/
Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states.
12.92% operating margin is respectable but not wide. ROIC at 10.75%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 6.9% YoY. Margins deteriorated 3.2pp alongside, both lines moving the wrong way.
ROIC dropped from 15.08% to 10.75%, capital efficiency is deteriorating. Operating margin contracted 3.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (FY)
$34.25B
▼ -6.9% YoY
Net Income (TTM)
$3.17B
▼ -24.6% YoY
Op. Margin
12.92%
▼ -3.2pp YoY
ROIC
10.75%
▼ -4.3pp YoY
Cash Flow & Balance Sheet
FCF (FY)
$3.28B
▲ +62.2% YoY
Op. Cash Flow (FY)
$3.42B
▲ +56.2% YoY
Net Debt
$4.72B
Cash & Equiv.
$1.92B
5Y CAGR: +11.0%
5Y CAGR: +19.9%
Continue Research