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One of the largest US homebuilders, constructing single-family homes and increasingly land-light developments.
One of the largest US homebuilders, constructing single-family homes and increasingly land-light developments.
Builds and sells homes, bundling features into a single price, and uses mortgage incentives to move volume; its own mortgage and title businesses earn from many of its buyers. In 2025 it spun off Millrose Properties, which buys land and sells finished lots back to Lennar, so Lennar owns far less land than rivals. The 2018 CalAtlantic purchase made it one of the largest US builders.
Moat: narrow (scale, cost advantage). National scale and shift toward asset-light land strategy lowers capital intensity versus peers.
Headquarters: Miami, Florida, US · Founded: 1954 · Employees: 12,532
Size Lennar (LEN) is a United States Consumer Discretionary company (Homebuilding) with a market value of $21.1B, the 480th largest of 3,117 United States companies the cockpit tracks. Shares closed at $88.74 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against +11.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 9 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +2.4%); the operating margin is 5.4% (peer median 12.1%).
Valuation It trades at 18.9× forward earnings against a peer median of 14.4× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.1 points below its cost of capital (10.3% WACC).
Credit Lennar has 5 bonds outstanding ($2.35B), rated BBB by the agencies and trading like BBB at a weighted spread of 90 bp.
Short interest Short interest is 11.2% of the free float (15 Oct 2026).
Next results Next results expected around 16 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $32.0B | $34.1B | $35.5B | $34.3B | $33.7B |
| Revenue growth | — | -4% | +3% | +2% | — |
| Gross profit | $5.14B | $6.01B | $8.01B | $8.23B | $9.20B |
| EBITDA | $1.88B | $2.75B | $4.92B | $5.53B | $6.85B |
| Net income | $1.30B | $2.06B | $3.89B | $3.89B | $4.56B |
| Free cash flow | $1.04B | $310M | $2.46B | $5.18B | $3.61B |
| Capital expenditure | $126M | $189M | $172M | $99.8M | $57.2M |
| Total debt | $6.12B | $6.14B | $4.45B | $5.14B | $6.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| PulteGroup PHM | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% |
| NVR NVR | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LEN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.4% | +12.6% | 3rd highest of 9 |
| 6-month return | +0.4% | +11.8% | 2nd lowest of 9 |
| Distance from 52-week high | -33.0% | -13.4% | 2nd lowest of 9 |
| Revenue growth (TTM) | -8.0% | +2.4% | 3rd lowest of 9 |
| Operating margin | 5.4% | 12.1% | lowest of 9 |
| Forward P/E | 18.9× | 14.4× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 4.1% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +8.7% | +7.3% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +2.6 pp | -2.5 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -5.1 pp | +2.4 pp | 3rd lowest of 9 |
| EV / EBITDA | 13.7× | 9.8× | most expensive of 8 |
| Net debt / EBITDA | 2.5× | 1.0× | 2nd most indebted of 8 |
| Bond spread | 90 bp | 86 bp | widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lennar LEN | United States | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% | +8.7% |
| PulteGroup PHM | United States | $24.4B | +13% | -9% | 15% | 14.3× | 4.7% | +9.4% |
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| D. R. Horton DHI | United States | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% | +3.5% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
Lennar has 5 bonds outstanding with $2.35B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.38%, a spread of 90 bp over government bonds.