D. R. Horton vs Lennar
D. R. Horton reported revenue of $34.3 billion in fiscal 2025, about the same as Lennar's $34.2 billion in fiscal 2025. D. R. Horton's revenue fell 6.9% in its latest year, and Lennar's fell 3.5%. Free cash flow was $3.3 billion at D. R. Horton and $28 million at Lennar. Their fiscal years end in different months (September 30 and November 30), so the periods don't line up exactly.
Side by side
| D. R. Horton | Lennar | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Nov 30, 2025 |
| Revenue | $34.3B | $34.2B |
| Revenue growth | −6.9% | −3.5% |
| Revenue growth a year, last 5 years | 11.0% | 8.7% |
| Gross margin | 23.7% | — |
| Operating margin | — | — |
| Net margin | 10.5% | 6.1% |
| Free cash flow | $3.3B | $28M |
| Free cash flow margin | 9.6% | 0.1% |
| Return on capital | — | 8.3% |
| Net debt to EBITDA | — | 0.7x |
| Dividends and buybacks | $4.8B | $2.3B |
| Change in diluted share count | −6.5% | −5.2% |
| Last close | $146.52 | $83.98 |
| P/E at the last close | 13.9× | 15.9× |
| Insider trades, last 12 months | sold $43,563 | bought $787.9 million, sold $0 |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
D. R. HortonLennar
Operating margin
Percent of revenue
D. R. HortonLennar
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
D. R. HortonLennar
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the D. R. Horton and Lennar pages.