HORTON D R INC /DE/ (DHI)

Operative Builders

Latest Price

$139.41

TTM P/E

13.29

Normalized P/E

10.34

Div Yield

1.26%

Book Value

82.85

P/B Ratio

1.68

Valuation metrics

EPS: $11.57

Book value / share: $82.15

Formula: √(22.5 × EPS × BVPS)

Graham Number

$146.24

+5% upside

Norm. op. income: $5.4B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$149.23

+7% upside

Base FCF: $2.0B (median of recent 5yr)

Growth: 9%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$172.68

+24% upside

EPS: $11.57

Target P/E: 10×

Formula: EPS × P/E

P/E Fair Value

$115.70

17% downside

86.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Capital World Investors	37.28M	$6.07B	13.28%	+344.7K	2026-06-30
BlackRock, Inc.	24.97M	$4.07B	8.90%	-2.87M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	16.94M	$2.76B	6.03%	-283.9K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	12.40M	$2.02B	4.42%	-166.2K	2026-06-30
STATE STREET CORP	12.08M	$1.97B	4.30%	+218.1K	2026-06-30
FMR LLC	9.44M	$1.54B	3.36%	-323.1K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	7.22M	$1.17B	2.57%	-50.8K	2026-06-30
Capital Research Global Investors	5.69M	$926.0M	2.03%	+1.03M	2026-06-30
MORGAN STANLEY	3.70M	$602.0M	1.32%	-147.8K	2026-06-30
GOLDMAN SACHS GROUP INC	3.58M	$583.0M	1.28%	+22.7K	2026-06-30