Key Stats
Founded: 1954 (as F&R Builders)
Headquarters: Miami, Florida, United States
Executive Chairman & Co-CEO: Stuart Miller
Employees: Approximately 12,000
Stock Symbol: NYSE: LEN
Lennar Corporation is one of the largest homebuilders in the United States, constructing single-family attached and detached homes across 30 states and 75 markets. The company’s name is a combination of “Leonard” and “Arnold,” honoring co-founders Leonard Miller and Arnold Rosen. Lennar primarily serves first-time homebuyers, move-up buyers, and active adult communities under the Lennar brand.
Beyond homebuilding, Lennar operates financial services through Lennar Mortgage, providing mortgage financing, title insurance, and closing services. The company also invests in multifamily rental properties through its Lennar Multifamily segment and has a venture capital arm, LenX, focused on property technology investments.
For fiscal year 2024 (ending November 30), Lennar reported revenue of $35.4 billion and net income of $3.9 billion. The company delivered over 80,000 homes during the year. Lennar is ranked 119th on the Fortune 500 and has a market capitalization of approximately $28-30 billion. The company has grown through numerous acquisitions, including the 2018 merger with CalAtlantic that temporarily made it the nation’s largest homebuilder by revenue.
Lennar History
1954
F&R Builders Founded
Gene Fisher and Arnold Rosen establish F&R Builders in Miami, Florida, beginning with small residential construction projects.
1956
Leonard Miller Joins
Leonard Miller invests $10,000 to become a partner, replacing Gene Fisher. The partnership between Miller and Rosen would define the company’s culture of quality, value, and integrity.
1971
Lennar Corporation Goes Public
The company is renamed Lennar Corporation (combining Leonard and Arnold’s names) and becomes a public company through an IPO that raised $8.7 million.
1997
Stuart Miller Becomes CEO
Stuart Miller, son of Leonard Miller, becomes CEO and leads national expansion. Lennar acquires Pacific Greystone Corporation to expand in California and Texas.
2000
U.S. Home Corporation Acquisition
Lennar acquires U.S. Home Corporation, expanding operations into New Jersey, Maryland, Virginia, Minnesota, and Colorado, and strengthening its national footprint.
2017
WCI Communities Acquisition
Lennar acquires WCI Communities, a Florida-based luxury homebuilder, for $643 million, adding high-end single-family and multifamily capabilities.
2018
CalAtlantic Merger
Lennar completes a $9.3 billion merger with CalAtlantic Group, temporarily becoming the nation’s largest homebuilder by revenue with combined sales exceeding $17 billion.
2025
Millrose Properties Spin-Off
Lennar spins off Millrose Properties, Inc., a homesite option purchase platform, as an independent publicly traded company on the NYSE under the symbol “MRP.”
Lennar Founders
Lennar’s origins trace back to three key figures who shaped the company into one of America’s leading homebuilders.
Leonard Miller
Leonard Miller joined F&R Builders in 1956 with a $10,000 investment, becoming Arnold Rosen’s partner after Gene Fisher departed. Miller provided strategic business guidance while Rosen oversaw construction operations. This partnership established Lennar’s core principles of quality, value, and integrity. Miller remained involved with the company until his death in 2002. His son, Stuart Miller, became CEO in 1997 and continues to lead the company as Executive Chairman and Co-CEO.
Arnold P. Rosen
Arnold Rosen co-founded F&R Builders in 1954 with Gene Fisher in Miami. A real estate developer with construction expertise, Rosen focused on the building and development side of the business. After Leonard Miller joined in 1956, Rosen and Miller built the company together, combining their names to form “Lennar” when the company was renamed in 1971. Rosen’s attention to construction quality helped establish the company’s reputation for well-built homes.
Lennar Acquisitions
Lennar has grown substantially through strategic acquisitions over its seven-decade history. The company has pursued a consistent strategy of entering new geographic markets and strengthening existing positions through purchasing regional and national builders.
The 2000 acquisition of U.S. Home Corporation was a major milestone, expanding Lennar into new states including New Jersey, Maryland, Virginia, Minnesota, and Colorado. Between 2002 and 2005, Lennar acquired numerous regional builders including Patriot Homes, Cambridge Homes, Coleman Homes, and Newhall Land and Farming Company ($990 million in 2004).
In 2017, Lennar acquired WCI Communities for $643 million, adding luxury single-family and multifamily capabilities in Florida coastal markets. The following year brought Lennar’s largest deal: the $9.3 billion merger with CalAtlantic Group in February 2018. CalAtlantic itself had formed in 2015 from the merger of Standard Pacific Group and The Ryland Group. The CalAtlantic deal added approximately 65,000 homesites in 41 markets and 17 states, and gave Lennar top-three market positions in 24 of the 30 largest U.S. metropolitan areas. In November 2024, Lennar acquired Arkansas-based Rausch Coleman Homes, entering new markets including Birmingham, Kansas City, Little Rock, and Tulsa while expanding its presence in Houston, San Antonio, and other markets.
Lennar Revenue
Lennar has shown strong revenue growth over the past decade, driven by both organic expansion and strategic acquisitions. Revenue nearly tripled from $10.9 billion in 2016 to $35.4 billion in fiscal 2024. The CalAtlantic merger in 2018 drove a 63% revenue increase that year alone.
Lennar Market Cap
Lennar’s market capitalization has fluctuated with housing market conditions and broader economic cycles. The company saw significant valuation growth following the CalAtlantic merger and the housing market recovery, reaching approximately $42 billion at the end of 2023. Market cap has since moderated to around $28-30 billion.
Lennar Competitors
Lennar competes with other large national homebuilders as well as regional builders across its 75 markets. The company is currently the second-largest homebuilder in the United States by homes sold, behind D.R. Horton.
| Company | Headquarters | Primary Focus |
|---|---|---|
| D.R. Horton | Texas, USA | Entry-level and move-up homes |
| PulteGroup | Georgia, USA | Multi-brand homebuilding |
| NVR Inc. | Virginia, USA | Ryan Homes, NVHomes brands |
| Toll Brothers | Pennsylvania, USA | Luxury homes |
| KB Home | California, USA | Built-to-order homes |
| Meritage Homes | Arizona, USA | Energy-efficient homes |
| Taylor Morrison | Arizona, USA | Move-up and active adult |
| M/I Homes | Ohio, USA | Single-family homes |
| Tri Pointe Homes | Colorado, USA | Premium homes |
| Hovnanian Enterprises | New Jersey, USA | Multi-segment homebuilding |
FAQs
What does Lennar mean?
Lennar is a combination of the first names of two founders: Leonard Miller and Arnold Rosen. The company adopted this name in 1971 when it went public, replacing the original name F&R Builders.
Is Lennar the largest homebuilder in the US?
Lennar is currently the second-largest homebuilder in the United States by number of homes sold, behind D.R. Horton. Following the 2018 CalAtlantic merger, Lennar briefly held the top position by revenue.
Who is the CEO of Lennar?
Stuart Miller serves as Executive Chairman and Co-Chief Executive Officer. He has been with Lennar for over 40 years and served as sole CEO from 1997 to 2018. Jon Jaffe serves as Co-CEO and President.
Where does Lennar build homes?
Lennar operates in 30 states and 75 markets across the United States. The company has a strong presence in high-growth markets including Florida, Texas, California, Arizona, and Colorado.
What is Lennar’s “Everything’s Included” program?
Everything’s Included is Lennar’s signature approach to homebuilding, offering buyers thousands of dollars in luxury features, appliances, and upgrades at no additional cost as part of the base home price.
