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 complexe