D. R. Horton vs Lennar

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The short version

D. R. Horton is the larger business, with $34.3B of revenue in fiscal 2025 against $34.2B for Lennar.
Lennar grew revenue faster (−3.5%, against −6.9%).
D. R. Horton turned more of its sales into free cash flow (9.6% FCF margin, against 0.1%).
Investors pay more for each dollar of Lennar’s earnings: a P/E of 16.1x against 14.0x for D. R. Horton.

Latest fiscal year	DHI · FY25	LEN · FY25
Size
Market cap	$41.7B	$20.2B
Revenue	$34.3B	$34.2B
Free cash flow	$3.3B	$28.2M
Net income	$3.6B	$2.1B
Growth
Revenue growth	−6.9%	−3.5%
5-year growth	11.0%	8.7%
Share count change	−6.5%	−5.3%
Profitability
Gross margin	23.7%	—
Operating margin	—	—
Net margin	10.5%	6.1%
FCF margin	9.6%	0.1%
Return on capital	—	8.3%
Return on equity	14.5%	8.3%
Balance sheet
Net debt	$3.0B	$2.1B
Net debt / EBITDA	—	0.7x
Dividends and buybacks	$4.8B	$2.3B
Valuation & quality
P/E	14.0x	16.1x
Piotroski F-score	—	—

Revenue

FY16

DHI $12.2B

LEN $11.0B

FY17

DHI $14.1B

LEN $12.6B

FY18

DHI $16.1B

LEN $20.6B

FY19

DHI $17.6B

LEN $22.3B

FY20

DHI $20.3B

LEN $22.5B

FY21

DHI $27.8B

LEN $27.1B

FY22

DHI $33.5B

LEN $33.7B

FY23

DHI $35.5B

LEN $34.2B

FY24

DHI $36.8B

LEN $35.4B

FY25

DHI $34.3B

LEN $34.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DHI LEN

Operating margin

FY16

DHI —

LEN 14.3%

FY17

DHI —

LEN 11.7%

FY18

DHI —

LEN 12.0%

FY19

DHI —

LEN 12.5%

FY20

DHI —

LEN 15.5%

FY21

DHI —

LEN —

FY22

DHI —

LEN —

FY23

DHI —

LEN —

FY24

DHI —

LEN —

FY25

DHI —

LEN —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DHI LEN

Free cash flow

FY16

DHI $546M

LEN $431M

FY17

DHI $338M

LEN $871M

FY18

DHI $477M

LEN $1.6B

FY19

DHI $765M

LEN $1.4B

FY20

DHI $1.3B

LEN $4.1B

FY21

DHI $441M

LEN $2.5B

FY22

DHI $414M

LEN $3.2B

FY23

DHI $4.2B

LEN $5.1B

FY24

DHI $2.0B

LEN $2.2B

FY25

DHI $3.3B

LEN $28.2M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DHI LEN

Return on capital

FY16

DHI —

LEN —

FY17

DHI —

LEN —

FY18

DHI 14.3%

LEN —

FY19

DHI —

LEN —

FY20

DHI —

LEN 11.8%

FY21

DHI —

LEN —

FY22

DHI —

LEN —

FY23

DHI —

LEN —

FY24

DHI —

LEN —

FY25

DHI —

LEN 8.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

DHI LEN

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.