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Side-by-side financial comparison of Lennar (LEN) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $9.4B, roughly 1.6× Lennar). PDD Holdings Inc. runs the higher net margin — 27.1% vs 5.2%, a 21.9% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% CAGR vs 13.2%).
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.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
LEN vs PDD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $15.2B |
| Net Profit | $490.2M | $4.1B |
| Gross Margin | — | 56.7% |
| Operating Margin | 7.3% | 23.1% |
| Net Margin | 5.2% | 27.1% |
| Revenue YoY | -5.8% | — |
| Net Profit YoY | -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 | $9.4B | — | ||
| Q3 25 | $8.8B | $15.2B | ||
| Q2 25 | $8.4B | $14.5B | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $9.9B | — | ||
| Q3 24 | $9.4B | $14.2B | ||
| Q2 24 | $8.8B | — | ||
| Q1 24 | $7.3B | $12.0B |
| Q4 25 | $490.2M | — | ||
| Q3 25 | $591.0M | $4.1B | ||
| Q2 25 | $477.4M | $4.3B | ||
| Q1 25 | $519.5M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | $954.3M | — | ||
| Q1 24 | $719.3M | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 60.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.3% |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 9.0% | 23.1% | ||
| Q2 25 | 7.7% | 24.8% | ||
| Q1 25 | 9.1% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 16.3% | 24.5% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 12.7% | 29.9% |
| Q4 25 | 5.2% | — | ||
| Q3 25 | 6.7% | 27.1% | ||
| Q2 25 | 5.7% | 29.6% | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 11.0% | — | ||
| Q3 24 | 12.3% | 25.1% | ||
| Q2 24 | 10.9% | — | ||
| Q1 24 | 9.8% | 32.3% |
| 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 | $13.0B |
| Total DebtLower is stronger | $5.9B | — |
| Stockholders' EquityBook value | $22.0B | $55.0B |
| Total Assets | $34.4B | $86.2B |
| Debt / EquityLower = less leverage | 0.27× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | $13.0B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $7.7B |
| Q4 25 | $5.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $22.0B | — | ||
| Q3 25 | $22.6B | $55.0B | ||
| Q2 25 | $22.6B | $50.5B | ||
| Q1 25 | $22.7B | — | ||
| Q4 24 | $27.9B | — | ||
| Q3 24 | $27.4B | $39.7B | ||
| Q2 24 | $26.9B | — | ||
| Q1 24 | $26.6B | $30.3B |
| Q4 25 | $34.4B | — | ||
| Q3 25 | $34.9B | $86.2B | ||
| Q2 25 | $34.4B | $79.2B | ||
| Q1 25 | $35.0B | — | ||
| Q4 24 | $41.3B | — | ||
| Q3 24 | $39.7B | $66.5B | ||
| Q2 24 | $38.7B | — | ||
| Q1 24 | $39.0B | $52.3B |
| Q4 25 | 0.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $6.4B |
| Free Cash FlowOCF − Capex | $1.7B | — |
| FCF MarginFCF / Revenue | 17.9% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 3.59× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | — | ||
| Q3 25 | $-158.6M | $6.4B | ||
| Q2 25 | $-1.1B | $3.0B | ||
| Q1 25 | $-289.0M | — | ||
| Q4 24 | $974.5M | — | ||
| Q3 24 | $819.2M | $3.9B | ||
| Q2 24 | $241.8M | — | ||
| Q1 24 | $367.9M | $2.9B |
| 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 | 3.59× | — | ||
| Q3 25 | -0.27× | 1.56× | ||
| Q2 25 | -2.29× | 0.70× | ||
| Q1 25 | -0.56× | — | ||
| Q4 24 | 0.89× | — | ||
| Q3 24 | 0.70× | 1.10× | ||
| Q2 24 | 0.25× | — | ||
| Q1 24 | 0.51× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PDD
Segment breakdown not available.
