Lennar Corp. based in Miami, is one of the two largest builders of homes based on the purchase of CalAtlantic and 52,925 closings, across 20 states, in FY20. Rival D.R. Horton actually delivered more homes in FY19, but Lennar ranks number one in revenue, helped by an average sales price that is about $100,000 higher. The company's East region is its biggest, contributing 41% of deliveries. Lennar builds step-up (68% of closings), entry level (28%) and retirement (4%) homes with an average selling price of $400,000. The company also provides mortgage financing. Lennar's Multifamily business develops and manages apartment complexes through joint ventures. Homebuilding represented 93% of the company's $22.5 billion in FY20 revenue. It is also the biggest contributor to pretax earnings. The company's fiscal year ends on November 30.
KBH, ZM, CMS
Chris Graja, CFASenior Analyst: Retail