On this page of StockholderLetter.com we present the latest annual shareholder letter from HORTON D R INC /DE/ — ticker symbol DHI. Reading current and past DHI letters to shareholders can bring important insights into the investment thesis.

 •  12/13/2024 Letter Continued (Full PDF)
 •  12/15/2023 DHI Stockholder Letter
 •  More "General Contractors & Builders" Category Stockholder Letters
 •  DHI Benford's Law Stock Score = 95

DHI Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
- 2024 -

FINANCIAL SUMMARY
(In millions, except for number of homes, apartment units and per share amounts)
                              z                 ^                     ,

Balance Sheet:
Cash and cash equivalents .........................................                      
Inventories ...............................................................
Total assets ..............................................................
Notes payable ..........................................................
Stockholders    equity ................................................
Book value per common share ...............................              
Common shares outstanding ..................................
Income Statement and Cash Flow:
Revenues ..................................................................                     
Income before income taxes ...................................
E                                                 Z   ,             /        .........


Cash dividends paid ..................................................
Repurchases of common stock .................................
Percentage of Revenues:
Income before income taxes ...................................
Key Operating Measures:
Return on assets(1) ..................................................
Return on equity(2) ..................................................
                                                 (3) .................................
Homes and apartment units closed by rental




22,373.3
32,582.4
5,094.5
22,696.2
67.78
334.8
$ 2,540.5
21,655.7
30,351.1
6,066.9
19,396.3
56.39
344.0
$ 3,210.4
16,479.1
24,015.9
5,412.4
14,886.5
41.81
356.0
$ 3,018.5
12,237.4
18,912.3
4,283.3
11,840.0
32.53
364.0
$ 35,460.4
6,314.7
4,745.7
13.82
4,304.1
341.2
1,187.3
$ 33,480.0
7,629.7
5,857.5
16.51
561.8
316.5
1,105.9
$ 27,774.2
5,356.3
4,175.8
11.41
534.4
289.3
874.0
$20,311.1
2,983.0
2,373.7
6.41
1,421.6
256.0
360.4
17.8%
22.8%
19.3%
14.7%





15.1%
22.7%
18.3%
82,917
21.7%
34.5%
23.8%
82,744
19.8%
31.6%
26.7%
81,965
13.8%
22.1%
26.6%
65,388


8,287
1,549
1,216
540
Diluted Earnings per
Common Share
Revenues
$33,480

$35,460 $36,801
$16.51
$27,774
$11.41
$20,311
2021
2022 2023 2024
2020
Return on Assets(1)
20%
$13.82 $14.34
14%
2020
2021
2021
32%
15%
14%
2022 2023 2024
2022 2023 2024
2021
2020
$41.81
2021
2022 2023 2024
Consolidated Leverage Ratio(3)
27%
35%
23%
22%
2020
$56.39
$32.53
Return on Equity(2)
22%
$78.12
$67.78
$6.41
2020
Book Value per Common Share
27%
18%
20%
2022 2023 2024
24%
2020
2021
19%
2022 2023 2024
       Z                                                                                                               Z   ,                                                                                                                                       
       Z                                                                                                               Z   ,                                                                                                                                         




 12/13/2024 Letter Continued (Full PDF)