NYSE: LEN
Lennar
Consumer Discretionary · General Bldg Contractors - Residential Bldgs
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$20.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Nov 30, 2016 | $9.98B |
| FY2017, ended Nov 30, 2017 | $15.1B |
| FY2018, ended Nov 30, 2018 | $13.9B |
| FY2019, ended Nov 30, 2019 | $18.8B |
| FY2020, ended Nov 30, 2020 | $23.7B |
| FY2021, ended Nov 30, 2021 | $31.4B |
| FY2022, ended Nov 30, 2022 | $25.4B |
| FY2023, ended Nov 30, 2023 | $35.9B |
| FY2024, ended Nov 30, 2024 | $46.3B |
| FY2025, ended Nov 30, 2025 | $32.4B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $20.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$32.0B
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| Period | Revenue |
|---|---|
| FY2016, ended Nov 30, 2016 | $10.9B |
| FY2017, ended Nov 30, 2017 | $12.6B |
| FY2018, ended Nov 30, 2018 | $20.6B |
| FY2019, ended Nov 30, 2019 | $22.3B |
| FY2020, ended Nov 30, 2020 | $22.5B |
| FY2021, ended Nov 30, 2021 | $27.1B |
| FY2022, ended Nov 30, 2022 | $33.7B |
| FY2023, ended Nov 30, 2023 | $34.2B |
| FY2024, ended Nov 30, 2024 | $35.4B |
| FY2025, ended Nov 30, 2025 | $34.2B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $32.0B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Nov 30, 2016 | $912M | $431M |
| FY2017, ended Nov 30, 2017 | $810M | $871M |
| FY2018, ended Nov 30, 2018 | $1.70B | $1.56B |
| FY2019, ended Nov 30, 2019 | $1.85B | $1.40B |
| FY2020, ended Nov 30, 2020 | $2.47B | $4.12B |
| FY2021, ended Nov 30, 2021 | $4.43B | $2.47B |
| FY2022, ended Nov 30, 2022 | $4.61B | $3.21B |
| FY2023, ended Nov 30, 2023 | $3.94B | $5.08B |
| FY2024, ended Nov 30, 2024 | $3.93B | $2.23B |
| FY2025, ended Nov 30, 2025 | $2.08B | $28.2M |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $1.31B | $811M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.$1.50B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Nov 30, 2016 | $1.33B |
| FY2017, ended Nov 30, 2017 | $2.65B |
| FY2018, ended Nov 30, 2018 | $1.56B |
| FY2019, ended Nov 30, 2019 | $1.45B |
| FY2020, ended Nov 30, 2020 | $2.86B |
| FY2021, ended Nov 30, 2021 | $2.96B |
| FY2022, ended Nov 30, 2022 | $4.82B |
| FY2023, ended Nov 30, 2023 | $6.57B |
| FY2024, ended Nov 30, 2024 | $4.91B |
| FY2025, ended Nov 30, 2025 | $3.76B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $1.50B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Nov 30, 2016 | — |
| FY2017, ended Nov 30, 2017 | — |
| FY2018, ended Nov 30, 2018 | — |
| FY2019, ended Nov 30, 2019 | $9.57B |
| FY2020, ended Nov 30, 2020 | $7.42B |
| FY2021, ended Nov 30, 2021 | — |
| FY2022, ended Nov 30, 2022 | — |
| FY2023, ended Nov 30, 2023 | — |
| FY2024, ended Nov 30, 2024 | $4.19B |
| FY2025, ended Nov 30, 2025 | $5.87B |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 1.5% since 2016.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.238M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Nov 30, 2016 | 234M |
| FY2017, ended Nov 30, 2017 | 240M |
| FY2018, ended Nov 30, 2018 | 324M |
| FY2019, ended Nov 30, 2019 | 316M |
| FY2020, ended Nov 30, 2020 | 313M |
| FY2021, ended Nov 30, 2021 | 299M |
| FY2022, ended Nov 30, 2022 | 290M |
| FY2023, ended Nov 30, 2023 | 281M |
| FY2024, ended Nov 30, 2024 | 266M |
| FY2025, ended Nov 30, 2025 | 247M |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | 238M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Aug 31, 2026. Hover or tap a column for another year.Net: $850M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Nov 30, 2016 | $19.9M | $55.5M | $19.5M |
| FY2017, ended Nov 30, 2017 | $27.1M | $61.4M | $720K |
| FY2018, ended Nov 30, 2018 | $300M | $72.7M | $3.06M |
| FY2019, ended Nov 30, 2019 | $523M | $86.9M | $493K |
| FY2020, ended Nov 30, 2020 | $322M | $107M | $0 |
| FY2021, ended Nov 30, 2021 | $1.43B | $135M | $0 |
| FY2022, ended Nov 30, 2022 | $1.04B | $184M | — |
| FY2023, ended Nov 30, 2023 | $1.18B | $161M | — |
| FY2024, ended Nov 30, 2024 | $2.26B | $177M | — |
| FY2025, ended Nov 30, 2025 | $1.81B | $163M | — |
| Trailing 12 months to Aug 31, 2026 (through Q3 FY2026) | $993M | $143M | — |
Revenue (TTM)
$32.0B
−8.0% YoY
Net income (TTM)
$1.31B
−51.3% YoY
Cash
$1.50B
−14.7% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $20.7B
- P/E
- 15.8×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.6×
- Price / Book
- 1.0×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $32.0B
- Revenue Growth YoY
- −8.0%
- Revenue CAGR 3Y
- 0.5%
- Revenue CAGR 5Y
- 8.7%
- EPS Growth YoY
- −47.8%
- Net Income Growth YoY
- −51.3%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 5.4%
- Net Margin
- 4.1%
- FCF Margin
- 2.5%
- Return on Equity
- 5.9%
Earnings
Trailing 12 months- Net Income
- $1.31B
- EPS (diluted)
- $5.28
- EBITDA
- $1.86B
- Operating Income
- $1.72B
Balance Sheet
As of Aug 31, 2026- Cash and cash equivalents
- $1.50B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- —
- Total Liabilities
- $11.7B
- Shareholders' Equity
- $21.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $937M
- Capital Expenditure
- $126M
- Free Cash Flow
- $811M
Dividends and risk
Last 12 months- Dividend Yield
- 2.3%
- Dividend / Share
- $2.00
- Beta (5Y)
- 1.38
Every ratio is calculated from the company’s reported figures.
Watch
Revenue fell 8.0% over the last year, to $32.0B.
Watch
Operating margin narrowed 4.4 pts in a year, to 5.4%.
Note
Free cash flow of $811M, 2.5% of revenue.
Strength
Share count is down 6.7% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Aug 31, 2026 · filed Oct 2, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K39Serious concerns
10-K for the fiscal year ended Nov 30, 2025
Filed Jan 28, 2026 · Read the filing on EDGAR
- Net earnings fell about 46% to $2.1 billion, while revenue slipped about 4% to $34.2 billion, as price cuts and incentives squeezed margins.
- Home gross margin dropped to 17.7% from 22.3%, and management expects only 15% to 16% in the first quarter of 2026.
- Lennar completed the Millrose spin-off and Rausch purchase; it now owns just 2% of its homesites, controlling the rest through options.
- Lennar delivered 3% more homes despite the weak market and expects about 85,000 deliveries in fiscal 2026, slightly above 2025's 82,583.
Business momentum
Sharp deterioration
“Our net earnings attributable to Lennar were $2.1 billion, or $7.98 per diluted and basic share for the year ended November 30, 2025 and $3.9 billion, or $14.31 per diluted and basic share for the year ended November 30, 2024.”
Outlook
Cautious
“We know that margins will remain under pressure in the first quarter of 2026 and sales and closings will be seasonally light.”
Financial stress
Low
“At November 30, 2025, we had $3.4 billion of Homebuilding cash and cash equivalents and ended the year of 2025 with total liquidity of $6.6 billion.”
Tone against the previous report
More negative
Red flags
None found in this report.
Positives
Home deliveries grew 3% despite a difficult market
“New home deliveries increased to 82,583 homes in the year ended November 30, 2025 from 80,210 homes in the year ended November 30, 2024.”
Mortgage and financial services profit increased
“Operating earnings for our Financial Services segment were $609.9 million in the year ended November 30, 2025, compared to operating earnings of $574.2 million in the year ended November 30, 2024.”
Millrose spin-off moved Lennar closer to owning little land
“The Millrose Spin-Off accelerated Lennar's longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.”
Concerns
Home profit margins fell sharply
“Gross margins on home sales were $5.7 billion, or 17.7%, in the year ended November 30, 2025, compared to $7.5 billion, or 22.3%, in the year ended November 30, 2024.”
Weak market and bigger incentives cut average selling prices 8%
“The decrease in average sales price of homes delivered in the year ended November 30, 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers.”
Cash from operations dropped steeply while homebuilding debt rose
“During 2025 and 2024, cash provided by operating activities totaled $217 million and $2.4 billion, respectively.”
New risks since the previous report
Job fears tied to artificial intelligence could weaken homebuyer confidence
“At the same time, concerns about job security have become increasingly prominent as advancements in modern technology and artificial intelligence raise important questions about the future of employment for the American workforce.”
Lennar's own early use of AI could create legal, reputational and financial harm
“Our development and adoption of AI and other new technologies may present new technological threats, vulnerabilities and uncertainties, which may expose us to legal, reputational and financial harm.”
Land banking is concentrated among a few partners, so one partner's financial trouble could hurt Lennar
“In fact, the majority of our land banking arrangements are concentrated in a limited number of land banks, including Millrose, which exposes our business to risks if one of our principal land banks were to face financial difficulties.”
Federal government shutdown further weakened consumer confidence
“The threat of a government shutdown and ultimate actual shutdown in October and November further eroded already weak consumer confidence.”
California wildfires are raising home insurance costs and making coverage harder to get
“The housing markets in areas affected by California’s recent wildfires have been adversely affected by increased insurance costs and difficulties in obtaining homeowners’ insurance, which was exacerbated by the January 2025 wildfires in Los Angeles.”
Biggest risks named
- Poor affordability and high mortgage rates limiting home demand
- Further price cuts and incentives squeezing profit margins
- Dependence on Millrose and a few other land banks for land
- Forfeited option deposits and land write-downs if home prices fall
- Tariffs and inflation raising building costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 39 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 2, 2026 | Pro | |||
| 10-K | Jan 28, 2026 | 39 | Sharp deterioration | None | |
| 10-K | Jan 23, 2025 | 48 | Mixed | None | |
| 10-K | Jan 26, 2024 | 60 | Mixed | None | |
| 10-K | Jan 26, 2023 | 63 | Strong improvement | 1 medium2 minor | |
| 10-K | Jan 28, 2022 | 75 | Strong improvement | None | |
| 10-K | Jan 22, 2021 | 75 | Strong improvement | None | |
| 10-K | Jan 27, 2020 | 68 | Improving | 1 minor | |
| 10-K | Jan 28, 2019 | 73 | Strong improvement | None | |
| 10-K | Jan 25, 2018 | 54 | Mixed | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Aug 31, 2026), filed Oct 2, 2026. View filings on SEC EDGAR