Lennar Corporation LEN.B

Consumer DiscretionaryHomebuilding & Construction SuppliesUnited States of America

Last close 89.92 USD on Nov 2, 2026, −3.3% year to date

Quant rating

Quant rating D Rank 268 of 344 in Consumer Discretionary

Growth D 253 of 344
Valuation D 282 of 344
Quality C 163 of 344
Revisions D 288 of 344
Momentum C 181 of 344

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 21.6B
Enterprise value: 26.2B
52-week range: 71.33 – 125.48
3-year range: 71.33 – 167.89
Dividend yield: 2.33%
Beta (5 years): 1.33
Shares outstanding: 238M
Next earnings: –

About the company

Lennar Corporation is a homebuilder and an originator of residential and commercial mortgage loans. The Company is a provider of title insurance and closing services and a developer of multifamily rental properties. Its segments include Homebuilding, Financial Services, Multifamily, and Lennar Other. The Homebuilding segment primarily includes the construction and sale of single-family attached and detached homes, as well as the purchase, development and sale of residential land directly and through the Company's unconsolidated entities. The Financial Services segment primarily provides mortgage financing, title and closing services primarily for buyers of our homes, as well as property and casualty insurance. The Multifamily segment focuses on developing a geographically diversified portfolio of institutional multifamily rental properties in select United States markets. The Lennar Other segment includes fund investments.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	34,187	35,441	34,233	33,671	27,131	–
Revenue growth	−3.5%	3.5%	1.7%	24.1%	20.6%	8.7%
EPS (basic, normalized)	7.98	14.31	13.73	–	–	–
EPS growth	−44.2%	4.2%	–	–	–	–
Gross margin	11.0%	16.6%	18.1%	22.3%	21.7%	17.9%
Net margin	6.0%	11.0%	11.4%	13.5%	16.1%	11.6%
ROE	8.3%	14.4%	15.5%	20.5%	22.8%	16.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,426
Current ratio	–
Long-term debt (mil)	5,882
Net debt (mil)	4,593
Total equity (mil)	21,559
Net debt / equity	0.21x
Net debt / EBITDA	1.48x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	34,187	−3.5%	0.8x	3,093	−43.1%	8.5x	7.98	−44.2%	11.3x
2026	31,178	−8.8%	0.8x	2,004	−35.2%	13.1x	4.80	−39.9%	18.7x
2027	31,371	+0.6%	0.8x	1,884	−6.0%	13.9x	4.77	−0.5%	18.8x
2028	33,133	+5.6%	0.8x	2,069	+9.8%	12.7x	5.95	+24.6%	15.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	31,178	0.0%	−3.3%	−3.3%	4.80	+0.2%	−12.8%	−22.6%
2027	31,371	−0.8%	−6.4%	−7.1%	4.77	−3.0%	−26.1%	−37.0%
2028	33,133	−1.5%	−6.5%	−17.1%	5.95	−1.9%	−27.5%	−49.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	8,766	9,416	9,947	7,632	8,378	8,810	9,368	6,619	7,940	8,046
Sales mean (mil)	8,415	9,144	10,018	7,394	8,078	8,971	8,968	6,824	7,958	8,252
Surprise	+4.2%	+3.0%	−0.7%	+3.2%	+3.7%	−1.8%	+4.5%	−3.0%	−0.2%	−2.5%
EPS reported	3.45	4.26	4.06	1.96	1.81	2.29	1.93	0.93	1.24	1.19
EPS mean	3.24	3.63	4.14	1.73	1.94	2.09	2.21	0.95	1.24	1.28
Surprise	+6.4%	+17.3%	−1.9%	+13.3%	−6.6%	+9.5%	−12.8%	−2.4%	−0.3%	−7.3%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LEN.B Lennar Corporation	21.6B	1.48x	6.0%	1.00x	18.7x	18.8x	13.1x	13.9x
PHM PulteGroup, Inc.	24.2B	0.25x	12.8%	1.85x	14.1x	13.8x	9.8x	9.8x
GBERY Geberit AG	23.8B	–	18.9%	17.20x	3.0x	2.8x	21.9x	20.5x
LEN Lennar Corporation	21.6B	1.48x	6.0%	1.00x	18.4x	17.4x	13.0x	13.1x
KGSPY Kingspan Group PLC	19.5B	–	7.3%	3.63x	21.7x	17.2x	14.0x	11.3x
DWAHY DAIWA HOUSE INDUSTRY CO., LTD.	19.3B	–	6.3%	0.98x	–	–	–	–
Mean		1.07x	9.6%	4.28x	15.2x	14.0x	14.4x	13.7x
Median		1.48x	6.8%	1.43x	18.4x	17.2x	13.1x	13.1x

Technical analysis

1M+15.0%
3M+12.2%
1Y−22.1%
3Y−6.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lennar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	34,187	35,441	34,233	33,671	27,131	22,489
Cost of revenue	30,414	29,572	28,050	26,175	21,249	18,663
Gross profit	3,773	5,870	6,183	7,496	5,882	3,826
Selling, general & administrative expenses	848	840	501	414	398	358
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−33.6	−9.3	437	1,024	−214	388
Unusual expense (income)	–	–	–	0	−158	−61.4
Other operating expenses	145	−146	42.6	42.8	36.4	17.0
Operating income	2,814	5,185	5,202	6,015	5,819	3,124
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	2,814	5,185	5,202	6,015	5,819	3,124
Provision for taxes	706	1,217	1,241	1,366	1,363	656
Minority interest	−30.1	−35.1	−22.8	−34.4	−26.4	−2.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,078	3,933	3,939	4,614	4,430	2,465
Extraordinary items	–	–	–	–	–	–
Net income	2,078	3,933	3,939	4,614	4,430	2,465
EBIT, normalized	2,780	5,176	5,640	7,038	5,447	3,475
EBITDA, normalized	2,915	5,291	5,750	7,126	5,533	3,570
Basic EPS, normalized	7.98	14.31	13.73	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lennar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,756	4,910	6,474	4,779	2,922	2,863
Receivables	1,471	1,599	1,604	1,500	1,198	851
Total inventory	11,841	20,312	18,898	21,862	19,169	17,175
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	912	791	551	860	835	936
Goodwill	3,632	3,632	3,632	3,632	3,632	3,632
Intangibles	–	–	–	–	–	–
Long-term investments	2,941	2,813	2,551	2,753	3,223	2,424
Note receivable	–	53.6	92.1	114	98.4	86.6
Other long-term assets	26,945	34,023	32,408	30,625	25,419	22,856
Total assets	34,430	41,313	39,234	37,984	33,208	29,935
Liabilities
Accounts payable	1,812	1,839	1,631	1,616	1,321	1,037
Payable/accrued	–	–	–	–	–	–
Accrued expenses	264	262	154	159	164	123
Short-term debt	0	0	0	0	0	1.9
Current portion of long-term debt	1,667	1,801	2,036	2,002	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	4,208	2,388	2,948	4,197	6,378	7,420
Minority interest	181	151	121	140	180	105
Other liabilities	8,082	10,903	9,585	9,547	5,833	4,416
Total liabilities	12,471	13,443	12,654	13,884	12,391	11,940
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	29.8	29.7	29.5	29.3	34.0	33.8
Additional paid-in capital	5,910	5,729	5,570	5,418	8,808	8,676
Retained earnings (accumulated deficit)	22,471	25,753	22,369	18,861	14,685	10,565
Treasury stock	−6,458	−3,650	−1,393	−210	−2,709	−1,279
Other equity	6.0	7.5	4.9	2.4	−1.3	−0.8
Total equity	21,959	27,870	26,581	24,100	20,816	17,995
Total liabilities & shareholders' equity	34,430	41,313	39,234	37,984	33,208	29,935

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lennar Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,108	3,968	3,961	4,649	4,457	2,468
Depreciation, depletion & amortization	134	116	110	87.1	86.0	94.6
Deferred taxes	77.3	60.4	−68.0	−247	192	92.1
Non-cash items	284	257	605	1,098	−550	218
Changes in working capital	−2,387	−1,997	572	−2,321	−1,651	1,319
Cash from operations	217	2,403	5,180	3,266	2,533	4,191
Investing activities
Capital expenditures	−189	−172	−99.8	−57.2	−65.2	−72.8
Other investing cash flows	410	−131	−77.2	−71.1	−39.9	−207
Cash from investing	222	−303	−177	−128	−105	−280
Financing activities
Financing cash flow items	−980	−46.0	−437	414	414	364
Cash dividends paid	−521	−549	−431	−438	−310	−195
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−96.9	−3,087	−2,380	−1,253	−2,509	−2,616
Cash from financing	−1,598	−3,682	−3,248	−1,277	−2,405	−2,447
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−1,159	−1,581	1,755	1,860	23.0	1,464
Free cash flow	28.2	2,232	5,080	3,208	2,468	4,118

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.