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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. In the quarter to August 2026, revenue fell 8.67%, EPS fell 48.0%, free cash flow grew 50.1% and total debt rose 22.0%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

76.69 0.91 −1.17%
Market cap
$18.5B
P/E
14.5×
Fwd P/E
14.8×
Dividend yield
2.61%
F-score
5/9
Altman Z
4.27
Beneish M
−2.02
Dividend safety
64/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Lennar Corporation (LEN) Beneish M-score

Alert me on Beneish M-score

Lennar Corporation's Beneish M-score for fiscal 2025 is −2.02; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2025 −2.02 0.11
FY2024 −2.13 0.08
FY2023 −2.21 (0.23)
FY2022 −1.98 (0.22)
FY2021 −1.76 1.12
FY2020 −2.88 (0.80)
FY2019 −2.08 (0.40)
FY2018 −1.69 1.30
FY2017 −2.98 (0.99)
FY2016 −2.00 0.09

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 0.99 — 0.91
Gross margin index 1.57 — 0.83
Asset quality index Asset quality not computable — index set to 1 1.00 — Set to 1 0.40
Sales growth index 0.96 — 0.86
Depreciation index Depreciation not reported — index set to 1 1.00 — Set to 1 0.12
SG&A index 1.02 — −0.17
Total accruals to total assets 0.05 — 0.26
Leverage index 1.15 — −0.38
Beneish M-score Elevated −2.02

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
IBP Installed Building Products, Inc. compare −2.7×
SKY Champion Homes, Inc. compare −2.6×
CVCO Cavco Industries, Inc. compare −2.6×
TOL Toll Brothers Inc. compare −2.4×
NVR NVR, Inc. compare −2.1×
LEN Lennar Corporation −2.0×
LEN.B Lennar Corporation compare −2.0×
PHM PulteGroup, Inc. compare —
DHI D.R. Horton, Inc. compare —

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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