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Side-by-side financial comparison of Lennar (LEN) and PulteGroup (PHM), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $4.6B, roughly 2.0× PulteGroup). PulteGroup runs the higher net margin — 5.2% vs 10.9%, a 5.6% gap on every dollar of revenue. On growth, Lennar posted the faster year-over-year revenue change (-5.8% vs -6.3%). Lennar produced more free cash flow last quarter ($1.7B vs $739.8M). Over the past eight quarters, Lennar's revenue compounded faster (13.2% CAGR vs 8.1%).
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.
PulteGroup, Inc. is an American residential home-construction company based in Atlanta, Georgia, United States. As of 2023, the company is the third-largest home-construction company in the United States based on the number of homes closed. In total, the company has built over 775,000 homes.
LEN vs PHM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $4.6B |
| Net Profit | $490.2M | $501.6M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | — |
| Net Margin | 5.2% | 10.9% |
| Revenue YoY | -5.8% | -6.3% |
| Net Profit YoY | -55.3% | -45.1% |
| EPS (diluted) | — | $2.56 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $9.4B | $4.6B | ||
| Q3 25 | $8.8B | $4.4B | ||
| Q2 25 | $8.4B | $4.4B | ||
| Q1 25 | $7.6B | $3.9B | ||
| Q4 24 | $9.9B | $4.9B | ||
| Q3 24 | $9.4B | $4.5B | ||
| Q2 24 | $8.8B | $4.6B | ||
| Q1 24 | $7.3B | $3.9B |
| Q4 25 | $490.2M | $501.6M | ||
| Q3 25 | $591.0M | $585.8M | ||
| Q2 25 | $477.4M | $608.5M | ||
| Q1 25 | $519.5M | $522.8M | ||
| Q4 24 | $1.1B | $913.2M | ||
| Q3 24 | $1.2B | $697.9M | ||
| Q2 24 | $954.3M | $809.1M | ||
| Q1 24 | $719.3M | $663.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 27.8% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 31.4% | ||
| Q1 24 | — | 31.0% |
| Q4 25 | 7.3% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 9.1% | — | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 12.7% | — |
| Q4 25 | 5.2% | 10.9% | ||
| Q3 25 | 6.7% | 13.3% | ||
| Q2 25 | 5.7% | 13.8% | ||
| Q1 25 | 6.8% | 13.4% | ||
| Q4 24 | 11.0% | 18.6% | ||
| Q3 24 | 12.3% | 15.6% | ||
| Q2 24 | 10.9% | 17.6% | ||
| Q1 24 | 9.8% | 16.8% |
| Q4 25 | — | $2.56 | ||
| Q3 25 | $2.29 | $2.96 | ||
| Q2 25 | $1.81 | $3.03 | ||
| Q1 25 | $1.96 | $2.57 | ||
| Q4 24 | $4.03 | $4.41 | ||
| Q3 24 | $4.26 | $3.35 | ||
| Q2 24 | $3.45 | $3.83 | ||
| Q1 24 | $2.57 | $3.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8B | $2.0B |
| Total DebtLower is stronger | $5.9B | $43.9M |
| Stockholders' EquityBook value | $22.0B | $13.0B |
| Total Assets | $34.4B | $18.0B |
| Debt / EquityLower = less leverage | 0.27× | 0.00× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $3.8B | $2.0B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $4.9B | $1.6B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | $5.9B | $43.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | $31.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $22.0B | $13.0B | ||
| Q3 25 | $22.6B | $12.8B | ||
| Q2 25 | $22.6B | $12.6B | ||
| Q1 25 | $22.7B | $12.3B | ||
| Q4 24 | $27.9B | $12.1B | ||
| Q3 24 | $27.4B | $11.6B | ||
| Q2 24 | $26.9B | $11.2B | ||
| Q1 24 | $26.6B | $10.8B |
| Q4 25 | $34.4B | $18.0B | ||
| Q3 25 | $34.9B | $17.9B | ||
| Q2 25 | $34.4B | $17.6B | ||
| Q1 25 | $35.0B | $17.3B | ||
| Q4 24 | $41.3B | $17.4B | ||
| Q3 24 | $39.7B | $17.0B | ||
| Q2 24 | $38.7B | $16.5B | ||
| Q1 24 | $39.0B | $16.5B |
| Q4 25 | 0.27× | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.15× | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8B | $771.1M |
| Free Cash FlowOCF − Capex | $1.7B | $739.8M |
| FCF MarginFCF / Revenue | 17.9% | 16.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.9% | 0.7% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 3.59× | 1.54× |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | $1.7B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.8B | $771.1M | ||
| Q3 25 | $-158.6M | $678.4M | ||
| Q2 25 | $-1.1B | $287.5M | ||
| Q1 25 | $-289.0M | $134.2M | ||
| Q4 24 | $974.5M | $567.6M | ||
| Q3 24 | $819.2M | $455.9M | ||
| Q2 24 | $241.8M | $417.5M | ||
| Q1 24 | $367.9M | $239.8M |
| Q4 25 | $1.7B | $739.8M | ||
| Q3 25 | $-190.8M | $651.1M | ||
| Q2 25 | $-1.1B | $253.0M | ||
| Q1 25 | $-345.1M | $104.6M | ||
| Q4 24 | $933.1M | $543.1M | ||
| Q3 24 | $800.8M | $417.2M | ||
| Q2 24 | $203.0M | $386.2M | ||
| Q1 24 | $294.9M | $215.7M |
| Q4 25 | 17.9% | 16.0% | ||
| Q3 25 | -2.2% | 14.8% | ||
| Q2 25 | -13.3% | 5.7% | ||
| Q1 25 | -4.5% | 2.7% | ||
| Q4 24 | 9.4% | 11.0% | ||
| Q3 24 | 8.5% | 9.3% | ||
| Q2 24 | 2.3% | 8.4% | ||
| Q1 24 | 4.0% | 5.5% |
| Q4 25 | 0.9% | 0.7% | ||
| Q3 25 | 0.4% | 0.6% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.7% | 0.8% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.4% | 0.7% | ||
| Q1 24 | 1.0% | 0.6% |
| Q4 25 | 3.59× | 1.54× | ||
| Q3 25 | -0.27× | 1.16× | ||
| Q2 25 | -2.29× | 0.47× | ||
| Q1 25 | -0.56× | 0.26× | ||
| Q4 24 | 0.89× | 0.62× | ||
| Q3 24 | 0.70× | 0.65× | ||
| Q2 24 | 0.25× | 0.52× | ||
| Q1 24 | 0.51× | 0.36× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
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% |
PHM
| FL | $1.1B | 25% |
| West Member | $1.1B | 23% |
| Southeast | $803.0M | 17% |
| Midwest Member | $734.6M | 16% |
| TX | $388.0M | 8% |
| Northeast | $342.2M | 7% |
| Financial Services | $93.4M | 2% |
| Other Homebuilding | $39.9M | 1% |
| Land | $39.4M | 1% |
