Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 8.2x · ROE 17.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.0B | $23.4B | $22.9B | $22.8B | $10.8B | $14.9B | $11.6B | $10.7B | $7.4B | $10.2B | $6.3B |
| Enterprise Value | $25.4B | $23.8B | $23.5B | $23.6B | $12.5B | $15.8B | $12.3B | $12.7B | $9.6B | $13.3B | $9.0B |
| P/E Ratio → | 11.68 | 10.54 | 7.41 | 8.81 | 4.14 | 7.69 | 8.32 | 10.60 | 7.24 | 23.09 | 10.50 |
| P/S Ratio | 1.44 | 1.35 | 1.27 | 1.42 | 0.67 | 1.08 | 1.05 | 1.05 | 0.73 | 1.19 | 0.82 |
| P/B Ratio | 2.00 | 1.80 | 1.89 | 2.20 | 1.21 | 1.98 | 1.77 | 1.96 | 1.54 | 2.46 | 1.35 |
| P/FCF | 14.28 | 13.38 | 14.63 | 10.85 | 19.35 | 15.95 | 6.73 | 10.48 | 5.32 | 16.17 | 217.02 |
| P/OCF | 13.34 | 12.50 | 13.59 | 10.39 | 16.09 | 14.80 | 6.51 | 9.91 | 5.11 | 15.39 | 92.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.37 | 1.31 | 1.47 | 0.78 | 1.15 | 1.12 | 1.24 | 0.95 | 1.56 | 1.18 |
| EV / EBITDA | 8.15 | 7.65 | 5.92 | 6.79 | 3.55 | 6.03 | 6.79 | 9.11 | 6.91 | 13.23 | 8.76 |
| EV / EBIT | 8.46 | 8.17 | 5.87 | 6.84 | 3.63 | 6.31 | 7.10 | 9.47 | 7.16 | 14.20 | 9.66 |
| EV / FCF | — | 13.61 | 15.07 | 11.21 | 22.44 | 17.01 | 7.13 | 12.44 | 6.94 | 21.14 | 311.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.4% | 26.4% | 29.1% | 29.4% | 30.2% | 27.5% | 25.2% | 23.5% | 23.3% | 21.7% | 25.4% |
| Operating Margin | 17.3% | 17.3% | 21.7% | 21.1% | 21.5% | 18.6% | 15.8% | 13.1% | 13.2% | 11.2% | 12.7% |
| Net Profit Margin | 12.8% | 12.8% | 17.2% | 16.2% | 16.4% | 14.2% | 12.7% | 10.0% | 10.0% | 5.2% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.7% | 17.7% | 27.4% | 27.0% | 31.9% | 27.7% | 23.4% | 19.8% | 22.8% | 10.1% | 12.8% |
| ROA | 12.5% | 12.5% | 18.4% | 16.9% | 18.6% | 15.2% | 12.3% | 9.7% | 10.3% | 4.5% | 6.2% |
| ROIC | 17.2% | 17.2% | 24.3% | 23.4% | 27.0% | 24.4% | 17.8% | 13.8% | 14.1% | 9.8% | 10.7% |
| ROCE | 20.0% | 20.0% | 28.2% | 27.6% | 32.3% | 27.3% | 20.2% | 16.6% | 18.0% | 12.9% | 13.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.19 | 0.25 | 0.32 | 0.38 | 0.51 | 0.60 | 0.70 | 0.83 | 0.74 |
| Debt / EBITDA | 0.77 | 0.77 | 0.59 | 0.75 | 0.80 | 1.07 | 1.83 | 2.34 | 2.42 | 3.42 | 3.36 |
| Net Debt / Equity | — | 0.03 | 0.06 | 0.07 | 0.19 | 0.13 | 0.11 | 0.37 | 0.47 | 0.76 | 0.59 |
| Net Debt / EBITDA | 0.13 | 0.13 | 0.17 | 0.22 | 0.49 | 0.37 | 0.38 | 1.44 | 1.61 | 3.11 | 2.66 |
| Debt / FCF | — | 0.23 | 0.44 | 0.37 | 3.09 | 1.06 | 0.40 | 1.97 | 1.61 | 4.97 | 94.48 |
| Interest Coverage | 4812.10 | 4812.10 | 8364.00 | 7355.51 | 12112.12 | 5000.69 | 407.94 | 2294.79 | 2181.49 | 1867.46 | 1362.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.91 | 5.91 | 5.72 | 4.87 | 4.10 | 3.26 | 3.40 | 3.93 | 3.85 | 3.15 | 3.17 |
| Quick Ratio | 0.88 | 0.88 | 0.79 | 0.76 | 0.47 | 0.62 | 0.91 | 0.62 | 0.63 | 0.21 | 0.38 |
| Cash Ratio | 0.78 | 0.78 | 0.59 | 0.61 | 0.34 | 0.51 | 0.81 | 0.52 | 0.49 | 0.12 | 0.29 |
| Asset Turnover | — | 0.96 | 1.03 | 1.00 | 1.08 | 1.03 | 0.90 | 0.95 | 1.00 | 0.89 | 0.75 |
| Inventory Turnover | 0.99 | 0.99 | 0.93 | 0.91 | 0.94 | 1.05 | 1.03 | 0.98 | 1.04 | 0.90 | 0.82 |
| Days Sales Outstanding | — | 5.61 | 5.15 | 4.75 | 4.96 | 6.44 | 6.63 | 4.72 | 6.96 | 4.26 | 6.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.8% | 0.7% | 0.6% | 1.3% | 1.0% | 1.1% | 1.1% | 1.4% | 1.1% | 2.0% |
| Payout Ratio | 8.0% | 8.0% | 5.4% | 5.5% | 5.5% | 7.6% | 9.3% | 12.0% | 10.2% | 25.2% | 20.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.6% | 9.5% | 13.5% | 11.4% | 24.2% | 13.0% | 12.0% | 9.4% | 13.8% | 4.3% | 9.5% |
| FCF Yield | 7.0% | 7.5% | 6.8% | 9.2% | 5.2% | 6.3% | 14.9% | 9.5% | 18.8% | 6.2% | 0.5% |
| Buyback Yield | 4.9% | 5.2% | 5.3% | 4.4% | 10.1% | 6.1% | 1.6% | 2.7% | 4.1% | 9.0% | 9.6% |
| Total Shareholder Yield | 5.6% | 6.0% | 6.1% | 5.1% | 11.5% | 7.1% | 2.7% | 3.8% | 5.5% | 10.1% | 11.6% |
| Shares Outstanding | — | $200M | $210M | $221M | $236M | $260M | $269M | $275M | $285M | $307M | $342M |
Cyclical demand sensitivity
According to current market data, PulteGroup trades at a P/E of 12.38, which, when compared to its historical averages and peer group, suggests that investors are pricing in a significant deceleration in earnings growth rather than the premium valuation typically afforded to its specialized Del Webb brand.
The forward P/E of 13.76 implies that the market expects earnings to remain under pressure as the company navigates a cooling housing market. This valuation discount relative to luxury-focused peers like NVR suggests that the market remains skeptical of the company's ability to maintain its current margin profile in a high-interest-rate environment.
Based on reported financial figures, PulteGroup's ROIC has trended downward from 6.9% in 2024Q4 to 2.5% in 2026Q1, indicating that the company is struggling to maintain its historical compounding efficiency as the broader residential construction cycle faces significant headwinds in its core Sunbelt markets.
The decline in ROIC appears driven by both contracting operating margins and a less efficient utilization of invested capital as the company manages its inventory levels. Investors should monitor whether this trend represents a structural decay in returns or a temporary byproduct of the current inventory-heavy operational strategy.
As reported in recent quarterly filings, PulteGroup's days inventory outstanding reached 456 days in 2026Q1, a significant increase from 341 days in 2024Q4, which suggests that the company's ability to convert its land and construction pipeline into cash is slowing down considerably compared to historical norms.
The lengthening of the cash conversion cycle indicates that capital is becoming increasingly trapped in work-in-progress inventory, which may necessitate further reliance on land option agreements to preserve liquidity. This inefficiency warrants further investigation into whether the company is over-extending its development pipeline relative to current absorption rates.
Based on the latest quarterly data, PulteGroup maintains a current ratio of 5.28, which, while appearing robust on the surface, is heavily influenced by high inventory levels that may not be easily liquidated under severe market stress, as indicated by a quick ratio of only 0.79.
The disparity between the current and quick ratios suggests that the company's liquidity position is highly dependent on the successful sale of its housing inventory. Investors should be cautious, as this reliance on inventory turnover means that a sudden drop in demand could rapidly erode the company's apparent financial flexibility.
The debt-to-equity ratio of 0.18 is frequently cited as evidence of a fortress balance sheet, yet this metric obscures the significant off-balance-sheet liabilities associated with the company's extensive land option agreements, which effectively function as debt-like commitments to future capital expenditures.
Analysts should instead focus on the 'Land Option Ratio' and total contractual obligations to gain a more accurate picture of the company's true leverage. Relying solely on traditional D/E ratios likely underestimates the financial risk inherent in the company's current land-light strategy during a cyclical downturn.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PHM stock.
PulteGroup, Inc.'s current P/E ratio is 11.7x. The historical average is 10.6x. This places it at the 72th percentile of its historical range.
PulteGroup, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
PulteGroup, Inc.'s return on equity (ROE) is 17.7%. The historical average is 11.6%.
Based on historical data, PulteGroup, Inc. is trading at a P/E of 11.7x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PulteGroup, Inc.'s current dividend yield is 0.68% with a payout ratio of 8.0%.
PulteGroup, Inc. has 26.4% gross margin and 17.3% operating margin. Operating margin between 10-20% is typical for established companies.
PulteGroup, Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.