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D.R. Horton Inc DHI

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Morningstar’s Analysis

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Economic Moat

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Capital Allocation

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D.R. Horton's Industry-Leading Scale and Affordability Focus Continue to Drive Excellent Results

Analyst Note

| Brian Bernard, CFA, CPA |

While we expected strong fiscal second-quarter results from D.R. Horton, the homebuilder once again exceeded our expectations. Homes sales increased 41% year over year to $6.2 billion and homebuilding pretax margin expanded 410 basis points to 17%, driven by a 330 basis-point increase in home sales gross margin (to 24.6%) and a 70 basis-point decline in selling, general, and administrative expenses as a percentage of sales (to 7.6%).

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Company Profile

Business Description

D.R. Horton is a leading homebuilder in the United States with operations in 90 markets across 29 states. D.R. Horton mainly builds single-family detached homes (over 90% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. D.R. Horton's headquarters are in Arlington, Texas, and it manages five regional homebuilding offices across the United States.

Contact
1341 Horton Circle
Arlington, TX, 76011
T +1 817 390-8200
Sector Consumer Cyclical
Industry Residential Construction
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type Cyclical
Employees 9,716

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