Lennar Corp-A
LENAbove valueHeld by 7 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-11-30Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -3.5%
- Net margin
- 6.1%
- ROE
- 9.5%
- FCF margin
- 0.1%
Valuation · value band
Above fair value
Zero-growth floor
$75
Central IV
$62
Optimistic top
$75
Lennar Corp-A (LEN): A conservative value band $75 / sh (zero-growth floor to growth-capped optimistic top); central read about $62. Today’s price sits above that band (price $87 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 10.6% · Zero-growth downside $75
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $54.85 – $71.86 · Greenwald zero-growth $74.71 · zero-growth base $74.71 · reproduction $74.71
Moat Commodity-like · terminal value 37% of present value · owner-earnings yield 8% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-05-31, 2024, 2023, 2022, 2021
Buffett owner-earnings value$59.84 – $73.13 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-05-31, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 99% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $17.99B = $74.71 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-05-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-05-31, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-05-31 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 6.5% a year in owner-earnings for the next few years. Revenue actually grew 8.7% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 5 more years to hold up.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
7 holders · $3.43B combined · this quarter +1 opened / -0 exited
- Value$1.19BWeight (prev→now)0.3% → 0.4% ▲
- Value$1.02BWeight (prev→now)15.2% → 11.8% ▼
- Value$967.1MWeight (prev→now)3.2% → 3.0% ▼
- Value$214.7MWeight (prev→now)5.2% → 4.7% ▼
- Value$27.9MWeight (prev→now)0.1% → 0.1% ▲
- Value$10.7MWeight (prev→now)4.5% → 4.0% ▼
- Value$1.4MWeight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Lennar Corp-A (LEN) is held by 7 of the superinvestors tracked on Compounder, with a combined $3.43B in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 0.4% of the portfolio.
Other notable holders by value include Edgar Wachenheim (11.8% of its book), Ravenel Boykin Curry (3.0% of its book) and Glenn Greenberg (4.7% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in LEN, 3 added to existing ones, 2 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Lennar Corp-A (LEN) also commonly hold →
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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