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霍顿房屋D.R. Horton(DHI)2026财年第一季度财务业绩投资者演示材料「NYSE」(英文版)(36页).pdf

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1、Investor PresentationQ1 20262Forward-Looking StatementsThis presentation may include“forward-looking statements”as defined by the Private Securities Litigation Reform Act of 1995.Although D.R.Horton believes any such statements are based on reasonable assumptions,there is no assurance that actual ou

2、tcomes will not be materially different.Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include,but are not limited to:the cyclical nature of the homebuilding,rental and lot development industries and changes in

3、 economic,real estate or other conditions;adverse developments affecting the capital markets and financial institutions,which could limit our ability to access capital,increase our cost of capital and impact our liquidity and capital resources;reductions in the availability of mortgage financing pro

4、vided by government agencies,changes in government financing programs,a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates;the risks associated with our land,lot and rental inventory;our ability to effect our growth strategies,acquisitions,in

5、vestments or other strategic initiatives successfully;the impact of an inflationary,deflationary or higher interest rate environment;risks of acquiring land,building materials and skilled labor and challenges obtaining regulatory approvals;the effects of public health issues such as a major epidemic

6、 or pandemic on the economy and our businesses;the effects of weather conditions and natural disasters on our business and financial results;home warranty and construction defect claims;the effects of health and safety incidents;reductions in the availability of performance bonds;increases in the co

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1. **业绩与预期**:Q1 FY26营收69亿美元,净利润5.95亿美元(EPS 2.03美元);FY26预期营收335-350亿美元,净利润率10.6%-11.1%。 2. **市场地位**:美国最大住宅建筑商,占全美单户新房销量约14%,近10年市场份额翻倍;63%购房者为首购族,平均售价36.83万美元。 3. **业务模式**:四大业务板块(住宅建筑占营收92%、金融服务、Forestar土地开发、租赁),住宅建筑毛利率19%-19.5%。 4. **财务优势**:流动性66亿美元,杠杆率18.8%;FY26计划回购25亿美元股票、派息5亿美元。 5. **土地储备**:控制59万块土地(自有14.55万块),支撑未来增长;优先采购成品土地比例达65%。
**DHI未来展望?** **市场领导力如何?** **股东回报如何?**
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