# Lennar (LEN-B.US)

Canonical: https://gigainvestors.com/s/LEN-B

Analysis as of: 2026-10-01T19:03:51.032Z. Financial observations: FY2010–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: $76.93 per share; close as of 2026-10-15.

Estimated value: low $119.30 per share, central $164.88 per share, high $191.43 per share. Buy at or below the central value $164.88 per share. Valuation as of 2026-10-01T19:03:51.032Z; scenarios are not confidence intervals.

Expected annual return: 18.8% at the stated quote. About 18.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.15×

- FY2022: 0.20×

- FY2023: 0.16×

- FY2024: 0.14×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 15.6%

- ROIC, second-lowest year: 10.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.8%

- FY2017: 18.4%

- FY2018: 14.4%

- FY2019: 10.3%

- FY2020: 14.4%

- FY2022: 23.8%

- FY2023: 19.2%

- FY2024: 15.6%

- FY2025: 10.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $18B

- Net income, five-year total: $19B

- Return on incremental invested capital: 6.8%

- Working capital / revenue, final three-year average: 55.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.97×

- FY2023: 0.96×

- FY2024: 0.95×

- FY2025: 0.90×

### management: pass

- $1 retained earnings test: 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.4% vs 15.6%

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -3.6%

- Market cap gain: $24B

- Cumulative retained earnings: $18B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.2%

- Per-share value change: $10.48

- Per-share value, starting three-year median: $3.42

- Per-share value, ending three-year median: $13.90

- Buybacks concentrated in cheaper years (correlation): 0.16

- Average buyback yield: 3.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.4B

- Cumulative net income, 10 years: $27B

- ROIC, first three-year median: 18.4%

- ROIC, last three-year median: 15.6%

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 5.4%

- Receivables to sales index (DSRI): 0.96×

- Stock compensation / operating cash flow: 75.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.10×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.6%

- FY2017: -0.9%

- FY2018: 0.0%

- FY2019: 1.2%

- FY2020: -5.8%

- FY2021: 5.7%

- FY2022: 3.6%

- FY2023: -3.2%

- FY2024: 3.7%

- FY2025: 5.4%

## Holders

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 52% since Sep 2024 · "Lennar (LEN) Cuts Delivery Forecast. Can Construction Savings Offset Heavy Incentives?" (finance.yahoo.com, Sep 2026) · sales -3.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

Price needs cash profits to shrink 4% a year for ten years

- 2025-06-19: LEN Q2 Deep Dive: Margin Pressures Mount as Lennar Prioritizes Volume and Technology Investments ([finance.yahoo.com](https://finance.yahoo.com/news/len-q2-deep-dive-margin-131054408.html))

- 2025-09-19: Lennar Stock Falls After Q3 Revenue Falls More Than 6% ([finance.yahoo.com](https://finance.yahoo.com/news/lennar-stock-falls-q3-revenue-123215656.html))

- 2025-12-18: Lennar hit by downgrades after weak profit and margin outlook ([finance.yahoo.com](https://finance.yahoo.com/news/lennar-hit-downgrades-weak-profit-153103666.html))

- 2026-01-31: Lennar (LEN) Valuation After Q4 2025 Margin Pressure And Earnings Decline ([finance.yahoo.com](https://finance.yahoo.com/news/lennar-len-valuation-q4-2025-070618331.html))

- 2026-02-15: Lennar Price Cuts Reshape Housing Demand Margins And Valuation Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/lennar-price-cuts-reshape-housing-091043241.html))

- 2026-03-15: Why Lennar (LEN) Is Down 6.1% After Softer Q1 Results And Major Buyback Completion ([finance.yahoo.com](https://finance.yahoo.com/news/why-lennar-len-down-6-050922161.html))

### Sales · FY2024–2025

sales -3.5%; source https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm; observed 2026-01-28.

- FY2016: $11B 

- FY2017: $13B 

- FY2018: $21B 

- FY2019: $22B 

- FY2020: $22B 

- FY2021: $27B 

- FY2022: $34B 

- FY2023: $34B 

- FY2024: $35B 

- FY2025: $34B 

### Gross margin · FY2025

gross margin 9.9%; source https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm; observed 2026-01-28.

- FY2022: 21.4% 

- FY2023: 17.4% 

- FY2024: 15.5% 

- FY2025: 9.9% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are USD 34.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); FY2025: revenue 34186934000; grossProfit 3387125000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); LEN-B.US: 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. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties. It also offers residential mortgage financing, title insurance, and closing services for home buyers and others, as well as originating and selling securitization commercial mortgage loans. In addition, the company is involved in fund investment activities. It primarily serves first-time, move-up, active adult, and luxury homebuyers. The company was founded in 1954 and is based in Miami, Florida.

### Why customers stay

Margins ranged from 9.9% to 17.4% during 2023–25; it earns 15.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: grossProfit / revenue = 15.5%.

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); FY2025: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); 10-year return on capital observations [[2016,0.18830757948450014],[2017,0.18367999662928558],[2018,0.14356897765186163],[2019,0.10285603764861394],[2020,0.14443656184348738],[2022,0.23832204130414658],[2023,0.1919870009073011],[2024,0.15607182183462964],[2025,0.09950433595463397]]; median 0.15607182183462964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 8%; sales volumes rose.

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); [p0] n the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn. We are determined to build more with less capital deployed so that as margins begin to grow, returns on capital and equity will grow faster. We are also very enthusiastic about our technology initiatives. They have made us, and are continuing to make us, faster and better in the way that we engage with our customers. We are trying to be the best manufacturing model that we can be. The programs that we have in place are helping us absorb the price reductions we are required to give to maintain desired volume levels. They offer us the likelihood of substantially increasing profit levels when market conditions return to normal. Results of Operations Overview Our net earnings attributable to Lennar were $2.1 billion, or $7.98 per diluted and basic share for the year ended November 30, 2025 and $3.9 billion, or $14.31 per diluted and basic share for the year ended November 30, 2024. Excluding mark-to-market gains on technology investments of $130.2 million and one-time loss of $156.1 million on the Millrose Properties, Inc. exchange offer ("Millrose Exchange Offer"), net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.0

[p1] ber 30, 2024. 2025 versus 2024 Revenues from home sales decreased 5% in the year ended November 30, 2025 to $32.1 billion from $33.8 billion in the year ended November 30, 2024. Revenues were lower primarily due to a 8% decrease in the average sales price of homes delivered, partially offset by a 3% increase in the number of home deliveries. New home deliveries increased to 82,583 homes in the year ended November 30, 2025 from 80,210 homes in the year ended November 30, 2024. The average sales price of homes delivered was $391,000 in the year ended November 30, 2025, compared to $423,000 in the year ended November 30, 2024. The decrease in average sales price of homes delivered in the year ended November 30, 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers. Gross margins on home sales were $5.7 billion, or 17.7%, in the year ended November 30, 2025, compared to $7.5 billion, or 22.3%, in the year ended November 30, 2024. During the year ended November 30, 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives. Selling, general and administrative expenses were $2.7 billion in the year ended November 30, 2025, compared to $2.5 billion in the year ended November 30, 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.3% in the year ended November 30, 2025, from 7.3% in the year ended November 30, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses. During the years ended November 30, 2025 and 2024, our homebui

[p2]  price of homes delivered, partially offset by a 3% increase in the number of home deliveries. New home deliveries increased to 82,583 homes in the year ended November 30, 2025 from 80,210 homes in the year ended November 30, 2024. The average sales price of homes delivered was $391,000 in the year ended November 30, 2025, compared to $423,000 in the year ended November 30, 2024. The decrease in average sales price of homes delivered in the year ended November 30, 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers. Gross margins on home sales were $5.7 billion, or 17.7%, in the year ended November 30, 2025, compared to $7.5 billion, or 22.3%, in the year ended November 30, 2024. During the year ended November 30, 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives. Selling, general and administrative expenses were $2.7 billion in the year ended November 30, 2025, compared to $2.5 billion in the year ended November 30, 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.3% in the year ended November 30, 2025, from 7.3% in the year ended November 30, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses. During the years ended November 30, 2025 and 2024, our homebuilding operating earnings included $54.2 million and $164.8 million of interest income, respectively. The decrease in interest income was primarily due to lower cash balances year over year. Operating earnings for our Financial Services segment were 

[p3] mber 30, 2025 from 80,210 homes in the year ended November 30, 2024. The average sales price of homes delivered was $391,000 in the year ended November 30, 2025, compared to $423,000 in the year ended November 30, 2024. The decrease in average sales price of homes delivered in the year ended November 30, 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers. Gross margins on home sales were $5.7 billion, or 17.7%, in the year ended November 30, 2025, compared to $7.5 billion, or 22.3%, in the year ended November 30, 2024. During the year ended November 30, 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives. Selling, general and administrative expenses were $2.7 billion in the year ended November 30, 2025, compared to $2.5 billion in the year ended November 30, 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.3% in the year ended November 30, 2025, from 7.3% in the year ended November 30, 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses. During the years ended November 30, 2025 and 2024, our homebuilding operating earnings included $54.2 million and $164.8 million of interest income, respectively. The decrease in interest income was primarily due to lower cash balances year over year. Operating earnings for our Financial Services segment were $609.9 million in the year ended November 30, 2025, compared to operating earnings of $574.2 million in the year ended November 30, 2024. The increase in operating

[p4] uilding other as follows: For the Years Ended November 30, 2025 2024 East 14 % 17 % Central 12 % 11 % South Central 16 % 17 % West 13 % 12 % Other 18 % 18 % Total 14 % 14 % Backlog (3): At November 30, Homes Dollar Value (In thousands) Average Sales Price 2025 2024 2025 2024 2025 2024 East 4,783 3,336 $ 1,753,119 1,474,622 $ 367,000 442,000 Central 3,511 3,221 1,288,455 1,355,845 367,000 421,000 South Central 3,045 2,070 655,388 525,299 215,000 254,000 West 2,597 3,005 1,547,444 2,016,669 596,000 671,000 Other — 1 — 349 — 349,000 Total 13,936 11,633 $ 5,244,406 5,372,784 $ 376,000 462,000 Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $86.0 million and an average sales price of $1,089,000 represent the backlog from unconsolidated entities at November 30, 2025, compared to 79 homes with a backlog dollar value of $63.8 million and an average sales price of $807,000 at November 30, 2024. (3) During the year ended November 30, 2025, backlog includes 908 acquired homes of which 181,716 and 11 homes were in the Central, South Central and West homebuilding segments, respectively. Backlog represents the number of homes under sales contracts. Homes are sold using sales contracts, which are generally accompanied by sales deposits. In some instances, purchasers are permitted to cancel sales if they fail to qualify for financing or under certain other circumstances. Various state and federal laws and regulations may sometimes give purchasers a right to cancel contracts homes in backlog. We do not recognize revenue on homes under sales contracts until the sales are closed and title passes to the new homeowners. Homebuilding East: Revenues from home sales decreased in 2025 compared to 2024, primarily due to decreases in the number of homes delivered and the average sales price of homes delivered 

[p5] e inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments: For the Years Ended November 30, 2025 2024 Unobservable inputs Range Range Average selling price (1) $168,000 — $925,000 $178,000 — $702,000 Absorption rate per quarter (homes) 2 — 13 6 — 15 Discount rate 20% 20% (1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2025 and 2024. In the course of executing on the Company’s land-light strategy, the Company may sell land to third parties (including land banks) and unconsolidated entities while maintaining an option to repurchase the land in the future. Although, such transactions include cash consideration from the buyer and the transfer of title from the Company to the buyer, not all transactions meet the criteria for revenue recognition under GAAP due to the Company’s option to repurchase the land from the buyer in the future. As such, land related to same transactions remains on the Company’s accompanying consolidated balance sheet and is reclassified from land and land under development to consolidated inventory not owned. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. During the year ended November 30, 2025, consolidated inventory not owned decreased by $2.4 billion with a $2.1 billion decrease to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2025. The decrease was primarily due to the reassessment of certain option contracts terms that were amended. This reassessment resulted in 

[p6]  Years Ended November 30, 2025 2024 Unobservable inputs Range Range Average selling price (1) $168,000 — $925,000 $178,000 — $702,000 Absorption rate per quarter (homes) 2 — 13 6 — 15 Discount rate 20% 20% (1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during the years ended November 30, 2025 and 2024. In the course of executing on the Company’s land-light strategy, the Company may sell land to third parties (including land banks) and unconsolidated entities while maintaining an option to repurchase the land in the future. Although, such transactions include cash consideration from the buyer and the transfer of title from the Company to the buyer, not all transactions meet the criteria for revenue recognition under GAAP due to the Company’s option to repurchase the land from the buyer in the future. As such, land related to same transactions remains on the Company’s accompanying consolidated balance sheet and is reclassified from land and land under development to consolidated inventory not owned. The liabilities related to consolidated inventory not owned primarily represent the difference between the option exercise prices for the optioned land and the Company’s cash deposits. During the year ended November 30, 2025, consolidated inventory not owned decreased by $2.4 billion with a $2.1 billion decrease to liabilities related to consolidated inventory not owned in the accompanying consolidated balance sheet as of November 30, 2025. The decrease was primarily due to the reassessment of certain option contracts terms that were amended. This reassessment resulted in a decrease of $2.5 billion of consolidated inventory not owned with a corresponding decrease of $2.3 billion of liabilities related to consolidated inventory not owne

[p7] n the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our egy has positioned us for strong cash flow, higher returns on equity and capital, and stronger bottom line growth in the future. Meanwhile, we will remain focused on volume and even-flow production. Margins are usually lowest during the first quarter of a fiscal year, and we expect our margins in the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn. We are determined to build more with less capital deployed so that as margins begin to grow, returns on capital and equity will grow faster. We are also very enthusiastic about our technology initiatives. They have made us, and are continuing to make us, faster and better in the way that we engag

[p8] n the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn. We are determined to build more with less capital deployed so that as margins begin to grow, returns on capital and equity will grow faster. We are also very enthusiastic about our technology initiatives. They have made us, and are continuing to make us, faster and better in the way that we engage with our customers. We are trying to be the best manufacturing model that we can be. The programs that we have in place are helpin ronger bottom line growth in the future. Meanwhile, we will remain focused on volume and even-flow production. Margins are usually lowest during the first quarter of a fiscal year, and we expect our margins in the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced ou

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2016: growth capex 26220000; upkeep 50219000; owner earnings 856328000. Growth capex / owner earnings = 0.030619108565876626.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2017: growth capex 45449000; upkeep 66324000; owner earnings 749124000. Growth capex / owner earnings = 0.06066952867616042.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2018: growth capex 39258000; upkeep 91181000; owner earnings 1623176000. Growth capex / owner earnings = 0.024185916992365584.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2019: growth capex 0; upkeep 86497000; owner earnings 1767815000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2020: growth capex 0; upkeep 72752000; owner earnings 2379706000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2021: growth capex 0; upkeep 65172000; owner earnings 4316272000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2022: growth capex 0; upkeep 57214000; owner earnings 4459900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: growth capex 0; upkeep 99799000; owner earnings 3788156000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: growth capex 22958415.54332304; upkeep 148544584.45667696; owner earnings 3722840415.543323. Growth capex / owner earnings = 0.006166908322867881.

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); FY2025: growth capex 0; upkeep 188629000; owner earnings 1860366000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Dividend observations: [[2016,35324000],[2017,37608000],[2018,49159000],[2019,51454000],[2020,195043000],[2021,309776000],[2022,438038000],[2023,430560000],[2024,548823000],[2025,520959000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); FY2025: cash repurchases 1808369000 USD.

### Are managers owners

Insiders own 73.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); LEN-B.US SharesStats.PercentInsiders = 73.356 percentage points; cache date 2026-10-02.

### What could break it

"Our success to a substantial extent depends on our ability to acquire land" (SEC filing, Jan 2026)

- Source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm (filed 2026-01-28); Our success to a substantial extent depends on our ability to acquire land

### What the price says

The price assumes cash profits shrink 3.6% yearly over ten years; actual growth was 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Ten-year compound average after fade. Initial solved rate -0.06332018705740933. Price 81; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.2234297362721365 → FY2025 7.21782685279306. Closing-price date 2026-10-01.

## Monthly share-price history (USD per share)

- 2016-10: $31.86 per share

- 2016-11: $32.21 per share

- 2016-12: $32.79 per share

- 2017-01: $34.18 per share

- 2017-02: $37.36 per share

- 2017-03: $39.73 per share

- 2017-04: $40.50 per share

- 2017-05: $40.80 per share

- 2017-06: $42.74 per share

- 2017-07: $42.26 per share

- 2017-08: $40.90 per share

- 2017-09: $42.84 per share

- 2017-10: $45.57 per share

- 2017-11: $48.78 per share

- 2017-12: $49.12 per share

- 2018-01: $48.13 per share

- 2018-02: $43.11 per share

- 2018-03: $45.33 per share

- 2018-04: $40.57 per share

- 2018-05: $39.33 per share

- 2018-06: $40.57 per share

- 2018-07: $41.06 per share

- 2018-08: $40.09 per share

- 2018-09: $36.59 per share

- 2018-10: $34.00 per share

- 2018-11: $32.85 per share

- 2018-12: $29.78 per share

- 2019-01: $36.23 per share

- 2019-02: $36.56 per share

- 2019-03: $37.18 per share

- 2019-04: $39.65 per share

- 2019-05: $37.55 per share

- 2019-06: $36.60 per share

- 2019-07: $36.12 per share

- 2019-08: $38.50 per share

- 2019-09: $42.17 per share

- 2019-10: $44.69 per share

- 2019-11: $44.83 per share

- 2019-12: $42.48 per share

- 2020-01: $49.91 per share

- 2020-02: $45.44 per share

- 2020-03: $27.49 per share

- 2020-04: $36.26 per share

- 2020-05: $42.65 per share

- 2020-06: $43.80 per share

- 2020-07: $51.20 per share

- 2020-08: $56.36 per share

- 2020-09: $62.40 per share

- 2020-10: $54.07 per share

- 2020-11: $57.69 per share

- 2020-12: $58.17 per share

- 2021-01: $63.62 per share

- 2021-02: $62.88 per share

- 2021-03: $78.26 per share

- 2021-04: $76.57 per share

- 2021-05: $74.43 per share

- 2021-06: $77.41 per share

- 2021-07: $82.07 per share

- 2021-08: $83.18 per share

- 2021-09: $73.74 per share

- 2021-10: $78.01 per share

- 2021-11: $81.53 per share

- 2021-12: $90.88 per share

- 2022-01: $76.73 per share

- 2022-02: $71.76 per share

- 2022-03: $64.96 per share

- 2022-04: $61.97 per share

- 2022-05: $63.84 per share

- 2022-06: $55.80 per share

- 2022-07: $64.51 per share

- 2022-08: $58.62 per share

- 2022-09: $56.56 per share

- 2022-10: $61.99 per share

- 2022-11: $69.01 per share

- 2022-12: $71.07 per share

- 2023-01: $82.08 per share

- 2023-02: $77.61 per share

- 2023-03: $84.88 per share

- 2023-04: $92.97 per share

- 2023-05: $89.86 per share

- 2023-06: $107.38 per share

- 2023-07: $109.21 per share

- 2023-08: $101.37 per share

- 2023-09: $97.16 per share

- 2023-10: $93.72 per share

- 2023-11: $109.05 per share

- 2023-12: $127.40 per share

- 2024-01: $131.87 per share

- 2024-02: $140.06 per share

- 2024-03: $146.53 per share

- 2024-04: $133.43 per share

- 2024-05: $139.01 per share

- 2024-06: $132.52 per share

- 2024-07: $156.78 per share

- 2024-08: $160.46 per share

- 2024-09: $164.36 per share

- 2024-10: $152.37 per share

- 2024-11: $156.66 per share

- 2024-12: $125.60 per share

- 2025-01: $125.79 per share

- 2025-02: $115.70 per share

- 2025-03: $109.07 per share

- 2025-04: $103.37 per share

- 2025-05: $101.30 per share

- 2025-06: $105.25 per share

- 2025-07: $107.18 per share

- 2025-08: $127.18 per share

- 2025-09: $119.99 per share

- 2025-10: $118.05 per share

- 2025-11: $123.59 per share

- 2025-12: $95.12 per share

- 2026-01: $101.26 per share

- 2026-02: $106.73 per share

- 2026-03: $84.12 per share

- 2026-04: $88.38 per share

- 2026-05: $88.08 per share

- 2026-06: $88.71 per share

- 2026-07: $80.70 per share

- 2026-08: $82.26 per share

- 2026-09: $79.99 per share

## Annual estimated value (USD per share)

- FY2016: low $33.24 per share, central $37.17 per share, high $42.40 per share

- FY2017: low $44.01 per share, central $48.69 per share, high $54.91 per share

- FY2018: low $30.60 per share, central $34.31 per share, high $39.25 per share

- FY2019: low $32.54 per share, central $36.59 per share, high $41.99 per share

- FY2020: low $79.12 per share, central $109.68 per share, high $127.48 per share

- FY2022: low $125.91 per share, central $173.75 per share, high $201.60 per share

- FY2023: low $202.34 per share, central $280.24 per share, high $325.60 per share

- FY2024: low $201.17 per share, central $280.77 per share, high $327.11 per share

- FY2025: low $110.05 per share, central $152.10 per share, high $176.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm); period 2025-11-30, filed 2026-01-28.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Warren Buffett](https://gigainvestors.com/BRK): 13,111,741 LEN shares; USD 1,186,482,000 reported position value; 0.4% of portfolio; add; quarter 2026 Q2.
- [Warren Buffett](https://gigainvestors.com/BRK): 298,117 LEN.B shares; USD 26,446,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [Edgar Wachenheim](https://gigainvestors.com/GA): 11,316,279 LEN shares; USD 1,024,010,000 reported position value; 11.82% of portfolio; add; quarter 2026 Q2.
- [Edgar Wachenheim](https://gigainvestors.com/GA): 364,059 LEN.B shares; USD 32,296,000 reported position value; 0.37% of portfolio; hold; quarter 2026 Q2.
- [Samantha McLemore](https://gigainvestors.com/PTNT): 12,500 LEN.B shares; USD 1,109,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 149,658 LEN.B shares; USD 13,276,000 reported position value; 2.12% of portfolio; add; quarter 2026 Q2.

# LEN.B — Lennar Corp. CL B

Held by 4 investors · USD 73,127,000 total · 2026 Q2 · reported price USD 88.71 (split-adjusted).
Page: https://gigainvestors.com/s/LEN.B

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Edgar Wachenheim (https://gigainvestors.com/GA) | USD 32,296,000 | 0.4% | hold |
| Warren Buffett (https://gigainvestors.com/BRK) | USD 26,446,000 | <0.1% | add +25.42% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 13,276,000 | 2.1% | add +4.77% |
| Samantha McLemore (https://gigainvestors.com/PTNT) | USD 1,109,000 | <0.1% | hold |

## Total held by quarter

- 2011 Q4: USD 1,506,586 · 1 holder · USD 15.58
- 2012 Q1: USD 2,272,995 · 1 holder · USD 22.35
- 2012 Q2: USD 2,443,851 · 1 holder · USD 24.03
- 2012 Q3: USD 0 · 0 holders
- 2012 Q4: USD 0 · 0 holders
- 2013 Q1: USD 0 · 0 holders
- 2013 Q2: USD 0 · 0 holders
- 2013 Q3: USD 0 · 0 holders
- 2013 Q4: USD 0 · 0 holders
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 20,978,354 · 1 holder · USD 47.69
- 2018 Q2: USD 46,873,748 · 1 holder · USD 42.69
- 2018 Q3: USD 45,268,300 · 1 holder · USD 38.50
- 2018 Q4: USD 39,335,683 · 2 holders · USD 31.33
- 2019 Q1: USD 74,257,630 · 3 holders · USD 39.13
- 2019 Q2: USD 71,578,530 · 3 holders · USD 38.51
- 2019 Q3: USD 83,791,156 · 4 holders · USD 44.37
- 2019 Q4: USD 77,812,106 · 4 holders · USD 44.70
- 2020 Q1: USD 46,418,803 · 4 holders · USD 28.92
- 2020 Q2: USD 64,827,944 · 3 holders · USD 46.09
- 2020 Q3: USD 77,128,828 · 3 holders · USD 65.66
- 2020 Q4: USD 58,115,788 · 3 holders · USD 61.20
- 2021 Q1: USD 78,267,650 · 3 holders · USD 82.34
- 2021 Q2: USD 77,364,760 · 3 holders · USD 81.45
- 2021 Q3: USD 73,751,082 · 3 holders · USD 77.59
- 2021 Q4: USD 88,848,001 · 2 holders · USD 95.62
- 2022 Q1: USD 66,262,523 · 2 holders · USD 68.35
- 2022 Q2: USD 58,057,035 · 3 holders · USD 58.71
- 2022 Q3: USD 58,087,122 · 3 holders · USD 59.51
- 2022 Q4: USD 76,993,813 · 4 holders · USD 74.78
- 2023 Q1: USD 86,877,356 · 4 holders · USD 89.31
- 2023 Q2: USD 119,912,542 · 5 holders · USD 112.98
- 2023 Q3: USD 107,716,289 · 5 holders · USD 102.23
- 2023 Q4: USD 136,439,146 · 5 holders · USD 134.05
- 2024 Q1: USD 147,826,763 · 5 holders · USD 154.18
- 2024 Q2: USD 126,388,122 · 5 holders · USD 139.43
- 2024 Q3: USD 136,284,406 · 5 holders · USD 172.94
- 2024 Q4: USD 104,104,063 · 5 holders · USD 132.15
- 2025 Q1: USD 84,415,660 · 5 holders · USD 109.07
- 2025 Q2: USD 87,911,912 · 5 holders · USD 105.25
- 2025 Q3: USD 101,174,566 · 5 holders · USD 119.99
- 2025 Q4: USD 67,111,631 · 4 holders · USD 95.12
- 2026 Q1: USD 63,688,172 · 4 holders · USD 84.12
- 2026 Q2: USD 73,127,000 · 4 holders · USD 88.71