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Lennar Corporation

Lennar Corporation

NYSE•LEN
CEO: Mr. Stuart A. Miller
Sector: Consumer Cyclical
Industry: Residential Construction
Listing Date: 1980-03-17
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. It also offers residential mortgage financing, title, insurance, and closing services for home buyers and others, as well as originates and sells securitization commercial mortgage loans. In addition, the company is involved in the fund investment activity. It primarily serves first-time, move-up, active adult, and luxury homebuyers. Lennar Corporation was founded in 1954 and is based in Miami, Florida.
Contact Information
5505 Waterford District Drive, Miami, FL, 33126, United States
305-559-4000
www.lennar.com
Market Cap
$30.43B
P/E (TTM)
11.4
12.7
Dividend Yield
1.7%
52W High
$151.75
52W Low
$98.42
52W Range
39%
Rank26Top 9.6%
5.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$8.81B-6.43%
4-Quarter Trend

EPS

$2.31-45.77%
4-Quarter Trend

FCF

-$130.39M-116.28%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Total Revenues Decline Slightly Total Revenues $24.82B USD, down from $25.49B USD for nine months ended August 31, 2025, reflecting market softness.
Net Earnings Fell Sharply Net earnings attributable to Lennar $1.59B USD, significantly lower than $2.84B USD reported in the prior year nine months.
Homebuilding Volume Increased Home deliveries rose 3% to 59,549 units for nine months, despite ASP pressure from market weakness and incentives used.
Strong Liquidity Maintained Total liquidity stood at $5.1B USD at quarter end, supported by $1.8B USD in cash and equivalents for operations.

Risk Factors

Homebuilding Margins Deteriorate Homebuilding gross margin fell to 18.0% for nine months, driven by lower revenue per square foot and higher land costs.
Average Sales Price Dropped ASP for home sales decreased 7% to $393,000 USD for nine months due to continued market weakness and incentives.
Cash Reserves Reduced Cash and equivalents decreased to $1.8B USD from $5.0B USD year-end, impacted by inventory build-up and operations.
Increased SG&A Expenses SG&A as percentage of home sales revenue rose to 8.5% (9 months) from 7.4% due to less leverage.

Outlook

Q4 Sales and Margin Forecast Anticipate selling 20,000 to 21,000 homes in Q4 2025, with expected margin around 17.5%, depending on market conditions.
Land Light Strategy Focus Continue driving growth via technology-enabled, low-cost manufacturing and efficient, land-light balance sheet management going forward.
Debt Management Actions Taken Issued $700M USD in 5.20% senior notes and entered $1.7B USD Delayed Draw Term Loan Facility for borrowing capacity.
Stock Repurchase Activity Repurchased $1.7B USD of common stock under the authorized program during the nine-month period ending August 31, 2025.

Peer Comparison

Revenue (TTM)

Stellantis N.V.STLA
$349.65B
+5.3%
Lennar CorporationLEN
$34.77B
-4.7%
D.R. Horton, Inc.DHI
$34.25B
-6.9%

Gross Margin (Latest Quarter)

Carnival Corporation & plcCUK
46.2%
+0.7pp
Carnival Corporation & plcCCL
46.2%
+0.7pp
Viking Holdings LtdVIK
45.7%
+4.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DHI$45.69B12.914.7%12.8%
LVS$44.10B28.668.1%73.4%
CCL$36.11B13.726.2%55.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.0%
Flat Growth
4Q Net Income CAGR
-18.6%
Declining Profitability
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Next earnings:Dec 16, 2025
|
EPS:$2.23
|
Revenue:$9.13B
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Aug 31, 2025|Filed: Oct 3, 2025|
    Revenue: $8.81B-6.4%
    |
    EPS: $2.31-45.8%
    Beat

  • Form 10-Q - Q2 2025

    Period End: May 31, 2025|Filed: Jul 1, 2025|
    Revenue: $8.38B-4.4%
    |
    EPS: $1.81-47.5%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Feb 28, 2025|Filed: Apr 4, 2025|
    Revenue: $7.63B+4.4%
    |
    EPS: $1.98-23.0%
    Beat

  • Form 10-K - FY 2024

    Period End: Nov 30, 2024|Filed: Jan 23, 2025|
    Revenue: $35.44B+3.5%
    |
    EPS: $14.31+4.2%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Aug 31, 2024|Filed: Oct 2, 2024|
    Revenue: $9.42B+7.9%
    |
    EPS: $4.26+10.1%
    Beat

  • Form 10-Q - Q2 2024

    Period End: May 31, 2024|Filed: Jun 28, 2024|
    Revenue: $8.77B+9.0%
    |
    EPS: $3.45+14.6%
    Beat

  • Form 10-K/A - FY 2023

    Period End: Nov 30, 2023|Filed: Apr 25, 2024|
    Revenue: $34.23B+1.7%
    |
    EPS: $13.73-12.8%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Feb 29, 2024|Filed: Mar 29, 2024|
    Revenue: $7.31B+12.7%
    |
    EPS: $2.57+24.8%
    Beat