Analyst Report: D.R. Horton Inc.

Summary

D.R. Horton, based in Fort Worth, Texas is one of the largest homebuilders in the U.S., with homebuilding revenue of $31.7 billion on 82,918 closings for the fiscal year ended September 30, 2023. To be sure, DHI may be number one based on deliveries while Lennar, whose average selling price is about $60,000 higher than DHI’s, may have higher revenue in some years. In the 4 quarters reported through May 1, 2024 DHI was a couple billion bigger. The company offers homes in 108 markets in 33 states. About 99% of revenue is from single-family detached homes. The average home price was down about 1% to $381,000 in FY23. The company’s financial services segment also provides mortgage financing and title agency services. DHI’s Rental division generated $2.6 billion in 2023.