DHI
D.R. Horton, Inc.
DHI's fundamentals are mixed: it turned 9.6% of its revenue into free cash flow, but its operating margin fell 3 points to 12%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
DHI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Strong |
DHI's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
DHI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.8x | $70.82 | -51% |
| Fair | 10x | $108 | -25% |
| Expensive | 13x | $136 | -5.6% |
| Current | 14x | $144 | — |
| Forward | 17x | $144 | — |
Historical ranges are pointers, not guarantees.
DHI's PE is 14x, but its earnings don't support one, so it isn't a reliable read right now.
DHI Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Weakening | |
| Moderate | |
| Low |
Analysts expect DHI's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
DHI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.71 | -17% |
| Q2 2026 | $10.49 | -16% |
| Q1 2026 | $10.65 | -19% |
| Q4 2025 | $10.99 | -22% |
| Q3 2025 | $11.57 | -19% |
| Q2 2025 | $12.45 | -16% |
| Q1 2025 | $13.19 | -10% |
| Q4 2024 | $14.13 | +1.8% |
| Q3 2024 | $14.34 | +3.8% |
DHI's earnings per share have fallen from their peak: $10.49 over the past year, against $16.51 in late 2022.
DHI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $9.2B | 0% |
| Q1 2026 | $7.6B | -2.3% |
| Q4 2025 | $6.9B | -9.5% |
| Q3 2025 | $9.7B | -3.2% |
| Q2 2025 | $9.2B | -7.4% |
| Q1 2025 | $7.7B | -15% |
| Q4 2024 | $7.6B | -1.5% |
| Q3 2024 | $10B | -4.8% |
DHI's revenue has held roughly level: $9.2B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | -1.4 points |
| Q1 2026 | 11% | -2.3 points |
| Q4 2025 | 12% | -3 points |
| Q3 2025 | 12% | -4.6 points |
| Q2 2025 | 15% | -3.3 points |
| Q1 2025 | 14% | -3 points |
| Q4 2024 | 15% | -1.6 points |
| Q3 2024 | 17% | -2.1 points |
DHI's operating margin was 13% last quarter, down 1.4 points from the same quarter a year ago.
DHI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $397.3M | -43% |
| Q1 2026 | -$449.7M | +$20.8M |
| Q4 2025 | $826.6M | +31% |
| Q3 2025 | $2.4B | +26% |
| Q2 2025 | $692.6M | +8.8% |
| Q1 2025 | -$470.5M | -$130.1M |
| Q4 2024 | $633.4M | +$834.4M |
| Q3 2024 | $1.9B | -3.7% |
DHI generated $3.2B in free cash flow over the past year, up 15% from the year before.
DHI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -6M shares |
| 1 year | -7.2% | -21.9M shares |
| 3 years | -17% | -59.3M shares |
| 5 years | -22% | -81M shares |
| Available history | -25% | -94.4M shares |
DHI has 283M diluted shares, down 7.2% from a year ago, with $2.9B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $600M |
| Q1 2026 | $930.3M |
| Q4 2025 | $669.7M |
| Q3 2025 | $700M |
| Q2 2025 | $1B |
| Q1 2025 | $1.3B |
| Q4 2024 | $1.1B |
| Q3 2024 | $600M |
DHI spent $2.9B buying back its own shares over the past year, down 28% from the year before.
DHI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
| Q3 2024 | -0.7x | Net Cash |
DHI has more cash than debt.
DHI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 60.0 | Neutral |
DHI's weekly RSI is 49 (neutral) and its Stochastic is 60 (neutral).
DHI PE vs Consumer Cyclical Sector
| Metric | DHI | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 18x | 21% below |
| PE % | 96 | 47 | 49 pts above |
DHI is trading at 14x earnings, a 21% discount to the Consumer Cyclical sector's median of 18x, though its earnings don't support one.
DHI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $142.6 | 1.3% above |
| 20 week MA | $145.2 | 0.5% below |
| 50 week MA | $148.3 | 2.6% below |
| 100 week MA | $144.7 | 0.2% below |
| 200 week MA | $140.9 | 2.5% above |
DHI's trend is mixed: it's above two of its five weekly moving averages, and 2.5% above its 200-week average.
DHI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $52.9 | $71.9 | +36% |
| 2021 | $71.9 | $104.9 | +46% |
| 2022 | $104.9 | $89.2 | -15% |
| 2023 | $89.2 | $152.0 | +70% |
| 2024 | $152.0 | $140.3 | -7.7% |
| 2025 | $140.3 | $146.3 | +4.3% |
| 2026 YTD | $146.3 | $144.5 | -1.3% |
DHI has finished higher in four of the last six years. It's down 1.3% so far in 2026.