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Side-by-side financial comparison of Lennar (LEN) and Vistra Corp. (VST). Click either name above to swap in a different company.
Lennar is the larger business by last-quarter revenue ($9.4B vs $4.8B, roughly 1.9× Vistra Corp.). Lennar runs the higher net margin — 5.2% vs 4.8%, a 0.4% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs -5.8%). Lennar produced more free cash flow last quarter ($1.7B vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
LEN vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.4B | $4.8B |
| Net Profit | $490.2M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 7.3% | 9.9% |
| Net Margin | 5.2% | 4.8% |
| Revenue YoY | -5.8% | 31.2% |
| Net Profit YoY | -55.3% | -47.2% |
| EPS (diluted) | — | $0.55 |
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 | $4.8B | ||
| Q3 25 | $8.8B | $4.8B | ||
| Q2 25 | $8.4B | $3.8B | ||
| Q1 25 | $7.6B | $4.3B | ||
| Q4 24 | $9.9B | $3.7B | ||
| Q3 24 | $9.4B | $4.3B | ||
| Q2 24 | $8.8B | $3.6B | ||
| Q1 24 | $7.3B | $3.2B |
| Q4 25 | $490.2M | $233.0M | ||
| Q3 25 | $591.0M | $652.0M | ||
| Q2 25 | $477.4M | $327.0M | ||
| Q1 25 | $519.5M | $-268.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $1.2B | $1.9B | ||
| Q2 24 | $954.3M | $365.0M | ||
| Q1 24 | $719.3M | $-35.0M |
| Q4 25 | 7.3% | 9.9% | ||
| Q3 25 | 9.0% | 21.7% | ||
| Q2 25 | 7.7% | 13.7% | ||
| Q1 25 | 9.1% | -2.8% | ||
| Q4 24 | 14.7% | 16.4% | ||
| Q3 24 | 16.3% | 59.6% | ||
| Q2 24 | 14.4% | 22.5% | ||
| Q1 24 | 12.7% | 2.7% |
| Q4 25 | 5.2% | 4.8% | ||
| Q3 25 | 6.7% | 13.6% | ||
| Q2 25 | 5.7% | 8.7% | ||
| Q1 25 | 6.8% | -6.3% | ||
| Q4 24 | 11.0% | 12.0% | ||
| Q3 24 | 12.3% | 43.5% | ||
| Q2 24 | 10.9% | 10.1% | ||
| Q1 24 | 9.8% | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | $2.29 | $1.75 | ||
| Q2 25 | $1.81 | $0.81 | ||
| Q1 25 | $1.96 | $-0.93 | ||
| Q4 24 | $4.03 | $1.09 | ||
| Q3 24 | $4.26 | $5.25 | ||
| Q2 24 | $3.45 | $0.90 | ||
| Q1 24 | $2.57 | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | $5.9B | $15.8B |
| Stockholders' EquityBook value | $22.0B | $5.1B |
| Total Assets | $34.4B | $41.5B |
| Debt / EquityLower = less leverage | 0.27× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8B | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | $4.9B | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $5.9B | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $4.2B | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $22.0B | $5.1B | ||
| Q3 25 | $22.6B | $5.2B | ||
| Q2 25 | $22.6B | $4.8B | ||
| Q1 25 | $22.7B | $4.8B | ||
| Q4 24 | $27.9B | $5.6B | ||
| Q3 24 | $27.4B | $5.4B | ||
| Q2 24 | $26.9B | $5.6B | ||
| Q1 24 | $26.6B | $5.7B |
| Q4 25 | $34.4B | $41.5B | ||
| Q3 25 | $34.9B | $38.0B | ||
| Q2 25 | $34.4B | $38.1B | ||
| Q1 25 | $35.0B | $38.2B | ||
| Q4 24 | $41.3B | $37.8B | ||
| Q3 24 | $39.7B | $37.9B | ||
| Q2 24 | $38.7B | $39.1B | ||
| Q1 24 | $39.0B | $38.2B |
| Q4 25 | 0.27× | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | 0.15× | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $1.7B | $596.0M |
| FCF MarginFCF / Revenue | 17.9% | 12.4% |
| Capex IntensityCapex / Revenue | 0.9% | 17.4% |
| Cash ConversionOCF / Net Profit | 3.59× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $28.2M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $-158.6M | $1.5B | ||
| Q2 25 | $-1.1B | $572.0M | ||
| Q1 25 | $-289.0M | $599.0M | ||
| Q4 24 | $974.5M | $1.4B | ||
| Q3 24 | $819.2M | $1.7B | ||
| Q2 24 | $241.8M | $1.2B | ||
| Q1 24 | $367.9M | $312.0M |
| Q4 25 | $1.7B | $596.0M | ||
| Q3 25 | $-190.8M | $1.0B | ||
| Q2 25 | $-1.1B | $-118.0M | ||
| Q1 25 | $-345.1M | $-169.0M | ||
| Q4 24 | $933.1M | $923.0M | ||
| Q3 24 | $800.8M | $1.0B | ||
| Q2 24 | $203.0M | $698.0M | ||
| Q1 24 | $294.9M | $-153.0M |
| Q4 25 | 17.9% | 12.4% | ||
| Q3 25 | -2.2% | 21.1% | ||
| Q2 25 | -13.3% | -3.1% | ||
| Q1 25 | -4.5% | -4.0% | ||
| Q4 24 | 9.4% | 25.2% | ||
| Q3 24 | 8.5% | 23.4% | ||
| Q2 24 | 2.3% | 19.4% | ||
| Q1 24 | 4.0% | -4.8% |
| Q4 25 | 0.9% | 17.4% | ||
| Q3 25 | 0.4% | 9.6% | ||
| Q2 25 | 0.2% | 18.4% | ||
| Q1 25 | 0.7% | 18.1% | ||
| Q4 24 | 0.4% | 11.7% | ||
| Q3 24 | 0.2% | 15.8% | ||
| Q2 24 | 0.4% | 13.8% | ||
| Q1 24 | 1.0% | 14.7% |
| Q4 25 | 3.59× | 6.15× | ||
| Q3 25 | -0.27× | 2.25× | ||
| Q2 25 | -2.29× | 1.75× | ||
| Q1 25 | -0.56× | — | ||
| Q4 24 | 0.89× | 3.07× | ||
| Q3 24 | 0.70× | 0.90× | ||
| Q2 24 | 0.25× | 3.28× | ||
| Q1 24 | 0.51× | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
