DHI vs IBP: DR Horton and Installed Building Products compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- DR Horton is the larger company, worth $36.8B, about 7.0 times Installed Building Products.
- Installed Building Products grew revenue faster over the last year (+2.3% vs +0.0%).
- On earnings, DR Horton is the cheaper stock (12.2x vs 20.8x).
- Installed Building Products's price assumes faster free cash flow growth: about 3% a year, against -3% for DR Horton (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | DHI | IBP |
|---|---|---|
| Market cap | $36.8B | $5.2B |
| Share price | $134.88 | $185.44 |
| Revenue (last fiscal year) | $34.3B | $3.0B |
| Free cash flow (last fiscal year) | $3.3B | $301M |
| Revenue growth, last year | +0.0% | +2.3% |
| Revenue growth per year, last 5 fiscal years | +5.4% | +10.8% |
| Operating margin | — | 12.4% |
| Net margin | 9.2% | 8.5% |
| Return on equity | 12.8% | 39.2% |
| P/E (trailing) | 12.2x | 20.8x |
| Price / free cash flow | 11.2x | 17.5x |
| EV / EBITDA | 10.7x | 13.5x |
| FCF growth the price implies | -2.6% | 3.2% |
| Dividend yield | 1.3% | 0.77% |
| Debt / equity | 0.51x | 2.52x |
| Fundamental grade | C | C |
| Superinvestors holding it | 11 | 6 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
DR Horton
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.8B | $441M | — |
| 2022 | $33.5B | $414M | — |
| 2023 | $35.5B | $4.2B | — |
| 2024 | $36.8B | $2.0B | — |
| 2025 | $34.3B | $3.3B | — |
Installed Building Products
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $101M | 9.5% |
| 2022 | $2.7B | $232M | 12.9% |
| 2023 | $2.8B | $279M | 13.3% |
| 2024 | $2.9B | $251M | 13.0% |
| 2025 | $3.0B | $301M | 13.0% |
Where the revenue comes from
DR Horton · by segments, 2025
Home Building$31.5B88%
Forestar Group$1.7B5%
Rental$1.6B5%
Financial Services$841M2%
Installed Building Products · by segments, 2025
Installation$2.8B91%
Other$259M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open DHI in InvestinglyQuestions
Which is bigger, DR Horton or Installed Building Products?
DR Horton (DHI), at $36.8B against $5.2B.
Is DHI or IBP cheaper?
By trailing P/E, DR Horton (12.2x) is cheaper than Installed Building Products (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, DHI or IBP?
Installed Building Products: revenue grew +2.3% over the last year, against +0.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.