Lennar (LEN) FY2016 results: revenue $10.9 billion, up 15.6% on the year
Lennar Corp. (LEN) reported revenue of $10.9 billion for fiscal 2016, the year ended 30 November 2016, up 15.6% on the year before. Net income was $912 million, up 13.6%, and diluted earnings per share $3.93. The figures are the company's own, from the 10-K it filed with the SEC on 20 January 2017.
Revenue
$10.9 billion
+15.6% on the year
FY2009FY2016
Operating margin
14.3%
15.1% a year earlier
FY2009FY2016
Net income
$912 million
+13.6% on the year
FY2009FY2016
Diluted EPS
$3.93
+13.6% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
10,950
9,474
7,780
+15.6%
Operating income
1,563
1,426
1,147
+9.6%
Operating margin
14.3%
15.1%
14.7%
Interest expense
4.6
12.5
36.6
-62.9%
Pre-tax income
1,330
1,210
970
+10.0%
Income tax
417
390
341
+6.9%
Effective tax rate
31.4%
32.3%
35.2%
Net income
912
803
639
+13.6%
Net margin
8.3%
8.5%
8.2%
Diluted EPS
$3.93
$3.46
$2.80
+13.6%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
508
-420
-788
Capital expenditure
76.4
91.4
22.6
-16.3%
Free cash flow
431
-511
-811
Free cash flow margin
3.9%
-5.4%
-10.4%
Cash from investing
-85.8
-98.4
438
Cash from financing
-251
395
661
Depreciation and amortisation
50.2
43.7
38.5
+15.0%
Share-based compensation
55.5
43.9
40.7
+26.5%
Buybacks
19.9
23.2
20.4
-14.2%
Dividends paid
35.3
33.2
32.8
+6.4%
Diluted shares, weighted
231m
231m
228m
-0.0%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
7,026
5,649
4,827
+24.4%
Non-controlling interest
186
301
424
-38.4%
Debt
n/a
5,025
4,690
Other liabilities
8,150
3,444
2,982
+136.6%
Total liabilities and equity
15,362
14,420
12,923
+6.5%
Fixed assets
174
116
143
+50.2%
Goodwill
n/a
n/a
44.2
Intangible assets
n/a
n/a
0.0
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,330
1,158
1,282
+14.8%
Other assets
13,859
13,146
11,454
+5.4%
Total assets
15,362
14,420
12,923
+6.5%
10-K for the year ended 30 November 2016, filed 20 January 2017: the filing.