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Held by 235 of 2,417 reporting institutions (95th percentile) — extremely crowded.
Data as of Q3 2026
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Ranked against 18 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DHI | $40.8B | 12.6× | 8.4× | 1.2× | -6.9% | 23.7% | 10.5% | 14.8% | 14.8% | -0.7× | 322 |
| PHM | $23.8B | 11.2× | 7.0× | 1.4× | -3.5% | — | 12.8% | 17.1% | 17.0% | -0.6× | 264 |
| LEN | $20.7B | — | — | 0.6× | -3.5% | — | 6.1% | 9.5% | 7.5% | — | 235 |
| NVR | $15.9B | 13.7× | — | 1.5× | -1.9% | — | 13.0% | 34.7% | 34.7% | — | 154 |
| TOL | $13.4B | 10.8× | 6.8× | 1.2× | 1.1% | 25.1% | 12.3% | 16.3% | 16.3% | -0.7× | 190 |
| TMHC | $6.7B | 9.3× | — | 0.8× | -0.6% | 23.0% | 9.6% | 12.4% | 9.1% | — | 1 |
| IBP | $5.7B | 22.0× | 13.9× | 1.9× | 1.0% | 34.0% | 8.9% | 37.4% | 16.6% | 1.3× | 90 |
| ECG | $5.2B | 26.0× | 18.8× | 1.4× | 31.5% | 12.1% | 5.4% | 32.0% | 22.1% | 1.0× | 118 |
| TPC | $4.2B | 52.9× | 13.8× | 0.8× | 28.1% | 11.7% | 1.5% | 6.6% | 4.9% | -1.2× | 71 |
| GEO | $3.8B | 15.7× | 13.7× | 1.4× | 8.6% | — | 9.7% | 16.9% | 8.1% | 4.1× | 56 |
| MHO | $3.2B | 8.7× | 6.2× | 0.7× | -1.9% | 23.0% | 9.1% | 12.7% | 12.7% | 0.0× | 65 |
| KBH | $2.9B | 7.8× | — | 0.5× | -10.0% | — | 6.9% | 11.0% | 11.0% | — | 66 |
| GRBK | $2.6B | 8.6× | 6.6× | 1.3× | -1.0% | 31.4% | 15.4% | 16.8% | 14.4% | 0.4× | 76 |
| CCS | $1.5B | 10.8× | 5.8× | 0.4× | -6.4% | — | 3.6% | 5.7% | 5.7% | -0.5× | 55 |
| LGIH | $1.0B | 14.2× | 32.0× | 0.6× | -22.6% | 20.7% | 4.3% | 3.5% | 1.9% | 19.7× | 49 |
| BZH | $893M | 22.0× | — | 0.4× | 1.8% | 14.2% | 1.9% | 3.7% | 2.0% | — | 32 |
| DFH | $886M | 4.6× | — | 0.2× | -2.9% | — | 5.0% | 15.2% | 7.2% | — | 36 |
| HOV | $592M | 13.4× | — | 0.2× | -0.9% | — | 2.1% | 7.7% | 3.7% | — | 21 |
| JFB | $100M | — | — | 3.3× | 32.3% | 10.3% | -17.3% | -13.9% | -13.9% | — | 1 |
Peers = companies sharing LEN's sector (General Bldg Contractors - Residential Bldgs) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (1848%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $521.0M dividends + $1.81B buybacks = $2.33B returned on $28.2M FCF.
9 consecutive years of dividend increases · 33%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.19B 100.0% | $35.44B 100.0% | $34.23B 100.0% | $33.67B 100.0% | $27.13B 100.0% | $22.49B 100.0% | $22.26B 100.0% | $20.57B 100.0% | $12.65B 100.0% | $10.95B 100.0% |
| Selling, General & Admin | $2.68B 7.8% | $2.48B 7.0% | $2.23B 6.5% | — | $398.4M 1.5% | $333.4M 1.5% | $321.2M 1.4% | $343.9M 1.7% | $285.9M 2.3% | $232.6M 2.1% |
| Total Operating Expenses | $31.52B 92.2% | $30.67B 86.5% | $28.87B 84.3% | — | $22.05B 81.3% | $19.37B 86.1% | $19.80B 88.9% | $18.73B 91.1% | $11.31B 89.4% | $9.69B 88.5% |
| Operating Income | — | — | — | — | — | $3.48B 15.5% | $2.78B 12.5% | $2.46B 12.0% | $1.48B 11.7% | $1.56B 14.3% |
| Interest Expense | — | — | — | — | — | — | — | — | — | $4.6M 0.0% |
| Other Income (Expense), net | -$62.4M -0.2% | $225.9M 0.6% | $30.5M 0.1% | -$15.3M -0.0% | $180.8M 0.7% | — | — | — | — | — |
| Pretax Income | $2.81B 8.2% | $5.18B 14.6% | $5.20B 15.2% | $6.01B 17.9% | $5.82B 21.4% | $3.12B 13.9% | $2.43B 10.9% | $2.26B 11.0% | $1.19B 9.4% | $1.33B 12.2% |
| Income Tax Expense | $705.6M 2.1% | $1.22B 3.4% | $1.24B 3.6% | $1.37B 4.1% | $1.36B 5.0% | $656.2M 2.9% | $592.2M 2.7% | $545.2M 2.7% | $417.9M 3.3% | $417.4M 3.8% |
| Net Income | $2.08B 6.1% | $3.93B 11.1% | $3.94B 11.5% | $4.61B 13.7% | $4.43B 16.3% | $2.47B 11.0% | $1.85B 8.3% | $1.70B 8.2% | $810.5M 6.4% | $911.8M 8.3% |
| Per Share | ||||||||||
| EPS (Basic) | $7.98 | $14.31 | $13.73 | $15.74 | $14.28 | $7.88 | $5.76 | $5.46 | $3.38 | $4.05 |
| EPS (Diluted) | — | $14.31 | $13.73 | $15.72 | $14.27 | $7.85 | $5.74 | $5.44 | $3.38 | $3.86 |
| Weighted Avg Shares (Basic) | 257.7M | 272.0M | 283.3M | 289.8M | 306.6M | 309.4M | 318.4M | 308.0M | 237.2M | 223.1M |
| Weighted Avg Shares (Diluted) | — | 272.0M | 283.3M | 289.8M | 306.6M | 309.4M | 318.4M | 308.6M | 237.2M | 235.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $86.94 today, the market must believe free cash flow compounds -9.1%/yr for a decade (off $2.45B on the 3-yr avg basis).
On the basis ($2.28B) the requirement is -8.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -9.1% is more optimistic than its 9-yr track record.
Default is 6.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.24B shares (market data) · net debt $2.12B
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean 28.8% · volatility σ 91% · implied rate exceeded in 5/9 yrs
Central path = implied -9.1%/yr growth; shaded band = ±1σ (91%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Interest last disclosed in FY2016 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 28th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 9% against ROIC 7% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 8.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 11.9× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 1.7 | 1.4 | 1.5 | 1.5 | — | 6.5 | 7.0 | 7.8 |
| Operating Income | 12.0 | 12.5 | 15.5 | — | — | — | — | — |
| Income Tax | 2.7 | 2.7 | 2.9 | 5.0 | 4.1 | 3.6 | 3.4 | 2.1 |
| Net Income | 8.2 | 8.3 | 11.0 | 16.3 | 13.7 | 11.5 | 11.1 | 6.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on LEN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 4 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.6% | 6.8% (today's — no rate published for this year) | 1.8pts |
| FY2020 | 11.5% | 6.8% (today's — no rate published for this year) | 4.7pts |
| FY2021 | 20.6% | 6.8% (today's — no rate published for this year) | 13.7pts |
| FY2022 | 19.0% | 6.8% (today's — no rate published for this year) | 12.2pts |
| FY2023 | 14.8% | 6.8% (today's — no rate published for this year) | 8.0pts |
| FY2024 | 13.5% | 6.8% (today's — no rate published for this year) | 6.7pts |
| FY2025 | 8.8% | 6.8% (today's — no rate published for this year) | 2.0pts |
| Now | 7.5% | 6.8% | 0.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 14.3% | 8.3% |
| FY2017 | not reported | 11.7% | 6.4% |
| FY2018 | not reported | 12.0% | 8.2% |
| FY2019 | not reported | 12.5% | 8.3% |
| FY2020 | not reported | 15.5% | 11.0% |
| FY2021 | not reported | 20.8% | 16.3% |
| FY2022 | not reported | 17.9% | 13.7% |
| FY2023 | not reported | 15.1% | 11.5% |
| FY2024 | not reported | 14.0% | 11.1% |
| FY2025 | not reported | 8.4% | 6.1% |
Return on equity (9%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$3.6B of goodwill — 16% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Margins have compressed 4 years running even as the spread stayed positive.
Cash conversion of 0.62x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $28M; after share-based compensation it is -$135M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-11-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
At $86.94, free cash flow must compound -9.09%/yr for 10 years. It has done -47.82%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 195.0% | −9.1% |
| FY2021 | −40.1% | −9.1% |
| FY2022 | 30.0% | −9.1% |
| FY2023 | 58.3% | −9.1% |
| FY2024 | −56.1% | −9.1% |
| FY2025 | −98.7% | −9.1% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 3 of the last 6 years.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.08B | $2.08B |
| Share-based comp | $163M | $2.24B |
| Other non-cash & working capital | −$2.02B | $217M |
| Operating cash flow | $217M | $217M |
| Capex | −$189M | $28M |
| Free cash flow | $28M | $28M |
| FCF after SBC | −$135M | −$135M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 1.0% | 3.4% | 2.4 points |
| FY2021 | 20.6% | not reported | not reported |
| FY2022 | 24.1% | not reported | not reported |
| FY2023 | 1.7% | not reported | not reported |
| FY2024 | 3.5% | not reported | not reported |
| FY2025 | -3.5% | -11.0% | -7.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 14.9 days | not reported | not reported | not reported |
| FY2020 | 15.2 days | not reported | not reported | not reported |
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | 17 days | not reported | not reported | not reported |
| FY2025 | 15.7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 1.3 percent |
| FY2020 | -5.8 percent |
| FY2021 | 5.7 percent |
| FY2022 | 3.5 percent |
| FY2023 | -3.2 percent |
| FY2024 | 3.7 percent |
| FY2025 | 5.4 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-07 | Mcclure Teri P Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Banse Amy Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Gilliam Theron I Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Wolfe Serena Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Smith Dacona Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Hudson Sherrill W Director | Grant | 15 | $76.13 | $1k |
| 2026-10-07 | Sonnenfeld Jeffrey Director | Grant | 21 | $76.13 | $2k |
| 2026-10-07 | Olivera Armando J Director | Grant | 24 | $76.13 | $2k |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 448,113 | $78.37 | $35.1m |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 342,553 | $79.03 | $27.1m |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 842,753 | $80.04 | $67.5m |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 44,300 | $81.14 | $3.6m |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 20,200 | $81.90 | $1.7m |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 2,290 | $77.12 | $177k |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 2,452 | $77.93 | $191k |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 5,135 | $78.77 | $404k |
| 2026-10-02 | 30 co-filers Group filing | Open-market buyindirect | 299 | $79.74 | $24k |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 425,869 | $79.49 | $33.9m |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 92,830 | $80.57 | $7.5m |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 186,991 | $81.46 | $15.2m |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 3,802 | $78.26 | $298k |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 950 | $79.51 | $76k |
| 2026-10-01 | 30 co-filers Group filing | Open-market buyindirect | 100 | $80.00 | $8k |
| 2026-09-30 | 10 co-filers Group filing | Open-market buyindirect | 638,813 | $81.59 | $52.1m |
| 2026-09-30 | 10 co-filers Group filing | Open-market buyindirect | 4,008 | $79.98 | $321k |
| 2026-09-29 | 10 co-filers Group filing | Open-market buyindirect | 12,289 | $81.95 | $1.0m |
| 2026-09-29 | 10 co-filers Group filing | Open-market buyindirect | 100 | $80.00 | $8k |
| 2026-09-28 | 10 co-filers Group filing | Open-market buyindirect | 5,200 | $81.96 | $426k |
| 2026-09-25 | 18 co-filers Group filing | Open-market buyindirect | 313,379 | $80.90 | $25.4m |
| 2026-09-25 | 18 co-filers Group filing | Open-market buyindirect | 171,723 | $81.60 | $14.0m |
| 2026-09-25 | 18 co-filers Group filing | Open-market buyindirect | 7,022 | $79.53 | $558k |
| 2026-09-24 | 18 co-filers Group filing | Open-market buyindirect | 399,238 | $80.58 | $32.2m |
| 2026-09-24 | 18 co-filers Group filing | Open-market buyindirect | 241,692 | $81.44 | $19.7m |
| 2026-09-24 | 18 co-filers Group filing | Open-market buyindirect | 9,415 | $79.42 | $748k |
| 2026-09-24 | 18 co-filers Group filing | Open-market buyindirect | 2,975 | $79.91 | $238k |
| 2026-09-23 | 18 co-filers Group filing | Open-market buyindirect | 532,993 | $81.65 | $43.5m |
| 2026-09-23 | 18 co-filers Group filing | Open-market buyindirect | 1,263 | $79.99 | $101k |
| 2026-09-21 | 32 co-filers Group filing | Open-market buyindirect | 160,275 | $77.23 | $12.4m |
| 2026-09-21 | 32 co-filers Group filing | Open-market buyindirect | 483,809 | $77.97 | $37.7m |
| 2026-09-21 | 32 co-filers Group filing | Open-market buyindirect | 4,888 | $75.76 | $370k |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.