Lennar presents transformation to asset-light homebuilder; 98% homesites controlled, deliveries up ~80% since 2018

LENNAR CORP /NEW/

Owned homesites dropped from 72% to 2% of total; controlled homesites rose from 28% to 98% (2018-2026).
Since 2018, deliveries grew ~80% to 83K in 2025; inventory owned reduced from $16.6B to $10.5B.
Stock repurchases of $9.6B and debt retirement of $6.9B since 2018; free cash flow used for shareholder returns.
Asset-light model frees $21.1M peak capital per community, improving ROE from 14.4% to 21.0%. (example community).
Cycle time reduced to 122 days; inventory turns improved to 2.5; US housing shortage of ~5M homes noted.

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