D.R. Horton, Inc. (DHI) Stock Price & How to Invest

D.R. Horton is the largest homebuilder in the United States by volume, building and selling homes across affordable, move-up, luxury, and active-adult segments under brands including D.R. Horton, Express Homes, Emerald Homes, and Freedom Homes. The company operates in dozens of states and hundreds of markets, focusing heavily on entry-level and first-time buyers, where demand has been most durable. D.R. Horton makes money primarily by acquiring and developing land, constructing homes, and selling them to buyers, with additional revenue from its financial-services arm (mortgage origination and title services) and from Forestar, its majority-owned residential lot-development company. A hallmark of its strategy is an asset-light land approach, using options and lot-banking to reduce the capital tied up in raw land. Scale gives D.R. Horton purchasing power with suppliers and subcontractors, helping it compete on price and absorb cyclical swings. It is headquartered in Arlington, Texas, and is a member of the S&P 500.

The picture as of October 2026 is a builder holding volumes while margins give ground. Revenue over the trailing twelve months was about $33.4 billion and net income about $3.05 billion, against fiscal 2025 revenue of about $34.3 billion and net income of about $3.59 billion. The fiscal third quarter (to June 30, 2026) brought revenue of about $9.23 billion and EPS of $3.20, ahead of the ~$2.99 estimate, but quarterly revenue was flat year over year and earnings were down slightly. The stock closed near $139.46 on October 16, 2026, down about 4.3% year to date and near the low end of a 52-week range of roughly $130 to $171. Fiscal fourth-quarter results are scheduled for October 29, 2026, with consensus EPS of about $3.00 on about $9.08 billion of revenue.

Homebuilding is highly cyclical and sensitive to mortgage rates and the broader economy. Higher rates reduce affordability and can sharply cut order volumes, while builders must offer costly rate buydowns and incentives that pressure margins. Land, labor, and materials costs can rise, and the business is exposed to recessions, unemployment, and consumer confidence. A housing downturn can compress both volumes and margins quickly. The stock often trades at a modest multiple precisely because of this cyclicality, and regional concentration, regulatory changes, and supply-chain disruptions add further risk. Those pressures are visible in the 2026 numbers: gross margin over the trailing twelve months was about 21.3% and operating margin about 13%, below the levels of the 2022 peak, and consensus expects fiscal 2026 EPS of about $10.42, down about 10% from the prior year. In October 2026 Oppenheimer flagged slower home sales and margin pressure, and RBC, Citigroup and Wells Fargo lowered price targets.

14 analysts publish price targets on DHI, averaging $153.29 against a $139.39 price as of October 2026, or +10.0%. The published targets run from $119.00 to $206.00, a moderate spread, and the ratings split 4 buy, 14 hold, 2 sell. Over the last six months there have been 0 raises and 9 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full DHI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on D.R. Horton, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Structural housing shortage. The US has a long-running shortage of housing after years of underbuilding, supporting demand for new homes over time. The most optimistic published target, $206.00, assumes this works close to its best case.

The case against. Homebuilding is highly cyclical and sensitive to mortgage rates and the broader economy. The most pessimistic target, $119.00, is roughly what DHI is worth if this bites instead.

Read the full bull and bear case on DHI, including what would have to change to break either one. Walnut is not an investment adviser.

No. D.R. Horton, Inc. (DHI) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see D.R. Horton, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$33.4 billion; latest quarter flat year over year
• Latest quarter (fiscal Q3, to Jun 30): Revenue ~$9.23B; EPS $3.20 vs ~$2.99 estimate
• Margins (TTM): ~21.3% gross, ~13.0% operating, ~9.2% net
• Net income (TTM): ~$3.05 billion
• P/E (trailing / forward): ~13.3x / ~12.4x
• Dividend: $1.80 per share annually, ~1.3% yield
• Balance sheet: ~$2.08B cash, ~$7.19B debt, ~29% debt-to-equity
• Market cap: ~$39 billion at ~$139 per share

D.R. Horton trades near 13x trailing and 12x forward earnings as of October 16, 2026, a below-market multiple that reflects the cyclical, rate-sensitive nature of homebuilding and the fact that earnings have fallen from their 2022 peak. Consensus looks for fiscal 2026 EPS of about $10.42 and about $11.27 in fiscal 2027, and the 14 analysts tracked by Yahoo Finance hold a hold-leaning consensus with a mean target of about $153. The fiscal fourth-quarter report on October 29, 2026, with consensus EPS near $3.00, is the next marker for orders, incentives and margins.

If you want DHI exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to DHI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get DHI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (NAIL), which spreads the position across many companies. Or build it into a focused thematic portfolio, so DHI sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where DHI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

D.R. Horton (DHI) leans on a structural US housing shortage, entry-level demand, and scale cost advantages, returning cash through a growing dividend and large buybacks while keeping balance-sheet risk low. In a portfolio it behaves as a below-market-multiple homebuilding cyclical whose volumes and margins swing with mortgage rates, competing with Lennar, PulteGroup, NVR, and KB Home. Into late 2026 the cycle is showing in the numbers: trailing net income of about $3.05 billion is well below the ~$5.86 billion of fiscal 2022, and several analysts trimmed price targets in October ahead of the next report.

Whether DHI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is DHI a buy or a sell?, and where the stock could go from here in the DHI stock forecast.

For income investors, whether DHI pays a dividend and how the payout looks is covered in does DHI pay a dividend? And to weigh DHI against a peer, read the full side-by-side comparisons: DHI vs LEN and DHI vs PHM.