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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Alan Ratner | Zelman & Associates | 12 | 8% |
| Susan Maklari | Goldman Sachs | 10 | 0% |
| Steve Kim | Evercore ISI | 10 | 10% |
| John Lovallo | UBS | 10 | 40% |
| Mike Rehaut | JPMorgan | 8 | 13% |
| Matt Bouley | Barclays | 2 | 0% |
| Ken Zener | Seaport Research Partners | 2 | 0% |
| Jade Rahmani | KBW | 2 | 50% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Zelman & Associates | 1 | 12 | 8% |
| Goldman Sachs | 1 | 10 | 0% |
| UBS | 1 | 10 | 40% |
| Evercore ISI | 1 |
| 10 |
| 10% |
| JPMorgan | 1 | 8 | 13% |
| KBW | 1 | 2 | 50% |
| Barclays | 1 | 2 | 0% |
| Seaport Research Partners | 1 | 2 | 0% |
Lennar posted Q1 FY2026 with starts of 17,425 homes and sales of 18,515 at an ASP of $374,000, as gross margin hit a cycle low of 15.2% with 14.1% incentives reflecting continued affordability pricing. Construction costs declined 12% over two years to below pre-COVID levels, and cycle time reached an all-time low of 122 days. FY2026 delivery guidance was maintained at approximately 85,000 homes amid uncertainty, with inventory turn improving to 2.5x. Middle East conflict and institutional buyer pullback added new macro headwinds, and technology investments were beginning to yield measurable results.
Margin | Demand | Capital Allocation | Innovation & R&D | Pricing | Cost Pressure | Guidance Reliability | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 2 | 1 | |||||
| 2025Q1 | 9 | 2 | 7 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 3 | 3 | 4 | 3 | 1 | 2 | 1 | 1 |
| 2025Q3 | 6 | 7 | 5 | 1 | 2 | 1 | 3 | |
| 2025Q4 | 4 | 5 | 3 | 2 | 1 | 2 | 1 | |
| 2026Q1 | 2 | 3 | 3 | 2 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 1 | 9 | 3 | 6 | 4 | 2 |
| Demand | 2 | 2 | 3 | 7 | 5 | 3 |
| Capital Allocation | 7 | 4 | 5 | 3 | 3 | |
| Innovation & R&D | 1 | 3 | 1 | 2 | 2 | |
| Pricing | 1 | 1 | 1 | 2 | 1 | 1 |
| Cost Pressure | 2 | 2 | 2 | 1 | ||
| Guidance Reliability | 1 | 1 | 1 | 1 | 2 | |
| Credit | 1 | 3 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LEN Lennar | 2 | -13.1% | |
| DHI D. R. Horton | 2 | -2.3% | |
| PHM PulteGroup | 2 | -12.4% |