,313
Common Stock	2,738	2,870	2,996	3,089	3,183	3,245	3,279	3,354	3,436	3,495
Retained Earnings	3,290	4,057	4,946	6,218	7,640	9,758	13,644	19,185	23,590	27,951
Treasury Stock	-134	-134	-195	-322	-802	-1,163	-2,037	-3,143	-4,330	-6,133
Noncontrolling Interest	1.10	0.50	0.50	175	274	282	330	389	442	512

This table presents D.R. Horton's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Total Assets	28,870	30,351	30,265	31,171	32,323	32,582	33,382	34,398	35,151	36,104	35,030
Total Current Assets	23,383	24,229	25,058	25,646	26,392	26,273	27,395	27,933	28,556	29,447	29,150
Cash & Equivalents	1,656	2,541	2,591	3,051	3,379	3,874	3,323	3,063	2,992	4,516	3,050
Restricted Cash	29	32	21	24	29	27	21	30	28	28	19
Inventories, net	21,699	21,656	22,445	22,572	22,984	22,373	24,050	24,840	25,536	24,903	26,081
Plant, Property, & Equipment, net	481	472	502	510	425	445	476	480	521	531	524
Total Noncurrent Assets	5,005	5,651	4,705	5,015	5,506	5,864	5,511	5,985	6,074	6,126	5,356
Goodwill	164	164	164	164	164	164	164	164	164	164	164
Noncurrent Deferred & Refundable Income Taxes	157	141	138	112	122	187	176	167	157	168	127
Other Noncurrent Operating Assets	4,685	5,346	4,404	4,739	5,221	5,513	5,172	5,655	5,754	5,795	5,065
Total Liabilities & Shareholders' Equity	28,870	30,351	30,265	31,171	32,323	32,582	33,382	34,398	35,151	36,104	35,030
Total Liabilities	10,434	10,566	9,712	10,049	10,241	9,445	9,778	10,102	10,001	10,280	9,567
Total Current Liabilities	4,459	4,499	4,022	4,082	4,136	4,350	4,488	4,164	4,310	4,362	4,469
Accounts Payable	1,507	1,360	1,205	1,251	1,370	1,246	1,260	1,387	1,413	1,346	1,373
Accrued Expenses	2,952	3,138	2,817	2,831	2,766	3,104	3,227	2,777	2,897	3,017	3,097
Total Noncurrent Liabilities	5,975	6,067	5,690	5,967	6,105	5,095	5,290	5,938	5,691	5,918	5,098
Long-Term Debt	5,975	6,067	5,690	-	6,105	5,095	5,290	5,938	5,691	5,918	5,098
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	18,436	19,786	20,552	21,122	22,082	23,138	23,604	24,296	25,151	25,824	25,463
Total Preferred & Common Equity	18,063	19,396	20,153	20,713	21,656	22,696	23,153	23,816	24,657	25,313	24,944
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	18,063	19,396	20,153	20,713	21,656	22,696	23,153	23,816	24,657	25,313	24,944
Common Stock	3,322	3,354	3,356	3,362	3,399	3,436	3,444	3,436	3,463	3,495	3,512
Retained Earnings	17,632	19,185	20,058	20,915	22,164	23,590	24,437	25,510	26,765	27,951	28,667
Treasury Stock	-2,891	-3,143	-3,261	-3,564	-3,907	-4,330	-4,728	-5,130	-5,572	-6,133	-7,236
Noncontrolling Interest	373	389	399	409	426	442	450	481	494	512	519

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.88%	12.32%	15.90%	14.03%	9.49%	15.45%	36.74%	20.54%	5.92%	3.78%
EBITDA Growth	34.44%	20.02%	17.04%	28.14%	3.70%	39.19%	77.53%	41.32%	-16.92%	-0.54%
EBIT Growth	37.98%	20.48%	18.37%	28.41%	3.31%	40.36%	80.17%	41.96%	-17.24%	-0.48%
NOPAT Growth	40.69%	16.98%	17.18%	39.76%	11.63%	47.64%	77.28%	40.19%	-20.79%	-2.03%
Net Income Growth	40.71%	18.06%	17.16%	40.82%	10.69%	47.07%	76.06%	40.67%	-18.66%	0.23%
EPS Growth	35.33%	16.26%	16.10%	39.05%	0.00%	0.00%	78.00%	44.70%	-16.29%	3.76%
Operating Cash Flow Growth	205.90%	-10.92%	-29.44%	23.85%	63.63%	59.35%	-62.41%	5.13%	666.13%	-49.12%
Free Cash Flow Firm Growth	-215.42%	126.97%	207.48%	-188.32%	236.50%	-161.14%	106.50%	-126.30%	9,419.31%	-53.26%
Invested Capital Growth	99.45%	-1.35%	-23.18%	61.31%	-19.21%	52.52%	30.13%	33.86%	4.52%	11.78%
Revenue Q/Q Growth	6.92%	4.91%	3.06%	2.20%	3.13%	36.05%	-7.68%	4.79%	2.50%	-1.34%
EBITDA Q/Q Growth	8.24%	7.52%	2.91%	6.15%	2.70%	328.35%	-38.14%	4.64%	-0.73%	-4.59%
EBIT Q/Q Growth	8.50%	7.49%	3.39%	6.16%	2.66%	308.08%	-38.40%	4.65%	-0.75%	-4.68%
NOPAT Q/Q Growth	11.05%	4.06%	3.27%	11.69%	5.28%	337.74%	-45.68%	5.36%	-3.49%	-5.28%
Net Income Q/Q Growth	10.72%	5.32%	2.93%	11.92%	2.20%	15.94%	13.99%	5.41%	-2.49%	-4.49%
EPS Q/Q Growth	10.93%	5.36%	2.62%	11.73%	0.00%	0.00%	0.00%	6.17%	-1.50%	-3.56%
Operating Cash Flow Q/Q Growth	594.15%	3.91%	25.92%	-41.53%	179.30%	1.52%	-33.05%	9,109.84%	27.13%	-3.58%
Free Cash Flow Firm Q/Q Growth	-625.58%	120.76%	193.67%	-174.46%	209.29%	-19.54%	-96.67%	93.62%	30.33%	-4.37%
Invested Capital Q/Q Growth	38,671.74%	56.44%	-31.67%	44.59%	-29.22%	0.71%	4.94%	2.43%	-1.81%	-2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.14%	21.84%	21.63%	22.84%	22.01%	24.31%	28.35%	31.37%	26.37%	25.91%
EBITDA Margin	10.93%	11.68%	11.79%	13.25%	12.55%	15.13%	19.65%	23.03%	18.07%	17.31%
Operating Margin	10.31%	10.95%	11.19%	12.52%	11.90%	14.52%	19.20%	22.61%	17.21%	16.13%
EBIT Margin	10.38%	11.13%	11.37%	12.80%	12.08%	14.69%	19.35%	22.79%	17.81%	17.08%
Profit (Net Income) Margin	6.94%	7.29%	7.37%	9.10%	9.20%	11.72%	15.09%	17.61%	13.52%	13.06%
Tax Burden Percent	66.82%	65.48%	64.81%	70.99%	76.16%	79.80%	78.25%	77.27%	75.94%	76.47%
Interest Burden Percent	100.00%	100.00%	100.00%	100.14%	100.00%	100.00%	99.66%	100.00%	100.00%	100.00%
Effective Tax Rate	33.18%	34.52%	35.19%	29.01%	23.84%	20.20%	21.75%	22.73%	24.06%	23.53%
Return on Invested Capital (ROIC)	11.19%	9.90%	13.21%	16.26%	16.26%	21.28%	27.13%	28.77%	19.46%	17.62%
ROIC Less NNEP Spread (ROIC-NNEP)	11.65%	10.47%	16.74%	26.57%	47.85%	2.86%	28.21%	30.38%	26.37%	38.39%
Return on Net Nonoperating Assets (RNNOA)	2.44%	4.07%	1.08%	1.04%	0.38%	-0.04%	3.53%	4.92%	2.88%	2.01%
Return on Equity (ROE)	13.63%	13.97%	14.28%	17.30%	16.64%	21.24%	30.66%	33.69%	22.34%	19.63%
Cash Return on Invested Capital (CROIC)	-55.23%	11.26%	39.42%	-30.67%	37.51%	-20.32%	0.95%	-0.19%	15.04%	6.50%
Operating Return on Assets (OROA)	10.53%	11.92%	13.50%	15.64%	14.30%	17.28%	25.04%	28.07%	20.07%	18.30%
Return on Assets (ROA)	7.04%	7.81%	8.75%	11.12%	10.89%	13.79%	19.53%	21.69%	15.24%	13.99%
Return on Common Equity (ROCE)	13.62%	13.97%	14.28%	17.12%	16.26%	20.71%	29.98%	33.00%	21.91%	19.25%
Return on Equity Simple (ROE_SIMPLE)	12.74%	13.05%	13.40%	16.28%	16.15%	20.11%	28.15%	30.40%	21.13%	18.99%
Net Operating Profit after Tax (NOPAT)	745	872	1,022	1,428	1,594	2,354	4,173	5,850	4,633	4,539
NOPAT Margin	6.89%	7.17%	7.25%	8.89%	9.06%	11.59%	15.02%	17.47%	13.07%	12.33%
Net Nonoperating Expense Percent (NNEP)	-0.45%	-0.58%	-3.54%	-10.31%	-31.59%	18.41%	-1.08%	-1.62%	-6.90%	-20.77%
Cost of Revenue to Revenue	78.86%	78.16%	78.37%	77.16%	77.99%	75.69%	71.65%	68.63%	73.63%	74.09%
SG&A Expenses to Revenue	10.96%	10.86%	10.44%	10.44%	10.42%	10.08%	9.20%	8.76%	9.16%	9.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.83%	10.88%	10.44%	10.32%	10.11%	9.79%	9.15%	8.76%	9.16%	9.78%
Earnings before Interest and Taxes (EBIT)	1,123	1,354	1,602	2,057	2,125	2,983	5,374	7,630	6,315	6,285
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,183	1,420	1,662	2,130	2,208	3,074	5,457	7,711	6,406	6,372
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.51	1.79	1.66	1.85	2.24	1.96	1.18	1.59	2.45
Price to Tangible Book Value (P/TBV)	1.68	1.53	1.81	1.68	1.88	2.27	1.98	1.19	1.60	2.47
Price to Revenue (P/Rev)	0.90	0.85	0.98	0.93	1.05	1.30	1.05	0.68	1.01	1.69
Price to Earnings (P/E)	12.98	11.60	13.33	10.20	11.45	11.15	7.00	3.92	7.58	13.05
Dividend Yield	0.94%	1.16%	1.08%	1.27%	1.20%	0.96%	0.98%	1.36%	0.94%	0.63%
Earnings Yield	7.70%	8.62%	7.50%	9.80%	8.73%	8.97%	14.29%	25.54%	13.19%	7.67%
Enterprise Value to Invested Capital (EV/IC)	1.37	1.40	1.91	1.55	1.97	2.09	1.82	1.15	1.55	2.35
Enterprise Value to Revenue (EV/Rev)	1.12	1.01	0.91	1.04	0.98	1.38	1.14	0.80	1.06	1.74
Enterprise Value to EBITDA (EV/EBITDA)	10.28	8.62	7.72	7.87	7.83	9.11	5.81	3.48	5.87	10.03
Enterprise Value to EBIT (EV/EBIT)	10.83	9.05	8.00	8.15	8.14	9.38	5.90	3.51	5.96	10.17
Enterprise Value to NOPAT (EV/NOPAT)	16.32	14.04	12.55	11.73	10.84	11.89	7.60	4.58	8.12	14.09
Enterprise Value to Operating Cash Flow (EV/OCF)	17.37	19.62	29.13	30.74	19.38	19.69	59.36	47.73	8.74	29.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.34	4.20	0.00	4.70	0.00	217.11	0.00	10.50	38.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.48	0.00	0.35	0.00	0.35	0.36	0.31	0.22	0.23
Long-Term Debt to Equity	0.65	0.48	0.00	0.35	0.00	0.35	0.36	0.31	0.22	0.23
Financial Leverage	0.21	0.39	0.06	0.04	0.01	-0.01	0.13	0.16	0.11	0.05
Leverage Ratio	1.94	1.79	1.63	1.56	1.53	1.54	1.57	1.55	1.47	1.40
Compound Leverage Factor	1.94	1.79	1.63	1.56	1.53	1.54	1.57	1.55	1.47	1.40
Debt to Total Capital	39.27%	32.50%	0.00%	25.91%	0.00%	26.11%	26.24%	23.47%	18.04%	18.64%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.27%	32.50%	0.00%	25.91%	0.00%	26.11%	26.24%	23.47%	18.04%	18.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	1.41%	2.66%	1.72%	1.60%	1.51%	1.56%	1.61%
Common Equity to Total Capital	60.72%	67.49%	99.99%	72.68%	97.34%	72.17%	72.16%	75.03%	80.39%	79.75%
Debt to EBITDA	3.22	2.30	0.00	1.50	0.00	1.39	0.99	0.79	0.80	0.93
Net Debt to EBITDA	2.04	1.38	0.00	0.79	0.00	0.40	0.40	0.45	0.19	0.22
Long-Term Debt to EBITDA	3.22	2.30	0.00	1.50	0.00	1.39	0.99	0.79	0.80	0.93
Debt to NOPAT	5.11	3.75	0.00	2.24	0.00	1.82	1.30	1.04	1.10	1.30
Net Debt to NOPAT	3.24	2.25	0.00	1.18	0.00	0.53	0.52	0.60	0.26	0.30
Long-Term Debt to NOPAT	5.11	3.75	0.00	2.24	0.00	1.82	1.30	1.04	1.10	1.30
Altman Z-Score	3.66	4.07	4.89	4.90	5.19	4.69	5.50	4.90	5.83	7.13
Noncontrolling Interest Sharing Ratio	0.05%	0.01%	0.01%	1.04%	2.31%	2.48%	2.24%	2.05%	1.94%	1.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.37	6.46	6.56	6.79	6.69	1.21	5.82	5.39	6.04	6.75
Quick Ratio	0.96	0.87	0.64	0.84	0.78	1.20	0.95	0.56	0.89	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,678	992	3,050	-2,694	3,677	-2,248	146	-38	3,581	1,673
Operating Cash Flow to CapEx	700,400.00%	724.62%	279.85%	0.00%	1,110.96%	905.48%	232.55%	379.08%	4,455.59%	1,500.89%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	8.07	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	29.52	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	16.83	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.07	1.19	1.22	1.18	1.18	1.29	1.23	1.13	1.07
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	1.10	1.18	1.26	1.26	1.27	0.00	0.00	1.21	1.19	1.15
Fixed Asset Turnover	64.10	71.03	54.15	44.26	39.08	34.34	51.60	77.46	77.34	75.38
Accounts Payable Turnover	16.39	17.37	19.07	20.58	21.80	20.04	19.16	18.11	20.03	21.04
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	331.56	310.12	290.50	288.98	288.32	0.00	0.00	302.91	307.75	316.44
Days Payable Outstanding (DPO)	22.27	21.01	19.14	17.74	16.74	18.22	19.05	20.15	18.22	17.35
Cash Conversion Cycle (CCC)	309.29	289.11	271.37	271.25	271.58	-18.22	-19.05	282.75	289.53	299.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,872	8,752	6,723	10,845	8,762	13,365	17,391	23,280	24,332	27,198
Invested Capital Turnover	1.63	1.38	1.82	1.83	1.79	1.84	1.81	1.65	1.49	1.43
Increase / (Decrease) in Invested Capital	4,424	-120	-2,028	4,122	-2,083	4,602	4,027	5,888	1,053	2,866
Enterprise Value (EV)	12,165	12,244	12,822	16,759	17,289	27,995	31,722	26,815	37,611	63,935
Market Capitalization	9,746	10,285	13,846	14,898	18,529	26,471	29,217	22,932	35,975	62,050
Book Value per Share	$16.07	$18.25	$20.70	$23.83	$27.10	$32.55	$41.56	$55.82	$67.09	$77.64
Tangible Book Value per Share	$15.83	$18.03	$20.48	$23.54	$26.65	$32.10	$41.10	$55.35	$66.61	$77.14
Total Capital	9,707	10,064	7,748	12,362	10,295	16,405	20,629	25,853	28,232	31,742
Total Debt	3,812	3,271	0.00	3,204	0.00	4,283	5,412	6,067	5,095	5,918
Total Long-Term Debt	3,812	3,271	0.00	3,204	0.00	4,283	5,412	6,067	5,095	5,918
Net Debt	2,418	1,959	-1,024	1,687	-1,514	1,243	2,175	3,494	1,194	1,374
Capital Expenditures (CapEx)	0.10	86	157	-155	80	157	230	148	97	146
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6,363	6,846	7,672	8,643	9,370	-2,508	13,092	17,157	18,023	20,541
Debt-free Net Working Capital (DFNWC)	7,756	8,159	8,696	10,149	10,884	533	16,329	19,730	21,923	25,085
Net Working Capital (NWC)	7,756	8,159	8,696	10,149	10,884	533	16,329	19,730	21,923	25,085
Net Nonoperating Expense (NNE)	-5.21	-14	-17	-34	-24	-27	-18	-46	-162	-267
Net Nonoperating Obligations (NNO)	2,976	1,959	-1,024	1,687	-1,533	1,243	2,175	3,494	1,194	1,374
Total Depreciation and Amortization (D&A)	60	66	60	72	83	91	82	81	92	87
Debt-free, Cash-free Net Working Capital to Revenue	58.79%	56.31%	54.44%	53.79%	53.26%	-12.35%	47.14%	51.25%	50.83%	55.82%
Debt-free Net Working Capital to Revenue	71.66%	67.11%	61.71%	63.16%	61.87%	2.62%	58.79%	58.93%	61.83%	68.16%
Net Working Capital to Revenue	71.66%	67.11%	61.71%	63.16%	61.87%	2.62%	58.79%	58.93%	61.83%	68.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.05	$2.39	$2.77	$0.00	$4.34	$6.49	$11.56	$16.65	$13.93	$14.44
Adjusted Weighted Average Basic Shares Outstanding	368.70M	372.93M	375.04M	0.00	372.60M	365.50M	361.10M	351.70M	340.70M	329.50M
Adjusted Diluted Earnings per Share	$2.03	$2.36	$2.74	$0.00	$4.29	$6.41	$11.41	$16.51	$13.82	$14.34
Adjusted Weighted Average Diluted Shares Outstanding	368.70M	372.93M	375.04M	0.00	377.40M	370.20M	365.80M	354.80M	343.30M	331.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.34	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	368.70M	372.93M	375.04M	0.00	368.49M	364.39M	356.53M	344.34M	333.18M	321.17M
Normalized Net Operating Profit after Tax (NOPAT)	752	874	1,022	1,415	1,553	2,306	4,162	5,850	4,633	4,539
Normalized NOPAT Margin	6.95%	7.19%	7.25%	8.81%	8.83%	11.36%	14.98%	17.47%	13.07%	12.33%
Pre Tax Income Margin	10.38%	11.13%	11.37%	12.82%	12.08%	14.69%	19.29%	22.79%	17.81%	17.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	296.93	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	230.54	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	284.23	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	217.85	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.20%	13.39%	14.41%	13.10%	14.04%	10.75%	6.90%	5.37%	7.12%	8.22%
Augmented Payout Ratio	12.20%	13.39%	20.24%	21.82%	43.69%	25.89%	27.15%	24.56%	31.69%	45.42%

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.64%	18.87%	2.90%	-0.33%	10.67%	8.97%	6.45%	14.23%	2.47%	-4.78%	-1.46%
EBITDA Growth	51.68%	19.60%	-15.14%	-33.17%	-17.99%	-2.27%	-1.52%	21.82%	0.76%	-15.02%	-10.53%
EBIT Growth	52.28%	19.65%	-15.37%	-33.88%	-18.29%	-2.30%	-1.55%	22.74%	0.85%	-15.29%	-11.03%
NOPAT Growth	47.52%	22.29%	-17.15%	-36.08%	-20.37%	-10.31%	-4.50%	22.59%	-0.50%	-17.25%	-11.71%
Net Income Growth	48.62%	22.49%	-15.49%	-34.16%	-18.54%	-7.44%	-1.30%	24.65%	1.12%	-14.80%	-10.86%
EPS Growth	52.61%	26.09%	-12.93%	-32.26%	-16.49%	-4.53%	2.17%	28.94%	5.13%	-11.96%	-7.45%
Operating Cash Flow Growth	125.75%	97.68%	576.22%	197.58%	189.74%	81.66%	-118.50%	-149.14%	-11.33%	-3.98%	521.58%
Free Cash Flow Firm Growth	-106.31%	-58.10%	-23.42%	195.60%	83.56%	109.67%	73.71%	-305.98%	-134.33%	-501.77%	-12.55%
Invested Capital Growth	37.14%	33.86%	25.67%	-14.06%	9.03%	4.52%	8.12%	50.39%	12.28%	11.78%	7.60%
Revenue Q/Q Growth	9.87%	9.69%	-24.71%	9.85%	21.98%	8.00%	-26.45%	17.88%	9.43%	0.37%	-23.89%
EBITDA Q/Q Growth	15.82%	-5.32%	-38.33%	-1.17%	42.11%	12.84%	-37.86%	22.26%	17.54%	-4.84%	-34.58%
EBIT Q/Q Growth	15.93%	-5.38%	-38.66%	-1.73%	43.25%	13.14%	-38.19%	22.53%	17.70%	-4.96%	-35.08%
NOPAT Q/Q Growth	14.82%	-0.92%	-42.46%	-2.35%	43.03%	11.60%	-38.73%	25.35%	16.08%	-7.18%	-34.63%
Net Income Q/Q Growth	15.05%	-0.67%	-41.25%	-1.93%	42.34%	12.87%	-37.36%	23.86%	15.47%	-4.90%	-34.46%
EPS Q/Q Growth	15.88%	-0.64%	-40.52%	-1.09%	42.86%	13.59%	-36.34%	24.82%	16.48%	-4.88%	-33.08%
Operating Cash Flow Q/Q Growth	141.15%	313.76%	-26.28%	-22.27%	22.19%	159.43%	-107.51%	-106.45%	320.49%	180.91%	-67.03%
Free Cash Flow Firm Q/Q Growth	-11.35%	5.57%	8.67%	199.54%	-119.15%	155.55%	-348.22%	-679.86%	78.21%	4.76%	30.46%
Invested Capital Q/Q Growth	8.23%	2.43%	1.51%	-23.63%	37.30%	-1.81%	5.00%	6.23%	2.51%	-2.24%	1.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.10%	29.86%	27.10%	24.79%	26.57%	26.88%	25.97%	25.62%	26.51%	25.54%	25.09%
EBITDA Margin	25.08%	21.65%	17.73%	15.95%	18.59%	19.42%	16.41%	17.02%	18.28%	17.33%	14.90%
Operating Margin	24.67%	21.23%	16.94%	15.09%	17.81%	18.44%	15.16%	15.95%	17.24%	15.94%	13.56%
EBIT Margin	24.84%	21.43%	17.46%	15.62%	18.34%	19.21%	16.15%	16.78%	18.05%	17.09%	14.58%
Profit (Net Income) Margin	18.88%	17.10%	13.34%	11.91%	13.90%	14.52%	12.37%	13.00%	13.72%	12.99%	11.19%
Tax Burden Percent	76.00%	79.79%	76.41%	76.25%	75.77%	75.59%	76.61%	77.44%	75.98%	76.03%	76.75%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.00%	20.21%	23.59%	23.75%	24.23%	24.41%	23.39%	22.56%	24.02%	23.98%	23.25%
Return on Invested Capital (ROIC)	30.49%	27.89%	20.55%	19.84%	19.65%	20.77%	16.97%	20.26%	18.58%	17.30%	14.40%
ROIC Less NNEP Spread (ROIC-NNEP)	30.83%	28.43%	21.53%	27.82%	20.78%	23.38%	19.30%	-31.03%	20.86%	24.16%	17.40%
Return on Net Nonoperating Assets (RNNOA)	6.38%	4.61%	3.46%	0.59%	3.58%	2.55%	2.20%	0.16%	2.37%	1.27%	1.41%
Return on Equity (ROE)	36.87%	32.49%	24.01%	20.42%	23.23%	23.32%	19.16%	20.42%	20.95%	18.57%	15.80%
Cash Return on Invested Capital (CROIC)	-3.06%	-0.19%	3.91%	41.43%	11.57%	15.04%	10.87%	-19.01%	6.65%	6.50%	9.40%
Operating Return on Assets (OROA)	31.33%	26.39%	21.28%	18.17%	20.74%	21.65%	18.23%	18.97%	19.96%	18.32%	15.64%
Return on Assets (ROA)	23.81%	21.06%	16.26%	13.86%	15.72%	16.37%	13.97%	14.69%	15.16%	13.92%	12.00%
Return on Common Equity (ROCE)	36.08%	31.82%	23.52%	20.02%	22.78%	22.87%	18.80%	20.02%	20.54%	18.21%	15.49%
Return on Equity Simple (ROE_SIMPLE)	30.96%	0.00%	28.37%	25.23%	22.71%	0.00%	20.66%	21.06%	20.41%	0.00%	18.85%
Net Operating Profit after Tax (NOPAT)	1,648	1,633	939	917	1,312	1,464	897	1,125	1,306	1,212	792
NOPAT Margin	18.75%	16.94%	12.94%	11.51%	13.49%	13.94%	11.61%	12.35%	13.10%	12.12%	10.41%
Net Nonoperating Expense Percent (NNEP)	-0.34%	-0.55%	-0.98%	-7.98%	-1.13%	-2.61%	-2.33%	51.29%	-2.28%	-6.85%	-3.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	3.11%	-	-	-	2.59%
Cost of Revenue to Revenue	66.90%	70.14%	72.91%	75.21%	73.43%	73.12%	74.03%	74.38%	73.49%	74.46%	74.91%
SG&A Expenses to Revenue	8.43%	8.63%	10.15%	9.70%	8.76%	8.44%	10.81%	9.67%	9.27%	9.60%	11.53%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.43%	8.63%	10.15%	9.70%	8.76%	8.44%	10.81%	9.67%	9.27%	9.60%	11.53%
Earnings before Interest and Taxes (EBIT)	2,183	2,066	1,267	1,245	1,784	2,018	1,248	1,529	1,799	1,710	1,110
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,204	2,087	1,287	1,272	1,808	2,040	1,268	1,550	1,821	1,733	1,134
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.18	1.50	1.60	1.90	1.59	2.20	2.28	1.88	2.45	1.80
Price to Tangible Book Value (P/TBV)	1.27	1.19	1.51	1.61	1.91	1.60	2.22	2.30	1.89	2.47	1.81
Price to Revenue (P/Rev)	0.71	0.68	0.90	0.98	1.19	1.01	1.42	1.47	1.24	1.69	1.22
Price to Earnings (P/E)	4.10	3.92	5.33	6.40	8.44	7.58	10.77	10.96	9.30	13.05	9.65
Dividend Yield	1.35%	1.36%	1.05%	1.22%	0.81%	0.94%	0.86%	0.67%	0.82%	0.63%	0.93%
Earnings Yield	24.39%	25.54%	18.77%	15.64%	11.85%	13.19%	9.28%	9.13%	10.75%	7.67%	10.36%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.15	1.43	1.69	1.78	1.55	2.09	2.13	1.78	2.35	1.73
Enterprise Value to Revenue (EV/Rev)	0.86	0.80	1.00	0.91	1.28	1.06	1.49	1.56	1.33	1.74	1.29
Enterprise Value to EBITDA (EV/EBITDA)	3.73	3.48	4.51	4.45	6.85	5.87	8.36	8.66	7.41	10.03	7.61
Enterprise Value to EBIT (EV/EBIT)	3.77	3.51	4.56	4.51	6.95	5.96	8.48	8.77	7.51	10.17	7.72
Enterprise Value to NOPAT (EV/NOPAT)	4.95	4.58	5.96	5.93	9.21	8.12	11.63	12.03	10.33	14.09	10.70
Enterprise Value to Operating Cash Flow (EV/OCF)	4,505.11	47.73	21.54	10.61	13.06	8.74	16.07	24.45	21.79	29.20	15.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	40.67	3.77	16.09	10.50	19.98	0.00	28.28	38.21	19.04
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.31	0.28	0.00	0.28	0.22	0.22	0.24	0.23	0.23	0.20
Long-Term Debt to Equity	0.32	0.31	0.28	0.00	0.28	0.22	0.22	0.24	0.23	0.23	0.20
Financial Leverage	0.21	0.16	0.16	0.02	0.17	0.11	0.11	-0.01	0.11	0.05	0.08
Leverage Ratio	1.56	1.55	1.51	1.51	1.51	1.47	1.44	1.44	1.43	1.40	1.39
Compound Leverage Factor	1.56	1.55	1.51	1.51	1.51	1.47	1.44	1.44	1.43	1.40	1.39
Debt to Total Capital	24.48%	23.47%	21.68%	0.00%	21.66%	18.04%	18.31%	19.64%	18.45%	18.64%	16.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	24.48%	23.47%	21.68%	0.00%	21.66%	18.04%	18.31%	19.64%	18.45%	18.64%	16.68%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.53%	1.51%	1.52%	1.94%	1.51%	1.56%	1.56%	1.59%	1.60%	1.61%	1.70%
Common Equity to Total Capital	73.99%	75.03%	76.80%	98.06%	76.83%	80.39%	80.13%	78.77%	79.95%	79.75%	81.62%
Debt to EBITDA	0.81	0.79	0.76	0.00	0.95	0.80	0.83	0.89	0.85	0.93	0.82
Net Debt to EBITDA	0.58	0.45	0.41	0.00	0.42	0.19	0.30	0.43	0.40	0.22	0.33
Long-Term Debt to EBITDA	0.81	0.79	0.76	0.00	0.95	0.80	0.83	0.89	0.85	0.93	0.82
Debt to NOPAT	1.08	1.04	1.01	0.00	1.27	1.10	1.15	1.24	1.19	1.30	1.15
Net Debt to NOPAT	0.77	0.60	0.54	0.00	0.56	0.26	0.42	0.59	0.56	0.30	0.46
Long-Term Debt to NOPAT	1.08	1.04	1.01	0.00	1.27	1.10	1.15	1.24	1.19	1.30	1.15
Altman Z-Score	4.31	4.30	4.88	4.96	5.45	5.40	6.18	6.32	5.90	6.71	5.96
Noncontrolling Interest Sharing Ratio	2.13%	2.05%	2.01%	1.97%	1.97%	1.94%	1.92%	1.96%	1.95%	1.95%	1.98%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.24	5.39	6.23	6.28	6.38	6.04	6.10	6.71	6.63	6.75	6.52
Quick Ratio	0.37	0.56	0.64	0.75	0.82	0.89	0.74	0.74	0.69	1.04	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,506	-4,255	-3,887	3,869	-741	412	-1,022	-7,969	-1,737	-1,654	-1,150
Operating Cash Flow to CapEx	765.63%	2,797.51%	1,745.47%	2,033.12%	2,706.19%	0.00%	-406.90%	-1,336.29%	1,225.09%	7,133.09%	4,862.41%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.26	1.23	1.22	1.16	1.13	1.13	1.13	1.13	1.11	1.07	1.07
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	1.16	1.21	1.15	1.13	1.13	1.19	1.14	1.15	1.13	1.15	1.09
Fixed Asset Turnover	75.33	77.46	73.86	71.34	76.32	77.34	73.53	74.91	78.85	75.38	73.40
Accounts Payable Turnover	15.89	18.11	19.83	18.20	17.51	20.03	21.53	20.71	19.77	21.04	20.70
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	314.00	302.91	317.54	323.53	323.72	307.75	319.74	316.75	322.01	316.44	335.75
Days Payable Outstanding (DPO)	22.97	20.15	18.40	20.06	20.84	18.22	16.95	17.62	18.46	17.35	17.63
Cash Conversion Cycle (CCC)	291.03	282.75	299.14	303.47	302.88	289.53	302.79	299.13	303.55	299.09	318.12
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,726	23,280	23,630	18,047	24,780	24,332	25,549	27,141	27,822	27,198	27,492
Invested Capital Turnover	1.63	1.65	1.59	1.72	1.46	1.49	1.46	1.64	1.42	1.43	1.38
Increase / (Decrease) in Invested Capital	6,154	5,888	4,826	-2,952	2,053	1,053	1,919	9,094	3,042	2,866	1,942
Enterprise Value (EV)	27,481	26,815	33,714	30,464	44,207	37,611	53,390	57,720	49,498	63,935	47,454
Market Capitalization	22,817	22,932	30,237	33,129	41,084	35,975	50,994	54,395	46,333	62,050	44,906
Book Value per Share	$51.31	$55.82	$58.53	$60.32	$63.50	$67.09	$69.47	$71.77	$74.87	$77.64	$77.67
Tangible Book Value per Share	$50.85	$55.35	$58.05	$59.84	$63.02	$66.61	$68.98	$71.28	$74.38	$77.14	$77.16
Total Capital	24,411	25,853	26,243	21,122	28,188	28,232	28,894	30,234	30,842	31,742	30,561
Total Debt	5,975	6,067	5,690	0.00	6,105	5,095	5,290	5,938	5,691	5,918	5,098
Total Long-Term Debt	5,975	6,067	5,690	0.00	6,105	5,095	5,290	5,938	5,691	5,918	5,098
Net Debt	4,291	3,494	3,078	-3,075	2,697	1,194	1,946	2,845	2,671	1,374	2,029
Capital Expenditures (CapEx)	36	40	48	32	29	-12	38	24	57	28	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17,240	17,157	18,424	18,490	18,848	18,023	19,563	20,676	21,226	20,541	21,611
Debt-free Net Working Capital (DFNWC)	18,924	19,730	21,036	21,564	22,256	21,923	22,907	23,770	24,246	25,085	24,680
Net Working Capital (NWC)	18,924	19,730	21,036	21,564	22,256	21,923	22,907	23,770	24,246	25,085	24,680
Net Nonoperating Expense (NNE)	-11	-15	-29	-32	-40	-61	-58	-59	-61	-88	-60
Net Nonoperating Obligations (NNO)	4,291	3,494	3,078	-3,075	2,697	1,194	1,946	2,845	2,671	1,374	2,029
Total Depreciation and Amortization (D&A)	21	21	20	27	24	21	20	21	22	24	24
Debt-free, Cash-free Net Working Capital to Revenue	53.96%	51.25%	54.69%	54.93%	54.48%	50.83%	54.45%	55.79%	56.90%	55.82%	58.91%
Debt-free Net Working Capital to Revenue	59.23%	58.93%	62.45%	64.07%	64.33%	61.83%	63.76%	64.13%	65.00%	68.16%	67.27%
Net Working Capital to Revenue	59.23%	58.93%	62.45%	64.07%	64.33%	61.83%	63.76%	64.13%	65.00%	68.16%	67.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.70	$4.67	$2.79	$2.75	$3.93	$4.46	$2.84	$3.54	$4.12	$3.94	$2.63
Adjusted Weighted Average Basic Shares Outstanding	350.80M	351.70M	344.20M	342.10M	339.90M	340.70M	333.30M	330.90M	328.40M	329.50M	321.50M
Adjusted Diluted Earnings per Share	$4.67	$4.64	$2.76	$2.73	$3.90	$4.43	$2.82	$3.52	$4.10	$3.90	$2.61
Adjusted Weighted Average Diluted Shares Outstanding	353.10M	354.80M	346.90M	344.90M	342.30M	343.30M	335.70M	333.30M	330.10M	331.60M	323.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	347.48M	344.34M	343.39M	341.07M	338.30M	333.18M	331.82M	329.31M	326.04M	321.17M	315.12M
Normalized Net Operating Profit after Tax (NOPAT)	1,648	1,633	939	917	1,312	1,464	897	1,125	1,306	1,212	792
Normalized NOPAT Margin	18.75%	16.94%	12.94%	11.51%	13.49%	13.94%	11.61%	12.35%	13.10%	12.12%	10.41%
Pre Tax Income Margin	24.84%	21.43%	17.46%	15.62%	18.34%	19.21%	16.15%	16.78%	18.05%	17.09%	14.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.54%	5.37%	5.64%	6.30%	6.81%	7.12%	7.42%	7.35%	7.59%	8.22%	9.01%
Augmented Payout Ratio	24.26%	24.56%	22.18%	25.08%	27.78%	31.69%	37.48%	38.31%	40.36%	45.42%	61.46%

Frequently Asked Questions About D.R. Horton's Financials

When does D.R. Horton's financial year end?

According to the most recent income statement we have on file, D.R. Horton's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has D.R. Horton's net income changed over the last 9 years?

D.R. Horton's net income appears to be on an upward trend, with a most recent value of $4.81 billion in 2024, rising from $750.70 million in 2015. The previous period was $4.80 billion in 2023.

What is D.R. Horton's operating income?

D.R. Horton's total operating income in 2024 was $5.94 billion, based on the following breakdown:

Total Gross Profit: $9.54 billion
Total Operating Expenses: $3.60 billion

How has D.R. Horton revenue changed over the last 9 years?

Over the last 9 years, D.R. Horton's total revenue changed from $10.82 billion in 2015 to $36.80 billion in 2024, a change of 240.0%.

How much debt does D.R. Horton have?

D.R. Horton's total liabilities were at $10.28 billion at the end of 2024, a 8.8% increase from 2023, and a 95.6% increase since 2015.

How much cash does D.R. Horton have?

In the past 9 years, D.R. Horton's cash and equivalents has ranged from $1.01 billion in 2017 to $4.52 billion in 2024, and is currently $4.52 billion as of their latest financial filing in 2024.

How has D.R. Horton's book value per share changed over the last 9 years?

Over the last 9 years, D.R. Horton's book value per share changed from 16.07 in 2015 to 77.64 in 2024, a change of 383.1%.

Remove Ads

Related Companies

This page (NYSE:DHI) was last updated on 4/14/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

D.R. Horton (DHI) Financials

Frequently Asked Questions About D.R. Horton's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

D.R. Horton (DHI) Financials

Annual Income Statements for D.R. Horton

Quarterly Income Statements for D.R. Horton

Annual Cash Flow Statements for D.R. Horton

Quarterly Cash Flow Statements for D.R. Horton

Annual Balance Sheets for D.R. Horton

Quarterly Balance Sheets for D.R. Horton

Annual Metrics and Ratios for D.R. Horton

Quarterly Metrics and Ratios for D.R. Horton

Frequently Asked Questions About D.R. Horton's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools