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DHI D.R. Horton

D.R. Horton, Inc., America's Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 88 markets in 29 states across the United States and closed 65,388 homes during its fiscal year ended September 30, 2020. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes ranging from $150,000 to over $1,000,000. D.R. Horton also provides mortgage financing, title services and insurance agency services for homebuyers through its mortgage, title and insurance subsidiaries.

Company profile

Ticker
DHI
Exchange
CEO
David Auld
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
752386963

DHI stock data

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Calendar

23 Jul 21
1 Aug 21
30 Sep 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Sep 20 Sep 19 Sep 18 Sep 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from D.R. Horton earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.97B 1.97B 1.97B 1.97B 1.97B 1.97B
Cash burn (monthly) 87.6M 33.63M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 95.66M 36.73M n/a n/a n/a n/a
Cash remaining 1.87B 1.93B n/a n/a n/a n/a
Runway (months of cash) 21.4 57.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jul 21 Hewatt Michael W Common Stock Sell Dispose S No No 92.6602 2,342 217.01K 3,000
26 Jul 21 Buchanan Michael R Common Stock Sell Dispose S No No 92.5 2,812 260.11K 0
11 May 21 Horton Donald R Common Stock Other Aquire J No No 0 4,467,616 0 4,467,616
10 May 21 Wheat Bill W Common Stock Payment of exercise Dispose F No No 104.45 13,542 1.41M 144,258
10 May 21 Wheat Bill W Common Stock Option exercise Aquire M No No 9.97 30,000 299.1K 157,800
10 May 21 Wheat Bill W Stock Option Common Stock Option exercise Dispose M No No 9.97 30,000 299.1K 0
10 May 21 Auld David V Common Stock Payment of exercise Dispose F No No 104.45 32,501 3.39M 305,173
10 May 21 Auld David V Common Stock Option exercise Aquire M No No 9.97 72,000 717.84K 337,674
10 May 21 Auld David V Stock Option Common Stock Option exercise Dispose M No No 9.97 72,000 717.84K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

87.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 815 813 +0.2%
Opened positions 107 155 -31.0%
Closed positions 105 78 +34.6%
Increased positions 310 280 +10.7%
Reduced positions 300 295 +1.7%
13F shares
Current Prev Q Change
Total value 27.51B 21.88B +25.7%
Total shares 312.95M 316.17M -1.0%
Total puts 4.6M 4.38M +5.0%
Total calls 5.03M 5.62M -10.6%
Total put/call ratio 0.9 0.8 +17.5%
Largest owners
Shares Value Change
Vanguard 35.91M $3.2B +0.6%
BLK Blackrock 33.95M $3.03B +0.8%
Horton Family Limited Partnership 23.9M $1.65B 0.0%
FMR 19.02M $1.69B +10.1%
Sanders Capital 15.46M $1.5B -0.7%
STT State Street 15.2M $1.36B -2.4%
Egerton Capital 10.26M $914.7M -2.8%
Capital Research Global Investors 6.46M $575.56M -4.6%
Capital World Investors 6.45M $575.25M +0.0%
Geode Capital Management 6.34M $564.06M +1.9%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -3.47M EXIT
WFC Wells Fargo & Co. 4.7M +2.42M +106.2%
JPM JPMorgan Chase & Co. 2.96M +2.33M +364.9%
Greenhaven Associates 1.08M -2.24M -67.5%
Wellington Management 191.48K -2.05M -91.4%
FMR 19.02M +1.74M +10.1%
GS Goldman Sachs 2.27M +1.23M +118.9%
Nuveen Asset Management 1.32M -1.23M -48.2%
Appaloosa 1.17M +1.17M NEW
Capital International Investors 1.03M +1.03M NEW

Financial report summary

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Risks
  • The homebuilding and lot development industries are cyclical and affected by changes in economic, real estate or other conditions that could adversely affect our business or financial results.
  • Constriction of the credit and public capital markets could limit our ability to access capital and increase our costs of capital.
  • Reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates could decrease our buyers’ ability to obtain financing and adversely affect our business or financial results.
  • The risks associated with our land and lot inventory could adversely affect our business or financial results.
  • We cannot make any assurances that our growth strategies, acquisitions or investments will be successful or will not expose us to additional risks or other negative consequences.
  • Our business and financial results could be adversely affected by significant inflation, higher interest rates or deflation.
  • Homebuilding is subject to home warranty and construction defect claims in the ordinary course of business that can be significant.
  • A health and safety incident relating to our operations could be costly in terms of potential liability and reputational damage.
  • Supply shortages and other risks related to acquiring land, building materials and skilled labor could increase our costs and delay deliveries.
  • We are required to obtain performance bonds, the unavailability of which could adversely affect our results of operations and cash flows.
  • Increases in the costs of owning a home could prevent potential customers from buying our homes and adversely affect our business or financial results.
  • Governmental regulations and environmental matters could increase the cost and limit the availability of our land development and homebuilding projects and adversely affect our business or financial results.
  • Governmental regulation of our financial services operations could adversely affect our business or financial results.
  • Homebuilding, lot development and financial services are competitive industries, and competitive conditions could adversely affect our business or financial results.
  • We have significant amounts of debt and may incur additional debt, which could affect our financial health and our ability to raise additional capital to fund our operations or potential acquisitions.
  • Servicing our debt requires a significant amount of cash, and we or our subsidiaries may not have sufficient cash flow from our respective businesses to pay our substantial debt.
  • The instruments governing our and our subsidiaries’ indebtedness impose certain restrictions on our and our subsidiaries’ business, and the ability of us and our subsidiaries to comply with related covenants, restrictions or limitations could adversely affect our and our subsidiaries’ financial condition or operating flexibility.
  • Our access to capital and our ability to obtain additional financing could be affected by any downgrade of our debt ratings.
  • The instruments governing our indebtedness contain change of control provisions which could affect the timing of repayment.
  • Damage to our corporate reputation or brands from negative publicity could adversely affect our business, financial results and/or stock price.
  • Our business could be adversely affected by the loss of key personnel.
  • Information technology failures, data security breaches, and the failure to satisfy privacy and data protection laws and regulations could harm our business.
Management Discussion
  • In fiscal 2020, our number of homes closed and home sales revenues increased 15% and 16%, respectively, compared to the prior year, and our consolidated revenues increased 15% to $20.3 billion compared to $17.6 billion in the prior year. Our pre-tax income was $3.0 billion in fiscal 2020 compared to $2.1 billion in fiscal 2019, and our pre-tax operating margin was 14.7% compared to 12.1%. Net income was $2.4 billion in fiscal 2020 compared to $1.6 billion in the prior year. The current year results include a tax benefit of $93.4 million related to the retroactive reinstatement of the federal energy efficient homes tax credit.
  • Cash provided by our homebuilding operations was $1.9 billion in fiscal 2020 compared to $1.4 billion in fiscal 2019. In fiscal 2020, our return on equity (ROE) was 22.1% compared to 17.2% in fiscal 2019, and our homebuilding return on inventory (ROI) was 24.6% compared to 18.1%. ROE is calculated as net income attributable to D.R. Horton for the year divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances of the trailing five quarters divided by five. Homebuilding ROI is calculated as homebuilding pre-tax income for the year divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.
  • Within our homebuilding land and lot portfolio, our lots controlled under purchase contracts represent 70% of the lots owned and controlled at September 30, 2020 compared to 60% at September 30, 2019. Our relationship with Forestar and expanded relationships with other land developers across the country have allowed us to increase the controlled portion of our finished lot pipeline.
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