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D. R. Horton key statistics and ratios

In fiscal 2025, D. R. Horton had return on equity of 14.5%, a net margin of 10.5% and debt equal to 0.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Gross margin———————21.8%21.6%22.8%22.0%24.3%28.4%31.4%26.4%25.9%23.7%22.6%
Net margin−15.0%5.6%2.0%22.0%7.4%6.6%6.9%7.3%7.4%9.1%9.2%11.7%15.0%17.5%13.4%12.9%10.5%9.2%
Free-cash-flow margin31.0%15.7%0.1%−7.5%−20.6%−9.5%6.0%4.5%2.4%3.0%4.3%6.5%1.6%1.2%11.7%5.5%9.6%9.6%
Return on equity−23.0%9.8%2.7%30.8%12.1%11.6%13.6%14.0%14.3%17.5%17.0%21.7%31.2%34.2%22.5%19.8%14.5%12.7%
Return on assets−8.1%3.9%1.3%15.2%5.7%5.6%7.0%7.8%8.7%11.1%10.9%13.8%19.5%21.5%15.1%13.8%10.0%8.5%
Asset turnover0.540.690.640.690.780.841.011.071.191.221.181.181.291.231.131.070.960.93
Debt to equity0.0%0.0%0.7%—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Effective tax rate————29.7%34.5%33.2%34.5%35.2%29.0%23.8%20.2%21.8%22.7%24.1%23.5%23.6%24.5%
SG&A as % of revenue———————10.9%10.4%10.4%10.4%10.1%9.2%8.8%9.2%9.8%10.8%11.2%
Capital spending as % of revenue0.2%0.4%0.4%0.8%0.9%1.2%0.5%0.6%0.7%0.4%0.7%0.5%0.3%0.4%0.4%0.4%0.4%0.5%
Free cash flow ÷ net income—281.6%3.6%−34.1%−278.2%−142.8%85.8%61.6%32.5%32.7%47.3%55.8%10.6%7.1%87.6%42.6%91.6%104.9%
Dividends ÷ net income—19.5%66.6%5.0%13.0%9.1%12.2%13.4%14.4%12.9%13.8%10.8%6.9%5.4%7.2%8.3%13.8%16.6%
Dividends and buybacks ÷ free cash flow4.2%6.9%>999%———14.2%21.7%62.3%66.2%91.9%46.5%263.8%342.5%37.1%108.4%146.0%106.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 0 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From D. R. Horton's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard D. R. Horton's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Net income has been a median 11.1% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 24.1%, moving by 4.3 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Net margin has been a median 11.1%; its worst year was 7.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 5.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 20.9% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from D. R. Horton's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to D. R. Horton.