Investor Relations

Performance Analysis

Financial Highlights
3/31/2017
12/31/2017
3/31/2018
6/30/2018
Profitability (%)
Gross Margin 16.40 17.76 16.58 18.10
Construction Margin 4.98 7.24 5.39 7.47
Financial Services Margin 53.16 57.71 51.31 56.25
Total Operating Margin 5.62 7.92 5.87 8.03
ROAA 3.23 4.59 5.34 6.41
ROAE 6.57 9.58 10.96 13.02
Builder Inventory Turnover 0.86 0.95 0.84 0.96
Effective Tax Rate 35.89 42.12 10.25 24.37
Nominal G&A/ Avg Assets 10.67 11.08 10.17 11.31
Homebuilding G&A/ Sales 11.59 10.71 11.26 10.83
Homebuilding COGS/ Sales 81.46 80.23 81.07 79.77
EBITDA/ Homebuilding Sales 8.27 10.32 9.74 11.02
EBT/ Homebuilding Sales 5.47 7.67 6.58 8.11
Debt Analysis (%)
Debt/ Book Capitalization 44.71 44.88 44.65 43.79
Net Debt/ Net Cap 42.85 41.38 41.20 40.42
Long-term Senior Notes/ Debt 93.53 98.65 98.71 98.74
Senior Mortgage Notes/ Debt 1.35 1.35 1.29 1.26
Credit Facilities/ Debt 5.12 0 0 0
Senior Debt/ Debt 100 100 100 100
Subordinated Debt/ Debt 0 0 0 0
Debt: Homebuilding/ Total Debt 100 100 100 100
Debt: Financial Services/ Total Debt 0 0 0 0
Credit Lines Drawn/ Available 11.11 0 0 0
Coverage Ratios (x)
EBITDA/ Interest Expense 3.66 4.85 4.11 5.15
Recurring EBITDA/ Interest Expense 3.70 4.95 3.84 5.15
Recurring EBITDA/ Interest Expense + Pref. Div. 3.70 4.95 3.84 5.15
Debt/ EBITDA 5.16 3.78 4.48 3.39
Market Info and Historical Pricing
Closing Price($) 36.80 51.20 45.25 43.95
Price/ Last-twelve-months EPS(x) 10.20 15 11.50 10.30
Price/ Book(%) 102.40 131 113.10 106.20
Market Capitalization($M) 1,483.60 2,064.90 1,838.60 1,786.50
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.