D. R. Horton (DHI)
$148.35Dividend record not assessed — stored history is shorter than Graham's required window.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Classic uses stricter thresholds (current ratio 2.0×, 10 years of positive EPS, 20 years of dividends); modern relaxes those to 1.5×, 7 years, and 10 years.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
✓1.Adequate size$34.3B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
◌2.Strong financial conditionNot evaluatedNo balance-sheet data; No debt or working-capital data
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
Balance-sheet fields not available in filed data — current ratio and debt tests could not be run.
—2a. Current ratio of at least 2.0No balance-sheet data
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsNo debt or working-capital data
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year10 of 10 years positive (≥10 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluated10 years on file (≥20 required)
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 10 years; Graham's rule requires 20.
✓5.Earnings growth+346% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings11.2× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 20.1 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
✓1.Adequate size$34.3B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
◌2.Strong financial conditionNot evaluatedNo balance-sheet data; No debt or working-capital data
Graham's second criterion has two parts: a current-ratio floor and a limit on long-term debt relative to working capital. Both must pass.
Balance-sheet fields not available in filed data — current ratio and debt tests could not be run.
—2a. Current ratio of at least 1.5No balance-sheet data
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsNo debt or working-capital data
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year7 of 7 years positive (≥7 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
✓4.Unbroken dividends10+ years paying (extent of available data) (≥10 required)
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
✓5.Earnings growth+346% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings11.2× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 20.1 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
Fair-value calculator
Graham's combined ceiling: 15× earnings · 1.5× book (defaults).
Price vs. Graham fair value, 10 years
Over the past 10 years, DHI's price has met Graham's fair value on 1022 trading days — most recently 2026-08-21.
10-year per-share record
| Year | EPS | Dividend | Book value/sh |
|---|---|---|---|
| 2016 | 2.36 | 0.32 | 18.2 |
| 2017 | 2.74 | 0.40 | 20.7 |
| 2018 | 3.81 | 0.50 | 23.9 |
| 2019 | 4.29 | 0.60 | 27.2 |
| 2020 | 6.41 | 0.70 | 32.5 |
| 2021 | 11.41 | 0.80 | 41.8 |
| 2022 | 16.51 | 0.90 | 56.3 |
| 2023 | 13.82 | 1.00 | 68.1 |
| 2024 | 14.34 | 1.20 | 78.8 |
| 2025 | 11.57 | 1.60 | 82.8 |
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