PHMPULTEGROUP INC/MI/

Operative Builders

Revenue: $17.3B; 3.5% YoY
Operating margin: —
EBITDA: —
Market cap: $24.0B
Employees: 6,506; $3M revenue each
Net debt / EBITDA: —; −$1.3B net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
84% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
74% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$24.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$26M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.7B	$16.0B	$16.1B	$17.9B	$17.3B	3.5%
Net income	$1.9B	$2.6B	$2.6B	$3.1B	$2.2B	28%
Operating cash flow	$1.0B	$668M	$2.2B	$1.7B	$1.9B	11%
Capex	$73M	$113M	$92M	$119M	$123M	3.5%
Stock-based comp	$37M	$43M	$48M	$55M	$55M	0.2%
Buybacks	$897M	$1.1B	$1.0B	$1.2B	$1.2B	0.0%
Dividends	$148M	$144M	$142M	$168M	$177M	5.4%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 29, 2020	PULTE WILLIAM J	SC 13D/A	2.1%	Passive
Aug 26, 2019	PULTE WILLIAM J	SC 13D/A	4.8%	Passive
Jan 23, 2019	PULTE WILLIAM J	SC 13D/A	6.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $26M · 8
Net: −$26M

Pay vs performance

No pay-versus-performance disclosure yet.