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Lennar (LEN) Financials

Lennar logo
$105.17 +0.68 (+0.65%)
Closing price 04/11/2025 03:59 PM Eastern
Extended Trading
$105.10 -0.07 (-0.06%)
As of 04/11/2025 07:57 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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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
Net Income / (Loss) Attributable to Common Shareholders		 803 911 810 1,694 1,850 2,465 4,430 4,614 3,939 3,933
Consolidated Net Income / (Loss)		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968
Net Income / (Loss) Continuing Operations		 819 913 772 1,718 1,842 2,468 4,457 4,649 3,961 3,968
Total Pre-Tax Income 		1,210 1,330 1,190 2,263 2,434 3,124 5,819 6,015 5,202 5,185
Total Operating Income		 1,086 1,262 1,199 1,837 2,468 3,115 5,078 6,721 5,367 4,770
Total Gross Profit		 1,302 1,495 1,625 2,334 2,802 3,474 5,537 7,202 5,941 5,499
Total Revenue		 9,474 10,950 12,646 20,572 22,260 22,489 27,131 33,671 34,233 35,441
Total Cost of Revenue		 8,172 9,455 11,021 18,237 19,457 19,015 21,594 26,469 28,292 29,942
Operating Cost of Revenue		 8,172 9,455 11,021 18,237 19,457 19,015 21,594 26,469 28,292 29,942
Total Operating Expenses		 216 233 426 497 335 359 458 481 574 729
Selling, General & Admin Expense		 216 233 286 344 321 333 398 414 501 649
Other Operating Expenses / (Income)		 - - - - 13 26 60 66 73 80
Total Other Income / (Expense), net		 124 68 -9.38 425 -33 8.93 741 -707 -214 440
Interest & Investment Income		 105 55 - 0.00 0.00 83 49 -36 -145 164
Other Income / (Expense), net		 18 13 -9.38 425 -33 -74 692 -670 -70 276
Income Tax Expense		 390 417 418 545 592 656 1,363 1,366 1,241 1,217
Net Income / (Loss) Attributable to Noncontrolling Interest		 16 1.25 -39 22 -6.93 2.52 26 34 23 35
Basic Earnings per Share		 $3.78 $4.05 $3.38 $5.46 $5.76 $7.88 $14.28 $15.74 $13.73 $14.31
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
Diluted Earnings per Share		 $3.39 $3.86 $3.38 $5.44 $5.74 $7.85 $14.27 $15.72 $13.73 $14.31
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
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

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

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

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

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

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

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
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 21.78% 15.58% 15.49% 62.67% 8.21% 1.03% 20.64% 24.11% 1.67% 3.53%
EBITDA Growth		 9.54% 14.74% -5.44% 83.89% 7.29% 24.39% 88.07% 4.90% -11.91% -4.51%
EBIT Growth		 9.75% 15.47% -6.72% 90.20% 7.58% 24.90% 89.78% 4.87% -12.46% -4.73%
NOPAT Growth		 23.05% 17.79% -10.22% 79.29% 33.90% 31.77% 58.07% 33.56% -21.34% -10.68%
Net Income Growth		 30.30% 11.46% -15.48% 122.55% 7.26% 33.95% 80.61% 4.31% -14.78% 0.16%
EPS Growth		 21.07% 13.86% -12.44% 60.95% 5.51% 36.76% 81.78% 10.16% -12.66% 4.22%
Operating Cash Flow Growth		 46.78% 221.01% 93.46% 72.21% -12.38% 182.72% -39.56% 28.94% 58.61% -53.60%
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%
Invested Capital Growth		 -61.80% 606.56% -59.83% -232.57% 254.53% -2.95% 7.54% -5.37% -3.16% 2.74%
Revenue Q/Q Growth		 3.97% 4.10% 3.34% 14.94% 2.36% -0.64% 6.30% 5.45% 2.37% -2.80%
EBITDA Q/Q Growth		 -1.92% 3.59% 3.32% 31.23% -4.75% 6.63% 8.05% 4.04% 1.77% -6.32%
EBIT Q/Q Growth		 -2.15% 3.85% 2.96% 32.86% -5.00% 6.88% 8.17% 3.95% 1.79% -6.47%
NOPAT Q/Q Growth		 1.99% 4.55% -1.21% 28.51% 4.41% 9.64% 7.21% 5.06% 1.11% -10.26%
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%
EPS Q/Q Growth		 2.42% 3.49% 0.60% 31.72% -7.87% 9.79% 8.27% 4.04% 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%
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%
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%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 13.75% 13.65% 12.85% 11.35% 12.59% 15.45% 20.41% 21.39% 17.35% 15.52%
EBITDA Margin		 12.33% 12.24% 10.02% 11.33% 11.23% 13.83% 21.56% 18.22% 15.79% 14.56%
Operating Margin		 11.46% 11.53% 9.48% 8.93% 11.09% 13.85% 18.72% 19.96% 15.68% 13.46%
EBIT Margin		 11.66% 11.65% 9.41% 11.00% 10.94% 13.52% 21.27% 17.97% 15.47% 14.24%
Profit (Net Income) Margin		 8.65% 8.34% 6.10% 8.35% 8.28% 10.97% 16.43% 13.81% 11.57% 11.20%
Tax Burden Percent		 67.72% 68.63% 64.87% 75.91% 75.67% 78.99% 76.59% 77.29% 76.14% 76.52%
Interest Burden Percent		 109.52% 104.33% 100.00% 100.00% 100.00% 102.74% 100.85% 99.40% 98.22% 102.75%
Effective Tax Rate		 32.28% 31.37% 35.13% 24.09% 24.33% 21.01% 23.41% 22.71% 23.86% 23.48%
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%
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%
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%
Return on Equity (ROE)		 14.63% 13.88% 10.16% 15.15% 11.99% 14.46% 22.80% 20.55% 15.55% 14.50%
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%
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%
Return on Assets (ROA)		 5.99% 6.13% 4.53% 17.58% 12.22% 8.32% 14.12% 13.06% 10.26% 9.85%
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%
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%
Net Operating Profit after Tax (NOPAT)		 735 866 778 1,395 1,867 2,460 3,889 5,195 4,086 3,650
NOPAT Margin		 7.76% 7.91% 6.15% 6.78% 8.39% 10.94% 14.34% 15.43% 11.94% 10.30%
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%
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%
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%
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%
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		 2.28% 2.12% 3.37% 2.42% 1.50% 1.60% 1.69% 1.43% 1.68% 2.06%
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
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
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
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
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
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
Dividend Yield		 0.34% 0.52% 0.00% 0.40% 0.29% 0.87% 1.00% 1.76% 1.19% 1.15%
Earnings Yield		 8.23% 10.34% 5.91% 12.90% 10.46% 11.02% 14.30% 18.59% 11.01% 8.34%
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
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
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
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
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
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
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
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
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
Financial Leverage		 0.17 1.21 1.35 -1.15 -0.76 0.21 0.08 -0.06 -0.20 -0.26
Leverage Ratio		 2.44 2.26 2.24 0.86 0.98 1.74 1.62 1.57 1.52 1.47
Compound Leverage Factor		 2.67 2.36 2.24 0.86 0.98 1.78 1.63 1.56 1.49 1.51
Debt to Total Capital		 45.79% 38.82% 44.53% 0.35% 32.76% 24.76% 18.14% 14.31% 9.54% 7.46%
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		 45.79% 38.82% 44.53% 0.35% 32.76% 24.76% 18.14% 14.31% 9.54% 7.46%
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		 2.74% 1.57% 0.79% 0.69% 0.35% 0.43% 0.70% 0.49% 0.41% 0.50%
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%
Debt to EBITDA		 4.30 3.41 5.06 0.02 3.12 1.91 0.80 0.66 0.52 0.44
Net Debt to EBITDA		 3.26 1.37 1.69 -0.16 2.01 0.73 0.16 -0.29 -0.85 -0.73
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
Debt to NOPAT		 6.83 5.28 8.24 0.04 4.18 2.42 1.20 0.78 0.69 0.62
Net Debt to NOPAT		 5.18 2.12 2.75 -0.27 2.69 0.93 0.24 -0.34 -1.13 -1.03
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
Altman Z-Score		 2.27 4.78 2.78 47.72 3.12 3.62 4.45 4.04 4.65 5.01
Noncontrolling Interest Sharing Ratio		 6.48% 3.70% 1.97% 1.10% 0.82% 0.75% 0.81% 0.71% 0.51% 0.50%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 9.51 60.96 6.21 26.15 21.42 13.96 12.06 8.46 7.46 5.77
Quick Ratio		 1.06 3.58 1.38 0.02 1.51 1.72 1.40 1.48 1.72 1.06
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
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%
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		 0.69 0.74 0.74 2.11 1.48 0.76 0.86 0.95 0.89 0.88
Accounts Receivable Turnover		 20.96 17.03 19.45 79.00 109.59 63.83 68.78 57.84 43.83 36.51
Inventory Turnover		 1.87 0.84 0.75 3.21 2.15 1.10 1.04 1.07 1.16 1.21
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		 17.45 19.81 20.34 59.18 36.01 18.05 18.31 18.02 17.42 17.25
Days Sales Outstanding (DSO)		 17.41 21.43 18.77 4.62 3.33 5.72 5.31 6.31 8.33 10.00
Days Inventory Outstanding (DIO)		 195.28 432.32 487.58 113.68 169.48 333.08 349.72 340.98 315.80 301.07
Days Payable Outstanding (DPO)		 20.92 18.42 17.94 6.17 10.14 20.22 19.93 20.25 20.95 21.15
Cash Conversion Cycle (CCC)		 191.77 435.33 488.41 112.13 162.68 318.58 335.10 327.04 303.18 289.91
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
Invested Capital Turnover		 1.45 0.75 0.71 -12.32 6.01 1.09 1.28 1.58 1.68 1.74
Increase / (Decrease) in Invested Capital		 -5,843 21,911 -15,270 -23,845 34,595 -620 1,537 -1,178 -656 550
Enterprise Value (EV)		 13,868 10,835 15,962 12,854 22,798 24,756 32,079 23,193 31,287 43,519
Market Capitalization		 9,759 8,812 13,706 13,136 17,690 22,368 30,976 24,818 35,780 47,129
Book Value per Share		 $26.86 $30.84 $33.46 $44.05 $50.11 $57.43 $67.26 $82.77 $93.48 $102.75
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
Total Capital		 10,975 11,788 14,396 14,735 23,847 24,055 25,649 28,288 29,518 30,280
Total Debt		 5,025 4,576 6,410 52 7,813 5,956 4,652 4,047 2,816 2,258
Total Long-Term Debt		 5,025 4,576 6,410 52 7,813 5,956 4,652 4,047 2,816 2,258
Net Debt		 3,808 1,837 2,142 -383 5,023 2,283 923 -1,765 -4,615 -3,761
Capital Expenditures (CapEx)		 18 51 48 60 7.19 39 65 33 87 110
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
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
Net Working Capital (NWC)		 4,051 35,292 11,983 287 21,836 22,605 25,405 26,728 26,962 25,762
Net Nonoperating Expense (NNE)		 -84 -47 6.09 -323 25 -7.06 -567 546 125 -318
Net Nonoperating Obligations (NNO)		 -2,338 18,311 2,267 -28,275 4,969 2,283 923 -3,499 -6,617 -7,386
Total Depreciation and Amortization (D&A)		 64 65 78 68 66 70 79 85 109 116
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%
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%
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%
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
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
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
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
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		 211.42M 234.49M 239.96M 324.20M 315.86M 312.68M 298.88M 289.70M 280.82M 265.52M
Normalized Net Operating Profit after Tax (NOPAT)		 735 866 869 1,511 1,867 2,460 3,889 5,195 4,086 3,650
Normalized NOPAT Margin		 7.76% 7.91% 6.87% 7.34% 8.39% 10.94% 14.34% 15.43% 11.94% 10.30%
Pre Tax Income Margin		 12.77% 12.15% 9.41% 11.00% 10.94% 13.89% 21.45% 17.86% 15.20% 14.63%
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		 20.33% 17.82% 14.51% 8.08% 5.17% 9.62% 7.50% 11.39% 12.67% 15.01%
Augmented Payout Ratio		 23.16% 20.00% 18.02% 25.54% 33.56% 22.65% 39.60% 33.75% 42.53% 71.88%

Quarterly Metrics and Ratios for Lennar

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

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

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) was last updated on 4/13/2025 by MarketBeat.com Staff
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