Professional
Added to YB: 2026-04-03
Pitch date: 2026-03-31
LEN [neutral]
Lennar Corporation
-0.45%
current return
Author Info
Hunterbrook Media publishes investigative and global reporting with no ads or paywalls. Their mission is to bring visibility to under-covered regions and accountability to under-scrutinized sectors. Sign up for the newsletter.
Company Info
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States.
Market Cap
$21.1B
Pitch Price
$86.88
Price Target
N/A
Dividend
2.34%
EV/EBITDA
6.85
P/E
12.24
EV/Sales
0.54
Sector
Household Durables
Category
turnaround
What Lennar Owes
LEN (overview): Pivoted to 98% land-light model via Angelo Gordon & Millrose REIT, but option fees (~8.5%-15% annually) may cost $2B+/yr vs $2.1B net income. Hunterbrook estimates fees capitalized in $6.8B deposits line, delaying P&L hit but crushing future margins as lots taken down. Already 2.8pp COGS gap vs DHI despite deeper construction cuts. Rigid takedown schedules force volume at discounted prices in weak market. Executives exiting. Quality issues reported by homeowners.
Read full article (21 min)