LEN · Lennar Corp /New/
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Metrics snapshot
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AI Brief
Q3 FY26 earnings call · Sep 17, 2026TL;DR. Lennar's Q3 2026 results fell short as net earnings fell to $284M (EPS $1.19) from $591M, with new orders just below guidance and SG&A above its guided range; the company lowered full-year 2026 delivery guidance to 80,000–81,000 homes as the market deteriorated with mortgage rates climbing to ~7%, inflation elevated, and resale competition intensifying in Texas and Florida.
- + Construction cost per square foot improved to approximately $80, down 6% year over year and 14% since Q4 2023.
- + Cycle time reached a record low of 116 days, down from 121 days last quarter and 126 days a year ago.
- + Completed unsold inventory fell to 1.8 homes per community from 2.1 last quarter and 3.0 in Q1, with total liquidity of $3.6 billion and $1.2 billion in cash.
- + Land-light model: Lennar owns roughly 2% of home sites and controls ~476,000 through third parties, supporting capital efficiency.
- − New orders of 20,879 came in just below the guided range of 21,000 to 22,000.
- − SG&A of 9.2% came in above the guided 8.8% to 9% range, driven by lower revenue to leverage and higher brokerage commissions.
- − 30-year mortgage rates climbed to approximately 7% from 6.4%–6.5% at the prior call, pressuring affordability and consumer confidence.
- − Resale supply has intensified competition in Texas and Florida, Lennar's two largest markets, with active listings back above historic levels.
- − Labor availability is tightening due to immigration enforcement and data center construction, building cost pressure.
- − Lennar Other swung to an $84M operating loss in Q3 2026 from $62M operating earnings in Q3 2025, driven by mark-to-market losses on technology investments.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Active communities | 1,713 | Q3 2026 | — |
| Average sales price (backlog) | $376,000 | At August 31, 2026 | — |
| Backlog | 16,857 | Q3 2026 | — |
| Backlog dollar value | 6.3B | Q3 2026 | — |
| Completed, unsold inventory | 1.8 | Q3 2026 | — |
| Deliveries | 20,840 | Q3 2026 | — |
| EBIT non-GAAP | $1.25B | Nine Months Ended August 31, 2026 | — |
| Gross margin on home sales | 15.8% | Q3 2026 | — |
| Homebuilding debt to total capital | 16.6% | Q3 2026 | — |
| Homesites owned and controlled | 488,000 | Q3 2026 | — |
| Inventory turn | 2.4 | Q3 2026 | — |
| Net homebuilding debt to total capital non-GAAP | 12.7% | At August 31, 2026 | — |
| Net margin on home sales | 6.6% | Q3 2026 | — |
| New Orders | 61,143 | Nine Months Ended August 31, 2026 | — |
| S,G&A expenses as a % of revenues from home sales | 9.2% | Q3 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Residential Construction — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
LEN
this stock
Lennar Corp /New/
|
$18.41B | -24.0% | -3.5% | 11.5 | 7.6% |
|
DHI
Horton D R Inc /De/
|
$39.49B | -3.3% | -6.9% | 13.5 | 3.6% |
|
PHM
Pultegroup Inc/Mi/
|
$21.98B | +1.5% | +11.8% | 12.0 | 4.4% |
|
NVR
Nvr Inc
|
$16.39B | -15.1% | -1.9% | 16.0 | 4.1% |
|
TOL
Toll Brothers, Inc.
|
$12.26B | +0.2% | +1.1% | 10.7 | 4.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| LEN | -2.4% | -10.3% | -8.0% | -7.2% | -24.1% |
| SPY | +1.7% | +1.0% | +22.4% | +0.8% | +13.4% |
| vs SPY | -4.1% | -11.3% | -30.4% | -8.0% | -37.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.