LENNAR CORP /NEW/ vs PULTEGROUP, INC., two Homebuilders stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PulteGroup earns roughly double Lennar's return on equity this cycle, 15.77% against 8.12%, and more than double the margin, 12.14% against 5.39%, its move-up and active-adult mix outperforming Lennar's volume model. Both run debt-free. Pulte trades at 13.3 times earnings and 2.05 times book, Lennar cheaper at 13.5 and 1.04, near liquidation value. Pulte converts strong free cash, 6.68%, against Lennar's slightly negative figure. The pair prices two large builders very differently on quality: Pulte earns far better margins and returns at a modest premium to book, Lennar trades at asset value on weaker current economics, and Pulte's superior profitability makes its higher multiple look earned.
Comparison updated 2026-07-11.
| Metric | LEN | PHM |
|---|---|---|
| Price | $84.25 | $124.74 |
| Market cap | $20.3B | $24.1B |
| Sector | Homebuilders | Homebuilders |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -1.6% |
| P/E | 13.2 | 12.1 |
| P/B | 0.93 | 1.86 |
| P/S | 0.62 | 1.43 |
| EV/EBITDA | — | 198.6 |
| Revenue growth | -7.7% | -6.2% |
| Net margin | 4.9% | 12.1% |
| Return on equity | 7.4% | 15.8% |
| Return on assets | 4.8% | 11.2% |
| FCF yield | 3.5% | 7.4% |
| Dividend yield | — | 0.7% |
| Debt / equity | 0.00 | 0.00 |
| Altman Z (solvency) | 2.94 | 3.69 |
| Piotroski F (quality) | 7 / 9 | 6 / 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.