Lennar Corporation

LEN · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$32,427	$47,302	$36,375	$25,573	$32,510	$23,477	$18,460	$13,224	$14,889	$9,477	$10,718	$9,543	$6,948	$7,243	$3,465	$2,835	$2,204	$1,028	$2,548	$8,458	$9,107	$7,116	$7,627	$3,457	$2,380	$1,854	$968	$1,149	$729	$434	$370	$261	$320	$252	$141	$62	$197	$171	$129	$138	$114
Enterprise value	$35,169	$46,995	$35,063	$27,255	$36,276	$28,263	$26,672	$21,880	$19,093	$14,609	$16,516	$14,703	$11,452	$11,556	$7,447	$6,178	$3,870	$2,761	$4,618	$10,989	$11,966	$8,158	$7,978	$4,311	$3,061	$2,821	$1,627	$1,653	$1,251	$917	$677	$625	$551	$425	$268	$195	$633	$304	$303	$153	$171
P/E (TTM) at period end	15.76×	12.15×	9.35×	5.61×	7.43×	9.63×	10.07×	7.87×	18.55×	10.50×	13.50×	15.12×	14.69×	10.84×	38.08×	30.09×	–	–	–	14.24×	6.72×	7.53×	10.15×	6.34×	5.70×	8.09×	5.61×	7.97×	8.64×	4.93×	5.26×	3.77×	6.09×	8.68×	6.70×	4.53×	7.01×	6.19×	5.60×	11.05×	9.77×
P/S (TTM) at period end	0.95×	1.33×	1.06×	0.76×	1.20×	1.04×	0.83×	0.64×	1.18×	0.87×	1.13×	1.23×	1.17×	1.76×	1.12×	0.92×	0.71×	0.22×	0.25×	0.52×	0.66×	0.68×	0.86×	0.48×	0.40×	0.39×	0.31×	0.48×	0.56×	0.42×	0.43×	0.32×	0.48×	0.59×	0.43×	0.18×	0.45×	0.45×	0.39×	0.62×	0.49×
P/B at period end	1.48×	1.70×	1.37×	1.06×	1.56×	1.30×	1.16×	0.91×	1.89×	1.35×	1.90×	1.98×	1.67×	2.12×	1.29×	1.09×	0.90×	0.39×	0.67×	1.48×	1.73×	1.76×	2.34×	1.55×	1.43×	1.51×	1.10×	1.60×	1.66×	0.62×	0.61×	0.49×	0.68×	0.79×	0.49×	0.23×	0.76×	0.74×	0.63×	0.92×	0.80×
EV / EBITDA (TTM)	12.19×	9.46×	6.32×	3.96×	6.94×	7.90×	9.30×	8.57×	12.38×	9.06×	11.24×	12.40×	13.34×	30.61×	34.68×	30.56×	–	–	–	11.54×	5.75×	5.77×	6.77×	4.94×	4.36×	5.29×	4.26×	5.29×	8.40×	–	4.66×	4.61×	5.99×	6.69×	6.65×	7.02×	–	–	–	–	–
EV / Sales (TTM)	1.03×	1.33×	1.02×	0.81×	1.34×	1.26×	1.20×	1.06×	1.51×	1.33×	1.74×	1.89×	1.93×	2.81×	2.41×	2.01×	1.24×	0.60×	0.45×	0.68×	0.86×	0.78×	0.90×	0.60×	0.51×	0.60×	0.52×	0.68×	0.96×	0.88×	0.78×	0.76×	0.83×	0.99×	0.82×	0.55×	1.44×	0.80×	0.91×	0.69×	0.74×
Returns
Return on equity	9.4%	14.0%	14.6%	18.9%	21.0%	13.5%	11.5%	11.5%	10.2%	12.8%	14.1%	13.1%	11.3%	19.6%	3.4%	3.6%	(17.1%)	(42.3%)	(50.8%)	10.4%	25.8%	23.3%	23.0%	24.5%	25.2%	18.7%	19.6%	20.1%	19.2%	12.7%	11.6%	13.0%	11.2%	9.1%	7.2%	5.1%	10.8%	11.9%	11.2%	8.3%	8.2%
Return on invested capital	8.3%	13.5%	16.4%	20.3%	16.0%	12.1%	8.7%	8.0%	7.2%	8.8%	8.4%	7.4%	7.1%	4.5%	2.9%	3.2%	(9.2%)	(10.1%)	(28.1%)	6.5%	15.4%	15.0%	19.0%	16.1%	16.7%	13.2%	13.1%	14.2%	8.6%	5.6%	9.0%	8.6%	7.5%	6.9%	5.0%	3.4%	4.0%	7.6%	6.1%	7.5%	5.9%
Dividend yield	1.6%	1.2%	1.2%	1.7%	1.0%	0.8%	0.3%	0.4%	0.3%	0.4%	0.3%	0.3%	0.4%	0.4%	0.9%	1.0%	1.3%	8.1%	4.0%	1.2%	1.0%	1.1%	0.3%	0.1%	0.1%	0.2%	0.3%	0.2%	0.5%	–	0.9%	1.3%	0.8%	0.9%	1.6%	3.7%	1.2%	–	–	–	–
Financial health
Current ratio	–	–	–	–	–	6.49×	–	–	–	–	–	–	–	–	–	–	4.50×	4.17×	3.14×	3.41×	2.97×	6.63×	4.72×	4.14×	5.05×	3.38×	4.21×	3.53×	4.05×	3.71×	4.27×	4.23×	4.85×	4.43×	4.43×	5.02×	–	–	–	–	–
Debt / equity	–	0.24×	–	–	–	0.50×	0.71×	–	–	–	–	–	–	–	–	–	1.22×	1.06×	0.74×	0.66×	0.74×	0.72×	0.48×	0.71×	0.91×	1.02×	0.88×	0.79×	1.31×	0.73×	0.55×	0.72×	0.52×	0.56×	0.45×	0.50×	1.68×	0.57×	0.85×	0.10×	0.40×
Effective tax rate	25.1%	23.5%	23.9%	22.7%	23.4%	21.0%	24.3%	24.1%	35.1%	31.4%	32.3%	35.2%	26.0%	(195.9%)	(14.9%)	(27.2%)	41.3%	(96.8%)	37.0%	37.0%	37.7%	37.7%	37.8%	37.7%	38.5%	39.0%	39.5%	40.0%	41.0%	39.0%	39.0%	39.0%	36.0%	35.8%	36.1%	35.1%	34.0%	32.0%	38.0%	46.1%	46.1%
Share count
Diluted shares outstanding	258	272	283	290	307	309	318	309	237	235	235	228	230	223	199	193	174	162	161	164	168	169	165	158	156	141	141	118	77	74	74	74	71	62	61	62	61	61	57	53	56

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$31,973	$34,187	$35,441	$34,233	$33,671	$27,131	$22,489	$22,260	$20,572	$12,646	$10,950	$9,474	$7,780	$5,935	$4,105	$3,095	$3,074	$3,119	$4,575	$10,187	$16,267	$13,867	$10,501	$8,908	$7,236	$5,980	$4,707	$3,118	$2,417	$1,303	$1,042	$870	$818	$667	$429	$326	$351	$440	$380	$331	$223	$232
Cost of revenue	($28,930)	($30,800)	($29,942)	($28,292)	($26,469)	($21,594)	($19,015)	($19,457)	($18,237)	($11,021)	($9,455)	($8,172)	($6,681)	($5,103)	($3,661)	($2,897)	($2,856)	($3,462)	($4,885)	($12,639)	($15,171)	($11,673)	($9,019)	($7,693)	($6,350)	($5,270)	($4,124)	($2,699)	($2,076)	($1,138)	($910)	($715)	($672)	($547)	($345)	($268)	($303)	–	–	–	–	–
Gross profit	$3,043	$3,387	$5,499	$5,941	$7,202	$5,537	$3,474	$2,802	$2,334	$1,625	$1,495	$1,302	$1,099	$832	$444	$199	$218	($343)	($310)	($2,453)	$1,095	$2,194	$1,482	$1,215	$886	$710	$583	$420	$341	$165	$132	$156	$146	$120	$84	$58	$48	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,170)	($637)	($649)	($501)	($414)	($398)	($333)	($321)	($344)	($286)	($233)	($216)	($177)	($146)	($127)	($95)	($94)	($118)	($130)	($173)	($193)	($187)	($142)	($111)	($86)	($76)	($50)	($38)	($29)	($16)	($12)	($10)	($10)	($28)	($20)	($17)	($20)	–	–	–	–	–
Total operating expenses	($1,335)	($637)	($649)	($501)	($414)	($398)	$8	($27)	$129	($149)	$68	$124	$48	($4)	($94)	($5)	($30)	($300)	($130)	($173)	($193)	($187)	($142)	($111)	($86)	($76)	($109)	($85)	($53)	($25)	($24)	($21)	($19)	($38)	($31)	($25)	($27)	–	–	–	–	–
Total costs and expenses	($30,265)	($31,437)	($30,591)	($28,794)	($26,883)	($21,992)	($19,007)	($19,484)	($18,108)	($11,171)	($9,387)	($8,048)	($6,633)	($5,107)	($3,756)	($2,902)	($2,885)	($3,762)	($5,015)	($12,813)	($15,365)	($11,860)	($9,161)	($7,804)	($6,436)	($5,346)	($4,233)	($2,784)	($2,129)	($1,163)	($934)	($736)	($691)	($585)	($376)	($293)	($330)	($398)	($340)	($294)	($200)	($210)
Operating income	$1,708	$2,750	$4,850	$5,440	$6,788	$5,138	$3,482	$2,775	$2,463	$1,476	$1,563	$1,426	$1,147	$828	$349	$193	$189	($643)	($440)	($2,626)	$902	$2,007	$1,340	$1,103	$800	$634	$474	$334	$288	$140	$107	$135	$127	$82	$53	$33	$21	$42	$41	$37	$23	$22
Earnings
EBITDA	$1,848	$2,885	$4,966	$5,550	$6,875	$5,224	$3,577	$2,868	$2,554	$1,542	$1,613	$1,470	$1,185	$858	$378	$215	$202	($623)	($407)	($2,569)	$952	$2,080	$1,413	$1,179	$872	$703	$533	$382	$312	$149	–	$145	$136	$92	$64	$40	$28	–	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	($14)	($19)	($15)	($19)	($20)	($22)	($18)	($11)	($7)	($5)	($12)	($37)	($214)	($181)	($163)	($144)	($147)	($28)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,786	$2,814	$5,185	$5,202	$6,015	$5,819	$3,124	$2,434	$2,263	$1,190	$1,330	$1,210	$970	$682	$222	$98	$95	($760)	($566)	($3,081)	$943	$2,160	$1,517	$1,207	$876	$679	$376	$286	$240	$86	$84	$115	$112	$82	$45	$33	$21	$43	$41	$37	$23	$22
Income tax expense	($461)	($706)	($1,217)	($1,241)	($1,366)	($1,363)	($656)	($592)	($545)	($418)	($417)	($390)	($341)	($177)	$435	$15	$26	$314	($548)	$1,140	($349)	($815)	($573)	($456)	($331)	($262)	($146)	($113)	($96)	($35)	($33)	($45)	($44)	($30)	($16)	($12)	($7)	($14)	($13)	($14)	($11)	($10)
Net income	$1,308	$2,078	$3,933	$3,939	$4,614	$4,430	$2,465	$1,849	$1,696	$810	$912	$803	$639	$480	$679	$92	$95	($417)	($1,109)	($1,941)	$594	$1,355	$946	$751	$545	$418	$229	$173	$144	$84	$88	$70	$69	$52	$29	$21	$14	$28	$28	$23	$12	$12
Per share
Diluted EPS (GAAP)	$5.29	$7.98	$14.31	$13.73	$15.72	$14.27	$7.85	$5.74	$5.44	$3.38	$3.86	$3.39	$2.80	$2.15	$3.11	$0.48	$0.51	($2.45)	($7.01)	($12.07)	$3.62	$8.07	$5.59	$4.56	$3.44	$2.68	$1.62	$1.22	$1.22	$1.09	$1.19	$0.96	$0.94	$0.74	$0.47	$0.34	$0.22	$0.46	$0.46	$0.41	$0.24	$0.21
Basic EPS (GAAP)	$5.29	$7.98	$14.31	$13.73	$15.74	$14.28	$7.88	$5.76	$5.46	$3.38	$4.05	$3.78	$3.12	$2.48	$3.58	$0.49	$0.51	($2.45)	($7.01)	($12.07)	$3.69	$8.43	$5.97	$5.00	$3.80	$2.97	$1.78	$1.32	$1.27	$1.10	$1.20	$0.96	$0.94	$0.74	$0.47	$0.34	$0.22	$0.46	$0.46	$0.41	$0.24	$0.21
Basic shares outstanding	244	258	272	283	290	307	309	318	308	237	223	210	202	194	190	188	187	174	162	161	161	158	158	150	143	141	129	130	113	77	73	74	74	71	62	61	62	61	61	57	53	56
Margins
Gross margin	9.5%	9.9%	15.5%	17.4%	21.4%	20.4%	15.4%	12.6%	11.3%	12.8%	13.7%	13.7%	14.1%	14.0%	10.8%	6.4%	7.1%	(11.0%)	(6.8%)	(24.1%)	6.7%	15.8%	14.1%	13.6%	12.2%	11.9%	12.4%	13.5%	14.1%	12.6%	12.7%	17.9%	17.8%	18.0%	19.6%	17.7%	13.7%	–	–	–	–	–
Operating margin	5.3%	8.0%	13.7%	15.9%	20.2%	18.9%	15.5%	12.5%	12.0%	11.7%	14.3%	15.1%	14.7%	14.0%	8.5%	6.2%	6.1%	(20.6%)	(9.6%)	(25.8%)	5.5%	14.5%	12.8%	12.4%	11.1%	10.6%	10.1%	10.7%	11.9%	10.7%	10.3%	15.5%	15.6%	12.3%	12.3%	10.1%	6.0%	9.7%	10.7%	11.2%	10.4%	9.3%
Net margin	4.1%	6.1%	11.1%	11.5%	13.7%	16.3%	11.0%	8.3%	8.2%	6.4%	8.3%	8.5%	8.2%	8.1%	16.5%	3.0%	3.1%	(13.4%)	(24.2%)	(19.1%)	3.7%	9.8%	9.0%	8.4%	7.5%	7.0%	4.9%	5.5%	6.0%	6.5%	8.4%	8.1%	8.5%	7.9%	6.8%	6.5%	3.9%	6.4%	7.3%	6.9%	5.6%	5.0%

Analyst consensus

Buy50 analysts

Bearish · 9 · Hold · 18 · Bullish · 23

Earnings history

	EPS	Estimate
Q4 2024	$4.03	$4.21	Miss
Q1 2025	$2.14	$1.70	Beat
Q2 2025	$1.90	$1.94	Miss
Q3 2025	$2.00	$2.10	Miss
Q4 2025	$1.93	$2.21	Miss
Q1 2026	$0.93	$0.95	Miss
Q2 2026	$1.24	$1.24	Match
Q3 2026	$1.23	$1.28	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEOStuart A. Miller

Employees12,532

SectorConsumer Cyclical

IndustryResidential Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.lennar.com

Lennar Corporation, an influential homebuilder in the United States, operates primarily under its widely recognized Lennar brand, alongside its various subsidiaries. The company structures its diverse business initiatives across several distinct divisions: regional homebuilding segments (East, Central, Texas, and West), a Financial Services arm, a Multifamily property development unit, and a broader "Lennar Other" category. At the heart of its operations, Lennar is deeply involved in the creation and sale of single-family homes, encompassing both attached and detached designs. Its activities also span the acquisition, development, and subsequent sale of land designated for residential use, in addition to the comprehensive development, construction, and ongoing management of rental properties in the multifamily sector. Expanding beyond physical construction, Lennar provides essential services such as residential mortgage financing, title protection, and closing services for its clientele and other interested parties. It also actively originates and divests securitized commercial mortgage loans. Furthermore, the corporation participates in strategic fund investment endeavors. Lennar's extensive customer base primarily caters to first-time purchasers, individuals seeking to upgrade their homes, active adult communities, and the luxury housing market. This enterprise, founded in 1954, is officially based in Miami, Florida.

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