LEN

Lennar

Industrials · fiscal year ending 2025-11-30

Through the investors’ lenses

Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.

Warren Buffett 2/4

Measure	LEN	Checked against
Owner earnings	$2.02bn	positive	✓
Return on equity	9.5%	median 11.7%	✗
Debt to equity	0.27x	median 0.79x	✓
Operating margin	8.2%	median 15.0%	✗

Passes 2 of 4. To be clear: Warren Buffett has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Terry Smith 1/4

Measure	LEN	Checked against
Return on capital employed	10.1%	median 10.1%	✗
Cash conversion	0.10x	median 1.78x	✗
Operating margin	8.2%	median 15.0%	✗
Debt to equity	0.27x	median 0.79x	✓

Passes 1 of 4. To be clear: Terry Smith has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Charlie Munger 0/3

Measure	LEN	Checked against
Return on capital employed	10.1%	median 10.1%	✗
Return on equity	9.5%	median 11.7%	✗
Operating margin	8.2%	median 15.0%	✗

Passes 0 of 3. To be clear: Charlie Munger has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Chuck Akre 1/4

Measure	LEN	Checked against
Return on equity	9.5%	median 11.7%	✗
Debt to equity	0.27x	median 0.79x	✓
Cash conversion	0.10x	median 1.78x	✗
Return on equity, sustained	6 of 10	8 of 10 above median	✗

Passes 1 of 4. To be clear: Chuck Akre has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Philip Fisher 0/4

Measure	LEN	Checked against
Operating margin	8.2%	median 15.0%	✗
Net margin	6.1%	median 10.2%	✗
Return on capital employed	10.1%	median 10.1%	✗
Operating margin, held or improving	8.2%	10-yr median 14.3%	✗

Passes 0 of 4. To be clear: Philip Fisher has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Walter Schloss 1/1

Measure	LEN	Checked against
Current ratio	—	median 1.25x	—
Debt to equity	0.27x	median 0.79x	✓

Passes 1 of 1. To be clear: Walter Schloss has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Benjamin Graham 1/1

Measure	LEN	Checked against
Current ratio	—	2.00x published	—
Long-term debt to working capital	—	1.00x published	—
Positive earnings, ten years running	10 yrs	10 published	✓

Passes 1 of 1. To be clear: Benjamin Graham has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Joel Greenblatt 0/1

Measure	LEN	Checked against
Return on capital employed	10.1%	median 10.1%	✗

Passes 0 of 1. To be clear: Joel Greenblatt has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Peter Lynch 1/2

Measure	LEN	Checked against
Debt to equity	0.27x	median 0.79x	✓
Net margin	6.1%	median 10.2%	✗

Passes 1 of 2. To be clear: Peter Lynch has never said anything about Lennar. These are the company’s own figures put through the tests he described. What he looks at, and why →

Free cash flow is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is operating cash flow instead.

Basis	Payout	Why
GAAP earnings	25.3%	why The figure most screeners publish.
Operating cash flow	240.3%	why Absorbs working-capital swings that earnings do not.

No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.

215 points between highest and lowest basis.

Coverage rating 0 / 100 — Not covered. ? Peer standing · not ranked Direction 0/30Stability 0/20

Against its own history: 240.3% this year vs 12.2% median over the prior 5. A gap this size is usually a one-off — acquisition, settlement, cyclical trough — not a dividend that stopped being funded. The rating reads the latest year; the table shows the trend.

Operating cash flow payout, last 6 years

Fiscal year	Payout
2025-11-30	240.3%
2024-11-30	22.8%
2023-11-30	8.3%
2022-11-30	13.4%
2021-11-30	12.2%
2020-11-30	4.7%

Coverage worsened sharply this year, 22.8% to 240.3%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.

The arithmetic

GAAP earnings — dividends declared per share $2.02 ÷ diluted EPS $7.98
Operating cash flow — dividends paid $521m ÷ operating cash flow $217m

Where the figures came from

10-K filed 2026-01-28 · accession 0001628280-26-003870

All public at sec.gov — you should not have to take our word for it.

Caveats on this company

DPS derived from dividends paid ($2.02); no per-share tag filed
basis discarded as outside the sane band (distribution far larger than the year's income — usually a special dividend or a return of capital, not a payout ratio): fcf

Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.

What the operating cash flow payout ratio measures, and where every company here sits on it.

Also on: covered on earnings, not on the basis that applies · rated not covered · when it files.

When this changes

Every figure above is recomputed whenever Lennar files. The monthly letter carries what filed, what moved, and one finding computed across every company here.

Get the letter →