2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $27.8B to $34.3B, increasing; diluted EPS 11.41 to 11.57, increasing.
33
Median gross margin 24.0% over 10y, stable.
—
Not enough years of ROIC data to score returns on capital.
78
Net cash position — no leverage risk.
100
Owner earnings changed +16.8%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
22% below value if growth stopped today
$4.7B
$179.06
$290.08
$139.39
22% below value if growth stopped today
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~5%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
D.R. Horton, Inc. booked $34.3B of revenue in FY2025 in the Industrials sector and kept 23.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 10.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $3.7B (FY2009) to $34.3B (FY2025) — about 15.0% a year compounded over 16 years.
DHI's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2007–FY2025 · 19 fiscal years, normalized from DHI’s SEC filings
Sales, as filed$34.3B FY2025Revenue kept after cost of goods23.7% FY2025Standard ROIC or separately labeled Operating ROIC
Exact FY and FY-1 financing invested-capital inputs are required.
Exact FY and FY-1 financing invested-capital inputs are required.
Cash an owner could take out$3.6B FY2025
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How D.R. Horton, Inc. makes its money
D.R. Horton, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Records still being gathered — partial as of retrieval Oct 19, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
31 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale66.8 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Oct 19, 2026.
33 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (6 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
Scroll sideways to see all columns
Insider
Shares owned after
Date
Filing detail
Murray Michael JEVP and COO
Gift (G)Table I · Disposed · Common Stock
5,000
—Gift (G)
—
123,968
Sep 8, 2026
1 filed lot
Table I · Common Stock: 5,000 shares at — (Gift (G)) · code G · owned after 123,968 ·
Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event
264
—Exercise or conversion of derivative security (M)
—
792
Aug 26, 2026
1 filed lot
Table II · Restricted Stock Unit: 264 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 792 · Paired event: 264 Restricted Stock Unit → 264 Common Stock ·
Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event
264
—Exercise or conversion of derivative security (M)
—
792
Aug 26, 2026
1 filed lot
Table II · Restricted Stock Unit: 264 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 792 · Paired event: 264 Restricted Stock Unit → 264 Common Stock ·
Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event
264
—Exercise or conversion of derivative security (M)
—
792
Aug 26, 2026
1 filed lot
Table II · Restricted Stock Unit: 264 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 792 · Paired event: 264 Restricted Stock Unit → 264 Common Stock ·
How D.R. Horton, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored DHI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, DHI did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#78 of 448 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
#76DOV DOVER Corp66.9 out of 100, Narrow moatNarrow moat
Based on its FY2025 SEC filings, the Moat Index scores D.R. Horton, Inc. (DHI) 66.8 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 56, pricing power 33, returns on capital not measurable from the filings, balance-sheet safety 78, capital allocation 100.
Is DHI trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $179.06 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $139.39, that is 22% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has DHI's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 66.8 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DHI. See the disclaimer.