LEN Final: In Need of a Stronger Market

研报英文原文证据摘录

LEN Final: In Need of a Stronger Market

Homebuilders & Building Products

Homebuilders - Market Weight

LENNAR CORPORATION (LEN) June 15, 2026

LEN Final: In Need of a Stronger Market Rating:

Peer Perform

The Wolfe Byte Price: $90.30

Our 2026 EPS estimate moves -11% lower post-quarter. LEN likely sees among Price Target:

the most relief in an improving market, yet current conditions suggest continued NA

margin pressure moving forward. View LEN Model

View Comp Table

LEN’s equity declined -4.9% Friday, underperforming the group’s -1.1% decline as Company Information

3Q guidance was modestly below expectations while the company reduced its full 52-Week Range $82 - $142

Market Cap. (MM) $19,437

year Closings target. Fundamentals remain challenged as Gross Margin continues Enterprise Value (MM) $24,089

facing pressure from incentives, lot costs, and land bank costs, while SG&A is also Shares Out. (MM) 215.2

creating headwinds in the softer volume environment. We continue believing LEN is Avg. Value Traded (MM) $319.78 Adj. Debt to Cap 9.2%

the most levered to an improving market among the Large Cap homebuilders, yet SI% of Float 7.9%

absent an improving market, we expect Gross Margin likely continues seeing YoY Price to Earnings 18x

Price/ Tangible Value 1.2x

headwinds through FY27. Incentives did move lower sequentially, yet we have been

suggesting for some time now that incentives should naturally move lower across the Price Performance

space as builders open new communities at lower price points, which ultimately will YTD LTM

LEN (10)% (18)%

be a healthy development but does not necessarily imply an equal improvement in S&P 500 11% 25%

Gross Margins. While LEN is likely a higher-beta play on an improving market, with