Stock

D.R. Horton

DHI

Residential Construction · Consumer Cyclical

Also trades as: 0I6K.L GBP 1.47 (+0.33%)

Price

$147.48

-0.18 (-0.12%)

Market Cap

$41.25B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

13/30

Growth

Weak

1/20

Cash Flow

Strong

7/10

Stability

Exceptional

9/10

Valuation

Strong

7/10

Ownership

Good

10/15

Dividends

Good

3/5

50 of 100 counted points = Winston Score 50.

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Share count falling — buybacks

−15.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 365.8M (2021) → 309.9M (2025)

§Winston Score History

The full picture

D.R. Horton builds and sells new homes across the United States. It targets a wide range of buyers, from first-time homeowners to move-up and luxury buyers, through brands like Express Homes (entry-level) and Emerald Homes (higher-end). It is the largest homebuilder in the United States by volume, closing more homes per year than any other builder.

The company makes money by constructing and selling homes, with additional revenue from mortgage financing and title services offered to its buyers. D.R. Horton operates in dozens of markets across more than 30 states, giving it geographic scale that smaller regional builders cannot easily match. Its size allows it to negotiate better prices on land and materials, which supports margins. The main risk the business faces is rising mortgage interest rates, which make monthly payments more expensive and can push buyers out of the market, slowing demand for new homes.

Politician Trades

21 trades / 12mo

11 Congressional buys and 10 sells on DHI in the last 12 months.

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Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.3%

Thin — 23.3% gross margin

Profit after running costs

Operating Margin

13.3%

Healthy — 13.3% operating margin

Return on the money invested

ROCE

12.5%

Good — 12.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-3.5%

Shrinking sales (-3.5% YoY)

Profit growth

EPS YoY

-16.0%

Earnings shrinking (-16.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

110%

Turns 110% of profit into real cash

Spare cash per sale

FCF Margin

9.5%

Modest free cash flow (9.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

42.51x

Comfortably covers interest (42.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.33%

Small dividend — 1.33% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+12.5%

Dividend growing fast (12.5% YoY)

Payout Ratio

17%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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