PHM
NYSE · Consumer Cyclical · Residential Construction · US
Research · Oct 21, 2026
[PHM] PulteGroup: Q3 2026 Earnings Preview, Can Orders Turn Into Closings?
PulteGroup closed 6,997 homes in Q2 2026, down 8%, at a 25.0% gross margin; Q3 tests whether 6% order growth lifts closings to the guided 7,000-7,400 homes.
Research · Sep 3, 2026
[PHM] PulteGroup Thesis 2026: Del Webb Demographics Anchor Rate-Pressured Housing Cycle
PulteGroup delivered a resilient FY2025 despite persistent 6.7-7.0% mortgage rates, generating ~$17.8B revenue and ~$13.10 EPS through disciplined land management and targeted rate buydown programs. The Del Webb active adult franchise — approximately 28-30% of closings, primarily cash buyers — provided rate-insensitive demand that buffered the affordability headwind affecting entry-level and move-up segments. Homebuilding operating margin held at ~15.6%, near cycle-normal levels. FY2026 thesis tests whether rate normalization toward 6.0% triggers a pent-up demand release that drives closings toward 32,000-33,000 units and restores margins toward 17%.
Research · Jun 1, 2026
BRK.B Taylor Morrison Acquisition 2026: Berkshire's First Housing Builder at 1.10x Book
BRK.B Taylor Morrison acquisition closes at $6.8B all-cash on May 31, 2026 — Berkshire's first major direct US housing builder position at TMHC's ~1.10x book value. Greg Abel led negotiations.
Research · Jun 1, 2026
BRK.B Abel Succession Portfolio 2026: $6.8B First M&A vs $397B Cash Pile
Berkshire Hathaway Abel succession portfolio thesis: Greg Abel's first big M&A — $6.8B for TMHC — used 1.7% of BRK's $397B Q1 cash + ST investments. The next 4 transactions decide the playbook.
Research · Apr 23, 2026
PHM 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.