HORTON D R INC DE（DHI）の決算・業績分析
HORTON D R INC DEの2025年有価証券報告書をAI分析。売上高$34.3B(-6.9%)。Industrials。
目次
HORTON D R INC DEの2025年度 業績サマリー
HORTON D R INC DE（証券コード: DHI）の2025年度決算・業績分析。売上高は$34.3B（前年比-6.9%）。純利益は$3.6B（前年比-24.6%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
HORTON D R INC DEの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $33.5B (+20.5% YoY) in FY2024, driven by increased home sales and homes closed.
- Net income jumped to $5.9B (+40.3% YoY), with a net margin of 17.5% and ROE of 25.8%.
- Strong liquidity with $3.9B in cash and a 69.7% equity ratio, supported by a 0.42x debt-to-equity ratio.
- Shareholder returns totaled $1.7B, including $1.4B in share repurchases and $316M in dividends.
HORTON D R INC DEの売上高変化の要因
- •Total revenue reached $33.5B in FY2024, reflecting a 20.5% YoY increase. The 10-K notes a 4% increase in consolidated revenues to $36.8B compared to FY2023, driven by an 8% rise in homes closed and a 7% increase in home sales revenues. However, segment-specific revenue figures are not disclosed in the XBRL data or 10-K text. The historical time series shows revenue growth from $16.1B in FY2020 to $33.5B in FY2024, with a 5-year CAGR of 17.2%.
HORTON D R INC DEの営業利益変化の要因
- •Operating income was $7.6B with a 22.6% operating margin (XBRL). Net income rose to $5.9B (+40.3% YoY), achieving a 17.5% net margin. The 10-K notes a slight decline in pre-tax operating margin to 17.1% from 17.8% in FY2023, attributed to elevated mortgage rates and inflation. EBITDA stood at $7.7B (22.9%), reflecting strong cost management despite macroeconomic headwinds.
HORTON D R INC DEの事業リスクと対応
Cyclical business operations vulnerable to economic downturns, real estate conditions, and interest rates (10-K).
Federal Reserve monetary policy impacts housing affordability and mortgage rates (10-K).
Geopolitical instability and military actions could disrupt markets and reduce demand (10-K).
Financial services risks from mortgage defaults, repurchases, and servicing liabilities (10-K).
Capital market constraints limiting liquidity and increasing borrowing costs (10-K).
HORTON D R INC DEの今後の見通し・業績予想
HORTON D R INC DEの事業内容
HORTON D R INC (DHI) is a leading U.S. homebuilder, generating 92% of consolidated revenues through homebuilding activities. The company constructs and sells single-family and attached homes, with additional revenue from land and lot sales via its Forestar subsidiary. Key segments include homebuilding, rental operations (single-family and multi-family), financial services (mortgage and title services), and other activities (insurance, water rights, non-residential real estate). Competitive advantages include geographic diversification, partnerships with Forestar for land control, and being the largest U.S. homebuilder by homes closed. No significant customer concentration or explicit competitors are mentioned in the 10-K.
HORTON D R INC DEのAI業績分析レポート（2024年度）
Annual Report Analysis: HORTON D R INC (DHI) FY2024
Highlights
Business Overview
HORTON D R INC operates as the largest U.S. homebuilder, generating 92% of revenue through homebuilding. Key segments include homebuilding, rental operations, Forestar (land development), and financial services. Competitive advantages include geographic diversification and partnerships with Forestar. No significant customer concentration or explicit competitors are mentioned.
Revenue Analysis
Total revenue reached $33.5B in FY2024, up 20.5% YoY. The 10-K notes a 4% increase in consolidated revenues to $36.8B, driven by an 8% rise in homes closed. Historical growth shows revenue increasing from $16.1B in FY2020 to $33.5B in FY2024, with a 5-year CAGR of 17.2%.
Profitability Analysis
Operating income was $7.6B with a 22.6% operating margin. Net income rose to $5.9B (+40.3% YoY), achieving a 17.5% net margin. EBITDA was $7.7B (22.9%). The 10-K notes a slight decline in pre-tax operating margin to 17.1% from 17.8% in FY2023, attributed to elevated mortgage rates and inflation.
Balance Sheet Analysis
Total assets were $32.6B, with total equity at $22.7B. Cash reserves stood at $3.9B, supporting a 69.7% equity ratio and 0.42x debt-to-equity ratio. No segment-specific asset breakdown or geographic distribution is provided.
Cash Flow Analysis
Operating cash flow was $562M, with free cash flow (FCF) of $414M (OCF $562M - CapEx $148M). Investing cash flow was -$415M, and financing cash flow was -$811M, reflecting $316M in dividends and $1.4B in share repurchases.
Working Capital Analysis
N/A (no data available on receivables, inventory, or payables days).
Risks
Outlook
Management expects continued focus on lot supply from Forestar, strong liquidity to navigate economic changes, and elevated incentives due to market conditions (10-K). No explicit forward-looking guidance is provided.
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