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Earnings transcript
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LEN
Lennar Corporation
$92.56
1.82
(2.01%)
| Exchange: | NYSE |
| Market Cap: | 23.434B |
| Shares Outstanding: | 55.507M |
Delayed data
About The Company
| Sector: | Consumer Cyclical | |||||
| Industry: | Residential Construction | |||||
| CEO: | Stuart A. Miller | |||||
| Full Time Employees: | 13265 | |||||
| Address: |
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| Website: | https://www.lennar.com |
Lennar Corporation, an influential homebuilder in the United States, operates primarily under its widely recognized Lennar brand, alongside its various subsidiaries. The company structures its diverse business initiatives across several distinct divisions: regional homebuilding segments (East, Central, Texas, and West), a Financial Services arm, a Multifamily property development unit, and a broader “Lennar Other” category. At the heart of its operations, Lennar is deeply involved in the creation and sale of single-family homes, encompassing both attached and detached designs. Its activities also span the acquisition, development, and subsequent sale of land designated for residential use, in addition to the comprehensive development, construction, and ongoing management of rental properties in the multifamily sector. Expanding beyond physical construction, Lennar provides essential services such as residential mortgage financing, title protection, and closing services for its clientele and other interested parties. It also actively originates and divests securitized commercial mortgage loans. Furthermore, the corporation participates in strategic fund investment endeavors. Lennar’s extensive customer base primarily caters to first-time purchasers, individuals seeking to upgrade their homes, active adult communities, and the luxury housing market. This enterprise, founded in 1954, is officially based in Miami, Florida.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 34,233,366 | 35,441,452 | 34,186,934 |
| Gross Profit | 5,940,984 | 5,498,959 | 3,387,125 |
| EBITDA | 5,549,810 | 4,965,501 | 2,884,717 |
| Operating Income | 5,439,646 | 4,849,973 | 2,750,407 |
| Net Income | 3,938,511 | 3,932,533 | 2,078,179 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 39,234,303 | 41,312,781 | 34,430,437 |
| Total Liabilities | 12,532,337 | 13,291,556 | 12,289,828 |
| Total Stockholders Equity | 26,580,664 | 27,870,135 | 21,959,417 |
| Total Debt | 4,984,028 | 4,189,239 | 4,084,686 |
| Cash and Cash Equivalents | 6,474,497 | 4,909,664 | 3,467,254 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 5,179,738 | 2,403,379 | 216,812 |
| Capital Expenditure | -99,799 | -171,503 | -188,629 |
| Free Cash Flow | 5,079,939 | 2,231,876 | 28,183 |
| Net Income | 3,961,291 | 3,967,655 | 2,078,179 |
| Net Change in Cash | 1,755,168 | -1,580,728 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 36,464,121.674 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 37,100,251.531 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 36,782,186.603 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 5,712,707.637 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 5,812,367.898 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 5,762,537.767 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 1,621,384.726 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 2,955,506.379 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 2,091,374.519 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 573,032.454 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 583,029.214 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 578,030.834 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 9.070 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 11.470 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 6.290 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 5 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 4 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Operational Performance: Lennar reported strong operational metrics in the latest earnings call, with 17,651 homes started and 17,834 homes delivered in Q1 2025. This indicates efficient execution and a solid production pipeline, supporting revenue stability and market presence in the homebuilding sector.
- Healthy Financial Metrics: Key financial indicators from the income statement show consistent revenue and net income figures, underpinned by positive operating cash flow and free cash flow trends from the cash flow statements. This financial stability provides a strong foundation for sustained growth and dividend payments (dividend yield TTM noted in key metrics).
- Favorable Valuation Metrics: The forward P/E ratio (from forward P/E ratios data) suggests LEN is reasonably valued compared to industry averages (industry_avg_priceToEarningsRatioTTM). This positions the stock as potentially attractive to value-focused investors within the homebuilding industry.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates LEN intrinsic value between $103.40 – $120.73 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about LEN valuation
Is Lennar Corporation (LEN) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Lennar Corporation (LEN) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is LEN a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether LEN trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is LEN’s P/E ratio?
You can see LEN’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for LEN?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is LEN a good long-term investment?
Whether LEN fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
LEN
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Daily snapshot
2.01
Trading Metrics:
| Open: | 91.18 | Previous Close: | 90.74 | |
| Day Low: | 90.87 | Day High: | 94.21 | |
| Year Low: | 81.18 | Year High: | 144.24 | |
| Price Avg 50: | 88.92 | Price Avg 200: | 111.07 | |
| Volume: | 2.996M | Average Volume: | 2.989M |
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Welcome to MARKETSNAP’s SWOT analysis for Lennar Corporation, one of the big players in the homebuilding industry. If you’re a long-term investor looking to build wealth through smart stock picks, you’re in the right place. Today, we’re diving deep into Lennar—known by its ticker LEN—and breaking down what makes this company tick, from its rock-solid strengths to the challenges it faces in a tricky market. We’ll also sprinkle in some recent news, financial insights, and performance trends to keep things…
