Lennar (LEN)
Market Price (8/17/2026): $87.75 | Market Cap: $21.4 BilInvestor Relations Sector: Consumer Discretionary | Industry: Homebuilding
Lennar (LEN)
Market Price (8/17/2026): $87.75Market Cap: $21.4 BilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5% Stock buyback supportStock Buyback 3Y Total is 5.3 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -102% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 293x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%, Rev Chg QQuarterly Revenue Change % is -13% Key risksLEN key risks include [1] significant margin compression and eroding profitability driven by the need to offer increased sales incentives and price reductions. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5% |
| Stock buyback supportStock Buyback 3Y Total is 5.3 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Energy Efficient Building Materials, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -102% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 293x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7%, Rev Chg QQuarterly Revenue Change % is -13% |
| Key risksLEN key risks include [1] significant margin compression and eroding profitability driven by the need to offer increased sales incentives and price reductions. |
Qualitative Assessment
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Updated on 8/4/2026
Lennar (LEN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Report Showed Revenue Miss and Declining Profitability.
Lennar reported its fiscal Q2 2026 results (for the quarter ended May 31, 2026) on June 11, 2026. While diluted earnings per share (EPS) of $1.31 surpassed consensus estimates of $1.24, total revenues of $7.9 billion fell short of analysts' expectations of $8.08 billion. Net earnings attributable to Lennar in fiscal Q2 2026 were $305 million, or $1.24 per diluted share, a significant decrease from $477 million, or $1.81 per diluted share, in fiscal Q2 2025. The average sales price of homes delivered decreased by 5% year-over-year to $371,000, and gross margin on home sales declined to 15.6% from 17.8% in the prior year. New orders also saw a 4% year-over-year decrease to 21,749 homes. Following this mixed report, Lennar's stock dropped 4.9% on June 12, 2026.
2. Persistent Housing Market Headwinds and Elevated Mortgage Rates Continued to Pressure Demand.
Lennar's management acknowledged "stubborn headwinds" in the housing market affecting its fiscal Q2 2026 performance. These macroeconomic factors include high mortgage rates, ongoing inflation, and labor market uncertainties. In May 2026, national median list prices for homes dropped 2.4% year-over-year, marking the steepest decline since 2017. While existing home sales were projected to grow in 2026, this growth was expected to be slower than earlier forecasts due to affordability issues, mortgage rates, and uneven buyer demand. Mortgage rate predictions for 2026 from various experts ranged from approximately 6.17% to 6.4%. The average two-year fixed mortgage rate had edged up to 5.62% by July 2026, with the Bank of England holding its base rate at 3.75%. These elevated rates continue to impact buyer affordability and the average sales price of new homes.
Show more
Lennar (LEN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Report Showed Revenue Miss and Declining Profitability.
Lennar reported its fiscal Q2 2026 results (for the quarter ended May 31, 2026) on June 11, 2026. While diluted earnings per share (EPS) of $1.31 surpassed consensus estimates of $1.24, total revenues of $7.9 billion fell short of analysts' expectations of $8.08 billion. Net earnings attributable to Lennar in fiscal Q2 2026 were $305 million, or $1.24 per diluted share, a significant decrease from $477 million, or $1.81 per diluted share, in fiscal Q2 2025. The average sales price of homes delivered decreased by 5% year-over-year to $371,000, and gross margin on home sales declined to 15.6% from 17.8% in the prior year. New orders also saw a 4% year-over-year decrease to 21,749 homes. Following this mixed report, Lennar's stock dropped 4.9% on June 12, 2026.
2. Persistent Housing Market Headwinds and Elevated Mortgage Rates Continued to Pressure Demand.
Lennar's management acknowledged "stubborn headwinds" in the housing market affecting its fiscal Q2 2026 performance. These macroeconomic factors include high mortgage rates, ongoing inflation, and labor market uncertainties. In May 2026, national median list prices for homes dropped 2.4% year-over-year, marking the steepest decline since 2017. While existing home sales were projected to grow in 2026, this growth was expected to be slower than earlier forecasts due to affordability issues, mortgage rates, and uneven buyer demand. Mortgage rate predictions for 2026 from various experts ranged from approximately 6.17% to 6.4%. The average two-year fixed mortgage rate had edged up to 5.62% by July 2026, with the Bank of England holding its base rate at 3.75%. These elevated rates continue to impact buyer affordability and the average sales price of new homes.
Show more
Updated on 8/4/2026
Lennar (LEN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Report Showed Revenue Miss and Declining Profitability.
Lennar reported its fiscal Q2 2026 results (for the quarter ended May 31, 2026) on June 11, 2026. While diluted earnings per share (EPS) of $1.31 surpassed consensus estimates of $1.24, total revenues of $7.9 billion fell short of analysts' expectations of $8.08 billion. Net earnings attributable to Lennar in fiscal Q2 2026 were $305 million, or $1.24 per diluted share, a significant decrease from $477 million, or $1.81 per diluted share, in fiscal Q2 2025. The average sales price of homes delivered decreased by 5% year-over-year to $371,000, and gross margin on home sales declined to 15.6% from 17.8% in the prior year. New orders also saw a 4% year-over-year decrease to 21,749 homes. Following this mixed report, Lennar's stock dropped 4.9% on June 12, 2026.
2. Persistent Housing Market Headwinds and Elevated Mortgage Rates Continued to Pressure Demand.
Lennar's management acknowledged "stubborn headwinds" in the housing market affecting its fiscal Q2 2026 performance. These macroeconomic factors include high mortgage rates, ongoing inflation, and labor market uncertainties. In May 2026, national median list prices for homes dropped 2.4% year-over-year, marking the steepest decline since 2017. While existing home sales were projected to grow in 2026, this growth was expected to be slower than earlier forecasts due to affordability issues, mortgage rates, and uneven buyer demand. Mortgage rate predictions for 2026 from various experts ranged from approximately 6.17% to 6.4%. The average two-year fixed mortgage rate had edged up to 5.62% by July 2026, with the Bank of England holding its base rate at 3.75%. These elevated rates continue to impact buyer affordability and the average sales price of new homes.
3. Bearish Analyst Outlook and Valuation Concerns Affected Investor Sentiment.
Analysts project Lennar's EPS for fiscal 2026 to be $5.52, a substantial 31.5% decrease from $8.06 in fiscal 2025. Despite the company's Q2 2026 EPS beat, its operating margin declined to 5.9% from 7.5% in the same quarter last year. As of late July 2026, while GuruFocus indicated the stock was undervalued by 33.0% (current price $84.56 vs. GF Value $126.17), it also issued a "Possible Value Trap" warning. The company's trailing P/E of 13.2x was 53% above its 5-year median P/E of 8.6x, suggesting it was trading at a premium relative to its historical valuation. Morningstar noted that "Higher-for-longer interest rates, lofty home prices, and economic uncertainty could stifle demand. Muted demand, along with elevated new homes inventory, can pressure margins". Analyst ratings leaned bearish, with a "Moderate Sell" overall consensus from 18 analysts.
Show less
Lennar (LEN) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Earnings Report Showed Revenue Miss and Declining Profitability.
Lennar reported its fiscal Q2 2026 results (for the quarter ended May 31, 2026) on June 11, 2026. While diluted earnings per share (EPS) of $1.31 surpassed consensus estimates of $1.24, total revenues of $7.9 billion fell short of analysts' expectations of $8.08 billion. Net earnings attributable to Lennar in fiscal Q2 2026 were $305 million, or $1.24 per diluted share, a significant decrease from $477 million, or $1.81 per diluted share, in fiscal Q2 2025. The average sales price of homes delivered decreased by 5% year-over-year to $371,000, and gross margin on home sales declined to 15.6% from 17.8% in the prior year. New orders also saw a 4% year-over-year decrease to 21,749 homes. Following this mixed report, Lennar's stock dropped 4.9% on June 12, 2026.
2. Persistent Housing Market Headwinds and Elevated Mortgage Rates Continued to Pressure Demand.
Lennar's management acknowledged "stubborn headwinds" in the housing market affecting its fiscal Q2 2026 performance. These macroeconomic factors include high mortgage rates, ongoing inflation, and labor market uncertainties. In May 2026, national median list prices for homes dropped 2.4% year-over-year, marking the steepest decline since 2017. While existing home sales were projected to grow in 2026, this growth was expected to be slower than earlier forecasts due to affordability issues, mortgage rates, and uneven buyer demand. Mortgage rate predictions for 2026 from various experts ranged from approximately 6.17% to 6.4%. The average two-year fixed mortgage rate had edged up to 5.62% by July 2026, with the Bank of England holding its base rate at 3.75%. These elevated rates continue to impact buyer affordability and the average sales price of new homes.
3. Bearish Analyst Outlook and Valuation Concerns Affected Investor Sentiment.
Analysts project Lennar's EPS for fiscal 2026 to be $5.52, a substantial 31.5% decrease from $8.06 in fiscal 2025. Despite the company's Q2 2026 EPS beat, its operating margin declined to 5.9% from 7.5% in the same quarter last year. As of late July 2026, while GuruFocus indicated the stock was undervalued by 33.0% (current price $84.56 vs. GF Value $126.17), it also issued a "Possible Value Trap" warning. The company's trailing P/E of 13.2x was 53% above its 5-year median P/E of 8.6x, suggesting it was trading at a premium relative to its historical valuation. Morningstar noted that "Higher-for-longer interest rates, lofty home prices, and economic uncertainty could stifle demand. Muted demand, along with elevated new homes inventory, can pressure margins". Analyst ratings leaned bearish, with a "Moderate Sell" overall consensus from 18 analysts.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -3.3% change in LEN stock from 4/30/2026 to 8/16/2026 was primarily driven by a -3.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.76 | 86.83 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,175 | 33,175 | 0.0% |
| Net Income Margin (%) | 5.4% | 5.4% | 0.0% |
| P/E Multiple | 12.3 | 11.9 | -3.3% |
| Shares Outstanding (Mil) | 244 | 244 | 0.0% |
| Cumulative Contribution | -3.3% |
Market Drivers
4/30/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| LEN | -3.3% | |
| Market (SPY) | 8.0% | 41.4% |
| Sector (XLY) | -0.1% | 47.8% |
Fundamental Drivers
The -19.3% change in LEN stock from 1/31/2026 to 8/16/2026 was primarily driven by a -11.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.65 | 86.83 | -19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 34,187 | 33,175 | -3.0% |
| Net Income Margin (%) | 6.1% | 5.4% | -11.3% |
| P/E Multiple | 13.1 | 11.9 | -9.2% |
| Shares Outstanding (Mil) | 252 | 244 | 3.2% |
| Cumulative Contribution | -19.3% |
Market Drivers
1/31/2026 to 8/16/2026| Return | Correlation | |
|---|---|---|
| LEN | -19.3% | |
| Market (SPY) | 12.5% | 36.1% |
| Sector (XLY) | -2.3% | 44.9% |
Fundamental Drivers
The -21.0% change in LEN stock from 7/31/2025 to 8/16/2026 was primarily driven by a -41.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.97 | 86.83 | -21.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,372 | 33,175 | -6.2% |
| Net Income Margin (%) | 9.2% | 5.4% | -41.4% |
| P/E Multiple | 8.8 | 11.9 | 35.0% |
| Shares Outstanding (Mil) | 260 | 244 | 6.5% |
| Cumulative Contribution | -21.0% |
Market Drivers
7/31/2025 to 8/16/2026| Return | Correlation | |
|---|---|---|
| LEN | -21.0% | |
| Market (SPY) | 23.9% | 30.6% |
| Sector (XLY) | 7.4% | 42.0% |
Fundamental Drivers
The -28.1% change in LEN stock from 7/31/2023 to 8/16/2026 was primarily driven by a -57.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8162026 | Change |
|---|---|---|---|
| Stock Price ($) | 120.80 | 86.83 | -28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,644 | 33,175 | -1.4% |
| Net Income Margin (%) | 12.7% | 5.4% | -57.4% |
| P/E Multiple | 8.1 | 11.9 | 46.9% |
| Shares Outstanding (Mil) | 285 | 244 | 16.6% |
| Cumulative Contribution | -28.1% |
Market Drivers
7/31/2023 to 8/16/2026| Return | Correlation | |
|---|---|---|
| LEN | -28.1% | |
| Market (SPY) | 75.6% | 36.8% |
| Sector (XLY) | 39.2% | 44.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LEN Return | 54% | -21% | 67% | -7% | -23% | -13% | 25% |
| Peers Return | 51% | -22% | 90% | 6% | -0% | 6% | 148% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| LEN Win Rate | 75% | 42% | 58% | 67% | 33% | 62% | |
| Peers Win Rate | 75% | 42% | 65% | 57% | 45% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LEN Max Drawdown | -16% | -44% | -22% | -29% | -28% | -33% | |
| Peers Max Drawdown | -21% | -42% | -21% | -26% | -25% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DHI, PHM, NVR, TOL, MTH. See LEN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)
How Low Can It Go
| Event | LEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.0% | -18.8% |
| % Gain to Breakeven | 17.7% | 23.1% |
| Time to Breakeven | 111 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.9% | -9.5% |
| % Gain to Breakeven | 23.3% | 10.5% |
| Time to Breakeven | 20 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.8% | -24.5% |
| % Gain to Breakeven | 71.9% | 32.4% |
| Time to Breakeven | 308 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.3% | -33.7% |
| % Gain to Breakeven | 140.0% | 50.9% |
| Time to Breakeven | 121 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.6% | -19.2% |
| % Gain to Breakeven | 21.4% | 23.8% |
| Time to Breakeven | 16 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.8% | -12.2% |
| % Gain to Breakeven | 42.4% | 13.9% |
| Time to Breakeven | 488 days | 62 days |
In The Past
Lennar's stock fell -15.0% during the 2025 US Tariff Shock. Such a loss loss requires a 17.7% gain to breakeven.
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Asset Allocation
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| Event | LEN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.8% | -24.5% |
| % Gain to Breakeven | 71.9% | 32.4% |
| Time to Breakeven | 308 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.3% | -33.7% |
| % Gain to Breakeven | 140.0% | 50.9% |
| Time to Breakeven | 121 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.8% | -12.2% |
| % Gain to Breakeven | 42.4% | 13.9% |
| Time to Breakeven | 488 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -21.8% | -0.2% |
| % Gain to Breakeven | 27.9% | 0.2% |
| Time to Breakeven | 154 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.7% | -17.9% |
| % Gain to Breakeven | 46.3% | 21.8% |
| Time to Breakeven | 105 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.3% | -15.4% |
| % Gain to Breakeven | 47.6% | 18.2% |
| Time to Breakeven | 189 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.2% | -53.4% |
| % Gain to Breakeven | 379.9% | 114.4% |
| Time to Breakeven | 299 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -28.3% | -8.6% |
| % Gain to Breakeven | 39.5% | 9.5% |
| Time to Breakeven | 1800 days | 47 days |
In The Past
Lennar's stock fell -15.0% during the 2025 US Tariff Shock. Such a loss loss requires a 17.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Lennar (LEN)
Lennar Corporation (LEN) is a leading homebuilder operating primarily under the Lennar brand across the United States. Its core business focuses on the construction and sale of various single-family homes, including both attached and detached properties. The company is also actively involved in the purchase, development, and sale of residential land, which forms the foundation for its housing projects.
Beyond its primary homebuilding activities, Lennar offers an integrated suite of financial services to support homebuyers, including residential mortgage financing, title insurance, and closing services. The company further diversifies its operations through a multifamily segment, which involves the development, construction, and management of rental properties, and engages in fund investment activities. It also originates and sells securitization commercial mortgage loans.
Lennar serves a broad spectrum of the U.S. housing market, catering to diverse customer needs. Its primary customers include first-time homebuyers, individuals looking to move up to a larger home, active adult communities, and the luxury home segment. The company operates through distinct geographic segments across the East, Central, Texas, and West regions of the United States, highlighting its widespread national presence.
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The General Motors of new home construction.
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- Homebuilding: Construction and sale of single-family attached and detached homes.
- Residential Land Development and Sales: Purchase, development, and sale of residential land.
- Multifamily Rental Property Development and Management: Development, construction, and management of multifamily rental properties.
- Residential Mortgage Financing: Providing residential mortgage loans for home buyers.
- Title Insurance and Closing Services: Offering title insurance and closing services for real estate transactions.
- Commercial Mortgage Loan Origination and Securitization: Originating and selling securitized commercial mortgage loans.
- Fund Investment Activity: Engaging in various fund investment activities.
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Lennar Corporation (LEN) primarily sells its homes and services to individual homebuyers.
The categories of customers it serves include:
- First-time homebuyers
- Move-up homebuyers
- Active adult homebuyers
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Stuart Miller, Executive Chairman and Chief Executive Officer
Stuart Miller is the son of co-founder Leonard Miller, who took Lennar public in 1971. He began working at Lennar Corporation in the 1980s. Miller became the Chief Executive Officer of Lennar in 1997. He assumed the role of Executive Chairman in April 2018. From 1997 until 2005, he served as Chairman of the Board of LNR Property Corporation, a commercial real estate entity that was spun off from Lennar and later sold in February 2005.
Diane Bessette, Chief Financial Officer
Diane Bessette joined Lennar Corporation in 1995. During her tenure, she held various senior leadership positions, including Corporate Controller from 1997 to 2008. She was named Vice President in 2000 and served as Treasurer from February 2008 until April 2024. Bessette was appointed Chief Financial Officer in April 2018.
Katherine Lee Martin, Chief Legal Officer and Secretary
Katherine Lee Martin serves as Lennar's Chief Legal Officer and Secretary. She is part of a leadership team composed of innovative leaders and industry experts.
Fred Rothman, Chief Operating Officer
Fred Rothman is the Chief Operating Officer of Lennar Corporation. He has also held roles such as President of Eastern Homebuilding Operations and Regional President at Lennar.
Bruce Gross, Chief Executive Officer, Lennar Financial Services
Bruce Gross is the Chief Executive Officer of Lennar Financial Services, which provides mortgage financing, title insurance, and homeowners insurance. He previously served as Vice President and Chief Financial Officer of Lennar. Since joining Lennar in 1997, Gross has been instrumental in the company's strategic and operating initiatives, including multiple acquisitions, contributing significantly to Lennar's growth. Before joining Lennar, he helped launch Pacific Greystone Corporation and supported its growth through an initial public offering and its subsequent acquisition by Lennar.
Stuart Miller is the son of co-founder Leonard Miller, who took Lennar public in 1971. He began working at Lennar Corporation in the 1980s. Miller became the Chief Executive Officer of Lennar in 1997. He assumed the role of Executive Chairman in April 2018. From 1997 until 2005, he served as Chairman of the Board of LNR Property Corporation, a commercial real estate entity that was spun off from Lennar and later sold in February 2005.
Diane Bessette, Chief Financial Officer
Diane Bessette joined Lennar Corporation in 1995. During her tenure, she held various senior leadership positions, including Corporate Controller from 1997 to 2008. She was named Vice President in 2000 and served as Treasurer from February 2008 until April 2024. Bessette was appointed Chief Financial Officer in April 2018.
Katherine Lee Martin, Chief Legal Officer and Secretary
Katherine Lee Martin serves as Lennar's Chief Legal Officer and Secretary. She is part of a leadership team composed of innovative leaders and industry experts.
Fred Rothman, Chief Operating Officer
Fred Rothman is the Chief Operating Officer of Lennar Corporation. He has also held roles such as President of Eastern Homebuilding Operations and Regional President at Lennar.
Bruce Gross, Chief Executive Officer, Lennar Financial Services
Bruce Gross is the Chief Executive Officer of Lennar Financial Services, which provides mortgage financing, title insurance, and homeowners insurance. He previously served as Vice President and Chief Financial Officer of Lennar. Since joining Lennar in 1997, Gross has been instrumental in the company's strategic and operating initiatives, including multiple acquisitions, contributing significantly to Lennar's growth. Before joining Lennar, he helped launch Pacific Greystone Corporation and supported its growth through an initial public offering and its subsequent acquisition by Lennar.
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The key risks to Lennar's business are primarily driven by macroeconomic factors impacting the housing market and internal operational pressures.
- Interest Rate Sensitivity and Housing Affordability: High mortgage rates significantly dampen new-home demand and overall affordability, directly impacting Lennar's home sales and its financial services segment. A sustained period of elevated rates could further curtail sales volumes and reduce profitability, as evidenced by Lennar's recent performance lagging the S&P 500 due to higher mortgage rates squeezing demand. Higher interest rates also increase Lennar's costs for financing construction projects and land acquisition.
- Cyclical Downturns and Economic Uncertainty: The homebuilding industry is inherently cyclical and highly sensitive to broader economic conditions, employment levels, and consumer sentiment. A significant economic slowdown, a spike in unemployment, or geopolitical uncertainty could lead to reduced consumer confidence, increased home sale cancellations, and decreased demand for new homes.
- Margin Pressure from Costs and Incentives: Lennar faces ongoing pressure on its gross margins due to various factors. These include the use of buyer incentives and mortgage-rate buy-downs to stimulate sales in a challenging market, which can erode profitability. Additionally, rising material costs, labor shortages, and increasing land costs can inflate construction expenses and delay deliveries, further compressing margins.
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The emergence of advanced construction technologies, such as large-scale 3D printing for homes and highly automated modular building systems, presents a clear emerging threat to traditional homebuilders like Lennar. These technologies promise to significantly reduce construction time, labor costs, and material waste, potentially enabling faster, more affordable, and more sustainable housing production. If these methods achieve widespread adoption and scalability, they could disrupt established construction practices and create a competitive disadvantage for companies relying primarily on conventional stick-built construction methods.
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Lennar Corporation operates as a homebuilder and provides financial services, primarily in the United States. Its main addressable markets in the U.S. include residential construction, mortgage financing, and title insurance.
- Residential Construction Market (U.S.): The U.S. residential construction market size is estimated at USD 1.41 trillion in 2026, with projections to reach USD 1.76 trillion by 2031, growing at a compound annual growth rate (CAGR) of 4.53% between 2026 and 2031. For context, residential construction represented 54.3% of the total U.S. construction market in 2025, which was valued at USD 2.2 trillion.
- Mortgage Financing Market (U.S.): The total single-family mortgage origination volume in the U.S. is expected to reach $2.2 trillion in 2026, up from an estimated $2.0 trillion in 2025.
- Title Insurance Market (U.S.): The market size of the Title Insurance in the U.S. is estimated at $17.1 billion in 2025. The industry generated $4.5 billion in title insurance premiums during the second quarter of 2025.
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Lennar (LEN) is expected to drive future revenue growth over the next 2-3 years through several key strategies aimed at navigating the current housing market and leveraging operational strengths:
- Increased Home Deliveries and Volume Focus: Lennar has communicated a clear objective to increase its volume of home deliveries. For instance, the company is targeting approximately 85,000 home deliveries in 2026. This focus on consistent and high-volume production is a direct driver of revenue growth, as more units sold translate to higher top-line figures.
- Enhanced Operational Efficiency and Cost Management: The company is prioritizing operational improvements, including reducing direct construction costs and improving cycle times for home construction. These efficiencies, such as an 11% year-over-year reduction in cycle time for single-family detached homes to an all-time low of 122 days in Q1 2026, allow Lennar to maintain competitiveness and offer homes at more attractive price points, thereby stimulating demand and supporting revenue growth.
- Leveraging an Asset-Light Land Strategy: Lennar continues to expand its "asset-light" approach to land acquisition through off-balance sheet land banking relationships. This strategy reduces capital intensity and risk, improves inventory turnover (from 1.5% to 1.7% year-over-year in Q1 2025 and 2.2x to 2.5x quarter-over-quarter in Q1 2026), and enables the company to adapt more quickly to market conditions, supporting sustained homebuilding volume and revenue.
- Technology-Driven Sales and Customer Engagement: Investments in technology are improving customer engagement quality scores (up 7%) and increasing the efficiency of the sales process, including an 11% quarter-over-quarter increase in kept sales appointments. This digital transformation aims to convert online interest into actual home sales more effectively, directly contributing to revenue generation.
- Focus on Affordability and Meeting Market Demand: Recognizing challenges like elevated interest rates and affordability pressures, Lennar is adapting its offerings to meet market demand by focusing on delivering homes at prices and with incentives that buyers can afford. This includes refining products and optimizing "Everything's Included" packages, which helps maintain sales pace and volume in a challenging environment.
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Share Repurchases
- In January 2024, Lennar's Board of Directors authorized an expansion of its stock repurchase program, allowing for up to $5 billion in buybacks of Class A or Class B common stock with no set expiration date.
- Lennar repurchased $2.256 billion in shares during fiscal year 2024.
- In fiscal year 2025, the company repurchased $1.7 billion of its common stock.
Inbound Investments
- In March 2021, Lennar announced the formation of the Upward America Venture, which was initially capitalized with a total equity commitment of $1.25 billion. This venture, led by Centerbridge alongside Allianz Real Estate and other institutional investors, focuses on acquiring single-family homes for rent.
Outbound Investments
- In November 2024, Lennar entered into a definitive agreement to acquire Rausch Coleman Homes' homebuilding operations for $1 billion, expanding its market presence and contributing to its 2025 growth targets; the acquisition was completed in February 2025.
- Lennar made strategic technology investments in unconsolidated entities, totaling $239.3 million in fiscal 2024 and $127.5 million in fiscal 2023.
- In February 2025, Lennar completed the spin-off of Millrose Properties, Inc., an entity focused on land acquisition, development, and management, which is expected to have an asset base of $6.0-$8.0 billion.
Capital Expenditures
- From fiscal year 2021 to 2025, Lennar's capital expenditures averaged $116.5 million annually.
- Capital expenditures for Lennar peaked in fiscal year 2025 at $188.6 million.
- The primary focus of these capital expenditures is on Lennar's homebuilding operations, including the construction and sale of single-family homes and the development of residential land.
Peer Outperformance in Homebuilding
LEN has trailed 88% of its 17 Homebuilding peers over 5Y. Among the peers that beat it are TOL, PHM and MHO. Homebuilding ranks 2nd of 23 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Homebuilding constituents that LEN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
6%
of 17 industry peers · -32.9% return
3Y
12%
of 17 industry peers · -22.1% return
5Y
12%
of 17 industry peers · -10.1% return
Homebuilding peers with revenue growth within 4pp of LEN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LEN | Lennar | -0.7% | 11.9x | -32.9% | -22.1% | -10.1% | — |
| TOL | Toll Brothers | 1.7% | 11.0x | 14.5% | 98.7% | 166.6% | +177pp |
| PHM | PulteGroup | -0.5% | 12.9x | 2.0% | 69.1% | 160.3% | +170pp |
| MHO | M/I Homes | 0.3% | 12.3x | 6.8% | 61.9% | 143.0% | +153pp |
| IBP | Installed Building Products | 2.5% | 25.5x | -8.9% | 74.6% | 119.8% | +130pp |
| DHI | D.R. Horton | -1.0% | 13.8x | -9.1% | 31.8% | 65.7% | +76pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Homebuilding is LEN's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Education Services | 14 | -3.4% | 103.8% | 71.6% | LINC 384% · UTI 272% · CVSA 267% |
| Homebuilding ← | 18 | -0.4% | 35.7% | 60.7% | GRBK 187% · TOL 167% · PHM 160% |
| Hotels, Resorts & Cruise Lines | 22 | 22.8% | 57.3% | 22.7% | RCL 313% · MAR 185% · HLT 176% |
| Home Improvement Retail | 5 | -12.9% | 5.3% | 14.8% | LOW 32% · HD 20% · HVT 15% |
| Automotive Retail | 18 | -4.4% | 3.8% | 12.6% | MUSA 280% · PAG 188% · ORLY 128% |
| Specialty Stores | 7 | 12.1% | 29.3% | 10.2% | DKS 122% · SIG 50% · ASO 39% |
| Casinos & Gaming | 20 | -5.2% | -17.7% | 4.3% | BRAG 1029% · MCRI 120% · RSI 102% |
| Home Furnishings | 4 | 7.5% | 44.8% | 3.6% | SGI 61% · LZB 37% · MHK -30% |
| Specialized Consumer Services | 10 | -11.1% | 24.2% | -0.1% | HRB 147% · FTDR 105% · SCI 41% |
| Footwear | 9 | 69.3% | 48.3% | -5.1% | WEYS 148% · DECK 32% · SHOO 32% |
| Distributors | 4 | -6.9% | -22.7% | -8.1% | ARMK 169% · GPC 26% · LKQ -42% |
| Restaurants | 34 | -4.9% | -8.5% | -12.1% | EAT 366% · CAKE 199% · RAVE 167% |
| Leisure Products | 13 | -1.1% | -18.4% | -29.7% | GOLF 85% · HAS 21% · MCFT 2% |
| Automotive Parts & Equipment | 38 | -0.1% | -2.1% | -30.3% | MOD 1461% · GTX 298% · STRT 98% |
| Apparel Retail | 25 | 9.0% | 6.7% | -37.7% | ANF 204% · DXLG 201% · TJX 136% |
| Apparel, Accessories & Luxury Goods | 27 | 9.5% | 2.1% | -38.4% | ELA 287% · RL 261% · TPR 249% |
| Household Appliances | 18 | 9.5% | 39.5% | -38.6% | KEQU 171% · HBB 126% · FLXS 126% |
| Leisure Facilities | 12 | -13.2% | -7.4% | -41.4% | OSW 195% · JAKK 116% · ESCA 9% |
| Broadline Retail | 15 | 7.3% | 13.3% | -50.0% | DDS 272% · AMZN 62% · M 55% |
| Computer & Electronics Retail | 3 | -8.6% | 1.5% | -54.4% | BBY -2% · GME -54% · UPBD -57% |
| Automobile Manufacturers | 8 | -67.9% | -66.9% | -69.9% | GM 79% · TSLA 54% · F 51% |
| Consumer Electronics | 11 | -22.3% | -24.4% | -73.6% | AXIL 1863% · GRMN 106% · TBCH -51% |
| Other Specialty Retail | 18 | -27.5% | -44.4% | -78.4% | BBW 220% · TLF 104% · WINA 104% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 139.23 |
| Mkt Cap | 19.1 |
| Rev LTM | 13,726 |
| Op Inc LTM | 1,944 |
| FCF LTM | 1,131 |
| FCF 3Y Avg | 1,315 |
| CFO LTM | 1,189 |
| CFO 3Y Avg | 1,385 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.3% |
| Rev Chg 3Y Avg | -0.8% |
| Rev Chg Q | -10.0% |
| QoQ Delta Rev Chg LTM | -2.6% |
| Op Inc Chg LTM | -25.6% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 13.0% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 10.0% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 9.4% |
| FCF/Rev 3Y Avg | 7.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 19.1 |
| P/S | 1.3 |
| P/Op Inc | 10.3 |
| P/EBIT | 10.5 |
| P/E | 13.3 |
| P/CFO | 13.8 |
| Total Yield | 9.0% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 5.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.8% |
| 3M Rtn | 15.5% |
| 6M Rtn | -10.6% |
| 12M Rtn | -5.8% |
| 3Y Rtn | 23.5% |
| 1M Excs Rtn | -7.4% |
| 3M Excs Rtn | 8.0% |
| 6M Excs Rtn | -22.7% |
| 12M Excs Rtn | -26.9% |
| 3Y Excs Rtn | -60.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 32,267 | 33,906 | 32,661 | 31,951 | 25,545 |
| Financial Services | 1,198 | 1,109 | 977 | 810 | 899 |
| Multifamily | 681 | 412 | 573 | 866 | 665 |
| Lennar Other | 41 | 14 | 22 | 44 | 21 |
| Total | 34,187 | 35,441 | 34,233 | 33,671 | 27,131 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Homebuilding | 5,342 | 5,528 | 6,777 | 5,032 | 2,989 |
| Financial Services | 481 | ||||
| Lennar Other | -10 | ||||
| Multifamily | 23 | ||||
| Total | 5,342 | 5,528 | 6,777 | 5,032 | 3,482 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Homebuilding | 29,253 | 35,594 | 33,628 | 32,684 | 27,468 |
| Financial Services | 3,377 | 3,517 | 3,567 | 3,254 | 2,964 |
| Multifamily | 902 | 1,307 | 1,382 | 1,257 | 1,312 |
| Lennar Other | 898 | 895 | 658 | 789 | 1,464 |
| Total | 34,430 | 41,313 | 39,234 | 37,984 | 33,208 |
Price Behavior
Price Behavior
| Market Price | $86.83 | |
| Market Cap ($ Bil) | 21.2 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -37.8% | |
| 50 Days | 200 Days | |
| DMA Price | $86.94 | $100.06 |
| DMA Trend | down | down |
| Distance from DMA | -0.1% | -13.2% |
| 3M | 1YR | |
| Volatility | 39.2% | 37.3% |
| Downside Capture | 119.31 | 115.78 |
| Upside Capture | 119.88 | 43.64 |
| Correlation (SPY) | 38.4% | 31.3% |
LEN Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 0.79 | 1.12 | 0.90 | 0.84 | 0.81 |
| Up Beta | -2.29 | -0.66 | 0.37 | 0.79 | 1.32 | 0.82 |
| Down Beta | 1.00 | 1.32 | 1.35 | 1.05 | 0.74 | 0.52 |
| Up Capture | 97% | 78% | 93% | 44% | 35% | 52% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 31 | 59 | 120 | 375 |
| Down Capture | 225% | 121% | 150% | 124% | 99% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 32 | 67 | 132 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEN | |
|---|---|---|---|---|
| LEN | -32.4% | 37.1% | -0.98 | - |
| Sector ETF (XLY) | 3.5% | 19.4% | 0.05 | 43.1% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 31.6% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | 12.2% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -28.7% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 45.7% |
| Bitcoin (BTCUSD) | -49.1% | 42.8% | -1.45 | 3.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEN | |
|---|---|---|---|---|
| LEN | -2.0% | 35.0% | 0.01 | - |
| Sector ETF (XLY) | 6.3% | 24.0% | 0.22 | 54.7% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 50.8% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 10.5% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | -3.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 56.3% |
| Bitcoin (BTCUSD) | 8.0% | 52.8% | 0.34 | 21.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEN | |
|---|---|---|---|---|
| LEN | 7.9% | 37.5% | 0.32 | - |
| Sector ETF (XLY) | 12.5% | 22.2% | 0.51 | 56.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 53.1% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 12.1% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 10.9% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 55.9% |
| Bitcoin (BTCUSD) | 59.9% | 66.1% | 1.00 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/11/2026 | -4.9% | -5.5% | -11.3% |
| 3/12/2026 | 2.6% | 1.3% | -3.0% |
| 12/16/2025 | -4.5% | -10.9% | 0.9% |
| 9/19/2025 | -4.2% | -1.0% | -0.7% |
| 6/17/2025 | -1.1% | 4.9% | 5.1% |
| 3/20/2025 | -4.0% | -1.7% | -13.6% |
| 12/18/2024 | -5.2% | -5.0% | -6.7% |
| 9/19/2024 | -5.3% | -4.9% | -1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 3.6% | 5.3% | 5.3% |
| Median Negative | -4.1% | -4.0% | -4.9% |
| Max Positive | 13.8% | 11.4% | 23.1% |
| Max Negative | -7.6% | -10.9% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 6/11/2026 | -4.9% | -5.5% | -11.3% |
| 3/12/2026 | 2.6% | 1.3% | -3.0% |
| 12/16/2025 | -4.5% | -10.9% | 0.9% |
| 9/19/2025 | -4.2% | -1.0% | -0.7% |
| 6/17/2025 | -1.1% | 4.9% | 5.1% |
| 3/20/2025 | -4.0% | -1.7% | -13.6% |
| 12/18/2024 | -5.2% | -5.0% | -6.7% |
| 9/19/2024 | -5.3% | -4.9% | -1.6% |
| 6/17/2024 | -5.0% | -4.7% | 9.0% |
| 3/13/2024 | -7.6% | -1.1% | -3.4% |
| 12/14/2023 | -3.6% | -4.5% | -3.4% |
| 9/14/2023 | -2.5% | -3.9% | -6.8% |
| 6/14/2023 | 4.4% | 5.7% | 14.0% |
| 3/14/2023 | -0.6% | 2.7% | 3.0% |
| 12/14/2022 | 3.8% | -0.3% | 8.8% |
| 9/21/2022 | 2.0% | 2.1% | -5.5% |
| 6/21/2022 | 1.6% | 11.4% | 23.1% |
| 3/16/2022 | 0.9% | -4.1% | -13.3% |
| 12/15/2021 | -4.1% | -0.7% | -4.4% |
| 9/20/2021 | -0.5% | 1.2% | 1.9% |
| 6/16/2021 | 3.6% | 6.2% | 5.3% |
| 3/16/2021 | 13.8% | 7.4% | 16.0% |
| 12/16/2020 | 7.6% | 5.8% | 5.3% |
| 9/14/2020 | -3.9% | -2.8% | 5.1% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 3.6% | 5.3% | 5.3% |
| Median Negative | -4.1% | -4.0% | -4.9% |
| Max Positive | 13.8% | 11.4% | 23.1% |
| Max Negative | -7.6% | -10.9% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/09/2026 | 10-Q |
| 11/30/2025 | 01/28/2026 | 10-K |
| 08/31/2025 | 10/03/2025 | 10-Q |
| 05/31/2025 | 07/01/2025 | 10-Q |
| 02/28/2025 | 04/04/2025 | 10-Q |
| 11/30/2024 | 01/23/2025 | 10-K |
| 08/31/2024 | 10/02/2024 | 10-Q |
| 05/31/2024 | 06/28/2024 | 10-Q |
| 02/29/2024 | 03/29/2024 | 10-Q |
| 11/30/2023 | 01/26/2024 | 10-K |
| 08/31/2023 | 09/29/2023 | 10-Q |
| 05/31/2023 | 06/30/2023 | 10-Q |
| 02/28/2023 | 04/04/2023 | 10-Q |
| 11/30/2022 | 01/26/2023 | 10-K |
| 08/31/2022 | 10/04/2022 | 10-Q |
| 05/31/2022 | 07/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/09/2026 | 10-Q |
| 11/30/2025 | 01/28/2026 | 10-K |
| 08/31/2025 | 10/03/2025 | 10-Q |
| 05/31/2025 | 07/01/2025 | 10-Q |
| 02/28/2025 | 04/04/2025 | 10-Q |
| 11/30/2024 | 01/23/2025 | 10-K |
| 08/31/2024 | 10/02/2024 | 10-Q |
| 05/31/2024 | 06/28/2024 | 10-Q |
| 02/29/2024 | 03/29/2024 | 10-Q |
| 11/30/2023 | 01/26/2024 | 10-K |
| 08/31/2023 | 09/29/2023 | 10-Q |
| 05/31/2023 | 06/30/2023 | 10-Q |
| 02/28/2023 | 04/04/2023 | 10-Q |
| 11/30/2022 | 01/26/2023 | 10-K |
| 08/31/2022 | 10/04/2022 | 10-Q |
| 05/31/2022 | 07/01/2022 | 10-Q |
| 02/28/2022 | 04/01/2022 | 10-Q |
| 11/30/2021 | 01/28/2022 | 10-K |
| 08/31/2021 | 10/01/2021 | 10-Q |
| 05/31/2021 | 07/02/2021 | 10-Q |
| 02/28/2021 | 04/01/2021 | 10-Q |
| 11/30/2020 | 01/22/2021 | 10-K |
| 08/31/2020 | 10/01/2020 | 10-Q |
| 05/31/2020 | 07/06/2020 | 10-Q |
| 02/29/2020 | 04/07/2020 | 10-Q |
| 11/30/2019 | 01/27/2020 | 10-K |
| 08/31/2019 | 10/08/2019 | 10-Q |
| 05/31/2019 | 07/03/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q2 2026 Earnings Reported 6/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 New Orders | 21,000 | 21,500 | 22,000 | 0 | Affirmed | Guidance: 21,500 for Q2 2026 | |
| Q3 2026 Deliveries | 20,500 | 21,000 | 21,500 | 2.4% | Higher New | Guidance: 20,500 for Q2 2026 | |
| Q3 2026 Average Sales Price | 0.38 Mil | 0.38 Mil | 0.38 Mil | 1.3% | Higher New | Guidance: 0.37 Mil for Q2 2026 | |
| Q3 2026 Gross Margin % on Home Sales | 16.0% | 0.2% | Higher New | Guidance: 15.75% for Q2 2026 | |||
| Q3 2026 SG&A as a % of Home Sales | 0.09 | 0.09 | 0.09 | -0.1% | Lower New | Guidance: 0.09 for Q2 2026 | |
| Q3 2026 Financial Services Operating Earnings | 95.00 Mil | 97.50 Mil | 100.00 Mil | -7.1% | Lower New | Guidance: 105.00 Mil for Q2 2026 | |
| 2026 Deliveries | 82,000 | 82,500 | 83,000 | Lowered | |||
Prior: Q1 2026 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 New Orders | 21,000 | 21,500 | 22,000 | 16.2% | Higher New | Guidance: 18,500 for Q1 2026 | |
| Q2 2026 Deliveries | 20,000 | 20,500 | 21,000 | 17.1% | Higher New | Guidance: 17,500 for Q1 2026 | |
| Q2 2026 Average Sales Price | 0.37 Mil | 0.37 Mil | 0.38 Mil | 0.7% | Higher New | Guidance: 0.37 Mil for Q1 2026 | |
| Q2 2026 Gross Margin % on Home Sales | 15.5% | 15.75% | 16.0% | 0.2% | Higher New | Guidance: 15.5% for Q1 2026 | |
| Q2 2026 SG&A as a % of Home Sales | 0.09 | 0.09 | 0.09 | -0.5% | Lower New | Guidance: 0.1 for Q1 2026 | |
| Q2 2026 Financial Services Operating Earnings | 100.00 Mil | 105.00 Mil | 110.00 Mil | -2.3% | Lower New | Guidance: 107.50 Mil for Q1 2026 | |
Q4 2025 Earnings Reported 12/16/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Deliveries | 17,000 | 17,500 | 18,000 | -22.2% | Lower New | Actual: 22,500 for Q4 2025 | |
| Q1 2026 New Orders | 18,000 | 18,500 | 19,000 | -9.8% | Lower New | Actual: 20,500 for Q4 2025 | |
| Q1 2026 Average Sales Price | 0.36 Mil | 0.37 Mil | 0.38 Mil | -3.9% | Lower New | Actual: 0.39 Mil for Q4 2025 | |
| Q1 2026 Gross Margin % on Home Sales | 15.0% | 15.5% | 16.0% | -2.0% | Lower New | Actual: 17.5% for Q4 2025 | |
| Q1 2026 S,G&A as a % of Home Sales | 0.1 | 1.6% | Higher New | Actual: 0.08 for Q4 2025 | |||
| Q1 2026 Financial Services Operating Earnings | 105.00 Mil | 107.50 Mil | 110.00 Mil | -18.9% | Lower New | Actual: 132.50 Mil for Q4 2025 | |
| 2026 Deliveries | 85,000 | ||||||
Investor Activity (13F)
Updated Aug 17, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Greenhaven Associates Inc | $953.9 Mil | 15.7% | 27 | ADD +5.1% | 13F |
| Sophron Capital Management L.P. | $17.7 Mil | 5.2% | 41 | ADD +476.4% | 13F |
| Brave Warrior Advisors, LLC | $209.3 Mil | 5.2% | 36 | Hold | 13F |
| GoodHaven Capital Management, LLC | $13.7 Mil | 4.8% | 24 | ADD +8.2% | 13F |
| Smead Capital Management, Inc. | $137.7 Mil | 3.0% | 32 | TRIM -13.0% | 13F |
| Prescott General Partners LLC | $28.0 Mil | 2.1% | 10 | ADD +1515.0% | 13F |
| Horiko Capital Management LLC | $7.6 Mil | 1.8% | 20 | Hold | 13F |
| Magnolia Group, LLC | $9.1 Mil | 1.7% | 12 | ADD +53.1% | 13F |
| First Washington CORP | $5.5 Mil | 1.6% | 50 | Hold | 13F |
| Deltroit Asset Management (UK) LLP | $7.7 Mil | 1.3% | 39 | ADD +329.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Prescott General Partners LLC | $28.0 Mil | 2.1% | 10 | ADD +1515.0% | 13F |
| Sophron Capital Management L.P. | $17.7 Mil | 5.2% | 41 | ADD +476.4% | 13F |
| Deltroit Asset Management (UK) LLP | $7.7 Mil | 1.3% | 39 | ADD +329.5% | 13F |
| Magnolia Group, LLC | $9.1 Mil | 1.7% | 12 | ADD +53.1% | 13F |
| GoodHaven Capital Management, LLC | $13.7 Mil | 4.8% | 24 | ADD +8.2% | 13F |
| Greenhaven Associates Inc | $953.9 Mil | 15.7% | 27 | ADD +5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Greenhaven Associates Inc | $953.9 Mil | 15.7% | 27 | ADD +5.1% | 13F |
| Brave Warrior Advisors, LLC | $209.3 Mil | 5.2% | 36 | Hold | 13F |
| Smead Capital Management, Inc. | $137.7 Mil | 3.0% | 32 | TRIM -13.0% | 13F |
| Prescott General Partners LLC | $28.0 Mil | 2.1% | 10 | ADD +1515.0% | 13F |
| Sophron Capital Management L.P. | $17.7 Mil | 5.2% | 41 | ADD +476.4% | 13F |
| GoodHaven Capital Management, LLC | $13.7 Mil | 4.8% | 24 | ADD +8.2% | 13F |
| Magnolia Group, LLC | $9.1 Mil | 1.7% | 12 | ADD +53.1% | 13F |
| Deltroit Asset Management (UK) LLP | $7.7 Mil | 1.3% | 39 | ADD +329.5% | 13F |
| Horiko Capital Management LLC | $7.6 Mil | 1.8% | 20 | Hold | 13F |
| First Washington CORP | $5.5 Mil | 1.6% | 50 | Hold | 13F |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Homebuilding Resources |
| Builder Online |
| Professional Builder |
| HousingWire |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/16/2026