DHI vs TOL: DR Horton and Toll Brothers 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 3.1 times Toll Brothers.
- DR Horton grew revenue faster over the last year (+0.0% vs -9.7%).
- On earnings, Toll Brothers is the cheaper stock (10.7x vs 12.2x).
- Toll Brothers's price assumes faster free cash flow growth: about -2% 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 | TOL |
|---|---|---|
| Market cap | $36.8B | $11.8B |
| Share price | $134.88 | $133.86 |
| Revenue (last fiscal year) | $34.3B | $11.0B |
| Free cash flow (last fiscal year) | $3.3B | $1.0B |
| Revenue growth, last year | +0.0% | -9.7% |
| Revenue growth per year, last 5 fiscal years | +5.4% | +5.7% |
| Operating margin | — | 13.8% |
| Net margin | 9.2% | 11.1% |
| Return on equity | 12.8% | 14.1% |
| P/E (trailing) | 12.2x | 10.7x |
| Price / free cash flow | 11.2x | 11.5x |
| EV / EBITDA | 10.7x | 8.87x |
| FCF growth the price implies | -2.6% | -2.3% |
| Dividend yield | 1.3% | 0.78% |
| Debt / equity | 0.51x | 0.72x |
| Fundamental grade | C | C |
| Superinvestors holding it | 11 | 9 |
| Insider purchases, last 12 months | 10 | 0 |
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 | — |
Toll Brothers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.8B | $1.2B | 11.6% |
| 2022 | $10.3B | $915M | 14.7% |
| 2023 | $10.0B | $1.2B | 17.3% |
| 2024 | $10.8B | $937M | 18.8% |
| 2025 | $11.0B | $1.0B | 15.7% |
Where the revenue comes from
DR Horton · by segments, 2025
Home Building$31.5B88%
Forestar Group$1.7B5%
Rental$1.6B5%
Financial Services$841M2%
Toll Brothers · by products, 2025
Home sales$10.8B99%
Land sales and other$125M1%
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 Toll Brothers?
DR Horton (DHI), at $36.8B against $11.8B.
Is DHI or TOL cheaper?
By trailing P/E, Toll Brothers (10.7x) is cheaper than DR Horton (12.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, DHI or TOL?
DR Horton: revenue grew +0.0% over the last year, against -9.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.