Horton D R Inc. /DE/ (DHI) intrinsic value & 10-year financials
Horton D R Inc. /DE/ (DHI) has a Graham intrinsic value of $384.31 per share. At $139.39 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 12.2% a year to $34.3B, with an average return on invested capital of 20.6%.
- Graham intrinsic value
- $384.31
- Share price (Oct 17, 2026)
- $139.39
- Price vs Graham value
- 64% below
- Market cap
- $43.2B
- Revenue (FY2025)
- $34.3B
- Revenue growth (10-yr CAGR)
- 12.2%
- ROIC (10-yr avg)
- 20.6%
- Free cash flow (FY2025)
- $3.3B
DHI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $34.3B | $3.6B | $11.57 | $3.3B | — | 14.5% |
| FY2024 | $36.8B | $4.8B | $14.34 | $2.0B | — | 19.8% |
| FY2023 | $35.5B | $4.7B | $13.82 | $4.2B | — | 22.5% |
| FY2022 | $33.5B | $5.9B | $16.51 | $413.6M | — | 34.2% |
| FY2021 | $27.8B | $4.2B | $11.41 | $440.9M | — | 31.2% |
| FY2020 | $20.3B | $2.4B | $6.41 | $1.3B | — | 21.7% |
| FY2019 | $17.6B | $1.6B | $4.29 | $764.9M | — | 17.0% |
| FY2018 | $16.1B | $1.5B | $3.81 | $477.1M | — | 17.5% |
| FY2017 | $14.1B | $1.0B | $2.74 | $277.8M | — | 14.3% |
| FY2016 | $12.2B | $886.3M | $2.36 | $531.9M | — | 13.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
D. R. Horton is a consistent compounder, expanding top-line revenue at 12.2% annually over the past decade.
D. R. Horton 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Over the decade, D. R. Horton shows that management has aggressively returned capital to shareholders by retiring 17.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, D. R. Horton is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $384.31 per share.