HORTON D R INC /DE/
DHI · Operative Builders · 283.6M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $2.5B (gross $2.6B, SBC $111M)
Reference price $167.55 · est. market cap ~$47.5B — last insider sale, 2026-02-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B79Largest U.S. homebuilder with best-in-class cash generation but cyclical, mid-pack returns and declining earnings.
Strengths
- Scale leader (#1 volume builder since 2002) with top-percentile FCF ($3.3B, 100th pct) and gross margin (87.5th pct)
- Strong balance sheet, low leverage and 75% lot-control via contracts give capital-efficient, flexible operations
Risks
- Revenue -7% and net income down materially as affordability pressure forced rate-buydown incentives; ROE fell to ~14.8% (only 60th pct)
- Highly cyclical end-market exposed to mortgage rates and consumer confidence
Notable findings
- Strong balance sheetStrong balance sheet — $3.0B cash & investments
- Buying back stockNet buyback — share count -2%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.7%
Net margin
10.5%
Return on equity
14.8%
Return on assets
10.1%
Revenue growth (QoQ)
9.7%
Net-income growth
-24.6%
Free cash flow
$3.3B
Tangible book value
$24.0B
Cash & investments
$3.0B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-22 | Murray Michael J | Tax withheld | 5.0K | $162.95 |
| 2026-04-22 | WHEAT BILL W | Tax withheld | 3.9K | $162.95 |
| 2026-04-22 | Auld David V | Grant | 5.1K | — |
| 2026-04-22 | Romanowski Paul J | Grant | 7.7K | — |
| 2026-04-22 | Romanowski Paul J | Tax withheld | 6.0K | $162.95 |
| 2026-04-22 | WHEAT BILL W | Grant | 5.1K | — |
| 2026-04-22 | Murray Michael J | Grant | 6.4K | — |
| 2026-04-22 | Auld David V | Tax withheld | 4.0K | $162.95 |
| 2026-04-20 | Romanowski Paul J | Tax withheld | 933 | $153.34 |
| 2026-04-20 | Auld David V | Option exercise | 7.0K | — |
| 2026-04-20 | Auld David V | Tax withheld | 1.6K | $153.34 |
| 2026-04-20 | CARSON BENJAMIN SR | Option exercise | 683 | — |
| 2026-04-20 | ANDERSON BRADLEY S | Option exercise | 139 | — |
| 2026-04-20 | WHEAT BILL W | Option exercise | 1.6K | — |
| 2026-04-20 | Miller Maribess L | Option exercise | 139 | — |
| 2026-04-20 | WHEAT BILL W | Tax withheld | 622 | $153.34 |
| 2026-04-20 | Murray Michael J | Option exercise | 2.4K | — |
| 2026-04-20 | Murray Michael J | Tax withheld | 933 | $153.34 |
| 2026-04-20 | Romanowski Paul J | Option exercise | 2.4K | — |
| 2026-03-30 | Miller Maribess L | Option exercise | 224 | — |
| 2026-03-30 | CARSON BENJAMIN SR | Option exercise | 224 | — |
| 2026-03-30 | ANDERSON BRADLEY S | Option exercise | 224 | — |
| 2026-03-30 | Odom Aron M. | Option exercise | 887 | — |
| 2026-03-30 | Odom Aron M. | Tax withheld | 350 | $132.53 |
| 2026-03-30 | WHEAT BILL W | Option exercise | 2.5K | — |
| 2026-03-30 | WHEAT BILL W | Tax withheld | 998 | $132.53 |
| 2026-03-23 | Murray Michael J | Option exercise | 3.8K | — |
| 2026-03-23 | Murray Michael J | Tax withheld | 1.5K | $138.82 |
| 2026-03-23 | Romanowski Paul J | Option exercise | 3.8K | — |
| 2026-03-23 | Romanowski Paul J | Tax withheld | 1.5K | $138.82 |
| 2026-03-21 | Miller Maribess L | Option exercise | 93 | — |
| 2026-03-21 | CARSON BENJAMIN SR | Option exercise | 93 | — |
| 2026-03-21 | ANDERSON BRADLEY S | Option exercise | 93 | — |
| 2026-03-21 | Odom Aron M. | Option exercise | 1.1K | — |
| 2026-03-21 | Odom Aron M. | Tax withheld | 424 | $133.12 |
| 2026-03-17 | Odom Aron M. | Tax withheld | 342 | $142.14 |
| 2026-03-17 | Miller Maribess L | Option exercise | 203 | — |
| 2026-03-17 | ANDERSON BRADLEY S | Option exercise | 203 | — |
| 2026-03-17 | Odom Aron M. | Option exercise | 764 | — |
| 2026-03-17 | WHEAT BILL W | Option exercise | 2.2K | — |
| 2026-03-17 | WHEAT BILL W | Tax withheld | 908 | $142.14 |
| 2026-03-17 | Murray Michael J | Option exercise | 2.2K | — |
| 2026-03-17 | Murray Michael J | Tax withheld | 908 | $142.14 |
| 2026-03-17 | Romanowski Paul J | Option exercise | 1.7K | — |
| 2026-03-17 | Romanowski Paul J | Tax withheld | 697 | $142.14 |
| 2026-02-13 | Odom Aron M. | Sell | 260 | $167.55 |
| 2026-01-21 | Murray Michael J | Gift | 7.1K | — |
| 2025-12-15 | Auld David V | Gift | 10K | — |
| 2025-12-11 | Romanowski Paul J | Gift | 3.3K | — |
| 2025-12-01 | Auld David V | Option exercise | 1.5K | — |
| 2025-12-01 | Auld David V | Tax withheld | 1.5K | $157.37 |
| 2025-11-20 | Smith Barbara | Option exercise | 289 | — |
| 2025-11-20 | Miller Maribess L | Option exercise | 289 | — |
| 2025-11-20 | CROWLEY ELAINE D | Option exercise | 289 | — |
| 2025-11-20 | CROW M CHAD | Option exercise | 289 | — |
| 2025-11-20 | CARSON BENJAMIN SR | Option exercise | 289 | — |
| 2025-11-20 | BUCHANAN MICHAEL R | Option exercise | 289 | — |
| 2025-11-20 | ANDERSON BRADLEY S | Option exercise | 289 | — |
| 2025-11-20 | Odom Aron M. | Option exercise | 430 | — |
| 2025-11-20 | Odom Aron M. | Tax withheld | 170 | $137.32 |
| 2025-11-20 | WHEAT BILL W | Option exercise | 1.4K | — |
| 2025-11-20 | WHEAT BILL W | Tax withheld | 556 | $137.32 |
| 2025-11-20 | Murray Michael J | Option exercise | 1.6K | — |
| 2025-11-20 | Murray Michael J | Tax withheld | 616 | $137.32 |
| 2025-11-20 | Romanowski Paul J | Option exercise | 1.6K | — |
| 2025-11-20 | Romanowski Paul J | Tax withheld | 616 | $137.32 |
| 2025-11-20 | Auld David V | Option exercise | 12K | — |
| 2025-11-20 | Auld David V | Tax withheld | 4.5K | $137.32 |
| 2025-11-08 | WHEAT BILL W | Option exercise | 1.9K | — |
| 2025-11-08 | WHEAT BILL W | Tax withheld | 743 | $144.77 |
| 2025-11-08 | Murray Michael J | Option exercise | 2.1K | — |
| 2025-11-08 | Murray Michael J | Tax withheld | 824 | $144.77 |
| 2025-11-08 | Romanowski Paul J | Option exercise | 2.1K | — |
| 2025-11-08 | Romanowski Paul J | Tax withheld | 824 | $144.77 |
| 2025-11-08 | Auld David V | Option exercise | 7.0K | — |
| 2025-11-08 | Auld David V | Tax withheld | 2.6K | $144.77 |
| 2025-10-29 | Murray Michael J | Tax withheld | 37K | $151.06 |
| 2025-10-29 | WHEAT BILL W | Option exercise | 48K | — |
| 2025-10-29 | WHEAT BILL W | Grant | 8.5K | — |
| 2025-10-29 | WHEAT BILL W | Tax withheld | 26K | $151.06 |
| 2025-10-29 | Murray Michael J | Option exercise | 72K | — |
| 2025-10-29 | Murray Michael J | Grant | 11K | — |
| 2025-10-29 | Romanowski Paul J | Option exercise | 72K | — |
| 2025-10-29 | Romanowski Paul J | Grant | 13K | — |
| 2025-10-29 | Romanowski Paul J | Tax withheld | 38K | $151.06 |
| 2025-10-29 | Auld David V | Option exercise | 192K | — |
| 2025-10-29 | Auld David V | Grant | 8.5K | — |
| 2025-10-29 | Auld David V | Tax withheld | 82K | $151.06 |
| 2025-09-09 | Murray Michael J | Gift | 1.9K | — |
| 2025-09-09 | Murray Michael J | Gift | 1.1K | — |
| 2025-09-05 | BUCHANAN MICHAEL R | Sell | 1.0K | $180.74 |
| 2025-09-05 | Odom Aron M. | Sell | 1.4K | $183.00 |
| 2025-09-05 | Auld David V | Gift | 20K | — |
| 2025-09-05 | Auld David V | Sell | 30K | $182.21 |
| 2025-08-27 | Murray Michael J | Gift | 5.5K | — |
| 2025-08-26 | Smith Barbara | Option exercise | 264 | — |
| 2025-08-26 | CROWLEY ELAINE D | Option exercise | 264 | — |
| 2025-08-26 | CROW M CHAD | Option exercise | 264 | — |
| 2025-08-13 | Odom Aron M. | Sell | 1.2K | $166.20 |
| 2025-08-06 | Auld David V | Gift | 25K | — |
| 2025-06-24 | BUCHANAN MICHAEL R | Sell | 2.1K | $127.70 |
| 2025-04-21 | Miller Maribess L | Option exercise | 139 | — |
| 2025-04-21 | CARSON BENJAMIN SR | Option exercise | 683 | — |
| 2025-04-21 | BUCHANAN MICHAEL R | Option exercise | 139 | — |
| 2025-04-21 | ANDERSON BRADLEY S | Option exercise | 139 | — |
| 2025-04-21 | WHEAT BILL W | Option exercise | 1.6K | — |
| 2025-04-21 | WHEAT BILL W | Grant | 9.0K | — |
| 2025-04-21 | WHEAT BILL W | Tax withheld | 7.7K | $120.36 |
| 2025-04-21 | Murray Michael J | Option exercise | 2.4K | — |
| 2025-04-21 | Murray Michael J | Grant | 11K | — |
| 2025-04-21 | Murray Michael J | Tax withheld | 9.8K | $120.36 |
| 2025-04-21 | Romanowski Paul J | Option exercise | 2.4K | — |
| 2025-04-21 | Romanowski Paul J | Grant | 14K | — |
| 2025-04-21 | Romanowski Paul J | Tax withheld | 12K | $120.36 |
| 2025-04-21 | Auld David V | Option exercise | 7.9K | — |
| 2025-04-21 | Auld David V | Grant | 9.0K | — |
| 2025-04-21 | Auld David V | Tax withheld | 2.9K | $120.36 |
| 2025-03-30 | Miller Maribess L | Option exercise | 224 | — |
| 2025-03-30 | CARSON BENJAMIN SR | Option exercise | 224 | — |
| 2025-03-30 | BUCHANAN MICHAEL R | Option exercise | 224 | — |
| 2025-03-30 | ANDERSON BRADLEY S | Option exercise | 224 | — |
| 2025-03-30 | Odom Aron M. | Option exercise | 887 | — |
| 2025-03-30 | Odom Aron M. | Tax withheld | 350 | $125.99 |
| 2025-03-30 | WHEAT BILL W | Option exercise | 2.5K | — |
| 2025-03-30 | WHEAT BILL W | Tax withheld | 998 | $125.99 |
| 2025-03-23 | Murray Michael J | Option exercise | 3.8K | — |
| 2025-03-23 | Murray Michael J | Tax withheld | 1.5K | $128.84 |
| 2025-03-23 | Romanowski Paul J | Option exercise | 3.8K | — |
| 2025-03-23 | Romanowski Paul J | Tax withheld | 1.5K | $128.84 |
| 2025-03-23 | Auld David V | Option exercise | 11K | — |
| 2025-03-23 | Auld David V | Tax withheld | 3.0K | $128.84 |
| 2025-03-21 | Miller Maribess L | Option exercise | 93 | — |
| 2025-03-21 | CARSON BENJAMIN SR | Option exercise | 93 | — |
| 2025-03-21 | BUCHANAN MICHAEL R | Option exercise | 93 | — |
| 2025-03-21 | ANDERSON BRADLEY S | Option exercise | 93 | — |
| 2025-03-21 | Odom Aron M. | Option exercise | 1.1K | — |
| 2025-03-21 | Odom Aron M. | Tax withheld | 415 | $128.84 |
| 2025-03-17 | Miller Maribess L | Option exercise | 203 | — |
| 2025-03-17 | BUCHANAN MICHAEL R | Option exercise | 203 | — |
| 2025-03-17 | ANDERSON BRADLEY S | Option exercise | 203 | — |
| 2025-03-17 | Odom Aron M. | Option exercise | 764 | — |
| 2025-03-17 | Odom Aron M. | Tax withheld | 301 | $127.06 |
| 2025-03-17 | WHEAT BILL W | Option exercise | 2.2K | — |
| 2025-03-17 | WHEAT BILL W | Tax withheld | 879 | $127.06 |
| 2025-03-17 | Murray Michael J | Option exercise | 2.2K | — |
| 2025-03-17 | Murray Michael J | Tax withheld | 879 | $127.06 |
| 2025-03-17 | Romanowski Paul J | Option exercise | 1.7K | — |
| 2025-03-17 | Romanowski Paul J | Tax withheld | 683 | $127.06 |
| 2025-03-12 | Miller Maribess L | Option exercise | 449 | — |
| 2025-03-12 | BUCHANAN MICHAEL R | Option exercise | 449 | — |
| 2025-03-12 | ANDERSON BRADLEY S | Option exercise | 449 | — |
| 2025-03-12 | Odom Aron M. | Option exercise | 1.7K | — |
| 2025-03-12 | Odom Aron M. | Tax withheld | 712 | $128.67 |
| 2025-03-12 | WHEAT BILL W | Option exercise | 4.9K | — |
| 2025-03-12 | WHEAT BILL W | Tax withheld | 2.0K | $128.67 |
| 2025-03-12 | Murray Michael J | Option exercise | 4.9K | — |
| 2025-03-12 | Murray Michael J | Tax withheld | 2.0K | $128.67 |
| 2025-03-12 | Romanowski Paul J | Option exercise | 3.8K | — |
| 2025-03-12 | Romanowski Paul J | Tax withheld | 1.5K | $128.67 |
| 2025-01-26 | Miller Maribess L | Option exercise | 1.7K | — |
| 2025-01-26 | CARSON BENJAMIN SR | Option exercise | 1.7K | — |
| 2025-01-26 | BUCHANAN MICHAEL R | Option exercise | 1.7K | — |
| 2025-01-26 | ANDERSON BRADLEY S | Option exercise | 1.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
- Forestar Group Inc.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-12 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-04-21 | ResultsExhibits | filing ↗ |
| 2026-03-31 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-01-20 | ResultsExhibits | filing ↗ |
| 2026-01-16 | Shareholder vote | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-07-22 | ResultsExhibits | filing ↗ |
| 2025-05-09 | Material agreementDebt obligationExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-12 | 2026-05-06 | 0000882184-26-000087 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0000882184-26-000081 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0000882184-26-000062 ↗ |
| 8-K | 2026-03-31 | 2026-03-27 | 0000882184-26-000053 ↗ |
| 10-Q | 2026-01-22 | 2025-12-31 | 0000882184-26-000014 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0000882184-26-000007 ↗ |
| 8-K | 2026-01-16 | 2026-01-15 | 0000882184-26-000004 ↗ |
| 10-K | 2025-11-19 | 2025-09-30 | 0000882184-25-000081 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0000882184-25-000044 ↗ |
| 10-Q | 2025-07-23 | 2025-06-30 | 0000882184-25-000040 ↗ |
| 8-K | 2025-07-22 | 2025-07-22 | 0000882184-25-000036 ↗ |
| 8-K | 2025-05-09 | 2025-05-08 | 0000882184-25-000028 ↗ |