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Financial statementsPULTEGROUP INC/MI/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PULTEGROUP INC/MI/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,677 | 8,578 | 10,188 | 10,213 | 11,036 | 13,737 | 16,003 | 16,062 | 17,947 | 17,312 |
| Selling, general and administrative | 957 | 892 | 1,012 | 1,044 | 1,011 | 1,209 | 1,381 | 1,313 | 1,321 | 1,574 |
| Interest expense | 0.69 | 0.5 | 0.62 | 0.58 | 4.25 | 0.5 | 0.28 | 0.47 | 0.48 | 0.61 |
| Interest income | 3.24 | 2.54 | 7.59 | 16.7 | 6.84 | 1.95 | 1.97 | 61.5 | 59.5 | 44.4 |
| Other non-operating income | -56.9 | -32.4 | -13.8 | -8.55 | -17.8 | -19.6 | -64.4 | 37.9 | 61.7 | -91.5 |
| Pre-tax income | 934 | 939 | 1,348 | 1,340 | 1,729 | 2,510 | 3,440 | 3,449 | 4,006 | 2,911 |
| Income tax | 331 | 492 | 326 | 323 | 322 | 564 | 822 | 847 | 923 | 693 |
| Net income | 603 | 447 | 1,022 | 1,017 | 1,407 | 1,946 | 2,617 | 2,602 | 3,083 | 2,219 |
| EPS, basic | 1.76 | 1.45 | 3.56 | 3.67 | 5.19 | 7.44 | 11.07 | 11.79 | 14.82 | 11.21 |
| EPS, diluted | 1.75 | 1.44 | 3.55 | 3.66 | 5.18 | 7.43 | 11.01 | 11.72 | 14.69 | 11.12 |
| Shares, basic (weighted) | 340 | 305 | 284 | 274 | 269 | 259 | 235 | 220 | 208 | 198 |
| Shares, diluted (weighted) | 342 | 307 | 285 | 275 | 269 | 260 | 236 | 221 | 210 | 200 |
| Dividend per share | 0.36 | 0.36 | 0.38 | 0.45 | 0.50 | 0.57 | 0.61 | 0.68 | 0.82 | 0.92 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 699 | 273 | 1,110 | 1,218 | 2,582 | 1,779 | 1,053 | 1,807 | 1,613 | 1,981 |
| Receivables | 66.5 | 80.3 | 40.9 | 6.2 | ||||||
| Property, plant and equipment | 77.4 | 70.7 | 92.9 | 112 | 132 | 149 | 200 | 221 | 253 | 239 |
| Lease right-of-use assets | 70 | 71.3 | 74.3 | 73.5 | 77.4 | 93.9 | 110 | |||
| Goodwill | 68.9 | 68.9 | 68.9 | 40.4 | ||||||
| Intangible assets | 155 | 141 | 127 | 125 | 163 | 147 | 66.9 | 56.3 | 46.3 | 26.2 |
| Total assets | 10,178 | 9,687 | 10,173 | 10,716 | 12,205 | 13,353 | 14,797 | 16,087 | 17,364 | 18,048 |
| Total liabilities | 5,519 | 5,533 | 5,355 | 5,257 | 5,636 | 5,863 | 5,882 | 5,704 | 5,242 | 5,063 |
| Total debt | 63.9 | 77.3 | 73.5 | 31.1 | 43.9 | |||||
| Paid-in capital | 3,116 | 3,172 | 3,201 | 3,235 | 3,261 | 3,291 | 3,330 | 3,368 | 3,425 | 3,489 |
| Retained earnings | 1,540 | 980 | 1,614 | 2,221 | 3,306 | 4,196 | 5,582 | 7,013 | 8,695 | 9,495 |
| Other comprehensive income | -0.53 | -0.45 | -0.35 | -0.25 | -0.15 | -0.05 | 0 | |||
| Shareholders' equity | 4,659 | 4,154 | 4,818 | 5,458 | 6,570 | 7,490 | 8,914 | 10,383 | 12,122 | 12,985 |
| Total equity | 4,659 | 4,154 | 4,818 | 5,458 | 6,570 | 7,490 | 8,914 | 10,383 | 12,122 | 12,985 |
| Total liabilities and equity | 10,178 | 9,687 | 10,173 | 10,716 | 12,205 | 13,353 | 14,797 | 16,087 | 17,364 | 18,048 |
| Shares outstanding | 319 | 287 | 277 | 270 | 266 | 249 | 226 | 213 | 203 | 193 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 603 | 447 | 1,022 | 1,017 | 1,407 | 1,946 | 2,617 | 2,602 | 3,083 | 2,219 |
| Depreciation and amortization | 54 | 51 | 49.4 | 54 | 66.1 | 70 | 70.9 | 80.8 | 89.2 | 113 |
| Stock-based compensation | 22.2 | 33.7 | 28.3 | 28.4 | 32.8 | 36.7 | 43 | 48.2 | 54.7 | 54.8 |
| Deferred income tax | 335 | 422 | 363 | 105 | 138 | 59.2 | 107 | 104 | 151 | 10.8 |
| Change in inventory | -897 | -569 | -50.4 | -238 | 2.99 | -1,266 | -2,257 | -354 | -787 | -213 |
| Change in payables | 75.3 | 65.7 | -101 | 141 | 202 | 641 | -105 | -197 | -286 | -240 |
| Cash from operations | 68.3 | 663 | 1,448 | 1,076 | 1,784 | 1,004 | 668 | 2,197 | 1,681 | 1,871 |
| Capital expenditures | -39.3 | -32.1 | -59 | -58.1 | -58.4 | -72.8 | -113 | -92.2 | -119 | -123 |
| Acquisitions | -430 | 0 | 0 | -164 | -83.3 | -10.4 | -10.4 | 0 | 0 | |
| Cash from investing | -471 | -50.2 | -40.5 | -225 | -108 | -124 | -172 | -129 | -94.5 | -80.4 |
| Debt issued | 1,996 | 0 | ||||||||
| Debt repaid | -987 | -135 | -82.8 | -310 | -65.3 | -837 | -4.86 | -123 | -356 | -24.5 |
| Stock issued | 5.85 | 27.7 | 6.56 | 6.4 | 0.11 | 0.01 | 0 | 0 | ||
| Share buybacks | -603 | -910 | -295 | -274 | -171 | -897 | -1,075 | -1,000 | -1,200 | -1,200 |
| Dividends paid | -125 | -113 | -104 | -122 | -130 | -148 | -144 | -142 | -168 | -177 |
| Cash from financing | 351 | -1,030 | -580 | -734 | -296 | -1,679 | -1,236 | -1,313 | -1,782 | -1,436 |
| Net change in cash | -52.2 | -417 | 828 | 118 | 1,381 | -799 | -739 | 755 | -195 | 355 |
| Free cash flow | 29 | 631 | 1,389 | 1,018 | 1,726 | 931 | 556 | 2,105 | 1,562 | 1,749 |
| Interest paid | -26.5 | |||||||||
| Income taxes paid | 2.74 | 14.9 | 89.2 | 137 | 264 | 457 | 642 | 784 | 740 | 699 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 15.2% | Pre-tax income / revenue. |
| Net margin | 11.6% | Net income / revenue. |
| FCF margin | 9.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 9.9% | Cash from operations / revenue. |
| Effective tax rate | 23.6% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 14.6% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 10.4% | Net income / average total assets. |
| SG&A / revenue | 9.5% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.7% | Capital expenditures / revenue. |
| D&A / revenue | 0.7% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -3.5% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 2.7% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 9.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -28.0% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -5.4% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 9.5% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -24.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 0.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 16.5% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 11.3% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 40.9% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 1.0% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 11.9% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 46.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 0.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 12.2% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 14.7% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 13.0% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 7.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 13.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 14.6% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 3.9% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 6.8% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 8.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -4.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -5.5% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -5.8% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 28.7% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.2% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $12.97B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.90x | Revenue / average total assets. |
| FCF conversion | 79.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 7.0% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $10.00 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $86.09 | Revenue / diluted weighted shares. |
| FCF per share | $7.94 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $8.53 | Cash from operations / diluted weighted shares. |
| Book value per share | $68.28 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $68.07 | Tangible book value / shares outstanding. |
| Cash per share | $7.01 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 9.9% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 12.5% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 84.7% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $22.47B | Share price x shares outstanding. |
| Enterprise value | $21.13B | Market cap + total debt - cash - short-term investments. |
| P/E | 11.8x | Market cap / net income. Only when net income is positive. |
| P/S | 1.37x | Market cap / revenue. |
| P/B | 1.73x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.73x | Market cap / tangible book value, when positive. |
| P/FCF | 14.9x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 13.8x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.29x | Enterprise value / revenue. |
| EV/FCF | 14.0x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 6.7% | Free cash flow / market cap. |
| Earnings yield | 8.5% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.8% | Dividends paid over the period / market cap. |
| Shareholder yield | 6.5% | (Dividends paid + share buybacks) / market cap. |
| PEG | 35.5x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was PULTEGROUP INC/MI/'s revenue in fiscal 2025?
PULTEGROUP INC/MI/ reported revenue of $17.31B for fiscal 2025, 3.5% lower than the year before.
Was PULTEGROUP INC/MI/ profitable in fiscal 2025?
Yes. Net income was $2.22B, a net margin of 12.8%.
How much free cash flow did PULTEGROUP INC/MI/ generate in fiscal 2025?
Cash from operations of $1.87B minus capital expenditures of $122.7M left free cash flow of $1.75B.