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Lennar (LEN) stock

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NYSE: LEN NYSE Homebuilding Next results ~December 15, 2026

C Fundamentals grade

Lennar is a US-listed company in the homebuilding industry. Its financial year ends in November.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-11-30).

Price vs value

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-11-30). We'll show the comparison once resolved.

Lennar valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Lennar files

Where Lennar stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $32.0bn, down 8.0% on a year earlier, slower than -7.4% a quarter earlier. That puts it 914 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 2.5% from -2.1% a year earlier. Operating margin widened to 22.9% from 14.2%. The diluted share count is down 6.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C.

Our model value for Lennar is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 15, 2026 (estimated)

Lennar's trailing-twelve-month revenue fell 8.0% year on year, with a free-cash-flow margin of 2.5%. Where it stands out: change in share count of -6.7% ranks 4 of 16 homebuilding companies we cover.

Our discounted-cash-flow model values the business at ~$80 per share in the base case (~$62–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -8.0% (-0.6pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 8.7 points on a year ago.
  • Shrinking share count. Diluted shares fell 6.7% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 8.0% over the last 12 months.
  • Weak cash conversion. Free cash flow was 62% of net income over the last 12 months.
  • Below peers: free-cash-flow margin. Free-cash-flow margin of 2.5% ranks 13 of 17 homebuilding companies we cover (median 7.7%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 19.4% over 90 days.

Latest results: FY2026 Q3

Filed October 2, 2026
Earnings per share
$1.23 against an average estimate of $1.29: missed by 4.5%
Revenue
$8.05bn, down 8.7% on a year earlier
Share reaction
-0.5% in the first session after the results on September 16, 2026, against +0.7% for the S&P 500
Guidance given
new Orders 19500 to 20500 (fourth quarter of 2026); deliveries 22000 to 23000 (fourth quarter of 2026)
Next report
December 15, 2026; average EPS estimate $1.44

Lennar's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.7%
  • 1 week+8.4%
  • 1 month+14.8%
  • This year-9.5%
  • 1 year-24.8%
  • 5 years+0.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$32B
Net margin
4.1%
EPS (TTM, diluted)
$5.37

Growth

Revenue growth
−8.0%
Change in growth rate
−0.6 pts
Share count change
−6.7%

Cash

Free cash flow (TTM)
$811M
FCF margin
2.5%
Stock pay % of revenue
0.4%

Earnings

Last results
September 16, 2026
Next results (est.)
December 15, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Announcement
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lennar valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: latest balance sheet has no long-term debt figure we can read (last reported 2025-11-30): held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Lennar as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$82 ~$68–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$120–$260 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$150–$220 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lennar with Homebuilding in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$43.37$36.16$54.44$37.16$52.04$66.83$93.52$79.64$117.57$162.35$128.42$91.02
Market value$10.2bn$8.5bn$12.9bn$11.5bn$16.6bn$20.7bn$28.7bn$23.1bn$33.3bn$44.2bn$33.1bn$22.2bn
+ Net debt (− = net cash)−$1.2bn−$1.3bn−$2.7bn−$1.6bn$8.1bn$4.6bn$3.7bn−$4.8bn−$6.6bn−$720m$2.1bn−$1.5bn
Enterprise value$9.1bn$7.2bn$10.3bn$9.9bn$24.7bn$25.2bn$32.4bn$18.3bn$26.7bn$43.4bn$35.2bn$20.7bn
Multiples
Price / sales 1.1x0.8x1.0x0.6x0.7x0.9x1.1x0.7x1.0x1.2x1.0x0.7x
Price / earnings 12.7x9.3x15.9x6.8x9.0x8.4x6.5x5.0x8.5x11.2x15.9x17.0x
Price / free cash flow —19.7x14.8x7.3x11.9x5.0x11.6x7.2x6.6x19.8xn/m27.4x
EV / EBITDA 6.2x4.5x6.7x3.9x8.6x7.1x——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Lennar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.7% of total assets over 9 years.

  • Pricing power 8 / 20

    Gross margin has been a median 19.6%, moving by 1.2 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median 14.0%; its worst year was 6.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 21.0% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 15, 2026, after the close. Analysts expect revenue of $8.8bn and EPS of $1.44 (range $1.37 to $1.55) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.94 −39% $31.5bn −8%
Next $5.22 +6% $32.4bn +3%

Next year's EPS estimate has moved −19.4% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −11.0% on 90 days ago. In the last 30 days, 0 analysts raised Lennar's forecast and 5 cut it.

Consensus EPS forecast Lennar, last 90 days
$4.50 $5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.54 Current fiscal year, 60 days ago: $5.54 Current fiscal year, 30 days ago: $4.95 Current fiscal year, 7 days ago: $4.94 Current fiscal year, Now: $4.94 $4.94 Next fiscal year, 90 days ago: $6.48 Next fiscal year, 60 days ago: $6.48 Next fiscal year, 30 days ago: $5.27 Next fiscal year, 7 days ago: $5.22 Next fiscal year, Now: $5.22 $5.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.54$6.48
60 days ago $5.54$6.48
30 days ago $4.95$5.27
7 days ago $4.94$5.22
Now $4.94$5.22

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $1.29 $1.23 −4.5%
May 2026 $1.23 $1.31 +6.2%
Feb 2026 $0.95 $0.88 −7.2%
Nov 2025 $2.18 $2.03 −6.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 16, 2026
  • Gross Margin % on Home Sales · Homebuilding fourth quarter of 2026 15.5% to 16%
    “Gross Margin % on Home Sales 15.5% - 16.0%” source
  • New Orders · Homebuilding fourth quarter of 2026 19,500 to 20,500
    “New Orders 19,500 - 20,500” source
  • Deliveries · Homebuilding fourth quarter of 2026 22,000 to 23,000
    “Deliveries 22,000 - 23,000” source
  • Average Sales Price · Homebuilding fourth quarter of 2026 $370,000 to $380,000
    “Average Sales Price $370,000 - $380,000” source
  • SG&A as a % of Home Sales · Homebuilding fourth quarter of 2026 8.7% to 9%
    “SG&A as a % of Home Sales 8.7% - 9.0%” source
  • Financial Services Operating Earnings fourth quarter of 2026 $90m to $95m
    “Financial Services Operating Earnings $90 million - $95 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

21 analysts, Oct 2026
Buy210%
Hold943%
Sell1048%

Monthly trend

  1. Oct 202695521
  2. Sep 202693519
  3. Aug 202683518
  4. Jul 202683518

Counts of recommendations published by analysts covering Lennar, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.3%
of tradable shares
Days to cover
0.09
at average volume
Short interest, 1 month
−97%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
15.7%
of shares
Employees
12,532
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −24.8%

$121.06 on October 31, 2025 to $91.02

ThenNowEffect
Revenue (last 12 months) $34.8bn $32.0bn −8.0%
Net margin 7.7% 4.1% −47.0%
P/E multiple 11.8x 17.0x +43.9%
Share count 261m 244m +7.2%

Biggest factor: net margin.

Last 3 years −17.4%

$110.13 on November 3, 2023 to $91.02

ThenNowEffect
Revenue (last 12 months) $33.4bn $32.0bn −4.4%
Net margin 11.7% 4.1% −64.9%
P/E multiple 8.1x 17.0x +110.6%
Share count 285m 244m +17.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LEN+54%−21%+67%−7%−21%−10%
Industry peers (median)+47%−29%+95%−3%−11%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LEN75%42%58%67%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LEN−16%−44%−22%−29%−28%−39%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 59% from September 19, 2024 to October 14, 2026. Getting back needed a 143% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$73.53 – $130.21
From 52-week high
−30.1%
vs 50-day average
+12.6%
vs 200-day average
+1.1%
Volatility (1 year)
40%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 10 down
typical move ±4.5%
After a week
3 up, 9 down
typical move ±3.6%
After a month
4 up, 8 down
typical move ±5.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 16, 2026 −0.5% +0.7% +1.8% −2.3%
June 11, 2026 +0.5% +2.2% −0.1% −6.3%
March 12, 2026 −1.7% −2.1% −3.0% −7.0%
December 16, 2025 −6.3% −1.4% −12.5% −1.0%
September 19, 2025 −8.2% +1.0% −5.1% −4.9%
June 17, 2025 −5.6% −0.9% +0.3% +0.5%
March 20, 2025 −4.2% −0.3% −1.9% −13.8%
December 18, 2024 −8.6% −3.0% −8.5% −7.2%
September 19, 2024 −3.3% +1.5% −2.9% +0.5%
June 17, 2024 −4.1% +1.1% −3.8% +10.0%
March 13, 2024 −7.9% −0.4% −1.4% −3.7%
December 14, 2023 +2.8% +0.2% +1.9% +3.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Lennar in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lennar
$30B $32B $34B $36B $38B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $34.2B Revenue (TTM), FY24 Q1: $35.1B Revenue (TTM), FY24 Q2: $35.8B Revenue (TTM), FY24 Q3: $36.5B Revenue (TTM), FY24 Q4: $35.4B Revenue (TTM), FY25 Q1: $35.8B Revenue (TTM), FY25 Q2: $35.4B Revenue (TTM), FY25 Q3: $34.8B Revenue (TTM), FY25 Q4: $34.2B Revenue (TTM), FY26 Q1: $33.2B Revenue (TTM), FY26 Q2: $32.7B Revenue (TTM), FY26 Q3: $32B $32B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $34.2B
FY24 Q1 $35.1B
FY24 Q2 $35.8B
FY24 Q3 $36.5B
FY24 Q4 $35.4B
FY25 Q1 $35.8B
FY25 Q2 $35.4B
FY25 Q3 $34.8B
FY25 Q4 $34.2B
FY26 Q1 $33.2B
FY26 Q2 $32.7B
FY26 Q3 $32B
Revenue growth, TTM YoY Lennar
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.7% Revenue growth, TTM YoY, FY24 Q1: 3.2% Revenue growth, TTM YoY, FY24 Q2: 6.3% Revenue growth, TTM YoY, FY24 Q3: 9.0% Revenue growth, TTM YoY, FY24 Q4: 3.5% Revenue growth, TTM YoY, FY25 Q1: 2.0% Revenue growth, TTM YoY, FY25 Q2: -1.1% Revenue growth, TTM YoY, FY25 Q3: -4.7% Revenue growth, TTM YoY, FY25 Q4: -3.5% Revenue growth, TTM YoY, FY26 Q1: -7.2% Revenue growth, TTM YoY, FY26 Q2: -7.4% Revenue growth, TTM YoY, FY26 Q3: -8.0% -8.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.7%
FY24 Q1 3.2%
FY24 Q2 6.3%
FY24 Q3 9.0%
FY24 Q4 3.5%
FY25 Q1 2.0%
FY25 Q2 -1.1%
FY25 Q3 -4.7%
FY25 Q4 -3.5%
FY26 Q1 -7.2%
FY26 Q2 -7.4%
FY26 Q3 -8.0%
Operating margin (TTM) Lennar
10% 15% 20% 25% FY18 Q4 FY19 Q3 FY20 Q2 FY21 Q3 Operating margin (TTM), FY18 Q4: 12.0% Operating margin (TTM), FY19 Q1: 12.1% Operating margin (TTM), FY19 Q2: 13.2% Operating margin (TTM), FY19 Q3: 13.9% Operating margin (TTM), FY19 Q4: 12.5% Operating margin (TTM), FY20 Q1: 12.6% Operating margin (TTM), FY20 Q2: 13.3% Operating margin (TTM), FY20 Q3: 14.2% Operating margin (TTM), FY20 Q4: 15.5% Operating margin (TTM), FY21 Q1: 19.0% Operating margin (TTM), FY21 Q2: 19.9% Operating margin (TTM), FY21 Q3: 22.9% 22.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q4 12.0%
FY19 Q1 12.1%
FY19 Q2 13.2%
FY19 Q3 13.9%
FY19 Q4 12.5%
FY20 Q1 12.6%
FY20 Q2 13.3%
FY20 Q3 14.2%
FY20 Q4 15.5%
FY21 Q1 19.0%
FY21 Q2 19.9%
FY21 Q3 22.9%
FCF margin (TTM) Lennar
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.8% FCF margin (TTM), FY24 Q1: 12.6% FCF margin (TTM), FY24 Q2: 11.1% FCF margin (TTM), FY24 Q3: 10.5% FCF margin (TTM), FY24 Q4: 6.3% FCF margin (TTM), FY25 Q1: 4.5% FCF margin (TTM), FY25 Q2: 0.8% FCF margin (TTM), FY25 Q3: -2.1% FCF margin (TTM), FY25 Q4: 0.1% FCF margin (TTM), FY26 Q1: -0.3% FCF margin (TTM), FY26 Q2: 2.2% FCF margin (TTM), FY26 Q3: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.8%
FY24 Q1 12.6%
FY24 Q2 11.1%
FY24 Q3 10.5%
FY24 Q4 6.3%
FY25 Q1 4.5%
FY25 Q2 0.8%
FY25 Q3 -2.1%
FY25 Q4 0.1%
FY26 Q1 -0.3%
FY26 Q2 2.2%
FY26 Q3 2.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Nov 2010 2011 Nov 2011 2012 Nov 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Nov 2016 2017 Nov 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Nov 2021 2022 Nov 2022 2023 Nov 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 3.1 3.1 3.1 4.1 5.9 7.8 9.5 10.9 12.6 20.6 22.3 22.5 27.1 33.7 34.2 35.4 34.2 32.0
EBITDA −0.6 0.2 0.2 0.4 0.9 1.2 1.5 1.6 1.5 2.6 2.9 3.6 — — — — — —
Operating income −0.6 0.2 0.2 0.3 0.8 1.1 1.4 1.6 1.5 2.5 2.8 3.5 — — — — — —
Net income −0.4 0.1 0.1 0.7 0.5 0.6 0.8 0.9 0.8 1.7 1.8 2.5 4.4 4.6 3.9 3.9 2.1 1.3
Diluted EPS −$2.45 $0.51 $0.47 $3.06 $2.11 $2.75 $3.39 $3.86 $3.38 $5.44 $5.74 $7.85 $14.27 $15.72 $13.73 $14.31 — $5.37
Growth (year on year)
Revenue −31.8% −1.5% +0.7% +32.6% +44.6% +31.1% +21.8% +15.6% +15.5% +62.7% +8.2% +1.0% +20.6% +24.1% +1.7% +3.5% −3.5% −8.0%
EBITDA — — +6.2% +75.8% +127.4% +38.1% +24.0% +9.8% −4.4% +65.7% +12.3% +24.7% — — — — — —
Operating income — — +2.4% +80.8% +136.9% +38.5% +24.3% +9.6% −5.6% +66.9% +12.7% +25.5% — — — — — —
Net income — — −3.2% +636.6% −29.4% +33.2% +25.7% +13.6% −11.1% +109.2% +9.0% +33.3% +79.7% +4.2% −14.6% −0.2% −47.2% −51.3%
Diluted EPS — — −7.5% +547.9% −30.9% +30.2% +23.1% +13.9% −12.4% +60.9% +5.5% +36.8% +81.8% +10.2% −12.7% +4.2% — −47.7%
Margins
EBITDA margin −20.0% 6.6% 6.9% 9.2% 14.5% 15.2% 15.5% 14.7% 12.2% 12.4% 12.9% 15.9% — — — — — —
Operating margin −20.6% 6.1% 6.2% 8.5% 14.0% 14.7% 15.1% 14.3% 11.7% 12.0% 12.5% 15.5% — — — — — —
Net margin −13.4% 3.1% 3.0% 16.5% 8.1% 8.2% 8.5% 8.3% 6.4% 8.2% 8.3% 11.0% 16.3% 13.7% 11.5% 11.1% 6.1% 4.1%
Free-cash-flow margin — — — — −13.8% −10.4% −5.4% 3.9% 6.9% 7.6% 6.3% 18.3% 9.1% 9.5% 14.8% 6.3% 0.1% 2.5%
Cash flow
Cash from operations 0.4 0.3 −0.3 −0.4 −0.8 −0.8 −0.4 0.5 1.0 1.7 1.5 4.2 2.5 3.3 5.2 2.4 0.2 0.9
Capital spending — — — — 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1
Free cash flow — — — — −0.8 −0.8 −0.5 0.4 0.9 1.6 1.4 4.1 2.5 3.2 5.1 2.2 0.0 0.8
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.1
Free cash flow after stock pay — — — — −0.9 −0.9 −0.6 0.4 0.8 1.5 1.3 4.0 2.3 3.0 4.9 2.1 −0.1 0.7
Balance sheet
Cash 1.5 1.4 1.2 1.3 1.0 1.3 1.2 1.3 2.7 1.6 1.4 2.9 3.0 4.8 6.6 4.9 3.8 1.5
Total debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.6 7.4 6.7 0.0 0.0 4.2 5.9 —
Net debt (negative = net cash) −1.5 −1.4 −1.2 −1.3 −1.0 −1.3 −1.2 −1.3 −2.7 −1.6 8.1 4.6 3.7 −4.8 −6.6 −0.7 2.1 −1.5
Diluted shares — 189m 195m 219m 226m 228m 235m 235m 237m 309m 318m 309m 307m 290m 283m 272m 258m 244m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.4 0.5 0.5 0.5
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.5 0.3 1.4 1.0 1.2 2.3 1.8 1.0
Total returned 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.3 0.6 0.5 1.7 1.5 1.6 2.8 2.3 1.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 0 checks passed · May 31, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lennar's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$993M
Dividends (TTM)
$493M
Returned to shareholders
183%
of free cash flow
Buybacks, last 3 fiscal years
$5.2B
Diluted share count
−6.7%
year over year
Total shareholder yield
6.9%
dividends 2.3% + buybacks 4.6% of market value
Dividend payout ratio
38%
of net income paid out
Sales & admin spending
8.5%
of revenue

Competitors: side by side with peers

Closest by revenue in homebuilding
Last 12 months unless stated LEN DHI PHM TOL NVR KBH Median
Revenue, last 12 months $32.0bn $33.3bn $16.0bn $10.8bn $9.5bn $5.2bn $3.8bn
Revenue growth, last 12 months −8.0% −3.5% −9.3% −1.1% −9.9% −20.8% −7.1%
Revenue growth, 3-year average −1.5% −1.2% −1.8% 0.2% −1.6% −8.1% −0.6%
Revenue growth, latest quarter −8.7% 0.0% −9.8% −9.7% −10.5% −20.0% −6.2%
Gross margin 21.1% 22.6% — 23.7% — 19.1% 21.1%
Operating margin 22.9% — — 13.8% — 7.6% 9.1%
Operating margin, 3-year average 17.0% — — 16.3% — 6.1% 12.0%
Net margin 4.1% 9.2% 11.2% 11.1% 12.0% 4.4% 7.2%
Cash from operations / revenue 2.9% 10.1% 8.8% 11.1% 11.2% 1.4% 7.8%
Free-cash-flow margin 2.5% 9.6% 8.1% 10.1% 11.0% 0.6% 7.7%
Free-cash-flow margin, 3-year average 3.7% 7.8% 8.1% 8.9% 12.5% 3.3% 5.8%
Stock pay / revenue 0.4% 0.4% 0.4% 0.3% 0.7% 0.6% 0.5%
Change in share count −6.7% −8.4% −5.1% −5.0% −7.9% −11.8% −4.8%

Median of all 17 companies we cover in homebuilding. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 homebuilding companies
Measure Company Peer median Rank
Revenue growth Growth -8.0% -7.1% 10 of 17
Change in growth rate Growth -0.6pp -0.6pp 9 of 17
Net margin Profitability 4.1% 7.2% 12 of 17
Free-cash-flow margin Cash generation 2.5% 7.7% 13 of 17
Stock pay as % of revenue Cash generation 0.4% 0.5% 7 of 17
Long-term debt as % of assets Balance sheet 17.1% 17.1% 5 of 8
Change in share count Balance sheet -6.7% -4.8% 4 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 30, 2025
Segments
Line of business Revenue Share YoY
Lennar Homebuilding East Central West Houston and Other $32.3B 94.3% ▼ 4.8%
Homebuilding West $11.9B 36.9% ▼ 8.1%
Homebuilding Central $7.8B 24.0% ▼ 1.5%
Homebuilding East $7B 21.6% ▼ 15.6%
Homebuilding South Central $5.6B 17.4% ▲ 17.1%
Lennar Financial Services $1.2B 3.5% ▲ 8.0%
Lennar Multifamily $681M 2.0% ▲ 65.4%
Lennar Other $41.4M 0.1% ▲ 191.2%
Homebuilding Other Regions $26.8M 0.1% ▼ 19.9%
Products and services
Line of business Revenue Share YoY
Real Estate Other $32.1B 93.9% ▼ 5.0%
Other Revenue $2B 5.7% ▲ 24.8%
Land $130M 0.4% ▲ 39.5%

From Lennar's 10-K filed January 28, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$19.3B
Institutions reporting
935
Shares held vs prior quarter
▲ 4.0%
Positions opened / closed
107 / 106

Top buyers and sellers, Q2 2026: 496 institutions bought and 410 sold ; the biggest buyer was Berkshire Hathaway Inc (+3.0M shares) and the biggest seller First Trust Advisors LP (−899K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 18.3M 8.6% ▲ 0.5%
Berkshire Hathaway Inc $1.2B 13.1M 6.2% ▲ 29.8%
Vanguard Capital Management LLC $1.2B 13.0M 6.1% ▲ 0.6%
Greenhaven Associates Inc $1B 11.3M 5.3% ▲ 6.4%
Eagle Capital Management LLC $967M 10.7M 5.0% ▼ 1.8%
State Street Corp $944M 10.4M 4.9% ▲ 3.9%
Vanguard Portfolio Management LLC $864M 9.5M 4.5% ▲ 0.2%
Aristotle Capital Management, LLC $709M 7.8M 3.7% ▼ 6.1%
Manufacturers Life Insurance Company, The $605M 6.7M 3.1% ▲ 11.8%
Geode Capital Management, LLC $526M 5.8M 2.7% ▲ 1.4%
ACR Alpine Capital Research, LLC $429M 4.7M 2.2% ▲ 12.6%
Goldman Sachs Group Inc $324M 3.6M 1.7% ▲ 45.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lennar's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 23 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of Lennar shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 15, 2026 estimated from the company's past filing pattern, not announced

  • September 16, 2026
  • June 11, 2026
  • March 12, 2026
  • December 16, 2025
  • September 19, 2025
  • June 17, 2025

Recent SEC filings

Data status

When each part of this page on Lennar was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lennar in brief

What does Lennar do?
Lennar is a US-listed company in the homebuilding industry. Its financial year ends in November.
What is Lennar's stock ticker?
Lennar trades under the ticker LEN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lennar's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lennar reported revenue of $32B, 8.0% lower than a year earlier, according to its SEC filings.
What is Lennar's free cash flow?
Lennar's free-cash-flow margin is 2.5% of revenue over the trailing twelve months, ranking 13 of the 17 homebuilding companies we cover.
Who are Lennar's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Berkshire Hathaway Inc and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lennar buying back stock, and does it pay a dividend?
Lennar spent $993M on share repurchases over the trailing twelve months, and its diluted share count fell 6.7% over the year.
What is Lennar's market cap?
On November 2, 2026, Lennar's market capitalisation was about $22.2B, with a price-to-earnings ratio of 17.0 and net debt of -$1.5B. Market figures come from third-party market data and may be delayed.
Does Lennar pay a dividend?
Yes: Lennar paid $493M in dividends over the trailing twelve months, a dividend yield of 2.28% and a payout ratio of 37.6%.
Who are Lennar's competitors?
In our Homebuilding peer group, the companies closest to Lennar are D. R. Horton, PulteGroup, Toll Brothers, Inc., NVR, Inc. and KB Home. The side-by-side comparison below sets their revenue, margins and growth against Lennar's.
When is Lennar's next earnings date?
Around December 15, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lennar announces its own schedule.