Lennar Corp. - Ordinary Shares - Class A

Lennar Corp. - Ordinary Shares - Class A

LEN

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Market Cap$22.42B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
Lennar Corp. - Ordinary Shares - Class ALennar Corp. - Ordinary Shares - Class A13.52.21%7%0.70.3

Earnings Call Q2 2026

June 12, 2026 - AI Summary

Q2 results show margin recovery + improving incentives trend (but macro still choppy): Lennar delivered 20.5k homes (midpoint of guidance) and generated 21.7k new orders (near the high end). Gross margin improved to 15.6% and net margin rose to 6.4%. EPS was $1.31 excluding mark-to-market items (GAAP EPS noted as $1.24). A key signal: sales incentive rate on deliveries fell to 12.9% vs 14.1% in Q1 and 14.5% in Q4 2025—the first sustained easing after ~3 years of elevated incentives.
Guidance (Q3 2026) and full-year delivery reset (prudence on volume amid uncertainty): - Q3 new orders: 21k–22k homes - Q3 deliveries: 20.5k–21.5k homes - Q3 ASP: $375k–$380k - Q3 gross margin: ~16% with sequential margin improvement expected through the year - SG&A: 8.8%–9% - EPS guidance: ~$1.20–$1.40 - Financial services + losses (segments): FS earnings $95m–$100m; homebuilding/other segments expected losses totaling roughly $15m to $50m depending on segment (excluding potential mark-to-market impacts). - Annual deliveries adjusted to 82k–83k (down from prior outlook implied by “pressures on interest rates and continued macro uncertainty”).
Cash flow / balance sheet strength + asset-light land strategy reduces risk: Ended Q2 with $1.8B cash and $4.9B total liquidity. Inventory turn was 2.5x (from 1.8x a year ago) and cycle time reached 121 days (record low). Land model remains “mostly off balance sheet”: ~2% owned, 98% controlled via third parties, with 11k homesites owned and 484k controlled. Inventory fell to $10.9B from $11.4B YoY. This is positioned as improving return and cash generation as margins normalize.

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$73.00

Target Price by Analysts

19.2% downsideLennar Target Price DetailsTarget Price
$102.48

Current Fair Value

13.5% upside

Undervalued by 13.5% based on the discounted cash flow analysis.

Share Statistics

Market cap$22.42 Billion
Enterprise Value$26.80 Billion
Dividend Yield$2.00 (2.21%)
Earnings per Share$7.98
Beta1.4
Outstanding Shares242,607,000

Return

Return on Equity7.49%ROE
Return on Assets4.80%
Return on Invested Capital7.20%

Valuation & Multiples

P/E Ratio13.53P/E Ratio
PEG-18.54PEG
Price to Sales0.67Price to Sales
Price to Book Ratio1.01Price to Book Ratio
Enterprise Value to Revenue0.82
Enterprise Value to EBIT12.5
Enterprise Value to Net Income16
Total Debt to Enterprise0.23
Debt to Equity0.29Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
June 11, 2026
EPS Estimate
$1.24
Average shareholder expectation
Revenue Estimate
$8.08 B
Average shareholder expectation

Next Earnings Call

Expected Date
June 15, 2026
EPS Estimate
$1.24
Average shareholder expectation
Revenue Estimate
$8.01 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio1.1994▲ 25.63%
Total Calls3,352,245▲ 0.91%
Total Puts4,020,545▲ 28.34%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %83.71%▲ 2.61%
Total Invested$17.77B▼ 15.62%
Investors Holding970▼ 47.00%

ESG Score

No data

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...

Relevant Senate Committees

Joint Committee on Taxation

Provides crucial analysis and revenue estimates for tax legislation, directly influencing corporate tax structures, capital investment credits, and the overall tax burden, which significantly affects Lennar's profitability and financial planning.

Finance

Controls taxation, which directly impacts Lennar's corporate profitability and investment decisions. Its policies on trade (affecting material costs) and entitlement spending also have a profound and direct financial impact on the company and the broader economy.

Banking, Housing, and Urban Affairs

This committee directly regulates the financial system, including mortgage markets, and has significant oversight over HUD and real estate. Its policies on housing, finance, and urban development have a direct and substantial impact on Lennar's core businesses.