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Friday 6 November 2026 Export LEN’s income statement to Excel — free account

Lennar Corporation

LEN Consumer Cyclical Residential Construction

Lennar Corporation’s revenue for fiscal 2025 (year ended November 2025) was $34.2 billion, down 3.54% from fiscal 2024.

Revenue
−8.67%
EPS
−48.0%
Free cash flow
+50.1%
Total debt
+22.0%

Quarter to August 2026, against a year earlier

91.54 0.65 −0.71%
Market cap
$21.7B
P/E
17.3×
Fwd P/E
17.9×
Dividend yield
2.18%
F-score
5/9
Altman Z
4.27
Beneish M
−2.02
Dividend safety
64/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • West
  • Central
  • East
  • South Central
  • Lennar Financial Services
  • Multifamily
  • Lennar Other
  • Other

Every year since 2018 →

Insider Decisions last twelve months

Bought, $m 595.29
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — 3 1 —
Sell — — — — — — — — — — — —
Insider Ownership 14.17%

Capital & Financial Ratios $m

Size
Market Cap 21,730.00
Revenue ttm 31,973.08
Net income ttm 1,324.93
Free cash flow ttm 936.74
Net debt Q 3,113.04
Valuation
P/E 17.30
Forward P/E 17.90
Price / sales 0.68
Forward P/S Powerpack
Price / FCF 23.23
Price / book 1.00
Financial health
Current ratio Q 4.94 (at or above 1.5: strong)
Debt / equity Q 0.20 (at or below 0.5: strong)
Interest coverage Q 103.92
Growth
Revenue growth Q −8.67% (below 0%: shrinking)
Operating income growth Q −33.35% (below 0%: shrinking)
EPS, this year −39.77% (below 0%: weak)
EPS, next year A +3.73%
Revenue, next year A −7.86% (below 0%: weak)
EPS, past 5 yrs +0.33%
EPS, next 5 yrs A −8.99% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, against a ten-year median of 1.1×; over the ten years it ranged from 0.7× in 2026 to 1.8× in 2018.
P/E against its own 10 years 98.57%
10-year low 10-year high
P/S against its own 10 years 11.04%
10-year low 10-year high
P/B against its own 10 years 15.66%
10-year low 10-year high
EV/Sales against its own 10 years 10.12%
10-year low 10-year high
EV/FCF against its own 10 years 78.79%
10-year low 10-year high

Dividends

Yield
2.18%
Annual rate
2.00
Payout ratio
37.8%
Growth, 2018–26
+37.7%/yr
  1. 0.15 ’18
  2. 0.15 ’19 +0
  3. 0.61 ’20 +291
  4. 0.97 ’21 +60
  5. 1.45 ’22 +50
  6. 1.45 ’23 +0
  7. 1.94 ’24 +33
  8. 2.00 ’25 +3
  9. 2.00 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,287 4,674 3,467 1,184
Receivables 888 1,053 1,003 925
Inventory 18,353 19,720 11,618 12,943
Other — — — —
25,528 25,447 16,088 15,053
2023 2024 2025 Q'26
Payables 1,631 1,839 1,812 1,796
ST’ Debt — — — —
Other — — — —
4,172 5,403 3,289 3,046

Compound Annual Growth %

10y 5y 3y
Sales 13.69% 8.74% 0.51%
Cash Flow 0.00% (44.70%) (59.51%)
Earnings 9.99% (3.32%) (23.31%)
Book Value 14.04% 4.11% (2.98%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.29 Actual 1.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.23 2.03 Miss by 0.20
Q1 FY26 0.96 0.88 Miss by 0.08
Q2 FY26 1.23 1.31 Beat by 0.08
Q3 FY26 1.29 1.23 Miss by 0.06
Q4 FY26 1.47 — Reports 15 December 2026

EPS $

Feb May Aug Nov Year
’26 0.93 1.24 1.19 — —
’25 1.96 1.81 2.29 1.93 7.98
’24 2.57 3.45 4.26 4.06 14.31
’23 2.06 3.01 3.87 4.82 13.73
’22 1.69 4.49 5.03 4.55 15.72
’21 3.20 2.65 4.52 3.91 14.27
’20 1.27 1.65 2.12 2.82 7.85
Fiscal quarters ending in the months shown.

Revenue $m

Feb May Aug Nov Year
’26 6,619 7,940 8,046 — —
’25 7,632 8,378 8,810 9,368 34,187
’24 7,313 8,766 9,416 9,947 35,441
’23 6,490 8,045 8,730 10,968 34,233
’22 6,204 8,359 8,934 10,174 33,671
’21 5,325 6,430 6,941 8,434 27,131
’20 4,505 5,287 5,870 6,826 22,489
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Feb May Aug Nov Year
’26 (434) (284) (104) — —
’25 (289) (1,095) (159) 1,759 217
’24 368 242 819 975 2,403
’23 978 660 952 2,589 5,180
’22 (72) 125 499 2,714 3,266
’21 386 333 594 1,220 2,533
’20 383 928 1,586 1,294 4,191
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Feb May Aug Nov Year
’26 (437) (303) (93) — —
’25 (305) (1,100) (187) 1,770 179
’24 300 217 814 963 2,293
’23 973 642 935 2,543 5,093
’22 (78) 138 464 2,709 3,233
’21 409 317 584 1,200 2,509
’20 378 937 1,572 1,265 4,152
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.9% a year for ten years. It grew 45.0% a year over the last ten.

Implied
11.9%
10 years, reported
45.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to November

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Aug ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,950 12,646 20,572 22,260 22,489 27,131 33,671 34,233 35,441 34,187 31,973 +13.5% 31,501 32,442 34,801 +0.6%
Gross margin, % 13.65 12.85 11.35 12.59 15.45 20.41 21.39 17.35 15.52 9.91 7.49 (3.7) pt
EBT 1,330 1,190 2,263 2,434 3,124 5,819 6,015 5,202 5,185 2,814 1,786 +8.7%
EBT margin, % 12.15 9.41 11.00 10.94 13.89 21.45 17.86 15.20 14.63 8.23 5.59 (3.9) pt
Net income 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968 2,108 1,325 +9.7%
Per share, $
Per share, $ Revenue 49.09 53.33 66.80 69.91 72.68 88.49 116.18 120.83 130.29 132.64 134.48 +11.7%
Earnings 4.13 3.38 5.46 5.76 7.88 14.28 15.74 13.73 14.31 7.98 5.29 +7.6%
Cash flow 2.28 4.14 5.49 4.66 13.54 8.26 11.27 18.28 8.84 0.84 3.94 (10.5%)
Capex (0.23) (0.47) (0.42) (0.02) (0.13) (0.08) (0.11) (0.31) (0.40) (0.15) 0.00 (4.8%)
Free cash flow 2.05 3.67 5.07 4.63 13.42 8.18 11.16 17.98 8.43 0.69 3.94 (11.3%)
Book value 32.33 33.67 47.68 50.35 58.50 68.48 83.64 94.25 103.01 85.90 91.26 +11.5%
Shares, m 223 237 308 318 309 307 290 283 272 258 245 +1.6%
Valuation, ×
Valuation, × P/E 9.97 17.64 7.79 9.79 9.25 7.06 5.34 8.93 11.62 16.30 17.30 10.4
P/S 0.83 1.13 0.61 0.81 1.00 1.14 0.73 1.02 1.28 0.98 0.68 1.0
P/B 1.26 1.79 0.86 1.12 1.25 1.47 1.01 1.30 1.62 1.52 1.00 1.3
EV/Sales 1.14 1.44 0.96 1.10 1.15 1.21 0.71 0.92 1.21 1.00 0.78 1.1
EV/FCF 27.33 20.86 12.69 16.66 6.21 13.09 7.38 6.16 18.72 190.96 26.56 32.0
Cash, $m
Cash, $m Operating cash flow 508 982 1,692 1,482 4,191 2,533 3,266 5,180 2,403 217 937 (9.0%)
Capex (51) (112) (130) (7) (39) (24) (33) (87) (110) (38) (1) (3.3%)
Free cash flow 457 871 1,561 1,475 4,152 2,509 3,233 5,093 2,293 179 937 (9.9%)
Balance, $m
Balance, $m Working capital 9,606 11,944 17,342 17,975 18,199 19,665 21,428 21,356 20,044 12,799 12,006 +3.2%
Net debt 3,361 3,854 7,162 6,563 3,237 1,895 (592) (3,471) (2,416) 617 3,113 (17.2%)
Shareholders’ equity 7,212 7,986 14,683 16,034 18,099 20,996 24,240 26,702 28,021 22,141 21,696 +13.3%
Returns, %
Returns, % ROA 6.06 4.71 7.11 6.33 8.22 13.86 12.82 10.08 9.67 5.43 3.80 (0.6) pt
ROIC 7.46 7.07 5.26 6.86 9.20 14.03 17.94 14.63 11.84 7.55 4.53 +0.1 pt
ROE 13.72 10.56 14.83 11.93 14.28 22.39 20.17 15.27 14.23 8.21 5.83 (5.5) pt
People
People Employees 8,335 9,111 11,626 10,106 9,495 10,753 12,012 12,284 13,265 12,532 — +4.6%
Revenue/emp, $m 1.31 1.39 1.77 2.20 2.37 2.52 2.80 2.79 2.67 2.73 — +8.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Lennar Corporation is a residential construction company founded in 1954 and headquartered in Miami-Dade County. Stuart Miller is its Executive Chairman and Chief Executive Officer.

The company primarily builds and sells new single-family attached and detached homes. It sells to first-time, move-up, active-adult, luxury and multi-generational buyers, using the Lennar brand. Its homes are marketed with the Everything’s Included® program, which makes selected features standard rather than optional, and its Next Gen® designs can provide separate living space for family members or a home office.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
West 11,909 34.84%
Central 7,756 22.69%
East 6,970 20.39%
South Central 5,604 16.39%
Lennar Financial Services 1,198 3.50%
Multifamily 681 1.99%
Lennar Other 41 0.12%
Other 27 0.08%
Gross margin 9.91%
Operating margin 8.05%
Pre-tax margin 8.23%

Revenue by segment since 2018

Lennar Corporation vs peers in Residential Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DHI D.R. Horton, Inc. $42.6B 15.4× 14.1× −3.17% (below 0%: shrinking) −10.42% (below 0%: shrinking) +5.76% (above 0%: growing) 20.45% 9.90% Compare
LEN.B Lennar Corporation $38.8B 16.9× — −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97% Compare
PHM PulteGroup, Inc. $25.0B 14.3× 13.4× −9.78% (below 0%: shrinking) −14.43% (below 0%: shrinking) −19.28% (below 0%: shrinking) 25.30% 15.80% Compare
LEN Lennar Corporation $21.9B 17.3× 17.9× −8.67% (below 0%: shrinking) −48.03% (below 0%: shrinking) +50.14% (above 0%: growing) 7.69% 5.97%
NVR NVR, Inc. $17.0B 16.9× 17.6× −7.94% (below 0%: shrinking) −21.61% (below 0%: shrinking) −52.66% (below 0%: shrinking) 0.00% 0.00% Compare
TOL Toll Brothers Inc. $14.6B 12.4× 11.5× −9.72% (below 0%: shrinking) −20.74% (below 0%: shrinking) −36.31% (below 0%: shrinking) 23.52% 13.51% Compare
IBP Installed Building Products, Inc. $6.3B 25.1× 24.3× +3.88% (above 0%: growing) −18.18% (below 0%: shrinking) −30.95% (below 0%: shrinking) 31.84% 11.34% Compare
SKY Champion Homes, Inc. $5.2B 27.2× 24.4× +6.22% (above 0%: growing) −1.22% (below 0%: shrinking) −57.16% (below 0%: shrinking) 25.53% 9.05% Compare
CVCO Cavco Industries, Inc. $5.2B 27.1× 27.5× +17.94% (above 0%: growing) +9.06% (above 0%: growing) −3.01% (below 0%: shrinking) 22.49% 10.65% Compare
Median of peers $15.8B 16.9× 17.6× −5.55% −16.30% −25.11% 23.00% 10.28%

All 19 Residential Construction stocks →

From the latest earnings call

Updated

  • Stuart Miller said Lennar is maintaining production volume and pricing to market to work through land positions committed under earlier market conditions.
  • Diane Bessette said fourth-quarter expectations depend on market conditions, including 19,500 to 20,500 orders and 22,000 to 23,000 deliveries.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
RBC Oct 29, 2026 Target cut Sell 85.00 → 69.00
BTIG Oct 29, 2026 Target cut Sell 67.00 → 63.00
Barclays Oct 29, 2026 Target cut Underperform 79.00 → 70.00
Morgan Stanley Oct 19, 2026 Initiated Sell 65.00
StoneX Sep 28, 2026 Reiterated Hold —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.28%
Held by the ten largest 46.68%
Holder Shares Stake Change
Vanguard 26.29m 10.91% +92.53k
BlackRock 18.67m 7.75% +91.18k
Berkshire Hathaway 13.41m 5.57% +3.07m
GREENHAVEN ASSOCIATES INC 11.68m 4.85% +684.15k
EAGLE CAPITAL MANAGEMENT LLC 10.69m 4.44% −193.47k
State Street 10.46m 4.34% +360.60k
Manulife 6.68m 2.77% +706.46k
Geode Capital Management 5.95m 2.47% +71.39k
ACR Alpine Capital Research, LLC 4.78m 1.99% +537.81k
Goldman Sachs 3.84m 1.59% +1.22m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 February 2026

Ownership

Directors and executive officers, together 70.30%
Stuart Miller 70.20%
The Vanguard Group 12.60% of Class A Common Stock
BlackRock, Inc. 7.80% of Class A Common Stock
GAMCO Investors, Inc. One Corporate Center Rye, NY 5.50% of Class B Common Stock
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lennar Corporation (LEN) Latest News

29 Oct

Impact 4 · · credaily.com
Impact 3 · · The Motley Fool

28 Oct

Impact 4 · · Zacks

27 Oct

Impact 3 · · Moby

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

22 Oct

Impact 3 · · MarketBeat
Impact 3 · · PR Newswire

21 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks
Impact 3 · · PR Newswire

19 Oct

Impact 4 · · TheStreet
Impact 4 · · 24/7 Wall St.

17 Oct

Impact 3 · · Moneywise

16 Oct

Impact 4 · · Zacks

15 Oct

Impact 4 · · Fortune
Impact 3 · · PR Newswire
Impact 3 · · StockStory

13 Oct

Impact 4 · · The Motley Fool

12 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

10 Oct

Impact 4 · · 24/7 Wall St.

7 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks

6 Oct

Impact 4 · · Insider Monkey
Impact 4 · · Trefis
Impact 4 · · 24/7 Wall St.

LEN metrics, ten years each

stockrow.com/LEN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com