Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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

Forensic signals

12.9

P / E (ttm)

9.5%

ROE

$20.6B

Market cap

2.36%

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). 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. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, 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, 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 from 19% — around its ~9% cost of capital, so growth is roughly value-neutral.

-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 (3yr)+0.5%

Net Margin6.1%

Free Cash Flow$28.2M

Return on Equity9.5%

Debt / Equity0.27x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.