Lennar CorporationLEN
NYSE•Consumer Cyclical•Residential Construction
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.
Lennar Corporation (LEN) reported trailing twelve months revenue of $33.17B as of February 2026, a 7.2% decline year-over-year. Quarterly revenue reached $6.62B, reflecting a contraction in sales.
Lennar Corporation generated $1.79B in TTM net income, with quarterly EBITDA of $302.45M. The operating margin contracted from 9.1% to 4.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (4.6%) and net margin (3.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 6.8% a year ago, reflecting increased costs or interest expense.
LEN trades at a P/E of 15.6x (in line with broad market averages) and a P/S of 0.8x. The price-to-book ratio of 1.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-463.49M, indicating cash consumption over the period. The balance sheet shows $33.21B in total assets with no in long-term debt against $21.88B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~10.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~13.2% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 47.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
TTM revenue has contracted 12.1% — significant decline indicating deteriorating demand.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares decreased 10.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation