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LEN-B

Lennar Corporation

LEN-B

Lennar Corporation • NYSE
$123.59 ▲ 0.07% (+0.09)
Market Cap $32.32 B
52w High $156.91
52w Low $94.09
Dividend Yield 2.00%
P/E 12.22
Volume 15.13K
Outstanding Shares 261.47M

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 Q4-2024Q1-2025Q2-2025Q3-2025
Lennar Other
Lennar Other
 $30.00M ▲$20.00M ▼$30.00M ▲$50.00M ▲
Lennar Financial Services
Lennar Financial Services
 $300.00M ▲$280.00M ▼$300.00M ▲$310.00M ▲
Lennar Homebuilding East Central West Houston and Other
Lennar Homebuilding East Central West Houston and Other
 $9.55Bn ▲$7.28Bn ▼$7.84Bn ▲$8.25Bn ▲
Lennar Multifamily
Lennar Multifamily
 $100.00M ▲$70.00M ▼$250.00M ▲$240.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Lennar’s sales have grown steadily over the past several years, but profit margins have come down from their peak. Earnings are still strong in absolute terms, yet they are no longer rising in step with revenue. This suggests a tougher environment on costs and pricing, with less profit made on each home than at the height of the cycle. Overall profitability remains healthy for a cyclical business, but the easy margin gains of earlier years appear to be behind them for now.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger. Assets have grown, shareholder equity has built up nicely, and total debt has been trimmed year after year. Cash on hand moves around but remains solid. In simple terms, Lennar is less reliant on borrowing and more supported by its own capital than it was a few years ago, which generally means more financial flexibility to handle housing cycles or pursue opportunities.

Cash Flow

Cash Flow Lennar consistently generates cash from its operations, though the amount swings from year to year, which is typical for a homebuilder given the timing of land purchases and home deliveries. Free cash flow has been positive throughout and closely tracks operating cash flow, because the business does not require heavy spending on equipment. The pattern shows a company that can convert a good portion of its accounting profits into real cash, even if not evenly every year.

Competitive Edge

Competitive Edge Lennar enjoys the advantages of being one of the largest homebuilders in the country. Its size helps it secure better pricing from suppliers and subcontractors, its long-standing brand supports buyer trust, and its in-house mortgage and title services make the buying process more integrated. The shift to a “land light” approach reduces the risk of holding large land banks, which is a common pitfall in this industry. The main structural risk is that housing is highly cyclical and sensitive to interest rates and local market conditions, even for a strong player.

Innovation and R&D

Innovation and R&D For a traditional industry, Lennar is pushing fairly hard on innovation. Through its LEN^X arm, it is experimenting with 3D-printed homes, advanced prefab wall systems, and various real estate technologies. Internally, it is building unified software platforms to streamline operations and data. On the product side, it offers differentiated concepts like multigenerational floor plans, bundled high-end features, smart home packages, and energy-efficient designs. These efforts could lower costs and enhance the buyer experience over time, but many of these technologies are still in early or scaling stages, so execution will matter greatly.

Summary

Overall, Lennar combines a solid financial base with a strong competitive position and a notable push into technology and product innovation. Revenue has climbed, but profit margins have eased from peak levels, reflecting a more challenging cost and pricing backdrop. The balance sheet has been de-risked with lower debt and higher equity, and cash generation remains generally strong despite natural volatility. Strategically, Lennar’s scale, brand, vertical integration, and land-light model give it meaningful advantages, while its tech and design initiatives aim to keep it ahead of shifts in how homes are built, bought, and lived in. The key watchpoints are housing-cycle swings, interest rates, and how well the company turns its innovation bets into sustained cost savings and customer demand.

NEWS

November 26, 2025 · 8:00 AM UTC

Lennar Announces Final Results of Exchange Offer

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November 24, 2025 · 8:00 AM UTC

Lennar Announces Preliminary Results of Exchange Offer

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November 20, 2025 · 8:00 AM UTC

Lennar Announces Final Exchange Ratio of 4.1367 in Exchange Offer

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November 18, 2025 · 7:45 AM UTC

Lennar Confirms Expiration Date of Exchange Offer

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November 14, 2025 · 5:20 PM UTC

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

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