PULTEGROUP INC/MI/ (PHM)

Operative Builders

Latest Price

$118.94

TTM P/E

12.15

Normalized P/E

10.39

Div Yield

0.84%

Book Value

68.23

P/B Ratio

1.74

Valuation metrics

EPS: $11.12

Book value / share: $67.38

Formula: √(22.5 × EPS × BVPS)

Graham Number

$129.84

+9% upside

Norm. op. income: $2.9B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

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

Earnings Power Value

$125.20

+5% upside

Base FCF: $1.6B (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$95.77

19% downside

EPS: $11.12

Target P/E: 10×

Formula: EPS × P/E

P/E Fair Value

$111.20

7% downside

92.7% held by institutions

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FMR LLC	6.04M	$828.0M	3.17%	+659.7K	2026-06-30
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NORGES BANK	4.34M	$595.0M	2.28%	+359.9K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	3.58M	$490.0M	1.88%	-1.91M	2026-06-30