LEN-BLENNAR CORP /NEW/
General Bldg Contractors - Residential Bldgs
- Revenue
- $34.2B
- 3.5% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $20.7B
- Employees
- —
- Net debt / EBITDA
- —
- $5.2B net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes10% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes11× cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo11% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 28th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$20.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $27.1B | $33.7B | $34.2B | $35.4B | $34.2B | 3.5% |
| Net income | $4.4B | $4.6B | $3.9B | $3.9B | $2.1B | 47% |
| Operating cash flow | $2.5B | $3.3B | $5.2B | $2.4B | $217M | 91% |
| Capex | $65M | $57M | $100M | $172M | $189M | 10.0% |
| Stock-based comp | $135M | $184M | $161M | $177M | $163M | 7.5% |
| Buybacks | $1.4B | $1.0B | $1.2B | $2.3B | $1.8B | 20% |
| Dividends | $310M | $438M | $431M | $549M | $521M | 5.1% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jan 5, 2018 | DEFM14A | — | $48.26 | 32.9% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 13, 2026 | GAMCO INVESTORS, INC. ET AL | SCHEDULE 13D/A | 5.5% | Active |
| Oct 14, 2025 | GAMCO INVESTORS, INC. ET AL | SCHEDULE 13D/A | 5.5% | Passive |
| Sep 13, 2024 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 0.5% | Passive |
| Mar 6, 2023 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 6.7% | Passive |
| Nov 3, 2020 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 7.1% | Passive |
| Jul 26, 2019 | GAMCO INVESTORS, INC. ET AL | SC 13D/A | 8.1% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
No pay-versus-performance disclosure yet.