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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. LEN Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Lennar (LEN)

Market Price (9/18/2025): $134.1 | Market Cap: $34.9 Bil
Sector: Consumer Discretionary | Industry: Homebuilding

Lennar (LEN)

Market Price (9/18/2025): $134.1
Market Cap: $34.9 Bil
Sector: Consumer Discretionary
Industry: Homebuilding

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%		 Weak multi-year price returns
2Y Excs Rtn is -30%		 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 84x
1 Low stock price volatility
Vol 12M is 35%		  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -4.4%
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%
1 Low stock price volatility
Vol 12M is 35%
2 Weak multi-year price returns
2Y Excs Rtn is -30%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 84x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.1%, Rev Chg QQuarterly Revenue Change % is -4.4%

Market Valuation

 9/18/252024202320222021
Share Price CYE$134.10$135.24$145.93$87.42$110.17
Market Cap CYE ($ Bil)34.936.140.825.133.2
Total Debt ($ Bil)4.24.25.06.26.4
Total Cash ($ Bil)1.45.06.54.83.0
Enterprise Value ($ Bil)37.740.345.831.339.6
Valuation Ratios     
P/S TTM1.01.11.20.81.3
P/EBIT TTM8.67.77.83.96.9
P/E TTM10.79.410.75.78.0
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.58.18.97.39.2
 9/18/2520242023
Share Price CYE$134.10$135.24$145.93
Market Cap CYE ($ Bil)34.936.140.8
Total Debt ($ Bil)4.24.25.0
Total Cash ($ Bil)1.45.06.5
Enterprise Value ($ Bil)37.740.345.8
Valuation Ratios   
P/S TTM1.01.11.2
P/EBIT TTM8.67.77.8
P/E TTM10.79.410.7
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.58.18.9

Market Cap Chart

Business Description

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
LEN Return38%54%-21%67%-7%-2%165%
Peers Return17%47%-20%74%13%14%208%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DHI, PHM, NVR, J, TOL. See LEN Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Better Bets than Lennar (LEN)

 LENBetter Performance than LEN
MetricValueIndustry (Homebuilding)
Rev Chg LTM-1.1%PHM (5.0%), NVR (6.4%), TOL (3.3%), BLD (-0.8%), IBP (3.4%)
Rev Chg 3Y Avg5.9%PHM (6.6%), BLD (6.5%), IBP (8.9%), GRBK (11.7%), DFH (21.2%)
Op Mgn LTM11.5%DHI (14.2%), PHM (19.9%), NVR (17.6%), TOL (16.3%), BLD (16.5%)
CFO/Rev LTM1.2%DHI (8.4%), PHM (8.2%), NVR (11.7%), TOL (9.1%), BLD (16.4%)
FCF/Rev LTM0.8%DHI (8.1%), PHM (7.4%), NVR (11.4%), TOL (8.4%), BLD (15.2%)
Total Yield11.0%TMHC (13.3%), MTH (14.0%), KBH (12.8%), MHO (12.5%), GRBK (11.7%)
 LENBetter Performance than LEN
MetricValueAll Other Sectors
Rev Chg LTM-1.1%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), META (19.4%)
Rev Chg 3Y Avg5.9%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), META (13.0%), AVGO (24.0%)
Op Mgn LTM11.5%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM1.2%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM0.8%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield11.0%MRK (12.0%), VZ (15.8%), PFE (13.2%), TD (15.5%), CMCSA (16.8%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Lennar Earnings Notes  
2After LEN's 19% Climb in a Month, PHM Looks Like the Stronger Long-Term PlayCounter-Intuitive Comparisons 
3Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From GRBK Actionable 
4How Does LEN Stack Up Against Its Peers?Peer Comparison 
5Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From NCLH, ALSN   
6Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From DFH, GRBK   
7LEN Dip Buy Analysis  
8Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From Industry Peers GRBK, PHM, DFH Better Bets 
9Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From Sector Peers GPI, LAD, BWA, GM, HMC Better Bets 
10Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From S&P 500 Stocks GRBK, PHM, DFH Better Bets 
11ARTICLES  
12How Will Lennar Stock React To Its Upcoming Earnings? September 16th, 2025
13As LEN Surges 19% in a Month, PHM’s Story Stands Out September 9th, 2025
14LEN’s 19% One Month Pop Begs The Question: Is PHM Better Instead? August 30th, 2025
15Better Bet Than Lennar Stock: Pay Less To Get More From GRBK August 25th, 2025
16What’s Happening With Lennar Stock? July 9th, 2025
Title
0DASHBOARDS
1How Will Lennar Stock React To Its Upcoming Earnings?
2As LEN Surges 19% in a Month, PHM’s Story Stands Out
3LEN’s 19% One Month Pop Begs The Question: Is PHM Better Instead?
4Better Bet Than Lennar Stock: Pay Less To Get More From GRBK
5What’s Happening With Lennar Stock?
6ARTICLES
7Lennar Earnings Notes
8After LEN's 19% Climb in a Month, PHM Looks Like the Stronger Long-Term Play
9Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From GRBK 
10How Does LEN Stack Up Against Its Peers?
11Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From NCLH, ALSN 
12Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From DFH, GRBK 
13LEN Dip Buy Analysis
14Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From Industry Peers GRBK, PHM, DFH 
15Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From Sector Peers GPI, LAD, BWA, GM, HMC 
16Better Bet Than LEN Stock: Pay Less Than Lennar To Get More From S&P 500 Stocks GRBK, PHM, DFH 

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Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
4ATHAAthira Pharma892.1%544.3%
5SDOTSadot690.6%-79.9%
6ATCHAtlasClear684.9%-83.1%
7HSDTHelius Medical Technologies232.1%-95.5%
8CHEKCheck-Cap222.2%134.4%
9APLMApollomics197.8%89.1%
10SPRCSciSparc147.0%1141.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-80.5%148.4%
2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Lennar

Financials

LENDHIPHMNVRJTOLMedian
NameLennar D.R. Hor.PulteGro.NVR Jacobs S.Toll Bro. 
Mkt Price132.97169.98134.108,137.31147.30140.16143.73
Mkt Cap34.651.726.723.717.713.825.2
Rev LTM35,37234,57517,69510,59911,83510,87714,765
Op Inc LTM4,0564,8923,5251,8658481,7682,695
FCF LTM2792,7851,3181,2094129181,064
FCF 3Y Avg3,0082,7071,5131,4867521,2011,500
CFO LTM4102,9111,4451,2385009951,117
CFO 3Y Avg3,1372,8561,6221,5138701,2741,567

Growth & Margins

LENDHIPHMNVRJTOLMedian
NameLennar D.R. Hor.PulteGro.NVR Jacobs S.Toll Bro. 
Rev Chg LTM-1.1%-7.3%5.0%6.4%61.5%3.3%4.1%
Rev Chg 3Y Avg5.9%2.9%6.6%3.1%1.1%4.4%3.7%
Rev Chg Q-4.4%-7.4%-4.3%-0.5%5.1%8.0%-2.4%
QoQ Delta Rev Chg LTM-1.1%-2.1%-1.1%-0.1%1.3%2.0%-0.6%
Op Mgn LTM11.5%14.2%19.9%17.6%7.2%16.3%15.2%
Op Mgn 3Y Avg14.8%16.3%21.0%18.7%6.3%17.5%16.9%
QoQ Delta Op Mgn LTM-1.5%-1.0%-1.0%-0.7%0.5%-0.4%-0.8%
CFO/Rev LTM1.2%8.4%8.2%11.7%4.2%9.1%8.3%
CFO/Rev 3Y Avg9.1%8.1%9.5%14.9%9.5%11.9%9.5%
FCF/Rev LTM0.8%8.1%7.4%11.4%3.5%8.4%7.8%
FCF/Rev 3Y Avg8.7%7.7%8.9%14.6%8.2%11.2%8.8%

Valuation

LENDHIPHMNVRJTOLMedian
NameLennar D.R. Hor.PulteGro.NVR Jacobs S.Toll Bro. 
Mkt Cap34.651.726.723.717.713.825.2
P/S1.01.51.52.21.51.31.5
P/EBIT8.510.67.511.919.87.89.5
P/E10.613.09.715.635.910.011.8
P/CFO84.517.818.519.235.413.918.8
Total Yield11.0%8.6%10.9%6.4%3.2%10.3%9.4%
Dividend Yield1.5%0.9%0.6%0.0%0.4%0.3%0.5%
FCF Yield 3Y Avg8.0%6.5%7.7%6.8%4.7%12.1%7.2%
D/E0.10.10.10.00.20.20.1
Net D/E0.10.10.0-0.00.10.20.1

Returns

LENDHIPHMNVRJTOLMedian
NameLennar D.R. Hor.PulteGro.NVR Jacobs S.Toll Bro. 
1M Rtn1.2%2.9%4.8%-0.2%0.3%6.8%2.0%
3M Rtn28.6%40.5%35.5%16.6%15.9%33.2%30.9%
6M Rtn11.0%31.1%28.1%11.9%20.3%31.6%24.2%
12M Rtn-29.0%-12.0%-3.8%-14.2%24.7%-6.2%-9.1%
3Y Rtn82.5%146.1%250.8%99.2%56.7%231.3%122.6%
1M Excs Rtn-1.2%0.6%2.4%-2.5%-2.0%4.5%-0.3%
3M Excs Rtn16.8%31.8%25.7%6.0%4.6%23.6%20.2%
6M Excs Rtn-4.8%16.2%12.5%-4.3%4.5%16.6%8.5%
12M Excs Rtn-45.0%-29.1%-20.3%-30.5%8.2%-23.0%-26.0%
3Y Excs Rtn11.0%75.7%167.1%29.1%-12.9%154.7%52.4%

Comparison Analyses

Financials

$ Mil | FY: 11/302025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End5/31/20252/28/202511/30/20248/31/20245/31/20242/29/202411/30/20238/31/20235/31/20232/28/202311/30/20228/31/2022
Filing Date7/1/20254/4/20251/23/202510/2/20246/28/20243/29/20241/26/20249/29/20236/30/20234/4/20231/26/202310/4/2022
Key Financials Quarterly            
Total Revenue8,3787,6329,9479,4168,7667,31310,9688,7308,0456,49010,1748,934
Ebitda6827451,4171,3371,2679451,9401,5261,2348501,8951,978
Operating Income6497141,3861,3081,2389181,9111,4891,2108301,8661,960
Net Income4775201,0961,1639547191,3611,1098725971,3221,467
EPS1.811.964.064.263.452.574.823.873.012.064.565.04
Key Financials TTM            
Total Revenue TTM35,37235,76035,44136,46335,77635,05634,23333,44033,64433,95833,67131,930
Ebitda TTM4,1814,7654,9665,4895,6785,6455,5505,5055,9576,6126,8756,774
Operating Income TTM4,0564,6464,8505,3745,5565,5285,4405,3955,8666,5256,7886,696
Net Income TTM3,2563,7333,9334,1984,1444,0613,9393,9004,2584,7074,6144,482
Growth Rates Quarterly            
Total Revenue Growth-4.4%4.4%-9.3%7.9%9.0%12.7%7.8%-2.3%-3.8%4.6%20.6%28.7%
EBITDA Growth-46.1%-21.2%-27.0%-12.4%2.7%11.1%2.3%-22.8%-34.7%-23.6%5.6%45.1%
Operating Income Growth-47.6%-22.2%-27.4%-12.2%2.4%10.6%2.4%-24.0%-35.3%-24.1%5.2%46.0%
Net Income Growth-50.0%-27.8%-19.5%4.8%9.5%20.6%2.9%-24.4%-34.0%18.5%11.1%4.3%
Margins Quarterly            
EBITDA Margin8.1%9.8%14.2%14.2%14.5%12.9%17.7%17.5%15.3%13.1%18.6%22.1%
Operating Income Margin7.7%9.4%13.9%13.9%14.1%12.6%17.4%17.1%15.0%12.8%18.3%21.9%
Net Income Margin5.7%6.8%11.0%12.3%10.9%9.8%12.4%12.7%10.8%9.2%13.0%16.4%
Cash & Debt            
Total Cash1,4472,5574,9504,2933,9125,2526,5124,1264,3254,2794,8141,539
Total Debt4,2083,6084,1893,8093,6524,3954,9844,4785,0265,2226,1995,562
Net Debt / (Cash)2,7611,051-761-484-260-857-1,5283527029431,3854,023
Cash Flows Quarterly            
FCF from Operations-1,095-2899758192423682,5899526609782,714499
Cash Flows TTM            
FCF from Operations TTM4101,7462,4034,0184,1514,5695,1805,3054,8524,3163,2661,772
Returns to Shareholders Quarterly            
Dividends134132135136139139105107110108108109
Share Repurchases52177452752561059534137620725812113
Return on Invested Capital (ROIC) Quarterly            
ROIC70.5%205.6%--1478.0%333.0%454.1%117.4%74.4%45.8%88.9%68.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM111.8%337.0%--1662.8%494.6%321.1%106.8%92.5%91.1%81.8%55.7%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Homebuilding32,66131,95125,54520,98120,793
Financial Services977810899890825
Multifamily573866665576605
Lennar Other2244214137
Total34,23333,67127,13122,48922,260


Operating Income by Segment
$ Mil20242023202220212020
Homebuilding5,5286,7775,0322,9892,503
Financial Services   481225
Lennar Other   -1031
Multifamily   2316
Total5,5286,7775,0323,4822,775


Assets by Segment
$ Mil20242023202220212020
Homebuilding33,628  25,52924,789
Financial Services3,567  2,7083,006
Multifamily1,382  1,1761,069
Lennar Other658  522495
Total39,234  29,93529,360


Price Behavior

LEN Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.781.091.200.670.610.93
Up Beta2.442.211.800.680.601.01
Down Beta-2.52-2.090.320.360.280.58
Up Capture216%193%161%90%51%115%
Bmk +ve Days10223571142415
Stock +ve Days12203364116391
Down Capture-55%91%65%89%105%101%
Bmk -ve Days11192754106334
Stock -ve Days9212961131357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity11,558,777
Short Interest: % Change Since 8152025-9.3%
Average Daily Volume2,992,020
Days-to-Cover Short Interest3.86
Basic Shares Quantity260,286,000
Short % of Basic Shares4.4%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/17/2025-1.1%4.9%4.6%
3/20/2025-4.0%-1.7%-13.2%
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%
...
SUMMARY STATS   
# Positive121215
# Negative131310
Median Positive2.9%5.9%8.1%
Median Negative-4.0%-3.9%-6.1%
Max Positive13.8%31.7%38.8%
Max Negative-7.6%-6.5%-13.3%

SEC Filings

Expand for More

Report DateFiling DateFiling
5312025701202510-Q 5/31/2025
2282025404202510-Q 2/28/2025
11302024123202510-K 11/30/2024
83120241002202410-Q 8/31/2024
5312024628202410-Q 5/31/2024
2292024329202410-Q 2/29/2024
11302023126202410-K 11/30/2023
8312023929202310-Q 8/31/2023
5312023630202310-Q 5/31/2023
2282023404202310-Q 2/28/2023
11302022126202310-K 11/30/2022
83120221004202210-Q 8/31/2022
5312022701202210-Q 5/31/2022
2282022401202210-Q 2/28/2022
11302021128202210-K 11/30/2021
83120211001202110-Q 8/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0SONNENFELD JEFFREY 10292024Sell175.1317,5003,064,7754,148,655Form

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