Lennar (LEN) FY2015 results: revenue $9.5 billion, up 21.8% on the year
Lennar Corp. (LEN) reported revenue of $9.5 billion for fiscal 2015, the year ended 30 November 2015, up 21.8% on the year before. Net income was $803 million, up 25.7%, and diluted earnings per share $3.46. The figures are the company's own, from the 10-K it filed with the SEC on 22 January 2016.
Revenue
$9.5 billion
+21.8% on the year
FY2008FY2015
Operating margin
15.1%
14.7% a year earlier
FY2008FY2015
Net income
$803 million
+25.7% on the year
FY2008FY2015
Diluted EPS
$3.46
+23.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
9,474
7,780
5,935
+21.8%
Operating income
1,426
1,147
828
+24.3%
Operating margin
15.1%
14.7%
14.0%
Interest expense
12.5
36.6
214
-65.9%
Pre-tax income
1,210
970
682
+24.7%
Income tax
390
341
177
+14.5%
Effective tax rate
32.3%
35.2%
26.0%
Net income
803
639
480
+25.7%
Net margin
8.5%
8.2%
8.1%
Diluted EPS
$3.46
$2.80
$2.15
+23.6%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
-420
-788
-808
Capital expenditure
91.4
22.6
9.4
+304.2%
Free cash flow
-511
-811
-817
Free cash flow margin
-5.4%
-10.4%
-13.8%
Cash from investing
-98.4
438
689
Cash from financing
395
661
-222
-40.3%
Depreciation and amortisation
43.7
38.5
30.3
+13.3%
Share-based compensation
43.9
40.7
33.7
+7.7%
Buybacks
23.2
20.4
12.3
+13.5%
Dividends paid
33.2
32.8
30.9
+1.3%
Diluted shares, weighted
231m
228m
226m
+1.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
5,649
4,827
4,169
+17.0%
Non-controlling interest
301
424
459
-29.0%
Debt
5,025
4,690
4,194
+7.1%
Other liabilities
3,444
2,982
2,418
+15.5%
Total liabilities and equity
14,420
12,923
11,240
+11.6%
Fixed assets
116
143
181
-19.3%
Goodwill
n/a
44.2
34.0
Intangible assets
n/a
0.0
0.0
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,158
1,282
971
-9.6%
Other assets
13,146
11,454
10,054
+14.8%
Total assets
14,420
12,923
11,240
+11.6%
10-K for the year ended 30 November 2015, filed 22 January 2016: the filing.