Lennar vs Toll Brothers

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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%).
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	—	—

Revenue

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN TOL

Operating margin

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN TOL

Free cash flow

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN TOL

Return on capital

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

LEN TOL

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.