LENNAR CORP /NEW/ vs M/I HOMES, INC., two Homebuilders stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Lennar is the second-largest US homebuilder at $23B, M/I Homes a regional at $4.3B, yet the smaller builder earns the better returns this cycle: an 11.26% return on equity against Lennar's 8.12%, and an 8.24% margin against 5.39%. Both run debt-free and trade near book, M/I at 1.36 times and Lennar at 1.04, Lennar the cheaper on assets. M/I converts positive free cash, 4.61%, against Lennar's slightly negative figure this year. The pair prices the national number two against a sharp regional: M/I earns higher margins and returns from a concentrated footprint, Lennar offers scale and the cheaper book multiple, and this cycle the smaller builder is quietly outperforming on the metrics that matter.
Comparison updated 2026-07-11.
| Metric | LEN | MHO |
|---|---|---|
| Price | $84.25 | $147.40 |
| Market cap | $20.3B | $3.9B |
| Sector | Homebuilders | Homebuilders |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -4.1% |
| P/E | 13.2 | 11.1 |
| P/B | 0.93 | 1.23 |
| P/S | 0.62 | 0.90 |
| EV/EBITDA | — | 8.6 |
| Revenue growth | -7.7% | -1.7% |
| Operating margin | — | 9.3% |
| Net margin | 4.9% | 8.2% |
| Return on equity | 7.4% | 11.3% |
| Return on assets | 4.8% | 7.5% |
| Return on invested capital | — | 11.2% |
| FCF yield | 3.5% | 5.1% |
| Debt / equity | 0.00 | 0.00 |
| Altman Z (solvency) | 2.94 | 3.42 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.