Lennar Corporation
- Industry
- Homebuilding
- Exchange
- US
- Country
- USA
- IPO date
- Nov 5, 1987
- Employees
- 12,532
- Website
- www.lennar.com
Composite valuation range · conservative $75–$90 / fair $105–$130 / optimistic $145–$175. At $85.04, Within the conservative intrinsic-value range · significant margin of safety.
At publication $89.75 (May 29, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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.
History
Lennar Corporation was founded in 1954 and is headquartered in Miami, Florida; it completed its IPO on November 5, 1987. The company operates as a homebuilder primarily under the Lennar brand in the United States, constructing and selling single-family attached and detached homes and purchasing, developing, and selling residential land. It is organized into seven segments: Homebuilding East, Homebuilding Central, Homebuilding South Central, Homebuilding West, Financial Services, Multifamily, and Lennar Other. Beyond homebuilding, it provides residential mortgage financing, title insurance, and closing services, develops and manages multifamily rental properties, and engages in fund investment activities, serving first-time, move-up, active adult, and luxury homebuyers. In fiscal 2025 total revenue was $34.187 billion, of which Homebuilding contributed $32.267 billion, Financial Services $1.198 billion, and Multifamily $0.681 billion. The company has shifted toward a land-light model: by the end of 2025 it controlled approximately 615,637 homesites, of which only 12,228 were owned, with the remainder controlled through options, land-bank partnerships, or joint ventures. It also completed the Rausch Coleman acquisition and Millrose-related transactions in 2025.
Industry position
Lennar is one of the largest homebuilders in the United States. On the 2025 Builder 100 ranking, D.R. Horton placed first and Lennar placed second. Homebuilding dominates its revenue, accounting for $32.267 billion of $34.187 billion in fiscal 2025 total revenue. Its advantages derive primarily from cost and scale, operating across multiple states and regions with an emphasis on a lower cost structure, faster inventory turnover, even-flow production, and a technology platform; its integrated mortgage, title, and closing services help convert sales and improve efficiency. The land-light model, controlling far more homesites through options and partnerships than it owns outright, increases capital flexibility. The company competes against other large homebuilders including D.R. Horton, PulteGroup, NVR, and Toll Brothers. It maintains low homebuilding leverage: at the end of fiscal 2025 first quarter, net homebuilding debt to total capital was 8.3% and total liquidity was $5.2 billion. Lennar uses a dual-class share structure in which Class A carries one vote per share and Class B ten votes per share; per the 2026 proxy statement, current directors and officers hold 70.3% of Class B, with Stuart Miller alone holding 21,851,560 Class B shares, about 70.2% of that class.