DHI
D.R. Horton, Inc.
| Market | Homes closed | YoY | Share | ASP | YoY | Net orders | YoY | Book-to-bill | Backlog |
|---|---|---|---|---|---|---|---|---|---|
| ▸Northwest | 4,997 | -7.5% | 6% | $537k | +5.8% | 4,938 | -8.4% | 0.99× | 476 |
| ▸Southwest | 9,504 | -6.2% | 11% | $481k | -0.7% | 9,325 | -6.2% | 0.98× | 1,035 |
| ▸South Central | 22,319 | -4.9% | 26% | $308k | -5.2% | 22,000 | -2.4% | 0.99× | 2,435 |
| ▸Southeast | 20,390 | -17.5% | 24% | $340k | -5.0% | 19,700 | -14.3% | 0.97× | 2,405 |
| ▸East | 17,711 | +3.8% | 21% | $346k | -2.7% | 17,290 | +5.3% | 0.98× | 2,323 |
| ▸North | 9,942 | +11.5% | 12% | $424k | +2.8% | 10,170 | +9.7% | 1.02× | 2,111 |
| Consolidated | 84,863 | -5.4% | $370k | -2.0% | 83,423 | -3.6% | 0.98× | 10,785 |
ASP computed as closings value ÷ homes closed. Homebuilding segment only (excludes Forestar, financial services, rental). ASP is computed per region (closings value / homes closed); D.R. Horton does not print a per-region ASP. Cancellation rate is the company-wide 18% for both years (cancelled orders / gross orders), not split by region.
ROE is decomposed into how profitable each sale is (net margin), how hard the asset base works (asset turnover), and how much leverage amplifies it (equity multiplier). Homebuilder returns are driven primarily by margin and inventory turns; a high equity multiplier signals balance-sheet leverage rather than operating quality. Period-end balances; see methodology.
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $33.48bn | $35.46bn | $36.80bn | $34.25bn |
| Gross profit | $10.50bn | $9.35bn | $9.54bn | $8.12bn |
| EBITDA (derived) | $7.71bn | $6.41bn | $6.37bn | $4.84bn |
| Net income | $5.86bn | $4.75bn | $4.76bn | $3.59bn |
| Total assets | $30.35bn | $32.58bn | $36.10bn | $35.47bn |
| Shareholders' equity | $19.40bn | $22.70bn | $25.31bn | $24.19bn |
| Total debt | $6.07bn | $5.09bn | $5.92bn | $5.97bn |
| Real-estate inventory | $21.66bn | $22.37bn | $24.90bn | $25.29bn |
| Tangible book value | $18.95bn | $22.21bn | $24.83bn | $23.69bn |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Gross margin | 31.4% | 26.4% | 25.9% | 23.7% |
| EBITDA margin (derived) | 23.0% | 18.1% | 17.3% | 14.1% |
| Net margin | 17.5% | 13.4% | 12.9% | 10.5% |
| Return on assets | 19.3% | 14.6% | 13.2% | 10.1% |
| Return on equity | 30.2% | 20.9% | 18.8% | 14.8% |
| Asset turnover | 1.1× | 1.1× | 1.0× | 1.0× |
| Inventory turnover | 1.1× | 1.2× | 1.1× | 1.0× |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Debt / capital | 23.8% | 18.3% | 18.9% | 19.8% |
| Debt / equity | 0.3× | 0.2× | 0.2× | 0.2× |
| Net debt / capital | 15.4% | 5.1% | 5.2% | 11.0% |
| Revenue growth (YoY) | 20.5% | 5.9% | 3.8% | -6.9% |
| Net income growth (YoY) | 40.3% | -19.0% | 0.2% | -24.6% |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Diluted EPS | $16.51 | $13.82 | $14.34 | $11.57 |
| Tangible book / share | $55.08 | $66.34 | $76.63 | $80.46 |
| Book value / share | $56.39 | $67.78 | $78.12 | $82.15 |
Multiples use the current share price (May 29, 2026, Stooq (delayed close, last known)) and the most recent share count. P/E uses trailing FY2025diluted EPS. EV/EBITDA uses derived EBITDA (pre-tax plus interest plus D&A).
- 10-Kfiscal period ending Sep 30, 2025, filed Nov 19, 2025View on SEC EDGAR ↗
- Share price: Stooq (delayed close, last known) as of May 29, 2026 · all filings (CIK 882184) ↗
Field-level XBRL tag mapping
Derived metrics (margins, returns, leverage, turnover, growth, valuation multiples) are computed from the as-reported figures above. See the methodology & sources page for every definition and known limitation.
Homebuilder
Equity Analysis
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