{"schemaVersion":1,"research":true,"symbol":"dhi","name":"Horton D R","topic":"moat","path":"/stock/dhi/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:08:57.270Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"D.R. Horton has substantial operating scale and plausible purchasing and financing benefits, but the supplied evidence does not establish a durable economic moat. Realized price reductions, elevated incentives, rising cancellations and falling returns demonstrate limited customer dependence and pricing power. Improved orders and backlog in 2026 show operating resilience, without establishing protection from competition.","advantages":[{"mechanism":"cost_advantage","claim":"National and local scale supports a current operating advantage: management reports supplier discounts, subcontractor savings and financing benefits. Its magnitude and persistence relative to competitors are not demonstrated sufficiently to establish a moat.","durability":"Scale is established, but persistent relative cost leadership is unverified. Geographic breadth and a large operating platform may sustain some benefits; neither establishes protected local markets.","risks":"Competition includes existing homes and builders of multiple sizes. Lower selling prices, higher home costs and elevated incentives have eroded profitability despite scale. Supplier and financing benefits are issuer assertions without comparative measurements.","invalidation":"The claimed advantage would be invalidated by comparable-market evidence showing no purchasing, labor or financing savings versus smaller builders, or sustained inability to recover operating costs at competitive selling prices. A moat upgrade would require sustained comparative cost and return advantages through changing housing conditions.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5","e6","e7"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Economies of Scale","excerpt":"Economies of Scale We are the largest homebuilding company in the United States as measured by number of homes closed in fiscal 2025, and we are also one of the largest builders in most of the markets in which we operate."},{"id":"e2","sourceId":"filing-1","location":"Business / claimed scale benefits","excerpt":"We believe that our national, regional and local scale provides us with benefits that may not be available to the same degree to some other smaller homebuilders, such as: •Greater access to and lower cost of capital due to our balance sheet strength and our lending and capital markets relationships; •Volume discounts and rebates from national, regional and local materials suppliers and lower labor rates from certain subcontractors; and •Enhanced leverage of our general and administrative activities, which allows us flexibility to adjust to changes in market conditions and compete effectively across our markets."},{"id":"e3","sourceId":"filing-1","location":"Risk Factors / competing housing alternatives","excerpt":"We compete with local, regional and national homebuilding and rental companies and also with existing home sales and rental properties."},{"id":"e4","sourceId":"filing-2","location":"MD&A / homes closed and realized selling prices","excerpt":"36 Table of Contents Homes Closed and Home Sales Revenue Three Months Ended June 30, Homes Closed Value (In millions) Average Selling Price 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Northwest 1,239 1,270 (2) % $ 652.0 $ 698.8 (7) % $ 526,200 $ 550,200 (4) % Southwest 2,438 2,396 2 % 1,171.6 1,166.2 — % 480,600 486,700 (1) % South Central 6,660 6,239 7 % 1,967.1 1,938.2 1 % 295,400 310,700 (5) % Southeast 5,652 5,682 (1) % 1,916.5 1,923.2 — % 339,100 338,500 — % East 5,061 4,835 5 % 1,754.5 1,668.3 5 % 346,700 345,000 — % North 2,933 2,738 7 % 1,220.2 1,166.3 5 % 416,000 426,000 (2) % 23,983 23,160 4 % $ 8,681.9 $ 8,561.0 1 % $ 362,000 $ 369,600 (2) % Nine Months Ended June 30, Homes Closed Value (In millions) Average Selling Price 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Northwest 3,227 3,549 (9) % $ 1,737.9 $ 1,892.3 (8) % $ 538,500 $ 533,200 1 % Southwest 6,498 6,937 (6) % 3,086.6 3,369.7 (8) % 475,000 485,800 (2) % South Central 16,399 15,943 3 % 4,867.9 4,954.7 (2) % 296,800 310,800 (5) % Southeast 14,697 15,339 (4) % 4,921.1 5,255.5 (6) % 334,800 342,600 (2) % East 12,714 12,507 2 % 4,386.7 4,336.5 1 % 345,000 346,700 — % North 7,752 7,220 7 % 3,239.9 3,079.2 5 % 417,900 426,500 (2) % 61,287 61,495 — % $ 22,240.1 $ 22,887.9 (3) % $ 362,900 $ 372,200 (2) % Home Sales Revenue Revenues from home sales were $8.7 billion (23,983 homes) and $22.2 billion (61,287 homes) for the three and nine months ended June 30, 2026, respectively, compared to $8.6 billion (23,160 homes) and $22.9 billion (61,495 homes) in the prior year periods."},{"id":"e5","sourceId":"filing-2","location":"MD&A / rising home costs and declining selling prices","excerpt":"The percentage decrease resulted from a decrease of 190 basis points due to the average cost of our homes closed increasing along with a decrease in the average selling price of those homes and 10 basis points due to an increase in the amortization of capitalized interest."},{"id":"e6","sourceId":"filing-2","location":"MD&A / realized incentives and price reductions","excerpt":"To adjust to changes in market conditions during recent years, we have used a higher level of incentives and reduced home prices and sizes of our home offerings where necessary to provide better affordability to homebuyers."},{"id":"e7","sourceId":"filing-2","location":"MD&A / expected incentive levels through fiscal 2027","excerpt":"We currently expect sales incentives to remain elevated during the remainder of fiscal 2026 and into fiscal 2027, and we will continue to adjust incentive levels based on changes in market conditions and mortgage interest rates."},{"id":"e8","sourceId":"filing-2","location":"MD&A / net orders and cancellation rates","excerpt":"Net Sales Orders (1) Three Months Ended June 30, Net Homes Sold Value (In millions) Average Selling Price 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Northwest 1,183 1,294 (9) % $ 617.6 $ 683.6 (10) % $ 522,100 $ 528,300 (1) % Southwest 2,376 2,396 (1) % 1,171.4 1,129.3 4 % 493,000 471,300 5 % South Central 6,011 6,131 (2) % 1,804.7 1,868.0 (3) % 300,200 304,700 (1) % Southeast 5,456 5,475 — % 1,862.0 1,830.1 2 % 341,300 334,300 2 % East 4,857 4,887 (1) % 1,653.8 1,696.5 (3) % 340,500 347,100 (2) % North 3,201 2,888 11 % 1,330.2 1,214.8 9 % 415,600 420,600 (1) % 23,084 23,071 — % $ 8,439.7 $ 8,422.3 — % $ 365,600 $ 365,100 — % Nine Months Ended June 30, Net Homes Sold Value (In millions) Average Selling Price 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Northwest 3,340 3,703 (10) % $ 1,777.1 $ 1,980.1 (10) % $ 532,100 $ 534,700 — % Southwest 7,044 6,941 1 % 3,414.1 3,322.4 3 % 484,700 478,700 1 % South Central 17,763 16,648 7 % 5,322.3 5,152.2 3 % 299,600 309,500 (3) % Southeast 15,427 15,077 2 % 5,223.9 5,094.2 3 % 338,600 337,900 — % East 13,877 13,228 5 % 4,778.8 4,579.8 4 % 344,400 346,200 (1) % North 8,925 7,748 15 % 3,738.9 3,305.8 13 % 418,900 426,700 (2) % 66,376 63,345 5 % $ 24,255.1 $ 23,434.5 4 % $ 365,400 $ 370,000 (1) % Sales Order Cancellations Three Months Ended June 30, Cancelled Sales Orders Value (In millions) Cancellation Rate (2) 2026 2025 2026 2025 2026 2025 Northwest 156 220 $ 91.0 $ 127.0 12 % 15 % Southwest 533 435 266.6 216.5 18 % 15 % South Central 1,558 1,206 478.8 399.0 21 % 16 % Southeast 1,286 1,307 448.5 450.7 19 % 19 % East 1,271 1,051 444.2 367.4 21 % 18 % North 803 618 335.8 259.1 20 % 18 % 5,607 4,837 $ 2,064.9 $ 1,819.7 20 % 17 % Nine Months Ended June 30, Cancelled Sales Orders Value (In millions) Cancellation Rate (2) 2026 2025 2026 2025 2026 2025 Northwest 476 582 $ 276.8 $ 336.2 12 % 14 % Southwest 1,507 1,212 749.0 612.0 18 % 15 % South Central 3,809 3,227 1,192.9 1,057.4 18 % 16 % Southeast 3,423 3,482 1,184.6 1,201.8 18 % 19 % East 3,160 2,759 1,116.5 974.4 19 % 17 % North 2,096 1,759 866.0 739.7 19 % 19 % 14,471 13,021 $ 5,385.8 $ 4,921.5 18 % 17 % ________________________ (1)Net sales orders represent the number and dollar value of new sales contracts executed with customers (gross sales orders), net of cancelled sales orders."},{"id":"e9","sourceId":"filing-2","location":"MD&A / sales order backlog","excerpt":"Sales Order Backlog As of June 30, Homes in Backlog Value (In millions) Average Selling Price 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Northwest 589 689 (15) % $ 316.9 $ 372.0 (15) % $ 538,000 $ 539,900 — % Southwest 1,581 1,218 30 % 813.9 576.3 41 % 514,800 473,200 9 % South Central 3,799 3,459 10 % 1,207.5 1,091.2 11 % 317,800 315,500 1 % Southeast 3,135 2,833 11 % 1,124.7 974.1 15 % 358,800 343,800 4 % East 3,595 3,465 4 % 1,276.0 1,255.7 2 % 354,900 362,400 (2) % North 3,284 2,411 36 % 1,440.4 1,068.8 35 % 438,600 443,300 (1) % 15,983 14,075 14 % $ 6,179.4 $ 5,338.1 16 % $ 386,600 $ 379,300 2 % Sales Order Backlog Sales order backlog represents homes under contract but not yet closed at the end of the period."},{"id":"e10","sourceId":"filing-2","location":"MD&A / customer contract contingencies","excerpt":"Many of the contracts in our sales order backlog are subject to contingencies, including mortgage loan approval and buyers selling their existing homes, which can result in cancellations."},{"id":"e11","sourceId":"filing-2","location":"MD&A / home sales gross profit","excerpt":"Gross profit from home sales decreased to $4.5 billion in the nine months ended June 30, 2026 from $5.1 billion in the prior year period and decreased 170 basis points to 20.4% as a percentage of home sales revenues."},{"id":"e12","sourceId":"filing-2","location":"MD&A / litigation and warranty contribution to gross margin","excerpt":"These decreases were partially offset by an increase of 30 basis points due to a favorable litigation outcome and lower warranty costs."},{"id":"e13","sourceId":"filing-2","location":"MD&A / trailing return on equity and assets","excerpt":"In the trailing twelve months ended June 30, 2026, our return on equity (ROE) was 12.8% compared to 16.1% in the prior year period, and return on assets (ROA) was 8.5% compared to 11.1%."},{"id":"e14","sourceId":"filing-1","location":"MD&A / fiscal 2025 homebuilding operating cash flow","excerpt":"•Net cash provided by homebuilding operations was $3.4 billion compared to $2.2 billion."},{"id":"e15","sourceId":"filing-2","location":"Financing Cash Flow Activities / actual shareholder distributions","excerpt":"During the nine months ended June 30, 2026, net cash used in financing activities was $1.6 billion, consisting primarily of cash used to repurchase $2.2 billion of our common stock and payment of cash dividends totaling $388.3 million."},{"id":"e16","sourceId":"filing-2","location":"Financing Cash Flow Activities / actual facility borrowings","excerpt":"These uses of cash were partially offset by net borrowings on our rental and homebuilding revolving credit facilities of $220 million and $500 million, respectively, and net borrowings on our mortgage repurchase facilities of $404.9 million."},{"id":"e17","sourceId":"filing-2","location":"Liquidity / net debt to total capital","excerpt":"Our net debt to total capital (notes payable net of cash divided by stockholders’ equity plus notes payable net of cash) was 17.4% at June 30, 2026 compared to 11.0% at September 30, 2025 and 16.2% at June 30, 2025."},{"id":"e18","sourceId":"filing-2","location":"Debt disclosures / covenant compliance","excerpt":"At June 30, 2026, the Company was in compliance with all of the covenants, limitations and restrictions of its homebuilding revolving credit facility and public debt obligations."},{"id":"e19","sourceId":"filing-3","location":"Stockholder letter / five-year operating and capital outcomes","excerpt":"Over that same period, we grew consolidated revenues at an 11% compound annual rate, more than doubled book value per share and returned $11.0 billion of operating cash flow to stockholders through share repurchases and dividends."},{"id":"e20","sourceId":"filing-1","location":"Stock compensation note / granted PSUs and performance criteria","excerpt":"Grant Date Vesting Date Target Number of Performance Stock Units Grant Date Fair Value per Unit Compensation Expense Year Ended September 30, 2025 2024 2023 (In millions) October 2022 September 2025 600,000 $ 79.97 $ 7.8 $ 10.0 $ 11.6 October 2023 (1) September 2026 277,779 146.72 13.1 13.1 — October 2024 September 2027 327,717 176.39 19.3 — — $ 40.2 $ 23.1 $ 11.6 _______________ (1)The PSUs granted in October 2023 were subsequently modified in December 2023 to change the performance criteria to total shareholder return, return on assets and operating margin."},{"id":"e21","sourceId":"filing-1","location":"Stock compensation note / September 2025 vesting and October issuance approval","excerpt":"In October 2025, the Compensation Committee approved the issuance of the PSUs that vested in September 2025 in the form of 484,492 shares of common stock to satisfy the awards."},{"id":"e22","sourceId":"filing-3","location":"Executive Compensation / subjective PSU target and maximum sizing","excerpt":"When the 2027 PSUs were granted, the target and maximum amounts were subjective determinations and not based on any formulaic method or benchmark."},{"id":"e23","sourceId":"filing-3","location":"Governance / executive and director hedging and pledging prohibition","excerpt":"ü Directors and executive officers are prohibited from pledging, hedging, or other transactions designed to offset any decrease in the market value of our Company stock."},{"id":"e24","sourceId":"filing-3","location":"Governance / adopted majority voting requirement","excerpt":"Horton Bylaws require that in uncontested director elections each nominee must receive a majority of the votes cast (the number of shares voted \"for\" must exceed the number of votes cast \"against\" that nominee) to be elected."},{"id":"e25","sourceId":"filing-3","location":"Governance / current board independence at proxy disclosure","excerpt":"Committees of the Board Our Board is currently composed of seven independent directors, six of whom are standing for re-election and one of whose term will expire at the 2026 Annual Meeting, and two management directors."},{"id":"e26","sourceId":"filing-3","location":"Governance / independent executive sessions held in fiscal 2025","excerpt":"During fiscal 2025, the independent directors met three times in executive session without members of management present."},{"id":"e27","sourceId":"filing-3","location":"Related Party Transactions / independent committee approval","excerpt":"Each of these Related Party Transactions was approved by the Governance Committee, composed of disinterested and independent directors of the Board, in accordance with our Related Party Transaction Policy."},{"id":"e28","sourceId":"filing-3","location":"Related Party Transactions / land contracts and remaining purchases","excerpt":"Total Contract Amounts Fiscal 2025 and Fiscal 2026 Purchases Remaining to be Purchased Project Name Approval Date Location Number of Acres Land Purchase Price (in millions) Number of Acres Land Purchase Price (in millions) Number of Acres Land Purchase Price (in millions) Prairie Lakes(1) Oct 2021 Kyle, TX 612 $6.6 — — 534 $5.8 Silverthorne(2) Dec 2021 Conroe, TX 1,127 $40.0 — — 1,041 $37.0 Lone Star at Liberty Trails(3) Oct 2022 Fort Worth, TX 495 $31.2 — — 341 $21.5 Legends Ranch(4) Apr 2023 Denton, TX 389 $23.3 — — 302 $18.1 Tamarron(5) Oct 2023 Fulshear, TX 245 $24.7 79 $8.0 166 $16.7 Crossmill(6) Dec 2023 Princeton, TX 310 $21.7 — — 204 $13.2 Suncrest(7) Jan 2025 Princeton, TX 151 $14.0 — — — — River Rock Trails(8) May 2025 Rockwall, TX 1,878 $93.9 — — 1,878 $93.9 Wildflower(9) Jul 2025 Josephine, TX 1,084 $43.3 — — 1,084 $43.3 Silvertrails(10) Sep 2025 McKinney, TX 123 $11.4 — — 123 $11.4 (1)Prairie Lakes - Kyle, TX."},{"id":"e29","sourceId":"filing-1","location":"Independent auditor report / internal control opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November 19, 2025 expressed an unqualified opinion thereon."},{"id":"e30","sourceId":"filing-3","location":"Land purchase disclosures / remaining contracted lot purchase price","excerpt":"At September 30, 2025, the remaining purchase price of lots controlled through land and lot purchase contracts was $26.0 billion."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: November 19, 2025; December 10, 2025; and July 23, 2026. Latest operating coverage ends June 30, 2026.","No competitors are named as competitors in the supplied passages. Generic builder, existing-home and financial-services competition is disclosed; named lenders and transaction counterparties do not establish competitor coverage.","Scale benefits are management assertions without quantified peer cost comparisons. Margins and company size alone do not establish a moat.","Average selling prices can reflect product and geographic mix. Explicit price reductions and incentive disclosures provide additional evidence of weak realized pricing.","Cancellation rates provide indirect evidence of customer commitment, not repeat-purchase retention. Repeat demand, customer loyalty and contractual cancellation penalties are not established.","Proxy and actual award disclosures support alignment and governance assessment, but individual beneficial ownership and compliance with ownership guidelines are not supplied. Proposed director elections are not treated as completed.","Five-year results are issuer-reported achievements, while the latest interim statements are unaudited. Exceptional durability and superior buyback valuation are not established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Established scale and reported procurement and financing benefits support an operating advantage, but comparative cost leadership and barriers protecting it are unproven.","evidenceIds":["e1","e2","e3"]},{"criterion":"durability","grade":1,"rationale":"A substantial platform persists, but repeated pricing concessions and declining returns show fragile economic protection. Multi-year growth does not establish durable competitive insulation.","evidenceIds":["e1","e6","e13","e19"]},{"criterion":"customer_dependency","grade":1,"rationale":"Alternative housing choices and contingent contracts limit dependence. The quarterly cancellation rate rose to 20% from 17%, providing realized evidence of weak commitment without establishing why each buyer cancelled.","evidenceIds":["e3","e8","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Nine-month orders increased 5% and backlog increased 14%, supporting resilience. Higher cancellations, pricing concessions and declining returns show that demand preservation carries economic costs.","evidenceIds":["e8","e9","e6","e13"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Nine-month closing prices declined approximately 2%; management also discloses actual price reductions and higher incentives. Essentially flat quarterly order prices offer limited stabilization, rather than demonstrated pricing strength.","evidenceIds":["e4","e6","e8"]},{"criterion":"retention","grade":1,"rationale":"Customer commitment is assessed indirectly from cancellations: nine-month cancellations increased to 18% from 17%, and quarterly cancellations to 20% from 17%. Growing net orders show continuing demand but do not demonstrate repeat purchasing or switching friction.","evidenceIds":["e8","e10"]},{"criterion":"margin_resilience","grade":2,"rationale":"Home sales retained a 20.4% gross margin, but it declined 170 basis points as costs rose and prices fell. Favorable litigation and warranty effects partially cushioned deterioration; resilience is mixed.","evidenceIds":["e11","e5","e12"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual changes to home prices and incentives demonstrate discretion over new offerings. Competitive alternatives and buyer contingencies constrain its economic value; no unilateral repricing right over existing backlog is established.","evidenceIds":["e6","e3","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Fiscal 2025 homebuilding operating cash generation improved and covenants remained satisfied. Subsequently, substantial repurchases and dividends accompanied additional borrowings and higher net leverage. Large contracted lot purchases add exposure; buyback value creation is unverified.","evidenceIds":["e14","e15","e16","e17","e18","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual multi-year performance awards incorporate shareholder return, asset returns and operating margin, and a disclosed award vested in September 2025. Anti-hedging restrictions reinforce alignment. Subjective award sizing and missing individual ownership evidence limit the assessment.","evidenceIds":["e20","e21","e22","e23"]},{"criterion":"execution","grade":2,"rationale":"Issuer-reported five-year revenue and book-value growth, stronger fiscal 2025 cash generation and recovering orders demonstrate execution. Latest returns and pricing weakened. Orders and closings are indirect operating evidence, not proof of customer satisfaction or relative outperformance.","evidenceIds":["e19","e14","e8","e4","e13"]},{"criterion":"governance","grade":3,"rationale":"Adopted majority voting, a currently majority-independent board, documented independent sessions and a clean internal-control opinion support strong governance practices. Related-party land transactions received independent approval but retain conflict exposure; future election outcomes are not assumed.","evidenceIds":["e24","e25","e26","e27","e28","e29"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"c51d7879133b4d13d66c5c587347362812f0befa74b8204f0fe991a4aa8c4f7f","updatedAt":"2026-10-18T00:08:57.270Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm","publishedAt":"2025-11-19","sha256":"8bdf0674129b819394fc3e4e7c41c7765ed4e2935ebdc290c0d4db398cd22cfb","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/882184/000088218426000096/dhi-20260630.htm","publishedAt":"2026-07-23","sha256":"82bdc454a91e0dcf72809d8488dbfff1f4f553412852aa9fb048c02f33709615","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/882184/000088218425000114/dhi-20251210.htm","publishedAt":"2025-12-10","sha256":"7d44f162786b62504d4b018f6fe29d315ff5a4b0699f7700c876405408041a64","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:ee51e9ae64add3ec9e8ded9f36e62cb473f26b1c36f8684fc02f9b5d210b52d9","usage":{"input_tokens":57688,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3280,"reasoning_output_tokens":172},"basisSupplement":{"previousHash":"5813782cedfbf503d97a22707a5893b369b4f6fb113f71f10fd5780c68c767e9","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; 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