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Lennar (LEN) Financials

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$87.28 -1.10 (-1.25%)
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Annual Income Statements for Lennar

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/30/2015 11/30/2016 11/30/2017 11/30/2018 11/30/2019 11/30/2020 11/30/2021 11/30/2022 11/30/2023 11/30/2024 11/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 803 911 810 1,694 1,850 2,465 4,430 4,614 3,939 3,933 2,078
Consolidated Net Income / (Loss)		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968 2,108
Net Income / (Loss) Continuing Operations		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968 2,108
Total Pre-Tax Income 		1,210 1,330 1,190 2,263 2,434 3,124 5,819 6,015 5,202 5,185 2,814
Total Operating Income		 1,086 1,262 1,199 1,837 2,468 3,115 5,078 6,721 5,367 4,770 2,668
Total Gross Profit		 1,302 1,495 1,625 2,334 2,802 3,474 5,537 7,202 5,941 5,499 3,387
Total Revenue		 9,474 10,950 12,646 20,572 22,260 22,489 27,131 33,671 34,233 35,441 34,187
Total Cost of Revenue		 8,172 9,455 11,021 18,237 19,457 19,015 21,594 26,469 28,292 29,942 30,800
Operating Cost of Revenue		 8,172 9,455 11,021 18,237 19,457 19,015 21,594 26,469 28,292 29,942 30,800
Total Operating Expenses		 216 233 426 497 335 359 458 481 574 729 719
Selling, General & Admin Expense		 216 233 286 344 321 333 398 414 501 649 637
Other Operating Expenses / (Income)		 - - - - 13 26 60 66 73 80 83
Total Other Income / (Expense), net		 124 68 -9.38 425 -33 8.93 741 -707 -164 415 146
Interest & Investment Income		 105 55 - 0.00 0.00 83 49 -36 -145 164 78
Other Income / (Expense), net		 18 13 -9.38 425 -33 -74 692 -670 -20 251 68
Income Tax Expense		 390 417 418 545 592 656 1,363 1,366 1,241 1,217 706
Net Income / (Loss) Attributable to Noncontrolling Interest		 16 1.25 -39 22 -6.93 2.52 26 34 23 35 30
Basic Earnings per Share		 $3.78 $4.05 $3.38 $5.46 $5.76 $7.88 $14.28 $15.74 $13.73 $14.31 $7.98
Weighted Average Basic Shares Outstanding		 211.42M 234.49M 239.80M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M
Diluted Earnings per Share		 $3.39 $3.86 $3.38 $5.44 $5.74 $7.85 $14.27 $15.72 $0.00 $0.00 $0.00
Weighted Average Diluted Shares Outstanding		 211.42M 234.49M 239.80M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M
Weighted Average Basic & Diluted Shares Outstanding		 211.42M 234.49M 239.80M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M

Quarterly Income Statements for Lennar

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,109 1,361 719 954 1,163 1,096 520 477 591 490 229
Consolidated Net Income / (Loss)		 1,117 1,367 720 961 1,187 1,100 529 482 600 498 233
Net Income / (Loss) Continuing Operations		 1,117 1,367 720 961 1,187 1,100 529 482 600 498 233
Total Pre-Tax Income 		1,475 1,784 931 1,261 1,535 1,458 698 642 791 683 302
Total Operating Income		 1,471 1,887 901 1,219 1,286 1,364 696 628 700 644 216
Total Gross Profit		 1,603 2,047 1,075 1,395 1,472 1,556 861 804 893 829 391
Total Revenue		 8,730 10,968 7,313 8,766 9,416 9,947 7,632 8,378 8,810 9,368 6,619
Operating Revenue		 8,730 - 7,313 8,766 9,416 - 7,632 8,378 8,810 - 6,619
Total Cost of Revenue		 7,126 8,921 6,238 7,370 7,944 8,391 6,770 7,573 7,918 8,539 6,229
Operating Cost of Revenue		 7,126 8,921 6,238 7,370 7,944 8,391 6,770 7,573 7,918 8,539 6,229
Total Operating Expenses		 133 160 174 177 186 192 165 176 193 185 175
Selling, General & Admin Expense		 114 136 157 157 165 170 147 156 171 162 158
Other Operating Expenses / (Income)		 19 24 17 20 22 22 18 20 22 23 17
Total Other Income / (Expense), net		 4.45 -153 30 42 249 119 2.40 13 91 39 86
Interest & Investment Income		 -24 - -31 -4.31 187 - 33 12 11 22 63
Other Income / (Expense), net		 28 -32 60 47 62 142 -31 1.32 80 17 23
Income Tax Expense		 358 417 211 300 348 358 170 160 191 185 69
Net Income / (Loss) Attributable to Noncontrolling Interest		 7.96 6.00 0.59 6.28 25 3.66 9.19 4.37 8.84 7.72 3.98
Weighted Average Basic Shares Outstanding		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M
Weighted Average Diluted Shares Outstanding		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M
Weighted Average Basic & Diluted Shares Outstanding		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M

Annual Cash Flow Statements for Lennar

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/30/2015 11/30/2016 11/30/2017 11/30/2018 11/30/2019 11/30/2020 11/30/2021 11/30/2022 11/30/2023 11/30/2024 11/30/2025
Net Change in Cash & Equivalents		 -123 171 1,332 -1,098 -127 1,464 23 1,860 1,755 -1,581 -1,159
Net Cash From Operating Activities		 -420 508 982 1,692 1,482 4,191 2,533 3,266 5,180 2,403 217
Net Cash From Continuing Operating Activities		 -420 508 982 1,692 1,482 4,191 2,533 3,266 5,180 2,403 217
Net Income / (Loss) Continuing Operations		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968 2,108
Consolidated Net Income / (Loss)		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968 2,108
Depreciation Expense		 44 50 66 91 92 95 86 87 110 116 134
Amortization Expense		 20 15 11 -24 -26 -25 -6.78 -2.16 -1.65 0.15 0.09
Non-Cash Adjustments To Reconcile Net Income		 17 117 244 80 161 221 -1,320 428 243 -1,375 -1,266
Changes in Operating Assets and Liabilities, net		 -1,319 -588 -111 -173 -587 1,433 -683 -1,896 867 -305 -760
Net Cash From Investing Activities		 -98 -86 -845 -594 20 -280 -105 -128 -177 -303 222
Net Cash From Continuing Investing Activities		 -98 -86 -845 -608 20 -280 -105 -128 -177 -303 222
Purchase of Property, Plant & Equipment		 -91 -76 -112 -130 -86 -73 -65 -57 -100 -172 -189
Acquisitions		 -315 -426 -1,035 -1,484 -436 -486 -408 -447 -201 -426 -508
Purchase of Investments		 -106 -80 -161 -78 -36 -46 -128 -94 -8.00 -4.52 -3.46
Divestitures		 - 0.00 0.00 565 42 15 36 0.00 0.00 0.00 359
Sale and/or Maturity of Investments		 250 348 249 452 461 277 390 425 104 238 400
Other Investing Activities, net		 90 124 149 -3.75 -3.52 -1.48 71 21 14 -0.73 162
Net Cash From Financing Activities		 395 -251 1,194 -2,196 -1,629 -2,447 -2,405 -1,277 -3,248 -3,682 -1,598
Net Cash From Continuing Financing Activities		 395 -251 1,194 -2,196 -1,629 -2,447 -2,405 -1,277 -3,276 -3,682 -1,598
Repayment of Debt		 -675 -631 -1,452 -1,638 -1,291 -2,387 -1,093 -214 -1,226 -830 -705
Repurchase of Common Equity		 -23 -20 -27 -300 -523 -322 -1,430 -1,039 -1,183 -2,256 -1,808
Payment of Dividends		 -167 -163 -112 -139 -95 -237 -334 -529 -502 -595 -541
Issuance of Debt		 1,248 536 2,581 -137 255 93 14 0.00 0.00 0.00 2,410
Issuance of Common Equity		 11 20 6.51 21 28 177 70 42 21 20 32
Other Financing Activities, net		 0.11 7.04 198 -3.54 -3.85 230 369 464 -387 -19 -986
Cash Interest Paid		 87 67 89 129 - 97 48 68 81 55 50
Cash Income Taxes Paid		 337 375 200 377 - 402 1,141 1,273 1,865 790 989

Quarterly Cash Flow Statements for Lennar

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
Net Change in Cash & Equivalents		 -192 2,447 -1,309 -1,340 390 679 -2,402 -1,109 278 2,074 -1,436
Net Cash From Operating Activities		 952 2,589 368 242 819 975 -289 -1,095 -159 1,759 -434
Net Cash From Continuing Operating Activities		 952 2,589 368 242 819 975 -289 -1,095 -159 1,759 -434
Net Income / (Loss) Continuing Operations		 1,117 1,367 720 961 1,187 1,100 529 482 600 498 233
Consolidated Net Income / (Loss)		 1,117 1,367 720 961 1,187 1,100 529 482 600 498 233
Depreciation Expense		 37 29 27 29 29 30 31 34 34 35 33
Amortization Expense		 -0.50 0.54 0.04 0.30 0.07 -0.26 -0.09 -0.05 0.11 0.12 0.11
Non-Cash Adjustments To Reconcile Net Income		 26 33 -232 -298 -346 -499 -650 78 -485 -209 -346
Changes in Operating Assets and Liabilities, net		 -228 1,159 -147 -450 -52 344 -199 -1,689 -308 1,435 -354
Net Cash From Investing Activities		 -34 -62 -148 -127 98 -126 21 161 -7.25 46 93
Net Cash From Continuing Investing Activities		 -34 -62 -148 -127 98 -126 21 161 -7.25 46 93
Purchase of Property, Plant & Equipment		 -22 -46 -73 -39 -18 -41 -56 -15 -32 -85 -30
Acquisitions		 -44 -49 -118 -130 -64 -114 -310 -90 -58 -51 -32
Purchase of Investments		 -1.00 - -2.06 - -2.46 - -3.46 - - - -6.22
Sale of Property, Plant & Equipment		 5.45 - 5.09 14 13 30 40 10 4.11 - 26
Divestitures		 - - 0.00 - - - 233 - - 126 0.00
Sale and/or Maturity of Investments		 24 31 37 28 176 -2.46 109 140 76 74 135
Other Investing Activities, net		 3.34 2.11 2.75 0.21 -5.44 1.75 8.47 116 2.11 36 0.00
Net Cash From Financing Activities		 -1,109 -80 -1,529 -1,455 -527 -170 -2,135 -175 444 268 -1,096
Net Cash From Continuing Financing Activities		 -1,109 -80 -1,529 -1,455 -527 -170 -2,135 -175 444 268 -1,096
Repayment of Debt		 -534 510 -620 -731 131 390 -563 -500 436 -78 -613
Repurchase of Common Equity		 -376 -341 -595 -610 -525 -527 -774 -521 -512 -0.06 -270
Payment of Dividends		 -130 -133 -141 -164 -155 -135 -137 -134 -131 -139 -134
Issuance of Debt		 - - 6.23 0.00 - -6.23 0.00 1,100 740 570 0.00
Issuance of Common Equity		 1.39 15 5.80 8.93 2.32 3.07 11 9.70 4.95 6.12 1.08
Other Financing Activities, net		 -70 -130 -185 40 19 106 -672 -130 -94 -91 -80

Annual Balance Sheets for Lennar

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/30/2015 11/30/2016 11/30/2017 11/30/2018 11/30/2019 11/30/2020 11/30/2021 11/30/2022 11/30/2023 11/30/2024 11/30/2025
Total Assets		 14,420 15,362 18,745 795 29,360 29,935 33,208 37,984 39,234 82,626 34,430
Total Current Assets		 4,527 35,881 14,284 298 22,905 24,349 27,703 30,312 31,134 53,910 40,669
Cash & Equivalents		 - 1,330 2,651 - 1,210 2,704 2,735 4,616 6,274 9,819 7,513
Restricted Cash		 - 33 43 7.18 9.70 15 22 23 13 161 149
Accounts Receivable		 506 780 521 0.20 406 299 490 674 888 3,305 2,942
Inventories, net		 4,022 18,377 11,070 291 17,778 16,925 24,455 24,998 23,959 40,625 23,683
Prepaid Expenses		 - - - - - - - - - - 6,384
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,835 0.00
Total Noncurrent Assets		 2,054 2,288 2,873 496 6,406 5,586 5,505 5,939 6,098 15,728 16,315
Long-Term Investments		 1,217 1,376 1,574 428 1,570 953 972 1,173 1,144 4,455 4,845
Goodwill		 - 45 202 0.00 3,442 3,442 3,442 3,442 3,442 7,264 7,264
Other Noncurrent Operating Assets		 836 866 1,098 69 1,394 1,191 1,091 1,323 1,512 4,008 4,206
Total Liabilities & Shareholders' Equity		 14,420 15,362 18,745 28,566 29,360 29,935 33,208 37,984 39,234 41,313 34,430
Total Liabilities		 8,469 8,150 10,759 14,003 13,326 11,836 12,211 13,744 12,532 26,583 12,290
Total Current Liabilities		 476 589 2,301 11 1,069 1,744 2,298 3,584 4,172 1,839 0.00
Accounts Payable		 476 479 605 11 1,069 1,037 1,321 1,616 1,631 1,839 0.00
Total Noncurrent Liabilities		 6,301 13,894 6,745 13,992 12,263 10,092 9,914 10,160 8,360 11,580 11,750
Long-Term Debt		 5,025 4,576 6,410 52 7,813 5,956 4,652 4,047 2,816 8,378 11,750
Other Noncurrent Operating Liabilities		 1,275 9,318 335 13,940 4,450 4,136 5,261 6,113 5,544 3,202 0.00
Total Equity & Noncontrolling Interests		 5,950 7,212 7,986 14,683 16,034 18,099 20,996 24,240 26,702 28,021 22,141
Total Preferred & Common Equity		 5,649 7,026 7,872 14,582 15,950 17,995 20,816 24,101 26,581 27,870 21,959
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		 5,649 7,026 7,872 14,548 15,916 17,961 20,816 24,101 26,581 27,870 21,959
Common Stock		 2,327 2,829 3,166 8,497 8,578 8,676 8,842 5,447 5,600 5,759 5,940
Retained Earnings		 3,430 4,306 4,841 6,488 8,295 10,565 14,685 18,861 22,369 25,753 22,471
Treasury Stock		 -108 -109 -136 -436 -958 -1,279 -2,709 -210 -1,393 -3,650 -6,458
Accumulated Other Comprehensive Income / (Loss)		 0.04 -0.31 1.03 -0.37 0.50 -0.81 -1.34 2.41 4.88 7.53 6.01
Noncontrolling Interest		 301 186 114 101 84 105 180 140 121 151 181

Quarterly Balance Sheets for Lennar

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 5/31/2023 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 2/28/2026
Total Assets		 26,976 112,314 39,234 116,854 116,003 119,223 41,313 104,958 103,124 104,635 33,210
Total Current Assets		 11,014 78,097 31,134 78,212 76,376 78,252 31,166 53,726 51,157 49,777 38,897
Cash & Equivalents		 8,575 8,178 6,274 15,378 11,342 12,543 4,663 7,317 3,984 4,731 4,705
Restricted Cash		 56 70 13 108 110 130 12 165 167 219 84
Accounts Receivable		 - 2,641 888 3,467 4,003 4,210 1,053 4,131 3,937 4,049 2,613
Inventories, net		 2,382 67,207 23,959 59,260 60,921 61,370 25,438 42,113 43,070 40,778 24,670
Prepaid Expenses		 - - - - - - - - - - 6,825
Plant, Property, & Equipment, net		 0.00 9,681 0.00 8,282 8,172 8,715 0.00 4,517 3,932 3,328 0.00
Total Noncurrent Assets		 15,962 21,177 6,098 21,134 21,541 21,860 6,522 26,009 26,501 26,496 16,205
Long-Term Investments		 5,255 5,295 1,144 5,372 5,617 5,720 1,345 9,633 9,878 9,734 4,636
Goodwill		 10,706 10,706 3,442 10,706 10,706 10,706 3,442 10,706 10,706 10,706 7,264
Other Noncurrent Operating Assets		 - 5,176 1,512 5,056 5,218 5,433 1,735 5,669 5,916 6,055 4,305
Total Liabilities & Shareholders' Equity		 36,858 37,438 39,234 38,951 38,668 39,741 41,313 34,986 34,375 34,878 33,210
Total Liabilities		 4,134 34,949 12,532 36,520 34,956 36,550 13,292 36,356 34,928 36,381 11,178
Total Current Liabilities		 1,701 1,722 4,172 1,565 1,727 1,788 5,403 1,926 2,126 1,521 0.00
Accounts Payable		 1,701 1,722 1,631 1,565 1,727 1,788 1,839 1,926 2,126 1,521 0.00
Total Noncurrent Liabilities		 2,433 14,876 8,360 14,309 12,058 12,608 7,888 12,505 13,793 17,109 10,513
Long-Term Debt		 - 12,276 2,816 11,620 9,545 9,881 2,258 9,428 11,208 14,299 10,513
Other Noncurrent Operating Liabilities		 2,433 2,601 5,544 2,689 2,513 2,727 5,630 3,077 2,584 2,810 0.00
Total Equity & Noncontrolling Interests		 25,161 25,789 26,702 26,778 27,016 27,558 28,021 22,867 22,732 22,752 22,032
Total Preferred & Common Equity		 25,015 25,657 26,581 26,648 26,878 27,413 27,870 22,728 22,579 22,570 21,879
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		 25,015 25,657 26,581 26,648 26,878 27,413 27,870 22,728 22,579 22,570 21,879
Common Stock		 5,576 5,591 5,600 5,681 5,704 5,736 5,759 5,843 5,873 5,914 6,024
Retained Earnings		 20,111 21,113 22,369 22,949 23,765 24,792 25,753 21,302 21,646 22,108 22,577
Treasury Stock		 -676 -1,052 -1,393 -1,988 -2,598 -3,122 -3,650 -4,424 -4,945 -5,458 -6,727
Accumulated Other Comprehensive Income / (Loss)		 3.83 4.04 4.88 5.24 6.60 7.04 7.53 7.35 6.02 6.02 5.61
Noncontrolling Interest		 146 132 121 130 138 145 151 139 153 181 153

Annual Metrics And Ratios for Lennar

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 11/30/2015 11/30/2016 11/30/2017 11/30/2018 11/30/2019 11/30/2020 11/30/2021 11/30/2022 11/30/2023 11/30/2024 11/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 21.78% 15.58% 15.49% 62.67% 8.21% 1.03% 20.64% 24.11% 1.67% 3.53% -3.54%
EBITDA Growth		 9.54% 14.74% -5.44% 83.89% 7.29% 24.39% 88.07% 4.90% -11.91% -4.51% -44.12%
EBIT Growth		 9.75% 15.47% -6.72% 90.20% 7.58% 24.90% 89.78% 4.87% -12.46% -4.73% -45.51%
NOPAT Growth		 23.05% 17.79% -10.22% 79.29% 33.90% 31.77% 58.07% 33.56% -21.34% -10.68% -45.24%
Net Income Growth		 30.30% 11.46% -15.48% 122.55% 7.26% 33.95% 80.61% 4.31% -14.78% 0.16% -46.86%
EPS Growth		 21.07% 13.86% -12.44% 60.95% 5.51% 36.76% 81.78% 10.16% -12.66% 4.22% 0.00%
Operating Cash Flow Growth		 46.78% 221.01% 93.46% 72.21% -12.38% 182.72% -39.56% 28.94% 58.61% -53.60% -90.98%
Free Cash Flow Firm Growth		 1,998.39% -419.91% 176.26% 57.27% -229.67% 109.41% -23.63% 170.85% -25.57% -34.63% 169.79%
Invested Capital Growth		 -61.80% 606.56% -59.83% -232.57% 254.53% -2.95% 7.54% -5.37% -3.16% 2.74% -38.33%
Revenue Q/Q Growth		 3.97% 4.10% 3.34% 14.94% 2.36% -0.64% 6.30% 5.45% 2.37% -2.80% -1.67%
EBITDA Q/Q Growth		 -1.92% 3.59% 3.32% 31.23% -4.75% 6.63% 8.05% 4.04% 1.77% -6.32% -21.36%
EBIT Q/Q Growth		 -2.15% 3.85% 2.96% 32.86% -5.00% 6.88% 8.17% 3.95% 1.79% -6.47% -22.29%
NOPAT Q/Q Growth		 1.99% 4.55% -1.21% 28.51% 4.41% 9.64% 7.21% 5.06% 1.11% -10.26% -21.87%
Net Income Q/Q Growth		 5.13% 1.99% -1.62% 41.12% -6.45% 9.78% 7.29% 3.34% 0.59% -6.31% -22.21%
EPS Q/Q Growth		 2.42% 3.49% 0.60% 31.72% -7.87% 9.79% 8.27% 4.04% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 57.11% -23.72% 17.14% 22.49% 17.31% 2.69% -2.82% 84.31% -2.36% -40.19% 138.16%
Free Cash Flow Firm Q/Q Growth		 -4.79% -267.89% 144.26% -42.75% -2,097.09% 109.25% -25.86% 17.41% 107.24% -66.44% -11.77%
Invested Capital Q/Q Growth		 2.67% 411.72% -64.47% 3.90% 250.09% -5.38% -0.35% -3.58% -77.95% -75.98% -39.94%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 13.75% 13.65% 12.85% 11.35% 12.59% 15.45% 20.41% 21.39% 17.35% 15.52% 9.91%
EBITDA Margin		 12.33% 12.24% 10.02% 11.33% 11.23% 13.83% 21.56% 18.22% 15.79% 14.56% 8.40%
Operating Margin		 11.46% 11.53% 9.48% 8.93% 11.09% 13.85% 18.72% 19.96% 15.68% 13.46% 7.80%
EBIT Margin		 11.66% 11.65% 9.41% 11.00% 10.94% 13.52% 21.27% 17.97% 15.47% 14.24% 8.00%
Profit (Net Income) Margin		 8.65% 8.34% 6.10% 8.35% 8.28% 10.97% 16.43% 13.81% 11.57% 11.20% 6.17%
Tax Burden Percent		 67.72% 68.63% 64.87% 75.91% 75.67% 78.99% 76.59% 77.29% 76.14% 76.52% 74.93%
Interest Burden Percent		 109.52% 104.33% 100.00% 100.00% 100.00% 102.74% 100.85% 99.40% 98.22% 102.75% 102.86%
Effective Tax Rate		 32.28% 31.37% 35.13% 24.09% 24.33% 21.01% 23.41% 22.71% 23.86% 23.48% 25.07%
Return on Invested Capital (ROIC)		 11.26% 5.95% 4.35% 0.00% 50.39% 11.89% 18.39% 24.35% 20.02% 17.93% 4.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 20.23% 6.53% 4.29% 0.00% 50.61% 12.09% 53.77% 66.76% 22.49% 13.39% 4.68%
Return on Net Nonoperating Assets (RNNOA)		 3.37% 7.93% 5.81% 0.00% -38.40% 2.57% 4.41% -3.80% -4.47% -3.43% 4.21%
Return on Equity (ROE)		 14.63% 13.88% 10.16% 15.15% 11.99% 14.46% 22.80% 20.55% 15.55% 14.50% 8.41%
Cash Return on Invested Capital (CROIC)		 100.68% -144.46% 89.71% 0.00% -155.82% 14.89% 11.12% 29.87% 23.23% 15.23% 51.60%
Operating Return on Assets (OROA)		 8.08% 8.56% 6.98% 23.16% 16.15% 10.26% 18.28% 17.00% 13.72% 12.53% 3.61%
Return on Assets (ROA)		 5.99% 6.13% 4.53% 17.58% 12.22% 8.32% 14.12% 13.06% 10.26% 9.85% 2.78%
Return on Common Equity (ROCE)		 13.68% 13.36% 9.96% 14.99% 11.90% 14.35% 22.61% 20.41% 15.47% 14.43% 8.35%
Return on Equity Simple (ROE_SIMPLE)		 14.50% 13.00% 9.80% 11.78% 11.55% 13.71% 21.41% 19.29% 14.90% 14.24% 0.00%
Net Operating Profit after Tax (NOPAT)		 735 866 778 1,395 1,867 2,460 3,889 5,195 4,086 3,650 1,999
NOPAT Margin		 7.76% 7.91% 6.15% 6.78% 8.39% 10.94% 14.34% 15.43% 11.94% 10.30% 5.85%
Net Nonoperating Expense Percent (NNEP)		 -8.97% -0.59% 0.06% 2.48% -0.22% -0.19% -35.38% -42.41% -2.47% 4.54% -0.48%
Return On Investment Capital (ROIC_SIMPLE)		 6.70% 7.35% 5.40% 9.46% 7.83% 10.23% 15.16% 18.36% 13.84% 12.05% 5.90%
Cost of Revenue to Revenue		 86.25% 86.35% 87.15% 88.65% 87.41% 84.55% 79.59% 78.61% 82.65% 84.48% 90.09%
SG&A Expenses to Revenue		 2.28% 2.12% 2.26% 1.67% 1.44% 1.48% 1.47% 1.23% 1.46% 1.83% 1.86%
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		 2.28% 2.12% 3.37% 2.42% 1.50% 1.60% 1.69% 1.43% 1.68% 2.06% 2.10%
Earnings before Interest and Taxes (EBIT)		 1,104 1,275 1,190 2,263 2,434 3,040 5,770 6,051 5,297 5,046 2,736
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,168 1,340 1,267 2,330 2,500 3,110 5,849 6,136 5,405 5,162 2,870
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.73 1.25 1.74 0.90 1.11 1.25 1.49 1.03 1.35 1.69 1.52
Price to Tangible Book Value (P/TBV)		 1.73 1.26 1.79 0.90 1.42 1.54 1.78 1.20 1.55 1.93 2.28
Price to Revenue (P/Rev)		 1.03 0.80 1.08 0.64 0.79 0.99 1.14 0.74 1.05 1.33 0.98
Price to Earnings (P/E)		 12.16 9.67 16.91 7.75 9.56 9.07 6.99 5.38 9.08 11.98 16.11
Dividend Yield		 0.34% 0.52% 0.00% 0.40% 0.29% 0.87% 1.00% 1.76% 1.19% 1.15% 1.52%
Earnings Yield		 8.23% 10.34% 5.91% 12.90% 10.46% 11.02% 14.30% 18.59% 11.01% 8.34% 6.21%
Enterprise Value to Invested Capital (EV/IC)		 3.84 0.42 1.56 0.00 1.09 1.21 1.46 1.12 1.56 2.11 0.90
Enterprise Value to Revenue (EV/Rev)		 1.46 0.99 1.26 0.62 1.02 1.10 1.18 0.69 0.91 1.23 0.96
Enterprise Value to EBITDA (EV/EBITDA)		 11.87 8.09 12.60 5.52 9.12 7.96 5.48 3.78 5.79 8.43 11.47
Enterprise Value to EBIT (EV/EBIT)		 12.56 8.50 13.42 5.68 9.37 8.14 5.56 3.83 5.91 8.62 12.03
Enterprise Value to NOPAT (EV/NOPAT)		 18.86 12.51 20.52 9.22 12.21 10.06 8.25 4.46 7.66 11.92 16.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 21.34 16.25 7.60 15.38 5.91 12.67 7.10 6.04 18.11 151.79
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.11 0.00 0.99 0.51 0.00 8.04 13.63 3.64 6.60 14.04 1.34
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.84 0.63 0.80 0.00 0.49 0.33 0.22 0.17 0.11 0.08 0.53
Long-Term Debt to Equity		 0.84 0.63 0.80 0.00 0.49 0.33 0.22 0.17 0.11 0.08 0.53
Financial Leverage		 0.17 1.21 1.35 -1.15 -0.76 0.21 0.08 -0.06 -0.20 -0.26 0.90
Leverage Ratio		 2.44 2.26 2.24 0.86 0.98 1.74 1.62 1.57 1.52 1.47 3.02
Compound Leverage Factor		 2.67 2.36 2.24 0.86 0.98 1.78 1.63 1.56 1.49 1.51 3.11
Debt to Total Capital		 45.79% 38.82% 44.53% 0.35% 32.76% 24.76% 18.14% 14.31% 9.54% 7.46% 34.67%
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		 45.79% 38.82% 44.53% 0.35% 32.76% 24.76% 18.14% 14.31% 9.54% 7.46% 34.67%
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		 2.74% 1.57% 0.79% 0.69% 0.35% 0.43% 0.70% 0.49% 0.41% 0.50% 0.53%
Common Equity to Total Capital		 51.47% 59.61% 54.68% 98.73% 66.74% 74.67% 81.16% 85.20% 90.05% 92.04% 64.80%
Debt to EBITDA		 4.30 3.41 5.06 0.02 3.12 1.91 0.80 0.66 0.52 0.44 4.09
Net Debt to EBITDA		 3.26 1.37 1.69 -0.16 2.01 0.73 0.16 -0.29 -0.85 -0.73 -0.26
Long-Term Debt to EBITDA		 4.30 3.41 5.06 0.02 3.12 1.91 0.80 0.66 0.52 0.44 4.09
Debt to NOPAT		 6.83 5.28 8.24 0.04 4.18 2.42 1.20 0.78 0.69 0.62 5.88
Net Debt to NOPAT		 5.18 2.12 2.75 -0.27 2.69 0.93 0.24 -0.34 -1.13 -1.03 -0.38
Long-Term Debt to NOPAT		 6.83 5.28 8.24 0.04 4.18 2.42 1.20 0.78 0.69 0.62 5.88
Altman Z-Score		 2.27 4.78 2.78 47.72 3.12 3.62 4.45 4.04 4.65 5.01 2.47
Noncontrolling Interest Sharing Ratio		 6.48% 3.70% 1.97% 1.10% 0.82% 0.75% 0.81% 0.71% 0.51% 0.50% 0.66%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.51 60.96 6.21 26.15 21.42 13.96 12.06 8.46 7.46 5.77 18.92
Quick Ratio		 1.06 3.58 1.38 0.02 1.51 1.72 1.40 1.48 1.72 1.06 5.77
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6,578 -21,044 16,048 25,239 -32,727 3,081 2,353 6,372 4,743 3,100 24,610
Operating Cash Flow to CapEx		 -2,381.24% 992.75% 2,053.59% 2,839.22% 20,616.73% 10,796.07% 3,886.29% 10,039.56% 5,982.33% 2,183.66% 114.94%
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		 0.69 0.74 0.74 2.11 1.48 0.76 0.86 0.95 0.89 0.88 0.45
Accounts Receivable Turnover		 20.96 17.03 19.45 79.00 109.59 63.83 68.78 57.84 43.83 36.51 10.95
Inventory Turnover		 1.87 0.84 0.75 3.21 2.15 1.10 1.04 1.07 1.16 1.21 0.96
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.88
Accounts Payable Turnover		 17.45 19.81 20.34 59.18 36.01 18.05 18.31 18.02 17.42 17.25 16.87
Days Sales Outstanding (DSO)		 17.41 21.43 18.77 4.62 3.33 5.72 5.31 6.31 8.33 10.00 33.35
Days Inventory Outstanding (DIO)		 195.28 432.32 487.58 113.68 169.48 333.08 349.72 340.98 315.80 301.07 381.04
Days Payable Outstanding (DPO)		 20.92 18.42 17.94 6.17 10.14 20.22 19.93 20.25 20.95 21.15 21.64
Cash Conversion Cycle (CCC)		 191.77 435.33 488.41 112.13 162.68 318.58 335.10 327.04 303.18 289.91 392.75
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,612 25,523 10,253 -13,592 21,003 20,383 21,919 20,742 20,085 20,635 36,385
Invested Capital Turnover		 1.45 0.75 0.71 -12.32 6.01 1.09 1.28 1.58 1.68 1.74 0.72
Increase / (Decrease) in Invested Capital		 -5,843 21,911 -15,270 -23,845 34,595 -620 1,537 -1,178 -656 550 -22,611
Enterprise Value (EV)		 13,868 10,835 15,962 12,854 22,798 24,756 32,079 23,193 31,287 43,519 32,909
Market Capitalization		 9,759 8,812 13,706 13,136 17,690 22,368 30,976 24,818 35,780 47,129 33,484
Book Value per Share		 $26.86 $30.84 $33.46 $44.05 $50.11 $57.43 $67.26 $82.77 $93.48 $102.75 $86.11
Tangible Book Value per Share		 $26.86 $30.64 $32.60 $44.05 $39.27 $46.42 $56.14 $70.95 $81.37 $90.06 $57.62
Total Capital		 10,975 11,788 14,396 14,735 23,847 24,055 25,649 28,288 29,518 30,280 33,891
Total Debt		 5,025 4,576 6,410 52 7,813 5,956 4,652 4,047 2,816 2,258 11,750
Total Long-Term Debt		 5,025 4,576 6,410 52 7,813 5,956 4,652 4,047 2,816 2,258 11,750
Net Debt		 3,808 1,837 2,142 -383 5,023 2,283 923 -1,765 -4,615 -3,761 -756
Capital Expenditures (CapEx)		 18 51 48 60 7.19 39 65 33 87 110 189
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 4,051 33,930 9,289 280 20,617 19,886 22,648 22,089 20,674 21,088 24,812
Debt-free Net Working Capital (DFNWC)		 4,051 35,292 11,983 287 21,836 22,605 25,405 26,728 26,962 25,762 32,473
Net Working Capital (NWC)		 4,051 35,292 11,983 287 21,836 22,605 25,405 26,728 26,962 25,762 32,473
Net Nonoperating Expense (NNE)		 -84 -47 6.09 -323 25 -7.06 -567 546 125 -318 -109
Net Nonoperating Obligations (NNO)		 -2,338 18,311 2,267 -28,275 4,969 2,283 923 -3,499 -6,617 -7,386 14,245
Total Depreciation and Amortization (D&A)		 64 65 78 68 66 70 79 85 109 116 134
Debt-free, Cash-free Net Working Capital to Revenue		 42.76% 309.86% 73.45% 1.36% 92.62% 88.42% 83.48% 65.60% 60.39% 59.50% 72.58%
Debt-free Net Working Capital to Revenue		 42.76% 322.30% 94.75% 1.39% 98.10% 100.52% 93.64% 79.38% 78.76% 72.69% 94.99%
Net Working Capital to Revenue		 42.76% 322.30% 94.75% 1.39% 98.10% 100.52% 93.64% 79.38% 78.76% 72.69% 94.99%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.87 $4.13 $3.38 $5.46 $5.76 $7.88 $14.28 $15.74 $13.73 $14.31 $7.98
Adjusted Weighted Average Basic Shares Outstanding		 211.42M 234.49M 239.96M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M
Adjusted Diluted Earnings per Share		 $3.46 $3.93 $3.38 $5.44 $5.74 $7.85 $14.27 $15.72 $13.73 $14.31 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 211.42M 234.49M 239.96M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M
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		 211.42M 234.49M 239.96M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M 246.99M
Normalized Net Operating Profit after Tax (NOPAT)		 735 866 869 1,511 1,867 2,460 3,889 5,195 4,086 3,650 1,999
Normalized NOPAT Margin		 7.76% 7.91% 6.87% 7.34% 8.39% 10.94% 14.34% 15.43% 11.94% 10.30% 5.85%
Pre Tax Income Margin		 12.77% 12.15% 9.41% 11.00% 10.94% 13.89% 21.45% 17.86% 15.20% 14.63% 8.23%
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		 20.33% 17.82% 14.51% 8.08% 5.17% 9.62% 7.50% 11.39% 12.67% 15.01% 25.65%
Augmented Payout Ratio		 23.16% 20.00% 18.02% 25.54% 33.56% 22.65% 39.60% 33.75% 42.53% 71.88% 111.43%

Quarterly Metrics And Ratios for Lennar

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 8/31/2023 11/30/2023 2/29/2024 5/31/2024 8/31/2024 11/30/2024 2/28/2025 5/31/2025 8/31/2025 11/30/2025 2/28/2026
DEI Shares Outstanding		 - - - - - - - - - - 246,298,296.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 246,298,296.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.93
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -2.29% 7.80% 12.67% 8.96% 7.86% -9.31% 4.36% -4.43% -6.43% -5.82% -13.26%
EBITDA Growth		 -17.24% 5.26% 19.16% 9.18% -10.28% -18.49% -29.57% -48.73% -40.92% -52.83% -60.83%
EBIT Growth		 -18.42% 5.27% 18.65% 8.84% -10.05% -18.81% -30.82% -50.23% -42.17% -54.28% -64.03%
NOPAT Growth		 -28.99% 3.21% 11.76% 2.73% -10.68% -28.84% -24.40% -49.18% -46.64% -54.38% -68.34%
Net Income Growth		 -24.16% 1.74% 20.13% 9.44% 6.30% -19.56% -26.56% -49.84% -49.48% -54.73% -55.86%
EPS Growth		 0.00% 0.00% 24.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 90.81% -4.61% -62.39% -63.40% -13.93% -62.36% -178.57% -552.94% -119.36% 80.55% -49.98%
Free Cash Flow Firm Growth		 -3,437.66% -18.48% -1,039.12% -569.36% 109.01% -77.20% 139.10% 129.91% 319.53% 160.93% -20.50%
Invested Capital Growth		 323.42% -3.16% 191.12% 846.73% -5.68% 2.74% -24.70% -25.87% -29.49% -38.33% -26.49%
Revenue Q/Q Growth		 8.51% 25.64% -33.33% 19.86% 7.42% 5.64% -23.28% 9.77% 5.17% 6.33% -29.34%
EBITDA Q/Q Growth		 29.98% 22.68% -49.16% 34.66% 6.82% 11.45% -53.75% -4.70% 22.70% -14.50% -60.83%
EBIT Q/Q Growth		 29.39% 23.71% -49.81% 35.48% 6.94% 11.65% -54.92% -5.30% 23.84% -15.25% -63.81%
NOPAT Q/Q Growth		 23.23% 29.85% -51.80% 33.20% 7.14% 3.45% -48.79% -10.47% 12.50% -11.55% -64.47%
Net Income Q/Q Growth		 27.25% 22.41% -47.35% 33.43% 23.60% -7.36% -51.93% -8.87% 24.49% -16.98% -53.14%
EPS Q/Q Growth		 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 Q/Q Growth		 44.12% 172.01% -85.79% -34.28% 238.87% 18.95% -129.66% -278.85% 85.52% 1,209.31% -124.64%
Free Cash Flow Firm Q/Q Growth		 -529.04% 103.07% -2,643.49% -40.06% 108.23% -92.23% 132.76% 7.13% 15.46% -10.76% 10.92%
Invested Capital Q/Q Growth		 917.19% -77.95% 310.83% 2.74% 1.34% -75.98% -26.86% 1.15% -3.60% -39.94% 2.69%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 18.37% 18.66% 14.70% 15.92% 15.64% 15.64% 11.28% 9.60% 10.13% 8.85% 5.90%
EBITDA Margin		 17.59% 17.18% 13.10% 14.72% 14.63% 15.44% 9.12% 7.92% 9.24% 7.43% 4.12%
Operating Margin		 16.85% 17.20% 12.32% 13.90% 13.66% 13.71% 9.12% 7.50% 7.94% 6.87% 3.27%
EBIT Margin		 17.17% 16.91% 12.73% 14.39% 14.32% 15.14% 8.71% 7.52% 8.85% 7.06% 3.61%
Profit (Net Income) Margin		 12.80% 12.47% 9.84% 10.96% 12.61% 11.06% 6.93% 5.75% 6.81% 5.32% 3.53%
Tax Burden Percent		 75.72% 76.64% 77.35% 76.17% 77.34% 75.44% 75.72% 75.06% 75.86% 72.90% 77.16%
Interest Burden Percent		 98.40% 96.20% 100.00% 100.00% 113.84% 96.83% 105.00% 101.92% 101.39% 103.34% 126.45%
Effective Tax Rate		 24.28% 23.36% 22.65% 23.83% 22.66% 24.56% 24.28% 24.94% 24.14% 27.10% 22.84%
Return on Invested Capital (ROIC)		 7.58% 22.11% 6.03% 8.08% 4.35% 18.01% 3.41% 2.70% 2.86% 3.59% 1.55%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.59% 23.66% 6.10% 8.24% 4.66% 16.99% 3.42% 2.72% 3.00% 3.72% 1.76%
Return on Net Nonoperating Assets (RNNOA)		 9.88% -4.70% 7.08% 6.56% 10.81% -4.35% 6.54% 5.35% 5.74% 3.35% 2.47%
Return on Equity (ROE)		 17.45% 17.41% 13.11% 14.65% 15.16% 13.66% 9.95% 8.05% 8.60% 6.94% 4.02%
Cash Return on Invested Capital (CROIC)		 -116.40% 23.23% -90.22% -152.86% 10.44% 15.23% 33.00% 33.81% 38.08% 51.60% 33.57%
Operating Return on Assets (OROA)		 7.78% 14.99% 5.82% 7.20% 4.51% 13.32% 2.81% 2.43% 2.75% 3.18% 1.74%
Return on Assets (ROA)		 5.80% 11.05% 4.50% 5.48% 3.97% 9.73% 2.23% 1.86% 2.11% 2.40% 1.69%
Return on Common Equity (ROCE)		 17.35% 17.32% 13.04% 14.57% 15.08% 13.59% 9.90% 8.00% 8.54% 6.90% 3.99%
Return on Equity Simple (ROE_SIMPLE)		 15.35% 0.00% 15.32% 15.50% 15.45% 0.00% 16.62% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,114 1,446 697 928 995 1,029 527 472 531 469 167
NOPAT Margin		 12.76% 13.18% 9.53% 10.59% 10.56% 10.34% 6.90% 5.63% 6.02% 5.01% 2.52%
Net Nonoperating Expense Percent (NNEP)		 -0.01% -1.56% -0.08% -0.16% -0.31% 1.01% 0.00% -0.02% -0.14% -0.13% -0.21%
Return On Investment Capital (ROIC_SIMPLE)		 2.93% 4.90% 1.82% 2.54% 2.66% 3.40% 1.63% 1.39% 1.43% 1.39% 0.51%
Cost of Revenue to Revenue		 81.63% 81.34% 85.30% 84.08% 84.36% 84.36% 88.72% 90.40% 89.87% 91.15% 94.10%
SG&A Expenses to Revenue		 1.31% 1.24% 2.15% 1.79% 1.75% 1.71% 1.93% 1.86% 1.95% 1.73% 2.38%
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		 1.52% 1.46% 2.38% 2.02% 1.98% 1.93% 2.16% 2.10% 2.19% 1.98% 2.64%
Earnings before Interest and Taxes (EBIT)		 1,499 1,855 931 1,261 1,349 1,506 665 630 780 661 239
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,536 1,884 958 1,290 1,378 1,536 696 664 814 696 273
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.31 1.35 1.67 1.64 1.81 1.69 1.40 1.23 1.53 1.52 1.29
Price to Tangible Book Value (P/TBV)		 2.24 1.55 2.79 2.73 2.97 1.93 2.64 2.35 2.91 2.28 1.93
Price to Revenue (P/Rev)		 1.00 1.05 1.27 1.24 1.36 1.33 0.89 0.79 0.99 0.98 0.85
Price to Earnings (P/E)		 8.61 9.08 10.95 10.66 11.83 11.98 8.51 8.56 12.85 16.11 15.80
Dividend Yield		 1.28% 1.19% 1.04% 1.10% 1.04% 1.15% 1.67% 1.89% 1.50% 1.52% 1.75%
Earnings Yield		 11.62% 11.01% 9.13% 9.38% 8.45% 8.34% 11.75% 11.69% 7.78% 6.21% 6.33%
Enterprise Value to Invested Capital (EV/IC)		 0.36 1.56 0.43 0.43 0.48 2.11 0.39 0.40 0.57 0.90 0.65
Enterprise Value to Revenue (EV/Rev)		 0.97 0.91 1.01 1.03 1.13 1.23 0.68 0.71 0.99 0.96 0.89
Enterprise Value to EBITDA (EV/EBITDA)		 6.10 5.79 6.36 6.49 7.50 8.43 4.97 5.94 9.33 11.47 12.05
Enterprise Value to EBIT (EV/EBIT)		 6.23 5.91 6.50 6.64 7.66 8.62 5.10 6.12 9.67 12.03 12.77
Enterprise Value to NOPAT (EV/NOPAT)		 8.02 7.66 8.50 8.80 10.16 11.92 6.96 8.33 13.40 16.46 17.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.11 6.04 7.74 8.87 10.28 18.11 13.87 61.50 0.00 151.79 407.53
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 6.60 0.00 0.00 4.47 14.04 1.01 1.01 1.23 1.34 1.63
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.48 0.11 0.43 0.35 0.36 0.08 0.41 0.49 0.63 0.53 0.48
Long-Term Debt to Equity		 0.48 0.11 0.43 0.35 0.36 0.08 0.41 0.49 0.63 0.53 0.48
Financial Leverage		 1.30 -0.20 1.16 0.80 2.32 -0.26 1.91 1.97 1.91 0.90 1.40
Leverage Ratio		 3.02 1.52 2.99 2.74 4.34 1.47 4.47 4.40 4.45 3.02 3.08
Compound Leverage Factor		 2.97 1.46 2.99 2.74 4.94 1.43 4.69 4.49 4.51 3.12 3.89
Debt to Total Capital		 32.25% 9.54% 30.26% 26.11% 26.39% 7.46% 29.19% 33.02% 38.59% 34.67% 32.30%
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		 32.25% 9.54% 30.26% 26.11% 26.39% 7.46% 29.19% 33.02% 38.59% 34.67% 32.30%
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		 0.35% 0.41% 0.34% 0.38% 0.39% 0.50% 0.43% 0.45% 0.49% 0.53% 0.47%
Common Equity to Total Capital		 67.40% 90.05% 69.40% 73.52% 73.22% 92.04% 70.38% 66.53% 60.92% 64.80% 67.23%
Debt to EBITDA		 2.31 0.52 2.09 1.68 1.79 0.44 1.94 2.64 3.89 4.09 4.30
Net Debt to EBITDA		 -0.24 -0.85 -1.66 -1.33 -1.54 -0.73 -1.58 -0.67 -0.10 -0.26 0.44
Long-Term Debt to EBITDA		 2.31 0.52 2.09 1.68 1.79 0.44 1.94 2.64 3.89 4.09 4.30
Debt to NOPAT		 3.04 0.69 2.79 2.28 2.43 0.62 2.71 3.71 5.59 5.88 6.41
Net Debt to NOPAT		 -0.31 -1.13 -2.22 -1.80 -2.09 -1.03 -2.21 -0.93 -0.15 -0.38 0.66
Long-Term Debt to NOPAT		 3.04 0.69 2.79 2.28 2.43 0.62 2.71 3.71 5.59 5.88 6.41
Altman Z-Score		 2.00 4.36 2.12 2.16 2.22 4.73 1.76 1.71 1.77 2.37 4.90
Noncontrolling Interest Sharing Ratio		 0.58% 0.51% 0.52% 0.54% 0.52% 0.50% 0.54% 0.58% 0.65% 0.66% 0.65%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 45.36 7.46 49.96 44.22 43.76 5.77 27.89 24.06 32.72 18.92 0.00
Quick Ratio		 6.28 1.72 12.04 8.88 9.37 1.06 5.94 3.73 5.77 5.77 0.00
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -68,463 2,102 -53,474 -74,897 6,165 479 20,910 22,401 25,864 23,080 16,624
Operating Cash Flow to CapEx		 5,636.01% 5,605.66% 542.33% 959.63% 14,425.92% 8,579.14% -1,831.12% -22,918.00% -565.30% 2,065.00% -11,321.55%
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		 0.45 0.89 0.46 0.50 0.32 0.88 0.32 0.32 0.31 0.45 0.48
Accounts Receivable Turnover		 16.63 43.83 15.70 0.00 10.64 36.51 9.41 8.91 8.42 10.95 9.84
Inventory Turnover		 0.61 1.16 0.71 0.94 0.47 1.21 0.60 0.59 0.60 0.96 0.91
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 3.96 0.00 5.59 5.84 5.77 5.88 0.00
Accounts Payable Turnover		 16.86 17.42 0.00 17.30 17.37 17.25 17.46 15.92 18.52 16.87 0.00
Days Sales Outstanding (DSO)		 21.95 8.33 23.25 0.00 34.29 10.00 38.78 40.97 43.36 33.35 37.10
Days Inventory Outstanding (DIO)		 598.30 315.80 511.88 389.57 770.04 301.07 607.06 618.63 608.18 381.04 402.79
Days Payable Outstanding (DPO)		 21.65 20.95 0.00 21.10 21.02 21.15 20.91 22.92 19.70 21.64 0.00
Cash Conversion Cycle (CCC)		 598.60 303.18 535.13 368.47 783.31 289.91 624.93 636.67 631.83 392.75 439.89
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 91,090 20,085 82,516 84,780 85,919 20,635 62,133 62,850 60,586 36,385 45,676
Invested Capital Turnover		 0.59 1.68 0.63 0.76 0.41 1.74 0.49 0.48 0.47 0.72 0.62
Increase / (Decrease) in Invested Capital		 69,577 -656 54,171 75,825 -5,170 550 -20,383 -21,930 -25,334 -22,611 -16,457
Enterprise Value (EV)		 32,423 31,287 35,372 36,805 41,306 43,519 24,216 25,194 34,280 32,909 29,485
Market Capitalization		 33,558 35,780 44,480 44,191 49,673 47,129 31,764 27,862 34,484 33,484 28,245
Book Value per Share		 $89.26 $93.48 $95.74 $97.88 $99.83 $102.75 $85.60 $85.59 $87.14 $86.11 $88.59
Tangible Book Value per Share		 $52.01 $81.37 $57.27 $58.89 $60.84 $90.06 $45.28 $45.01 $45.81 $57.62 $59.17
Total Capital		 38,064 29,518 38,398 36,560 37,438 30,280 32,295 33,940 37,051 33,891 32,545
Total Debt		 12,276 2,816 11,620 9,545 9,881 2,258 9,428 11,208 14,299 11,750 10,513
Total Long-Term Debt		 12,276 2,816 11,620 9,545 9,881 2,258 9,428 11,208 14,299 11,750 10,513
Net Debt		 -1,267 -4,615 -9,238 -7,524 -8,512 -3,761 -7,688 -2,820 -385 -756 1,087
Capital Expenditures (CapEx)		 17 46 68 25 5.68 11 16 4.78 28 85 3.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 68,127 20,674 61,161 63,197 63,792 21,088 44,317 44,881 43,306 24,812 34,107
Debt-free Net Working Capital (DFNWC)		 76,375 26,962 76,647 74,648 76,464 25,762 51,800 49,031 48,256 32,473 38,897
Net Working Capital (NWC)		 76,375 26,962 76,647 74,648 76,464 25,762 51,800 49,031 48,256 32,473 38,897
Net Nonoperating Expense (NNE)		 -3.37 79 -23 -32 -193 -71 -1.82 -10 -69 -29 -67
Net Nonoperating Obligations (NNO)		 65,301 -6,617 55,738 57,764 58,362 -7,386 39,266 40,118 37,834 14,245 23,644
Total Depreciation and Amortization (D&A)		 37 30 27 29 29 30 31 34 34 35 34
Debt-free, Cash-free Net Working Capital to Revenue		 203.73% 60.39% 174.47% 176.64% 174.95% 59.50% 123.93% 126.88% 124.56% 72.58% 102.81%
Debt-free Net Working Capital to Revenue		 228.40% 78.76% 218.64% 208.65% 209.70% 72.69% 144.85% 138.62% 138.80% 94.99% 117.25%
Net Working Capital to Revenue		 228.40% 78.76% 218.64% 208.65% 209.70% 72.69% 144.85% 138.62% 138.80% 94.99% 117.25%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.87 $0.00 $2.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M
Adjusted Diluted Earnings per Share		 $3.87 $0.00 $2.57 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M
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		 284.35M 280.82M 278.34M 274.60M 271.24M 265.52M 263.79M 259.01M 255.02M 246.99M 246.30M
Normalized Net Operating Profit after Tax (NOPAT)		 1,114 1,446 697 928 995 1,029 527 472 531 469 167
Normalized NOPAT Margin		 12.76% 13.18% 9.53% 10.59% 10.56% 10.34% 6.90% 5.63% 6.02% 5.01% 2.52%
Pre Tax Income Margin		 16.90% 16.27% 12.73% 14.39% 16.30% 14.66% 9.15% 7.66% 8.97% 7.29% 4.57%
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		 12.27% 12.67% 12.59% 13.64% 14.00% 15.01% 15.65% 17.03% 19.84% 25.65% 29.67%
Augmented Payout Ratio		 36.71% 42.53% 49.83% 59.79% 62.89% 71.88% 80.15% 88.22% 106.01% 111.43% 101.58%

Financials Breakdown Chart

Key Financial Trends

Here are key takeaways on Lennar (NYSE: LEN) based on the last four years of quarterly data (income statements, balance sheets, and cash flow statements). The company shows revenue modestly recovering in 2025 but faces margin pressure and higher leverage. Cash generation remained solid at times, but cash flow and debt dynamics suggest ongoing financing considerations for investors.

  • Revenue rose sequentially through 2025, ending Q4 2025 at about $9.37B (versus $8.81B in Q3 2025).
  • Net income to common remained positive across all 2025 quarters, ranging roughly from $0.48B to $0.59B, signaling ongoing earnings despite margin pressure.
  • Net cash from operating activities turned positive in Q4 2025 (about $1.76B), after negative prints in the prior quarters of 2025.
  • Cash and cash equivalents stayed robust around $4.7B in late-2025, providing liquidity to support operations and financing needs.
  • Capex activity remained modest, with 4Q2025 PPE cash outlay around $85M, indicating restrained capital intensity relative to scale of operations.
  • Over the four-year span, 2025 trends show a dip in gross margins (Q4 2025 gross margin around 8.8%), compared with the mid-to-high teens observed in some earlier years, reflecting margin compression.
  • Financing and dividends have been a recurring cash outflow component, with periods of debt and equity activity that reflect ongoing capital management rather than a clear equity capital raise vs. buyback signal in 2025.
  • Long-term debt rose to about $14.3B by Q3 2025 (from roughly $11.2B earlier in 2025), signaling increased leverage risk.
  • Total liabilities remained well ahead of equity (liabilities around $36.3B versus equity around $22.8B by Q3 2025), indicating elevated leverage health risk relative to net asset value.
  • Operating cash flow was negative in several 2025 quarters (notably Q2 and Q3 2025) due to working capital movements, before rebounding in Q4 2025.
05/11/26 03:49 PM ETAI Generated. May Contain Errors.

Lennar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lennar's financial year ends in November. Their financial year 2025 ended on November 30, 2025.

Lennar's net income appears to be on an upward trend, with a most recent value of $2.11 billion in 2025, rising from $819.20 million in 2015. The previous period was $3.97 billion in 2024. See Lennar's forecast for analyst expectations on what's next for the company.

Lennar's total operating income in 2025 was $2.67 billion, based on the following breakdown:
  • Total Gross Profit: $3.39 billion
  • Total Operating Expenses: $719.30 million

Over the last 10 years, Lennar's total revenue changed from $9.47 billion in 2015 to $34.19 billion in 2025, a change of 260.8%.

Lennar's total liabilities were at $12.29 billion at the end of 2025, a 53.8% decrease from 2024, and a 45.1% increase since 2015.

In the past 10 years, Lennar's cash and equivalents has ranged from $0.00 in 2015 to $9.82 billion in 2024, and is currently $7.51 billion as of their latest financial filing in 2025.

Over the last 10 years, Lennar's book value per share changed from 26.86 in 2015 to 86.11 in 2025, a change of 220.6%.


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Financial statements for NYSE:LEN last updated on 4/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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