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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Lennar (LEN). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $8.1B, roughly 1.2× Athene Holding Ltd.). Athene Holding Ltd. runs the higher net margin — 6.4% vs 5.2%, a 1.2% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs -5.8%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 13.2%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Lennar Corporation is an American home construction company based in Miami-Dade County, Florida. As of 2025, it is the second-largest home construction company in the United States based on the number of homes sold. Lennar has investments in multifamily and single-family residential rental properties, luxury development, property technology with LenX, and mortgage lending from Lennar Mortgage.
ATHS vs LEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $9.4B |
| Net Profit | $523.0M | $490.2M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 7.3% |
| Net Margin | 6.4% | 5.2% |
| Revenue YoY | 115.1% | -5.8% |
| Net Profit YoY | -48.5% | -55.3% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $9.4B | ||
| Q3 25 | $8.0B | $8.8B | ||
| Q2 25 | $5.4B | $8.4B | ||
| Q1 25 | $4.2B | $7.6B | ||
| Q4 24 | $3.8B | $9.9B | ||
| Q3 24 | $6.5B | $9.4B | ||
| Q2 24 | $4.7B | $8.8B | ||
| Q1 24 | $5.7B | $7.3B |
| Q4 25 | $523.0M | $490.2M | ||
| Q3 25 | $1.3B | $591.0M | ||
| Q2 25 | $464.0M | $477.4M | ||
| Q1 25 | $465.0M | $519.5M | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $625.0M | $1.2B | ||
| Q2 24 | $629.0M | $954.3M | ||
| Q1 24 | $1.2B | $719.3M |
| Q4 25 | 16.9% | 7.3% | ||
| Q3 25 | 26.8% | 9.0% | ||
| Q2 25 | 12.2% | 7.7% | ||
| Q1 25 | 22.3% | 9.1% | ||
| Q4 24 | 30.4% | 14.7% | ||
| Q3 24 | 25.7% | 16.3% | ||
| Q2 24 | 22.0% | 14.4% | ||
| Q1 24 | 31.1% | 12.7% |
| Q4 25 | 6.4% | 5.2% | ||
| Q3 25 | 15.7% | 6.7% | ||
| Q2 25 | 8.7% | 5.7% | ||
| Q1 25 | 11.1% | 6.8% | ||
| Q4 24 | 26.8% | 11.0% | ||
| Q3 24 | 9.6% | 12.3% | ||
| Q2 24 | 13.5% | 10.9% | ||
| Q1 24 | 20.8% | 9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | $2.29 | ||
| Q2 25 | — | $1.81 | ||
| Q1 25 | — | $1.96 | ||
| Q4 24 | — | $4.03 | ||
| Q3 24 | — | $4.26 | ||
| Q2 24 | — | $3.45 | ||
| Q1 24 | — | $2.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.8B |
| Total DebtLower is stronger | $7.8B | $5.9B |
| Stockholders' EquityBook value | $20.5B | $22.0B |
| Total Assets | $442.2B | $34.4B |
| Debt / EquityLower = less leverage | 0.38× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $4.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.3B | — |
| Q4 25 | $7.8B | $5.9B | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $6.3B | — | ||
| Q4 24 | $6.3B | $4.2B | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $20.5B | $22.0B | ||
| Q3 25 | $20.4B | $22.6B | ||
| Q2 25 | $18.1B | $22.6B | ||
| Q1 25 | $17.5B | $22.7B | ||
| Q4 24 | $16.4B | $27.9B | ||
| Q3 24 | $17.4B | $27.4B | ||
| Q2 24 | $15.0B | $26.9B | ||
| Q1 24 | $14.8B | $26.6B |
| Q4 25 | $442.2B | $34.4B | ||
| Q3 25 | $429.9B | $34.9B | ||
| Q2 25 | $405.3B | $34.4B | ||
| Q1 25 | $381.5B | $35.0B | ||
| Q4 24 | $363.3B | $41.3B | ||
| Q3 24 | $355.0B | $39.7B | ||
| Q2 24 | $332.6B | $38.7B | ||
| Q1 24 | $320.6B | $39.0B |
| Q4 25 | 0.38× | 0.27× | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.39× | 0.15× | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.39× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.7B |
| FCF MarginFCF / Revenue | — | 17.9% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 5.82× | 3.59× |
| TTM Free Cash FlowTrailing 4 quarters | — | $28.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $1.8B | ||
| Q3 25 | $636.0M | $-158.6M | ||
| Q2 25 | $1.1B | $-1.1B | ||
| Q1 25 | $426.0M | $-289.0M | ||
| Q4 24 | $386.0M | $974.5M | ||
| Q3 24 | $780.0M | $819.2M | ||
| Q2 24 | $525.0M | $241.8M | ||
| Q1 24 | $185.0M | $367.9M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $-190.8M | ||
| Q2 25 | — | $-1.1B | ||
| Q1 25 | — | $-345.1M | ||
| Q4 24 | — | $933.1M | ||
| Q3 24 | — | $800.8M | ||
| Q2 24 | — | $203.0M | ||
| Q1 24 | — | $294.9M |
| Q4 25 | — | 17.9% | ||
| Q3 25 | — | -2.2% | ||
| Q2 25 | — | -13.3% | ||
| Q1 25 | — | -4.5% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | 5.82× | 3.59× | ||
| Q3 25 | 0.51× | -0.27× | ||
| Q2 25 | 2.28× | -2.29× | ||
| Q1 25 | 0.92× | -0.56× | ||
| Q4 24 | 0.38× | 0.89× | ||
| Q3 24 | 1.25× | 0.70× | ||
| Q2 24 | 0.83× | 0.25× | ||
| Q1 24 | 0.16× | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
