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Side-by-side financial comparison of Lennar (LEN) and REINSURANCE GROUP OF AMERICA INC (RGA). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $6.6B, roughly 1.4× REINSURANCE GROUP OF AMERICA INC). REINSURANCE GROUP OF AMERICA INC runs the higher net margin — 7.0% vs 5.2%, a 1.7% gap on every dollar of revenue. On growth, REINSURANCE GROUP OF AMERICA INC posted the faster year-over-year revenue change (26.6% vs -5.8%). Over the past eight quarters, Lennar's revenue compounded faster (13.2% CAGR vs 2.3%).
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.
Reinsurance Group of America, Incorporated is a holding company for a global life and health reinsurance entity based in Greater St. Louis within the western suburb of Chesterfield, Missouri, United States. With approximately $3.9 trillion of life reinsurance in force and assets of $118.7 billion as of December 31, 2024, RGA has grown to become the only international company to focus primarily on life and health-related reinsurance.
LEN vs RGA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $6.6B |
| Net Profit | $490.2M | $463.0M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 7.7% |
| Net Margin | 5.2% | 7.0% |
| Revenue YoY | -5.8% | 26.6% |
| Net Profit YoY | -55.3% | 212.8% |
| EPS (diluted) | — | $6.91 |
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 | $6.6B | ||
| Q3 25 | $8.8B | $6.2B | ||
| Q2 25 | $8.4B | $5.6B | ||
| Q1 25 | $7.6B | $5.3B | ||
| Q4 24 | $9.9B | $5.2B | ||
| Q3 24 | $9.4B | $5.7B | ||
| Q2 24 | $8.8B | $4.9B | ||
| Q1 24 | $7.3B | $6.3B |
| Q4 25 | $490.2M | $463.0M | ||
| Q3 25 | $591.0M | $253.0M | ||
| Q2 25 | $477.4M | $180.0M | ||
| Q1 25 | $519.5M | $286.0M | ||
| Q4 24 | $1.1B | $148.0M | ||
| Q3 24 | $1.2B | $156.0M | ||
| Q2 24 | $954.3M | $203.0M | ||
| Q1 24 | $719.3M | $210.0M |
| Q4 25 | 7.3% | 7.7% | ||
| Q3 25 | 9.0% | 5.2% | ||
| Q2 25 | 7.7% | 6.1% | ||
| Q1 25 | 9.1% | 7.0% | ||
| Q4 24 | 14.7% | 4.3% | ||
| Q3 24 | 16.3% | 3.8% | ||
| Q2 24 | 14.4% | 5.5% | ||
| Q1 24 | 12.7% | 4.3% |
| Q4 25 | 5.2% | 7.0% | ||
| Q3 25 | 6.7% | 4.1% | ||
| Q2 25 | 5.7% | 3.2% | ||
| Q1 25 | 6.8% | 5.4% | ||
| Q4 24 | 11.0% | 2.8% | ||
| Q3 24 | 12.3% | 2.8% | ||
| Q2 24 | 10.9% | 4.2% | ||
| Q1 24 | 9.8% | 3.3% |
| Q4 25 | — | $6.91 | ||
| Q3 25 | $2.29 | $3.81 | ||
| Q2 25 | $1.81 | $2.70 | ||
| Q1 25 | $1.96 | $4.27 | ||
| Q4 24 | $4.03 | $2.21 | ||
| Q3 24 | $4.26 | $2.33 | ||
| Q2 24 | $3.45 | $3.03 | ||
| Q1 24 | $2.57 | $3.16 |
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 | $4.2B |
| Total DebtLower is stronger | $5.9B | $5.7B |
| Stockholders' EquityBook value | $22.0B | $13.5B |
| Total Assets | $34.4B | $156.6B |
| Debt / EquityLower = less leverage | 0.27× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | $4.2B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | $4.9B | $3.3B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $4.6B | ||
| Q1 24 | — | $5.9B |
| Q4 25 | $5.9B | $5.7B | ||
| Q3 25 | — | $5.7B | ||
| Q2 25 | — | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $4.2B | $5.0B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $22.0B | $13.5B | ||
| Q3 25 | $22.6B | $13.0B | ||
| Q2 25 | $22.6B | $12.1B | ||
| Q1 25 | $22.7B | $11.4B | ||
| Q4 24 | $27.9B | $10.8B | ||
| Q3 24 | $27.4B | $11.1B | ||
| Q2 24 | $26.9B | $9.7B | ||
| Q1 24 | $26.6B | $9.5B |
| Q4 25 | $34.4B | $156.6B | ||
| Q3 25 | $34.9B | $152.0B | ||
| Q2 25 | $34.4B | $133.5B | ||
| Q1 25 | $35.0B | $128.2B | ||
| Q4 24 | $41.3B | $118.7B | ||
| Q3 24 | $39.7B | $120.3B | ||
| Q2 24 | $38.7B | $109.9B | ||
| Q1 24 | $39.0B | $106.0B |
| Q4 25 | 0.27× | 0.42× | ||
| Q3 25 | — | 0.44× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | 0.15× | 0.47× | ||
| Q3 24 | — | 0.46× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.47× |
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 | $7.3B |
| Free Cash FlowOCF − Capex | $1.7B | — |
| FCF MarginFCF / Revenue | 17.9% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | 3.59× | 15.83× |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | $7.3B | ||
| Q3 25 | $-158.6M | $-990.0M | ||
| Q2 25 | $-1.1B | $-820.0M | ||
| Q1 25 | $-289.0M | $-1.4B | ||
| Q4 24 | $974.5M | $17.1B | ||
| Q3 24 | $819.2M | $-1.1B | ||
| Q2 24 | $241.8M | $-967.0M | ||
| Q1 24 | $367.9M | $-5.7B |
| 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× | 15.83× | ||
| Q3 25 | -0.27× | -3.91× | ||
| Q2 25 | -2.29× | -4.56× | ||
| Q1 25 | -0.56× | -5.00× | ||
| Q4 24 | 0.89× | 115.81× | ||
| Q3 24 | 0.70× | -6.84× | ||
| Q2 24 | 0.25× | -4.76× | ||
| Q1 24 | 0.51× | -27.31× |
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% |
RGA
Segment breakdown not available.
