XStocksXray

Research report · 16 October 2026

Lennar Corp (LEN)

Consumer Discretionary · Homebuilding · US stock · price as of 16 Oct 2026

Key indicators

Price	$77.08
52-week range	$71.78 – $130.83
Market cap	$18.3B
P/E (trailing)	14.4×
EV / EBITDA	8.7×
Free-cash-flow yield	4.4%
Dividend yield	2.6%
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

Blended fair value$370.47 range $356 – $387

Versus priceData under review+0% to fair value

Peer multiples	$298.67
Fundamentals-adjusted multiple	$437.36
10-year DCF (market-scaled)	$375.39
Earnings power value (floor, not blended)	$177.76
Model uncertainty	Medium

X-Ray Score

37/ 100 · Medium confidence · ahead of 11% of sector peers

Valuation81

Growth7

Profitability19

Financial health36

Dividends34

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 2.6%. The data sheet carries no net debt figure for the company.

StocksXray gives Lennar Corp an X-Ray Score of 37 out of 100 (medium confidence), ahead of 11% of the S&P 500 stocks in its sector. Its strongest lens is valuation (81) and its weakest is growth (7).

Our fair value blend is $370.47 (range $355.77 to $387.44). At $77.08 the stock trades 79% below that blend, so the label is "Data under review" 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	$77.08
Market cap	$28.7B	$23.1B	$33.3B	$44.2B	$33.1B	$18.3B
P/E	6.6×	5.1×	8.6×	11.3×	16.1×	14.4×
EV / revenue	1.0×	0.5×	0.8×	1.2×	1.0×	0.5×
EV / EBITDA	4.4×	3.0×	5.1×	8.2×	12.0×	8.8×
Price / free cash flow	11.6×	7.2×	6.6×	19.8×	1,174.5×	22.6×
Free-cash-flow yield	8.6%	13.9%	15.3%	5.1%	0.1%	4.4%
Price / book	1.4×	1.0×	1.3×	1.6×	1.5×	0.9×
Dividend yield	0.27%	–	–	–	–	2.59%

Fundamentals checklist ● 3 Good · ● 1 Average · ● 7 Bad · each check graded against the sector

Cash quality

Free-cash-flow yield4.4%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 price4.8×Good

EBIT / EV yield10.4%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

Margins blue gross, teal operating, brown net

Latest quarters

	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Revenue ($M)	8,378	8,810	9,368	6,619	7,940	8,046
Growth vs a year earlier	−4.4%	−6.4%	−5.8%	−13.3%	−5.2%	−8.7%
Net income ($M)	477	591	490	229	305	284
Diluted EPS ($)	1.81	2.29	–	0.93	1.24	1.19

XStocksXray

Lennar Corp (LEN)

Peers in Homebuilding

Company	X-Ray
LEN · Lennar Corp	37
DHI · Horton D R Inc	49
PHM · Pultegroup Inc	31
NVR · Nvr Inc	26

Market Compass outlook for Consumer Discretionary: Neutral (53/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+0.5%
1 month	−2.7%
3 months	−6.4%
6 months	−15.4%
1 year	−35.6%
3 years	−26.6%
5 years	−7.5%

Technical summary

DailyBearish2 bullish · 4 neutral · 10 bearish

WeeklyStrongly bearish0 bullish · 1 neutral · 11 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$81.41 / $91.47
52-week low / high	$71.78 / $130.83
Classic pivot, support and resistance	S2 74.61 · S1 75.85 · P – · R1 78.75 · R2 80.41

Recent dividends

Ex-dividend date	Amount per share
7 Oct 2026	$0.5000
10 Jul 2026	$0.5000
22 Apr 2026	$0.5000
4 Feb 2026	$0.5000
10 Oct 2025	$0.5000
3 Jul 2025	$0.5000

XStocksXray

Lennar Corp (LEN)

Strengths

Interest cover of no interest cost is ahead of 76% of its sector peers.

Risks and weak spots

Piotroski F-Score is weak against Consumer Discretionary peers (4 of 9).
EPS growth (3y) is weak against Consumer Discretionary peers (−20.2%).
Free-cash-flow growth (3y) is weak against Consumer Discretionary peers (−79.4%).
Revenue growth (3y) is weak against Consumer Discretionary peers (0.5%).
Growth consistency is weak against Consumer Discretionary peers (30%).
Return on invested capital is weak against Consumer Discretionary peers (6.5%).
Operating margin is weak against Consumer Discretionary peers (5.6%).

Latest SEC filings

Date	Form	Items
15 Oct 2026	8-K	8.01,9.01
15 Oct 2026	424B5
2 Oct 2026	10-Q
16 Sep 2026	8-K	2.02,9.01
29 Jun 2026	10-Q
12 Jun 2026	8-K	7.01,9.01
11 Jun 2026	8-K	2.02,9.01
8 Jun 2026	8-K	5.02,7.01,9.01

How to read this report

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 blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.