Lennar

LEN · Homebuilding

$84.92

0.6%

PulteGroup

PHM · Homebuilding

$121.19

1.4%

The short version

Lennar is the larger business, with $34.2B of revenue in fiscal 2025 against $17.3B for PulteGroup, about 2.0 times as much.
PulteGroup turned more of its sales into free cash flow (10.1% FCF margin, against 0.1% FCF margin).
PulteGroup earned a higher return on the capital invested in it (17.9%, against 8.3%).
Investors pay more for each dollar of Lennar’s earnings: a P/E of 16.1x against 12.9x for PulteGroup.

Latest fiscal year	LEN · FY25	PHM · FY25
Size
Market cap	$20.2B	$22.8B
Revenue	$34.2B	$17.3B
Free cash flow	$28.2M	$1.7B
Net income	$2.1B	$2.2B
Growth
Revenue growth	−3.5%	−3.5%
5-year growth	8.7%	9.4%
Share count change	−5.3%	−4.9%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	6.1%	12.8%
FCF margin	0.1%	10.1%
Return on capital	8.3%	17.9%
Return on equity	8.3%	17.7%
Balance sheet
Net debt	$2.1B	−$350M
Net debt / EBITDA	0.7x	−0.1x
Dividends and buybacks	$2.3B	$1.4B
Valuation & quality
P/E	16.1x	12.9x
Piotroski F-score	—	—

Revenue

FY16

LEN $11.0B

PHM $7.7B

FY17

LEN $12.6B

PHM $8.6B

FY18

LEN $20.6B

PHM $10.2B

FY19

LEN $22.3B

PHM $10.2B

FY20

LEN $22.5B

PHM $11.0B

FY21

LEN $27.1B

PHM $13.7B

FY22

LEN $33.7B

PHM $16.0B

FY23

LEN $34.2B

PHM $16.1B

FY24

LEN $35.4B

PHM $17.9B

FY25

LEN $34.2B

PHM $17.3B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN PHM

Operating margin

FY16

LEN 14.3%

PHM —

FY17

LEN 11.7%

PHM —

FY18

LEN 12.0%

PHM —

FY19

LEN 12.5%

PHM —

FY20

LEN 15.5%

PHM —

FY21

LEN —

PHM —

FY22

LEN —

PHM —

FY23

LEN —

PHM —

FY24

LEN —

PHM —

FY25

LEN —

PHM —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN PHM

Free cash flow

FY16

LEN $431M

PHM $29.0M

FY17

LEN $871M

PHM $631M

FY18

LEN $1.6B

PHM $1.4B

FY19

LEN $1.4B

PHM $1.0B

FY20

LEN $4.1B

PHM $1.7B

FY21

LEN $2.5B

PHM $931M

FY22

LEN $3.2B

PHM $556M

FY23

LEN $5.1B

PHM $2.1B

FY24

LEN $2.2B

PHM $1.6B

FY25

LEN $28.2M

PHM $1.7B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN PHM

Return on capital

FY16

LEN —

PHM 10.8%

FY17

LEN —

PHM 6.7%

FY18

LEN —

PHM 15.0%

FY19

LEN —

PHM 14.8%

FY20

LEN 11.8%

PHM 20.5%

FY21

LEN —

PHM 26.9%

FY22

LEN —

PHM 29.7%

FY23

LEN —

PHM 25.5%

FY24

LEN —

PHM 27.2%

FY25

LEN 8.3%

PHM 17.9%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN PHM

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