LENNAR CORP /NEW/

LEN
About the company

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding South Central, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments.

Country: United StatesPrice: $83.61Market Cap: $19.9B

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

5 / 8

NEUTRAL / FAIL

Median fair value

$217.61

+160.3% vs price

Models with upside

5 / 17

Positive margin of safety

Strongest signal

LEN undervalued: all 5 models price fair value above $83.61 (median $217.61)

Key risk

12 of 13 flag LEN's valuation — Graham, Lynch, Greenblatt +9 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILNEUTRALFAILNot rankedFAILFAILPASSFAILFAILBUYFAILNEUTRALPASSNEUTRALFAILNEUTRALNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/A+60.2%+66.3%+63.7%N/A+40.5%N/A+61.6%N/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-08-31 · Annual history · FY 2025

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-08-31

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-08-31 · Market data at 2026-11-01

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-08-31 · Market data at 2026-11-01

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-01-28

Score computed: 2026-11-14

TTM ended 2026-08-31 · Balance sheet at 2026-08-31 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-01-28

Score computed: 2026-11-14

TTM ended 2026-08-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-10-02

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 5▾

    LEN undervalued: all 5 models price fair value above $83.61 (median $217.61)

    Dreman fair value$210.30
    ✓Dreman+60.2% margin vs $83.61
    Munger fair value$247.99
    ✓Munger+66.3% margin vs $83.61
    Pabrai fair value$230.59
    ✓Pabrai+63.7% margin vs $83.61
    Marks fair value$140.50
    ✓Marks+40.5% margin vs $83.61
    Templeton fair value$217.61
    ✓Templeton+61.6% margin vs $83.61

Where It Falls Short

  • Valuation8% pass✓ 7✗ 21▾

    12 of 13 flag LEN's valuation — Graham, Lynch, Greenblatt +9 more

    Net income / market capitalization+6.58%; #1266/6340 (top 20.0%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Price / 3-yr avg EPS6.0x
    ✓Graham<= 15x
    Price-to-Book Ratio
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value12.1%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=12.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)
    ✗Dreman< 8x
    Price / Book Value per Share
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=0.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value60.2% (IV=$210.30 vs Price=$83.61)
    ✓Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low102% of trailing low ($82.35)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Positive book equity / market capitalization+1.0839; #1340/6449 (top 20.8%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+76.2%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.6074; #1262/5247 (top 24.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+0.14%; #2515/4519 (top 55.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-6.87%; #3242/6202 (top 52.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 12✗ 23▾

    14 of 16 flag LEN's profitability — Graham, Buffett, Lynch +11 more

    Net income / market capitalization+6.58%; #1266/6340 (top 20.0%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)22/28 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)26/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)15.8%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)7.8% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$2.0B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR20.0%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE6.1%
    ✗Lynch> 15%
    EBIT / Enterprise Value12.1%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=12.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets6.04%
    ✓PiotroskiROA > 0
    ROA Change YoY9.52% -> 6.04% (delta: -3.48%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.63%, ROA=6.04%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue5.6%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity6.1%
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity12.8% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value60.2% (IV=$210.30 vs Price=$83.61)
    ✓Marks>= 20% below intrinsic value
    Positive Net Income Frequency26/28 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue7.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity6.1%
    ✗Ackman>= 15%
    5-Year EPS CAGR16.2% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend15.7% (2023) -> 7.8% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 15.7% -> 7.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+6.07%; #2328/5226 (top 44.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0251; #1698/5884 (top 28.9%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR20.0% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years9/9 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency13% pass✓ 3✗ 8▾

    7 of 8 flag LEN's efficiency — Graham, Greenblatt, Piotroski +4 more

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)11.0%
    ✓Buffett> 10%
    ROIC - WACC+1.0%
    ✓BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.86x -> 0.99x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital7.6%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=11.8%; FY2025: ROIC=7.6%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC5.7% (RR=75% x ROIC=7.6%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/2 years above 12% (latest 7.6%)
    ✗SleepROIC > 12% in a majority of years
  • Growth25% pass✓ 6✗ 7▾

    6 of 8 flag LEN's growth — Graham, Lynch, Dreman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR20.0%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency26/28 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth1.7%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/4 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR16.2% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 15.7% -> 7.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR8.7%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR20.0% over 5 years
    ✗Neff7%-20% annualized
  • Verdicts27% pass✓ 3✗ 8▾

    Split decision: 8 FAIL · 5 NEUTRAL · 2 PASS · 1 BUY

    Overall verdict
    ✗GrahamFAIL (3/9)•BuffettNEUTRAL (6/9)✗LynchFAIL (3/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✓MarksBUY (4/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag LEN's cash flow — Lynch, Piotroski, Dreman +3 more

    Free Cash Flow Proxy$2.0B
    ✓BuffettPositive and growing
    FCF Positive and Growing$28.2M
    ✗LynchPositive and growing
    Operating Cash Flow$216.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.63%, ROA=6.04%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=0.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive10/12 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency21/26 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$28.2M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+0.14%; #2515/4519 (top 55.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Debt & Leverage50% pass✓ 9✗ 6▾

    6 of 12 pass — Graham, Lynch, Piotroski +3 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.27, IC: 53.2x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.27
    ✓Lynch< 0.33
    Cash - Long-term Debt$-2.1B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change10.14% -> 17.06%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.27
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.27
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=53.2x, D/EBITDA=2.1x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.27
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.2675; #1908/4210 (top 45.3%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Construction
SIC Sector: Building Construction
Size: Large Cap($19.9B)
Revenue: $34.2B-3.5% YoY
Net Income: $2.1B-47.2% YoY

Financial Snapshot

Operating Margin7.8%
Return on Equity9.5%
Debt / Equity0.27
Current Ratio--
Buybacks (1y)$1.8B
Buybacks (2y)$4.1B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
$1.8B
Dividends
$521.0M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
10.2% = 4.2% + 5.8%
FY23
−12.7% = −14.6% + 2.3%
FY24
4.2% = −0.2% + 4.4%
Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-08-31

2025-09-01 – 2026-08-31

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, pre tax income, operating cash flow, capex, dividends paid, buybacks.

Q3 FY 2026

2026-06-01 – 2026-08-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid, buybacks.

Q2 FY 2026

2026-03-01 – 2026-05-31

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex, dividends paid, buybacks.

Q1 FY 2026

2025-12-01 – 2026-02-28

Sources
FY 2025
Sources
  • 10-K · 2026-01-28
FY 2024
Sources
  • 10-K · 2025-01-23
FY 2023
Sources
  • 10-K · 2024-01-26
FY 2022
Sources
  • 10-K · 2023-01-26
FY 2021
Sources
  • 10-K · 2022-01-28
Market Cap$19.9Bcurrent--------$35.7Best.$39.4Best.$27.2Best.$26.5Best.
Revenue$32.0B↓8%$8.0B↓9%$7.9B↓5%$6.6B↓13%$34.2B↓4%$35.4B↑4%$34.2B↑2%$33.7B↑24%$27.1B
Operating Income--------$2.7B↓44%$4.8B↓11%$5.4B--$5.1B
Net Income$1.3B↓51%$283.9M↓52%$304.8M↓36%$229.4M↓56%$2.1B↓47%$3.9B$3.9B↓15%$4.6B↑4%$4.4B
EPS (Diluted)--$1.19↓48%$1.24↓31%$0.93↓53%--$14.31↑4%$13.73↓13%$15.72↑10%$14.27
Gross Margin—————————
Operating Margin————7.8%↓42%13.5%↓14%15.7%—18.7%
ROE6.1%↓49%———9.5%↓33%14.1%↓5%14.8%↓23%19.1%↓10%21.3%
Total Debt--------$5.9B↑40%$4.2B------
Shareholders' Equity$21.6B↓4%$21.6B↓4%$21.6B↓4%$21.9B↓4%$22.0B↓21%$27.9B↑5%$26.6B↑10%$24.1B↑16%$20.8B
Current Ratio—————————
Debt / Equity————0.27↑78%0.15———
Operating Cash Flow$937.3M↑265%-$104.3M↑34%-$284.4M↑74%-$433.5M↓50%$216.8M↓91%$2.4B↓54%$5.2B↑59%$3.3B↑29%$2.5B
Free Cash Flow-----$303.2M↑73%-$463.5M↓34%$28.2M↓99%$2.2B↓56%$5.1B↑58%$3.2B↑30%$2.5B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Construction

LEN vs Peers — Financial Grading

Revenue$34.2BTop 25%
Net Income$2.1BMedian
ROE9.5%Bottom 25%
D/E0.27Median
Op. Margin7.8%Median
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
HITACHI LTDHTHIY$137.0B$30.83——————1/90/92/70/3F-Score 73/11
QUANTA SERVICES, INC.PWR$90.7B$602.01$28.5B$1.0B11.5%0.675.7%1.141/91/93/71/3F-Score 53/11
HORTON D R INC /DE/DHI$39.5B$145.55$34.3B$3.6B14.8%0.25——4/92/94/70/3F-Score 44/11
EMCOR Group, Inc.EME$28.9B$659.36$17.0B$1.3B34.6%0.0010.1%1.223/96/96/71/3F-Score 76/11
PULTEGROUP INC/MI/PHM$23.4B$127.01$17.3B$2.2B17.1%———3/92/95/71/3F-Score 35/11
JACOBS SOLUTIONS INC.J$18.7B$158.23$12.0B$289.3M7.9%0.617.2%1.303/91/92/71/3F-Score 71/11
MASTEC INCMTZ$14.7B$182.78$14.3B$399.0M12.2%0.72—1.321/91/92/71/3F-Score 83/11
Toll Brothers, Inc.TOL$13.6B$147.85$11.0B$1.3B16.3%0.1115.7%—3/94/95/71/3F-Score 47/11