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Arphra AIPlain-English read on PulteGroup, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $13.74B | $16B | $16.06B | $17.95B | $17.31B | $16.34B | $17.15B | $18.45B |
| Cost of revenue | $9.95B | $11.17B | $11.34B | $12.73B | $12.74B | $12.02B | $12.09B | $13.25B |
| Gross profit | $3.78B | $4.83B | $4.72B | $5.22B | $4.57B | $4.53B | $4.73B | $5.13B |
| Gross margin | +27.53% | +30.21% | +29.38% | +29.09% | +26.41% | +27.69% | +27.60% | +27.83% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.21B | $1.38B | $1.31B | $1.32B | $1.57M | $822.18M | $913.68M | $929.35M |
| Total operating expenses | $1.23B | $1.39B | $1.32B | $1.33B | $1.57B | $1.36B | $1.38B | $1.52B |
| Operating income | $2.56B | $3.44B | $3.4B | $3.89B | $3B | $3.36B | $3.48B | $3.73B |
| Operating margin | +18.62% | +21.51% | +21.15% | +21.67% | +17.32% | +20.55% | +20.32% | +20.23% |
| EBITDA | $2.58B | $3.51B | $3.53B | $4.1B | $3.02B | $3.44B | $3.62B | $3.85B |
| EBIT | $2.51B | $3.44B | $3.45B | $4.01B | $2.91B | $3.23B | $3.52B | $3.67B |
| Below the line | ||||||||
| Interest expense | $502K | $284K | $469K | $479K | $605K | $495.95K | $514.47K | $547.5K |
| Interest income | $1.95M | $1.97M | $61.53M | $59.49M | $44.43M | $54.46M | $54.3M | $59.37M |
| Other income / expense | -$47.38M | -$2.6M | $52.96M | $115.98M | -$87.36M | — | — | — |
| Pre-tax income | $2.51B | $3.44B | $3.45B | $4.01B | $2.91B | $3.27B | $3.56B | $3.67B |
| Income tax expense | $563.53M | $822.24M | $846.9M | $922.62M | $692.59M | $788M | $806.26M | $887.17M |
| Earnings | ||||||||
| Net income | $1.95B | $2.62B | $2.6B | $3.08B | $2.22B | $2.58B | $2.72B | $2.79B |
| Net income · continuing ops | $1.95B | $2.62B | $2.6B | $3.08B | $2.22B | $2.49B | $2.65B | $2.81B |
| Net margin | +14.17% | +16.36% | +16.20% | +17.18% | +12.82% | +15.77% | +15.86% | +15.12% |
| EPS · basic | $7.44 | $11.07 | $11.79 | $14.82 | $11.21 | $10.15 | $11.36 | $13.26 |
| EPS · diluted | $7.43 | $11.01 | $11.72 | $14.69 | $11.12 | $10.00 | $11.16 | $13.16 |
| EPS · low estimate | — | — | — | — | — | $9.65 | $10.40 | $12.85 |
| EPS · high estimate | — | — | — | — | — | $10.34 | $11.87 | $13.47 |
| Shares · basic | 259.29M | 235.01M | 219.96M | 208.11M | 197.97M | 197.65M | 196.62M | 196.02M |
| Shares · diluted | 259.93M | 236.17M | 221.16M | 209.83M | 199.54M | 200.99M | 200.84M | 198.91M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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