Lennar Corp (LEN)
Consumer Discretionary · Homebuilding · US stock · S&P 500 component
$84.45
▲ +6.75 (8.69%)
Fair valueFair
$95 +12.8% to fair value
$48fair band $81–$115$143
Day's range
$77.55 – $84.63
52-week range
$71.78 – $133.76
About Lennar Corp
Lennar builds and markets single-family homes, townhomes and condominiums, mainly for first-time, move-up and active adult households across many states. Its business also includes financial services, such as mortgage lending and title and closing services, and multifamily apartment development. It is organised into homebuilding regions, a financial services unit and a multifamily unit, and its customers are households looking for a new home.
Lennar earns revenue from home deliveries, plus mortgage and title fees. Revenue is $32.0 billion over the last twelve months, with growth of 0.5% a year across three years. The operating margin is 5.6%, and the business earns a profit of 7% on the capital invested in it. The dividend yield is 2.4%. The data sheet carries no net debt figure for the company. On the site's X-Ray Score it receives 33 out of 100.
Price chart
52-wk range $71.78 – $133.76Volume 6,475,683Daily, split-adjusted
Vitals
Market cap$20.1B
52-week range$71.78 – $133.76
Volume (last day)6,475,683
P/E (TTM)15.8
EBIT / EV yield9.4%
Free-cash-flow yield4.0%
Dividend yield2.4%
Revenue (TTM)$32.0B
Net income (TTM)$1.3B
Operating margin5.6%
Return on capital6.5%
Debt incl. leasesData missing
Cash & securities$1.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$95middle half of models $82 – $108
Fair
+12.8% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $84
Undervalued < $81Fair $81 – $115Overvalued > $115
P/E multiple
$79
P/B multiple
$106
P/S multiple
$121
EV/EBITDA multiple
$76
EV/EBIT multiple
$66
EV/revenue multiple
$109
10-year DCF, EBITDA exit
$100
5-year DCF, EBITDA exit
$89
10-year DCF, revenue exit
$100
5-year DCF, revenue exit
$94
10-year DCF, growth exit
$118
5-year DCF, growth exit
$109
Dividend discount, stable
$75
Dividend discount, multi-stage
$90
Earnings power value · not used
$257
Growth the price implies
-11.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
65/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield9.4%
Free-cash-flow yield4.0%
Fair value vs price1.1×
Growth
Weak
7/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)0.5%
EPS growth (3y)-20.2%
Growth consistency30%
Profitability
Weak
19/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.5%
Operating margin5.6%
Financial health
Weak
36/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Interest coverNo interest cost
Dividends
Weak
32/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.4%
Dividends vs free cash flow59%
Dividend growth5.9%
Quarterly results: last 6 quarters
-4.4%
May '25
-6.4%
Aug '25
-5.8%
Nov '25
-13.3%
Feb '26
-5.2%
May '26
-8.7%
Aug '26
Revenue against the same quarter a year earlier. Latest quarter revenue $8.0B, diluted EPS $1.19.
Compare with peers
DHI Horton D R Inc43 PHM Pultegroup Inc26 NVR Nvr Inc25Other Homebuilding companies by X-Ray Score.
SWOT analysis: Lennar Corp
Strengthsinside the company
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 6.5% is well below the 24.9% median of industry peers.
- Operating margin of 5.6% is thin against 15.0% for industry peers.
- Earnings per share have declined 20.2% a year over three years.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Earnings in Homebuilding follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LEN with peers and sector
Medians of 3 Homebuilding peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): DHI 43, PHM 26, NVR 25.
| Metric | LEN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 33 | 26 | 51 |
| Valuation | 65 | 46 | 48 |
| Growth | 7 | 28 | 53 |
| Profitability | 19 | 10 | 52 |
| Financial health | 36 | – | 50 |
| Dividends | 32 | – | 52 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
LEN ranks #43 of 47 in Consumer Discretionary and #2 of 4 in Homebuilding by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LEN
Each factor is rated by where LEN stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 1 Average · 11 Bad of 17
Growth: 0 · 0 · 3
Profitability: 0 · 0 · 4
Financial strength: 1 · 0 · 1
Valuation: 4 · 1 · 0
Cash flow: 0 · 0 · 3
| Factor | LEN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +0.5% | Bad beats 12% | +6.5% | – | – |
| Revenue growth, last year | −3.5% | Bad beats 3% | +4.9% | +3.5% | ▼ Worse |
| EPS growth, 3 years a year | −20.2% | Bad beats 15% | +4.0% | – | – |
| Profitability | |||||
| Operating margin | 5.6% | Bad beats 17% | 14.9% | 15.2% | ▼ Worse |
| Net margin | 4.1% | Bad beats 16% | 11.4% | 11.5% | ▼ Worse |
| Return on invested capital | 6.5% | Bad beats 15% | 24.6% | – | – |
| Return on equity | 6.1% | Bad beats 15% | 35.3% | 14.8% | ▼ Worse |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 76% | 25.3x | – | – |
| Piotroski F-score | 4 / 9 | Bad beats 9% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 15.3x | Good beats 79% | 21.1x | 8.9x | ▼ Worse |
| Price / book | 0.9x | Good beats 99% | 7.2x | 1.5x | ▲ Better |
| Price / sales | 0.6x | Good beats 88% | 2.1x | 1.0x | ▲ Better |
| EV / EBITDA | 9.8x | Good beats 74% | 15.0x | – | – |
| Free cash flow yield | 4.0% | Average beats 40% | 4.3% | 7.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 2.5% | Bad beats 10% | 10.8% | 9.1% | ▼ Worse |
| Cash from operations / net income | 0.72 | Bad beats 6% | 1.37 | 0.61 | ▲ Better |
| Free cash flow growth, 3 years a year | −79.4% | Bad beats 1% | +12.1% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 2 Average · ● 7 BadCash quality
Free-cash-flow yieldAverage
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 38/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $27.1B | $33.7B | $34.2B | $35.4B | $34.2B |
| Operating income | $5.8B | $6.0B | $5.2B | $5.2B | $2.8B |
| Net income | $4.4B | $4.6B | $3.9B | $3.9B | $2.1B |
| Operating cash flow | $2.5B | $3.3B | $5.2B | $2.4B | $217M |
| Operating margin | 21.4% | 17.9% | 15.2% | 14.6% | 8.2% |
| Free cash flow | $2.5B | $3.2B | $5.1B | $2.2B | $28M |
| Diluted EPS | $14.27 | $15.72 | $13.73 | $14.31 | $7.98 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 1 neutral · 6 bearish
Weekly
Neutral
5 bullish · 1 neutral · 6 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 77.12 | Bullish |
| EMA 10 | 78.40 | Bullish |
| SMA 20 | 78.17 | Bullish |
| EMA 20 | 78.37 | Bullish |
| SMA 50 | 80.86 | Bullish |
| EMA 50 | 80.27 | Bullish |
| SMA 100 | 83.67 | Bullish |
| EMA 100 | 83.58 | Bullish |
| SMA 200 | 91.01 | Bearish |
| EMA 200 | 90.54 | Bearish |
Oscillators (daily)
| RSI (14) | 60.78 | Neutral |
| MACD (12, 26) | -0.44 | Bearish |
| Momentum (12) | 9.80 | Bullish |
| Stochastic %K (14) | 98.60 | Bearish |
| Williams %R (14) | -1.40 | Bearish |
| CCI (20) | 115.7 | Bearish |
Pivot points (classic, last session)
S3 72.71 | S2 75.13 | S1 79.79 | Pivot 82.21 | R1 86.87 | R2 89.29 | R3 93.95 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.00 USD
Yield on today's price
2.37%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 | |
| 0.5000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LEN
| ETF | Share of the fund |
|---|---|
| ITB iShares U.S. Home Construction | 7.12% |
| NAIL Direxion Daily Homebuilders & Supplies... | 5.82% |
| XHB SPDR S&P Homebuilders | 2.99% |
| EAGL The 2023 ETF Series | 2.74% |
| XLY Consumer Discretionary Select Sector S... | 0.48% |
| VLUE iShares MSCI USA Value Factor | 0.48% |
| RPV Invesco S&P 500 Pure Value | 0.47% |
| VCR Vanguard Consumer Discretionary | 0.31% |
The eight funds with the largest weight in LEN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LEN stock splits
LEN has split its stock 3 times since 1992. The latest was a 2-for-1 split on 21 Jan 2004.
Full LEN stock split history →LEN SEC filings
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.