Lennar's Relative Margin Performance Should Improve in the Long Run; Shares Are Undervalued

Lennar is the second-largest homebuilder in the United States by number of homes delivered, following D.R. Horton. The company operates in 30 states and primarily constructs single-family homes. It caters to a diverse range of homebuyers, including first-time buyers, those looking to move up, active adults, and luxury buyers, and has recently introduced differentiated offerings such as Next Gen and Everything’s Included.