Analyst Report: Lennar Corp.

Summary

Lennar Corp. based in Miami, is one of the two largest builders of homes based on 73,087 closings, across approximately 23 states, in FY23. Rival D.R. Horton actually delivered 82,917. Lennar’s $34.2 billion in revenue ranks close to Horton’s $35.5 billion helped by an average sales price that is about $60,000 higher. The company’s East region is its biggest, accounting for 31% of deliveries. Lennar builds step-up (68% of closings), entry level (28%) and retirement (4%) homes, with an average selling price of $446,000. The company also provides mortgage financing. Lennar’s Multifamily business develops and manages apartment complexes through joint ventures. Homebuilding represented $32.7 billion of the company’s $34.2 billion in FY23 revenue. It is also the biggest contributor to pretax earnings. The company’s fiscal year ends on November 30.

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