Sign in

You're signed outSign in or to get full access.

Mike Rehaut

Research Analyst at JPMorgan Chase & Co.

Mike Rehaut is a Managing Director, Senior Equity Analyst, and Head of U.S. Homebuilding and Building Products Research at JPMorgan Chase & Co., specializing in homebuilding, building products, consumer discretionary, industrials, and real estate sectors. He covers 27 companies including TopBuild, Meritage Homes, and various homebuilders, with a strong performance track record featuring a 59.78-62.57% success rate, 10.05-10.3% average return, and a 4.12-4.25 star rating, ranking #411 out of 4,959 analysts on platforms like StockAnalysis. Rehaut has built his career at JPMorgan as the senior analyst for these sectors, delivering key insights on housing market outlooks and company guidance without specified prior firms in available records. His professional credentials align with standard equity research requirements, including likely FINRA registrations for securities analysis.

Mike Rehaut's questions to LENNAR CORP /NEW/ (LEN) leadership

Question · Q4 2025

Mike Rehaut questioned Lennar's commitment to pushing supply versus easing back on delivery aspirations if demand remains weak, given Q4 margin results and Q1 projections. He also asked for insights into the expected level of share repurchases in 2026, considering the repositioned balance sheet and asset-light model, compared to the $2.7 billion in 2025.

Answer

Stuart Miller and Jon Jaffe reiterated their commitment to maintaining volume to build efficiencies, acknowledging the fluidity of market conditions (interest rates, inflation, consumer confidence, government shutdown). They emphasized the underlying supply shortage and demand for affordable housing. Regarding share repurchases, Stuart Miller expressed enthusiasm for 2026, noting the completed Millrose transaction and the asset-lighter model's expected cash flow efficiency, leading to programmatic stock buybacks. CFO Diane Bessette added that cash levels on the balance sheet depend on market conditions and upcoming debt maturities.

Ask follow-up questions

Fintool

Fintool can predict LENNAR CORP /NEW/ logo LEN's earnings beat/miss a week before the call

Question · Q4 2025

Mike Rehaut from JPMorgan Chase questioned Lennar's commitment to prioritizing supply and pushing volume, asking if the company would further ease back on delivery aspirations if demand remains weak. He also asked for guidance on share repurchases for 2026, considering the repositioned balance sheet and asset-light strategy.

Answer

Stuart Miller, Executive Chairman and Co-CEO, affirmed Lennar's commitment to maintaining volume, acknowledging fluid market conditions but reiterating the focus on volume to build efficiencies. Jon Jaffe, Co-CEO and President, added that Lennar remains laser-focused on being an efficient home manufacturer. Miller also expressed enthusiasm for 2026, highlighting the asset-light model's cash flow efficiency, leading to more programmatic stock buybacks and shareholder returns, but did not provide specific numerical guidance.

Ask follow-up questions

Fintool

Fintool can write a report on LENNAR CORP /NEW/ logo LEN's next earnings in your company's style and formatting