Lennar Corp. - Ordinary Shares - Class A
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+ FollowMarket Cap$20.68B
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Earnings Call Q3 2026
September 17, 2026 - AI Summary
Q3 performance (execution despite tougher macro)
- Delivered 20,840 homes (within guidance 20,500–21,500) and generated 20,879 new orders (just below 21,000–22,000).
- Gross margin improved to 15.8% (from 15.6% in Q2), supported by delivery incentives down to ~12%.
- Net margin improved to 6.6%; GAAP EPS $1.19 (or $1.23 excluding one-time items).
- Average sales price (ASP) ~$372k, modestly below guidance; SG&A 9.2% (above expected 8.8–9%), mainly due to lower revenue leverage and higher brokerage commissions (but headcount down ~12% YoY).
Guidance/outlook for Q4 2026 (investor snapshot)
- New orders: 19,500–20,500
- Deliveries: 22,000–23,000
- ASP: $370k–$380k
- Gross margin: 15.5%–16.0%
- SG&A: 8.7%–9.0%
- EPS (combined): approximately $1.30–$1.65
- Financial Services earnings: $90m–$95m; multifamily loss ~($25)m; Lennar Other loss ~($20)m; joint venture/land/other earnings ~$10m.
- Key caveat: all guidance depends on market conditions and could change if rates/affordability shift further.
Macro challenges: rates up, affordability stressed, consumer confidence softer
- Management highlighted that interest rates moved higher again: 30-year fixed ~7% today vs 6.4–6.5% at the prior call, with 10-year ~5%.
- Inflation pressures driven by energy/oil supply disruptions (Iran conflict); Fed policy remains data-driven and rate cuts are not assumed in the business plan.
- Resale competition intensifying: active resale listings above historic levels; especially high in Texas and Florida, driving incentive/pricing pressure.
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Share Statistics
| Market cap | $20.68 Billion |
|---|---|
| Enterprise Value | $23.83 Billion |
| Annual dividend | $2.00 |
| Dividend yield | 2.30% |
| Earnings per Share | $7.98 |
| Beta | 1.38 |
| Outstanding Shares | 237,756,000 |
Return
| Return on Equity | 6.08% |
|---|---|
| Return on Assets | 3.93% |
| Return on Invested Capital | 5.80% |
Valuation & Multiples
| P/E Ratio | 16.43 |
|---|---|
| PEG | -31.63 |
| Price to Sales | 0.69 |
| Price to Book Ratio | 1.01 |
| Enterprise Value to Revenue | 0.75 |
| Enterprise Value to EBIT | 13.02 |
| Enterprise Value to Net Income | 18 |
| Total Debt to Enterprise | 0.18 |
| Debt to Equity | 0.2 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 17, 2026
EPS Estimate
$1.30
Consensus analyst estimateRevenue Estimate
$8.31 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 15, 2026
EPS Estimate
$1.44
Consensus analyst estimateRevenue Estimate
$8.73 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 124.01% |
|---|---|
| Total Calls | 300▼ 99.99% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 9.05%▼ 79.50% |
|---|---|
| Total Invested | $1.75B▼ 90.97% |
| Investors Holding | 289▼ 706.00% |
About Lennar Corp.
9,111 employees
CEO: Richard Beckwitt
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Service...