Investor Relations

Performance Analysis

Financial Highlights
2019 FQ3 YTD
9/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Profitability (%)
Gross Margin 18.31 18.10 17.76 17.66 19.29
Construction Margin 7.34 7.42 7.24 6.63 7.52
Financial Services Margin 57.72 57.43 57.71 55.33 54.27
Total Operating Margin 7.90 8.04 7.92 7.41 8.18
ROAA 5.64 6.75 4.59 5.37 5.09
ROAE 10.94 13.63 9.58 11.25 10.98
Builder Inventory Turnover 0.95 0.96 0.95 1.02 0.96
Effective Tax Rate 24.09 19.74 42.12 31.42 32.05
Nominal G&A/ Avg Assets 10.87 11.29 11.08 12.18 11.92
Homebuilding G&A/ Sales 11.21 10.83 10.71 11.19 11.73
Homebuilding COGS/ Sales 79.45 79.78 80.23 80.42 78.98
EBITDA/ Homebuilding Sales 11 10.98 10.32 9.82 10.28
EBT/ Homebuilding Sales 7.65 8.06 7.67 7.20 7.38
Debt Analysis (%)
Debt/ Book Capitalization 41.75 43.22 44.88 44.23 47.01
Net Debt/ Net Cap 32.16 36.72 41.38 41.19 40.44
Long-term Senior Notes/ Debt 96.49 98.87 98.65 97.14 97.86
Senior Mortgage Notes/ Debt 1.04 1.13 1.35 1.53 2.14
Credit Facilities/ Debt 0 0 0 1.33 0
Senior Debt/ Debt 100 100 100 100 100
Subordinated Debt/ Debt 0 0 0 0 0
Debt: Homebuilding/ Total Debt 97.53 100 100 100 100
Debt: Financial Services/ Total Debt 0 0 0 0 0
Credit Lines Drawn/ Available 0 0 0 2.78 0
Coverage Ratios (x)
EBITDA/ Interest Expense 4.29 5.11 4.85 4.69 4.37
Recurring EBITDA/ Interest Expense 4.29 5.14 4.95 4.75 4.48
Recurring EBITDA/ Interest Expense + Pref. Div. 4.29 5.14 4.95 4.75 4.48
Debt/ EBITDA 3.62 3.39 3.78 3.78 4.04
Market Info and Historical Pricing
Closing Price($) 70.35 36.72 51.20 34.80 33.99
Price/ Last-twelve-months EPS(x) 12.40 6.60 15 9.80 11
Price/ Book(%) 143.80 81.20 131 98 107.10
Market Capitalization($M) 2,694.30 1,398 2,064.90 1,393.10 1,348.40
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.