Lennar management check
LEN · Consumer Discretionary · Homebuilding · CEO Rick Beckwitt
Filings as of
0 good · 4 to watch · 2 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $201, against $232 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.38 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.4% of net income$29.5m of reported pay in fiscal 2025, against $2.1bn of net income.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Watch
Are owners being diluted?
Stock pay 0.5% of revenueStock-based pay was 0.5% of revenue in the latest year.
- Flag
Is leadership stable?
3 CEOs in the pay tableCEOs in the pay table: Rick Beckwitt, Jonathan M. Jaffe, Stuart Miller. 5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Watch
Are the books clean?
An annual report was amendedNo restatements, auditor changes or late filings since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Consumer Discretionary.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 33 | 70 | |
| Pay for performance | 31 | 79 | |
| CEO cost | 38 | 44 | |
| Skin in the game | — | — | 36 |
| Dilution | 97 | 74 | |
| Stable leadership | 20 | 80 | |
| Clean books | 70 | 100 |
Closest peers
Others in Homebuilding, by management score. Lennar is 44th of 47 in its sector.
- 6PHMPulteGroup91
- 159NVRNVR, Inc.72
- 176DHID. R. Horton71
- 437NKENike, Inc.48
- 438YUMYum! Brands48
- 439LENLennar48
Pay versus performance
From the proxy statement filed February 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Rick Beckwitt, Jonathan M. Jaffe, Stuart Miller | $29.5m | $0 | $5.2m | $201 | $232 | $2.1bn |
| 2024 | — | $29.5m | $29.2m | $3.8m | $243 | $255 | $4.0bn |
| 2023 | — | $43.8m | $72.5m | $4.5m | $176 | $177 | $4.0bn |
| 2022 | — | $30.4m | $34.6m | $12.3m | $119 | $113 | $4.6bn |
| 2021 | — | $34.0m | $57.3m | $13.0m | $140 | $133 | $4.5bn |
The board says pay is tied most to Pretax Income. Its other key measures: Relative Gross Profit Percentage, Relative Return on Tangible Capital, Relative Total Shareholder Return, Debt to EBITDA Ratio.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Jun 8, 2026Leadership change8-K 5.02
- Nov 14, 2025Leadership change8-K 5.02
- Aug 4, 2025Leadership change8-K 5.02
- Jan 15, 2025Leadership change8-K 5.02
- Jun 24, 2024Leadership change8-K 5.02
- Apr 25, 2024Annual report amended10-K/A
- Sep 20, 2023Leadership change8-K 5.02
- Aug 3, 2023Leadership change8-K 5.02
- Jul 14, 2023Leadership change8-K 5.02
- Mar 6, 2023Leadership change8-K 5.02
- Nov 21, 2022Leadership change8-K 5.02
- Apr 14, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 13, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $10.0bn returned to owners in buybacks and dividends, 52% of net income, and $819.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.1bn | $33.7bn | $34.2bn | $35.4bn | $34.2bn |
| Net income | $4.4bn | $4.6bn | $3.9bn | $3.9bn | $2.1bn |
| Stock-based pay | $134.6m | $184.1m | $160.7m | $176.7m | $163.5m |
| Buybacks | $1.4bn | $1.0bn | $1.2bn | $2.3bn | $1.8bn |
| Dividends | $309.8m | $438.0m | $430.6m | $548.8m | $521.0m |
| Diluted shares | 307m | 290m | 283m | 272m | — |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.