Pultegroup INC/MI/ (PHM) intrinsic value & 10-year financials
Pultegroup INC/MI/ (PHM) has a Graham intrinsic value of $369.36 per share. At $113.55 on Oct 16, 2026, the stock trades 69% below that value. Over the last 10 fiscal years revenue grew 9.5% a year to $17.3B, with an average return on invested capital of 24.5%.
- Graham intrinsic value
- $369.36
- Share price (Oct 16, 2026)
- $113.55
- Price vs Graham value
- 69% below
- Market cap
- $22.7B
- Revenue (FY2025)
- $17.3B
- Revenue growth (10-yr CAGR)
- 9.5%
- ROIC (10-yr avg)
- 24.5%
- Free cash flow (FY2025)
- $1.7B
PHM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $17.3B | $2.2B | $11.12 | $1.7B | — | 20.6% |
| FY2024 | $17.9B | $3.1B | $14.69 | $1.6B | — | 32.1% |
| FY2023 | $16.1B | $2.6B | $11.72 | $2.1B | — | 31.4% |
| FY2022 | $16.2B | $2.6B | $11.01 | $555.8M | — | 38.2% |
| FY2021 | $13.9B | $1.9B | $7.43 | $931.2M | — | 33.7% |
| FY2020 | $11.0B | $1.4B | $5.18 | $1.7B | — | 23.4% |
| FY2019 | $10.2B | $1.0B | $3.66 | $1.0B | — | 19.8% |
| FY2018 | $10.2B | $1.0B | $3.55 | $1.4B | — | 22.8% |
| FY2017 | $8.6B | $447.2M | $1.44 | $631.0M | — | 10.1% |
| FY2016 | $7.7B | $602.7M | $1.75 | $29.0M | — | 12.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PulteGroup is a consistent compounder, expanding top-line revenue at 9.5% annually over the past decade.
PulteGroup has earned high returns on invested capital, averaging 31.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, PulteGroup shows that management has aggressively returned capital to shareholders by retiring 41.7% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PulteGroup is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $369.36 per share.