At a glance
PulteGroup Inc is worth $24.17B, about 12 times its fiscal 2025 earnings. Revenue fell 3.5% to $17.31B in fiscal 2025, with 12.8% kept as profit; over 5 years it has grown 9.4% a year. It pays a 0.79% dividend yield, raised every year for at least 8 years, and returned $6.15B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.5% over the past year with dividends reinvested and +23.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.8% in the 2020 crash (S&P 500: 33.7%) and 36.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The business in plain English
PulteGroup builds and sells new homes in the United States. It buys land, turns it into building lots and sells finished houses to homebuyers. These include move-up buyers, who are trading up to a larger home. As of December 31, 2025, it operated in 47 markets across 26 states. It closed 29,572 homes in 2025, and total revenue for fiscal 2025 was $17.3 billion.
Profit comes from the gap between a home's price and the cost of land, materials and labor. Gross margin from home sales was 26.3% in 2025, down from 28.9% in 2024. Gross margin is the share of each sales dollar left after those direct costs. Two things caused the drop: bigger sales incentives and higher land costs. One common incentive is a mortgage rate buydown, where the builder pays to lower the buyer's interest rate. A separate Financial Services segment earns money from mortgage lending, title and insurance agency work in the same markets.
The homebuilding business is reported as six regions: Northeast, Southeast, Florida, Midwest, Texas and West. Florida brought in the most revenue in 2025, followed by the West and Southeast. From 2024 to 2025, Florida revenue fell 9% and Texas revenue fell 22%, while the Northeast grew 16%. To limit land risk, 57% of the 234,632 lots it controlled at December 31, 2025 were held through options. An option gives the right to buy land later instead of owning it outright.
Price history
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PHM +10.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.97B, down 9.8% from a year earlier, and net income was $475.7M (-18.8%).
- For fiscal 2025, revenue was $17.31B (-3.5% year over year; +9.4% a year from FY2020 to FY2025) with a 12.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.4% good |
|---|---|
| Free cash flow margin | 10.1% good |
| Return on equity (FY2025) | 17.1% good |
| Return on assets (FY2025) | 12.3% good |
| Net cash (cash minus debt) | $-439.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.04B | $1.41B | $1.73B |
| FY2021 | $13.74B | $1.95B | $931.2M |
| FY2022 | $16.00B | $2.62B | $555.8M |
| FY2023 | $16.06B | $2.60B | $2.10B |
| FY2024 | $17.95B | $3.08B | $1.56B |
| FY2025 | $17.31B | $2.22B | $1.75B |
Valuation snapshot
| Market value | $24.17B |
|---|---|
| P/E ratio | 11.8 |
| Dividend yield | 0.79% |
Rank among 1514 US companies
Market value at each year end
PulteGroup’s market value went from $6.08B at the end of 2016 to $24.17B on Nov 2, 2026, about 4.0 times as much; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.17B | +5.7% |
| 2025 | $22.86B | +2.3% |
| 2024 | $22.33B | +0.4% |
| 2023 | $22.25B | +114.5% |
| 2022 | $10.37B | -28.3% |
| 2021 | $14.47B | +25.2% |
| 2020 | $11.56B | +9.9% |
| 2019 | $10.51B | +44.0% |
| 2018 | $7.30B | -25.3% |
| 2017 | $9.77B | +60.8% |
| 2016 | $6.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PHM price data to Nov 2, 2026 | +12.7% | +10.5% | +18.8% | +23.6% | +23.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 2025 | +8.6% |
| 2024 | +6.2% |
| 2023 | +128.8% |
| 2022 | -19.2% |
| 2021 | +34.0% |
| 2020 | +12.7% |
| 2019 | +51.3% |
| 2018 | -20.8% |
| 2017 | +83.4% |
| 2016 | +5.1% |
| 2015 | -15.5% |
| 2014 | +6.6% |
| 2013 | +13.2% |
| 2012 | +187.8% |
| 2011 | -16.1% |
| 2010 | -24.8% |
| 2009 | -8.5% |
| 2008 | +5.1% |
| 2007 | -67.9% |
| 2006 | -15.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.1% over that stretch · deepest drop along the way 58.6%, back to its old high 46.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 61.7% over that stretch · deepest drop along the way 61.8%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.7% over that stretch · deepest drop along the way 36.1%, back to its old high 7.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 7 sales ($21.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 5, 2026 | Ryan Marshall Chief Exec Officer, President, Director | sell | $14.9M |
| Feb 6, 2026 | Matthew William Koart Exec. VP & COO | sell | $2.1M |
| Feb 6, 2026 | Todd N Sheldon EVP, Gen Counsel, Corp Sec'y | sell | $1.9M |
| May 27, 2026 | Matthew William Koart Exec. VP & COO | sell | $895K |
| Feb 24, 2026 | Kevin A Henry EVP and Chief People Officer | sell | $730K |
Who owns it
Large shareholders (13G filings)
| Franklin Resources, Inc. | 7.8% | Mar 31, 2026 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2025 |
ETFs with the most weight in PHM
| ITB iShares U.S. Home Construction ETF | 8.01% |
| ZIG Acquirers Fund | 3.48% |
| WBIF WBI BullBear Value 3000 ETF | 3.29% |
| XHB SPDR S&P Homebuilders ETF | 3.28% |
| MDPL Monarch Dividend Plus ETF | 3.15% |
| KONG Formidable Fortress ETF | 2.78% |
| BUL Pacer US Cash Cows Growth ETF | 2.75% |
| RISN Inspire Tactical Balanced ETF | 2.73% |
What could go wrong
- Incentives and land costs squeeze profit margins. Discounts and mortgage rate buydowns keep homes selling as land costs climb. Gross margin, the share of each sale left after land and building costs, slid each quarter of 2025, from 27.5% to 24.7%.
- Falling land values can force write-downs. Land bought earlier can lose value when home prices weaken. In 2025, PulteGroup wrote down land by $77.4 million and wrote off $48.4 million in deposits and costs on land options it dropped.
- High mortgage rates keep buyers away. Most buyers use a mortgage, many through its lending arm, Pulte Mortgage. Mortgage rates stayed elevated even after Federal Reserve cuts began in September 2024, and new orders, net of cancellations, fell 4% in 2025.
- More homes for sale means tougher competition. Inventories of new and existing homes rose in most PulteGroup markets in 2025. More choice for buyers can mean fewer sales or lower prices; its backlog of unfilled orders fell 16% to 8,495 homes.
- Its mortgage arm depends on loan investors. Pulte Mortgage sells its loans to investors, a market that leans on Fannie Mae and Freddie Mac. If that market dried up, PulteGroup might have to hold loans itself or make fewer home sales.
- Homebuilding is deeply cyclical. Demand rises and falls with jobs, consumer confidence, incomes and interest rates. In the 2006–2011 housing slump, PulteGroup booked significant losses, and its shares have fallen as much as 92.4% from a peak.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Shareholder vote results
- Quarterly results released; Other company announcement
- Major agreement signed
- Other company announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
PulteGroup's dividend is small but growing. The yield was 0.87% as of October 28, 2026, so the stock provides little income. Dividends per share have risen 8 years in a row, from $0.50 in 2020 to $0.92 in 2025, using only 8% of 2025 earnings and about 10% of free cash flow (cash left after running and investing in the business). The quarterly dividend rose 18%, to $0.26, from January 2026. Buybacks get more cash: $5.4 billion over 2021–2025, versus $779 million in dividends, cutting the share count 27.3% from October 2021 to October 2026.
The shares have fallen hard in downturns. In the 2008 financial crisis they dropped 58.6%, after a 67.9% fall in 2007, and took about 47 months to recover. They fell 61.8% in the 2020 COVID crash and 36.1% in 2022, recovering in about five and eight months, respectively. A single stock carries more risk than a diversified fund.
Questions investors ask
How does PulteGroup make money?
Mostly by building and selling new homes. PulteGroup buys land, develops lots and sells finished houses in 47 markets across 26 states. It closed 29,572 homes in 2025. Its profit depends on the gap between sale prices and the cost of land, labor and materials. A separate Financial Services segment earns money from mortgage lending, title and insurance agency services, and many buyers get their loans through Pulte Mortgage. Total revenue was $17.3 billion in fiscal 2025, down 3.5% from the year before.
Does PulteGroup raise its dividend every year?
Yes, so far. PulteGroup has raised its regular dividend for eight years in a row. Regular dividends per share grew about 13% a year from fiscal 2020 to fiscal 2025. The quarterly dividend rose 18%, from $0.22 to $0.26 per share, starting with the January 2026 payment. The yield was a modest 0.84% as of October 29, 2026. The company returns far more cash through buybacks, which totaled $1.2 billion in 2025. Its share count fell 27.3% between October 2021 and October 2026.
How do mortgage rates affect PulteGroup?
Higher rates hurt demand and squeeze profit margins. Most PulteGroup buyers take out a mortgage, so high rates made homes harder to afford in 2025. Net new orders fell 4%. The company leaned on incentives such as mortgage rate buydowns, where the builder pays to lower a buyer's interest rate. Gross margin from home sales slid from 27.5% in the first quarter of 2025 to 24.7% in the fourth. In the quarter ended September 30, 2026, revenue fell 9.8% and net income fell 18.8% from a year earlier.
What is PulteGroup's P/E ratio?
It was 11.2 as of October 29, 2026, based on fiscal 2025 earnings of $11.12 per diluted share. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. A low P/E can look cheap, but homebuilder profits rise and fall with the housing cycle. Earnings per share dropped from $14.69 in fiscal 2024, and net income fell 28%. The company's total stock market value was about $22.9 billion on the same date.
How much has PulteGroup stock dropped in past crashes?
A great deal. Its deepest peak-to-trough drop was 92.4%, over about 21 years of price history to October 29, 2026. In the 2008 financial crisis, the stock fell 58.6% between September and November 2008. It took about 47 months to recover. In the 2020 COVID crash, it fell 61.8% but recovered in under five months. Over the 10 years to October 29, 2026, it returned about 22.4% a year. Retirees who depend on steady values may find swings like these hard to live with.