Special Report

America's 10 Fastest Shrinking Companies

10. H&R Block
> 10-year change in revenue: -29%
> Revenue (last fiscal year): $3.0 billion

H&R Block Inc.’s (NYSE: HRB) revenue decline over the past decade is largely the result of its decisions to shed several unprofitable lines of business. In 2006, H&R Block elected to exit the mortgage business and began to describe its mortgage servicing business as a discontinued operation in its financial statements After shutting down its mortgage issuing activities in early 2008, H&R Block sold its mortgage servicing operations, which had been losing hundreds of millions of dollars, to private equity firm WL Ross & Co. Later that year, H&R Block sold its financial advisory business to Ameriprise Financial. In fiscal 2012, the company sold off its accounting services and investment banking operations as well. The company also recently agreed to sell its banking unit, HRB Bank. As a result of these divestitures, the company’s current operations largely consist of its well-known tax services business.

9. Lennar
> 10-year change in revenue: -33%
> Revenue (last fiscal year): $5.9 billion

Lennar Corp. (NYSE: LEN) is one of the largest homebuilders in the U.S. The company posted more than $5.9 billion in revenue last year, of which roughly $5.3 billion came from the sale of single family homes. This represented a more than 50% increase from the year before, when Lennar’s revenue from the sale of single family homes totaled about $3.5 billion. Despite this jump, company revenue remain well off its pace from 10 years before, when annual sales totalled more than $8.9 billion. Lennar is hardly alone among homebuilders in having had to deal with such a decline. According to the Census Bureau, less than 1 million single family housing units were started in every full year since 2008 — the only six years since 1959 with fewer than 1 million housing starts.

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8. PulteGroup
> 10-year change in revenue: -36%
> Revenue (last fiscal year): $5.7 billion

Like other companies in its sector, PulteGroup Inc. (NYSE: PHM) was hard hit during the housing downturn. Even after rising at a 7.5% rate over the last three years, revenue at the homebuilder remains well below pre-recession levels. The struggles during the housing crisis even led PulteGroup to suspend its dividend from 2009 through August 2013. However, the company reinstated its dividend last year while also approving a new shareholder buyback program. During its latest fiscal year, the book value of PulteGroup stock, or the value of assets minus debt, rose from $5.66 per share to $12.19 per share.