Cash flow D.R. Horton CINNOBER BOAT

Stocks

0I6K

US23331A1097

Homebuilding

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^USD	-.--%		-.--%	-

07-14	Barclays Adjusts Price Target on D.R. Horton to $141 From $140, Maintains Equalweight Rating	MT
07-10	Goldman Sachs Adjusts Price Target on D.R. Horton to $186 From $190	MT

de261be14b6812bae92e8c0d.N2UOjESDHUXvu_JYUk8KUaox8xBUCHTsZJh79fHr-0I.YQBY5CzKKwCnyoEoGwpPZ_VwsSA3aQazDtYQnIK0jiZFEn3pBctZCJjChQ

Published financial data: D.R. HORTON

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	26.95B	32.68B	34.66B	35.92B	33.41B
Finance Div. Revenues	824M	795M	802M	882M	841M
Total Revenues	27.77B	33.48B	35.46B	36.8B	34.25B
Cost of Goods Sold, Total	19.87B	22.91B	26.03B	27.19B	25.98B
Finance Div. Operating Exp.	459M	504M	518M	571M	562M
Gross Profit	7.44B	10.07B	8.91B	9.04B	7.71B
Selling General & Admin Expenses, Total	2.07B	2.39B	2.65B	2.93B	3.04B
Other Operating Expenses, Total	2.07B	2.39B	2.65B	2.93B	3.04B
Operating Income	5.38B	7.68B	6.26B	6.12B	4.67B
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	12.3M	16.1M	136M	248M	227M
EBT, Excl. Unusual Items	5.39B	7.7B	6.4B	6.36B	4.9B
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	14M	-	-	-	-
Asset Writedown	-28.6M	-70.4M	-80.3M	-78.8M	-158M
Other Unusual Items	-18.1M	-	-	-	-
EBT, Incl. Unusual Items	5.36B	7.63B	6.31B	6.28B	4.74B
Income Tax Expense	1.17B	1.73B	1.52B	1.48B	1.12B
Earnings From Continuing Operations	4.19B	5.9B	4.8B	4.81B	3.62B
Net Income to Company	4.19B	5.9B	4.8B	4.81B	3.62B
Minority Interest	-15.4M	-38.1M	-49.5M	-49.6M	-35.7M
Net Income - (IS)	4.18B	5.86B	4.75B	4.76B	3.59B
Net Income to Common Incl Extra Items	4.18B	5.86B	4.75B	4.76B	3.59B
Net Income to Common Excl. Extra Items	4.18B	5.86B	4.75B	4.76B	3.59B
Per Share Items
Net EPS - Basic	11.56	16.65	13.93	14.44	11.62
Basic EPS - Continuing Operations	11.56	16.65	13.93	14.44	11.62
Basic Weighted Average Shares Outstanding	361M	352M	341M	330M	308M
Net EPS - Diluted	11.41	16.51	13.82	14.34	11.57
Diluted EPS - Continuing Operations	11.41	16.51	13.82	14.34	11.57
Diluted Weighted Average Shares Outstanding	366M	355M	343M	332M	310M
Normalized Basic EPS	9.28	13.58	11.59	11.92	9.81
Normalized Diluted EPS	9.17	13.46	11.5	11.84	9.76
Dividend Per Share	0.8	0.9	1	1.2	1.6
Payout Ratio	6.93	5.4	7.19	8.31	13.8
Supplemental Items
EBITDA	5.45B	7.77B	6.35B	6.2B	4.77B
EBITA	5.38B	7.68B	6.26B	6.12B	4.67B
EBIT	5.38B	7.68B	6.26B	6.12B	4.67B
EBITDAR	5.48B	7.8B	6.39B	6.25B	4.82B
Effective Tax Rate - (Ratio)	21.75	22.73	24.06	23.53	23.61
Current Domestic Taxes	1.18B	1.7B	1.57B	1.46B	996M
Total Current Taxes	1.18B	1.7B	1.57B	1.46B	996M
Deferred Domestic Taxes	-10M	29.1M	-45.9M	19M	123M
Total Deferred Taxes	-10M	29.1M	-45.9M	19M	123M
Normalized Net Income	3.35B	4.77B	3.95B	3.93B	3.03B
Interest Capitalized	152M	162M	204M	204M	242M
Interest on Long-Term Debt	152M	-	-	-	-
Non-Cash Pension Expense	7M	7.7M	8.3M	8.9M	9.4M
Supplemental Operating Expense Items
Advertising Expense	36.1M	-	64.7M	72.3M	108M
Selling and Marketing Expenses	36.1M	-	64.7M	72.3M	108M
Net Rental Expense, Total	31.7M	38.1M	44.7M	44.3M	45.1M
Imputed Operating Lease Interest Expense	10.78M	11.45M	17.72M	18M	19.05M
Imputed Operating Lease Depreciation	20.92M	26.65M	26.98M	26.3M	26.05M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	91.4M	105M	111M	118M	131M
Total Stock-Based Compensation	91.4M	105M	111M	118M	131M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	3.13B	2.44B	3.68B	4.52B	2.99B
Total Cash And Short Term Investments	3.13B	2.44B	3.68B	4.52B	2.99B
Accounts Receivable, Total	-	-	-	-	-
Other Receivables	263M	349M	333M	304M	331M
Total Receivables	263M	349M	333M	304M	331M
Inventory	16.48B	21.66B	22.37B	24.9B	25.29B
Prepaid Expenses	51.6M	77.4M	93M	118M	134M
Finance Division Loans and Leases Current	2.09B	2.46B	2.61B	2.6B	2.69B
Finance Division Other Current Assets, Total	97M	123M	206M	20.6M	19.9M
Restricted Cash	8.8M	12.7M	9.8M	7M	28M
Other Current Assets, Total	1.09B	2.3B	2.33B	2.6B	3B
Total Current Assets	23.21B	29.42B	31.65B	35.07B	34.48B
Net Property Plant And Equipment	425M	514M	488M	578M	638M
Long-term Investments	17.9M	47.7M	2.3M	44.5M	42.7M
Goodwill	164M	164M	164M	164M	164M
Other Intangibles, Total	4.1M	10.6M	11.1M	5.9M	27.1M
Finance Division Loans and Leases Long-Term	-	-	-	-	-
Finance Division Other Long-Term Assets, Total	3.5M	4.3M	4.1M	4M	4.3M
Deferred Tax Assets Long-Term	155M	141M	187M	168M	44.5M
Other Long-Term Assets, Total	41.2M	52.4M	80.3M	72.7M	75.2M
Total Assets	24.02B	30.35B	32.58B	36.1B	35.47B
Liabilities
Accounts Payable, Total	1.18B	1.36B	1.25B	1.35B	1.22B
Accrued Expenses, Total	836M	1.02B	987M	1.13B	1.24B
Short-term Borrowings	-	800M	400M	745M	600M
Current Portion of Long-Term Debt	1.7M	196M	49.6M	563M	34.1M
Current Portion of Leases	-	-	-	27.7M	29M
Finance Division Debt Current	1.49B	1.62B	1.67B	1.53B	1.41B
Finance Division Other Current Liabilities, Total	-	-	-	-	-
Current Income Taxes Payable	88.2M	111M	234M	27.7M	19M
Other Current Liabilities	376M	695M	631M	567M	818M
Total Current Liabilities	3.97B	5.8B	5.22B	5.94B	5.37B
Long-Term Debt	3.92B	3.65B	3.02B	3.14B	3.96B
Long-Term Leases	37M	47.9M	48.1M	25.6M	36.6M
Other Non Current Liabilities	871M	1.07B	1.15B	1.17B	1.37B
Total Liabilities	8.8B	10.57B	9.44B	10.28B	10.73B
Common Stock, Total	4M	4M	4M	4M	4M
Additional Paid In Capital	3.27B	3.35B	3.43B	3.49B	3.58B
Retained Earnings	13.64B	19.19B	23.59B	27.95B	31.04B
Treasury Stock	-2.04B	-3.14B	-4.33B	-6.13B	-10.43B
Total Common Equity	14.89B	19.4B	22.7B	25.31B	24.19B
Minority Interest	330M	389M	442M	512M	552M
Total Equity	15.22B	19.79B	23.14B	25.82B	24.74B
Total Liabilities And Equity	24.02B	30.35B	32.58B	36.1B	35.47B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	357M	344M	333M	321M	292M
ECS Total Common Shares Outstanding	356M	344M	335M	324M	294M
Book Value / Share	41.81	56.39	67.78	78.12	82.15
Tangible Book Value	14.72B	19.22B	22.52B	25.14B	24B
Tangible Book Value Per Share	41.34	55.89	67.26	77.6	81.5
Total Debt	5.45B	6.31B	5.19B	6.03B	6.07B
Net Debt	2.32B	3.87B	1.51B	1.52B	3.08B
Debt Equivalent of Unfunded Proj. Benefit Obligation	50.4M	52.1M	58.9M	56.8M	64.2M
Debt Equivalent Oper. Leases	254M	305M	358M	354M	361M
Minority Interest, Total (Incl. Fin. Div)	330M	389M	442M	512M	552M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	-	3	3	3
Inventories - Raw Materials, Total	111M	111M	50M	161M	218M
Inventories - Work In Process, Total	7.74B	9.8B	9B	8.88B	7.65B
Inventories - Finished Goods, Total	8.63B	11.75B	13.32B	15.87B	17.42B
Full Time Employees	11.79K	13.24K	13.45K	14.77K	14.34K
Order Backlog	9.46B	7.98B	5.92B	4.77B	4.12B

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	4.18B	5.86B	4.75B	4.76B	3.59B
Depreciation & Amortization - CF	73.9M	81.4M	91.6M	87.1M	101M
Depreciation & Amortization, Total	73.9M	81.4M	91.6M	87.1M	101M
Amortization of Deferred Charges, Total - (CF)	8.2M	-	-	-	-
(Gain) Loss From Sale Of Asset	-14M	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	28.6M	70.4M	19M	14M	33M
(Income) Loss On Equity Investments - (CF)	-1M	-	-	-	-
Stock-Based Compensation (CF)	91.4M	105M	111M	118M	131M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	23.5M	67.2M	64.9M	133M	284M
Change In Inventories	-3.76B	-5.18B	-516M	-2.65B	-460M
Change In Accounts Payable	845M	1.04B	-102M	19.6M	83.7M
Change in Other Net Operating Assets	-938M	-1.47B	-110M	-289M	-337M
Cash from Operations	534M	562M	4.3B	2.19B	3.42B
Capital Expenditure	-267M	-148M	-149M	-165M	-137M
Sale of Property, Plant, and Equipment	37.6M	-	52M	19.4M	22.9M
Cash Acquisitions	-24.5M	-272M	-213M	-40.4M	-53.1M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	2.1M	4.8M	-700K	-4.3M	-1.1M
Cash from Investing	-252M	-415M	-310M	-191M	-169M
Long-Term Debt Issued, Total	1.9B	4.37B	762M	2.09B	3.27B
Total Debt Issued	1.9B	4.37B	762M	2.09B	3.27B
Long-Term Debt Repaid, Total	-826M	-3.8B	-1.82B	-1.19B	-3.27B
Total Debt Repaid	-826M	-3.8B	-1.82B	-1.19B	-3.27B
Issuance of Common Stock	56.2M	33.2M	25.5M	20.6M	18.5M
Repurchase of Common Stock	-927M	-1.19B	-1.23B	-1.87B	-4.35B
Common Dividends Paid	-289M	-316M	-341M	-395M	-495M
Common & Preferred Stock Dividends Paid	-289M	-316M	-341M	-395M	-495M
Other Financing Activities, Total	-2.4M	93.1M	-54.8M	-4M	55.5M
Cash from Financing	-85.1M	-811M	-2.67B	-1.36B	-4.76B
Net Change in Cash	197M	-664M	1.33B	644M	-1.51B
Supplemental Items
Cash Income Tax Paid (Refund)	1.14B	1.7B	1.44B	1.67B	1.02B
Levered Free Cash Flow	-947M	-1.24B	2.95B	922M	2.17B
Unlevered Free Cash Flow	-956M	-1.24B	2.95B	922M	2.17B
Change In Net Working Capital	4.21B	6.08B	1.02B	2.94B	841M
Net Debt Issued / Repaid	1.08B	572M	-1.06B	895M	3.7M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	15.66	17.67	12.43	11.13	8.16
Return on Total Capital	18.1	20.54	14.37	12.7	9.32
Return On Equity %	30.66	33.69	22.34	19.63	14.32
Return on Common Equity	31.25	34.17	22.55	19.81	14.48
Margin Analysis
Gross Profit Margin %	26.8	30.08	25.13	24.57	22.52
SG&A Margin	7.45	7.13	7.48	7.95	8.88
EBITDA Margin %	19.62	23.19	17.91	16.86	13.93
EBITA Margin %	19.36	22.95	17.65	16.62	13.64
EBIT Margin %	19.36	22.95	17.65	16.62	13.64
Income From Continuing Operations Margin %	15.09	17.61	13.52	13.06	10.57
Net Income Margin %	15.03	17.5	13.38	12.92	10.47
Net Avail. For Common Margin %	15.03	17.5	13.38	12.92	10.47
Normalized Net Income Margin	12.07	14.26	11.13	10.67	8.83
Levered Free Cash Flow Margin	-3.41	-3.7	8.31	2.51	6.35
Unlevered Free Cash Flow Margin	-3.44	-3.7	8.31	2.51	6.35
Asset Turnover
Asset Turnover	1.29	1.23	1.13	1.07	0.96
Fixed Assets Turnover	48.58	71.32	70.79	69.03	56.33
Receivables Turnover (Average Receivables)	-	-	-	-	-
Inventory Turnover (Average Inventory)	1.38	1.2	1.18	1.15	1.04
Short Term Liquidity
Current Ratio	5.84	5.07	6.06	5.9	6.42
Quick Ratio	0.89	0.51	0.82	0.83	0.64
Operating Cash Flow to Current Liabilities	0.13	0.1	0.82	0.37	0.64
Days Sales Outstanding (Average Receivables)	-	-	-	-	-
Days Outstanding Inventory (Average Inventory)	263.74	303.84	308.7	318.22	352.62
Average Days Payable Outstanding	15.72	16.49	17.78	15.96	17.77
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	35.82	31.9	22.44	23.37	24.51
Total Debt / Total Capital	26.38	24.18	18.33	18.94	19.69
LT Debt/Equity	25.99	18.68	13.28	12.25	16.14
Long-Term Debt / Total Capital	19.14	14.16	10.85	9.93	12.96
Total Liabilities / Total Assets	36.64	34.81	28.99	28.47	30.25
Total Debt / EBITDA	0.99	0.81	0.81	0.97	1.26
Net Debt / EBITDA	0.42	0.5	0.24	0.24	0.64
Total Debt / (EBITDA - Capex)	1.05	0.82	0.83	0.99	1.3
Net Debt / (EBITDA - Capex)	0.44	0.51	0.24	0.25	0.66
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	36.74	20.54	5.92	3.78	-6.93
Gross Profit, 1 Yr. Growth %	61.07	35.27	-11.5	1.46	-14.72
EBITDA, 1 Yr. Growth %	80.53	42.25	-18.22	-2.32	-23.06
EBITA, 1 Yr. Growth %	82.95	42.91	-18.55	-2.28	-23.62
EBIT, 1 Yr. Growth %	82.95	42.91	-18.55	-2.28	-23.62
Earnings From Cont. Operations, 1 Yr. Growth %	76.06	40.67	-18.66	0.23	-24.66
Net Income, 1 Yr. Growth %	75.92	40.27	-18.98	0.23	-24.62
Normalized Net Income, 1 Yr. Growth %	82.68	42.41	-17.32	-0.5	-22.97
Diluted EPS Before Extra, 1 Yr. Growth %	78	44.7	-16.29	3.76	-19.32
Accounts Receivable, 1 Yr. Growth %	-	-	-	-	-
Inventory, 1 Yr. Growth %	34.66	31.41	3.31	11.31	1.54
Net Property, Plant and Equip., 1 Yr. Growth %	-40.84	20.92	-5.06	18.55	10.24
Total Assets, 1 Yr. Growth %	26.99	26.38	7.35	10.81	-1.75
Tangible Book Value, 1 Yr. Growth %	26.24	30.6	17.16	11.64	-4.55
Common Equity, 1 Yr. Growth %	25.73	30.29	17.01	11.53	-4.43
Cash From Operations, 1 Yr. Growth %	-62.41	5.13	666.13	-49.12	56.22
Capital Expenditures, 1 Yr. Growth %	-6.76	-44.58	0.27	11.24	-16.88
Levered Free Cash Flow, 1 Yr. Growth %	-208.86	32.13	-337.62	-70.59	135.71
Unlevered Free Cash Flow, 1 Yr. Growth %	-211.11	32.13	-337.62	-70.59	135.71
Dividend Per Share, 1 Yr. Growth %	14.29	12.5	11.11	20	33.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	25.65	28.39	12.99	4.84	-1.72
Gross Profit, 2 Yr. CAGR %	42.8	47.61	9.42	-5.24	-6.98
EBITDA, 2 Yr. CAGR %	58.01	60.1	7.86	-10.63	-13.31
EBITA, 2 Yr. CAGR %	59.59	61.7	7.89	-10.79	-13.61
EBIT, 2 Yr. CAGR %	59.59	61.7	7.89	-10.79	-13.61
Earnings From Cont. Operations, 2 Yr. CAGR %	60.92	57.37	6.96	-9.71	-13.1
Net Income, 2 Yr. CAGR %	60.63	57.09	6.61	-9.89	-13.08
Normalized Net Income, 2 Yr. CAGR %	58.87	61.29	8.51	-9.3	-12.45
Diluted EPS Before Extra, 2 Yr. CAGR %	63.08	60.49	10.06	-6.8	-8.5
Accounts Receivable, 2 Yr. CAGR %	-	-	-	-	-
Inventory, 2 Yr. CAGR %	20.86	33.03	16.52	7.24	6.31
Net Property, Plant and Equip., 2 Yr. CAGR %	-7.43	-15.42	7.14	6.09	14.32
Total Assets, 2 Yr. CAGR %	24.05	26.68	16.48	9.07	4.34
Tangible Book Value, 2 Yr. CAGR %	22.2	28.4	23.7	14.37	3.23
Common Equity, 2 Yr. CAGR %	21.88	27.99	23.48	14.24	3.24
Cash From Operations, 2 Yr. CAGR %	-22.6	-37.14	183.8	97.43	-10.85
Capital Expenditures, 2 Yr. CAGR %	9.23	-28.12	-25.45	5.61	-3.84
Levered Free Cash Flow, 2 Yr. CAGR %	99.76	19.36	77.19	-13.76	-16.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	105.39	19.36	77.19	-13.76	-16.74
Dividend Per Share, 2 Yr. CAGR %	15.47	13.39	11.8	15.47	26.49
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	20.01	23.92	20.41	9.84	0.76
Gross Profit, 3 Yr. CAGR %	29.06	40.25	24.47	6.7	-8.51
EBITDA, 3 Yr. CAGR %	36.97	52.65	27.98	4.35	-14.98
EBITA, 3 Yr. CAGR %	37.72	53.82	28.66	4.39	-15.29
EBIT, 3 Yr. CAGR %	37.72	53.82	28.66	4.39	-15.29
Earnings From Cont. Operations, 3 Yr. CAGR %	42.05	53.86	26.29	4.67	-15
Net Income, 3 Yr. CAGR %	41.94	53.53	25.98	4.44	-15.1
Normalized Net Income, 3 Yr. CAGR %	36.95	53.18	29.08	5.42	-14.11
Diluted EPS Before Extra, 3 Yr. CAGR %	44.14	56.71	29.19	7.92	-11.18
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-	-
Inventory, 3 Yr. CAGR %	16.6	24.28	22.28	14.76	5.3
Net Property, Plant and Equip., 3 Yr. CAGR %	2.2	1.19	-12.1	10.82	7.45
Total Assets, 3 Yr. CAGR %	19.38	24.82	19.88	14.56	5.33
Tangible Book Value, 3 Yr. CAGR %	18.37	24.93	24.54	19.54	7.68
Common Equity, 3 Yr. CAGR %	18.33	24.62	24.22	19.36	7.64
Cash From Operations, 3 Yr. CAGR %	-0.66	-14.29	44.67	60.02	82.61
Capital Expenditures, 3 Yr. CAGR %	24.58	-12.88	-19.68	-14.81	-2.49
Levered Free Cash Flow, 3 Yr. CAGR %	2.88	73.5	50.16	-0.58	20.58
Unlevered Free Cash Flow, 3 Yr. CAGR %	2.79	76.24	50.16	-0.58	20.58
Dividend Per Share, 3 Yr. CAGR %	16.96	14.47	12.62	14.47	21.14
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	17.97	18.9	17.15	15.91	11.02
Gross Profit, 5 Yr. CAGR %	24.5	28.86	20.81	19.89	10.78
EBITDA, 5 Yr. CAGR %	30.49	36.19	24.52	23.23	9.52
EBITA, 5 Yr. CAGR %	31.27	36.82	24.91	23.71	9.71
EBIT, 5 Yr. CAGR %	31.27	36.82	24.91	23.71	9.71
Earnings From Cont. Operations, 5 Yr. CAGR %	36.44	41.52	26.81	24.32	8.75
Net Income, 5 Yr. CAGR %	36.34	41.34	26.58	24.06	8.6
Normalized Net Income, 5 Yr. CAGR %	31.05	35.99	24.77	24.21	10.52
Diluted EPS Before Extra, 5 Yr. CAGR %	37.05	43.22	29.39	27.3	12.54
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	-
Inventory, 5 Yr. CAGR %	14.59	18.58	16.57	17.16	15.62
Net Property, Plant and Equip., 5 Yr. CAGR %	24.96	9.8	4.15	3.12	-2.36
Total Assets, 5 Yr. CAGR %	15.75	20.03	18.21	18.26	13.4
Tangible Book Value, 5 Yr. CAGR %	17	20.18	20.47	20.6	15.53
Common Equity, 5 Yr. CAGR %	16.99	20.15	20.36	20.36	15.36
Cash From Operations, 5 Yr. CAGR %	-3.05	5	51.17	19.67	19.2
Capital Expenditures, 5 Yr. CAGR %	25.44	-1.18	1.45	-5.91	-13.69
Levered Free Cash Flow, 5 Yr. CAGR %	20.06	3.36	27.63	31.18	20.09
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.61	3.46	27.34	32.41	20.09
Dividend Per Share, 5 Yr. CAGR %	20.11	17.61	14.87	14.87	17.98