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    Pultegroup Inc (PHM)

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    Business Description

    PulteGroup, Inc. is one of the largest homebuilders in the United States, primarily engaged in homebuilding operations, which account for the majority of its revenue . The company operates across 46 markets in 26 states, offering a diverse range of home designs through its brands, including Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West . PulteGroup predominantly sells single-family detached homes, with sales prices ranging from approximately $150,000 to over $2,500,000 . In addition to homebuilding, PulteGroup conducts financial services operations, including mortgage banking, title, and insurance agency services, through Pulte Mortgage and other subsidiaries .

    1. Homebuilding - Engages in the construction and sale of single-family detached homes across various markets, catering to first-time, move-up, and active adult buyers through multiple brands.
      • Centex - Offers affordable homes for first-time buyers.
      • Pulte Homes - Provides a range of home designs for move-up buyers.
      • Del Webb - Specializes in homes for active adult communities.
      • DiVosta Homes - Focuses on high-quality homes in select markets.
      • John Wieland Homes and Neighborhoods - Delivers luxury homes and neighborhoods.
      • American West - Builds homes in the Las Vegas area with a focus on innovative designs.
    2. Financial Services - Provides mortgage banking, title, and insurance agency services primarily to support homebuyers purchasing PulteGroup homes.

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2011FY 2012FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Homebuilding4,199.7715,740.83,856.84,488.04,362.5114,806.5917,514.03,801.8
    - Home Sales4,165.2315,598.73,819.64,448.24,343.2274,707.4717,318.53,749.3
    - Land Sales & Other34.53142.137.239.819.28499.12195.452.6
    Financial Services93.94320.892.4111.7113.831115.07433.090.8
    Total Revenue4,293.7116,061.63,949.24,599.74,476.3424,921.7617,947.03,892.7
    Revenue by Geography - in Millions of USDFY 2011FY 2012FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Northeast285.11969.6200.4257.15265.4345.251,068.199249.733
    Southeast665.642,675.2717.2770.59666.8726.292,880.882638.729
    Florida1,214.784,740.41,141.71,294.781,181.81,087.774,706.048980.539
    Midwest677.22,089.3531.7651.58660.7746.332,590.309582.442
    Texas481.752,069.5524.4583.30569.7463.32,140.699412.413
    West875.383,196.9704.2890.771,018.21,320.263,933.430888.797
    North--------
    Southwest--------
    - Other Homebuilding-------49.170
    Financial Services-------90.827
    Total Revenue4,385.916,061.63,819.64,448.174,362.54,883.6917,513.9563,892.650
    KPIs - Metric (Unit, Scale)FY 2011FY 2012FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Time required to construct a home (year-over-year change) (weeks shorter)-6-97---
    Time required to construct a home (sequential change) (weeks shorter)-6-97---
    Mortgage capture rate (percentage)-81.6%84.2%85.4%85.9%---
    Average FICO score on funded mortgage originations (score)-748750750749---
    Percentage of funded mortgage originations: Government (FHA, VA, USDA) (percentage)-23%24%25%26%---
    Percentage of funded mortgage originations: Other agency (percentage)-74%73%72%71%---
    Percentage of funded mortgage originations: Total agency (percentage)-97%97%97%97%---
    Percentage of funded mortgage originations: Non-agency (percentage)-3%3%3%3%---
    Percentage of funded mortgage originations: Total funded originations (percentage)-100%100%100%100%---
    Cancellation rate - Northeast (percentage)-8%6%7%7%---
    Cancellation rate - Southeast (percentage)-10%11%11%11%---
    Cancellation rate - Florida (percentage)-16%14%15%15%---
    Cancellation rate - Midwest (percentage)-1191010---
    Cancellation rate - Texas (percentage)-19%14%15%18%---
    Cancellation rate - West (percentage)-22%16%19%21%---
    Cancellation rate - Total (percentage)-16%13%14%15%---
    Average active communities (communities)-906931934957---
    Closings (units) - Northeast (units)-1,417285378391---
    Closings (units) - Southeast (units)-5,2011,4451,4991,340---
    Closings (units) - Florida (units)-7,7421,9172,1501,984---
    Closings (units) - Midwest (units)-3,9559901,1961,194---
    Closings (units) - Texas (units)-5,2951,3281,4721,485---
    Closings (units) - West (units)-4,9931,1301,4021,530---
    Closings (units) - Total (units)-28,6037,0958,0977,924---
    Average selling price - Northeast (USD (in thousands))-684703680679---
    Average selling price - Southeast (USD (in thousands))-513496514497---
    Average selling price - Florida (USD (in thousands))-601596602588---
    Average selling price - Midwest (USD (in thousands))-527537545553---
    Average selling price - Texas (USD (in thousands))-385395396382---
    Average selling price - West (USD (in thousands))-637623635665---
    Average selling price - Total (USD (in thousands))-545538549548---
    Net new orders (units) - Northeast (units)--------
    Net new orders (units) - Southeast (units)--------
    Net new orders (units) - Florida (units)--------
    Net new orders (units) - Texas (units)--------
    Net new orders (units) - West (units)--------
    Net new orders (units) - Total (units)-28,5808,3797,6497,031---
    Backlog (units) - Northeast (units)--------
    Backlog (units) - Southeast (units)-12,14613,43012,98212,089---
    Backlog (units) - Florida (units)--------
    Backlog (units) - Texas (units)--13,43012,98212,089---
    Backlog (units) - West (units)-12,14613,43012,98212,089---
    Backlog (units) - Total (units)-12,14613,43012,98212,089---
    Backlog (dollars) - Northeast (USD (in thousands))-7,319,7148,198,7888,109,1287,694,761---
    Backlog (dollars) - Southeast (USD (in thousands))-7,319,7148,198,7888,109,1287,694,761---
    Backlog (dollars) - Florida (USD (in thousands))-7,319,7148,198,7888,109,1287,694,761---
    Backlog (dollars) - Midwest (USD (in thousands))-$7,319,714$8,198,788$8,109,128$7,694,761---
    Backlog (dollars) - Texas (USD (in thousands))-7,319,7148,198,7888,109,1287,694,761---
    Backlog (dollars) - West (USD (in thousands))-$7,319,714$8,198,788$8,109,128$7,694,761---
    Backlog (dollars) - Total (USD (in thousands))-7,319,7148,198,7888,109,1287,694,761---
    Number of homes in production - Sold (units)-9,50810,26010,3229,684---
    Number of homes in production - Unsold under construction (units)-6,1185,6535,6926,055---
    Number of homes in production - Unsold completed (units)--------
    Number of homes in production - Models (units)-1,4651,4621,5111,537---
    Number of homes in production - Total (units)-18,35418,71218,76118,633---
    Owned lots - Northeast (number of lots)-4,2044,0334,4113,881---
    Optioned lots - Northeast (number of lots)-8,7186,7025,8706,533---
    Controlled lots - Northeast (total) (number of lots)-12,92210,73510,28110,414---
    Owned lots - Southeast (number of lots)-18,91118,58218,13918,040---
    Optioned lots - Southeast (number of lots)-27,66627,93332,31633,061---
    Controlled lots - Southeast (total) (number of lots)-46,57746,51550,45551,101---
    Owned lots - Florida (number of lots)-26,92226,76425,72625,655---
    Optioned lots - Florida (number of lots)-35,54335,30335,61633,388---
    Controlled lots - Florida (total) (number of lots)-62,46562,06761,34259,043---
    Owned lots - Midwest (number of lots)-12,29012,06511,99911,948---
    Optioned lots - Midwest (number of lots)-14,46115,54117,20520,359---
    Controlled lots - Midwest (total) (number of lots)-26,75127,60629,20432,307---
    Owned lots - Texas (number of lots)-16,48716,40616,41716,207---
    Optioned lots - Texas (number of lots)-17,37815,93916,60423,615---
    Controlled lots - Texas (total) (number of lots)-33,86532,34533,02139,822---
    Owned lots - West (number of lots)-25,70129,15128,54627,742---
    Optioned lots - West (number of lots)-14,34911,12312,45514,113---
    Controlled lots - West (total) (number of lots)-40,05040,27441,00141,855---
    Owned lots - Total (number of lots)-104,515107,001105,238103,473---
    Optioned lots - Total (number of lots)-118,115112,541120,066131,069---
    Controlled lots - Total (number of lots)-222,630219,542225,304234,542---

    Leadership

    NamePositionExternal RolesShort Bio

    Ryan R. Marshall

    ExecutiveBoard

    President and Chief Executive Officer

    Board Member at Floor & Decor Holdings, Inc.

    CEO since 2016, with extensive experience in homebuilding operations, marketing, and finance.

    		View Report →

    Brien P. O'Meara

    Executive

    Vice President and Controller (Principal Accounting Officer)

    None

    Controller since 2017, designated Principal Accounting Officer in 2020.

    James L. Ossowski

    Executive

    Executive Vice President and CFO

    None

    CFO since February 2025, with 22 years at PHM in various financial leadership roles, including SVP of Finance and Corporate Controller.

    Kevin A. Henry

    Executive

    Executive Vice President and Chief People Officer

    None

    Joined PHM in 2023, previously served as Chief People Officer at BlueLinx Corporation and Extended Stay America.

    Matthew Koart

    Executive

    Executive Vice President and COO

    None

    Rejoined PHM in 2023, previously held leadership roles at PHM from 1996 to 2008. Extensive experience in residential real estate development.

    Robert T. O'Shaughnessy

    Executive

    Executive Vice President and CFO (retiring)

    None

    CFO since 2011, overseeing financial strategy and operations. Transitioning toward retirement as of February 2025.

    Todd N. Sheldon

    Executive

    Executive Vice President, General Counsel, and Corporate Secretary

    None

    Oversees legal and corporate governance matters.

    Andrè J. Hawaux

    Board

    Board Member

    Board Member at Lamb Weston Holdings, Inc. and Tractor Supply Company

    Director since 2013, with experience in finance and operations leadership.

    Brian P. Anderson

    Board

    Board Member

    Board Member at Stericycle, Inc.

    Director since 2005, with extensive financial expertise as a former CFO of Baxter International and OfficeMax.

    Bryce Blair

    Board

    Board Member

    Manager at Harborview Associates, LLC; Advisory Board Member at Navitas Capital and Boston College Center for Real Estate

    Director since 2011, with significant experience in real estate and property management.

    Cheryl W. Grisè

    Board

    Board Member

    Lead Director at MetLife, Inc.; Director at ICF International and Dollar Tree, Inc.

    Director since 2008, with expertise in corporate governance and regulated industries.

    J. Phillip Holloman

    Board

    Board Member

    Non-Executive Chair at Vestis Corporation; Board Member at BlackRock Fixed Income

    Director since 2020, with expertise in operations, diversity, and risk management from his tenure at Cintas Corporation.

    John R. Peshkin

    Board

    Board Member

    Founder and Managing Partner at Vanguard Land, LLC

    Director since 2016, with extensive experience in real estate investment and development.

    Kristen Actis-Grande

    Board

    Board Member

    EVP and CFO at MSC Industrial Direct Co., Inc.

    Director since 2024, with expertise in finance and corporate strategy.

    Lila Snyder

    Board

    Board Member

    CEO of Bose Corporation

    Director since 2018, with leadership experience in technology and e-commerce sectors.

    Scott F. Powers

    Board

    Board Member

    Board Member at ADP; Non-Executive Chairman at Sun Life Financial, Inc.

    Director since 2016, with expertise in asset management and financial services.

    Thomas J. Folliard

    Board

    Non-Executive Chairman of the Board

    Non-Executive Chairman at CarMax, Inc.; Trustee at Baron Investment Funds Trust and Baron Select Funds

    Director since 2012, with extensive experience in retail and automotive industries.

    Questions to Ask Management

    1. Given your goal to increase land optioning to 70% over the next 3 to 3.5 years, what challenges do you anticipate in achieving this target, especially regarding land banking terms and potential interest rate fluctuations?
    2. With recent hurricanes causing operational delays due to power outages and municipal slowdowns, how are you adjusting your investment and operational strategies in Florida and other high-risk regions to mitigate future disruptions?
    3. You mentioned balancing the desire to maximize profitability while efficiently turning land assets without being "margin proud"; how are you navigating this balance in the current competitive market without compromising long-term returns?
    4. As you increase speculative building and expect cycle times to improve, how will this impact your backlog conversion rates, and what risks do you foresee with relying more on spec homes that sell and close within the same quarter?
    5. Considering your net debt-to-capital ratio is at a low 1.4% and you view leverage as an outcome rather than a driver, under what circumstances would you consider increasing leverage to support growth or shareholder returns, especially as land banking frees up more cash?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJanuary 30, 2024
    End Date/DurationNo expiration date
    Total additional amount$1.5 billion
    Remaining authorization$1.0 billion as of September 30, 2024
    DetailsPart of strategy to return excess funds to shareholders and capitalize on strong cash flows

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$4.56Fixed-rate debt0.160.2% = (4.56 / 2,204.79) * 100
    2024$524.09Variable-rate debt6.6523.8% = (524.09 / 2,204.79) * 100
    2025$11.38Fixed-rate debt2.760.5% = (11.38 / 2,204.79) * 100
    2026$268.39Fixed-rate unsecured notes5.5012.2% = (268.39 / 2,204.79) * 100
    2027$337.28Fixed-rate unsecured notes5.0015.3% = (337.28 / 2,204.79) * 100
    2028$4.34Fixed-rate debtN/A0.2% = (4.34 / 2,204.79) * 100
    2032$300.00Fixed-rate unsecured notes7.8813.6% = (300.00 / 2,204.79) * 100
    2033$400.00Fixed-rate unsecured notes6.3818.1% = (400.00 / 2,204.79) * 100
    2035$300.00Fixed-rate unsecured notes6.0013.6% = (300.00 / 2,204.79) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1973PresentCurrent auditor

    Latest news

    Recent press releases and 8-K filings for PHM.

    PulteGroup Eliminates Series A Preferred Shares
    •PHM
    • PulteGroup filed an 8-K on June 3, 2025 reporting the elimination of its Series A Junior Participating Preferred Shares, effective June 2, 2025.
    • The filing confirms that no Series A Preferred Shares are outstanding and removes them from the company's Restated Articles of Incorporation.
    • The document includes a Certificate of Elimination (Exhibit 3.1) and was signed by Executive Vice President, General Counsel and Corporate Secretary Todd N. Sheldon.
    Jun 3, 2025, 12:00 AM
    8-K
    PulteGroup Reports Q1 2025 Financial & Operational Highlights
    •PHM
    Earnings
    Guidance Update
    Demand Weakening
    Share Buyback
    • PulteGroup delivered Q1 2025 net income of $523 million with EPS of $2.57 after adjusting for non-recurring items
    • Home sale revenues reached $3.7B with 6,583 homes closed and an increased average sales price of $570K
    • The company secured 7,765 net new orders and maintains a backlog of 11,335 homes valued at $7.2B
    • Management provided updated guidance, expecting 7,400-7,800 Q2 closings and a full-year target of 29,000-30,000 homes amid evolving market conditions
    • Executed a $300M share repurchase by buying back 2.8 million shares
    • Ended Q1 with a robust balance sheet, holding $1.3B in cash and a debt-to-capital ratio of 11.7%
    • Continued focus on high-return buyer segments, strategic reduction of spec inventory, and managing escalating costs including tariff impacts of 1% on average selling price
    Apr 22, 2025, 12:31 PM
    TranscriptPresentation8-K