# Lennar Corporation (LEN)

> Source: Nexqual · https://nexqual.com/LEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lennar Corporation (LEN), nexqual.com/LEN" · informational, not investment advice.

**Price:** USD 84.45 (+8.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 77.7 · day 77.55–84.63 · 52w 71.78–133.76 · market cap $20.1B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $32.0B, net income $1.31B (4.1% margin), free cash flow $811M (SEC filings).
- Valuation: P/E 15.4x (avg 10.3x at the last 2 fiscal year-ends).
- 6 of 80 tracked superinvestors hold LEN (13F, Q2 2026): 0 new, 3 added, 1 reduced, 2 unchanged.
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $595M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Sell (mean 3.57 on a 1–5 scale) (21 analysts), mean target USD 77.73 (range 63–120).
- Total return with dividends: 1Y -32.2% vs S&P 500 +14.9%; 5Y -5.6% vs S&P 500 +80.3%.
- Next earnings: 2026-12-15, EPS estimate USD 1.44, revenue estimate $8.81B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $27.1B | $33.7B | $34.2B | $35.4B | $34.2B | $32.0B |
| Net income | $4.43B | $4.61B | $3.94B | $3.93B | $2.08B | $1.31B |
| EPS (diluted) | $13.81 | $15.72 | $13.73 | $14.31 | — | — |
| Free cash flow | $2.47B | $3.21B | $5.08B | $2.23B | $28.2M | $811M |
| Net margin | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% | 4.1% |
| Revenue growth | +20.6% | +24.1% | +1.7% | +3.5% | -3.5% | — |
| Cash + short-term investments | $2.96B | $4.82B | $6.57B | $4.91B | $3.76B | — |
| Total debt | — | — | — | $4.19B | $5.87B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 15.4x · P/S 0.6x · P/FCF 24.8x · P/B 0.9x · FCF yield 4.04% · Earnings yield 6.51% · Dividend yield (paid, TTM) 2.45% · Buyback yield (TTM) 4.94%
P/E at fiscal year-ends: Nov 2024 11.7x, Nov 2023 8.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold LEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Greenhaven Associates |  | 12.20% | $1.06B | Added +6.2% |
| Glenn Greenberg | Brave Warrior Advisors | 4.68% | $215M | Reduced -1.5% |
| Bryan Lawrence | Oakcliff Capital | 3.98% | $10.7M | Unchanged |
| Third Avenue Management |  | 2.12% | $13.3M | Added +4.8% |
| Warren Buffett | Berkshire Hathaway | 0.41% | $1.21B | Added +29.7% |
| Samantha McLemore | Patient Capital Management | 0.04% | $1.1M | Unchanged |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $595M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-10-01…2026-10-02 | Berkshire Hathaway Inc |  | 2,418,637 | $193M | 79.65 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-28…2026-09-30 | Berkshire Hathaway Inc |  | 660,410 | $53.9M | 81.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-23…2026-09-25 | Berkshire Hathaway Inc |  | 1,679,700 | $136M | 81.19 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-17…2026-09-21 | Berkshire Hathaway Inc |  | 2,743,529 | $212M | 77.42 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.57 on a 1–5 scale), 21 analysts; mean target USD 77.73 (low 63, high 120).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Wells Fargo | Target lowered | Equal-Weight | $80 → $75 |
| 2026-10-06 | Melius Research | Initiated | Sell | $72 |
| 2026-10-01 | Morgan Stanley | Initiated | Underweight | $65 |
| 2026-09-22 | Keefe, Bruyette & Woods | Target lowered | Underperform | $85 → $75 |
| 2026-09-21 | Citigroup | Target lowered | Neutral | $88 → $85 |
| 2026-09-18 | RBC Capital | Target lowered | Underperform | $85 → $69 |
| 2026-09-18 | Barclays | Target lowered | Underweight | $79 → $70 |
| 2026-09-18 | Evercore ISI Group | Target lowered | Underperform | $87 → $78 |
| 2026-09-17 | Citizens | Reiterated | Market Perform |  |
| 2026-09-16 | Truist Securities | Target lowered | Hold | $80 → $75 |
| 2026-09-14 | B of A Securities | Target lowered | Underperform | $77 → $70 |
| 2026-09-11 | Wells Fargo | Target lowered | Equal-Weight | $85 → $80 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -32.2% | -5.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -32.3% | -1.1% |
| Volatility (annualized) | 39.3% | 33.8% |
| Max drawdown | -43.5% (Dec 2025→Oct 2026) | -56.8% (Oct 2024→Sep 2026) |

## Peers (Residential Construction)
PHM (PulteGroup, Inc.) USD 119.48 +5.84% · NVR (NVR, Inc.) USD 6,110.63 +3.57% · TOL (Toll Brothers, Inc.) USD 141.08 +4.47% · DHI (D.R. Horton, Inc.) USD 147.66 +6.25% · IBP (Installed Building Products, In) USD 198.13 +5.46% · SKY (Champion Homes, Inc.) USD 79.72 +5.27%

## More
Full page: https://nexqual.com/LEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LEN's own 10-K filed 2026-01-28 (https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Millrose Properties, Inc. (MRP) | "In addition, when our land bank partners, including Millrose, acquire undeveloped or partially developed land that we have options to purchase, they finance the horizontal development of all such homesites up to pre-nego…" |
| Partner | Rialto Capital Management | "We also retained limited partner investments in several Rialto funds and investment vehicles that totaled $133.0 million as of November 30, 2025." |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Homebuilding | $7.76B | 96.4% | -6.0% |
| — West (part of Homebuilding) | $2.59B | 32.2% | -12.5% |
| — Central (part of Homebuilding) | $1.95B | 24.2% | -3.7% |
| — East (part of Homebuilding) | $1.83B | 22.8% | +4.4% |
| — South Central (part of Homebuilding) | $1.38B | 17.2% | -8.2% |
| Lennar Financial Services | $226.1M | 2.8% | -28.0% |
| Multifamily | $38.5M | 0.5% | -83.2% |
| Lennar Other | $22.0M | 0.3% | +58.0% |
| Other | $3.5M | 0.0% | -43.8% |
| Total revenue | $8.05B | 100% | — |

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Home | $1.83B | 22.7% | +5.5% |
| Other revenues | $3.4M | 0.0% | -2.2% |
| Land | $1.8M | 0.0% | -91.3% |
| Total revenue | $8.05B | 100% | — |
The lines above cover 22.8% of total revenue.

## Company outlook (8-K filed 2026-09-16)

- "Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $1.44 | $2.04 | -29.5% | $8.81B | 11 |
| Next quarter (ends 2027-02-28) | $0.65 | $0.85 | -23.7% | $6.96B | 7 |
| Current fiscal year (ends 2026-11-30) | $4.94 | $5.59 | -11.7% | $31.50B | 10 |
| Next fiscal year (ends 2027-11-30) | $5.22 | $6.60 | -20.9% | $32.44B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-15): ±14.3%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 51.6% | ±6.1% |
| 2026-11-06 | 14 | 49.2% | ±8.0% |
| 2026-11-13 | 21 | 49.4% | ±9.7% |
| 2026-11-20 | 28 | 44.6% | ±10.0% |
| 2026-11-27 | 35 | 43.7% | ±10.9% |
| 2026-12-04 | 42 | 47.2% | ±12.9% |
| 2026-12-18 | 56 | 45.2% | ±14.3% |
| 2027-01-15 | 84 | 44.0% | ±17.0% |