LEN: F2Q Preview

Research evidence excerpt

LEN: F2Q Preview

Homebuilders & Building Products

Homebuilders - Market Weight

LENNAR CORPORATION (LEN) June 8, 2026

LEN: F2Q Preview Rating:

Peer Perform

The Wolfe Byte Price: $90.49

Appreciating the move higher in rates during 2Q and what appears to be Price Target:

conservative Orders guidance, we have mixed views regarding 2Q fundamentals, NA

yet we believe expectations remain very low considering LEN has underperformed View LEN Model

DHI, PHM, and TOL by ~13.5 PPTs YTD. View Comp Table

Company Information

LEN reports F2Q earnings Thursday 6/11 AMC followed by an 11:00am ET 52-Week Range $82 - $142

Market Cap. (MM) $19,477

conference call Friday 6/12. Since reporting F1Q results AMC 3/12, LEN’s equity has Enterprise Value (MM) $24,220

declined ~2%, underperforming our HB coverage universe’s ~7% gain with the Large Shares Out. (MM) 215.2

Cap homebuilder equities declining -30 bps excluding LEN and the S&P improving Avg. Value Traded (MM) $230.81 Adj. Debt to Cap 2.7%

~11%. Options imply a 4.8% move on earnings day versus the 3.95% average move SI% of Float 7.4%

over the past four quarters. Price to Earnings 15x

Price/ Tangible Value 1.2x

The question entering earnings is if the bar been set low enough, particularly with Price Performance

YTD LTM

rates moving higher throughout the quarter. We believe expectations remain low (18)% LEN (12)%

with LEN underperforming Large Cap peers by ~13 PPTs YTD, and our sense is S&P 500 8% 24%

management took a conservative approaching when giving guidance appreciating 150

the rising conflict in Iran, yet the movement higher in rates throughout the quarter 140

was notable. We expect a meaningful portion of analyst questions will revolve 130120

around LEN’s land bank exposure and associated Gross Margin headwinds. Our 110