LEN Lennar

retail · 2026-10-07

N/A

fair · 67

Owner-earnings value$33.19

Price$77.41

Margin of safety -57.1%

Returns on capital 16.2/30

Consistency 18.7/22

Margins / pricing power 5.0/16

Balance sheet 12.8/16

Cash conversion 8.0/10

Capital allocation 6/6

Median ROIC12.1%

Gross margin8.1%

Net debt / EBITDA1.0x

FCF conversion72%

Share count / yr-5.2%

Profitable years4/4

Owner earnings (TTM)	716.77M
Owner-earnings yield	3.9%
Free-cash-flow yield	3.9%
Growth used (normalized)	0.5%
Market-implied growth (reverse DCF)	22.3%
Terminal growth	3.0%
Discount rate (hurdle)	11.5%

Yr	Owner earnings	Growth	PV
1	720.42M	0.5%	646.34M
2	726.07M	0.8%	584.43M
3	733.78M	1.1%	529.90M
4	743.60M	1.3%	481.78M
5	755.62M	1.6%	439.23M
6	769.92M	1.9%	401.52M
7	786.62M	2.2%	368.05M
8	805.86M	2.4%	338.28M
9	827.81M	2.7%	311.76M
10	852.64M	3.0%	288.10M

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~22%/yr owner-earnings growth over 10y (reverse DCF); model credits 1%.

Date	Quality	Price	Value	MoS	Rating
2026-10-07	67	$77.41	$33.19	-57.1%	N/A
2026-08-31	67	$86.33	$34.59	-59.9%	N/A
2026-07-23	67	$82.15	$34.94	-57.5%	N/A
2026-07-02	67	$87.06	$35.62	-59.1%	N/A
2026-06-25	67	$92.95	$87.72	-5.6%	N/A
2026-06-23	67	$87.35	$86.71	-0.7%	N/A