Lennar (LEN) FY2020 results: revenue $22.5 billion, up 1.0% on the year
Lennar Corp. (LEN) reported revenue of $22.5 billion for fiscal 2020, the year ended 30 November 2020, up 1.0% on the year before. Net income was $2.5 billion, up 33.3%, and diluted earnings per share $7.85. The figures are the company's own, from the 10-K it filed with the SEC on 22 January 2021.
Revenue
$22.5 billion
+1.0% on the year
FY2013FY2020
Operating margin
15.5%
12.5% a year earlier
FY2013FY2020
Net income
$2.5 billion
+33.3% on the year
FY2013FY2020
Diluted EPS
$7.85
+36.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
22,489
22,260
20,572
+1.0%
Operating income
3,482
2,775
2,463
+25.5%
Operating margin
15.5%
12.5%
12.0%
Pre-tax income
3,124
2,434
2,263
+28.3%
Income tax
656
592
545
+10.8%
Effective tax rate
21.0%
24.3%
24.1%
Net income
2,465
1,849
1,696
+33.3%
Net margin
11.0%
8.3%
8.2%
Diluted EPS
$7.85
$5.74
$5.44
+36.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,191
1,482
1,692
+182.7%
Capital expenditure
72.8
86.5
130
-15.9%
Free cash flow
4,118
1,396
1,561
+195.0%
Free cash flow margin
18.3%
6.3%
7.6%
Cash from investing
-280
19.6
-594
Cash from financing
-2,447
-1,629
-2,196
Depreciation and amortisation
94.6
92.2
91.2
+2.6%
Share-based compensation
107
86.9
72.7
+23.2%
Buybacks
322
523
300
-38.5%
Dividends paid
195
51.5
49.2
+279.1%
Diluted shares, weighted
309m
318m
309m
-2.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
17,995
15,950
14,582
+12.8%
Non-controlling interest
105
84.3
101
+24.0%
Debt
7,422
9,574
n/a
-22.5%
Other liabilities
4,414
3,752
13,883
+17.6%
Total liabilities and equity
29,935
29,360
28,566
+2.0%
Fixed assets
412
280
320
+47.2%
Goodwill
3,632
3,658
n/a
-0.7%
Securities held for sale or to maturity
218
296
n/a
-26.5%
Loans
72.6
73.9
n/a
-1.7%
Trading assets
n/a
0.0
0.0
Cash and equivalents
2,863
1,446
1,558
+98.0%
Other assets
22,738
23,606
26,688
-3.7%
Total assets
29,935
29,360
28,566
+2.0%
10-K for the year ended 30 November 2020, filed 22 January 2021: the filing.