The business behind the dividend
| Measure | DHI | Median | Formula |
|---|---|---|---|
| Return on equity | 14.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 15.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $3.55bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $3.28bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 13.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.25x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 19.61x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.95x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.8% | 18.8% | 20.9% | 30.2% | 28.1% | 20.0% | 16.2% | 16.3% | 13.4% | 13.0% | 16.3% |
| Return on capital employed | 15.7% | 20.1% | 22.7% | 30.0% | 26.4% | 18.5% | 15.8% | 16.9% | 15.1% | 13.4% | 16.9% |
| Operating margin | 13.8% | 17.1% | 17.8% | 22.8% | 19.3% | 14.7% | 12.1% | 12.8% | 11.4% | 11.1% | 13.8% |
| Net margin | 10.5% | 12.9% | 13.4% | 17.5% | 15.0% | 11.7% | 9.2% | 9.1% | 7.4% | 7.3% | 10.5% |
| Debt to equity | 0.25x | 0.23x | 0.22x | 0.31x | 0.36x | 0.36x | 0.34x | 0.36x | 0.37x | 0.48x | 0.34x |
| Cash conversion | 0.95x | 0.46x | 0.91x | 0.10x | 0.13x | 0.60x | 0.55x | 0.37x | 0.42x | 0.70x | 0.46x |
How it compares in industrials
Among the 74 industrials companies here measured on free cash flow, Horton D R pays out less than 54 of them. The median for that group is 28.1%, against this company’s 15.1%.
Closest on free cash flow
- Gold.com (GOLD) 13.3%
- Cencora (COR) 13.6%
- Booking Holdings (BKNG) 13.7%
- Danaher (DHR) 16.7%
Same sector and same denominator, so the figures are comparable. All 81 in industrials →