PulteGroup, Inc.
- Open
- 127.65
- Day high
- 129.32
- Day low
- 127.00
- Prev close
- 126.75
- Volume
- 1.1M
- Mkt cap
- $24.1B
- P/E (TTM)
- 13.1
- EPS (TTM)
- $9.83
- P/B
- 1.9
- P/S
- 1.5
- Yield
- 0.78%
- Per share
- $1.00
PulteGroup, Inc. (PHM) is a Consumer Cyclical company listed on NYSE. The stock is down 3% over the past year. Drillr has 3 published research articles covering PHM.
PulteGroup, Inc. (PHM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PHM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 22, 2026 | $2.36 | $2.48 | +5.0% | $4.0B | +0.8% |
| Apr 23, 2026 | $1.80 | $1.79 | -0.6% | $3.4B | +1.0% |
| Jan 29, 2026 | $2.78 | $2.88 | +3.6% | $4.6B | +30.4% |
| Oct 21, 2025 | $2.89 | $2.96 | +2.4% | $4.4B | +2.4% |
| Jul 22, 2025 | $2.95 | $3.03 | +2.7% | $4.4B | +0.6% |
| Apr 22, 2025 | $2.43 | $2.57 | +5.8% | $3.9B | +1.9% |
| Jan 30, 2025 | $3.28 | $3.50 | +6.7% | $4.9B | +6.2% |
| Oct 22, 2024 | $3.11 | $3.35 | +7.7% | $4.5B | +4.8% |
| Jul 23, 2024 | $3.27 | $3.77 | +15.3% | $4.6B | +2.4% |
| Jan 30, 2024 | $3.22 | $3.28 | +1.9% | $4.3B | -4.1% |
| Jul 25, 2023 | $2.51 | $3.00 | +19.5% | $4.2B | +4.9% |
| Jan 31, 2023 | $2.93 | $3.63 | +23.9% | $5.2B | +12.8% |
PHM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | HENRY KEVIN Aofficer: EVP and Chief People Officer | Tax | 2,093 | $126.02 |
| May 27, 2026 | Koart Matthew Williamofficer: Exec. VP & COO | Sell | 7,457 | $120.00 |
| May 19, 2026 | Koart Matthew Williamofficer: Exec. VP & COO | Tax | 6,861 | $111.77 |
| May 8, 2026 | Snyder Liladirector | Sell | 3,339 | $117.18 |
| May 1, 2026 | Hawaux Andre Jdirector | Grant | 1,507 | — |
| May 1, 2026 | FOLLIARD THOMAS Jdirector | Grant | 1,507 | — |
| May 1, 2026 | Schall Benjamindirector | Grant | 1,507 | — |
| May 1, 2026 | Snyder Liladirector | Grant | 1,507 | — |
| May 1, 2026 | GANNON KRISTIN F.director | Grant | 1,507 | — |
| May 1, 2026 | POWERS SCOTT Fdirector | Grant | 1,507 | — |
| May 1, 2026 | GRISE CHERYL Wdirector | Grant | 1,507 | — |
| May 1, 2026 | BLAIR BRYCEdirector | Grant | 1,507 | — |
| May 1, 2026 | Peshkin John R.director | Grant | 1,507 | — |
| May 1, 2026 | Actis-Grande Kristendirector | Grant | 1,507 | — |
| Feb 24, 2026 | HENRY KEVIN Aofficer: EVP and Chief People Officer | Sell | 5,173 | $141.03 |
Source: PHM SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full PHM insider & 13F page →PHM research & analysis
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BRK.BTMHCLENPHM Q1: Margin Compresses 310 bps to 24.4% as Orders Climb 3% Despite Affordability Crunch
PulteGroup Q1 2026: home sale gross margin compressed 310 bps to 24.4% as the builder deployed incentives, while net new orders grew 3% YoY to 8,034 units. The quarter confirms the margin-for-volume playbook—sacrificing near-term profitability to sustain production scale through the rate cycle.
PulteGroup, Inc. company profile
Overview
PulteGroup, Inc. (NYSE:PHM) is one of the largest homebuilding companies in the United States, founded in 1950 by William Pulte in Detroit, Michigan. Originally known as Pulte Homes, Inc., the company changed its name to PulteGroup in March 2010 following strategic acquisitions and brand consolidations. Headquartered in Atlanta, Georgia, PulteGroup has grown from a small local builder into a national homebuilding enterprise operating across multiple states. The company went public in 1980 and has since established itself as a major player in the residential construction industry, serving diverse buyer segments from first-time homebuyers to active adult communities.
Business
PulteGroup operates in the residential construction industry, which involves acquiring raw land, developing it for residential use, and constructing single-family homes for sale to consumers. The homebuilding industry is a critical component of the broader real estate sector and serves as a key economic indicator, as housing construction reflects consumer confidence, employment levels, and overall economic health. The company's core business revolves around land acquisition and development, home construction, and home sales. PulteGroup acquires undeveloped land, obtains necessary permits and approvals, installs infrastructure such as roads and utilities, and then constructs homes according to various floor plans and designs. The development process can take several years from initial land acquisition to final home delivery. PulteGroup operates under multiple brand names to serve different market segments: Pulte Homes targets move-up buyers seeking larger homes with premium features, Centex focuses on first-time and entry-level homebuyers with more affordable options, Del Webb specializes in active adult communities for buyers aged 55 and older, and regional brands including DiVosta Homes, American West, and John Wieland Homes and Neighborhoods. The company offers various housing types including single-family detached homes, townhomes, condominiums, and duplexes. As of recent reports, PulteGroup's buyer mix consists of approximately 40% first-time homebuyers, 40% move-up buyers (existing homeowners purchasing larger or upgraded homes), and 20% active adult buyers. This diversified approach helps the company maintain stability across different economic cycles and demographic trends. The company controls over 230,000 lots nationwide, with approximately 56% held under option agreements rather than outright ownership, providing flexibility in land management and reducing capital requirements.
Revenue model
PulteGroup generates revenue primarily through the sale of newly constructed homes to individual consumers. The company's business model involves purchasing or optioning land, developing it with necessary infrastructure, constructing homes, and selling them at a profit. Home sale revenues typically account for over 95% of total revenues, with the remainder coming from financial services operations. The company's financial services segment provides mortgage origination services, helping homebuyers secure financing for their purchases. PulteGroup also offers title insurance and closing services, creating additional revenue streams while facilitating the home buying process. These ancillary services generated approximately $210 million in pre-tax income in 2024, representing a small but steady profit center. PulteGroup's pricing strategy focuses on maintaining gross margins, which have consistently remained in the high 20% range. The company achieves these margins through careful land acquisition, efficient construction processes, and strategic pricing. Average selling prices have increased over recent years, reaching approximately $570,000 in 2025, driven by both inflation in construction costs and a strategic focus on higher-margin homes. Several factors influence PulteGroup's profitability margins. Positive margin drivers include the company's scale advantages in purchasing materials and labor services, its ability to control land costs through option agreements rather than outright purchases, operational efficiency improvements that reduce construction cycle times, and pricing power in markets with limited housing supply. Negative margin pressures come from rising land costs (currently inflating at approximately 10% annually), construction labor shortages that increase wage costs, material cost inflation including potential tariff impacts on imported components, increased incentives needed to maintain sales pace during periods of high mortgage rates, and regulatory costs associated with permitting and environmental compliance. The company's diversified geographic presence helps mitigate regional economic downturns, while its balanced buyer segment approach provides stability across different market conditions.
Competitive moat
PulteGroup operates in the homebuilding industry, which is characterized by relatively low barriers to entry and intense competition, suggesting limited economic moat strength. However, the company does possess several competitive advantages that provide some defensive positioning. The company's primary competitive advantage lies in its land control and development expertise. PulteGroup controls over 230,000 lots across the United States, with 56% held under option agreements. This land bank provides a multi-year pipeline of development opportunities and helps insulate the company from short-term land price volatility. The company's experience in land development, including infrastructure installation and regulatory navigation, creates operational advantages over smaller competitors. Scale benefits represent another competitive advantage. As one of the largest homebuilders in the United States, PulteGroup can negotiate better pricing with suppliers, subcontractors, and material vendors. The company's size also enables it to maintain dedicated construction management teams and implement standardized processes across multiple markets, improving efficiency and quality control. The company's brand portfolio strategy provides market positioning advantages. By operating distinct brands targeting different buyer segments - from entry-level Centex homes to premium Pulte Homes to age-restricted Del Webb communities - the company can compete across multiple price points and demographic segments without direct brand cannibalization. However, PulteGroup's moat is relatively narrow. The homebuilding industry faces significant competitive threats from other national builders like D.R. Horton, Lennar, and KB Home, as well as numerous regional and local builders. Barriers to entry remain low for smaller-scale operations, as homebuilding primarily requires access to capital, land, and construction expertise rather than proprietary technology or regulatory advantages. The industry is also highly cyclical and sensitive to interest rates, economic conditions, and local market dynamics, which can quickly erode competitive advantages during downturns. Additionally, the company faces potential disruption from alternative housing solutions, including manufactured housing, modular construction techniques, and emerging technologies like 3D printing, though these remain nascent threats to traditional site-built construction.
Risks & safety
PulteGroup demonstrates a strong margin of safety with robust financial metrics and conservative capital management, though the cyclical nature of homebuilding presents inherent risks. **Overall Assessment:** The company maintains excellent financial health with minimal solvency risk and attractive valuation metrics. **Cash and Debt Position:** - Cash and short-term investments: $1.24 billion as of Q1 2025 - Strong free cash flow generation: $1.56 billion in 2024 - Low debt-to-equity ratio: 16.7% - Excellent current ratio: 4.83x indicating strong liquidity - Net debt to capital ratio of only 1.4% **Valuation Metrics:** - Price-to-earnings ratio: 9.9x (historically low for the sector) - EV/EBITDA: 6.9x (reasonable for cyclical business) - Price-to-book ratio: 1.69x (modest premium to book value) - Graham number suggests fair value around $59.50 vs. current price near $101 **Other Considerations:** - Strong return on equity of 25.4% in 2024 demonstrates efficient capital allocation - Consistent share repurchase program returning capital to shareholders - Diversified geographic presence reduces regional concentration risk - However, cyclical industry exposure creates earnings volatility risk during economic downturns
Recent development
Over the past few years, PulteGroup has implemented several strategic initiatives to strengthen its market position and operational efficiency. The company has significantly evolved its land acquisition strategy, increasing the percentage of lots controlled through option agreements from approximately 45% to 56%, with a long-term target of 70%. This shift reduces capital requirements and provides greater flexibility in volatile markets while maintaining access to desirable development sites. PulteGroup has also embraced land banking partnerships, entering into transactions representing over 13,000 lots. These arrangements allow the company to control land development while sharing capital requirements and risks with financial partners, improving return on invested capital while maintaining growth capacity. The company has made substantial investments in operational efficiency, reducing construction cycle times from over 120 days to approximately 114 days, with a target of reaching 110 days. This improvement accelerates cash conversion and reduces working capital requirements while enabling faster response to market demand changes. Spec home strategy has become increasingly important, with spec homes now representing 40-47% of total production. This approach helps serve first-time homebuyers who need immediate move-in capability and provides inventory to capitalize on market opportunities when demand strengthens. The company has also enhanced its financial services capabilities, developing mortgage rate buy-down programs that help address affordability challenges. Approximately 25-30% of buyers now utilize these national rate programs, which help bridge the gap between market mortgage rates and buyer purchasing power. Recent strategic moves include geographic market optimization, with management indicating improved performance in Midwest and Northeast markets while working to stabilize operations in Texas and Florida markets that experienced inventory build-up due to affordability pressures.
PHM company profile · for informational purposes only — not investment advice.
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