Lennar

LEN · Homebuilding

$84.92

0.6%

NVR

NVR · Homebuilding

$5,983.68

2.1%

The short version

Lennar is the larger business, with $34.2B of revenue in fiscal 2025 against $10.3B for NVR, about 3.3 times as much.
NVR grew revenue faster (−1.9%, against −3.5%).
NVR turned more of its sales into free cash flow (10.6% FCF margin, against 0.1% FCF margin).
Investors pay more for each dollar of Lennar’s earnings: a P/E of 16.1x against 15.5x for NVR.

Latest fiscal year	LEN · FY25	NVR · FY25
Size
Market cap	$20.2B	$16.8B
Revenue	$34.2B	$10.3B
Free cash flow	$28.2M	$1.1B
Net income	$2.1B	$1.3B
Growth
Revenue growth	−3.5%	−1.9%
5-year growth	8.7%	6.5%
Share count change	−5.3%	−7.5%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	6.1%	13.0%
FCF margin	0.1%	10.6%
Return on capital	8.3%	—
Return on equity	8.3%	33.2%
Balance sheet
Net debt	$2.1B	—
Net debt / EBITDA	0.7x	—
Dividends and buybacks	$2.3B	$1.8B
Valuation & quality
P/E	16.1x	15.5x
Piotroski F-score	—	—

Revenue

FY16

LEN $11.0B

NVR $5.8B

FY17

LEN $12.6B

NVR $6.3B

FY18

LEN $20.6B

NVR $7.2B

FY19

LEN $22.3B

NVR $7.4B

FY20

LEN $22.5B

NVR $7.5B

FY21

LEN $27.1B

NVR $9.0B

FY22

LEN $33.7B

NVR $10.5B

FY23

LEN $34.2B

NVR $9.5B

FY24

LEN $35.4B

NVR $10.5B

FY25

LEN $34.2B

NVR $10.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN NVR

Operating margin

FY16

LEN 14.3%

NVR —

FY17

LEN 11.7%

NVR —

FY18

LEN 12.0%

NVR —

FY19

LEN 12.5%

NVR —

FY20

LEN 15.5%

NVR —

FY21

LEN —

NVR —

FY22

LEN —

NVR —

FY23

LEN —

NVR —

FY24

LEN —

NVR —

FY25

LEN —

NVR —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN NVR

Free cash flow

FY16

LEN $431M

NVR $371M

FY17

LEN $871M

NVR $550M

FY18

LEN $1.6B

NVR $703M

FY19

LEN $1.4B

NVR $844M

FY20

LEN $4.1B

NVR $909M

FY21

LEN $2.5B

NVR $1.2B

FY22

LEN $3.2B

NVR $1.9B

FY23

LEN $5.1B

NVR $1.5B

FY24

LEN $2.2B

NVR $1.3B

FY25

LEN $28.2M

NVR $1.1B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN NVR

Return on capital

FY16

LEN —

NVR —

FY17

LEN —

NVR —

FY18

LEN —

NVR —

FY19

LEN —

NVR —

FY20

LEN 11.8%

NVR —

FY21

LEN —

NVR —

FY22

LEN —

NVR —

FY23

LEN —

NVR —

FY24

LEN —

NVR —

FY25

LEN 8.3%

NVR —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN NVR

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