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D.R. Horton Inc DHI

Morningstar Rating
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Stock XNYS Rating as of
$142.19 −3.69 (2.53%)
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As of Delayed Price Closed
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Company Report

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D.R. Horton Earnings: Fiscal Second-Quarter Results Solidly Above Our Expectations; FVE Increased

Brian Bernard

D.R. Horton’s fiscal second-quarter (ended March 31) results exceeded our expectations as the no-moat-rated homebuilder’s affordable price points (relative to both other builders and the existing home-sale market) and ample inventory of completed unsold homes (or speculative homes) have attracted more buyers. D.R. Horton delivered 22,548 homes during the quarter, handily above management’s guidance of 20,000-20,500 homes, due to stronger-than-expected demand for its spec homes. Management said 54% of homes were sold and closed during the quarter, versus the historical average of 35%-40%. D.R. Horton ended the quarter with 27,600 unsold homes in inventory, of which 7,300 were completed. We think a disciplined speculative building strategy is an effective tactic for homebuilders considering the supply-constrained existing home-sale market.

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Price vs Fair Value

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DHI is trading at a 4% premium.
Price
$145.88
Fair Value
$471.00
Uncertainty
High
1-Star Price
$625.90
5-Star Price
$27.00
Economic Moat
Gpl
Capital Allocation
Mhhbphwf

Bulls Say, Bears Say

Bulls

The U.S. housing market is undersupplied. This supply/demand imbalance will take years to address and should support homebuilder pricing power.

Bears

High home prices, elevated interest rates, and economic uncertainty could cause a meaningful and protracted slowdown in housing demand.

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News

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Trading Information

Previous Close Price
$145.88
Day Range
$141.47–146.83
52-Week Range
$100.08–165.75
Bid/Ask
$142.01 / $144.29
Market Cap
$46.95 Bil
Volume/Avg
3.4 Mil / 2.4 Mil

Key Statistics

Price/Earnings (Normalized)
10.51
Price/Sales
1.38
Dividend Yield (Trailing)
0.75%
Dividend Yield (Forward)
0.82%
Total Yield
3.88%

Company Profile

D.R. Horton is a leading homebuilder in the United States with operations in 118 markets across 33 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 six regional segments across the United States.
Sector
Consumer Cyclical
Industry
Residential Construction
Stock Style Box
Large Value
Total Number of Employees
13,450
Website
https://www.drhorton.com

Competitors

Valuation

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Metric
DHI
LEN
INVH
Price/Earnings (Normalized)
 10.5110.4558.85
Price/Book Value
 2.101.592.01
Price/Sales
 1.381.228.42
Price/Cash Flow
 9.908.9218.70
Price/Earnings
DHI
LEN
INVH

Financial Strength

Metric
DHI
LEN
INVH
Quick Ratio
 1.305.483.80
Current Ratio
 11.1919.815.71
Interest Coverage
 42.80347.552.56
Quick Ratio
DHI
LEN
INVH

Profitability

Metric
DHI
LEN
INVH
Return on Assets (Normalized)
 15.42%11.38%2.96%
Return on Equity (Normalized)
 22.72%16.77%5.46%
Return on Invested Capital (Normalized)
 18.15%14.09%4.48%
Return on Assets
DHI
LEN
INVH
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