YouTube · Q1 2026 · 2026-04-26
LEN · NYSE
Lennar Corporation
Residential Construction · United States
USD 76.43-4.1% daily changeQuote 2026-09-18 · USD
- Market cap (USD)
- US$18.41B
- Trailing P/E
- 14.48x
- Forward P/E
- 14.14x
- Quarterly revenue growth
- -8.7%
- Trailing net margin
- 4.1%
- Indicated dividend yield
- 2.6%
Snapshot 2026-09-20 · Latest financial period 2026-08-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-12-15 (provider estimate, not issuer-confirmed).
Company background
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 South Central, 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 originating and selling securitization commercial mortgage loans. In addition, the company is involved in fund investment activities. It primarily serves first-time, move-up, active adult, and luxury homebuyers. The company was founded in 1954 and is based in Miami, Florida.
Company websiteQ3 FY2026
Go beyond the headline.
LEN Stock: Land-Light, Cash-Heavy — Q3 FY2026
Published 2026-09-17
Short takes Q3 FY2026
LEN Stock: Lennar Q3 FY2026 — Land-Light, Cash-Heavy #Shorts
Watch Short on YouTube
Q3 FY2026 REPORT HIGHLIGHTS
What’s changed for LEN
Lennar is building faster with fewer owned lots, but inventory, land deposits and borrowing show why a cheaper-looking balance sheet still needs a cash recovery.
Land-light still ties up cash.
Homebuilding cash fell to $1.150 billion while owned inventory and land deposits rose; fewer owned homesites are only one part of capital employed.
Efficiency improved faster than demand.
Cycle time fell to 116 days and construction cost per square foot fell 6% year over year, while new orders declined 9%.
The volume target moved down.
Full-year deliveries are now expected at 80,000–81,000, versus 82,000–83,000 previously; Q4 gross margin guidance is 15.5%–16.0%.
Small adjusted-EPS gap hides offsetting items.
Technology investment losses and a Financial Services benefit pull in opposite directions; $1.23 adjusted EPS does not erase operating pressure.
Price offers limited cushion.
Our $75 base and probability-weighted values sit near a dated $76.74 after-hours trade; High uncertainty calls for a larger margin of safety before BUY.
Comparable businesses
LEN peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | LENLennar CorporationSnapshot 2026-09-20Financial period: 2026-08-31 | PHMPulteGroup, Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | TOLToll Brothers, Inc.Snapshot 2026-09-20Financial period: 2026-07-31 | Peer medianSimilar-size peers only |
|---|---|---|---|---|
| Market capMarket value, converted to USD | US$18.41B | US$22.34B | US$12.26B | US$17.30Bn=2 |
| Forward P/EProvider forward earnings estimate | 14.14x | 10.45x | 9.50x | 9.97xn=2 |
| EV / EBITDAEnterprise value / trailing EBITDA | 11.60x | 8.40x | 8.40x | 8.40xn=2 |
| Revenue growthLatest quarter vs prior-year quarter | -8.7% | -9.6% | -9.7% | -9.7%n=2 |
| Operating marginLatest reported quarter | 5.8% | 15.7% | 14.6% | 15.1%n=2 |
| Free cash flow yieldTrailing cash flow / market cap | — | 4.8% | 4.5% | 4.7%n=2 |
| Net debt / EBITDANet debt / trailing EBITDA | 2.44x | 0.42x | 1.10x | 0.76xn=2 |
| Debt / equityTotal debt / positive book equity | 0.28x | 0.19x | 0.34x | 0.27xn=2 |
| Trailing P/ETrailing twelve-month earnings | 14.48x | 11.98x | 10.72x | 11.35xn=2 |
| Price / bookPrice / positive book equity per share | 0.85x | 1.69x | 1.44x | 1.57xn=2 |
| EV / salesEnterprise value / trailing revenue | 0.72x | 1.41x | 1.31x | 1.36xn=2 |
| Earnings growthLatest quarter vs prior-year quarter | -48.0% | -18.2% | -20.4% | -19.3%n=2 |
| Gross marginTrailing twelve months | 16.0% | 25.6% | 24.8% | 25.2%n=2 |
| Net marginTrailing twelve months | 4.1% | 11.6% | 11.1% | 11.4%n=2 |
| Return on equityProvider trailing return; positive equity only | 6.0% | 14.9% | 14.4% | 14.6%n=2 |
| Free cash flow marginTrailing free cash flow / revenue | — | 6.6% | 5.2% | 5.9%n=2 |
| Dividend yieldIndicated annual dividend / price | 2.6% | 0.9% | 0.8% | 0.8%n=2 |
| Earnings payoutProvider trailing dividend payout | 37.9% | 10.2% | 8.2% | 9.2%n=2 |
| Current ratioCurrent assets / current liabilities | 11.39x | 7.27x | 4.50x | 5.89xn=2 |
| BetaProvider historical market sensitivity | 1.40 | 1.20 | 1.33 | 1.27n=2 |
YouTube · Q1 2026 · 2026-04-26
YouTube · Q2 FY2026 · 2026-05-20
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for LEN
Q3 FY20262026-09-17
FREE RESEARCH PACKET · Q3 FY2026
LEN: Land-Light, Cash-Heavy
Lennar is building faster with fewer owned lots, but inventory, land deposits and borrowing show why a cheaper-looking balance sheet still needs a cash recovery.
Research published September 16, 2026 · Download original report
Read Research PacketLEN Stock: Land-Light, Cash-Heavy — Q3 FY2026
Presentation · 2026-09-17 · YouTube
Short takes Q3 FY2026
LEN Stock: Lennar Q3 FY2026 — Land-Light, Cash-Heavy #Shorts
Watch Short on YouTube
Q2 FY20262026-06-11
LEN Stock: Buffett Owns 4%, Margins at Decade Lows — Who Blinks? Q2 FY2026
Presentation · 2026-06-11 · YouTube
