Analyst Report: Lennar Corp.

Argus

•

Jan 16, 2026

Summary

Lennar Corp. based successful Miami, is 1 of the 2 largest builders of homes based connected 82,583 caller location deliveries successful FY25, up from 80,210 deliveries successful FY24. Rival D.R. Horton delivered 83,423 successful FY25. Lennar's $32.27 cardinal successful homebuilding gross topped Horton's successful FY25, helped by an mean income terms of $391,000 that is astir $22,000 higher than DHI. Based connected full revenue, DHI was somewhat larger. Lennar builds homes successful astir 26 states. The company's South Central portion accounts for the astir deliveries (28%), but the West counts for 37% of homebuilding gross due to the fact that the mean closing terms is $602,000. Lennar builds step-up (approximately 68% of closings), introduction level (28%), and status (4%) homes. The institution besides provides owe financing. Lennar's Multifamily concern develops and manages flat complexes done associated ventures. 'Lennar Other' one

Chris Graja, CFA

Senior Analyst: Retail

Chris covers the Consumer assemblage for Argus. He was the #1 Stock Picker successful the Household Durables sector, winning the 2019 StarMine U.S. Analyst grant from Refinitiv. He was the #1 Stock Picker successful Food and Staples Retailing, winning back-to-back U.S. Analyst Awards successful 2015 and 2016. He received a prestigious Volunteer of the Year grant from the New York Society of Security Analysts successful 2000. Prior to Argus, Chris spent 16 years astatine Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s probe part earlier joining the caller Bloomberg mag arsenic Technical Studies Editor successful 1993. He roseate to Executive Markets Editor of the publishing group. Chris co-authored the publication “Investing successful Small-Cap Stocks,” which was published successful 3 U.S. editions, an audio book, and 2 Chinese editions. Chris earned an MBA from Rutgers University. He is simply a CFA charterholder.