A Business at a Glance
0 of 5 daily views used (5 remaining). Sign up free for 10 daily views, or try AAPL for a full preview.
LENNAR CORP /NEW/
LEN
$21.8B
Mkt Cap
$84.64
+3.06%
LENNAR CORP /NEW/ (LEN) has a current P/E ratio of 5.7, compared to its historical median P/E of 9.4. The stock is currently considered Cheap based on its historical valuation range.
LENNAR CORP /NEW/ (LEN) has a 5-year average return on invested capital (ROIC) of 18.3%. This indicates strong capital allocation and a potential competitive advantage.
LENNAR CORP /NEW/ (LEN) has a market capitalization of $20.7B. It is classified as a large-cap stock.
Yes, LENNAR CORP /NEW/ (LEN) pays a dividend with a trailing twelve-month yield of 2.48%. The company also returns capital through share buybacks, with a buyback yield of 6.30%.
Based on historical P/E analysis, LENNAR CORP /NEW/ (LEN) appears cheap. The current P/E of 5.7 is 40% below its historical median of 9.4. The estimated fair value CAGR (P/E method) is 21.2%.
LENNAR CORP /NEW/ (LEN) operates in the General Bldg Contractors - Residential Bldgs industry, within the Industrials sector.
LENNAR CORP /NEW/ (LEN) reported annual revenue of $34.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lennar Corporation is one of the largest homebuilders in the United States by deliveries and revenues, operating through four reportable segments: Homebuilding, Financial Services, Multifamily, and Lennar Other. The Homebuilding segment, which generated approximately 94% of consolidated revenues at $32 billion in fiscal 2025, constructs and sells single-family attached and detached homes across four geographic regions (East, Central, South Central, and West) plus urban divisions, targeting first-time, move-up, active adult, and luxury homebuyers with an average sales price of $391,000 in fiscal 2025. Lennar's business model emphasizes a land-light operating strategy, with 98% of homesites controlled through options with land banks, land sellers, and joint ventures as of November 2025, reducing capital intensity and years' supply of owned land while maintaining flexibility. The company differentiates through its Everything's Included® approach, which standardizes luxury features across homes, leverages purchasing power, and simplifies operations; it also employs dynamic pricing models, digital marketing, and core standardized home plans to drive cost efficiencies and maintain margins. Financial Services provides residential and commercial mortgage origination, title insurance, and closing services, while the Multifamily segment develops and manages rental properties through sponsored funds and joint ventures. Lennar's construction model relies on independent subcontractors for most development and building work, enabling asset-light operations, and the company uses technology investments and partnerships to improve homebuilding efficiency and reduce customer acquisition costs.
【Margin recovery through operational efficiency】 Management expects sequential gross margin improvement quarter-to-quarter as the company advances its land-light execution model, reduces construction costs through consistent production pacing, and benefits from increased inclusion of core product offerings. The company is focused on maintaining even flow production by matching starts and sales pace while using gross margin as a shock absorber to manage affordability pressures in a challenging interest rate environment. Lennar anticipates that technology-driven improvements in land acquisition, diligence, and cost structure will enhance operational efficiency and reduce overall cost of capital, while targeted financing programs and closing cost assistance will continue to address affordability for buyers qualifying on payment rather than price. Management remains positioned to capitalize on potential government-sponsored affordability programs and expects to see margin expansion as incentive levels normalize, though near-term results remain dependent on market conditions including interest rates and consumer confidence.
| Metric | Target | Period |
|---|---|---|
| Q3 2026 New Orders | 21,000–22,000 homes | Q3 FY2026 |
| Q3 2026 Deliveries | 20,500–21,500 homes | Q3 FY2026 |
| Q3 2026 Average Sales Price | $375,000–$380,000 | Q3 FY2026 |
| Q3 2026 Financial Services Earnings | $95–$100 million | Q3 FY2026 |
| Q3 2026 Multifamily Loss | approximately $15 million | Q3 FY2026 |
| Q3 2026 Lennar Other Loss | approximately $20 million | Q3 FY2026 |
| Q3 2026 Combined Homebuilding Joint Venture, Land Sales and Other Loss | approximately $15 million | Q3 FY2026 |
| Q3 2026 Tax Rate | approximately 28% | Q3 FY2026 |
| Q3 2026 Weighted Average Share Count | approximately 238 million | Q3 FY2026 |
| Q3 2026 EPS | $1.20–$1.40 | Q3 FY2026 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 33.2B | 34.2B | 35.4B | 34.2B | 33.7B | 27.1B |
| Net Income | 1.8B | 2.1B | 3.9B | 3.9B | 4.6B | 4.4B |
| EPS | $6.87 | $7.98 | $14.31 | $13.73 | $15.72 | $14.27 |
| Free Cash Flow | -90M | 28M | 2.2B | 5.1B | 3.2B | 2.5B |
| ROIC | 0.0% | 8.2% | 16.6% | 19.9% | 24.8% | 21.9% |
| Gross Margin | - | 16.7% | 21.3% | 23.0% | - | 20.9% |
| Debt/Equity | 0.00 | 0.27 | 0.15 | 0.00 | 0.57 | 0.59 |
| Dividends/Share | $2.10 | $2.02 | $2.02 | $1.52 | $1.51 | $1.01 |
| Operating Income | 0 | 2.8B | 5.1B | 5.1B | 5.9B | 5.7B |
| Operating Margin | 0.0% | 8.2% | 14.4% | 15.0% | 17.6% | 21.2% |
| ROE | 8.1% | 8.3% | 14.3% | 15.4% | 20.3% | 22.6% |
| Shares Outstanding | 244M | 258M | 272M | 283M | 290M | 307M |
LENNAR CORP /NEW/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
LENNAR CORP /NEW/ trades at 5.7x trailing earnings, compared to its 15-year median P/E of 9.4x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 648.0x vs a median of 12.1x. The company's 5-year average ROIC is 18.3% with a gross margin of 20.5%. Total shareholder yield (dividends + buybacks) is 8.8%. At current prices, the estimated annualized return to fair value is -2.2%.
LENNAR CORP /NEW/ (LEN) has a net profit margin of 6.0%. This is a modest margin.
LENNAR CORP /NEW/ (LEN) generated $28 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LENNAR CORP /NEW/ (LEN) has a debt-to-equity ratio of 0.27. This indicates a conservatively financed balance sheet.
LENNAR CORP /NEW/ (LEN) reported earnings per share (EPS) of $7.98 in its most recent fiscal year.
LENNAR CORP /NEW/ (LEN) has a return on equity (ROE) of 8.3%. This indicates moderate shareholder returns.
LENNAR CORP /NEW/ (LEN) has a 5-year average gross margin of 20.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for LENNAR CORP /NEW/ (LEN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LENNAR CORP /NEW/ (LEN) has a book value per share of $85.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sequential gross margin improvement quarter-to-quarter as the company advances its land-light execution model, reduces construction costs through consistent production pacing, and benefits from increased inclusion of core product offerings. The company is focused on maintaining even flow production by matching starts and sales pace while using gross margin as a shock absorber to manage affordability pressures in a challenging interest rate environment. Lennar anticipates that technology-driven improvements in land acquisition, diligence, and cost structure will enhance operational efficiency and reduce overall cost of capital, while targeted financing programs and closing cost assistance will continue to address affordability for buyers qualifying on payment rather than price. Management remains positioned to capitalize on potential government-sponsored affordability programs and expects to see margin expansion as incentive levels normalize, though near-term results remain dependent on market conditions including interest rates and consumer confidence.
Based on recent SEC filings and earnings calls, LENNAR CORP /NEW/ (LEN) has provided the following forward guidance: Q3 2026 New Orders: 21,000–22,000 homes (Q3 FY2026); Q3 2026 Deliveries: 20,500–21,500 homes (Q3 FY2026); Q3 2026 Average Sales Price: $375,000–$380,000 (Q3 FY2026); Q3 2026 Financial Services Earnings: $95–$100 million (Q3 FY2026); Q3 2026 Multifamily Loss: approximately $15 million (Q3 FY2026), plus 6 additional metrics.
| FY2026 Delivery Guidance | 82,000–83,000 homes | FY2026 |
Q3 2026 New Orders (Q3 FY2026): “We expect Q3 new orders to be in the range of 21,000- 22,000 homes, with continued focus on matching start and sales pace.”
Q3 2026 Deliveries (Q3 FY2026): “We anticipate our Q3 deliveries to be in the range of 20,500 - 21,500 as we maintain even flow of production and turn inventory into cash.”
Q3 2026 Average Sales Price (Q3 FY2026): “Our Q3 average sales price on those deliveries should be between $375,000 and $380,000.”
Q3 2026 Financial Services Earnings (Q3 FY2026): “We anticipate our financial services earnings to be between $95 million and $100 million”
Q3 2026 Multifamily Loss (Q3 FY2026): “for our multifamily business, we expect a loss of approximately $15 million.”
Q3 2026 Lennar Other Loss (Q3 FY2026): “For our Lennar Other segment, we expect a loss of approximately $20 million, excluding the impact of any potential mark-to-market adjustments.”
Q3 2026 Combined Homebuilding Joint Venture, Land Sales and Other Loss (Q3 FY2026): “For the combined homebuilding joint venture, land sales, and other categories, we expect a loss of approximately $15 million.”
Q3 2026 Tax Rate (Q3 FY2026): “We expect our Q3 tax rate to be approximately 28%”
No recent press releases.