Lennar (LEN.B) Financials

$100.90 +0.23 (+0.23%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$100.85 -0.05 (-0.05%)

As of 05/23/2025 04:04 PM Eastern

Annual Income Statements for Lennar

This table shows Lennar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019	11/30/2018	11/30/2017	11/30/2016	11/30/2015
Net Income / (Loss) Attributable to Common Shareholders	3,933	3,939	4,614	4,430	2,465	1,850	1,694	810	911	803
Consolidated Net Income / (Loss)	3,968	3,961	4,649	4,457	2,468	1,842	1,718	772	913	819
Net Income / (Loss) Continuing Operations	3,968	3,961	4,649	4,457	2,468	1,842	1,718	772	913	819
Total Pre-Tax Income	5,185	5,202	6,015	5,819	3,124	2,434	2,263	1,190	1,330	1,210
Total Operating Income	4,770	5,367	6,721	5,078	3,115	2,468	1,837	1,199	1,262	1,086
Total Gross Profit	5,499	5,941	7,202	5,537	3,474	2,802	2,334	1,625	1,495	1,302
Total Revenue	35,441	34,233	33,671	27,131	22,489	22,260	20,572	12,646	10,950	9,474
Total Cost of Revenue	29,942	28,292	26,469	21,594	19,015	19,457	18,237	11,021	9,455	8,172
Operating Cost of Revenue	29,942	28,292	26,469	21,594	19,015	19,457	18,237	11,021	9,455	8,172
Total Operating Expenses	729	574	481	458	359	335	497	426	233	216
Selling, General & Admin Expense	649	501	414	398	333	321	344	286	233	216
Other Operating Expenses / (Income)	80	73	66	60	26	13	-	-	-	-
Total Other Income / (Expense), net	440	-214	-707	741	8.93	-33	425	-9.38	68	124
Interest & Investment Income	164	-145	-36	49	83	0.00	0.00	-	55	105
Other Income / (Expense), net	276	-70	-670	692	-74	-33	425	-9.38	13	18
Income Tax Expense	1,217	1,241	1,366	1,363	656	592	545	418	417	390
Net Income / (Loss) Attributable to Noncontrolling Interest	35	23	34	26	2.52	-6.93	22	-39	1.25	16
Basic Earnings per Share	$14.31	$13.73	$15.74	$14.28	$7.88	$5.76	$5.46	$3.38	$4.05	$3.78
Weighted Average Basic Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.80M	234.49M	211.42M
Diluted Earnings per Share	$14.31	$13.73	$15.72	$14.27	$7.85	$5.74	$5.44	$3.38	$3.86	$3.39
Weighted Average Diluted Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.80M	234.49M	211.42M
Weighted Average Basic & Diluted Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.80M	234.49M	211.42M

This table shows Lennar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Net Income / (Loss) Attributable to Common Shareholders	520	1,096	1,163	954	719	1,361	1,109	872	597	1,322	1,467
Consolidated Net Income / (Loss)	529	1,100	1,187	961	720	1,367	1,117	878	599	1,344	1,473
Net Income / (Loss) Continuing Operations	529	1,100	1,187	961	720	1,367	1,117	878	599	1,344	1,473
Total Pre-Tax Income	698	1,458	1,535	1,261	931	1,784	1,475	1,159	784	1,759	1,824
Total Operating Income	696	1,364	1,286	1,219	901	1,887	1,471	1,193	816	1,833	1,943
Total Gross Profit	861	1,556	1,472	1,395	1,075	2,047	1,603	1,335	956	1,946	2,076
Total Revenue	7,632	9,947	9,416	8,766	7,313	10,968	8,730	8,045	6,490	10,174	8,934
Operating Revenue	7,632	-	9,416	8,766	7,313	-	8,730	8,045	6,490	-	8,934
Total Cost of Revenue	6,770	8,391	7,944	7,370	6,238	8,921	7,126	6,710	5,534	8,228	6,859
Operating Cost of Revenue	6,770	8,391	7,944	7,370	6,238	8,921	7,126	6,710	5,534	8,228	6,859
Total Operating Expenses	165	192	186	177	174	160	133	142	140	113	133
Selling, General & Admin Expense	147	170	165	157	157	136	114	125	126	80	116
Other Operating Expenses / (Income)	18	22	22	20	17	24	19	17	14	-	17
Total Other Income / (Expense), net	2.40	119	249	42	30	-153	4.45	-34	-32	-75	-118
Interest & Investment Income	33	-	187	-	-	-	-24	-	-	-2.90	-13
Other Income / (Expense), net	-31	142	62	42	30	-32	28	-34	-32	-72	-105
Income Tax Expense	170	358	348	300	211	417	358	281	185	415	352
Net Income / (Loss) Attributable to Noncontrolling Interest	9.19	3.66	25	6.28	0.59	6.00	7.96	6.05	2.77	21	5.35
Weighted Average Basic Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M
Weighted Average Diluted Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M
Weighted Average Basic & Diluted Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M

This table details how cash moves in and out of Lennar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019	11/30/2018	11/30/2017	11/30/2016	11/30/2015
Net Change in Cash & Equivalents	-1,581	1,755	1,860	23	1,464	-127	-1,098	1,332	171	-123
Net Cash From Operating Activities	2,403	5,180	3,266	2,533	4,191	1,482	1,692	982	508	-420
Net Cash From Continuing Operating Activities	2,403	5,180	3,266	2,533	4,191	1,482	1,692	982	508	-420
Net Income / (Loss) Continuing Operations	3,968	3,961	4,649	4,457	2,468	1,842	1,718	772	913	819
Consolidated Net Income / (Loss)	3,968	3,961	4,649	4,457	2,468	1,842	1,718	772	913	819
Depreciation Expense	116	110	87	86	95	92	91	66	50	44
Amortization Expense	0.15	-1.65	-2.16	-6.78	-25	-26	-24	11	15	20
Non-Cash Adjustments To Reconcile Net Income	-1,375	311	428	-1,320	221	161	80	244	117	17
Changes in Operating Assets and Liabilities, net	-305	799	-1,896	-683	1,433	-587	-173	-111	-588	-1,319
Net Cash From Investing Activities	-303	-177	-128	-105	-280	20	-594	-845	-86	-98
Net Cash From Continuing Investing Activities	-303	-177	-128	-105	-280	20	-608	-845	-86	-98
Purchase of Property, Plant & Equipment	-172	-100	-57	-65	-73	-86	-130	-112	-76	-91
Acquisitions	-426	-201	-447	-408	-486	-436	-1,484	-1,035	-426	-315
Purchase of Investments	-4.52	-8.00	-94	-128	-46	-36	-78	-161	-80	-106
Sale of Property, Plant & Equipment	61	13	25	-	34	79	71	64	25	74
Divestitures	0.00	0.00	0.00	36	15	42	565	0.00	0.00	-
Sale and/or Maturity of Investments	238	104	425	390	277	461	452	249	348	250
Other Investing Activities, net	-0.73	14	21	71	-1.48	-3.52	-3.75	149	124	90
Net Cash From Financing Activities	-3,682	-3,248	-1,277	-2,405	-2,447	-1,629	-2,196	1,194	-251	395
Net Cash From Continuing Financing Activities	-3,682	-3,248	-1,277	-2,405	-2,447	-1,629	-2,196	1,194	-251	395
Repayment of Debt	-830	-1,198	-214	-1,093	-2,387	-1,291	-1,638	-1,452	-631	-675
Repurchase of Common Equity	-2,256	-1,183	-1,039	-1,430	-322	-523	-300	-27	-20	-23
Payment of Dividends	-595	-502	-529	-334	-237	-95	-139	-112	-163	-167
Issuance of Debt	0.00	0.00	0.00	14	93	255	-137	2,581	536	1,248
Issuance of Common Equity	20	21	42	70	177	28	21	6.51	20	11
Other Financing Activities, net	-19	-387	464	369	230	-3.85	-3.54	198	7.04	0.11
Cash Interest Paid	55	81	68	48	97	-	129	89	67	87
Cash Income Taxes Paid	790	1,865	1,273	1,141	402	-	377	200	375	337

This table details how cash moves in and out of Lennar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Net Change in Cash & Equivalents	-2,402	679	390	-1,340	-1,309	2,447	-192	42	-542	3,264	-2.08
Net Cash From Operating Activities	-289	975	819	242	368	2,589	952	660	978	2,714	499
Net Cash From Continuing Operating Activities	-289	975	819	242	368	2,589	952	660	978	2,714	499
Net Income / (Loss) Continuing Operations	529	1,100	1,187	961	720	1,367	1,117	878	599	1,344	1,473
Consolidated Net Income / (Loss)	529	1,100	1,187	961	720	1,367	1,117	878	599	1,344	1,473
Depreciation Expense	31	30	29	29	27	29	37	24	20	29	18
Amortization Expense	-0.09	-0.26	0.07	0.30	0.04	0.54	-0.50	-0.85	-0.84	-0.85	-0.35
Non-Cash Adjustments To Reconcile Net Income	-650	-499	-346	-298	-232	33	26	72	180	-447	210
Changes in Operating Assets and Liabilities, net	-199	344	-52	-450	-147	1,159	-228	-312	180	1,789	-1,202
Net Cash From Investing Activities	21	-126	98	-127	-148	-62	-34	-44	-36	3.17	-67
Net Cash From Continuing Investing Activities	21	-126	98	-127	-148	-62	-34	-44	-36	3.17	-67
Purchase of Property, Plant & Equipment	-56	-41	-18	-39	-73	-46	-22	-26	-5.42	-30	-17
Acquisitions	-310	-114	-64	-130	-118	-49	-44	-51	-57	-51	-135
Purchase of Investments	-3.46	-	-2.46	-	-2.06	-	-1.00	-7.00	0.00	-	-15
Sale of Property, Plant & Equipment	40	30	13	14	5.09	-	5.45	7.76	0.00	6.44	-
Divestitures	233	-	-	-	-	-	-	-	-	-	-
Sale and/or Maturity of Investments	109	-2.46	176	28	37	31	24	23	26	75	98
Other Investing Activities, net	8.47	1.75	-5.44	0.21	2.75	2.11	3.34	8.46	0.42	2.03	2.28
Net Cash From Financing Activities	-2,135	-170	-527	-1,455	-1,529	-80	-1,109	-575	-1,483	547	-434
Net Cash From Continuing Financing Activities	-2,135	-170	-527	-1,455	-1,529	-80	-1,109	-575	-1,483	547	-434
Repayment of Debt	-563	390	131	-731	-620	510	-534	-182	-991	635	-422
Repurchase of Common Equity	-774	-527	-525	-610	-595	-341	-376	-207	-258	-121	-13
Payment of Dividends	-137	-135	-155	-164	-141	-133	-130	-110	-129	-115	-128
Issuance of Debt	0.00	-6.23	-	0.00	6.23	-	-	-	0.00	-	-
Issuance of Common Equity	11	3.07	2.32	8.93	5.80	15	1.39	2.42	2.50	12	12
Other Financing Activities, net	-672	106	19	40	-185	-130	-70	-78	-108	136	117

This table presents Lennar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019	11/30/2018	11/30/2017	11/30/2016	11/30/2015
Total Assets	41,313	39,234	37,984	33,208	29,935	29,360	795	18,745	15,362	14,420
Total Current Assets	31,166	31,134	30,312	27,703	24,349	22,905	298	14,284	35,881	4,527
Cash & Equivalents	4,663	6,274	4,616	2,735	2,704	1,210	-	2,651	1,330	-
Restricted Cash	12	13	23	22	15	9.70	7.18	43	33	-
Accounts Receivable	1,053	888	674	490	299	406	0.20	521	780	506
Inventories, net	25,438	23,959	24,998	24,455	16,925	17,778	291	11,070	18,377	4,022
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	6,522	6,098	5,939	5,505	5,586	6,406	496	2,873	2,288	2,054
Long-Term Investments	1,345	1,144	1,173	972	953	1,570	428	1,574	1,376	1,217
Goodwill	3,442	3,442	3,442	3,442	3,442	3,442	0.00	202	45	-
Other Noncurrent Operating Assets	1,735	1,512	1,323	1,091	1,191	1,394	69	1,098	866	836
Total Liabilities & Shareholders' Equity	41,313	39,234	37,984	33,208	29,935	29,360	28,566	18,745	15,362	14,420
Total Liabilities	13,292	12,532	13,744	12,211	11,836	13,326	14,003	10,759	8,150	8,469
Total Current Liabilities	5,403	4,172	3,584	2,298	1,744	1,069	11	2,301	589	476
Accounts Payable	1,839	1,631	1,616	1,321	1,037	1,069	11	605	479	476
Other Current Liabilities	3,564	2,541	1,968	977	707	-	-	1,696	110	-
Total Noncurrent Liabilities	7,888	8,360	10,160	9,914	10,092	12,263	13,992	6,745	13,894	6,301
Long-Term Debt	2,258	2,816	4,047	4,652	5,956	7,813	52	6,410	4,576	5,025
Other Noncurrent Operating Liabilities	5,630	5,544	6,113	5,261	4,136	4,450	13,940	335	9,318	1,275
Total Equity & Noncontrolling Interests	28,021	26,702	24,240	20,996	18,099	16,034	14,683	7,986	7,212	5,950
Total Preferred & Common Equity	27,870	26,581	24,101	20,816	17,995	15,950	14,582	7,872	7,026	5,649
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	27,870	26,581	24,101	20,816	17,961	15,916	14,548	7,872	7,026	5,649
Common Stock	5,759	5,600	5,447	8,842	8,676	8,578	8,497	3,166	2,829	2,327
Retained Earnings	25,753	22,369	18,861	14,685	10,565	8,295	6,488	4,841	4,306	3,430
Treasury Stock	-3,650	-1,393	-210	-2,709	-1,279	-958	-436	-136	-109	-108
Accumulated Other Comprehensive Income / (Loss)	7.53	4.88	2.41	-1.34	-0.81	0.50	-0.37	1.03	-0.31	0.04
Noncontrolling Interest	151	121	140	180	105	84	101	114	186	301

This table presents Lennar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Total Assets	104,958	41,313	119,223	116,003	116,854	39,234	112,314	26,976	36,573	37,984	35,340
Total Current Assets	53,726	31,166	78,252	76,376	78,212	31,134	78,097	11,014	27,342	30,312	26,204
Cash & Equivalents	7,317	4,663	12,543	11,342	15,378	6,274	8,178	8,575	4,243	4,616	1,504
Restricted Cash	165	12	130	110	108	13	70	56	31	23	47
Accounts Receivable	4,131	1,053	4,210	4,003	3,467	888	2,641	-	1,000	674	1,380
Inventories, net	42,113	25,438	61,370	60,921	59,260	23,959	67,207	2,382	22,068	24,998	23,272
Plant, Property, & Equipment, net	4,517	0.00	8,715	8,172	8,282	0.00	9,681	0.00	0.00	0.00	0.00
Total Noncurrent Assets	26,009	6,522	21,860	21,541	21,134	6,098	21,177	15,962	7,407	5,939	7,163
Long-Term Investments	9,633	1,345	5,720	5,617	5,372	1,144	5,295	5,255	2,130	1,173	2,149
Goodwill	10,706	3,442	10,706	10,706	10,706	3,442	10,706	10,706	3,632	3,442	3,632
Other Noncurrent Operating Assets	5,669	1,735	5,433	5,218	5,056	1,512	5,176	-	1,645	1,323	1,383
Total Liabilities & Shareholders' Equity	34,986	41,313	39,741	38,668	38,951	39,234	37,438	36,858	36,573	37,984	35,340
Total Liabilities	36,356	13,292	36,550	34,956	36,520	12,532	34,949	4,134	12,018	13,744	12,212
Total Current Liabilities	1,926	5,403	1,788	1,727	1,565	4,172	1,722	1,701	3,358	3,584	3,215
Accounts Payable	1,926	1,839	1,788	1,727	1,565	1,631	1,722	1,701	-	1,616	1,553
Total Noncurrent Liabilities	12,505	7,888	12,608	12,058	14,309	8,360	14,876	2,433	5,222	10,160	8,998
Long-Term Debt	9,428	2,258	9,881	9,545	11,620	2,816	12,276	-	5,222	4,047	4,057
Other Noncurrent Operating Liabilities	3,077	5,630	2,727	2,513	2,689	5,544	2,601	2,433	-	6,113	4,940
Total Equity & Noncontrolling Interests	22,867	28,021	27,558	27,016	26,778	26,702	25,789	25,161	24,555	24,240	23,128
Total Preferred & Common Equity	22,728	27,870	27,413	26,878	26,648	26,581	25,657	25,015	24,418	24,101	22,977
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	22,728	27,870	27,413	26,878	26,648	26,581	25,657	25,015	24,418	24,101	22,977
Common Stock	5,843	5,759	5,736	5,704	5,681	5,600	5,591	5,576	5,533	5,447	5,418
Retained Earnings	21,302	25,753	24,792	23,765	22,949	22,369	21,113	20,111	19,350	18,861	17,647
Treasury Stock	-4,424	-3,650	-3,122	-2,598	-1,988	-1,393	-1,052	-676	-468	-210	-90
Accumulated Other Comprehensive Income / (Loss)	7.35	7.53	7.04	6.60	5.24	4.88	4.04	3.83	3.26	2.41	2.09
Noncontrolling Interest	139	151	145	138	130	121	132	146	137	140	150

This table displays calculated financial ratios and metrics derived from Lennar's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	11/30/2024	11/30/2023	11/30/2022	11/30/2021	11/30/2020	11/30/2019	11/30/2018	11/30/2017	11/30/2016	11/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.53%	1.67%	24.11%	20.64%	1.03%	8.21%	62.67%	15.49%	15.58%	21.78%
EBITDA Growth	-4.51%	-11.91%	4.90%	88.07%	24.39%	7.29%	83.89%	-5.44%	14.74%	9.54%
EBIT Growth	-4.73%	-12.46%	4.87%	89.78%	24.90%	7.58%	90.20%	-6.72%	15.47%	9.75%
NOPAT Growth	-10.68%	-21.34%	33.56%	58.07%	31.77%	33.90%	79.29%	-10.22%	17.79%	23.05%
Net Income Growth	0.16%	-14.78%	4.31%	80.61%	33.95%	7.26%	122.55%	-15.48%	11.46%	30.30%
EPS Growth	4.22%	-12.66%	10.16%	81.78%	36.76%	5.51%	60.95%	-12.44%	13.86%	21.07%
Operating Cash Flow Growth	-53.60%	58.61%	28.94%	-39.56%	182.72%	-12.38%	72.21%	93.46%	221.01%	46.78%
Free Cash Flow Firm Growth	-34.63%	-25.57%	170.85%	-23.63%	109.41%	-229.67%	57.27%	176.26%	-419.91%	1,998.39%
Invested Capital Growth	2.74%	-3.16%	-5.37%	7.54%	-2.95%	254.53%	-232.57%	-59.83%	606.56%	-61.80%
Revenue Q/Q Growth	-2.80%	2.37%	5.45%	6.30%	-0.64%	2.36%	14.94%	3.34%	4.10%	3.97%
EBITDA Q/Q Growth	-6.32%	1.77%	4.04%	8.05%	6.63%	-4.75%	31.23%	3.32%	3.59%	-1.92%
EBIT Q/Q Growth	-6.47%	1.79%	3.95%	8.17%	6.88%	-5.00%	32.86%	2.96%	3.85%	-2.15%
NOPAT Q/Q Growth	-10.26%	1.11%	5.06%	7.21%	9.64%	4.41%	28.51%	-1.21%	4.55%	1.99%
Net Income Q/Q Growth	-6.31%	0.59%	3.34%	7.29%	9.78%	-6.45%	41.12%	-1.62%	1.99%	5.13%
EPS Q/Q Growth	0.00%	0.00%	4.04%	8.27%	9.79%	-7.87%	31.72%	0.60%	3.49%	2.42%
Operating Cash Flow Q/Q Growth	-40.19%	-2.36%	84.31%	-2.82%	2.69%	17.31%	22.49%	17.14%	-23.72%	57.11%
Free Cash Flow Firm Q/Q Growth	-66.44%	107.24%	17.41%	-25.86%	109.25%	-2,097.09%	-42.75%	144.26%	-267.89%	-4.79%
Invested Capital Q/Q Growth	-75.98%	-77.95%	-3.58%	-0.35%	-5.38%	250.09%	3.90%	-64.47%	411.72%	2.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.52%	17.35%	21.39%	20.41%	15.45%	12.59%	11.35%	12.85%	13.65%	13.75%
EBITDA Margin	14.56%	15.79%	18.22%	21.56%	13.83%	11.23%	11.33%	10.02%	12.24%	12.33%
Operating Margin	13.46%	15.68%	19.96%	18.72%	13.85%	11.09%	8.93%	9.48%	11.53%	11.46%
EBIT Margin	14.24%	15.47%	17.97%	21.27%	13.52%	10.94%	11.00%	9.41%	11.65%	11.66%
Profit (Net Income) Margin	11.20%	11.57%	13.81%	16.43%	10.97%	8.28%	8.35%	6.10%	8.34%	8.65%
Tax Burden Percent	76.52%	76.14%	77.29%	76.59%	78.99%	75.67%	75.91%	64.87%	68.63%	67.72%
Interest Burden Percent	102.75%	98.22%	99.40%	100.85%	102.74%	100.00%	100.00%	100.00%	104.33%	109.52%
Effective Tax Rate	23.48%	23.86%	22.71%	23.41%	21.01%	24.33%	24.09%	35.13%	31.37%	32.28%
Return on Invested Capital (ROIC)	17.93%	20.02%	24.35%	18.39%	11.89%	50.39%	0.00%	4.35%	5.95%	11.26%
ROIC Less NNEP Spread (ROIC-NNEP)	13.39%	22.49%	66.76%	53.77%	12.09%	50.61%	0.00%	4.29%	6.53%	20.23%
Return on Net Nonoperating Assets (RNNOA)	-3.43%	-4.47%	-3.80%	4.41%	2.57%	-38.40%	0.00%	5.81%	7.93%	3.37%
Return on Equity (ROE)	14.50%	15.55%	20.55%	22.80%	14.46%	11.99%	15.15%	10.16%	13.88%	14.63%
Cash Return on Invested Capital (CROIC)	15.23%	23.23%	29.87%	11.12%	14.89%	-155.82%	0.00%	89.71%	-144.46%	100.68%
Operating Return on Assets (OROA)	12.53%	13.72%	17.00%	18.28%	10.26%	16.15%	23.16%	6.98%	8.56%	8.08%
Return on Assets (ROA)	9.85%	10.26%	13.06%	14.12%	8.32%	12.22%	17.58%	4.53%	6.13%	5.99%
Return on Common Equity (ROCE)	14.43%	15.47%	20.41%	22.61%	14.35%	11.90%	14.99%	9.96%	13.36%	13.68%
Return on Equity Simple (ROE_SIMPLE)	14.24%	14.90%	19.29%	21.41%	13.71%	11.55%	11.78%	9.80%	13.00%	14.50%
Net Operating Profit after Tax (NOPAT)	3,650	4,086	5,195	3,889	2,460	1,867	1,395	778	866	735
NOPAT Margin	10.30%	11.94%	15.43%	14.34%	10.94%	8.39%	6.78%	6.15%	7.91%	7.76%
Net Nonoperating Expense Percent (NNEP)	4.54%	-2.47%	-42.41%	-35.38%	-0.19%	-0.22%	2.48%	0.06%	-0.59%	-8.97%
Return On Investment Capital (ROIC_SIMPLE)	12.05%	13.84%	18.36%	15.16%	10.23%	7.83%	9.46%	5.40%	7.35%	6.70%
Cost of Revenue to Revenue	84.48%	82.65%	78.61%	79.59%	84.55%	87.41%	88.65%	87.15%	86.35%	86.25%
SG&A Expenses to Revenue	1.83%	1.46%	1.23%	1.47%	1.48%	1.44%	1.67%	2.26%	2.12%	2.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.06%	1.68%	1.43%	1.69%	1.60%	1.50%	2.42%	3.37%	2.12%	2.28%
Earnings before Interest and Taxes (EBIT)	5,046	5,297	6,051	5,770	3,040	2,434	2,263	1,190	1,275	1,104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,162	5,405	6,136	5,849	3,110	2,500	2,330	1,267	1,340	1,168
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.69	1.35	1.03	1.49	1.25	1.11	0.90	1.74	1.25	1.73
Price to Tangible Book Value (P/TBV)	1.93	1.55	1.20	1.78	1.54	1.42	0.90	1.79	1.26	1.73
Price to Revenue (P/Rev)	1.33	1.05	0.74	1.14	0.99	0.79	0.64	1.08	0.80	1.03
Price to Earnings (P/E)	11.98	9.08	5.38	6.99	9.07	9.56	7.75	16.91	9.67	12.16
Dividend Yield	1.15%	1.19%	1.76%	1.00%	0.87%	0.29%	0.40%	0.00%	0.52%	0.34%
Earnings Yield	8.34%	11.01%	18.59%	14.30%	11.02%	10.46%	12.90%	5.91%	10.34%	8.23%
Enterprise Value to Invested Capital (EV/IC)	2.11	1.56	1.12	1.46	1.21	1.09	0.00	1.56	0.42	3.84
Enterprise Value to Revenue (EV/Rev)	1.23	0.91	0.69	1.18	1.10	1.02	0.62	1.26	0.99	1.46
Enterprise Value to EBITDA (EV/EBITDA)	8.43	5.79	3.78	5.48	7.96	9.12	5.52	12.60	8.09	11.87
Enterprise Value to EBIT (EV/EBIT)	8.62	5.91	3.83	5.56	8.14	9.37	5.68	13.42	8.50	12.56
Enterprise Value to NOPAT (EV/NOPAT)	11.92	7.66	4.46	8.25	10.06	12.21	9.22	20.52	12.51	18.86
Enterprise Value to Operating Cash Flow (EV/OCF)	18.11	6.04	7.10	12.67	5.91	15.38	7.60	16.25	21.34	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	14.04	6.60	3.64	13.63	8.04	0.00	0.51	0.99	0.00	2.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.11	0.17	0.22	0.33	0.49	0.00	0.80	0.63	0.84
Long-Term Debt to Equity	0.08	0.11	0.17	0.22	0.33	0.49	0.00	0.80	0.63	0.84
Financial Leverage	-0.26	-0.20	-0.06	0.08	0.21	-0.76	-1.15	1.35	1.21	0.17
Leverage Ratio	1.47	1.52	1.57	1.62	1.74	0.98	0.86	2.24	2.26	2.44
Compound Leverage Factor	1.51	1.49	1.56	1.63	1.78	0.98	0.86	2.24	2.36	2.67
Debt to Total Capital	7.46%	9.54%	14.31%	18.14%	24.76%	32.76%	0.35%	44.53%	38.82%	45.79%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	7.46%	9.54%	14.31%	18.14%	24.76%	32.76%	0.35%	44.53%	38.82%	45.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.50%	0.41%	0.49%	0.70%	0.43%	0.35%	0.69%	0.79%	1.57%	2.74%
Common Equity to Total Capital	92.04%	90.05%	85.20%	81.16%	74.67%	66.74%	98.73%	54.68%	59.61%	51.47%
Debt to EBITDA	0.44	0.52	0.66	0.80	1.91	3.12	0.02	5.06	3.41	4.30
Net Debt to EBITDA	-0.73	-0.85	-0.29	0.16	0.73	2.01	-0.16	1.69	1.37	3.26
Long-Term Debt to EBITDA	0.44	0.52	0.66	0.80	1.91	3.12	0.02	5.06	3.41	4.30
Debt to NOPAT	0.62	0.69	0.78	1.20	2.42	4.18	0.04	8.24	5.28	6.83
Net Debt to NOPAT	-1.03	-1.13	-0.34	0.24	0.93	2.69	-0.27	2.75	2.12	5.18
Long-Term Debt to NOPAT	0.62	0.69	0.78	1.20	2.42	4.18	0.04	8.24	5.28	6.83
Altman Z-Score	5.01	4.65	4.04	4.45	3.62	3.12	47.72	2.78	4.78	2.27
Noncontrolling Interest Sharing Ratio	0.50%	0.51%	0.71%	0.81%	0.75%	0.82%	1.10%	1.97%	3.70%	6.48%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.77	7.46	8.46	12.06	13.96	21.42	26.15	6.21	60.96	9.51
Quick Ratio	1.06	1.72	1.48	1.40	1.72	1.51	0.02	1.38	3.58	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,100	4,743	6,372	2,353	3,081	-32,727	25,239	16,048	-21,044	6,578
Operating Cash Flow to CapEx	2,183.66%	5,982.33%	10,039.56%	3,886.29%	10,796.07%	20,616.73%	2,839.22%	2,053.59%	992.75%	-2,381.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.88	0.89	0.95	0.86	0.76	1.48	2.11	0.74	0.74	0.69
Accounts Receivable Turnover	36.51	43.83	57.84	68.78	63.83	109.59	79.00	19.45	17.03	20.96
Inventory Turnover	1.21	1.16	1.07	1.04	1.10	2.15	3.21	0.75	0.84	1.87
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	17.25	17.42	18.02	18.31	18.05	36.01	59.18	20.34	19.81	17.45
Days Sales Outstanding (DSO)	10.00	8.33	6.31	5.31	5.72	3.33	4.62	18.77	21.43	17.41
Days Inventory Outstanding (DIO)	301.07	315.80	340.98	349.72	333.08	169.48	113.68	487.58	432.32	195.28
Days Payable Outstanding (DPO)	21.15	20.95	20.25	19.93	20.22	10.14	6.17	17.94	18.42	20.92
Cash Conversion Cycle (CCC)	289.91	303.18	327.04	335.10	318.58	162.68	112.13	488.41	435.33	191.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,635	20,085	20,742	21,919	20,383	21,003	-13,592	10,253	25,523	3,612
Invested Capital Turnover	1.74	1.68	1.58	1.28	1.09	6.01	-12.32	0.71	0.75	1.45
Increase / (Decrease) in Invested Capital	550	-656	-1,178	1,537	-620	34,595	-23,845	-15,270	21,911	-5,843
Enterprise Value (EV)	43,519	31,287	23,193	32,079	24,756	22,798	12,854	15,962	10,835	13,868
Market Capitalization	47,129	35,780	24,818	30,976	22,368	17,690	13,136	13,706	8,812	9,759
Book Value per Share	$102.75	$93.48	$82.77	$67.26	$57.43	$50.11	$44.05	$33.46	$30.84	$26.86
Tangible Book Value per Share	$90.06	$81.37	$70.95	$56.14	$46.42	$39.27	$44.05	$32.60	$30.64	$26.86
Total Capital	30,280	29,518	28,288	25,649	24,055	23,847	14,735	14,396	11,788	10,975
Total Debt	2,258	2,816	4,047	4,652	5,956	7,813	52	6,410	4,576	5,025
Total Long-Term Debt	2,258	2,816	4,047	4,652	5,956	7,813	52	6,410	4,576	5,025
Net Debt	-3,761	-4,615	-1,765	923	2,283	5,023	-383	2,142	1,837	3,808
Capital Expenditures (CapEx)	110	87	33	65	39	7.19	60	48	51	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21,088	20,674	22,089	22,648	19,886	20,617	280	9,289	33,930	4,051
Debt-free Net Working Capital (DFNWC)	25,762	26,962	26,728	25,405	22,605	21,836	287	11,983	35,292	4,051
Net Working Capital (NWC)	25,762	26,962	26,728	25,405	22,605	21,836	287	11,983	35,292	4,051
Net Nonoperating Expense (NNE)	-318	125	546	-567	-7.06	25	-323	6.09	-47	-84
Net Nonoperating Obligations (NNO)	-7,386	-6,617	-3,499	923	2,283	4,969	-28,275	2,267	18,311	-2,338
Total Depreciation and Amortization (D&A)	116	109	85	79	70	66	68	78	65	64
Debt-free, Cash-free Net Working Capital to Revenue	59.50%	60.39%	65.60%	83.48%	88.42%	92.62%	1.36%	73.45%	309.86%	42.76%
Debt-free Net Working Capital to Revenue	72.69%	78.76%	79.38%	93.64%	100.52%	98.10%	1.39%	94.75%	322.30%	42.76%
Net Working Capital to Revenue	72.69%	78.76%	79.38%	93.64%	100.52%	98.10%	1.39%	94.75%	322.30%	42.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.31	$13.73	$15.74	$14.28	$7.88	$5.76	$5.46	$3.38	$4.13	$3.87
Adjusted Weighted Average Basic Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.96M	234.49M	211.42M
Adjusted Diluted Earnings per Share	$14.31	$13.73	$15.72	$14.27	$7.85	$5.74	$5.44	$3.38	$3.93	$3.46
Adjusted Weighted Average Diluted Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.96M	234.49M	211.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	265.52M	280.82M	289.70M	298.88M	312.68M	315.86M	324.20M	239.96M	234.49M	211.42M
Normalized Net Operating Profit after Tax (NOPAT)	3,650	4,086	5,195	3,889	2,460	1,867	1,511	869	866	735
Normalized NOPAT Margin	10.30%	11.94%	15.43%	14.34%	10.94%	8.39%	7.34%	6.87%	7.91%	7.76%
Pre Tax Income Margin	14.63%	15.20%	17.86%	21.45%	13.89%	10.94%	11.00%	9.41%	12.15%	12.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.01%	12.67%	11.39%	7.50%	9.62%	5.17%	8.08%	14.51%	17.82%	20.33%
Augmented Payout Ratio	71.88%	42.53%	33.75%	39.60%	22.65%	33.56%	25.54%	18.02%	20.00%	23.16%

This table displays calculated financial ratios and metrics derived from Lennar's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022	8/31/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.36%	-9.31%	7.86%	8.96%	12.67%	7.80%	-2.29%	-3.75%	4.63%	20.64%	28.71%
EBITDA Growth	-29.57%	-18.49%	-10.28%	9.18%	19.16%	5.26%	-17.24%	-33.83%	14.09%	15.37%	1.18%
EBIT Growth	-30.82%	-18.81%	-10.05%	8.84%	18.65%	5.27%	-18.42%	-34.42%	14.51%	15.00%	1.28%
NOPAT Growth	-24.40%	-28.84%	-10.68%	2.73%	11.76%	3.21%	-28.99%	-35.26%	-24.18%	21.42%	52.25%
Net Income Growth	-26.56%	-19.56%	6.30%	9.44%	20.13%	1.74%	-24.16%	-33.63%	17.67%	12.59%	4.50%
EPS Growth	0.00%	0.00%	0.00%	0.00%	24.76%	0.00%	0.00%	0.00%	21.89%	15.64%	11.28%
Operating Cash Flow Growth	-178.57%	-62.36%	-13.93%	-63.40%	-62.39%	-4.61%	90.81%	429.05%	1,454.27%	122.40%	-16.05%
Free Cash Flow Firm Growth	139.10%	-77.20%	109.01%	-569.36%	-1,039.12%	-18.48%	-3,437.66%	1,275.56%	-222.00%	773.86%	256.36%
Invested Capital Growth	-24.70%	2.74%	-5.68%	846.73%	191.12%	-3.16%	323.42%	-62.70%	23.09%	-5.37%	-2.20%
Revenue Q/Q Growth	-23.28%	5.64%	7.42%	19.86%	-33.33%	25.64%	8.51%	23.95%	-36.21%	13.88%	6.89%
EBITDA Q/Q Growth	-53.75%	11.45%	6.82%	34.66%	-49.16%	22.68%	29.98%	46.97%	-55.09%	-3.54%	3.92%
EBIT Q/Q Growth	-54.92%	11.65%	6.94%	35.48%	-49.81%	23.71%	29.39%	47.70%	-55.47%	-4.13%	4.02%
NOPAT Q/Q Growth	-48.79%	3.45%	7.14%	33.20%	-51.80%	29.85%	23.23%	44.91%	-55.49%	-10.67%	12.35%
Net Income Q/Q Growth	-51.93%	-7.36%	23.60%	33.43%	-47.35%	22.41%	27.25%	46.46%	-55.41%	-8.74%	11.35%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-54.32%	-10.34%	12.03%
Operating Cash Flow Q/Q Growth	-129.66%	18.95%	238.87%	-34.28%	-85.79%	172.01%	44.12%	-32.48%	-63.96%	444.10%	299.58%
Free Cash Flow Firm Q/Q Growth	132.76%	-92.23%	108.23%	-40.06%	-2,643.49%	103.07%	-529.04%	439.93%	-282.03%	25.72%	251.11%
Invested Capital Q/Q Growth	-26.86%	-75.98%	1.34%	2.74%	310.83%	-77.95%	917.19%	-68.41%	36.66%	-3.58%	-10.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	11.28%	15.64%	15.64%	15.92%	14.70%	18.66%	18.37%	16.59%	14.73%	19.13%	23.23%
EBITDA Margin	9.12%	15.44%	14.63%	14.72%	13.10%	17.18%	17.59%	14.69%	12.39%	17.59%	20.77%
Operating Margin	9.12%	13.71%	13.66%	13.90%	12.32%	17.20%	16.85%	14.83%	12.58%	18.02%	21.74%
EBIT Margin	8.71%	15.14%	14.32%	14.39%	12.73%	16.91%	17.17%	14.40%	12.09%	17.31%	20.57%
Profit (Net Income) Margin	6.93%	11.06%	12.61%	10.96%	9.84%	12.47%	12.80%	10.91%	9.23%	13.21%	16.48%
Tax Burden Percent	75.72%	75.44%	77.34%	76.17%	77.35%	76.64%	75.72%	75.76%	76.40%	76.42%	80.73%
Interest Burden Percent	105.00%	96.83%	113.84%	100.00%	100.00%	96.20%	98.40%	100.00%	100.00%	99.84%	99.28%
Effective Tax Rate	24.28%	24.56%	22.66%	23.83%	22.65%	23.36%	24.28%	24.24%	23.60%	23.58%	19.27%
Return on Invested Capital (ROIC)	3.41%	18.01%	4.35%	8.08%	6.03%	22.11%	7.58%	22.93%	12.70%	21.74%	25.76%
ROIC Less NNEP Spread (ROIC-NNEP)	3.42%	16.99%	4.66%	8.24%	6.10%	23.66%	7.59%	23.30%	11.89%	26.17%	73.73%
Return on Net Nonoperating Assets (RNNOA)	6.54%	-4.35%	10.81%	6.56%	7.08%	-4.70%	9.88%	-6.94%	1.56%	-1.49%	-0.67%
Return on Equity (ROE)	9.95%	13.66%	15.16%	14.65%	13.11%	17.41%	17.45%	15.99%	14.27%	20.25%	25.10%
Cash Return on Invested Capital (CROIC)	33.00%	15.23%	10.44%	-152.86%	-90.22%	23.23%	-116.40%	118.61%	-1.28%	29.87%	24.95%
Operating Return on Assets (OROA)	2.81%	13.32%	4.51%	7.20%	5.82%	14.99%	7.78%	15.81%	11.86%	16.38%	19.29%
Return on Assets (ROA)	2.23%	9.73%	3.97%	5.48%	4.50%	11.05%	5.80%	11.98%	9.06%	12.49%	15.46%
Return on Common Equity (ROCE)	9.90%	13.59%	15.08%	14.57%	13.04%	17.32%	17.35%	15.87%	14.17%	20.10%	24.92%
Return on Equity Simple (ROE_SIMPLE)	16.62%	0.00%	15.45%	15.50%	15.32%	0.00%	15.35%	17.16%	19.41%	0.00%	19.58%
Net Operating Profit after Tax (NOPAT)	527	1,029	995	928	697	1,446	1,114	904	624	1,401	1,568
NOPAT Margin	6.90%	10.34%	10.56%	10.59%	9.53%	13.18%	12.76%	11.23%	9.61%	13.77%	17.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.01%	-0.31%	-0.16%	-0.08%	-1.56%	-0.01%	-0.37%	0.81%	-4.43%	-47.97%
Return On Investment Capital (ROIC_SIMPLE)	1.63%	3.40%	2.66%	2.54%	1.82%	4.90%	2.93%	3.59%	2.09%	4.95%	5.77%
Cost of Revenue to Revenue	88.72%	84.36%	84.36%	84.08%	85.30%	81.34%	81.63%	83.41%	85.27%	80.87%	76.77%
SG&A Expenses to Revenue	1.93%	1.71%	1.75%	1.79%	2.15%	1.24%	1.31%	1.55%	1.94%	0.79%	1.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.16%	1.93%	1.98%	2.02%	2.38%	1.46%	1.52%	1.76%	2.15%	1.11%	1.49%
Earnings before Interest and Taxes (EBIT)	665	1,506	1,349	1,261	931	1,855	1,499	1,159	784	1,762	1,838
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	696	1,536	1,378	1,290	958	1,884	1,536	1,182	804	1,790	1,856
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.40	1.69	1.81	1.64	1.67	1.35	1.31	1.21	1.12	1.03	0.95
Price to Tangible Book Value (P/TBV)	2.64	1.93	2.97	2.73	2.79	1.55	2.24	2.12	1.31	1.20	1.13
Price to Revenue (P/Rev)	0.89	1.33	1.36	1.24	1.27	1.05	1.00	0.90	0.80	0.74	0.68
Price to Earnings (P/E)	8.51	11.98	11.83	10.66	10.95	9.08	8.61	7.12	5.80	5.38	4.86
Dividend Yield	1.67%	1.15%	1.04%	1.10%	1.04%	1.19%	1.28%	1.43%	1.59%	1.76%	1.84%
Earnings Yield	11.75%	8.34%	8.45%	9.38%	9.13%	11.01%	11.62%	14.05%	17.24%	18.59%	20.57%
Enterprise Value to Invested Capital (EV/IC)	0.39	2.11	0.48	0.43	0.43	1.56	0.36	1.85	0.93	1.12	1.04
Enterprise Value to Revenue (EV/Rev)	0.68	1.23	1.13	1.03	1.01	0.91	0.97	0.49	0.77	0.69	0.70
Enterprise Value to EBITDA (EV/EBITDA)	4.97	8.43	7.50	6.49	6.36	5.79	6.10	2.94	4.21	3.78	3.78
Enterprise Value to EBIT (EV/EBIT)	5.10	8.62	7.66	6.64	6.50	5.91	6.23	2.99	4.27	3.83	3.83
Enterprise Value to NOPAT (EV/NOPAT)	6.96	11.92	10.16	8.80	8.50	7.66	8.02	3.68	5.26	4.46	4.51
Enterprise Value to Operating Cash Flow (EV/OCF)	13.87	18.11	10.28	8.87	7.74	6.04	6.11	3.41	6.08	7.10	12.59
Enterprise Value to Free Cash Flow (EV/FCFF)	1.01	14.04	4.47	0.00	0.00	6.60	0.00	0.85	0.00	3.64	4.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.08	0.36	0.35	0.43	0.11	0.48	0.00	0.21	0.17	0.18
Long-Term Debt to Equity	0.41	0.08	0.36	0.35	0.43	0.11	0.48	0.00	0.21	0.17	0.18
Financial Leverage	1.91	-0.26	2.32	0.80	1.16	-0.20	1.30	-0.30	0.13	-0.06	-0.01
Leverage Ratio	4.47	1.47	4.34	2.74	2.99	1.52	3.02	1.31	1.52	1.57	1.55
Compound Leverage Factor	4.69	1.43	4.94	2.74	2.99	1.46	2.97	1.31	1.52	1.57	1.54
Debt to Total Capital	29.19%	7.46%	26.39%	26.11%	30.26%	9.54%	32.25%	0.00%	17.54%	14.31%	14.93%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.19%	7.46%	26.39%	26.11%	30.26%	9.54%	32.25%	0.00%	17.54%	14.31%	14.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.43%	0.50%	0.39%	0.38%	0.34%	0.41%	0.35%	0.58%	0.46%	0.49%	0.55%
Common Equity to Total Capital	70.38%	92.04%	73.22%	73.52%	69.40%	90.05%	67.40%	99.42%	82.00%	85.20%	84.52%
Debt to EBITDA	1.94	0.44	1.79	1.68	2.09	0.52	2.31	0.00	0.84	0.66	0.69
Net Debt to EBITDA	-1.58	-0.73	-1.54	-1.33	-1.66	-0.85	-0.24	0.00	-0.19	-0.29	0.06
Long-Term Debt to EBITDA	1.94	0.44	1.79	1.68	2.09	0.52	2.31	0.00	0.84	0.66	0.69
Debt to NOPAT	2.71	0.62	2.43	2.28	2.79	0.69	3.04	0.00	1.05	0.78	0.82
Net Debt to NOPAT	-2.21	-1.03	-2.09	-1.80	-2.22	-1.13	-0.31	0.00	-0.24	-0.34	0.07
Long-Term Debt to NOPAT	2.71	0.62	2.43	2.28	2.79	0.69	3.04	0.00	1.05	0.78	0.82
Altman Z-Score	1.76	4.73	2.22	2.16	2.12	4.36	2.00	7.24	3.89	3.66	3.63
Noncontrolling Interest Sharing Ratio	0.54%	0.50%	0.52%	0.54%	0.52%	0.51%	0.58%	0.72%	0.67%	0.71%	0.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	27.89	5.77	43.76	44.22	49.96	7.46	45.36	6.48	8.14	8.46	8.15
Quick Ratio	5.94	1.06	9.37	8.88	12.04	1.72	6.28	5.04	1.56	1.48	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20,910	479	6,165	-74,897	-53,474	2,102	-68,463	15,957	-4,694	2,579	2,051
Operating Cash Flow to CapEx	-1,831.12%	8,579.14%	14,425.92%	959.63%	542.33%	5,605.66%	5,636.01%	3,652.44%	18,038.08%	11,678.57%	2,992.81%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.88	0.32	0.50	0.46	0.89	0.45	1.10	0.98	0.95	0.94
Accounts Receivable Turnover	9.41	36.51	10.64	0.00	15.70	43.83	16.63	0.00	46.64	57.84	34.58
Inventory Turnover	0.60	1.21	0.47	0.94	0.71	1.16	0.61	1.88	1.14	1.07	1.16
Fixed Asset Turnover	5.59	0.00	3.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	17.46	17.25	17.37	17.30	0.00	17.42	16.86	16.79	0.00	18.02	17.82
Days Sales Outstanding (DSO)	38.78	10.00	34.29	0.00	23.25	8.33	21.95	0.00	7.83	6.31	10.55
Days Inventory Outstanding (DIO)	607.06	301.07	770.04	389.57	511.88	315.80	598.30	194.20	318.98	340.98	314.47
Days Payable Outstanding (DPO)	20.91	21.15	21.02	21.10	0.00	20.95	21.65	21.74	0.00	20.25	20.48
Cash Conversion Cycle (CCC)	624.93	289.91	783.31	368.47	535.13	303.18	598.60	172.46	326.81	327.04	304.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	62,133	20,635	85,919	84,780	82,516	20,085	91,090	8,955	28,345	20,742	21,513
Invested Capital Turnover	0.49	1.74	0.41	0.76	0.63	1.68	0.59	2.04	1.32	1.58	1.47
Increase / (Decrease) in Invested Capital	-20,383	550	-5,170	75,825	54,171	-656	69,577	-15,054	5,318	-1,178	-483
Enterprise Value (EV)	24,216	43,519	41,306	36,805	35,372	31,287	32,423	16,561	26,257	23,193	22,305
Market Capitalization	31,764	47,129	49,673	44,191	44,480	35,780	33,558	30,301	27,302	24,818	21,797
Book Value per Share	$85.60	$102.75	$99.83	$97.88	$95.74	$93.48	$89.26	$86.44	$84.29	$82.77	$78.86
Tangible Book Value per Share	$45.28	$90.06	$60.84	$58.89	$57.27	$81.37	$52.01	$49.44	$71.75	$70.95	$66.39
Total Capital	32,295	30,280	37,438	36,560	38,398	29,518	38,064	25,161	29,777	28,288	27,185
Total Debt	9,428	2,258	9,881	9,545	11,620	2,816	12,276	0.00	5,222	4,047	4,057
Total Long-Term Debt	9,428	2,258	9,881	9,545	11,620	2,816	12,276	0.00	5,222	4,047	4,057
Net Debt	-7,688	-3,761	-8,512	-7,524	-9,238	-4,615	-1,267	-13,887	-1,182	-1,765	358
Capital Expenditures (CapEx)	16	11	5.68	25	68	46	17	18	5.42	23	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	44,317	21,088	63,792	63,197	61,161	20,674	68,127	682	19,710	22,089	21,438
Debt-free Net Working Capital (DFNWC)	51,800	25,762	76,464	74,648	76,647	26,962	76,375	9,313	23,984	26,728	22,990
Net Working Capital (NWC)	51,800	25,762	76,464	74,648	76,647	26,962	76,375	9,313	23,984	26,728	22,990
Net Nonoperating Expense (NNE)	-1.82	-71	-193	-32	-23	79	-3.37	26	24	57	96
Net Nonoperating Obligations (NNO)	39,266	-7,386	58,362	57,764	55,738	-6,617	65,301	-16,206	3,789	-3,499	-1,615
Total Depreciation and Amortization (D&A)	31	30	29	29	27	30	37	23	19	28	18
Debt-free, Cash-free Net Working Capital to Revenue	123.93%	59.50%	174.95%	176.64%	174.47%	60.39%	203.73%	2.03%	58.04%	65.60%	67.14%
Debt-free Net Working Capital to Revenue	144.85%	72.69%	209.70%	208.65%	218.64%	78.76%	228.40%	27.68%	70.63%	79.38%	72.00%
Net Working Capital to Revenue	144.85%	72.69%	209.70%	208.65%	218.64%	78.76%	228.40%	27.68%	70.63%	79.38%	72.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.57	$0.00	$3.87	$3.01	$2.06	$4.50	$5.04
Adjusted Weighted Average Basic Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.57	$0.00	$3.87	$3.01	$2.06	$4.51	$5.03
Adjusted Weighted Average Diluted Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	263.79M	265.52M	271.24M	274.60M	278.34M	280.82M	284.35M	287.42M	289.40M	289.70M	291.17M
Normalized Net Operating Profit after Tax (NOPAT)	527	1,029	995	928	697	1,446	1,114	904	624	1,401	1,568
Normalized NOPAT Margin	6.90%	10.34%	10.56%	10.59%	9.53%	13.18%	12.76%	11.23%	9.61%	13.77%	17.55%
Pre Tax Income Margin	9.15%	14.66%	16.30%	14.39%	12.73%	16.27%	16.90%	14.40%	12.09%	17.29%	20.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.65%	15.01%	14.00%	13.64%	12.59%	12.67%	12.27%	11.22%	10.32%	11.39%	10.99%
Augmented Payout Ratio	80.15%	71.88%	62.89%	59.79%	49.83%	42.53%	36.71%	25.17%	25.43%	33.75%	53.15%

Frequently Asked Questions About Lennar's Financials

When does Lennar's financial year end?

According to the most recent income statement we have on file, Lennar's fiscal year ends in November. Their fiscal year 2024 ended on November 30, 2024.

How has Lennar's net income changed over the last 9 years?

Lennar's net income appears to be on an upward trend, with a most recent value of $3.97 billion in 2024, rising from $819.20 million in 2015. The previous period was $3.96 billion in 2023.

What is Lennar's operating income?

Lennar's total operating income in 2024 was $4.77 billion, based on the following breakdown:

Total Gross Profit: $5.50 billion
Total Operating Expenses: $729.20 million

How has Lennar revenue changed over the last 9 years?

Over the last 9 years, Lennar's total revenue changed from $9.47 billion in 2015 to $35.44 billion in 2024, a change of 274.1%.

How much debt does Lennar have?

Lennar's total liabilities were at $13.29 billion at the end of 2024, a 6.1% increase from 2023, and a 56.9% increase since 2015.

How much cash does Lennar have?

In the past 9 years, Lennar's cash and equivalents has ranged from $0.00 in 2015 to $6.27 billion in 2023, and is currently $4.66 billion as of their latest financial filing in 2024.

How has Lennar's book value per share changed over the last 9 years?

Over the last 9 years, Lennar's book value per share changed from 26.86 in 2015 to 102.75 in 2024, a change of 282.6%.

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This page (NYSE:LEN.B) was last updated on 5/25/2025 by MarketBeat.com Staff

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Lennar (LEN.B) Financials

Frequently Asked Questions About Lennar's Financials

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Lennar (LEN.B) Financials

Annual Income Statements for Lennar

Quarterly Income Statements for Lennar

Annual Cash Flow Statements for Lennar

Quarterly Cash Flow Statements for Lennar

Annual Balance Sheets for Lennar

Quarterly Balance Sheets for Lennar

Annual Metrics And Ratios for Lennar

Quarterly Metrics And Ratios for Lennar

Frequently Asked Questions About Lennar's Financials

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