LEN · Industrials · FY2025 filings · · not refreshed in 37 days · Not rated ·
Not rated
We don't have enough comparable filing data to score at least four of the five filters for LEN, so we don't publish a composite. Missing: pricingPower, balanceSheet. No composite: 2 components abstained (pricingPower: Not enough years of gross-margin data to score pricing power.; balanceSheet: Insufficient leverage/coverage inputs to score the balance sheet.).
Across the filed record, revenue grew from $4.6B (FY2008) to $34.2B (FY2025) — about 12.6% a year compounded over 17 years.
ROIC is not available for the latest filed year, FY2025. Across the full 12-year measurable filed record, median ROIC was 16.1%. Over the v3 recent window (5 measurable filed years), median ROIC was 14.4%. The Returns on Capital filter above scores it 69/100.
The balance sheet carried $5.9B of total debt in FY2025 against $2.1B of owner earnings — roughly 2.8 years of owner earnings to retire it all.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Not disclosed in LEN’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in LEN’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
LENNAR CORP /NEW/'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
| Filed line | Value | % of revenue | Source |
|---|---|---|---|
| $34.2B | 100% |
| |
| Income before tax | $2.8B | 8% |
|
| Income tax | $706M | 2% |
|
| $2.1B | 6% |
|
Flagship explainer
LENNAR CORP /NEW/'s filing tags don't support a full breakdown — here's what is filed:
| Filed line | Value | % of assets | Source |
|---|---|---|---|
| Total assets | $34.4B | 100% |
|
| Cash and equivalents | $3.8B | 11% |
|
| $5.9B | 17% |
| |
| Stockholders’ equity | $22.0B | 64% |
|
Flagship explainer
One or more filed inputs needed for the five-factor decomposition are unavailable.
| Input | Value | Fiscal year | Source |
|---|---|---|---|
| Net income | $2.1B | FY2025 |
|
| Income before tax | $2.8B | FY2025 |
|
| Operating income | Unavailable | FY2025 |
|
| Revenue | $34.2B | FY2025 |
|
| Ending assets | $34.4B | FY2025 |
|
| Beginning assets | $41.3B | FY2024 |
|
| Ending equity | $22.0B | FY2025 |
|
| Beginning equity | $27.9B | FY2024 |
|
Flagship explainer
LENNAR CORP /NEW/’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
| Filed line | Value | % of cash from operations | Source |
|---|---|---|---|
| Cash from operations | $217M | 100% |
|
| Depreciation and amortization | $134M | 62% |
|
Curated 19-manager tier
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited1 not holding1/19 resolved18 not retrieved
| Manager | Reported position | Quarter-over-quarter | Filing accession |
|---|---|---|---|
| Markel / Markel-Gayner | No position reported | No position reported |
|
| Abrams Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Akre Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Baupost Group | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Berkshire Hathaway | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Brave Warrior Advisors | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Dodge & Cox | Not retrieved | Comparison not retrieved | Filing not retrieved |
| First Eagle | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Fundsmith | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Gardner Russo & Quinn | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Gates Foundation Trust | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Mairs & Power | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Oakmark / Harris Associates | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Pershing Square | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Polen Capital | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Sequoia / Ruane Cunniff | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Southeastern Asset Management | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Tweedy, Browne | Not retrieved | Comparison not retrieved | Filing not retrieved |
| Yacktman Asset Management | Not retrieved | Comparison not retrieved | Filing not retrieved |
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Flagship explainer
Records still being gathered — partial as of retrieval Sep 2, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
No composite readings yet — LEN’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Sep 2, 2026.
130 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for LEN; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
How LENNAR CORP /NEW/’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored LEN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
In the 5 years LEN rated Wide-moat (2020, 2021, 2022, 2023 and 2024), the median forward total return that followed — measured only after each year’s filings were public — was:
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Not ranked — LEN doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.