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D.R. Horton

NYSE:DHI
Snowflake Description

Solid track record, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DHI
NYSE
$17B
Market Cap
  1. Home
  2. US
  3. Consumer Durables
Company description

D.R. Horton, Inc. operates as a homebuilding company in East, Midwest, Southeast, South Central, Southwest, and West regions in the United States. The last earnings update was 47 days ago. More info.


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DHI Share Price and Events
7 Day Returns
0.8%
NYSE:DHI
0.6%
US Consumer Durables
0.5%
US Market
1 Year Returns
7.3%
NYSE:DHI
1.2%
US Consumer Durables
0.8%
US Market
DHI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
D.R. Horton (DHI) 0.8% 3.2% 13.6% 7.3% 48.7% 95%
US Consumer Durables 0.6% 1.3% 5.8% 1.2% 38.4% 29.4%
US Market 0.5% -0.1% 1% 0.8% 37.5% 37.5%
1 Year Return vs Industry and Market
  • DHI outperformed the Consumer Durables industry which returned 1.2% over the past year.
  • DHI outperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
DHI
Industry
5yr Volatility vs Market
Related Companies

DHI Value

 Is D.R. Horton undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of D.R. Horton to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for D.R. Horton.

NYSE:DHI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DHI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.87
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.875 (1 + (1- 21%) (21.12%))
1.014
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.014 * 5.96%)
8.77%

Discounted Cash Flow Calculation for NYSE:DHI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for D.R. Horton is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:DHI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.77%)
2019 1,030.49 Analyst x3 947.37
2020 991.83 Analyst x4 838.28
2021 1,389.20 Est @ 40.06% 1,079.43
2022 1,790.18 Est @ 28.86% 1,278.80
2023 2,166.55 Est @ 21.02% 1,422.83
2024 2,503.14 Est @ 15.54% 1,511.28
2025 2,795.86 Est @ 11.69% 1,551.86
2026 3,047.63 Est @ 9% 1,555.16
2027 3,264.69 Est @ 7.12% 1,531.55
2028 3,454.19 Est @ 5.8% 1,489.75
Present value of next 10 years cash flows $13,206.32
NYSE:DHI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $3,454.19 × (1 + 2.73%) ÷ (8.77% – 2.73%)
$58,715.34
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $58,715.34 ÷ (1 + 8.77%)10
$25,323.19
NYSE:DHI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $13,206.32 + $25,323.19
$38,529.51
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $38,529.51 / 373.18
$103.25
NYSE:DHI Discount to Share Price
Calculation Result
Value per share (USD) From above. $103.25
Current discount Discount to share price of $45.96
= -1 x ($45.96 - $103.25) / $103.25
55.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price D.R. Horton is available for.
Intrinsic value
>50%
Share price is $45.96 vs Future cash flow value of $103.25
Current Discount Checks
For D.R. Horton to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • D.R. Horton's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • D.R. Horton's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for D.R. Horton's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are D.R. Horton's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DHI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $4.15
NYSE:DHI Share Price ** NYSE (2019-06-14) in USD $45.96
United States of America Consumer Durables Industry PE Ratio Median Figure of 50 Publicly-Listed Consumer Durables Companies 13.83x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of D.R. Horton.

NYSE:DHI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DHI Share Price ÷ EPS (both in USD)

= 45.96 ÷ 4.15

11.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • D.R. Horton is good value based on earnings compared to the US Consumer Durables industry average.
  • D.R. Horton is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does D.R. Horton's expected growth come at a high price?
Raw Data
NYSE:DHI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
9.6%per year
United States of America Consumer Durables Industry PEG Ratio Median Figure of 37 Publicly-Listed Consumer Durables Companies 1.17x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:DHI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.08x ÷ 9.6%

1.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • D.R. Horton is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on D.R. Horton's assets?
Raw Data
NYSE:DHI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $25.09
NYSE:DHI Share Price * NYSE (2019-06-14) in USD $45.96
United States of America Consumer Durables Industry PB Ratio Median Figure of 70 Publicly-Listed Consumer Durables Companies 1.38x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:DHI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DHI Share Price ÷ Book Value per Share (both in USD)

= 45.96 ÷ 25.09

1.83x

* Primary Listing of D.R. Horton.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • D.R. Horton is overvalued based on assets compared to the US Consumer Durables industry average.
X
Value checks
We assess D.R. Horton's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. D.R. Horton has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DHI Future Performance

 How is D.R. Horton expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is D.R. Horton expected to grow at an attractive rate?
  • D.R. Horton's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • D.R. Horton's earnings growth is positive but not above the United States of America market average.
  • D.R. Horton's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DHI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DHI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 9.6%
NYSE:DHI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 5.9%
United States of America Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 17.7%
United States of America Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DHI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DHI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 19,036 1,172 1,901 1
2020-09-30 18,003 1,155 1,626 12
2019-09-30 16,945 1,331 1,486 11
NYSE:DHI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 16,588 182 1,558
2018-12-31 16,254 247 1,558
2018-09-30 16,068 545 1,460
2018-06-30 15,722 932 1,307
2018-03-31 15,063 477 1,143
2017-12-31 14,520 393 1,021
2017-09-30 14,091 440 1,038
2017-06-30 13,673 344 1,009
2017-03-31 13,129 455 970
2016-12-31 12,645 591 936
2016-09-30 12,157 624 886
2016-06-30 11,589 600 842

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • D.R. Horton's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • D.R. Horton's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DHI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from D.R. Horton Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DHI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 4.35 4.48 4.23 3.00
2020-09-30 4.32 5.00 3.52 19.00
2019-09-30 3.90 4.07 3.65 18.00
NYSE:DHI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 4.15
2018-12-31 4.14
2018-09-30 3.88
2018-06-30 3.48
2018-03-31 3.04
2017-12-31 2.72
2017-09-30 2.77
2017-06-30 2.70
2017-03-31 2.60
2016-12-31 2.51
2016-09-30 2.39
2016-06-30 2.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • D.R. Horton is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess D.R. Horton's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
D.R. Horton has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DHI Past Performance

  How has D.R. Horton performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare D.R. Horton's growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • D.R. Horton has delivered over 20% year on year earnings growth in the past 5 years.
  • D.R. Horton's 1-year earnings growth exceeds its 5-year average (36.4% vs 22.3%)
  • D.R. Horton's earnings growth has exceeded the US Consumer Durables industry average in the past year (36.4% vs 24.1%).
Earnings and Revenue History
D.R. Horton's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from D.R. Horton Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DHI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 16,588.10 1,558.40 1,452.20
2018-12-31 16,254.30 1,558.20 1,413.60
2018-09-30 16,068.00 1,460.30 1,392.60
2018-06-30 15,722.00 1,307.40 1,366.00
2018-03-31 15,063.10 1,142.60 1,259.90
2017-12-31 14,519.50 1,020.80 1,277.40
2017-09-30 14,091.00 1,038.40 1,232.30
2017-06-30 13,673.10 1,008.80 1,202.40
2017-03-31 13,128.60 969.60 1,224.00
2016-12-31 12,645.20 935.50 1,129.70
2016-09-30 12,157.40 886.30 1,109.10
2016-06-30 11,588.60 841.50 1,043.20
2016-03-31 11,307.60 813.10 1,021.70
2015-12-31 10,937.80 765.90 1,006.70
2015-09-30 10,824.00 750.70 1,003.00
2015-06-30 10,124.00 678.00 979.20
2015-03-31 9,320.00 569.80 943.30
2014-12-31 8,656.90 552.80 888.80
2014-09-30 8,024.90 533.50 826.90
2014-06-30 7,412.40 506.80 779.80
2014-03-31 6,958.40 539.50 725.40
2013-12-31 6,654.80 519.60 692.50
2013-09-30 6,259.30 462.70 649.90
2013-06-30 5,735.60 423.30 609.10
2013-03-31 5,192.70 1,065.30 578.00
2012-12-31 4,722.50 994.90 550.50
2012-09-30 4,354.00 956.30 528.70
2012-06-30 4,116.10 892.00 507.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • D.R. Horton has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • D.R. Horton used its assets more efficiently than the US Consumer Durables industry average last year based on Return on Assets.
  • D.R. Horton has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess D.R. Horton's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
D.R. Horton has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DHI Health

 How is D.R. Horton's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up D.R. Horton's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • D.R. Horton is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • D.R. Horton's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of D.R. Horton's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from D.R. Horton Company Filings, last reported 2 months ago.

NYSE:DHI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 9,534.00 3,622.40 637.70
2018-12-31 9,298.20 3,342.30 704.20
2018-09-30 9,158.90 3,203.50 1,439.40
2018-06-30 8,769.90 3,093.60 1,135.10
2018-03-31 8,371.90 3,233.90 981.70
2017-12-31 8,055.40 3,258.10 895.80
2017-09-30 7,747.60 2,871.60 983.70
2017-06-30 7,436.70 2,926.50 460.80
2017-03-31 7,220.10 3,222.40 947.90
2016-12-31 6,981.80 3,217.60 1,115.50
2016-09-30 6,793.00 3,271.30 1,271.80
2016-06-30 6,512.80 3,301.30 862.90
2016-03-31 6,249.00 3,662.70 1,195.20
2015-12-31 6,060.50 3,734.30 1,245.70
2015-09-30 5,895.40 3,811.50 1,354.80
2015-06-30 5,631.00 3,821.10 766.70
2015-03-31 5,421.00 3,945.50 665.80
2014-12-31 5,263.80 3,726.80 517.70
2014-09-30 5,119.70 3,665.70 632.50
2014-06-30 4,969.90 3,445.30 538.50
2014-03-31 4,349.60 3,862.10 930.80
2013-12-31 4,199.90 3,461.90 801.10
2013-09-30 4,061.40 3,509.00 954.20
2013-06-30 3,907.50 3,083.60 607.80
2013-03-31 3,743.70 3,273.00 1,127.70
2012-12-31 3,613.10 2,593.70 643.10
2012-09-30 3,594.70 2,493.10 1,328.40
2012-06-30 3,491.60 2,095.30 1,168.00
  • D.R. Horton's level of debt (38%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (88.5% vs 38% today).
  • Debt is not well covered by operating cash flow (5%, less than 20% of total debt).
  • Unable to confirm if the interest payments on D.R. Horton's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess D.R. Horton's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. D.R. Horton has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DHI Dividends

 What is D.R. Horton's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.31%
Current annual income from D.R. Horton dividends. Estimated to be 1.38% next year.
If you bought $2,000 of D.R. Horton shares you are expected to receive $26 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • D.R. Horton's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • D.R. Horton's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DHI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
United States of America Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 2.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DHI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 0.75 2.00
2020-09-30 0.64 10.00
2019-09-30 0.60 10.00
NYSE:DHI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-30 0.600 1.357
2019-04-25 0.600 1.358
2019-01-29 0.600 1.462
2019-01-25 0.600 1.631
2018-11-16 0.600 1.652
2018-11-08 0.600 1.750
2018-07-26 0.500 1.215
2018-01-31 0.500 1.155
2017-11-09 0.500 0.995
2017-07-26 0.400 1.035
2017-04-25 0.400 1.174
2017-04-20 0.400 1.215
2017-01-25 0.400 1.245
2017-01-24 0.400 1.290
2016-11-18 0.400 1.414
2016-11-08 0.400 1.433
2016-07-26 0.320 1.044
2016-07-21 0.320 0.942
2016-04-25 0.320 1.031
2016-04-21 0.320 1.021
2016-01-28 0.320 1.141
2016-01-25 0.320 1.193
2015-11-19 0.320 1.049
2015-11-10 0.320 1.018
2015-07-28 0.250 0.828
2015-04-24 0.250 0.936
2015-04-22 0.250 0.941
2015-01-27 0.250 0.925
2015-01-26 0.250 1.030
2014-07-24 0.250 1.107
2014-01-28 0.150 0.651
2012-12-07 0.150 0.709
2012-11-12 0.150 0.784
2012-07-27 0.150 0.751
2012-04-23 0.150 0.887
2012-01-27 0.150 1.019
2011-11-11 0.150 1.201
2011-07-28 0.150 1.491
2011-04-29 0.150 1.293
2011-01-27 0.150 1.256
2010-11-12 0.150 1.288
2010-08-03 0.150 1.392
2010-04-30 0.150 1.325
2010-02-02 0.150 1.167
2009-11-20 0.150 1.364
2009-08-04 0.150 1.231

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of D.R. Horton's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.2x coverage).
X
Income/ dividend checks
We assess D.R. Horton's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can D.R. Horton afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. D.R. Horton has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DHI Management

 What is the CEO of D.R. Horton's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Auld
COMPENSATION $14,860,487
AGE 62
TENURE AS CEO 4.7 years
CEO Bio

Mr. David V. Auld is President and Chief Executive Officer of D.R. Horton, Inc. since October 2014. Mr. Auld was Executive Vice President and Chief Operating Officer from November 2013 until October 2014. Mr. Auld was Region President overseeing D.R. Horton, Inc.’s homebuilding operations in Florida, North and South Carolina, Georgia and Alabama from 2005 to 2013. From 1988 to 2005, Mr. Auld served as the Division President of D.R. Horton, Inc. ’s Orlando Division. Prior to 1988, Mr. Auld worked for Texas American Bank and General Dynamics. Mr. Auld graduated from Texas Tech University in 1978 with a Bachelor of Business Administration Degree in Accounting.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the D.R. Horton management team in years:

4.7
Average Tenure
57
Average Age
  • The tenure for the D.R. Horton management team is about average.
Management Team

Donald Horton

TITLE
Chairman of the Board
COMPENSATION
$26M
AGE
68

David Auld

TITLE
President & CEO
COMPENSATION
$15M
AGE
62
TENURE
4.7 yrs

Bill Wheat

TITLE
Executive VP & CFO
COMPENSATION
$5M
AGE
52
TENURE
15.7 yrs

Michael Murray

TITLE
Executive VP & COO
COMPENSATION
$6M
AGE
52
TENURE
4.7 yrs

Jessica Hansen

TITLE
Vice President

Thomas Montano

TITLE
VP, Corporate Compliance Officer & Secretary

Matt Farris

TITLE
President of West Region

Tom Hill

TITLE
President of East Region

Paul Romanowski

TITLE
President of Florida Region

Doug Brown

TITLE
President of North Region
TENURE
3.6 yrs
Board of Directors Tenure

Average tenure and age of the D.R. Horton board of directors in years:

17.5
Average Tenure
69
Average Age
  • The average tenure for the D.R. Horton board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Donald Horton

TITLE
Chairman of the Board
COMPENSATION
$26M
AGE
68
TENURE
27.9 yrs

Brad Anderson

TITLE
Director
COMPENSATION
$176K
AGE
57
TENURE
21.2 yrs

Mike Buchanan

TITLE
Presiding Director
COMPENSATION
$176K
AGE
71

Michael Hewatt

TITLE
Director
COMPENSATION
$176K
AGE
69
TENURE
13.8 yrs

Barbara Allen

TITLE
Director
COMPENSATION
$173K
AGE
72
TENURE
5.4 yrs
Who owns this company?
Recent Insider Trading
  • D.R. Horton insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Mar 19 Sell Michael Hewatt Individual 21. Mar 19 25. Mar 19 -3,833 $41.28 $-156,000
11. Mar 19 Sell Barbara Allen Individual 08. Mar 19 08. Mar 19 -940 $40.47 $-38,046
14. Feb 19 Sell Michael Hewatt Individual 12. Feb 19 12. Feb 19 -3,000 $40.20 $-120,589
28. Jan 19 Sell Barbara Allen Individual 28. Jan 19 28. Jan 19 -4,000 $36.79 $-147,164
X
Management checks
We assess D.R. Horton's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. D.R. Horton has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DHI News

Simply Wall St News

Why D.R. Horton, Inc.’s (NYSE:DHI) Return On Capital Employed Is Impressive

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for D.R. … Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual.

Simply Wall St -

Why D.R. Horton, Inc. (NYSE:DHI) Looks Like A Quality Company

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for D.R. … One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

With EPS Growth And More, D.R. Horton (NYSE:DHI) Is Interesting

Horton maintained stable EBIT margins over the last year, all while growing revenue 10% to US$17b. … Horton certainly looks good to me, I would like it more if insiders were buying up shares. … If you like to see insider buying, too, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.

Simply Wall St -

Does D.R. Horton, Inc.'s (NYSE:DHI) Past Performance Indicate A Stronger Future?

Below, I will assess DHI's latest performance announced on 31 March 2019 and weigh these figures against its longer term trend and industry movements. … Commentary On DHI's Past Performance. … DHI's trailing twelve-month earnings (from 31 March 2019) of US$1.6b has

Simply Wall St -

Is D.R. Horton, Inc.'s (NYSE:DHI) CEO Paid Enough Relative To Peers?

First, this article will compare CEO compensation with compensation at other large companies. … How Does David Auld's Compensation Compare With Similar Sized Companies. … has a market capitalization of US$17b, and pays its CEO total annual compensation worth US$15m.

Simply Wall St -

Does D.R. Horton, Inc. (NYSE:DHI) Have A Place In Your Portfolio?

(NYSE:DHI) a good dividend stock? How would you know? A dividend paying company with growing earnings can be rewarding in the long term.. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

Does D.R. Horton, Inc. (NYSE:DHI) Have A Good P/E Ratio?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … Horton, Inc.'s (NYSE:DHI) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Have Insiders Been Selling D.R. Horton, Inc. (NYSE:DHI) Shares?

That means that an insider was selling shares at below the current price (US$41.96). … When an insider sells below the current price, it does tend to make us wonder about the current valuation. … It's not ideal to see that insiders have sold at around the current price

Simply Wall St -

An Examination Of D.R. Horton, Inc. (NYSE:DHI)

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Can You Imagine How D.R. Horton's Shareholders Feel About The 65% Share Price Increase?

Horton share price has climbed 65% in five years, easily topping the market return of 40% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Horton managed to grow its earnings per share at 21% a year.

Simply Wall St -

DHI Company Info

Description

D.R. Horton, Inc. operates as a homebuilding company in East, Midwest, Southeast, South Central, Southwest, and West regions in the United States. It engages in the acquisition and development of land; and construction and sale of homes in 27 states and 81 markets in the United States under the names of D.R. Horton, America’s Builder, Express Homes, Emerald Homes, Freedom Homes, and Pacific Ridge Homes. The company constructs and sells single-family detached homes; and attached homes, such as town homes, duplexes, and triplexes. It is also involved in the origination and sale of mortgages; and provision of title insurance policies, and examination and closing services, as well as engages in the residential lot development business. The company primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is based in Arlington, Texas.

Details
Name: D.R. Horton, Inc.
DHI
Exchange: NYSE
Founded: 1978
$17,151,213,265
373,176,964
Website: http://www.drhorton.com
Address: D.R. Horton, Inc.
1341 Horton Circle,
Arlington,
Texas, 76011,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DHI Common Stock New York Stock Exchange US USD 05. Jun 1992
DB HO2 Common Stock Deutsche Boerse AG DE EUR 05. Jun 1992
LSE 0I6K Common Stock London Stock Exchange GB USD 05. Jun 1992
BMV DHI * Common Stock Bolsa Mexicana de Valores MX MXN 05. Jun 1992
Number of employees
Current staff
Staff numbers
8,437
D.R. Horton employees.
Industry
Homebuilding
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 23:35
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/07
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.