D.R. Horton, Inc. (DHI)
D.R. Horton is the largest US homebuilder by volume, constructing single-family homes across price points.
DHI vs LEN: how the two businesses compare
- Similar size: DHI and LEN each brought in about $34.3B of yearly revenue.
- More profitable: DHI keeps 10 cents of each sales dollar as profit, against 6 cents at LEN.
- More cash from each sale: DHI turns 10 cents of each sales dollar into operating cash flow, against 1 cents at LEN.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
D.R. Horton (DHI) and Lennar (LEN) reported similar revenue: $34.3B (fiscal year ended Sep 2025) versus $34.2B (fiscal year ended Nov 2025). DHI's net margin was 10.5% and LEN's 6.1%. The SEC places them in related industries (Operative Builders; General Bldg Contractors - Residential Bldgs), and both map to the Rates & central banks and Economic trends research themes.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Discretionary
- Different
- Separate classifications
- Different
- DHI September 30 · LEN November 30
- Jan 28, 2026
DHI vs LEN: quick comparison
| Company fact | DHI | LEN |
|---|---|---|
| Company | D.R. Horton, Inc. | Lennar Corporation |
| Exchange | NYSE | NYSE |
| SEC industry | Operative Builders | General Bldg Contractors - Residential Bldgs |
| Fiscal year-end | September 30 | November 30 |
| Latest annual filing | 10-K · 2025-11-19 | 10-K · 2026-01-28 |
DHI vs LEN: audited financials
- Scale: revenue is roughly in line ($34.3B for DHI versus $34.2B for LEN).
- Net margin: DHI kept 10.5% of revenue as net income versus 6.1% at LEN.
- Cash conversion: operating cash flow equalled DHI 10.0% of revenue, or 0.95× net income; LEN 0.6% of revenue, or 0.10× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-09-30 for DHI, 2025-11-30 for LEN), so each figure reflects somewhat different demand and cost conditions.
| Metric | DHI | LEN |
|---|---|---|
| Revenue | $34.3B2024-10-01 to 2025-09-30 · SEC filing | $34.2B2024-12-01 to 2025-11-30 · SEC filing |
| Net income | $3.6B2024-10-01 to 2025-09-30 · SEC filing | $2.1B2024-12-01 to 2025-11-30 · SEC filing |
| Operating cash flow | $3.4B2024-10-01 to 2025-09-30 · SEC filing | $217M2024-12-01 to 2025-11-30 · SEC filing |
| Diluted EPS | $11.572024-10-01 to 2025-09-30 · SEC filing | $14.312023-12-01 to 2024-11-30 · SEC filing |
| Net margin | 10.5%2024-10-01 to 2025-09-30 · SEC filing | 6.1%2024-12-01 to 2025-11-30 · SEC filing |
DHI: FY ending 2025-09-30 · LEN: FY ending 2025-11-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where DHI and LEN overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 15.
- Shared research themes: Rates & central banks and Economic trends.
Differences
- Different four-digit SIC codes: DHI is 1531 (Operative Builders); LEN is 1520 (General Bldg Contractors - Residential Bldgs).
- Offset fiscal calendars: DHI's year ends September 30 and LEN's November 30, about 2 months apart.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Lennar Corporation (LEN)
Lennar builds single-family homes and provides related mortgage and title services across the United States.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves DHI
We have not yet published a company-specific driver list for DHI. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-19.
What moves LEN
We have not yet published a company-specific driver list for LEN. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-01-28.
The investment question
You now know how DHI and LEN are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks and economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. DHI's fiscal year ends September 30, while LEN's ends November 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 15 matched transaction rows for DHI and 14 matched transaction rows for LEN. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
DHI primary filings
LEN primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
DHI vs LEN FAQs
Are DHI and LEN direct competitors?
Not necessarily. D.R. Horton files as Operative Builders and Lennar as General Bldg Contractors - Residential Bldgs. The pair is compared because both map to the Rates & central banks and Economic trends research themes, not because the filings show head-to-head competition.
Is DHI or LEN the bigger company by revenue?
D.R. Horton (DHI) and Lennar (LEN) reported similar revenue: $34.3B (fiscal year ended Sep 2025) versus $34.2B (fiscal year ended Nov 2025). DHI's net margin was 10.5% and LEN's 6.1%. The SEC places them in related industries (Operative Builders; General Bldg Contractors - Residential Bldgs), and both map to the Rates & central banks and Economic trends research themes. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, DHI or LEN?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this DHI vs LEN comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers D.R. Horton, Inc. and Lennar Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
DHI vs LEN compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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