PULTEGROUP INC/MI/ (PHM)

Operative Builders

Latest Price

$126.47

TTM P/E

12.92

Normalized P/E

11.05

Div Yield

0.79%

Book Value

68.23

P/B Ratio

1.85

Valuation metrics

EPS: $11.12

Book value / share: $67.38

Formula: √(22.5 × EPS × BVPS)

Graham Number

$129.84

+3% upside

Norm. op. income: $2.9B (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$125.20

1% downside

Base FCF: $1.6B (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$95.77

24% downside

EPS: $11.12

Target P/E: 11×

Formula: EPS × P/E

P/E Fair Value

$122.32

3% downside

89.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	19.26M	$2.26B	10.10%	+79.6K	2026-03-31
FRANKLIN RESOURCES INC	14.98M	$1.76B	7.85%	+1.42M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	12.51M	$1.47B	6.56%	--	2026-03-31
STATE STREET CORP	8.89M	$1.05B	4.66%	-229.1K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	8.18M	$961.0M	4.29%	--	2026-03-31
GREENHAVEN ASSOCIATES INC	5.50M	$646.0M	2.88%	-37.3K	2026-03-31
PRICE T ROWE ASSOCIATES INC /MD/	5.49M	$645.0M	2.88%	+1.20M	2026-03-31
FMR LLC	5.38M	$632.0M	2.82%	-1.18M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	5.27M	$617.0M	2.76%	+57.7K	2026-03-31
FIRST TRUST ADVISORS LP	4.31M	$507.0M	2.26%	+313.6K	2026-03-31