Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 24, 2026
Lennar Corp /New/ (LEN)
A forensic read on Lennar Corp /New/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
4
Forensic signals
11.4
P / E (ttm)
9.5%
ROE
$19.6B
Market cap
1.18%
Dividend yield
-3.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Lennar Corp /New/ earns a D (Weak — demands caution) forensic quality grade. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
8265% of FCF
FY2025
Shareholder returns.Returned $2.3B to shareholders (buybacks + dividends) in FY2025 — 8265% of free cash flow. That is $2.3B (8165%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet covered it: cash fell $1.2B and total debt rose $1.7B over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $163M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 8845%.
0.78×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.78× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
8.8%
FY2025
Return on invested capital.Return on invested capital is 8.8% in the latest fiscal year and slipping across FY2023–FY2025 from 15%. The capital base behind it cannot be compared across FY2023–FY2025: cash and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
-5%
FY2024→FY2025
Dividend — cut.The payout was CUT ~5% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$34.19B
Revenue Growth YoY-3.5%
Revenue CAGR (2yr)-0.1%
Net Margin6.1%
Free Cash Flow$28.2M
Return on Equity9.5%
Debt / Equity0.27x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Lennar Corp /New/'s actual 10-K/10-Q/8-K filings?