PHM
PulteGroup, Inc.
| Market | Homes closed | YoY | Share | ASP | YoY | Net orders | YoY | Book-to-bill | Backlog |
|---|---|---|---|---|---|---|---|---|---|
| ▸Northeast | 1,649 | +8.6% | 6% | $753k | +7.0% | 1,541 | -1.6% | 0.93× | 507 |
| ▸Southeast | 5,598 | -1.7% | 19% | $529k | +4.5% | 5,437 | +1.4% | 0.97× | 1,751 |
| ▸Florida | 7,442 | -5.9% | 25% | $573k | -3.7% | 7,068 | +2.3% | 0.95× | 2,421 |
| ▸Midwest | 5,026 | +5.8% | 17% | $543k | -0.4% | 4,829 | -0.6% | 0.96× | 1,605 |
| ▸Texas | 4,352 | -20.2% | 15% | $385k | -2.0% | 4,195 | -11.9% | 0.96× | 791 |
| ▸West | 5,505 | -6.6% | 19% | $704k | +5.5% | 4,844 | -16.0% | 0.88× | 1,420 |
| Consolidated | 29,572 | -5.3% | $566k | +2.0% | 27,914 | -4.5% | 0.94× | 8,495 |
Per-region closings value computed as homes closed × reported ASP. Per-region homes closed, ASP, net orders, net order value, and backlog are reported in the 10-K MD&A. Per-region closings value is computed as homes closed x reported ASP (PulteGroup does not print per-region home-sale revenue); derived regional sum ties to consolidated home-sale revenue within rounding. Cancellation rate 15% both years (company-wide; per-region rates also disclosed).
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 | $16.00bn | $16.06bn | $17.95bn | $17.31bn |
| Gross profit | — | — | $5.19bn | $4.55bn |
| EBITDA (derived) | — | — | $4.32bn | $3.25bn |
| Net income | $2.62bn | $2.60bn | $3.08bn | $2.22bn |
| Total assets | $14.80bn | $16.09bn | $17.36bn | $18.05bn |
| Shareholders' equity | $8.91bn | $10.38bn | $12.12bn | $12.99bn |
| Total debt | — | — | $1.62bn | $1.63bn |
| Real-estate inventory | $11.33bn | $11.80bn | $12.69bn | $12.93bn |
| Tangible book value | $8.78bn | $10.26bn | $12.01bn | $12.92bn |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Gross margin | — | — | 28.9% | 26.3% |
| EBITDA margin (derived) | — | — | 24.1% | 18.8% |
| Net margin | 16.4% | 16.2% | 17.2% | 12.8% |
| Return on assets | 17.7% | 16.2% | 17.8% | 12.3% |
| Return on equity | 29.4% | 25.1% | 25.4% | 17.1% |
| Asset turnover | 1.1× | 1.0× | 1.0× | 1.0× |
| Inventory turnover | — | — | 1.0× | 1.0× |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Debt / capital | — | — | 11.8% | 11.2% |
| Debt / equity | — | — | 0.1× | 0.1× |
| Net debt / capital | — | — | 0.0% | -2.8% |
| Revenue growth (YoY) | 16.5% | 0.4% | 11.7% | -3.5% |
| Net income growth (YoY) | 34.5% | -0.6% | 18.5% | -28.0% |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Diluted EPS | $11.01 | $11.72 | $14.69 | $11.12 |
| Tangible book / share | $38.87 | $48.26 | $59.17 | $67.03 |
| Book value / share | $39.47 | $48.85 | $59.74 | $67.38 |
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 Dec 31, 2025, filed Feb 4, 2026View on SEC EDGAR ↗
- Share price: Stooq (delayed close, last known) as of May 29, 2026 · all filings (CIK 822416) ↗
- Supplemented from the FY2025 10-K financial statements (not in standard XBRL): gross margin, ebitda margin, inventory turnover, debt to cap.
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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