DHI
NYSE · Consumer Cyclical · Residential Construction · US
Research · Sep 3, 2026
[DHI] D.R. Horton Thesis 2026: Capital Return and Revenue Guidance Signal Market Share Leadership
D.R. Horton, Inc. FY25 (Sep year-end) revenue $34.25B (-7%); op income $4.42B (-28%); NI $3.59B (-25%); EPS $11.57 (-19%). Q4 net sales orders 20,078 homes (+5%); order value $7.3B (+3%). Q4 home sales revenue $8.5B on 23,368 homes; ASP $365,600. Q4 gross margin 20% (-180bp QoQ). FY homebuilding pretax ROI 20.1%; ROE 14.6%; ROA 10%. ~85K closings; ~43K first-time buyers (51%). FY OCF $3.4B; $4.8B returned to shareholders ($4.28B buyback +140% / $495M dividends +25%); inventory -21%. FY26: revenue $33.5-$35B; closings 86-88K; Q1 gross margin 20-20.5%; ≥$3B OCF; ~$2.5B buyback; ~$500M dividends. Risks: affordability + rates, incentive-driven margin pressure, inventory normalization, regional concentration, labor / materials cost, competitive landscape.
Research · Jun 1, 2026
BRK.B Taylor Morrison Acquisition 2026: Berkshire's First Housing Builder at 1.10x Book
BRK.B Taylor Morrison acquisition closes at $6.8B all-cash on May 31, 2026 — Berkshire's first major direct US housing builder position at TMHC's ~1.10x book value. Greg Abel led negotiations.
Research · Jun 1, 2026
BRK.B Abel Succession Portfolio 2026: $6.8B First M&A vs $397B Cash Pile
Berkshire Hathaway Abel succession portfolio thesis: Greg Abel's first big M&A — $6.8B for TMHC — used 1.7% of BRK's $397B Q1 cash + ST investments. The next 4 transactions decide the playbook.
Research · Apr 13, 2026
Hot CPI Kills 2025 Fed Cut Hopes — JPM, BAC Lead Bank Winners While REITs Take the Hit
Hotter CPI has bond markets pricing fewer 2025 Fed cuts, favoring banks like JPM, BAC, and WFC via NIM expansion while hurting REITs (PLD, O) and homebuilders (DHI) with higher costs and weak demand. JPM leads conviction ranking; avoid leveraged real estate. Article analyzes financials, guidance, and exposures.