PHM vs TOL: PulteGroup 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.
- PulteGroup is the larger company, worth $21.0B, about 1.8 times Toll Brothers.
- PulteGroup grew revenue faster over the last year (-9.6% vs -9.7%).
- On earnings, PulteGroup is the cheaper stock (10.7x vs 10.7x).
- PulteGroup's price assumes faster free cash flow growth: about -2% a year, against -2% for Toll Brothers (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 | PHM | TOL |
|---|---|---|
| Market cap | $21.0B | $11.8B |
| Share price | $112.12 | $133.86 |
| Revenue (last fiscal year) | $17.3B | $11.0B |
| Free cash flow (last fiscal year) | $1.7B | $1.0B |
| Revenue growth, last year | -9.6% | -9.7% |
| Revenue growth per year, last 5 fiscal years | +6.0% | +5.7% |
| Operating margin | — | 13.8% |
| Net margin | 11.6% | 11.1% |
| Return on equity | 14.7% | 14.1% |
| P/E (trailing) | 10.7x | 10.7x |
| Price / free cash flow | 12.0x | 11.5x |
| EV / EBITDA | 8.51x | 8.87x |
| FCF growth the price implies | -1.7% | -2.3% |
| Dividend yield | 0.87% | 0.78% |
| Debt / equity | 0.40x | 0.72x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 9 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
PulteGroup
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.7B | $931M | — |
| 2022 | $16.0B | $556M | — |
| 2023 | $16.1B | $2.1B | — |
| 2024 | $17.9B | $1.6B | — |
| 2025 | $17.3B | $1.7B | — |
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
PulteGroup · by segments, 2025
Homebuilding$16.9B98%
Financial Services$389M2%
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 PHM in InvestinglyQuestions
Which is bigger, PulteGroup or Toll Brothers?
PulteGroup (PHM), at $21.0B against $11.8B.
Is PHM or TOL cheaper?
By trailing P/E, PulteGroup (10.7x) is cheaper than Toll Brothers (10.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, PHM or TOL?
PulteGroup: revenue grew -9.6% 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.