D.R. Horton, Inc. (DHI)财务
NYSE · Consumer Cyclical · Residential Construction · 员工14,341人 · CEO Paul J. Romanowski
- 股价
- $146.00 -0.36%
- 市值
- $408亿
- 企业价值
- $448亿
- 最近财报
- Q4 '26 2026-10-29提交
- 下次财报
- 2027-01-19 EPS预期 $1.48
营收(TTM)$330亿-3.5% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)11.4%-1.5 百分点 对比去年同期营业利润 $37.7亿
净利润(TTM)$28.9亿-19.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$34.5亿+5.2% 对比去年同期资本支出 $5380万
稀释EPS(TTM)$10.12-12.7% 对比去年同期最近4个季度之和
净现金-$39.9亿-31.1% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $408亿 EV $448亿
- 营收
- $330亿 过去12个月
- 营收增速
- -3% FY2027年一致预期
- 净利润率
- 8.7% 净利润 / 营收,TTM
- P/E
- 14.4× 预期 15.1×(FY2027)
- P/S
- 1.2× 股价 / 营收,TTM
- EV / EBITDA
- 11.4× TTM
- 自由现金流
- $34.5亿 过去12个月
- 净利润
- $28.9亿 过去12个月
- 营收预期
- $321亿 FY2027年一致预期
- 盈利
- 2027-01-19 营收预期 $62.5亿
- 股息
- $1.80 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收超预期3.3%,EPS 低于预期11.3%营收$93.7亿,预期$90.7亿(+3.3%);EPS $2.67,预期$3.01(-11.3%)。
- 营收增长平稳:同比-3.2%Q4 '26营收$93.7亿,此前四个季度的平均值为-3.8%。
- 营业利润率11.4%(TTM),较去年同期-1.5 百分点营收增长-3.5%,营业利润增长-14.8%。
- 资本支出占营收的0.2%(去年为0.4%)最近4个季度投入$5380万(同比-60.8%)。自由现金流$34.5亿,相当于净利润的119.5%。
- 股东回报$40.6亿 = 自由现金流的117.6%回购$35.5亿(去年为$43.5亿),股息$5.13亿,股权激励$1.34亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少6.6%Q4 '26稀释股数2.78亿,一年前为2.97亿。
- 净债务 $39.9亿现金 + 短期投资 $20.6亿,含租赁债务 $60.5亿;一年前净债务 $30.5亿。
上一季度:Q4 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $93.7亿 | $96.8亿 | -3.2% |
| 毛利率 | 20.5% | 21.7% | -1.2 百分点 |
| 营业利润 | $10.1亿 | $11.3亿 | -9.9% |
| 营业利润率 | 10.8% | 11.6% | -0.8 百分点 |
| 净利润 | $7.42亿 | $9.05亿 | -18.1% |
| 稀释EPS | $2.67 | $3.04 | -12.2% |
| 经营现金流 | $26.3亿 | $24.7亿 | +6.3% |
| 资本支出 | $5380万 | $4380万 | +22.8% |
| 自由现金流 | $25.7亿 | $24.3亿 | +6.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2650万 | $0 | – |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $93.7亿 | $90.7亿 | +3.3% |
| EPS(一致预期口径) | $2.67 | $3.01 | -11.3% |
来自2026-10-29发布的Q4 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Homebuilding | $86.9亿 | +1.2% | 94.1% | $308亿 | -3.3% | |
| Rental | $2.66亿 | -30.1% | 2.9% | $13.9亿 | -9.6% | |
| Forestar Group | $4.07亿 | +4.2% | 4.4% | $17.2亿 | +11.8% | |
| Eliminations and Other | -$3.53亿 | -0.6% | -3.8% | -$13.9亿 | -68.4% | |
| Financial Services | $2.21亿 | -3.1% | 2.4% | $8.16亿 | -3.4% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Southeast | $19.2亿 | -0.2% | 21.6% | $66.2亿 | -12.4% | |
| South Central | $19.7亿 | +1.4% | 22.1% | $68.1亿 | -2.3% | |
| East | $19.7亿 | +17.9% | 22.1% | $65.3亿 | +9.0% | |
| Southwest | $11.7亿 | -0.9% | 13.2% | $43.1亿 | -7.3% | |
| North | $12.2亿 | +4.6% | 13.7% | $43.9亿 | +6.6% | |
| Northwest | $6.52亿 | -6.7% | 7.3% | $25.3亿 | -2.9% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $35.1亿
- 资本支出
- -$5380万
- 股票回购
- -$35.5亿
- 股息
- -$5.13亿
- 收购
- -$1.24亿
- 债务净发行
- $880万
- 股权激励费用
- $1.34亿
- 自由现金流
- $34.5亿
- 股东回报 / FCF
- 117.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 14.4× | 10.6× | 4.0× – 14.6× |
| EV / EBITDA | 11.4× | 8.3× | 3.5× – 11.4× |
| EV / 营收 | 1.4× | 1.3× | 0.8× – 1.7× |
| 股价 / FCF | 11.8× | 24.9× | 8.8× – 57.3× |
| 股价 / 净资产 | 1.8× | 1.8× | 1.2× – 2.5× |
| FCF收益率 | 8.5% | 6.2% | 1.7% – 11.3% |
| 投入资本回报率 | 7.9% | 13.9% | 9.1% – 21.2% |
| 净资产收益率 | 12.2% | 19.4% | 12.5% – 30.2% |
分析师
一致目标价 $157.17 (+7.7%)
区间 $130.00 – $182.00 · 评级 Hold
强烈买入2
买入23
持有25
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $321亿 | -2.9% | $9.68 | -4.2% | 15.1× | 17 |
| FY2028 | $337亿 | +4.9% | $11.49 | +18.6% | 12.7× | 11 |
| FY2029 | $343亿 | +1.9% | $13.02 | +13.3% | 11.2× | 3 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
D.R. Horton, Inc.在近期10-Q / 10-K文件中标记的全部192项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss | $1.6亿 | $1.53亿 | +4.4% | $1.64亿 | $1.47亿 | +11.5% |
| Accounts Payable | $13.9亿 | $13.9亿 | 0.0% | $12.2亿 | $13.5亿 | -9.2% |
| Accrual for Taxes Other than Income Taxes, Current | $6800万 | $6210万 | +9.5% | $8270万 | $7760万 | +6.6% |
| Accrued Income Taxes | $7330万 | $5400万 | +35.7% | $1900万 | $2770万 | -31.4% |
| Accrued Liabilities | $35.6亿 | $31.7亿 | +12.5% | $35.4亿 | $30.2亿 | +17.4% |
| Additional Paid in Capital, Common Stock | $36.3亿 | $35.4亿 | +2.8% | $35.8亿 | $34.9亿 | +2.4% |
| Advertising Expense | – | – | – | $1.08亿 | $7230万 | +49.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 730万2015-09-30 | 850万 | -14.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $3150万 | $2590万 | +21.6% | $1.31亿 | $1.18亿 | +10.9% |
| Assets | $365亿 | $364亿 | +0.3% | $355亿 | $361亿 | -1.8% |
| Cash and Cash Equivalents, at Carrying Value | $20.8亿 | $26.1亿 | -20.5% | $29.9亿 | $45.2亿 | -33.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $21.3亿 | $26.6亿 | -19.9% | $30.3亿 | $45.4亿 | -33.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1.61亿 | $1.47亿 | +9.5% | -$15.1亿 | $6.44亿 | -334.6% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.45 | $0.40 | +12.5% | $1.60 | $1.20 | +33.3% |
| Common Stock, Dividends, Per Share, Declared | $0.45 | $0.40 | +12.5% | $0.402017-09-30 | $0.32 | +25.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 10亿 | 10亿 | 0.0% | 10亿 | 10亿 | 0.0% |
| Common Stock, Shares, Issued | 4.05亿 | 4.04亿 | +0.2% | 4.04亿 | 4.03亿 | +0.3% |
| Common Stock, Shares, Outstanding | 2.81亿 | 2.99亿 | -6.1% | 2.94亿 | 3.24亿 | -9.1% |
| Common Stock, Value, Issued | $400万 | $400万 | 0.0% | $400万 | $400万 | 0.0% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | $40万2026-03-31 | $50万 | -20.0% | $60万 | $1900万 | -96.8% |
| Construction Payable | $5.24亿 | $4.77亿 | +9.8% | $4.97亿 | $4.51亿 | +10.2% |
| Contract with Customer, Liability | $1.13亿 | $1.07亿 | +5.8% | $8150万 | $9970万 | -18.3% |
| Cost of Revenue | $70.8亿 | $70.2亿 | +0.9% | $261亿 | $273亿 | -4.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $8.21亿 | $12亿 | -31.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $9.96亿 | $14.6亿 | -31.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.74亿 | $2.59亿 | -32.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $1.05亿 | $1550万 | +576.1% |
| Deferred Income Tax Assets, Net | $0 | $6650万 | -100.0% | $4450万 | $1.68亿 | -73.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $1.23亿 | $1900万 | +548.4% |
| Deferred Income Tax Liabilities, Net | $4340万 | – | – | – | – | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1840万 | $350万 | +425.7% |
| Deferred Tax Assets, Gross | $5.94亿2025-09-30 | $5.66亿 | +5.0% | $5.94亿 | $5.66亿 | +5.0% |
| Deferred Tax Assets, Inventory | $3960万2025-09-30 | $8730万 | -54.6% | $3960万 | $8730万 | -54.6% |
| Deferred Tax Assets, Net | $4450万2025-09-30 | $1.68亿 | -73.4% | $4450万 | $1.68亿 | -73.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.79亿2025-09-30 | $5.51亿 | +5.2% | $5.79亿 | $5.51亿 | +5.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3650万2025-09-30 | $3890万 | -6.2% | $3650万 | $3890万 | -6.2% |
| Deferred Tax Assets, Other | $2120万2025-09-30 | $1400万 | +51.4% | $2120万 | $1400万 | +51.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $2210万2025-09-30 | $690万 | +220.3% | $2210万 | $690万 | +220.3% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $1650万2025-09-30 | – | – | $1650万 | – | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $1.05亿2025-09-30 | $9370万 | +12.1% | $1.05亿 | $9370万 | +12.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | $1340万2025-09-30 | $870万 | +54.0% | $1340万 | $870万 | +54.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | $3.56亿2025-09-30 | $3.16亿 | +12.7% | $3.56亿 | $3.16亿 | +12.7% |
| Deferred Tax Assets, Valuation Allowance | $1460万 | $1480万 | -1.4% | $1460万 | $1490万 | -2.0% |
| Deferred Tax Liabilities, Gross | $5.35亿2025-09-30 | $3.83亿 | +39.6% | $5.35亿 | $3.83亿 | +39.6% |
| Deferred Tax Liabilities, Other | $800万2025-09-30 | $540万 | +48.1% | $800万 | $540万 | +48.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $7670万2025-09-30 | $4480万 | +71.2% | $7670万 | $4480万 | +71.2% |
| Deferred Tax Liabilities, Tax Deferred Income | $3.28亿2025-09-30 | $2.26亿 | +44.7% | $3.28亿 | $2.26亿 | +44.7% |
| Defined Contribution Plan, Cost | – | – | – | $4430万 | $4380万 | +1.1% |
| Deposits Assets | $25.3亿 | $23.3亿 | +8.4% | $23.6亿 | $22.1亿 | +6.9% |
| Depreciation | – | – | – | $9090万 | $7850万 | +15.8% |
| Depreciation, Depletion and Amortization | $2900万 | $2520万 | +15.1% | $1.01亿 | $8710万 | +16.3% |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $2870万 | $680万 | +322.1% | $60万 | $280万 | -78.6% |
| Dividends, Common Stock, Cash | $1.27亿 | $1.22亿 | +3.8% | $4.95亿 | $3.95亿 | +25.2% |
| Earnest Money Deposits | $25亿 | $23亿 | +8.7% | $23.3亿 | $21.5亿 | +8.4% |
| Earnings Per Share, Basic | $3.21 | $3.37 | -4.7% | $11.62 | $14.44 | -19.5% |
| Earnings Per Share, Diluted | $3.20 | $3.36 | -4.8% | $11.57 | $14.34 | -19.3% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $9.95亿 | $13.2亿 | -24.6% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | -$30万 | $10万 | -400.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-02