Lennar

Lennar Corporation stands as one of America's premier homebuilders, ranking as the second-largest home construction company in the United States based on the number of homes sold. Founded in Miami in 1954 and publicly traded since 1971, Lennar has grown into a Fortune 500 company ranked #119 in 2023, with fiscal year 2024 revenues exceeding $35.4 billion and a market capitalization of approximately $47 billion. The company has delivered more than 1.5 million homes since its inception, fundamentally shaping American residential development and establishing itself as a leader in innovation, affordability, and customer satisfaction. With operations spanning 30 states and 75 markets nationwide, Lennar employs approximately 13,265 people dedicated to making homeownership attainable for families across diverse economic segments.

The company's transformation from a small Florida builder named F&R Builders into a national powerhouse reflects strategic vision and disciplined execution over seven decades. In 1971, co-founders Leonard Miller and Arnold Rosen combined parts of their first names to create "Lennar," symbolizing their partnership and shared commitment to quality homebuilding. The company completed its initial public offering that same year and listed on the New York Stock Exchange in 1972, providing capital for aggressive expansion. Under the leadership of Stuart Miller, son of co-founder Leonard Miller, who served as CEO from 1997 to 2018, Lennar successfully navigated the 2007-2010 housing crisis and emerged stronger through strategic acquisitions including the transformational 2018 merger with CalAtlantic Homes. Today, the company operates under a dual-CEO structure with Stuart Miller serving as Executive Chairman and Co-CEO alongside Jon Jaffe and Rick Beckwitt as Co-CEOs and Co-Presidents, bringing complementary expertise to drive growth and innovation.

Lennar revolutionized the homebuilding industry with its signature Everything's Included program, which bundles the most desired home features—including smart home technology, stainless steel appliances, granite or quartz countertops, window treatments, and Energy Star-certified systems—at no additional cost to buyers. This innovative approach eliminates the stress and uncertainty of options pricing, providing transparency and value that resonates with first-time homebuyers and move-up purchasers alike. The company further distinguished itself by introducing Next Gen—The Home Within a Home, a pioneering multigenerational living solution that incorporates a separate suite with its own entrance, kitchenette, living area, bedroom, and bathroom within the main house. This design addresses the growing trend of multigenerational households while maintaining privacy and independence for all family members. Lennar's commitment to innovation extends to its land-light strategy, which controls approximately 98% of homesites rather than owning them outright, reducing capital tied up in land and improving return on equity.

With fiscal 2024 performance demonstrating resilience amid challenging market conditions, Lennar delivered 80,210 homes (up 10% year-over-year) with an average sales price of $430,000 and gross margins of 22.3%. The company maintains a strong balance sheet with $4.7 billion in homebuilding cash and no outstanding borrowings under its $2.9 billion credit facility, positioning it to capitalize on America's chronic housing shortage. Lennar's diversified platform includes Lennar Mortgage for financing solutions, Lennar Title for closing services, Quarterra for multifamily apartment development, LenX for property technology innovation, and the recently spun-off Millrose Properties for land development. Recent strategic acquisitions including Rausch Coleman Homes in November 2024 expanded Lennar's presence into Arkansas, Oklahoma, Alabama, Kansas, Missouri, and strengthened positions in Texas and Florida, demonstrating the company's commitment to geographic diversification and market leadership. As the company executes its strategy of driving starts, sales, and closings while maintaining pricing discipline, Lennar continues to address America's housing needs by building quality, affordable homes where families want to live.