NYSE : LEN
Lennar Corporation — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 85.46 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 20.33B
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Financial statements
Lennar Corporation (LEN) reported revenue of 31.97B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 30.99B | 32.99B | 34.33B | 33.26B | 32.86B | 26.23B |
| Other Revenue | 987.44M | 1.20B | 1.11B | 976.86M | 809.68M | 898.75M |
| Revenue | 31.97B | 34.19B | 35.44B | 34.23B | 33.67B | 27.13B |
| Cost of Revenue | 26.32B | 27.54B | 26.93B | 25.59B | 26.04B | 21.19B |
| Gross Profit | 5.12B | 6.07B | 7.98B | 8.17B | 7.20B | 5.54B |
| Selling, General & Admin | 3.32B | 3.32B | 3.13B | 2.73B | 414.50M | 398.38M |
| Other Operating Expenses | -43.05M | -107.60M | -244.64M | -45.95M | -3.84M | -200.97M |
| Operating Expenses | 3.28B | 3.21B | 2.88B | 2.69B | 410.66M | 197.41M |
| Operating Income | 1.84B | 2.86B | 5.09B | 5.49B | 6.79B | 5.34B |
| Interest Expense | -13.87M | -13.87M | -18.77M | -15.43M | -19.13M | -20.14M |
| Earnings From Equity Investments | 122.57M | 78.22M | 164.10M | -144.61M | -36.30M | 48.99M |
| Other Non Operating Income (Expenses) | -81.26M | -82.58M | -80.21M | -73.09M | -66.40M | -59.83M |
| EBT Excluding Unusual Items | 1.87B | 2.84B | 5.16B | 5.25B | 6.67B | 5.31B |
| Gain (Loss) on Sale of Investments | 71.85M | 130.17M | 25.18M | -50.16M | -655.09M | 510.80M |
| Gain (Loss) on Sale of Assets | -156.08M | -156.08M | ||||
| Pretax Income | 1.79B | 2.81B | 5.18B | 5.20B | 6.01B | 5.82B |
| Income Tax Expense | 460.83M | 705.56M | 1.22B | 1.24B | 1.37B | 1.36B |
| Earnings From Continuing Operations | 1.32B | 2.11B | 3.97B | 3.96B | 4.65B | 4.46B |
| Minority Interest in Earnings | -16.66M | -30.12M | -35.12M | -22.78M | -34.38M | -26.44M |
| Net Income | 1.31B | 2.08B | 3.93B | 3.94B | 4.61B | 4.43B |
| Preferred Dividends & Other Adjustments | 13.05M | 20.10M | 38.82M | 48.54M | 51.98M | 52.92M |
| Net Income to Common | 1.30B | 2.06B | 3.89B | 3.89B | 4.56B | 4.38B |
| Shares Outstanding (Basic) | 243.83M | 257.75M | 272.02M | 283.32M | 289.82M | 306.61M |
| Shares Outstanding (Diluted) | 243.83M | 257.75M | 272.02M | 283.32M | 289.82M | 306.61M |
| EPS (Basic) | 5.31 | 7.98 | 14.31 | 13.73 | 15.74 | 14.28 |
| EPS (Diluted) | 5.31 | 7.98 | 14.31 | 13.73 | 15.72 | 14.27 |
| Free Cash Flow | 811.27M | 28.18M | 2.23B | 5.08B | 3.21B | 2.47B |
| Free Cash Flow Per Share | 3.33 | 0.11 | 8.21 | 17.93 | 11.07 | 8.05 |
| Dividend Per Share | 2.00 | 2.00 | 2.00 | 1.50 | 1.50 | 1.00 |
| Gross Margin | 16.01% | 17.74% | 22.51% | 23.87% | 21.39% | 20.41% |
| Operating Margin | 5.76% | 8.36% | 14.37% | 16.02% | 20.17% | 19.68% |
| Profit Margin | 4.05% | 6.02% | 10.99% | 11.36% | 13.55% | 16.13% |
| Free Cash Flow Margin | 2.54% | 0.08% | 6.30% | 14.84% | 9.53% | 9.10% |
| EBITDA | 1.98B | 2.99B | 5.21B | 5.60B | 6.88B | 5.43B |
| EBITDA Margin | 6.20% | 8.75% | 14.70% | 16.35% | 20.43% | 20.00% |
| D&A For EBITDA | 139.59M | 134.31M | 115.53M | 110.16M | 87.08M | 85.95M |
| EBIT | 1.84B | 2.86B | 5.09B | 5.49B | 6.79B | 5.34B |
| EBIT Margin | 5.76% | 8.36% | 14.37% | 16.02% | 20.17% | 19.68% |
| Effective Tax Rate | 25.81% | 25.07% | 23.48% | 23.86% | 22.71% | 23.41% |
| Revenue as Reported | 31.97B | 34.19B | 35.44B | 34.23B | 33.67B | 27.13B |
| Advertising Expenses | 210.80M | 190.90M | 146.00M | 102.10M | 74.20M |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.20B | 3.50B | 4.73B | 6.32B | 4.64B | 2.75B |
| Cash & Short-Term Investments | 1.20B | 3.50B | 4.73B | 6.32B | 4.64B | 2.75B |
| Accounts Receivable | 959.90M | 879.63M | 952.49M | 730.06M | 602.38M | 340.88M |
| Receivables | 959.90M | 1.04B | 1.11B | 980.13M | 788.11M | 588.68M |
| Inventory | 13.15B | 11.84B | 20.31B | 18.90B | 20.10B | 19.17B |
| Finance Div. Loans and Leases | 2.09B | 2.64B | 2.86B | 2.86B | 2.65B | 2.39B |
| Finance Div. Other Current Assets | 263.85M | 307.37M | 244.13M | 242.45M | 153.38M | 179.03M |
| Restricted Cash | 34.09M | 25.93M | 11.80M | 13.48M | 23.05M | 21.93M |
| Other Current Assets | 7.33B | 6.40B | 3.66B | 2.00B | 1.73B | |
| Total Current Assets | 25.03B | 25.75B | 32.92B | 31.31B | 30.09B | 25.10B |
| Property, Plant & Equipment | 642.84M | 516.20M | 404.79M | 355.10M | 339.91M | |
| Long-Term Investments | 2.49B | 2.81B | 2.62B | 2.36B | 2.56B | 3.02B |
| Goodwill | 3.44B | 3.44B | 3.44B | 3.44B | 3.44B | 3.44B |
| Long-Term Deferred Tax Assets | 119.76M | 218.35M | 218.70M | 180.82M | 148.44M | |
| Other Long-Term Assets | 2.00B | 1.24B | 1.18B | 1.04B | 903.31M | 757.34M |
| Total Assets | 33.38B | 34.43B | 41.31B | 39.23B | 37.98B | 33.21B |
| Accounts Payable | 1.96B | 2.03B | 2.13B | 1.63B | 1.62B | 1.32B |
| Short-Term Debt | 3.74M | 16.75M | ||||
| Current Portion of Long-Term Debt | 453.06M | |||||
| Current Portion of Leases | 23.01M | 86.90M | ||||
| Finance Div. Debt Current | 1.67B | |||||
| Finance Div. Other Current Liabilities | 136.12M | 220.29M | 209.75M | |||
| Other Current Liabilities | 345.52M | 400.59M | 446.24M | 414.80M | 418.02M | 377.02M |
| Total Current Liabilities | 2.47B | 4.85B | 2.78B | 2.05B | 2.05B | 1.70B |
| Long-Term Debt | 4.30B | 3.63B | 2.26B | 2.82B | 4.05B | 4.65B |
| Finance Div. Debt Long-Term | 1.58B | 123.11M | 1.93B | 2.16B | 2.14B | 1.73B |
| Finance Div. Other Long-Term Liabilities | 283.23M | 218.81M | 180.32M | |||
| Long-Term Leases | 213.99M | 177.26M | ||||
| Other Long-Term Liabilities | 3.12B | 3.50B | 6.32B | 5.22B | 5.29B | 3.95B |
| Total Liabilities | 11.68B | 12.29B | 13.29B | 12.53B | 13.74B | 12.21B |
| Common Stock | 29.97M | 29.82M | 29.66M | 29.51M | 29.27M | 33.99M |
| Additional Paid-In Capital | 6.05B | 5.91B | 5.73B | 5.57B | 5.42B | 8.81B |
| Retained Earnings | 22.92B | 22.47B | 25.75B | 22.37B | 18.86B | 14.69B |
| Treasury Stock | -7.45B | -6.46B | -3.65B | -1.39B | -210.39M | -2.71B |
| Comprehensive Income & Other | 5.75M | 6.01M | 7.53M | 4.88M | 2.41M | -1.34M |
| Total Common Equity | 21.56B | 21.96B | 27.87B | 26.58B | 24.10B | 20.82B |
| Minority Interest | 137.46M | 181.19M | 151.09M | 121.30M | 139.87M | 179.86M |
| Shareholders' Equity | 21.70B | 22.14B | 28.02B | 26.70B | 24.24B | 21.00B |
| Total Liabilities & Equity | 33.38B | 34.43B | 41.31B | 39.23B | 37.98B | 33.21B |
| Total Debt | 6.12B | 6.14B | 4.19B | 4.98B | 6.20B | 6.38B |
| Net Cash (Debt) | -4.92B | -2.64B | 545.04M | 1.33B | -1.56B | -3.62B |
| Net Cash Per Share | -20.17 | -10.25 | 2.00 | 4.70 | -5.38 | -11.82 |
| Filing Date Shares Outstanding | 237.90M | 246.99M | 265.52M | 280.82M | 289.70M | 298.88M |
| Total Common Shares Outstanding | 237.90M | 246.99M | 268.23M | 280.95M | 289.81M | 299.43M |
| Working Capital | 22.56B | 20.90B | 30.14B | 29.26B | 28.03B | 23.40B |
| Book Value Per Share | 90.62 | 88.91 | 103.90 | 94.61 | 83.16 | 69.52 |
| Tangible Book Value | 17.93B | 18.33B | 24.24B | 22.95B | 20.47B | 17.18B |
| Tangible Book Value Per Share | 75.35 | 74.20 | 90.36 | 81.68 | 70.63 | 57.39 |
| Machinery | 390.39M | 371.57M | 297.27M | 207.22M | 172.77M | |
| Leasehold Improvements | 75.92M | 77.92M | 72.99M | 68.95M | 56.62M | |
| Order Backlog | 5.16B | 5.31B |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.31B | 2.08B | 3.93B | 3.94B | 4.61B | 4.43B |
| Depreciation & Amortization | 139.59M | 134.31M | 115.53M | 110.16M | 87.08M | 85.95M |
| Other Amortization | 88.00K | 88.00K | 148.00K | -1.65M | -2.16M | |
| Loss (Gain) From Sale of Assets | 135.62M | 51.72M | 12.82M | 10.03M | 25.67M | -19.24M |
| Asset Writedown & Restructuring Costs | 323.25M | 246.22M | 143.26M | 125.34M | 110.69M | 25.70M |
| Loss (Gain) From Sale of Investments | -48.79M | -136.06M | -67.23M | 112.54M | 672.21M | -681.74M |
| Loss (Gain) on Equity Investments | -61.40M | -41.65M | -8.53M | 197.74M | 107.60M | -3.01M |
| Stock-Based Compensation | 143.04M | 163.49M | 176.68M | 160.72M | 184.09M | 134.62M |
| Other Operating Activities | 146.35M | 107.42M | 95.55M | -45.19M | -212.28M | 211.29M |
| Change in Accounts Receivable | 410.22M | 66.76M | -129.21M | -329.19M | -422.40M | -289.78M |
| Change in Inventory | -574.74M | -150.92M | -285.10M | 2.27B | -1.71B | -1.18B |
| Change in Accounts Payable | -83.94M | -690.75M | 380.38M | -625.86M | 701.11M | 881.31M |
| Change in Other Net Operating Assets | -900.25M | -1.61B | -1.96B | -747.49M | -888.30M | -1.06B |
| Operating Cash Flow | 937.30M | 216.81M | 2.40B | 5.18B | 3.27B | 2.53B |
| Capital Expenditures | -126.03M | -188.63M | -171.50M | -99.80M | -57.21M | -65.17M |
| Sale of Property, Plant & Equipment | 24.69M | 41.55M | ||||
| Cash Acquisitions | -254.49M | |||||
| Divestitures | 3.33M | |||||
| Investment in Securities | 160.88M | 387.62M | -191.76M | -104.73M | -116.66M | -114.20M |
| Other Investing Activities | 125.47M | 150.82M | 61.44M | 13.21M | 1.40M | 16.00K |
| Investing Cash Flow | 160.32M | 221.57M | -302.56M | -176.98M | -128.30M | -105.09M |
| Long-Term Debt Issued | 2.41B | 28.71M | 409.07M | 276.08M | ||
| Long-Term Debt Repaid | -698.51M | -830.24M | -1.23B | -623.08M | -1.36B | |
| Net Debt Issued (Repaid) | 497.55M | 1.71B | -830.24M | -1.20B | -214.01M | -1.08B |
| Repurchase of Common Stock | -992.75M | -1.81B | -2.26B | -1.18B | -1.04B | -1.43B |
| Common Dividends Paid | -492.54M | -520.96M | -548.82M | -430.56M | -438.04M | -309.78M |
| Other Financing Activities | -367.99M | -980.02M | -46.03M | -436.78M | 414.08M | 414.24M |
| Financing Cash Flow | -1.36B | -1.60B | -3.68B | -3.25B | -1.28B | -2.40B |
| Net Cash Flow | -258.11M | -1.16B | -1.58B | 1.76B | 1.86B | 22.95M |
| Free Cash Flow | 811.27M | 28.18M | 2.23B | 5.08B | 3.21B | 2.47B |
| Free Cash Flow Margin | 2.54% | 0.08% | 6.30% | 14.84% | 9.53% | 9.10% |
| Free Cash Flow Per Share | 3.33 | 0.11 | 8.21 | 17.93 | 11.07 | 8.05 |
| Levered Free Cash Flow | 1.23B | 9.35B | 833.74M | 4.05B | 1.68B | 1.31B |
| Unlevered Free Cash Flow | 1.24B | 9.36B | 845.32M | 4.06B | 1.70B | 1.33B |
| Cash Interest Paid | 50.14M | 50.14M | 54.92M | 81.22M | 67.84M | 47.72M |
| Cash Income Tax Paid | 988.54M | 988.54M | 790.48M | 1.86B | 1.27B | 1.14B |
| Change in Working Capital | -1.15B | -2.39B | -2.00B | 571.54M | -2.32B | -1.65B |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 21.62B | 32.19B | 46.99B | 35.92B | 25.02B | 31.79B |
| Enterprise Value | 26.53B | 36.59B | 47.08B | 36.76B | 29.53B | 36.09B |
| Last Close Price | 86.94 | 128.42 | 154.97 | 112.23 | 76.02 | 89.27 |
| PE Ratio | 17.12 | 15.64 | 12.07 | 9.23 | 5.48 | 7.26 |
| Forward PE | 19.16 | 15.39 | 11.66 | 8.96 | 6.86 | 7.26 |
| PS Ratio | 0.66 | 0.94 | 1.33 | 1.05 | 0.74 | 1.17 |
| PB Ratio | 0.96 | 1.45 | 1.68 | 1.34 | 1.03 | 1.51 |
| P/TBV Ratio | 1.18 | 1.76 | 1.94 | 1.56 | 1.22 | 1.85 |
| P/FCF Ratio | 26.02 | 1,142.27 | 21.05 | 7.07 | 7.80 | 12.88 |
| P/OCF Ratio | 22.52 | 148.48 | 19.55 | 6.93 | 7.66 | 12.55 |
| PEG Ratio | 10.62 | 1.66 | 1.02 | 0.17 | 0.24 | |
| EV/Sales Ratio | 0.81 | 1.07 | 1.33 | 1.07 | 0.88 | 1.33 |
| EV/EBITDA Ratio | 13.13 | 12.23 | 9.04 | 6.57 | 4.29 | 6.65 |
| EV/EBIT Ratio | 14.13 | 12.80 | 9.24 | 6.70 | 4.35 | 6.76 |
| EV/FCF Ratio | 32.08 | 1,298.33 | 21.10 | 7.24 | 9.20 | 14.62 |
| Debt / Equity Ratio | 0.28 | 0.28 | 0.15 | 0.19 | 0.26 | 0.30 |
| Debt / EBITDA Ratio | 2.83 | 1.93 | 0.80 | 0.89 | 0.90 | 1.18 |
| Debt / FCF Ratio | 7.54 | 217.83 | 1.88 | 0.98 | 1.93 | 2.58 |
| Net Debt / Equity Ratio | 0.23 | 0.12 | -0.02 | -0.05 | 0.06 | 0.17 |
| Net Debt / EBITDA Ratio | 2.48 | 0.88 | -0.10 | -0.24 | 0.23 | 0.67 |
| Net Debt / FCF Ratio | 6.06 | 93.73 | -0.24 | -0.26 | 0.49 | 1.47 |
| Asset Turnover | 0.94 | 0.90 | 0.88 | 0.89 | 0.95 | 0.86 |
| Inventory Turnover | 1.96 | 1.71 | 1.37 | 1.31 | 1.33 | 1.17 |
| Quick Ratio | 1.09 | 1.04 | 2.32 | 3.89 | 3.05 | 2.36 |
| Current Ratio | 10.13 | 5.30 | 11.83 | 15.27 | 14.67 | 14.78 |
| Return on Equity (ROE) | 5.96% | 8.41% | 14.50% | 15.55% | 20.55% | 22.80% |
| Return on Assets (ROA) | 3.37% | 4.72% | 7.91% | 8.88% | 11.92% | 10.57% |
| Return on Invested Capital (ROIC) | 5.18% | 8.20% | 14.75% | 16.33% | 20.82% | 17.26% |
| Return on Capital Employed (ROCE) | 6.00% | 9.70% | 13.20% | 14.80% | 18.90% | 16.90% |
| Earnings Yield | 5.84% | 6.46% | 8.37% | 10.96% | 18.44% | 13.94% |
| FCF Yield | 3.84% | 0.09% | 4.75% | 14.14% | 12.82% | 7.76% |
| Dividend Yield | 2.20% | 1.53% | 1.14% | 1.17% | 1.74% | 0.94% |
| Payout Ratio | 37.69% | 25.07% | 13.96% | 10.93% | 9.49% | 6.99% |
| Buyback Yield / Dilution | 6.74% | 5.25% | 3.99% | 2.24% | 5.47% | 0.90% |
| Total Shareholder Return | 8.99% | 6.78% | 5.13% | 3.42% | 7.21% | 1.85% |