Lennar Corporation

Lennar is one of the largest US homebuilders by deliveries, revenues and net earnings. It builds and sells single-family homes to first-time, move-up, active adult and luxury buyers. In fiscal 2025, the year ended November 30, 2025, it delivered 82,583 homes at an average price of $391,000, down from $423,000 a year earlier. Its Everything's Included approach makes premium features standard, and subcontractors do nearly all the construction.

Homebuilding brought in about $32 billion, roughly 94% of fiscal 2025 revenue of $34.2 billion. By region, West (including California, Arizona and Colorado) supplied 34.8%, Central (including Georgia, the Carolinas and Illinois) 22.7%, East (Florida, New Jersey and Pennsylvania) 20.4% and South Central (including Texas) 16.4%. Financial Services, which makes mortgage loans and provides title insurance and closing services, added 3.5%. Multifamily, which develops rental apartments, added 2%.

Lennar runs a land-light model. Rather than owning land, it controls future homesites through purchase options with land banks (investors that hold land until a builder needs it), land sellers and joint ventures. At November 30, 2025, 98% of its homesites were controlled this way, up from 82% a year earlier. A February 2025 spin-off moved much of its land into Millrose, a separate company. This model ties up less cash but makes Lennar depend more on partners.

• In Q3 FY2026 (ended Aug 31, 2026), revenue was $8.05B, down 8.7% from a year earlier, and net income was $283.9M (-52.0%).
• For fiscal 2025, revenue was $34.19B (-3.5% year over year; +8.7% a year from FY2020 to FY2025) with a 6.1% net margin.

• Over FY2021–FY2025: $7.72B in buybacks and $2.25B in dividends.
• The company pays no regular dividend.
• Regular dividends per share grew +33.8% a year over 4 years (FY2020–FY2024).
• Dividends took 25.1% of earnings and 1848.5% of free cash flow in the latest fiscal year.

Rank among 1514 US companies

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 45 open-market purchases ($595.3M) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in LEN

1. Heavy reliance on land banks and options. At November 30, 2025, Lennar controlled about 98% of its homesites through options rather than owning them. If land banks such as Millrose can't raise money, or face foreclosure or bankruptcy, Lennar could lose access to land.
2. Price cuts are squeezing profit margins. Softening in a number of its markets during fiscal 2024 and 2025 required substantial price cuts. Lennar accepts thinner profit per home to keep sales steady, and fiscal 2025 net income fell 47.2%.
3. A housing downturn could force write-downs. Lennar had about 5,000 finished but unsold homes at November 30, 2025, up from 2,900 a year earlier. If prices keep falling, it may have to mark down land values and write off option costs.
4. One stockholder holds outsized voting influence. Lennar says one stockholder can significantly sway shareholder votes. It also has two share classes. Class B shares trade less often and have traded at a substantially lower price than Class A shares.
5. High mortgage rates limit what buyers afford. Mortgage rates more than doubled in 2022 and 2023 and eased slightly in 2025. Higher rates raise payments and shrink the pool of buyers. Fewer home sales also mean less business for Lennar's mortgage arm.
6. Tariffs and inflation can raise building costs. Changes in US trade policy and retaliation by other countries could sharply raise the cost, or limit the supply, of building materials. Weak demand has already kept Lennar from raising prices enough to match inflation.

• Oct 29, 2026 Major agreement signed; New debt or financial obligation
• Oct 15, 2026 Other company announcement
• Sep 16, 2026 Quarterly results released
• Jun 12, 2026 Investor presentation or announcement
• Jun 11, 2026 Quarterly results released
• Jun 8, 2026 Executive or board change; Investor presentation or announcement
• Apr 13, 2026 Shareholder vote results
• Mar 12, 2026 Quarterly results released
• Dec 16, 2025 Quarterly results released
• Nov 14, 2025 Executive or board change; Investor presentation or announcement

Lennar pays a dividend: the yield was 2.4% as of October 28, 2026. Dividends per share rose for at least eight consecutive fiscal years, from about $0.63 in fiscal 2020 to about $2.02 in fiscal 2024. In fiscal 2025, dividends of $521 million took about 25% of net income. But they were about 18 times free cash flow (cash from operations after capital spending), which shrank to $28 million. Lennar also spent $1.8 billion on buybacks (share repurchases) in fiscal 2025 and $7.7 billion over fiscal 2021 through 2025.

The shares fall hard in downturns. They dropped 85% in the 2008 financial crisis and took about 39 months from the low to recover. They fell 59% in the 2020 COVID crash (about four months to recover) and 42% in the 2022 bear market (about ten months). The deepest fall in more than 21 years of price history was 94.3%. As a single stock tied to one industry, Lennar carries more risk than a diversified fund.