Investor Relations

Performance Analysis

Financial Highlights
12/31/2014
12/31/2015
12/31/2016
3/31/2017
Profitability (%)
Gross Margin 21.03 19.29 17.66 16.32
Construction Margin 9.26 7.52 6.63 4.89
Financial Services Margin 52.46 54.27 55.33 53.16
Total Operating Margin 9.89 8.18 7.41 5.53
ROAA 6.51 5.09 5.37 3.23
ROAE 14.10 10.98 11.25 6.57
Builder Inventory Turnover 0.97 0.96 1.02 0.86
Effective Tax Rate 31.75 32.05 31.42 35.89
Nominal G&A/ Avg Assets 11.96 11.92 12.18 10.67
Homebuilding G&A/ Sales 12.05 11.73 11.19 11.59
Homebuilding COGS/ Sales 77.49 78.98 80.42 81.55
EBITDA/ Homebuilding Sales 11.86 10.28 9.82 8.27
EBT/ Homebuilding Sales 9.61 7.38 7.20 5.47
Debt Analysis (%)
Debt/ Book Capitalization 45.47 47.01 44.23 44.71
Net Debt/ Net Cap 42.55 40.44 41.19 42.85
Long-term Senior Notes/ Debt 96.68 97.86 97.14 93.53
Senior Mortgage Notes/ Debt 3.32 2.14 1.53 1.35
Credit Facilities/ Debt 0 0 1.33 5.12
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 0 0 2.78 11.11
Coverage Ratios (x)
EBITDA/ Interest Expense 6.90 4.37 4.69 3.66
Recurring EBITDA/ Interest Expense 7 4.48 4.75 3.66
Recurring EBITDA/ Interest Expense + Pref. Div. 7 4.48 4.75 3.66
Debt/ EBITDA 3.58 4.04 3.78 5.16
Market Info and Historical Pricing
Closing Price($) 35.99 33.99 34.80 36.80
Price/ Last-twelve-months EPS(x) 10.40 11 9.80 10.20
Price/ Book(%) 127 107.10 98 102.40
Market Capitalization($M) 1,408.90 1,348.40 1,393.10 1,483.60
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.