Lennar
LEN · Homebuilding
$84.92
0.6%Toll Brothers
TOL · Homebuilding
$139.90
0.8%The short version
- Lennar is the larger business, with $34.2B of revenue in fiscal 2025 against $11.0B for Toll Brothers, about 3.1 times as much.
- Toll Brothers grew revenue faster (1.1%, against −3.5%).
- Toll Brothers turned more of its sales into free cash flow (9.4% FCF margin, against 0.1% FCF margin).
- Toll Brothers earned a higher return on the capital invested in it (13.6%, against 8.3%).
- Investors pay more for each dollar of Lennar’s earnings: a P/E of 16.1x against 11.2x for Toll Brothers.
| Latest fiscal year | LEN · FY25 | TOL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $20.2B | $13.2B |
| Revenue | $34.2B | $11.0B |
| Free cash flow | $28.2M | $1.0B |
| Net income | $2.1B | $1.3B |
| Growth | ||
| Revenue growth | −3.5% | 1.1% |
| 5-year growth | 8.7% | 9.2% |
| Share count change | −5.3% | −4.7% |
| Profitability | ||
| Gross margin | — | 25.1% |
| Operating margin | — | 15.7% |
| Net margin | 6.1% | 12.3% |
| FCF margin | 0.1% | 9.4% |
| Return on capital | 8.3% | 13.6% |
| Return on equity | 8.3% | 16.9% |
| Balance sheet | ||
| Net debt | $2.1B | $1.5B |
| Net debt / EBITDA | 0.7x | 0.9x |
| Dividends and buybacks | $2.3B | $748M |
| Valuation & quality | ||
| P/E | 16.1x | 11.2x |
| Piotroski F-score | — | — |
FY16
LEN $11.0B
TOL —
FY17
LEN $12.6B
TOL $5.8B
FY18
LEN $20.6B
TOL $7.1B
FY19
LEN $22.3B
TOL $7.2B
FY20
LEN $22.5B
TOL $7.1B
FY21
LEN $27.1B
TOL $8.8B
FY22
LEN $33.7B
TOL $10.3B
FY23
LEN $34.2B
TOL $10.0B
FY24
LEN $35.4B
TOL $10.8B
FY25
LEN $34.2B
TOL $11.0B
LEN
TOL
FY16
LEN 14.3%
TOL —
FY17
LEN 11.7%
TOL 11.1%
FY18
LEN 12.0%
TOL 11.0%
FY19
LEN 12.5%
TOL 9.4%
FY20
LEN 15.5%
TOL 7.8%
FY21
LEN —
TOL 11.6%
FY22
LEN —
TOL 14.7%
FY23
LEN —
TOL 17.3%
FY24
LEN —
TOL 18.8%
FY25
LEN —
TOL 15.7%
LEN
TOL
FY16
LEN $431M
TOL $122M
FY17
LEN $871M
TOL $833M
FY18
LEN $1.6B
TOL $560M
FY19
LEN $1.4B
TOL $351M
FY20
LEN $4.1B
TOL $899M
FY21
LEN $2.5B
TOL $1.2B
FY22
LEN $3.2B
TOL $915M
FY23
LEN $5.1B
TOL $1.2B
FY24
LEN $2.2B
TOL $937M
FY25
LEN $28.2M
TOL $1.0B
LEN
TOL
FY16
LEN —
TOL 4.4%
FY17
LEN —
TOL 5.9%
FY18
LEN —
TOL 8.8%
FY19
LEN —
TOL 6.8%
FY20
LEN 11.8%
TOL 5.5%
FY21
LEN —
TOL 10.5%
FY22
LEN —
TOL 14.9%
FY23
LEN —
TOL 15.7%
FY24
LEN —
TOL 17.5%
FY25
LEN 8.3%
TOL 13.6%
LEN
TOL
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.