PulteGroup Inc
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+ FollowMarket Cap$23.76B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Q3 headline results (profitability held up; volumes softened): PulteGroup delivered ~6.9k home closings in Q3 (down ~9% YoY), producing $3.9B home sale revenue (down ~9% YoY). Despite lower volume, they generated 24.8% reported gross margin (down 140 bps YoY, down 20 bps sequentially) and $476M net income / $2.53 EPS (vs. $586M / $2.96 in Q3’25). They also increased backlog to 10.3k homes valued at $6.4B (vs. 9.89k / $6.2B a year ago).
Demand/channels: traffic down sharply while conversion stayed stable → missing closings: Management said customer conversion rates were comparable to Q1–Q2, but traffic to communities fell (-14% YoY, -11% sequentially). The “surprise” dynamic was that conversion held, yet sign-ups/closings decelerated meaningfully—driven primarily by a big rate increase in September (and broader macro uncertainty), causing more consumers to pause their search, especially first-time buyers (most rate-sensitive). This also reduced spec home sales/closings because most spec activity sits in first-time communities. Cancellations were relatively stable: 10% of starting backlog (down from 12% last year), indicating buyers under contract remained committed.
Inventory/spec & production controls; guidance embedded in market reality: They maintained discipline on starts and spec inventory: spec homes in production 45%, and finished specs down 16% YoY to ~1.7k. Starts were ~6.5k homes while they sold ~6.2k in Q3 (not perfectly matched due to demand shift in September). Guidance:
- Q4 closings: 7.0k to 7.5k homes (requires continued spec conversion).
- Full-year closings: 27.0k to 27.5k homes (company view: still cycling spec conversion given the demand drop).
- Gross margin: Q4 24.0%–24.5%; full-year 24.5%–25.0%.
- ASP in Q4 & full-year: $550k–$560k.
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Share Statistics
| Market cap | $23.76 Billion |
|---|---|
| Enterprise Value | $24.55 Billion |
| Annual dividend | $1.04 |
| Dividend yield | 0.83% |
| Earnings per Share | $11.21 |
| Beta | 1.16 |
| Outstanding Shares | 186,633,000 |
Return
| Return on Equity | 13.72% |
|---|---|
| Return on Assets | 9.72% |
| Return on Invested Capital | 14.05% |
Valuation & Multiples
| P/E Ratio | 13.27 |
|---|---|
| PEG | -70.61 |
| Price to Sales | 1.6 |
| Price to Book Ratio | 1.94 |
| Enterprise Value to Revenue | 1.54 |
| Enterprise Value to EBIT | 11.43 |
| Enterprise Value to Net Income | 13 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | 0.17 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$2.65
Consensus analyst estimateRevenue Estimate
$4.15 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$2.58
Consensus analyst estimateRevenue Estimate
$4.21 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 96.52% |
|---|---|
| Total Calls | 100▼ 99.99% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.81%▼ 87.08% |
|---|---|
| Total Invested | $1.50B▼ 93.90% |
| Investors Holding | 338▼ 748.00% |
About PulteGroup Inc
6,506 employees
CEO: Ryan R. Marshall
PulteGroup, Inc. primarily operates as a leading homebuilder across the United States, conducting its business through various subsidiaries. The company's core activities involve the acquisition and development of land parcels specifical...