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Side-by-side financial comparison of Lennar (LEN) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($6.6B vs $4.0B, roughly 1.7× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 3.5%, a 27.5% gap on every dollar of revenue. Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs -13.1%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
LEN vs NTES — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.6B | $4.0B |
| Net Profit | $229.4M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | — | 28.3% |
| Net Margin | 3.5% | 31.0% |
| Revenue YoY | -13.3% | — |
| Net Profit YoY | -55.8% | — |
| EPS (diluted) | $0.93 | — |
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.
| Q1 26 | $6.6B | — | ||
| Q4 25 | $9.4B | — | ||
| Q3 25 | $8.8B | $4.0B | ||
| Q2 25 | $8.4B | $3.9B | ||
| Q1 25 | $7.6B | $4.0B | ||
| Q4 24 | $9.9B | — | ||
| Q3 24 | $9.4B | $3.7B | ||
| Q2 24 | $8.8B | $3.5B |
| Q1 26 | $229.4M | — | ||
| Q4 25 | $490.2M | — | ||
| Q3 25 | $591.0M | $1.2B | ||
| Q2 25 | $477.4M | $1.3B | ||
| Q1 25 | $519.5M | $1.5B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $955.7M | ||
| Q2 24 | $954.3M | $939.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% |
| Q1 26 | — | — | ||
| Q4 25 | 7.3% | — | ||
| Q3 25 | 9.0% | 28.3% | ||
| Q2 25 | 7.7% | 32.5% | ||
| Q1 25 | 9.1% | 36.2% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 16.3% | 27.3% | ||
| Q2 24 | 14.4% | 27.4% |
| Q1 26 | 3.5% | — | ||
| Q4 25 | 5.2% | — | ||
| Q3 25 | 6.7% | 31.0% | ||
| Q2 25 | 5.7% | 32.6% | ||
| Q1 25 | 6.8% | 36.6% | ||
| Q4 24 | 11.0% | — | ||
| Q3 24 | 12.3% | 25.6% | ||
| Q2 24 | 10.9% | 26.8% |
| Q1 26 | $0.93 | — | ||
| 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 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.1B | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $21.9B | $160.8B |
| Total Assets | $33.2B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.1B | — | ||
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | — | $41.7B | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.0B |
| Q1 26 | — | — | ||
| Q4 25 | $5.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $21.9B | — | ||
| Q4 25 | $22.0B | — | ||
| Q3 25 | $22.6B | $160.8B | ||
| Q2 25 | $22.6B | $154.0B | ||
| Q1 25 | $22.7B | $147.8B | ||
| Q4 24 | $27.9B | — | ||
| Q3 24 | $27.4B | $135.6B | ||
| Q2 24 | $26.9B | $134.2B |
| Q1 26 | $33.2B | — | ||
| Q4 25 | $34.4B | — | ||
| Q3 25 | $34.9B | $214.5B | ||
| Q2 25 | $34.4B | $208.5B | ||
| Q1 25 | $35.0B | $200.9B | ||
| Q4 24 | $41.3B | — | ||
| Q3 24 | $39.7B | $184.9B | ||
| Q2 24 | $38.7B | $183.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $-158.6M | $1.8B | ||
| Q2 25 | $-1.1B | $1.5B | ||
| Q1 25 | $-289.0M | $1.7B | ||
| Q4 24 | $974.5M | — | ||
| Q3 24 | $819.2M | $1.5B | ||
| Q2 24 | $241.8M | $898.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $-190.8M | $1.8B | ||
| Q2 25 | $-1.1B | $1.5B | ||
| Q1 25 | $-345.1M | $1.6B | ||
| Q4 24 | $933.1M | — | ||
| Q3 24 | $800.8M | $1.5B | ||
| Q2 24 | $203.0M | $875.6M |
| Q1 26 | — | — | ||
| Q4 25 | 17.9% | — | ||
| Q3 25 | -2.2% | 44.7% | ||
| Q2 25 | -13.3% | 38.3% | ||
| Q1 25 | -4.5% | 40.4% | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 8.5% | 38.9% | ||
| Q2 24 | 2.3% | 25.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.4% | 1.0% | ||
| Q2 25 | 0.2% | 0.7% | ||
| Q1 25 | 0.7% | 1.6% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 0.2% | 1.4% | ||
| Q2 24 | 0.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.59× | — | ||
| Q3 25 | -0.27× | 1.47× | ||
| Q2 25 | -2.29× | 1.20× | ||
| Q1 25 | -0.56× | 1.15× | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.70× | 1.58× | ||
| Q2 24 | 0.25× | 0.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LEN
| Homebuilding | $6.3B | 95% |
| Financial Services | $215.6M | 3% |
| Multifamily | $82.5M | 1% |
| Lennar Other | $22.9M | 0% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
