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LEN

Lennar Corporation

LEN

Lennar Corporation • NYSE
$131.31 ▲ 0.03% (+0.04)
Market Cap $33.49 B
52w High $171.49
52w Low $98.42
Dividend Yield 2.00%
P/E 12.99
Volume 4.50M
Outstanding Shares 255.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.81B ▲ $676.491M ▲ $590.967M ▲ 6.708% ▲ $2.31 ▲ $824.872M ▲
Q2-2025 $8.378B ▲ $155.853M ▲ $477.449M ▼ 5.699% ▼ $1.81 ▼ $682.402M ▼
Q1-2025 $7.632B ▼ $147.378M ▼ $519.526M ▼ 6.808% ▼ $1.98 ▼ $713.673M ▼
Q4-2024 $9.947B ▲ $170.011M ▲ $1.096B ▼ 11.021% ▼ $4.06 ▼ $1.417B ▲
Q3-2024 $9.416B $164.672M $1.163B 12.348% $4.26 $1.337B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.436B ▼ $34.878B ▲ $12.127B ▲ $22.57B ▼
Q2-2025 $1.447B ▼ $34.375B ▼ $11.643B ▼ $22.579B ▼
Q1-2025 $2.557B ▼ $34.986B ▼ $12.119B ▼ $22.728B ▼
Q4-2024 $4.95B ▲ $41.313B ▲ $13.292B ▲ $27.87B ▲
Q3-2024 $4.293B $39.741B $12.183B $27.413B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $585.719M ▲ $-98.221M ▲ $-64.496M ▼ $440.699M ▲ $272.041M ▲ $-130.386M ▲
Q2-2025 $481.819M ▼ $-1.095B ▼ $161.391M ▲ $-175.369M ▲ $-1.109B ▲ $-1.11B ▼
Q1-2025 $528.713M ▼ $-289.042M ▼ $21.49M ▲ $-2.135B ▼ $-2.402B ▼ $-345.085M ▼
Q4-2024 $1.1B ▼ $974.505M ▲ $-125.733M ▼ $-169.706M ▲ $679.066M ▲ $933.14M ▲
Q3-2024 $1.187B $819.248M $97.96M $-527.448M $389.76M $800.843M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q3-2025
Lennar Other
Lennar Other
 $20.00M ▲$30.00M ▲$20.00M ▼$50.00M ▲
Lennar Financial Services
Lennar Financial Services
 $270.00M ▲$300.00M ▲$280.00M ▼$310.00M ▲
Lennar Homebuilding East Central West Houston and Other
Lennar Homebuilding East Central West Houston and Other
 $9.05Bn ▲$9.55Bn ▲$7.28Bn ▼$8.25Bn ▲
Lennar Multifamily
Lennar Multifamily
 $180.00M ▲$100.00M ▼$70.00M ▼$240.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Lennar’s income statement shows a business that has grown steadily while staying solidly profitable. Revenue has climbed over the past five years, helped by strong housing demand and Lennar’s scale. Profitability was at its best around 2021–2022 and has softened a bit since, but earnings are still very robust by historical standards. Margins remain healthy even as costs and interest rates have been more challenging. Earnings per share have followed a similar pattern: strong growth through the boom years, a dip from the peak, and still at a high level today. Overall, the company looks like a mature, efficient builder that has managed the cycle well, not a fragile beneficiary of a single good year.

Balance Sheet

Balance Sheet The balance sheet looks conservative and increasingly resilient. Total assets and shareholder equity have grown each year, suggesting Lennar has been able to reinvest profits and expand its asset base without overstretching. Debt has trended down over time, which reduces financial risk and interest burden. Cash balances are solid and have generally improved versus the pre‑pandemic period, giving Lennar flexibility to weather downturns or fund projects. Combined with its “land-light” approach, this points to a company that is deliberately reducing balance-sheet risk in a historically cyclical business.

Cash Flow

Cash Flow Cash generation has been consistently positive, though somewhat bumpy year to year, which is normal for a homebuilder given swings in land spending and housing demand. Operating cash flow has been firmly positive each year, showing that the core business converts accounting profits into cash. Free cash flow has also remained positive throughout, even after funding necessary investments, and capital spending needs are relatively modest. The pattern suggests Lennar can both invest in its operations and return excess cash to stakeholders over time, while still maintaining a cushion for slower markets.

Competitive Edge

Competitive Edge Lennar holds a strong competitive position as one of the largest national homebuilders. Its size allows it to negotiate better terms on materials and labor, helping protect margins. The “land-light” strategy, reinforced by spinning off land holdings, aims to reduce the risk of being stuck with expensive land in a downturn while still securing lot supply. Vertical integration into mortgage and title services lets Lennar control more of the customer journey and capture more value per home. Its brand is well known, and its focus on first-time and move-up buyers taps into the deepest part of housing demand. Key risks remain: exposure to interest rates, affordability pressures, regional housing cycles, and competition from other big builders and local players.

Innovation and R&D

Innovation and R&D Lennar is unusually active on the innovation front for a traditional builder. Through its LenX arm and partnerships, it is experimenting with 3D-printed homes, prefabricated components, and advanced materials to speed up building and reduce costs. Its standard “Everything’s Included” smart-home package and focus on energy solutions, including solar and backup power, help differentiate its product and appeal to tech- and value-conscious buyers. Investing in digital mortgage, title, and iBuying tools aims to simplify the buying process and keep more of the profit in-house. These initiatives could enhance efficiency and customer appeal over time, but many are still in early stages and carry execution, adoption, and regulatory risks.

Summary

Overall, Lennar looks like a financially strong, well-managed homebuilder operating in a cyclical and interest-rate-sensitive industry. Revenue and profits have grown meaningfully over the last five years, with only a modest pullback from peak profitability. The balance sheet has been steadily de-risked, with lower debt, higher equity, and solid cash. Cash flows support the view of a business that not only earns accounting profits but also generates real cash after investments. Competitively, Lennar benefits from scale, vertical integration, and a focused product strategy, while innovation efforts in construction tech, smart homes, and digital services may provide additional long-term advantages. The main uncertainties are macro-driven—rates, housing affordability, land and labor costs—and how effectively Lennar can scale its newer technologies and land-light model across different market conditions.

NEWS

November 14, 2025 · 5:20 PM UTC

Lennar Announces the Retirement of Jonathan Jaffe, Co-CEO and President

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October 17, 2025 · 10:00 AM UTC

Lennar Unveils River Bridge Ranch in San Marcos, TX

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September 26, 2025 · 4:30 PM UTC

Lennar Corporation Declares Quarterly Dividends

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September 18, 2025 · 5:48 PM UTC

Lennar Reports Third Quarter 2025 Results

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September 4, 2025 · 4:30 PM UTC

Lennar Corporation to Broadcast Its Third Quarter Earnings Call on September 19, 2025

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