Lennar Corp. (LEN)
Lennar is one of the largest homebuilders in the United States by deliveries, and also originates residential and commercial mortgage loans, provides title insurance and closing services and develops multifamily rental property. It sponsors and manages funds and joint ventures that build and own multifamily rentals and a fund that owns single-family rentals, and holds investments in companies applying technology to homebuilding and to real estate financial services. Homebuilding is the most substantial part of the business, at approximately 94% of consolidated revenues in fiscal 2025. It was founded as a local Miami homebuilder in 1954, floated in 1971 and listed on the New York Stock Exchange in 1972. Its homebuilding segments cover East, Central, South Central and West, with an Other grouping of urban divisions and related investments mainly in California, and its remaining segments are Financial Services, Multifamily and Lennar Other.
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Latest results
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The years before, in words
Lennar (LEN) reported revenue of $34.2 billion for fiscal 2025, the year ended 30 November 2025, down 3.5% on the year before. Net income was $2.1 billion and diluted earnings per share $7.98. Revenue was $35.4 billion in fiscal 2024, $34.2 billion in fiscal 2023, $33.7 billion in fiscal 2022 and $27.1 billion in fiscal 2021. Net income in the same years was $3.9 billion, $3.9 billion, $4.6 billion and $4.4 billion. Over the twelve months to 31 August 2026, Lennar reported revenue of $32.0 billion and net income of $1.3 billion. Revenue grew 8.7% a year, compounded, over the five years to fiscal 2025. Lennar declared $2.00 a share in dividends over the last four quarters and had 238 million shares outstanding at the latest filed count. At 30 November 2025 it carried $5.9 billion of debt and $1.5 billion of cash. At the close of 6 November 2026 the market cap of Lennar was $21.1 billion, 16.8 times its earnings over the last twelve months.Ratios
From the filings
ROE6.1%
ROCE6.2%
Operating margin5.4%
Net margin4.1%
FCF marginn/a
Interest covern/a
Debt to equity0.27x
Cash conversion0.72x
Share count, last 12 months-6.7%
Sales CAGR, 3 years0.5%
Profit CAGR, 3 years-23.3%
EPS, TTM$5.29
At the close of 6 November 2026
Price$88.76
Market cap$21.1 billion
Stock P/E16.8x
Price to book0.98x
EV / EBITDA10.6x
Dividend yield2.3%
Market cap / sales0.66x
52-week high$133.13
52-week low$73.54
Price, 1 year-26.2%
Price CAGR, 3 years-5.5%
Price CAGR, 5 years-0.5%
29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Lennar Corp. files it, at the balance sheet of 30 November 2025, the latest that carries it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.LENgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.Quarterly results
| Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,434 | 6,204 | 8,359 | 8,934 | 10,174 | 6,490 | 8,045 | 8,730 | 10,968 | 7,313 | 8,766 | 9,416 | 9,947 | 7,632 | 8,378 | 8,810 | 9,368 | 6,619 | 7,940 | 8,046 |
| SG&A | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 616 | 689 | 676 | 697 | 617 | 698 | 714 |
| Operating income | 1,756 | 803 | 1,852 | 1,943 | n/a | 816 | 1,193 | 1,471 | 1,887 | 901 | 1,219 | 1,286 | 1,364 | 696 | 628 | 700 | 644 | 216 | 398 | 460 |
| Operating margin | 21% | 13% | 22% | 22% | n/a | 13% | 15% | 17% | 17% | 12% | 14% | 14% | 14% | 9% | 8% | 8% | 7% | 3% | 5% | 6% |
| Pre-tax income | 1,581 | 677 | 1,755 | 1,824 | 1,759 | 784 | 1,159 | 1,475 | 1,784 | 931 | 1,261 | 1,535 | 1,458 | 698 | 642 | 791 | 683 | 302 | 413 | 387 |
| Tax rate | 24% | 25% | 25% | 19% | 24% | 24% | 24% | 24% | 23% | 23% | 24% | 23% | 25% | 24% | 25% | 24% | 27% | 23% | 25% | 26% |
| Net income | 1,190 | 504 | 1,321 | 1,467 | 1,322 | 597 | 872 | 1,109 | 1,361 | 719 | 954 | 1,163 | 1,096 | 520 | 477 | 591 | 490 | 229 | 305 | 284 |
| Net margin | 14% | 8% | 16% | 16% | 13% | 9% | 11% | 13% | 12% | 10% | 11% | 12% | 11% | 7% | 6% | 7% | 5% | 3% | 4% | 4% |
| Diluted EPS | $3.90 | $1.69 | $4.49 | $5.03 | $4.55 | $2.06 | $3.01 | $3.87 | $4.82 | $2.57 | $3.45 | $4.26 | $4.06 | $1.96 | $1.81 | $2.29 | $1.93 | $0.93 | $1.24 | $1.19 |
| Operating cash flow | 1,220 | -72.2 | 125 | 499 | 2,714 | 978 | 660 | 952 | 2,589 | 368 | 242 | 819 | 975 | -289 | -1,095 | -159 | 1,759 | -434 | -284 | -104 |
| Capital expenditure | 25.2 | 5.8 | 5.1 | 16.7 | 29.7 | 5.4 | 25.8 | 22.3 | 46.2 | 72.9 | 38.8 | 18.4 | 41.4 | 56.0 | 15.2 | 32.2 | 85.2 | 30.0 | 18.9 | n/a |
| Free cash flow | 1,195 | -78.0 | 120 | 482 | 2,685 | 973 | 635 | 930 | 2,543 | 295 | 203 | 801 | 933 | -345 | -1,110 | -191 | 1,674 | -463 | -303 | n/a |
| Buybacks | 978 | 581 | 324 | 13.1 | 121 | 258 | 207 | 376 | 341 | 595 | 610 | 525 | 527 | 774 | 521 | 512 | 0.1 | 270 | 467 | 256 |
| Dividends paid | 75.8 | 110 | 111 | 109 | 108 | 108 | 110 | 107 | 105 | 139 | 139 | 136 | 135 | 132 | 134 | 129 | 127 | 123 | 123 | 119 |
| Shares outstanding | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 266m | 264m | 259m | 255m | 247m | 246m | 241m | 238m |
| Filing | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss)
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 36 peers in Construction (9.8% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 35 peers in Construction (17.9). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,575 | 3,119 | 3,074 | 3,095 | 4,105 | 5,935 | 7,780 | 9,474 | 10,950 | 12,646 | 20,572 | 22,260 | 22,489 | 27,131 | 33,671 | 34,233 | 35,441 | 34,187 | 31,973 |
| Selling, general and administrative | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 2,231 | 2,480 | 2,678 | 2,727 |
| Operating income | -440 | -643 | 189 | 193 | 349 | 828 | 1,147 | 1,426 | 1,563 | 1,476 | 2,463 | 2,775 | 3,482 | 5,078 | n/a | 5,367 | 4,770 | 2,668 | 1,718 |
| Operating margin | -9.6% | -20.6% | 6.1% | 6.2% | 8.5% | 14.0% | 14.7% | 15.1% | 14.3% | 11.7% | 12.0% | 12.5% | 15.5% | 18.7% | n/a | 15.7% | 13.5% | 7.8% | 5.4% |
| Interest expense | n/a | 147 | 144 | 163 | 181 | 214 | 36.6 | 12.5 | 4.6 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | n/a | -760 | 94.7 | 98.0 | 222 | 682 | 970 | 1,210 | 1,330 | 1,190 | 2,263 | 2,434 | 3,124 | 5,819 | 6,015 | 5,202 | 5,185 | 2,814 | 1,786 |
| Income tax | 548 | -314 | -25.7 | -14.6 | -435 | 177 | 341 | 390 | 417 | 418 | 545 | 592 | 656 | 1,363 | 1,366 | 1,241 | 1,217 | 706 | 461 |
| Effective tax rate | n/a | n/a | -27.2% | -14.9% | -195.9% | 26.0% | 35.2% | 32.3% | 31.4% | 35.1% | 24.1% | 24.3% | 21.0% | 23.4% | 22.7% | 23.9% | 23.5% | 25.1% | 25.8% |
| Net income | -1,109 | -417 | 95.3 | 92.2 | 679 | 480 | 639 | 803 | 912 | 810 | 1,696 | 1,849 | 2,465 | 4,430 | 4,614 | 3,939 | 3,933 | 2,078 | 1,308 |
| Net margin | -24.2% | -13.4% | 3.1% | 3.0% | 16.5% | 8.1% | 8.2% | 8.5% | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% | 4.1% |
| Diluted EPS | -$7.01 | -$2.45 | $0.51 | $0.48 | $3.11 | $2.15 | $2.80 | $3.46 | $3.93 | $3.38 | $5.44 | $5.74 | $7.85 | $14.27 | $15.72 | $13.73 | $14.31 | $7.98 basic | $5.29 |
| Filing | 10-K | 10-K | 10-K/A | 10-K/A | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.Revenue by segment FY2014 to FY2025
| FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| West | n/a | n/a | n/a | n/a | 8,060 | 8,227 | 8,437 | 10,564 | 12,571 | 12,086 | 12,956 | 11,909 | 34.8% |
| Central | n/a | n/a | n/a | n/a | 3,524 | 4,120 | 4,094 | 4,827 | 6,723 | 7,305 | 7,875 | 7,756 | 22.7% |
| East | n/a | n/a | n/a | n/a | 5,017 | 5,718 | 5,715 | 6,871 | 8,389 | 8,524 | 8,255 | 6,970 | 20.4% |
| South Central | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 4,707 | 4,787 | 5,604 | 16.4% |
| Financial Services | 454 | 621 | 687 | 892 | 955 | 825 | 890 | 899 | 810 | 977 | 1,109 | 1,198 | 3.5% |
| Multifamily | 69.8 | 165 | 287 | 395 | 421 | 605 | 576 | 665 | 866 | 573 | 412 | 681 | 2.0% |
| Lennar Other | n/a | n/a | n/a | 171 | 118 | 36.8 | 41.1 | 21.5 | 44.4 | 22.0 | 14.2 | 41.4 | 0.1% |
| Other | n/a | n/a | n/a | n/a | 55.6 | 149 | 25.6 | 42.7 | 40.1 | 38.8 | 33.5 | 26.8 | 0.1% |
| Homebuilding | 7,025 | 8,467 | 9,741 | 11,189 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Rialto | 231 | 222 | 234 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Texas | n/a | n/a | n/a | n/a | 2,421 | 2,579 | 2,710 | 3,241 | 4,228 | n/a | n/a | n/a | n/a |
West FY2018 to FY2025Central FY2018 to FY2025East FY2018 to FY2025South Central FY2023 to FY2025Financial ServicesMultifamilyLennar Other FY2017 to FY2025Other FY2018 to FY2025Texas FY2018 to FY2022Homebuilding FY2014 to FY2017Rialto FY2014 to FY2016
$ billion; hover a block for its figure and share; a part named with years is one the company split its revenue into only then
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Profit by segment FY2023 to FY2025
The profit before tax each segment reports. Costs Lennar does not charge to a segment are left out, so the segments can add up to more than the company's own profit before tax.
| FY2023 | FY2024 | FY2025 | Margin FY2025 | |
|---|---|---|---|---|
| West | 1,713 | 1,858 | 1,116 | 9.4% |
| Central | 1,098 | 1,083 | 668 | 8.6% |
| East | 1,999 | 1,600 | 704 | 10.1% |
| South Central | 789 | 754 | 493 | 8.8% |
| Financial Services | 509 | 577 | 612 | 51.1% |
| Multifamily | -50.7 | 42.6 | -75.5 | -11.1% |
| Lennar Other | -210 | -48.0 | -19.1 | -46.1% |
| Other | -70.8 | 47.9 | 34.0 | 126.7% |
| Homebuilding | 5,528 | 5,342 | 3,015 | n/a |
HomebuildingWestCentralEastSouth CentralFinancial ServicesMultifamilyLennar OtherOther
$ billion; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.
FY2025Share of salesShare of profit
West35%17%
Central23%10%
East20%11%
South Central16%7%
Financial Services4%9%
Multifamily2%a loss
Lennar Otherunder 1%a loss
Otherunder 1%1%
Homebuilding0%45%
Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has a profit before tax figure. A margin is a segment's profit before tax over its own sales.Revenue by product or service FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| Home | 32,459 | 33,778 | 32,097 | 93.9% |
| Other revenues | 1,664 | 1,570 | 1,959 | 5.7% |
| Land sales revenues | 110 | 93.4 | 130 | 0.4% |
HomeOther revenuesLand sales revenues
$ billion; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 36 peers in Construction (9.8% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1,101 | 421 | 274 | -259 | -425 | -808 | -788 | -420 | 508 | 982 | 1,692 | 1,482 | 4,191 | 2,533 | 3,266 | 5,180 | 2,403 | 217 | 937 |
| Capital expenditure | n/a | n/a | n/a | n/a | n/a | 9.4 | 22.6 | 91.4 | 76.4 | 112 | 130 | 86.5 | 72.8 | 65.2 | 57.2 | 99.8 | 172 | 189 | n/a |
| Free cash flow | n/a | n/a | n/a | n/a | n/a | -817 | -811 | -511 | 431 | 871 | 1,561 | 1,396 | 4,118 | 2,468 | 3,208 | 5,080 | 2,232 | 28.2 | n/a |
| Free cash flow margin | n/a | n/a | n/a | n/a | n/a | -13.8% | -10.4% | -5.4% | 3.9% | 6.9% | 7.6% | 6.3% | 18.3% | 9.1% | 9.5% | 14.8% | 6.3% | 0.1% | n/a |
| Cash from investing | -266 | -275 | -673 | -136 | 245 | 689 | 438 | -98.4 | -85.8 | -845 | -594 | 19.6 | -280 | -105 | -128 | -177 | -303 | 222 | 160 |
| Cash from financing | -427 | 108 | 336 | 165 | 326 | -222 | 661 | 395 | -251 | 1,194 | -2,196 | -1,629 | -2,447 | -2,405 | -1,277 | -3,248 | -3,682 | -1,598 | -1,356 |
| Depreciation and amortisation | 32.4 | 19.9 | 13.5 | 21.5 | 28.1 | 30.3 | 38.5 | 43.7 | 50.2 | 66.3 | 91.2 | 92.2 | 94.6 | 86.0 | 87.1 | 110 | 116 | 134 | 140 |
| Share-based compensation | 29.9 | 30.4 | 28.1 | 24.0 | 31.7 | 33.7 | 40.7 | 43.9 | 55.5 | 61.4 | 72.7 | 86.9 | 107 | 135 | 184 | 161 | 177 | 163 | 143 |
| Buybacks | 1.8 | 1.6 | 1.8 | 5.7 | 17.1 | 12.3 | 20.4 | 23.2 | 19.9 | 27.1 | 300 | 523 | 322 | 1,430 | 1,039 | 1,183 | 2,256 | 1,808 | 993 |
| Dividends paid | 83.5 | 27.6 | 29.6 | 29.9 | 30.4 | 30.9 | 32.8 | 33.2 | 35.3 | 37.6 | 49.2 | 51.5 | 195 | 310 | 438 | 431 | 549 | 521 | 493 |
| Dividend per share | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $0.25 | n/a | n/a | n/a | n/a | n/a |
| Diluted shares, weighted | n/a | 171m | 189m | 195m | 219m | 226m | 228m | 231m | 231m | 237m | 309m | 318m | 309m | 307m | 290m | 283m | 272m | 258m | 238m |
| Shares outstanding at period end | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 238m |
| Filing | 10-K | 10-K | 10-K/A | 10-K/A | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet
| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 † | FY2014 † | FY2015 † | FY2016 | FY2017 † | FY2018 † | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded by | |||||||||||||||||||
| Shareholders' equity | 2,789 | 2,443 | 2,609 | 2,696 | 3,415 | 4,169 | 4,827 | 5,649 | 7,026 | 7,872 | 14,582 | 15,950 | 17,995 | 20,816 | 24,100 | 26,581 | 27,870 | 21,959 | 21,559 |
| Non-controlling interest | n/a | 145 | 585 | 607 | 586 | 459 | 424 | 301 | 186 | 114 | 101 | 84.3 | 105 | 180 | 140 | 121 | 151 | 181 | 137 |
| Debt | n/a | n/a | n/a | 3,363 | 4,005 | 4,194 | 4,690 | 5,025 | n/a | n/a | n/a | 9,574 | 7,422 | n/a | n/a | n/a | 4,189 | 5,875 | n/a |
| Other liabilities | n/a | 4,727 | 5,593 | 2,488 | 2,356 | 2,418 | 2,982 | 3,444 | 8,150 | 10,759 | 13,883 | 3,752 | 4,414 | 12,211 | 13,744 | 12,532 | 9,102 | 6,415 | 11,682 |
| Total liabilities and equity | n/a | 7,315 | 8,788 | 9,155 | 10,362 | 11,240 | 12,923 | 14,420 | 15,362 | 18,745 | 28,566 | 29,360 | 29,935 | 33,208 | 37,984 | 39,234 | 41,313 | 34,430 | 33,378 |
| Owned | |||||||||||||||||||
| Fixed assets | n/a | n/a | 195 | 319 | 314 | 181 | 143 | 116 | 174 | 215 | 320 | 280 | 412 | 340 | 355 | 405 | 516 | 643 | n/a |
| Goodwill | n/a | n/a | 34.0 | 34.0 | n/a | 34.0 | 44.2 | n/a | n/a | n/a | n/a | 3,658 | 3,632 | n/a | n/a | n/a | 3,632 | 3,632 | n/a |
| Intangible assets | n/a | n/a | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Securities held for sale or to maturity | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 296 | 218 | n/a | n/a | n/a | 176 | 172 | n/a |
| Loans | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | 73.9 | 72.6 | n/a | n/a | n/a | n/a | n/a | n/a |
| Trading assets | n/a | n/a | n/a | n/a | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Cash and equivalents | 1,203 | 1,457 | 1,394 | 1,164 | 1,311 | 971 | 1,282 | 1,158 | 1,330 | 2,651 | 1,558 | 1,446 | 2,863 | 2,956 | 4,816 | 6,571 | 4,910 | 3,756 | 1,499 |
| Other assets | n/a | 5,857 | 7,165 | 7,638 | 8,738 | 10,054 | 11,454 | 13,146 | 13,859 | 15,879 | 26,688 | 23,606 | 22,738 | 29,912 | 32,813 | 32,259 | 32,079 | 26,227 | 31,879 |
| Total assets | n/a | 7,315 | 8,788 | 9,155 | 10,362 | 11,240 | 12,923 | 14,420 | 15,362 | 18,745 | 28,566 | 29,360 | 29,935 | 33,208 | 37,984 | 39,234 | 41,313 | 34,430 | 33,378 |
| Filing | 10-K | 10-K | 10-K/A | 10-K/A | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | 13.7% | 8.7% | 0.5% | -8.0% |
| Profit growth, compounded | 10.0% | -3.4% | -23.3% | -51.3% |
| Return on equity, average | 13.9% | 15.8% | 12.8% | 9.5% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Lennar's revenue in fiscal 2025?
Lennar (LEN) reported revenue of $34.2 billion for fiscal 2025, the year ended 30 November 2025, down 3.5% on the year before.
How much did Lennar earn in fiscal 2025?
Net income was $2.1 billion for fiscal 2025, and diluted earnings per share $7.98.
What is Lennar's P/E ratio?
At the close of 6 November 2026, Lennar traded at 16.8 times its earnings over the twelve months to 31 August 2026.
What is Lennar's market cap?
The market cap of Lennar was $21.1 billion at the close of 6 November 2026.
Does Lennar pay a dividend?
Yes. Lennar declared $2.00 a share in dividends over the four quarters to 31 August 2026.
Peers: Construction
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| D.R. Horton, Inc. DHI | $42.7 billion | 14.49 | 12.8% | n/a | -3.5% | 0.30 | 1.2% |
| Comfort Systems USA Inc. FIX | $35.6 billion | 21.96 | 48.9% | 16.7% | 50.7% | 0.01 | 0.3% |
| Emcor Group, Inc. EME | $26.8 billion | 17.57 | 36.1% | 10.4% | 22.1% | 0.00 | 0.2% |
| PulteGroup Inc. PHM | $24.4 billion | 14.15 | 13.7% | n/a | -9.3% | 0.17 | 0.8% |
| Lennar Corp. LEN | $21.1 billion | 16.78 | 6.1% | 5.4% | -8.0% | 0.27 | 2.3% |
| Jacobs Solutions Inc. J | $17.4 billion | 52.24 | 10.4% | 4.6% | 20.1% | 1.10 | 0.9% |
| NVR Inc. NVR | $16.7 billion | 17.40 | 30.5% | n/a | -10.8% | 0.26 | n/a |
| Toll Brothers, Inc. TOL | $14.1 billion | 12.24 | 14.0% | 13.8% | -1.1% | 0.32 | 0.7% |
| Mastec Inc. MTZ | $14.0 billion | 28.44 | 11.9% | n/a | 25.7% | 1.03 | n/a |
| Sterling Infrastructure, Inc. STRL | $7.7 billion | 14.18 | 36.8% | 18.2% | 93.1% | 0.06 | n/a |
| Installed Building Products, Inc. IBP | $5.8 billion | 25.01 | 33.9% | 11.8% | 0.7% | 1.51 | 1.5% |
| GEO Group Inc. GEO | $3.7 billion | 22.27 | 10.6% | 13.0% | 14.9% | 0.97 | n/a |
All 43 in Construction
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Quanta Services, Inc. PWR | $81.5 billion | 48.98 | 16.0% | 6.8% | 37.1% | 0.66 | 0.1% |
| D.R. Horton, Inc. DHI | $42.7 billion | 14.49 | 12.8% | n/a | -3.5% | 0.30 | 1.2% |
| Comfort Systems USA Inc. FIX | $35.6 billion | 21.96 | 48.9% | 16.7% | 50.7% | 0.01 | 0.3% |
| Emcor Group, Inc. EME | $26.8 billion | 17.57 | 36.1% | 10.4% | 22.1% | 0.00 | 0.2% |
| PulteGroup Inc. PHM | $24.4 billion | 14.15 | 13.7% | n/a | -9.3% | 0.17 | 0.8% |
| Lennar Corp. LEN | $21.1 billion | 16.78 | 6.1% | 5.4% | -8.0% | 0.27 | 2.3% |
| Jacobs Solutions Inc. J | $17.4 billion | 52.24 | 10.4% | 4.6% | 20.1% | 1.10 | 0.9% |
| NVR Inc. NVR | $16.7 billion | 17.40 | 30.5% | n/a | -10.8% | 0.26 | n/a |
| Toll Brothers, Inc. TOL | $14.1 billion | 12.24 | 14.0% | 13.8% | -1.1% | 0.32 | 0.7% |
| Mastec Inc. MTZ | $14.0 billion | 28.44 | 11.9% | n/a | 25.7% | 1.03 | n/a |
| Sterling Infrastructure, Inc. STRL | $7.7 billion | 14.18 | 36.8% | 18.2% | 93.1% | 0.06 | n/a |
| Dycom Industries Inc. DY | $6.3 billion | 18.87 | 16.0% | 7.8% | 37.8% | 1.37 | n/a |
| Fluor Corp. FLR | $6.0 billion | n/a | -44.2% | 3.2% | 1.9% | 0.41 | n/a |
| Installed Building Products, Inc. IBP | $5.8 billion | 25.01 | 33.9% | 11.8% | 0.7% | 1.51 | 1.5% |
| Granite Construction Inc. GVA | $5.3 billion | n/a | -28.0% | 7.5% | 25.1% | 1.64 | 0.4% |
| Solv Energy, Inc. MWH | $5.2 billion | n/a | n/a | n/a | n/a | 0.00 | n/a |
| Tutor Perini Corp. TPC | $4.7 billion | 33.82 | 10.8% | 5.6% | 22.6% | 0.31 | 0.3% |
| Kbr, Inc. KBR | $4.7 billion | 10.68 | 25.1% | 9.4% | -3.0% | 1.44 | 1.8% |
| Construction Partners, Inc. ROAD | $4.4 billion | 30.27 | 13.7% | 8.6% | 41.9% | 1.72 | n/a |
| MYR Group Inc. MYRG | $4.1 billion | 21.35 | 23.6% | 6.1% | 22.8% | 0.26 | n/a |
| Everus Construction Group, Inc. ECG | $3.9 billion | 13.55 | 33.5% | 8.2% | 33.5% | 0.66 | n/a |
| Argan Inc. AGX | $3.9 billion | 21.97 | 35.4% | 15.4% | 29.0% | 0.00 | 0.7% |
| GEO Group Inc. GEO | $3.7 billion | 22.27 | 10.6% | 13.0% | 14.9% | 0.97 | n/a |
| Primoris Services Corp. PRIM | $3.4 billion | 36.96 | 6.2% | 2.4% | -5.4% | 0.50 | 0.5% |
| M/I Homes, Inc. MHO | $3.3 billion | 12.50 | 8.5% | 8.2% | -6.0% | 0.16 | n/a |
| IES Holdings, Inc. IESC | $3.2 billion | 7.04 | 37.1% | 12.4% | 22.7% | 0.00 | n/a |
| KB Home KBH | $3.1 billion | 14.28 | 6.0% | n/a | -20.8% | 0.55 | 2.0% |
| Legence Corp. LGN | $3.0 billion | n/a | -7.5% | 0.8% | n/a | 1.72 | n/a |
| Green Brick Partners, Inc. GRBK | $2.8 billion | 10.43 | 13.5% | n/a | -6.9% | 0.14 | n/a |
| Sunrun Inc. RUN | $2.4 billion | 5.04 | 14.6% | 6.3% | 66.2% | 4.14 | n/a |
| Century Communities, Inc. CCS | $1.6 billion | 14.72 | 4.3% | n/a | -8.2% | 0.71 | n/a |
| Preformed Line Products Co. PLPC | $1.3 billion | 21.97 | 11.4% | 10.1% | 16.3% | 0.11 | 0.3% |
| Ameresco, Inc. AMRC | $1.1 billion | n/a | n/a | n/a | n/a | 1.58 | n/a |
| Dream Finders Homes, Inc. DFH | $1.1 billion | 12.90 | 7.4% | n/a | -10.9% | 1.39 | n/a |
| LGI Homes, Inc. LGIH | $1.1 billion | 14.93 | 3.3% | n/a | -2.6% | 0.71 | n/a |
| Cardinal Infrastructure Group Inc. CDNL | $691 million | n/a | n/a | n/a | n/a | 0.80 | n/a |
| Limbach Holdings, Inc. LMB | $626 million | 20.85 | 15.1% | 5.6% | 20.9% | 0.75 | n/a |
| Smith Douglas Homes Corp. SDHC | $499 million | 17.85 | 6.0% | n/a | 0.4% | 1.25 | n/a |
| Concrete Pumping Holdings, Inc. BBCP | $479 million | 59.38 | 3.9% | 11.5% | 6.9% | 1.56 | n/a |
| Orion Group Holdings Inc. ORN | $293 million | 48.07 | 3.3% | 1.2% | 11.0% | 0.63 | n/a |
| Matrix Service Co. MTRX | $271 million | 37.15 | 5.0% | 0.0% | 8.0% | 0.00 | n/a |
| Energy Services of America Corp. ESOA | $161 million | 14.16 | n/a | 3.9% | 21.2% | 0.54 | 1.5% |
| Shimmick Corp. SHIM | $96 million | n/a | n/a | -1.9% | -16.0% | n/a | n/a |
2 companies share its SEC industry code (General Bldg Contractors - Residential Bldgs); the rest are the names nearest in size in its wider industry, Construction, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.The public record on LEN
| Dividends | $2.00 a share over the four quarters to 31 August 2026, a 2.25% yield |
| Filings | 18 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 regulation FD disclosure; 2 officer or director change; 1 material agreement; 1 new financial obligation |
| Planned insider sales | 1 Form 144 notice in twelve months, $6.8 million; latest 19 February 2026 |
| Options tape | put/call 0.75 by open interest at the 6 November 2026 close; the straddle prices a 5.2% move to 13 November 2026 |
| 13F holders | 942 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc. |
| Insider trading | 0 sales and 45 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 23.2 million shares short, 3.64 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 31 August 2026 | 2 October 2026 | EDGAR |
| 10-Q | 31 May 2026 | 29 June 2026 | EDGAR |
| 10-Q | 28 February 2026 | 9 April 2026 | EDGAR |
| 10-K | 30 November 2025 | 28 January 2026 | EDGAR |
| 10-Q | 31 August 2025 | 3 October 2025 | EDGAR |
| 10-Q | 31 May 2025 | 1 July 2025 | EDGAR |
| 10-Q | 28 February 2025 | 4 April 2025 | EDGAR |
| 10-K | 30 November 2024 | 23 January 2025 | EDGAR |
| 10-Q | 31 August 2024 | 2 October 2024 | EDGAR |
| 10-Q | 31 May 2024 | 28 June 2024 | EDGAR |
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