Lennar
LEN on NYSE. Lennar builds and sells homes, mortgages and title services to homebuyers. Market value $24.6bn.
Price checks use the past 12 months to August 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to November 2025.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.41 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 74 of 100. Our list needs 70 on quality and 60 on price.
$77.41 a share, 5% above its 1-year low
Over the past year the price has ranged from $73.75 to $133.76.
Dividend: 2.7% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $811 million in the past 12 months, $28 million in the year to November 2025.
| Revenue | |||||
| Revenue | $27.1bn | $33.7bn | $34.2bn | $35.4bn | $34.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.15 | 0.27 |
| Shares outstanding | |||||
| Shares outstanding | 0.31bn | 0.29bn | 0.28bn | 0.27bn | n/a |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.27× equity
- Revenue growth, five yearsSlow, 8.7% a year
The quarter to August 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $8 billion last quarter, down 9% on a year ago.
- Profit: $284 million, down 52% on a year ago.
- Spare cash over the past 12 months: $811 million. A year earlier it spent $713 million more than it brought in.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| November 2024 | $9.9bn |
| February 2025 | $7.6bn |
| May 2025 | $8.4bn |
| August 2025 | $8.8bn |
| November 2025 | $9.4bn |
| February 2026 | $6.6bn |
| May 2026 | $7.9bn |
| August 2026 | $8.0bn |
| Quarter to | Amount |
|---|---|
| November 2024 | $1.1bn |
| February 2025 | $520m |
| May 2025 | $477m |
| August 2025 | $591m |
| November 2025 | $490m |
| February 2026 | $229m |
| May 2026 | $305m |
| August 2026 | $284m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 15 December 2026
- Last annual report (10-K)
- 28 January 2026
- Next quarterly (estimated, 10-Q)
- 1 January 2027
Who owns it
14 long-term investors we follow own it, unchanged from 14 last quarter. 936 funds in all.
- Eagle Capital ManagementBoykin Curry
- Value
- $967m
- Share of fund
- 3.0%
- Brave Warrior AdvisorsGlenn Greenberg
- Value
- $215m
- Share of fund
- 4.7%
- Oakcliff CapitalBryan Lawrence
- Value
- $11m
- Share of fund
- 4.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Berkshire HathawayWarren Buffett | $1.2bn | 0.4% | Added |
| Greenhaven AssociatesEdgar Wachenheim III | $1.0bn | 11.8% | Added |
| Eagle Capital ManagementBoykin Curry | $967m | 3.0% | |
| Aristotle Capital ManagementHoward Gleicher | $709m | 1.5% | Cut |
| Brave Warrior AdvisorsGlenn Greenberg | $215m | 4.7% | |
| Smead Capital ManagementBill Smead | $183m | 3.9% | Added |
| Barrow HanleyBarrow Hanley team | $77m | 0.2% | Cut |
| GMOJeremy Grantham | $28m | <0.1% | Added |
| Oakcliff CapitalBryan Lawrence | $11m | 4.0% | |
| Boston PartnersBoston Partners team | $8m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $8m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $548,007 | <0.1% | Cut |
| Horizon KineticsMurray Stahl | $478,147 | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $275,723 | <0.1% | Cut |
Largest holders overall
- BlackRock$1.7bn
- Berkshire Hathaway$1.2bnAdded
- Vanguard Capital Management$1.2bn
- Greenhaven Associates$1.0bnAdded
- Eagle Capital Management$967m
- State Street$944mAdded
- Vanguard Portfolio Management$864m
- Aristotle Capital Management$709mCut
- Manufacturers Life Insurance Company, the$605mAdded
- Geode Capital Management$526m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%; 1 of them is pushing for change.
- BlackRock, Inc.Passive investor7.6%−1.2 ptsSince 31 December 2025
- Vanguard Capital ManagementPassive investor6.9%Since 31 March 2026
- Berkshire HathawayPassive investorat least 6.2%(filed with 4 related holders)Since 30 June 2026
- Greenhaven AssociatesPassive investor5.1%Since 1 May 2026
- Eagle Capital ManagementPassive investor5.0%Since 31 March 2026
- GABELLI FUNDS LLCActivistat least 3.6%0.0 pts(filed with 6 related holders)Since 13 January 2026
What they said
On October 21, 2025, the Issuer sent correspondence to the Reporting Persons, which the Issuer filed publicly on the same date, indicating, among other things, that under the Issuer's current Restated Certificate of Incorporation (as amended), holders of the Issuer's Class B…
Read the filing - FMR LLCPassive investorat least 3.0%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.6%−1.2 pts | 31 December 2025 | |
Vanguard Capital Management Passive investor | 6.9% | 31 March 2026 | |
Berkshire Hathaway Passive investor | at least 6.2% (filed with 4 related holders) | 30 June 2026 | |
Greenhaven Associates Passive investor | 5.1% | 1 May 2026 | |
Eagle Capital Management Passive investor | 5.0% | 31 March 2026 | |
GABELLI FUNDS LLC Activist | at least 3.6%0.0 pts (filed with 6 related holders) | 13 January 2026 | What they saidOn October 21, 2025, the Issuer sent correspondence to the Reporting Persons, which the Issuer filed publicly on the same date, indicating, among other things, that under the Issuer's current Restated Certificate of Incorporation (as amended), holders of the Issuer's Class B… Read the filing |
FMR LLC Passive investor | at least 3.0% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 28 Jan 2026, plus the 10-Q filed 2 Oct 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just reported its latest figures. The deep dive shows what they mean for the price you pay.
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Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.