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Lennar

LEN NYSE Homebuilding Financials FY2016–FY2025

Lennar's revenue fell 3.5% to $34.2 billion in fiscal 2025. Its net margin was 6.1%, down from 11.1% a year earlier. Free cash flow was $28 million, down 98.7%. It paid out $2.3 billion in dividends and buybacks, 8265% of free cash flow. The diluted share count fell 5.2%.

Last close · Oct 23, 2026

$84.92

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$34.2B
3.5% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$2.1B
47.2%
Free cash flow Cash from operations minus capital spending.
$28.2M
98.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.3%
Market cap Last close times the latest diluted share count, so it is approximate.
$20.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.1x
On $5.28 EPS (TTM)

About these figures. Lennar reports one figure for basic and diluted earnings per share; its 2025 filing tags it only as basic, which is shown. Lennar tags its senior notes and other debts with its own label in most years, so debt and debt-based ratios are shown only for 2019, 2020, 2024 and 2025.

What Lennar does

No business description yet.

Legal name
LENNAR CORP /NEW/
Fiscal year ends
November 30, 2025
Latest annual report
—
Accession · CIK
0001628280-26-003870
0000920760

Revenue and margins

Lennar had $34.2B of revenue in fiscal 2025, down 3.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $28.2M in fiscal 2025, 0.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lennar returned $2.3B to shareholders in fiscal 2025, 8,265% of free cash flow. The diluted share count fell 5.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Lennar yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.1B and divides by 257.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.1x · peers 13.5x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Lennar can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.0B$4.8B$6.6B$4.9B$3.8B
Debt incl. finance leases ———$4.2B$5.9B
Net debt / EBITDA ———−0.1x0.7x
Debt / equity ———0.2x0.3x
Interest coverage 122.9x89.7x65.1x95.4x57.1x
Total assets $33.2B$38.0B$39.2B$41.3B$34.4B
Total liabilities $12.2B$13.7B$12.5B$13.3B$12.3B
Shareholders' equity $20.8B$24.1B$26.6B$27.9B$22.0B
Net debt (− = net cash) ———−$721M$2.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$788M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 2, 2026 Berkshire Hathaway Inc10% owner Bought 3,416,190 $79.44 $271M Form 4
Oct 1, 2026 Berkshire Hathaway Inc10% owner Bought 1,421,084 $80.14 $114M Form 4
Sep 30, 2026 Warren E Buffett10% owner Bought 642,821 $81.58 $52.4M Form 4
Sep 29, 2026 Warren E Buffett10% owner Bought 12,389 $81.93 $1.0M Form 4
Sep 28, 2026 Warren E Buffett10% owner Bought 5,200 $81.96 $0.4M Form 4
Sep 25, 2026 Warren E Buffett10% owner Bought 492,124 $81.12 $39.9M Form 4
Sep 24, 2026 Warren E Buffett10% owner Bought 653,320 $80.88 $52.8M Form 4
Sep 23, 2026 Warren E Buffett10% owner Bought 534,256 $81.65 $43.6M Form 4
Sep 21, 2026 Berkshire Hathaway Inc10% owner Bought 667,118 $77.74 $51.9M Form 4
Sep 18, 2026 Berkshire Hathaway Inc10% owner Bought 1,381,397 $76.48 $106M Form 4
Sep 17, 2026 Berkshire Hathaway Inc10% owner Bought 695,014 $78.98 $54.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✕ ✕
Debt fell relative to assets — — ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −3.2%3.8%4.9%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Lennar LEN $20.2B −3.5% — 0.1% 8.3% 16.1x —
D. R. Horton DHI $41.7B −6.9% — 9.6% — 14.0x — Compare →
PulteGroup PHM $22.8B −3.5% — 10.1% 17.9% 12.9x — Compare →
Toll Brothers TOL $13.2B 1.1% 15.7% 9.4% 13.6% 11.2x — Compare →
NVR NVR $16.8B −1.9% — 10.6% — 15.5x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.0B $12.6B $20.6B $22.3B $22.5B $27.1B $33.7B $34.2B $35.4B $34.2B
Operating income $1.6B $1.5B $2.5B $2.8B $3.5B — — — — —
Interest expense $4.6M $89.5M $129M $49.9M $97.3M $47.7M $67.8M $81.2M $54.9M $50.1M
Pretax income $1.3B $1.2B $2.3B $2.4B $3.1B $5.8B $6.0B $5.2B $5.2B $2.8B
Income tax $417M $418M $545M $592M $656M $1.4B $1.4B $1.2B $1.2B $706M
Net income $912M $811M $1.7B $1.8B $2.5B $4.4B $4.6B $3.9B $3.9B $2.1B
Diluted EPS $3.86 $3.38 $5.44 $5.74 $7.85 $14.27 $15.72 $13.73 $14.31 $7.98
Diluted shares 0.24B 0.24B 0.31B 0.32B 0.31B 0.31B 0.29B 0.28B 0.27B 0.26B
Cash flow
Cash from operations $508M $982M $1.7B $1.5B $4.2B $2.5B $3.3B $5.2B $2.4B $217M
Capital expenditure $76.4M $112M $130M $86.5M $72.8M $65.2M $57.2M $99.8M $172M $189M
Free cash flow $431M $871M $1.6B $1.4B $4.1B $2.5B $3.2B $5.1B $2.2B $28.2M
Depreciation and amortization $50.2M $66.3M $91.2M $92.2M $94.6M $86.0M $87.1M $110M $116M $134M
Stock-based compensation $55.5M $61.4M $72.7M $86.9M $107M $135M $184M $161M $177M $164M
Acquisitions $0.7M $604M $1.1B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $255M
Share buybacks $19.9M $27.1M $300M $523M $322M $1.4B $1.0B $1.2B $2.3B $1.8B
Dividends paid $35.3M $37.6M $49.2M $51.5M $195M $310M $438M $431M $549M $521M
Dividends and buybacks $55.2M $64.7M $349M $575M $517M $1.7B $1.5B $1.6B $2.8B $2.3B
Balance sheet
Cash and short-term investments $1.3B $2.7B $1.6B $1.4B $2.9B $3.0B $4.8B $6.6B $4.9B $3.8B
Total debt — — — $9.6B $7.4B — — — $4.2B $5.9B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $174M $215M $320M $280M $412M $340M $355M $405M $516M $643M
Total assets $15.4B $18.7B $28.6B $29.4B $29.9B $33.2B $38.0B $39.2B $41.3B $34.4B
Total liabilities $8.2B $10.8B $13.9B $13.3B $11.8B $12.2B $13.7B $12.5B $13.3B $12.3B
Shareholders' equity $7.0B $7.9B $14.6B $15.9B $18.0B $20.8B $24.1B $26.6B $27.9B $22.0B
Margins
Operating margin 14.3% 11.7% 12.0% 12.5% 15.5% — — — — —
EBITDA margin 14.7% 12.2% 12.4% 12.9% 15.9% 21.9% 18.3% 15.8% 15.1% 8.8%
Net margin 8.3% 6.4% 8.2% 8.3% 11.0% 16.3% 13.7% 11.5% 11.1% 6.1%
FCF margin 3.9% 6.9% 7.6% 6.3% 18.3% 9.1% 9.5% 14.8% 6.3% 0.1%
Returns
Return on capital — — — — 11.8% — — — — 8.3%
Return on equity 14.4% 10.9% 15.1% 12.1% 14.5% 22.8% 20.6% 15.5% 14.4% 8.3%
Return on assets 6.1% 4.8% 7.2% 6.4% 8.3% 14.0% 13.0% 10.2% 9.8% 5.5%
Growth
Revenue growth 15.6% 15.5% 62.7% 8.2% 1.0% 20.6% 24.1% 1.7% 3.5% −3.5%
Net income growth 13.6% −11.1% 109.2% 9.0% 33.3% 79.7% 4.2% −14.6% −0.2% −47.2%
EPS growth 13.9% −12.4% 61.0% 5.5% 36.8% 81.8% 10.2% −12.7% 4.2% −44.2%
FCF growth — 101.8% 79.3% −10.6% 195.0% −40.1% 30.0% 58.3% −56.1% −98.7%
Share count change −0.0% 0.8% 30.1% 3.2% −2.8% −0.9% −5.5% −2.2% −4.0% −5.3%
Financial health
Net debt / EBITDA — — — 2.8x 1.3x — — — −0.1x 0.7x
Debt / equity — — — 0.6x 0.4x — — — 0.2x 0.3x
Interest coverage 337.9x 16.5x 19.1x 55.7x 35.8x 122.9x 89.7x 65.1x 95.4x 57.1x
Capital allocation
Capex / revenue 0.7% 0.9% 0.6% 0.4% 0.3% 0.2% 0.2% 0.3% 0.5% 0.6%
Stock comp / revenue 0.5% 0.5% 0.4% 0.4% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5%
Payouts / FCF 12.8% 7.4% 22.4% 41.2% 12.5% 70.5% 46.1% 31.8% 125.7% 8,265.0%
Quality scores
Accruals ratio 2.7% −1.0% 0.0% 1.3% −5.8% 6.0% 3.8% −3.2% 3.8% 4.9%

Source: SEC EDGAR XBRL filings (CIK 0000920760). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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