D.R. Horton Inc.
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+ FollowMarket Cap$40.84B
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Earnings Call Q4 2026
October 29, 2026 - AI Summary
Q4 & FY results (profitability + cash generation):
- Q4: Revenues $9.4B, pretax margin 10.8%, net income $742M (EPS $2.67).
- FY: Revenues $33B, pretax income $3.9B (pretax margin 11.8%), net income $2.9B (EPS $10.11).
- Cash: Generated $3.5B cash from operations in FY and returned $4.1B to shareholders via buybacks + dividends.
Demand & volume weakening due to affordability (rates up → incentives up): (key negative)
- Q4 net sales orders: -7% YoY to 18.6k homes; order value -9% to $6.6B.
- Cancellations: 23% (vs 20% sequentially, higher than a year ago).
- Management said mortgage rates rose sharply in Q4, pressuring affordability; consumer sentiment remained cautious.
- Starts reduced meaningfully: 13.1k starts in the quarter (-45% sequential, -10% YoY) to align inventory with demand.
Gross margin pressured (incentives + legal costs), and guidance implies continued margin softness: (key negative + forecast)
- Q4 home sales gross margin: 19.5%, -120 bps sequentially and below expectations.
- Drivers: Limited ability to offset higher costs with pricing (80 bps decline) + above-normal litigation costs for the rest.
- Q1 FY2027 gross margin guide: 18.0%–18.5% (lower than historical “normal” levels discussed earlier by management—implying incentives and rate environment remain costly).
- Company expects incentive levels to remain elevated in FY2027; spring demand and mortgage rates will determine how much margin can recover.
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$155.60
0.9% downside
Current Fair Value
0.9% downsideOvervalued by 0.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $40.84 Billion |
|---|---|
| Enterprise Value | $45.87 Billion |
| Annual dividend | $1.80 |
| Dividend yield | 1.23% |
| Earnings per Share | $10.14 |
| Beta | 1.35 |
| Outstanding Shares | 277,000,000 |
Return
| Return on Equity | 12.13% |
|---|---|
| Return on Assets | 7.93% |
| Return on Invested Capital | 11.75% |
Valuation & Multiples
| P/E Ratio | 14.38 |
|---|---|
| PEG | -79.65 |
| Price to Sales | 1.32 |
| Price to Book Ratio | 1.78 |
| Enterprise Value to Revenue | 1.39 |
| Enterprise Value to EBIT | 12.39 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.16 |
| Debt to Equity | 0.3 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$3.01
Consensus analyst estimateRevenue Estimate
$9.07 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 19, 2027
EPS Estimate
$1.34
Consensus analyst estimateRevenue Estimate
$6.07 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.36, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3610▼ 49.30% |
|---|---|
| Total Calls | 277▼ 99.99% |
| Total Puts | 100▼ 99.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.25%▼ 79.70% |
|---|---|
| Total Invested | $2.06B▼ 94.82% |
| Investors Holding | 400▼ 896.00% |
About D.R. Horton Inc.
7,735 employees
CEO: David Auld
D.R. Horton, Inc., America's Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 88 markets in 29 states across the United States and cl...