Consumer Discretionary · Homebuilding · US stock · price as of 22 Oct 2026
Key indicators
Price
$84.45
52-week range
$71.78 – $133.76
Market cap
$20.1B
P/E (trailing)
15.8×
EV / EBITDA
9.6×
Free-cash-flow yield
4.0%
Dividend yield
2.4%
Revenue (last 12 months)
$32.0B
Revenue growth (3y a year)
0.5%
Operating margin
5.6%
Return on invested capital
6.5%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$95.25 middle half of models $82 – $108
Versus priceFair+13% to fair value
P/E multiple
$79.14
P/B multiple
$106.33
P/S multiple
$120.87
EV/EBITDA multiple
$76.32
EV/EBIT multiple
$66.04
EV/revenue multiple
$109.08
10-year DCF, EBITDA exit
$100.25
5-year DCF, EBITDA exit
$89.39
10-year DCF, revenue exit
$99.65
5-year DCF, revenue exit
$94.42
10-year DCF, growth exit
$117.83
5-year DCF, growth exit
$109.15
Dividend discount, stable
$74.60
Dividend discount, multi-stage
$90.39
Model uncertainty
Medium
X-Ray Score
33/ 100 · Medium confidence · ahead of 9% of sector peers
Valuation65
Growth7
Profitability19
Financial health36
Dividends32
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Lennar Corp an X-Ray Score of 33 out of 100 (medium confidence), ahead of 9% of the S&P 500 stocks in its sector. Its strongest lens is valuation (65) and its weakest is growth (7).
Our fair value (the average of the valid models) is $95.25 (range $81.71 to $108.39). At $84.45 the stock trades 11% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Lennar Corp (LEN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$93.52
$79.64
$117.57
$162.35
$128.42
$84.45
Market cap
$28.7B
$23.1B
$33.3B
$44.2B
$33.1B
$20.1B
P/E
6.6×
5.1×
8.6×
11.3×
16.1×
15.8×
EV / revenue
1.0×
0.5×
0.8×
1.2×
1.0×
0.6×
EV / EBITDA
4.4×
3.0×
5.1×
8.2×
12.0×
9.7×
Price / free cash flow
11.6×
7.2×
6.6×
19.8×
1,174.5×
24.7×
Free-cash-flow yield
8.6%
13.9%
15.3%
5.1%
0.1%
4.0%
Price / book
1.4×
1.0×
1.3×
1.6×
1.5×
0.9×
Dividend yield
0.27%
–
–
–
–
2.37%
Fundamentals checklist ● 2 Good · ● 2 Average · ● 7 Bad · each check graded against the sector
Cash quality
Free-cash-flow yield4.0%Average
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−20.2%Bad
Free-cash-flow growth (3y)−79.4%Bad
Revenue growth (3y)0.5%Bad
Growth consistency30%Bad
Balance sheet
Interest coverno interest costGood
Valuation
Fair value vs price1.1×Average
EBIT / EV yield9.4%Good
Profitability
Return on invested capital6.5%Bad
Operating margin5.6%Bad
XStocksXray
Lennar Corp (LEN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
27,131
33,671
34,233
35,441
34,187
31,973
Gross profit
–
–
–
–
–
–
Operating income
5,819
6,015
5,202
5,185
2,814
1,786
Net income
4,430
4,614
3,939
3,933
2,078
1,308
Diluted EPS ($)
14.27
15.72
13.73
14.31
7.98
5.34
Free cash flow
2,468
3,208
5,080
2,232
28
811
Gross margin
–
–
–
–
–
–
Operating margin
21.4%
17.9%
15.2%
14.6%
8.2%
5.6%
Net margin
16.3%
13.7%
11.5%
11.1%
6.1%
4.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
33,208
37,984
39,234
41,313
34,430
–
Cash
2,956
4,816
6,571
4,910
3,756
1,499
Total debt
–
–
–
4,189
5,875
–
Equity
20,816
24,101
26,581
27,870
21,959
21,559
Dividend per share ($)
0.25
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
