Lennar (LEN) FY2019 results: revenue $22.3 billion, up 8.2% on the year
Lennar Corp. (LEN) reported revenue of $22.3 billion for fiscal 2019, the year ended 30 November 2019, up 8.2% on the year before. Net income was $1.8 billion, up 9.0%, and diluted earnings per share $5.74. The figures are the company's own, from the 10-K it filed with the SEC on 27 January 2020.
Revenue
$22.3 billion
+8.2% on the year
FY2012FY2019
Operating margin
12.5%
12.0% a year earlier
FY2012FY2019
Net income
$1.8 billion
+9.0% on the year
FY2012FY2019
Diluted EPS
$5.74
+5.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,260
20,572
12,646
+8.2%
Operating income
2,775
2,463
1,476
+12.7%
Operating margin
12.5%
12.0%
11.7%
Pre-tax income
2,434
2,263
1,190
+7.6%
Income tax
592
545
418
+8.6%
Effective tax rate
24.3%
24.1%
35.1%
Net income
1,849
1,696
810
+9.0%
Net margin
8.3%
8.2%
6.4%
Diluted EPS
$5.74
$5.44
$3.38
+5.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,482
1,692
982
-12.4%
Capital expenditure
86.5
130
112
-33.7%
Free cash flow
1,396
1,561
871
-10.6%
Free cash flow margin
6.3%
7.6%
6.9%
Cash from investing
19.6
-594
-845
Cash from financing
-1,629
-2,196
1,194
Depreciation and amortisation
92.2
91.2
66.3
+1.1%
Share-based compensation
86.9
72.7
61.4
+19.7%
Buybacks
523
300
27.1
+74.5%
Dividends paid
51.5
49.2
37.6
+4.7%
Diluted shares, weighted
318m
309m
237m
+3.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
15,950
14,582
7,872
+9.4%
Non-controlling interest
84.3
101
114
-16.9%
Debt
9,574
n/a
n/a
Other liabilities
3,752
13,883
10,759
-73.0%
Total liabilities and equity
29,360
28,566
18,745
+2.8%
Fixed assets
280
320
215
-12.6%
Goodwill
3,658
n/a
n/a
Securities held for sale or to maturity
296
n/a
n/a
Loans
73.9
n/a
n/a
Trading assets
0.0
0.0
0.0
Cash and equivalents
1,446
1,558
2,651
-7.2%
Other assets
23,606
26,688
15,879
-11.5%
Total assets
29,360
28,566
18,745
+2.8%
10-K for the year ended 30 November 2019, filed 27 January 2020: the filing.