Lennar vs Toll Brothers
Lennar reported revenue of $34.2 billion in fiscal 2025, 3.1 times Toll Brothers' $11.0 billion in fiscal 2025. Lennar's revenue fell 3.5% in its latest year, and Toll Brothers' grew 1.1%. Free cash flow was $28 million at Lennar and $1.0 billion at Toll Brothers. Their fiscal years end in different months (November 30 and October 31), so the periods don't line up exactly.
Side by side
| Lennar | Toll Brothers | |
|---|---|---|
| Latest fiscal year | FY2025, Nov 30, 2025 | FY2025, Oct 31, 2025 |
| Revenue | $34.2B | $11.0B |
| Revenue growth | −3.5% | 1.1% |
| Revenue growth a year, last 5 years | 8.7% | 9.2% |
| Gross margin | — | 25.1% |
| Operating margin | — | 15.7% |
| Net margin | 6.1% | 12.3% |
| Free cash flow | $28M | $1.0B |
| Free cash flow margin | 0.1% | 9.4% |
| Return on capital | 8.3% | 13.6% |
| Net debt to EBITDA | 0.7x | 0.8x |
| Dividends and buybacks | $2.3B | $748M |
| Change in diluted share count | −5.2% | −4.7% |
| Last close | $83.98 | $140.40 |
| P/E at the last close | 15.9× | 11.3× |
| Insider trades, last 12 months | bought $787.9 million, sold $0 | sold $26.1 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ 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
LennarToll Brothers
Operating margin
Percent of revenue
LennarToll Brothers
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
LennarToll Brothers
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 Lennar and Toll Brothers pages.