Lennar Corporation

Lennar Corporation is an American homebuilding, mortgage finance, and multifamily real estate company that delivered approximately 82,600 homes in fiscal 2025, generating $34.2 billion in revenue and ranking as one of the two largest homebuilders in the United States by volume. Founded in Miami in 1954 and still headquartered there, Lennar operates in over 50 metropolitan markets across the country and is the number-one builder by market share in 22 of the top 50 US homebuilding markets, and among the top three in 42.

This is a story about a company that has deliberately chosen to sacrifice margin for volume through the worst housing affordability crisis in a generation — and believes a three-year campaign to transform into a technology-enabled, asset-light manufacturer will restore profitability without requiring a cyclical bailout. The company has cut direct construction costs for 12 of the last 13 quarters, reduced cycle times to an all-time low of 122 days, and moved to a model where it owns less than 5% of the land it builds on. But the numbers are stark: total company gross margin fell from 21.4% in FY2022 to 9.9% in FY2025, and free cash flow went from $3.2 billion to $28 million over the same period. The file turns on a single question: whether the cost structure Lennar is building can restore acceptable returns before the affordability cycle turns, or whether the company is running a volume treadmill that burns cash faster than it accumulates advantage.