NYSE: PHM · Homebuilding
PulteGroup
PulteGroup, based in Atlanta, is one of the largest U.S. homebuilders, selling mainly single-family detached homes to first-time (Centex), move-up (Pulte Homes, John Wieland) and active adult (Del Webb, DiVosta) buyers in 47 markets grouped into six regions: Northeast, Southeast, Florida, Midwest, Texas and West. It also offers mortgage, title and insurance services through its Financial Services segment. In 2025 it closed 29,572 homes (down from 31,219), revenue was $17,312 million and net income fell to $2,219 million amid elevated sales incentives; its national share of U.S. new home sales was only about 4%. The slowdown continued in 2026: third-quarter closings fell 9% and net income dropped to $476 million. PulteGroup keeps debt low (homebuilding notes payable about $1.6 billion), pays a $0.26 quarterly dividend and buys back shares, reducing its share count from 266 million (2020) to 193 million (2025).
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:24 (SEC EDGAR) · Source 10-K filed: February 4, 2026
Built on10-K FY2025 · filed 2026-02-0410-Q (quarter ended 2026-09-30) · filed 2026-10-22Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 9.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.84x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 14.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.73
Higher than 60% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 5% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$133.82close on 2026-11-04
Market cap$25.79B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 14.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.7%
At FY2025 year-end: 10.5x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.7x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 7.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.4B → $3.97B (vs. a year earlier)↓ −9.8%$4.4B → $3.97B (vs. a year earlier)
- Net income$586M → $476M (vs. a year earlier)↓ −18.8%$586M → $476M (vs. a year earlier)
- Diluted EPS$2.96 → $2.53 (vs. a year earlier)↓ −14.5%$2.96 → $2.53 (vs. a year earlier)
- Cash$1.34B → $1.37B (vs. previous quarter-end)↑ +2.6%$1.34B → $1.37B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Key changes
Q3 home sale revenues $3.9B, down 9%. Source sentence
The Company generated home sale revenues in the third quarter of $3.9 billion, a decrease of 9% from home sale revenues of $4.2 billion realized in the prior year period.
Gross margin 24.8% versus 26.2%. Source sentence
In the third quarter, the Company reported home sale gross margin of 24.8%, compared with 26.2% in the comparable prior year period.
Net new orders of 6,208 homes. Source sentence
Net New Orders Totaled 6,208 Homes with a Value of $3.5 Billion
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- PULTEGROUP INC/MI/
- Headquarters
- ATLANTA, GA
- Incorporated in
- Michigan
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PHM
- Industry
- Homebuilding
- CIK
- 822416
Workforce (as of FY2025 year-end)
Employees
6,506
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 29–30 days after quarter end (Jan 29, 2026; Jan 30, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Jul 22, 2026 10-Q (+22 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | Apr 23, 2026 10-Q (+23 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 4, 2026 10-K (+35 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 21, 2025 (+21 days) | Oct 21, 2025 10-Q (+21 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 22, 2025 (+22 days) | Jul 22, 2025 10-Q (+22 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 30, 2025 (+30 days) | Feb 6, 2025 10-K (+37 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 22, 2024 10-Q (+22 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 23, 2024 10-Q (+23 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 23, 2024 10-Q (+23 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 5, 2024 10-K (+36 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Homebuilding
Centex
Entry-level homes for first-time buyers.
Homebuilding
Pulte Homes and John Wieland
Move-up homes.
Homebuilding
Del Webb and DiVosta
Active adult communities.
Financial Services
Pulte Mortgage and title
Mortgage financing, title and insurance services for homebuyers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
New homes
U.S.
U.S. share
About 4%
Company-disclosedShare of U.S. new home sales in 2025
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Third quarter 2026
Revenue $3,974M versus $4,405M; net income $475.7M versus $585.8M; diluted EPS $2.53 versus $2.96; closings down 9%.
Source: Form 10-Q (quarter ended 2026-09-30)
Nine months 2026
Revenue $11,365M versus $12,701M; net income $1,294.7M versus $1,717.1M.
Source: Form 10-Q (quarter ended 2026-09-30)
Capital returns
Repurchase authorization increased by $1.5B in January 2025; quarterly dividend $0.26.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
1.09x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$123M ÷ $113M = 1.09x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$104M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $58M in FY2020 to $123M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$17.31B
As reported in the 10-K
Revenue CAGR (5 years)
+9.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,312M ÷ $11,036M) ^ (1÷5) − 1 = 9.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
17.7%▲favorable
6-year average: 25.5%
As reported in the 10-K
P/B (FY2025 end)
1.74x
formulafiscal year-end closing price ÷ book value per share
e.g.$117.26 ÷ $67.38 = 1.74x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +9.4% a year over 5 years (strong growth)
From $11.04B in FY2020 to $17.31B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 71.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 25.5% over 6 years (latest: 17.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Land acquisition and development
- Home construction
- Sales and customer care
- Mortgage origination and title services
06 · what it draws on
Key resources
- 6,506 employees (Dec 31, 2025), incl. 1,034 in Financial Services
- Land pipeline (owned and optioned lots)
- Subcontractors and building materials
02 · why customers buy
Value propositions
- Homes for first-time, move-up and active-adult buyers, balancing price with sales pace.
04 · how it keeps them
Customer relationships
- One-time home sales with backlog margins above 25%.
03 · how it reaches them
Channels
- Its own sales offices and model homes; mortgage, title and insurance services.
01 · who it serves
Customer segments
- First-time, move-up and active adult homebuyers
09 · where money goes
Cost structure
FY2025, share of revenue ($17.31B)
- Selling, general & administrative9.1%
Depreciation & amortization (inside the costs above): $113M. Capital spending: $123M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Home sale revenues
- Land sales
- Financial Services revenues
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Acquires and develops land, builds and sells homes in communities, and earns additional profit by providing mortgage, title and insurance services to its homebuyers.
01 what it draws on
Inputs & resources
- 6,506 employees (Dec 31, 2025), incl. 1,034 in Financial Services
- Land pipeline (owned and optioned lots)
- Subcontractors and building materials
02 what it does
Activities
- Land acquisition and development
- Home construction
- Sales and customer care
- Mortgage origination and title services
03 who it serves
Customers
- First-time, move-up and active adult homebuyers
04 how money comes in
How it earns
- Home sale revenues
- Land sales
- Financial Services revenues
How the business makes money
- 29,572 closings in 2025.
- About 4% share of U.S. new home sales.
- Cash buyers 21% of 2025 closings.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
PulteGroup buys transferable tax credits; tariffs have not materially raised costs.
Government funding & tax credits
Transferable tax credits
Under contract to buy federal transferable tax credits to offset future taxes.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade policy
Recent tariffs have not materially affected construction costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Florida
4,264.5 (25%)West
3,876.8 (22%)Southeast
2,959.1 (17%)Midwest
2,727.7 (16%)Texas
1,675.5 (10%)Northeast
1,242.5 (7%)Financial Services
388.7 (2%)Other Homebuilding
177.1 (1%)
Source: Form 10-K (FY2025) Homebuilding revenues by reportable segment plus Financial Services; total revenues $17,312M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual homebuyers (first-time, move-up, active adult).
Named by the company
No single customer is material.
Suppliers
Subcontractors, land sellers and building material suppliers.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says PulteGroup competes with other homebuilders, resales of existing and foreclosed homes, housing speculators and rental housing, and with mortgage lenders, without naming them.
Competitors named in the 10-K
Peer group the company chose
Performance peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Homebuilders used for 2025 compensation and relative performance (2026 proxy).
- D.R. Hortonsite ↗
- NVRsite ↗
- KB Homesite ↗
- Taylor Morrisonsite ↗
- Lennarsite ↗
- Toll Brotherssite ↗
- Meritage Homessite ↗
- Tri Pointe Homessite ↗
- M/I Homessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 11,036 | 13,737 | 16,003 | 16,062 | 17,947 | 17,312 |
| Pretax income | 1,729 | 2,510 | 3,440 | 3,449 | 4,006 | 2,911 |
| Net income (attributable) | 1,407 | 1,946 | 2,617 | 2,602 | 3,083 | 2,219 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 24.5% | 16.5% | 0.4% | 11.7% | -3.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 12.7% | 14.2% | 16.4% | 16.2% | 17.2% | 12.8% |
| Balance sheet ($M) | ||||||
| Total assets | 12,205 | 13,353 | 14,797 | 16,087 | 17,364 | 18,048 |
| Total equity | 6,570 | 7,490 | 8,914 | 10,383 | 12,122 | 12,985 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,752 | 2,029 | 2,046 | 1,962 | 1,619 | 1,631 |
| Equity ratio | 53.8% | 56.1% | 60.2% | 64.5% | 69.8% | 71.9% |
| ROE | 21.4% | 27.7% | 31.9% | 27.0% | 27.4% | 17.7% |
| Cash flow ($M) | ||||||
| Operating CF | 1,784 | 1,004 | 668 | 2,197 | 1,681 | 1,871 |
| Investing CF | -108 | -124 | -172 | -129 | -94 | -80 |
| Financing CF | -296 | -1,679 | -1,236 | -1,313 | -1,782 | -1,436 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,726 | 931 | 556 | 2,105 | 1,562 | 1,749 |
| Cash and equivalents | 2,582 | 1,779 | 1,053 | 1,807 | 1,613 | 1,981 |
| Per share & other | ||||||
| EPS ($) | 5.18 | 7.43 | 11.01 | 11.72 | 14.69 | 11.12 |
| BVPS ($) | 24.66 | 30.04 | 39.47 | 48.85 | 59.74 | 67.38 |
| Dividend per share ($) | 0.50 | 0.57 | 0.61 | 0.68 | 0.82 | 0.92 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 9.7% | 7.7% | 5.5% | 5.8% | 5.6% | 8.3% |
| P/E (x) | 8.3 | 7.7 | 4.1 | 8.8 | 7.4 | 10.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.75 | 1.90 | 1.15 | 2.11 | 1.82 | 1.74 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $3.97B-9.8% | $476M-18.8% | $2.53 |
| 2026-06-30 | $3.98B-9.6% | $472M-22.4% | $2.48 |
| 2026-03-31 | $3.41B-12.4% | $347M-33.6% | $1.79 |
| 2025-12-31 † | $4.61B-6.3% | $502M-45.1% | — |
| 2025-09-30 | $4.4B | $586M | $2.96 |
| 2025-06-30 | $4.4B | $608M | $3.03 |
| 2025-03-31 | $3.89B | $523M | $2.57 |
| 2024-12-31 † | $4.92B | $913M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.4% − 6.9%
Past FCF growth (FY2020–FY2025)
+0.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+9.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.75B (operating CF − capex); enterprise value $25.44B = market cap $25.79B (latest close, 2026-11-04) + debt $1.63B − cash and short-term investments $1.98B; r = WACC of 8.4% using this page’s default assumptions (β 0.73, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$25.34B
FCF $1.75B ÷ (8.4% − 1.5%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.4% | 7.4% | 8.4% | 9.4% | 10.4% |
|---|---|---|---|---|---|
| 0% | 1.07x | 0.93x | 0.82x | 0.73x | 0.66x |
| 2% | 1.56x | 1.27x | 1.07x | 0.93x | 0.82x |
| 4% | 2.86x | 2.02x | 1.56x | 1.27x | 1.07x |
| 6% | 17.18x | 4.91x | 2.86x | 2.02x | 1.56x |
| 8% | — | — | 17.18x | 4.91x | 2.86x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.71x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 2.0%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-04
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,871M ÷ $2,219M = 0.84x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 95.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 4.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 118 of 416
- Beta (adjusted)
- 0.73
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 28% of covered companies have more
above 1 = swings more than the market
- 178.7M shares reported by 1,040 13F filers ÷ 187.5M shares outstanding on 2026-07-15. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-13 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-15)
18
Strengths & weaknessesSite analysis
Strengths
1. Scale
One of the largest U.S. homebuilders with 29,572 closings in 2025.
Evidence: Form 10-K (FY2025)
2. Low debt
Homebuilding notes payable of about $1.6B against equity of $13.0B (2025).
Evidence: Form 10-K (FY2025)
3. Share count reduction
Shares outstanding fell from 266M (2020) to 193M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Earnings decline
Net income fell from $3,083M (2024) to $2,219M (2025) and further in 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
2. Affordability pressure
Closings fell 9% and average selling prices 1% in Q3 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
3. Regional softness
Texas revenue fell 22% and Florida 9% in 2025.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
10.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.78%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
8%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
7.7%
(Operating CF − capex) ÷ market cap
1. Low valuation, strong balance sheet
Low debt and steady buybacks.
- What has to hold
- Housing demand recovers as rates ease.
- The other side
- Cyclical earnings decline.
Evidence: Form 10-K (FY2025)
2. Active adult niche
Del Webb serves active adult buyers.
- What has to hold
- Aging demographics support demand.
- The other side
- Large, slower-building communities.
Evidence: Form 10-K (FY2025)
Debt is homebuilding notes payable (Financial Services borrowings excluded).
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.98B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
9.9x
$1.75B vs. $177M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -3.5% in FY2025 ($17.95B → $17.31B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income positive every year 2020–2025; low $1,407M in 2020.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
PulteGroup is involved in legal and governmental proceedings incidental to its business, many involving alleged construction defects, including class actions; it accrues estimated losses.
Company statement:
Based on Form 10-K (FY2025) — Note on Commitments and Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Housing demand
- Company disclosure (summarized from the 10-K)
- Mortgage rates, employment and consumer confidence drive orders.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2FX & interest rates
Mortgage rates
- Company disclosure (summarized from the 10-K)
- Higher rates reduce affordability and require incentives.
- Company’s stated mitigation
- In order to reduce these risks, we use derivative financial instruments, principally cash forward contracts on mortgage-backed securities and whole loan investor commitments, to economically hedge the IRLC.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with other builders, resales of existing and foreclosed homes and rentals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Costs & inflation
Land, labor and materials
- Company disclosure (summarized from the 10-K)
- Rising costs squeeze margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Law & regulation
Construction defects and regulation
- Company disclosure (summarized from the 10-K)
- Warranty and construction defect claims; zoning and environmental rules.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
Across various regions in which we operate, costs associated with homeowner, hazard, and flood insurance have increased in recent years, driven in part by the increasing frequency and severity of weather‑related losses. Read more
In some cases, these conditions have constrained homeowners’ ability to obtain adequate coverage. While these issues have not had a material impact on our business thus far, continued increases in insurance costs, further limitations on coverage availability, or insufficient insurance coverage for business interruptions or losses could adversely affect home affordability, demand, and our operating results in the future.
Any epidemic, pandemic, or similar public health issue, including events like COVID-19, and the related governmental, regulatory, or private sector responses could adversely affect our operations, supply chain, workforce availability, customer demand, and ability to deliver products or services. Such events and responses could also contribute to broader macroeconomic effects, including inflation, labor shortages, changes in consumer behavior, and supply chain disruptions, which could further negatively impact our business, financial condition, and results of operations.
The extent to which future public health emergencies may affect our business will depend on a number of factors, including the duration and severity of the outbreak, the timing and effectiveness of containment measures, the impact on global and regional economic conditions, and our ability to adapt our operations in response to changing circumstances. Any of these factors, individually or in the aggregate, could have a material adverse impact on our consolidated financial statements.
No longer in the text (2)
Our ability to utilize net operating losses (“NOLs”) and other tax attributes to offset our future taxable income or income tax would be limited if we were to undergo an “ownership change” within the meaning of Section 382 of the Internal Revenue Code ("Section 382"). An "ownership change" under Section 382 would establish an annual limitation to the amount of NOLs and other tax attributes we could utilize to offset our taxable income or income tax in any single year. The application of these limitations might prevent full utilization of the deferred tax assets. To preserve our ability to utilize NOLs and other tax attributes in the future without a Section 382 limitation, we adopted a shareholder rights plan (the “Rights Plan”), which is triggered upon certain transfers of our securities, and amended our by-laws to prohibit certain transfers of our securities. The Rights Plan, as…
Any epidemic, pandemic, or similar serious public health issue, and the measures undertaken by governmental authorities to address it, could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. As a result, the impact of such public health issues and the related governmental actions could have a significant adverse impact on our consolidated financial statements. Our business was previously materially and adversely impacted by events related to the COVID-19 pandemic and related macroeconomic impacts, including inflation, labor shortages, and supply chain disruptions, and our business could be materially and adversely disrupted by another epidemic or pandemic like COVID-19, or similar public threat, or fear of such an event, and the measures that international, federal, state, and local governments, agencies, law enforcement,…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 4, 2026 ↗ with the 10-K filed Feb 6, 2025 ↗.
24
What to watch going forwardSite analysis
- Orders and closings trend.
- Gross margin and incentives.
- Mortgage rates.
- Buybacks.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 31, 2026 02:24 (SEC EDGAR) · Source 10-K filed: February 4, 2026
Built on10-K FY2025 · filed 2026-02-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent PulteGroup’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.