PulteGroup, Inc. (PHM) Balance Sheet
PHM balance sheet, 2025
December 31, 2025 · U.S. dollars$18.05B assets = $5.06B liabilities + $12.99B equity
Both columns are drawn to the same scale: what PHM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PHM financial health
Descriptive bands, not a rating. Fiscal 2025.
PHM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.18B2016 | $18.05B2025 | +6.6%/yr | |
| Total liabilities | $5.52B2016 | $5.06B2025 | −1.0%/yr | |
| Shareholders’ equity | $4.66B2016 | $12.99B2025 | +12.1%/yr | |
| Cash & short-term investments | $723.2M2016 | $2.01B2025 | +12.0%/yr | |
| Total debt | $3.46B2016 | $2.40B2025 | −4.0%/yr | |
| Net cash (debt) | −$2.74B2016 | −$394.4M2025 | +$2.3B | |
| Working capital | $5.44B2016 | $12.63B2025 | +$7.2B | |
| Book value per share | $13.622016 | $65.082025 | +19.0%/yr | |
| Current ratio | 3.172016 | 5.912025 | +2.74 | |
| Debt / equity | 0.742016 | 0.192025 | −0.56 | |
| Shares outstanding | 342.1M2016 | 199.5M2025 | −5.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PHM assets
PHM liabilities and equity
PHM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PHM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.01B | $1.65B | $1.47B | $1.05B | $1.78B | $2.58B | $1.25B | $1.13B | $306.2M | $723.2M |
| Cash & equivalents | $2.01B | $1.65B | $1.47B | $1.05B | $1.78B | $2.58B | $1.25B | $1.13B | $306.2M | $723.2M |
| Short-term investments | $613.7M | $629.6M | $516.1M | $677.2M | $947.1M | $565.0M | $509.0M | $461.4M | $570.6M | $539.5M |
| Receivables | $265.9M | $253.4M | $26.9M | $677.2M | $947.1M | $565.0M | $132.1M | $194.4M | $100.0M | $129.1M |
| Inventory | $12.93B | $13.75B | $11.47B | $11.33B | $9.05B | $7.72B | $8.00B | $7.51B | $7.42B | $7.00B |
| Other current assets | $0 | $283.8M | $0 | $83.7M | $83.8M | $78.0M | $123.2M | $131.5M | $116.9M | $106.7M |
| Total current assets | $15.20B | $15.94B | $12.95B | $13.14B | $11.86B | $10.95B | $9.51B | $8.97B | $7.95B | $7.96B |
| Property, plant & equipment (net) | $348.3M | $347.0M | $298.9M | $273.7M | $223.5M | $203.0M | $181.7M | $92.9M | $70.7M | $77.4M |
| Goodwill & intangible assets | $66.6M | $115.2M | $125.3M | $135.8M | $146.9M | $163.4M | $125.0M | $127.2M | $141.0M | $154.8M |
| Long-term investments | $167.3M | $215.4M | $166.9M | $146.8M | $98.2M | $628.5M | $24.0M | $36.8M | $68.4M | $31.7M |
| Other non-current assets | $2.27B | $743.9M | $914.4M | $1.10B | $1.03B | $263.6M | $874.1M | $947.6M | $1.46B | $1.96B |
| Total assets | $18.05B | $17.36B | $14.45B | $14.80B | $13.35B | $12.21B | $10.72B | $10.17B | $9.69B | $10.18B |
| Liabilities | ||||||||||
| Accounts payable | $724.9M | $728.0M | $619.0M | $566.0M | $621.2M | $511.3M | $435.9M | $352.0M | $393.8M | $405.5M |
| Short-term debt | $560.9M | $550.6M | $1.96B | $2.05B | $2.03B | $12.0M | $345.6M | $348.4M | $437.8M | $454.6M |
| Deferred revenue | $387.8M | $512.6M | $2.81B | $783.6M | $844.8M | $449.5M | $294.4M | $254.6M | $250.8M | $187.9M |
| Total current liabilities | $2.57B | $2.79B | $4.77B | $3.03B | $3.04B | $2.37B | $2.42B | $2.33B | $2.53B | $2.51B |
| Long-term debt | $1.63B | $1.62B | $1.96B | $2.05B | $2.03B | $2.75B | $2.77B | $3.03B | $3.01B | $3.11B |
| Lease obligations | $133.2M | $109.0M | $91.6M | $90.1M | $92.7M | $91.4M | $91.4M | — | — | — |
| Other long-term liabilities | $859.5M | $833.9M | $1.09B | $802.2M | $791.6M | $515.4M | $72.4M | $0 | $0 | $0 |
| Total liabilities | $5.06B | $5.24B | $5.08B | $5.88B | $5.86B | $5.64B | $5.26B | $5.36B | $5.53B | $5.52B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $2.0M | $2.1M | $2.3M | $2.5M | $2.7M | $2.7M | $2.8M | $2.9M | $3.2M |
| Retained earnings (deficit) | $9.49B | $8.69B | $7.01B | $5.58B | $4.20B | $3.31B | $2.22B | $1.61B | $980.1M | $1.54B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | — | −$45,000 | −$145,000 | −$245,000 | −$345,000 | −$445,000 | −$526,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $12.99B | $12.12B | $9.37B | $8.91B | $7.49B | $6.57B | $5.46B | $4.82B | $4.15B | $4.66B |
| Key figures | ||||||||||
| Total debt | $2.40B | $2.34B | $1.96B | $2.63B | $4.06B | $3.16B | $3.26B | $3.38B | $3.44B | $3.46B |
| Net cash (debt) | −$394.4M | −$686.2M | −$490.9M | −$1.58B | −$2.28B | −$581.9M | −$2.00B | −$2.24B | −$3.14B | −$2.74B |
| Working capital | $12.63B | $13.15B | $8.17B | $10.11B | $8.82B | $8.58B | $7.09B | $6.64B | $5.42B | $5.44B |
| Tangible book value | $12.92B | $12.01B | $9.25B | $8.78B | $7.34B | $6.41B | $5.33B | $4.69B | $4.01B | $4.50B |
| Book value per share | $65.08 | $57.77 | $42.38 | $37.75 | $28.81 | $24.39 | $19.83 | $16.91 | $13.54 | $13.62 |
| Shares outstanding | 199.5M | 209.8M | 221.2M | 236.2M | 259.9M | 269.4M | 275.3M | 284.9M | 306.8M | 342.1M |
| Current ratio | 5.91 | 5.72 | 2.71 | 4.33 | 3.90 | 4.62 | 3.93 | 3.85 | 3.15 | 3.17 |
| Quick ratio | 0.88 | 0.68 | 0.31 | 0.57 | 0.90 | 1.33 | 0.57 | 0.57 | 0.16 | 0.34 |
| Debt / equity | 0.19 | 0.19 | 0.21 | 0.30 | 0.54 | 0.48 | 0.60 | 0.70 | 0.83 | 0.74 |
| Equity / assets | 71.9% | 69.8% | 64.9% | 60.2% | 56.1% | 53.8% | 50.9% | 47.4% | 42.9% | 45.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.89B | $2.32B | $2.01B | $1.48B | $1.27B | $1.28B | $1.65B | $1.46B | $1.45B | $1.77B | $1.85B | $1.90B |
| Cash & equivalents | $1.34B | $1.81B | $2.01B | $1.48B | $1.27B | $1.28B | $1.65B | $1.46B | $1.45B | $1.77B | $1.85B | $1.90B |
| Short-term investments | $549.7M | $509.3M | $613.7M | $486.1M | $581.6M | $642.8M | $629.6M | $556.7M | $569.4M | $570.8M | $516.1M | $414.4M |
| Receivables | $0 | $0 | $265.9M | $0 | $0 | $0 | $253.4M | $0 | −$2.3M | −$617.4M | $209.2M | $414.4M |
| Inventory | $13.72B | $13.30B | $12.93B | $13.35B | $13.22B | $12.96B | $13.75B | $12.67B | $12.32B | $12.13B | $12.52B | $11.62B |
| Other current assets | $41.6M | $36.4M | $0 | $0 | $0 | $0 | $283.8M | $0 | $2.3M | $617.4M | $245.0M | $0 |
| Total current assets | $15.64B | $15.65B | $15.20B | $14.83B | $14.48B | $14.24B | $15.94B | $14.12B | $13.77B | $13.90B | $14.83B | $13.52B |
| Property, plant & equipment (net) | $106.5M | $0 | $348.3M | $113.2M | $115.5M | $105.8M | $347.0M | $72.7M | $73.8M | $76.5M | $298.9M | $69.9M |
| Goodwill & intangible assets | $63.8M | $65.2M | $66.6M | $108.3M | $110.6M | $112.9M | $115.2M | $117.7M | $120.2M | $122.7M | $125.3M | $127.9M |
| Long-term investments | $202.8M | $168.1M | $167.3M | $179.2M | $181.8M | $220.8M | $215.4M | $213.0M | $210.2M | $204.1M | $166.9M | $162.3M |
| Other non-current assets | $2.25B | $2.31B | $2.27B | $2.62B | $2.70B | $2.66B | $743.9M | $2.43B | $2.37B | $2.19B | $669.2M | $1.84B |
| Total assets | $18.26B | $18.20B | $18.05B | $17.85B | $17.59B | $17.34B | $17.36B | $16.96B | $16.54B | $16.50B | $16.09B | $15.72B |
| Liabilities | ||||||||||||
| Accounts payable | $717.9M | $688.5M | $724.9M | $731.1M | $712.9M | $682.1M | $728.0M | $704.7M | $651.6M | $575.1M | $619.0M | $567.6M |
| Short-term debt | $477.9M | $478.7M | $560.9M | $414.0M | $514.0M | $463.4M | $550.6M | $533.6M | $539.5M | $555.5M | $521.4M | $434.7M |
| Deferred revenue | $512.3M | $466.6M | $387.8M | $470.7M | $520.5M | $541.5M | $512.6M | $597.8M | $654.4M | $698.8M | $675.1M | $769.9M |
| Total current liabilities | $2.97B | $2.86B | $2.57B | $2.79B | $2.81B | $2.86B | $2.79B | $3.29B | $3.22B | $3.37B | $3.05B | $3.32B |
| Long-term debt | $2.30B | $2.28B | $1.63B | $1.62B | $1.62B | $1.63B | $1.62B | $1.62B | $1.65B | $2.49B | $2.46B | $1.98B |
| Lease obligations | — | — | $133.2M | — | — | — | $109.0M | — | — | — | $91.6M | — |
| Other long-term liabilities | $0 | $107.7M | $859.5M | $610.1M | $576.0M | $546.5M | $833.9M | $477.1M | $452.6M | $0 | $195.2M | $406.9M |
| Total liabilities | $5.25B | $5.24B | $5.06B | $5.02B | $5.01B | $5.04B | $5.24B | $5.39B | $5.32B | $5.73B | $5.70B | $5.70B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.9M | $2.0M | $2.0M | $2.0M | $2.0M | $2.1M | $2.1M | $2.1M | $2.1M | $2.2M |
| Retained earnings (deficit) | $9.49B | $9.44B | $9.49B | $9.35B | $9.11B | $8.85B | $8.69B | $8.15B | $7.82B | $7.37B | $7.01B | $6.65B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | $0 | — |
| Total shareholders' equity | $13.01B | $12.95B | $12.99B | $12.83B | $12.57B | $12.30B | $12.12B | $11.56B | $11.22B | $10.76B | $10.38B | $10.01B |
| Key figures | ||||||||||||
| Total debt | $2.30B | $2.41B | $2.40B | $2.28B | $2.37B | $2.28B | $2.34B | $2.31B | $2.33B | $2.65B | $2.62B | $2.57B |
| Net cash (debt) | −$412.8M | −$89.1M | −$394.4M | −$799.2M | −$1.10B | −$999.6M | −$686.2M | −$854.0M | −$886.8M | −$884.6M | −$774.0M | −$667.6M |
| Working capital | $12.67B | $12.80B | $12.63B | $12.04B | $11.67B | $11.37B | $13.15B | $10.83B | $10.55B | $10.53B | $11.78B | $10.20B |
| Tangible book value | $12.95B | $12.89B | $12.92B | $12.72B | $12.46B | $12.19B | $12.01B | $11.45B | $11.10B | $10.64B | $10.26B | $9.88B |
| Book value per share | $67.13 | $66.82 | $66.33 | $64.73 | $62.66 | $60.40 | $58.79 | $55.47 | $53.14 | $50.40 | $48.12 | $45.58 |
| Shares outstanding | 193.9M | 193.9M | 195.8M | 198.1M | 200.7M | 203.7M | 206.2M | 208.5M | 211.2M | 213.5M | 215.8M | 219.7M |
| Current ratio | 5.27 | 5.48 | 5.91 | 5.31 | 5.15 | 4.97 | 5.72 | 4.29 | 4.28 | 4.12 | 4.87 | 4.08 |
| Quick ratio | 0.63 | 0.81 | 0.88 | 0.53 | 0.45 | 0.45 | 0.68 | 0.44 | 0.45 | 0.34 | 0.68 | 0.70 |
| Debt / equity | 0.18 | 0.19 | 0.19 | 0.18 | 0.19 | 0.18 | 0.19 | 0.20 | 0.21 | 0.25 | 0.25 | 0.26 |
| Equity / assets | 71.3% | 71.2% | 71.9% | 71.9% | 71.5% | 71.0% | 69.8% | 68.2% | 67.8% | 65.2% | 64.5% | 63.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 4, 2026); data from EODHD.
PHM financial position
At the end of fiscal 2025 (December 31, 2025), PulteGroup had total assets of $18.0 billion (up 3.9% from a year earlier), total liabilities of $5.1 billion and shareholders' equity of $13.0 billion. It held $2.0 billion in cash and short-term investments against $2.4 billion of debt, net debt of $394.4 million. Its current ratio was 5.91. In the latest quarter (ended June 30, 2026) total assets were $18.3 billion and equity $13.0 billion.
Related: PHM income statement, PHM cash flow statement, PHM key metrics. See the PHM stock overview for the latest quote and news.
PHM balance sheet FAQ
What are PulteGroup's total assets?
PulteGroup reported total assets of $18.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $17.4 billion a year earlier.
How much debt does PulteGroup have?
PulteGroup had $2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.19.
How much cash does PulteGroup have?
PulteGroup held $2.0 billion in cash and short-term investments at the end of fiscal 2025; with $2.4 billion of debt that is net debt of $394.4 million.
What is PulteGroup's book value?
PulteGroup's shareholders' equity (book value) was $13.0 billion at the end of fiscal 2025, or $65.08 per share.
What is PulteGroup's current ratio?
PulteGroup had current assets of $15.2 billion and current liabilities of $2.6 billion, a current ratio of 5.91 (it can cover its short-term obligations).
How much goodwill does PulteGroup have?
PulteGroup carried $66.6 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.