LENLennar
- Headquarters
- Miami, FL
- CEO
- Stuart A. Miller
- Next results
- around Dec 15, 2026
All key numbers (31) From EDGAR
| EPS (ttm) | 5.28 | Sales (ttm) | 32.0B | Net income (ttm) | 1.3B | Sales growth | -3.5% | EPS growth | -44.2% | Sales Q/Q | -8.7% |
| Free cash flow | 811.3M | Gross margin | - | Oper. margin | - | Net margin | 4.1% | FCF margin | 2.5% | ROE | 6.1% |
| ROA | 3.8% | R&D / sales | - | Dividend | - | Debt/Eq | 0.27 | Curr. ratio | - | Cash | 1.5B |
| Op. cash flow (ttm) | 937.3M | Net debt | 4.4B | Tax rate | 25.1% | Stock pay / sales | 0.5% | Shares out. | 237.8M | Book / share | 90.68 |
| Cash / share | 6.30 | Sales / share | 134.48 | Asset turnover | 0.93 | Sales 3Y CAGR | +0.5% | Sales 5Y CAGR | +8.7% | EPS 3Y CAGR | -20.2% |
| EPS 5Y CAGR | +0.3% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Debt rose 40%$4.2B → $5.9B · Short-term + long-term debt at year end
-
Free cash flow fell 99%$2.2B → $28.2M · Cash from operations − capital expenditure · 10-K ↗
-
Revenue growth slowed to -3.5%+3.5% → -3.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
LEN against Consumer discretionary peers
Ten years, side by side → · All 47 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| LEN Lennar | $32.0B | -3.5% | - | 4.1% | 6.1% | 2.5% | 0.27 |
| DHI D. R. Horton | $33.4B | -6.9% | 22.6% | 9.2% | 12.8% | 9.6% | - |
| BKNG Booking Holdings | $28.1B | +13.4% | - | 25.5% | - | 32.8% | - |
| MCD McDonald's | $27.8B | +3.7% | - | 32.4% | - | 27.0% | - |
| CCL Carnival Corporation | $27.6B | +6.4% | - | 11.4% | 22.1% | 11.5% | 1.73 |
| CVNA Carvana | $27.5B | +48.6% | 19.0% | 6.2% | 39.2% | 4.1% | 1.19 |
Profitability
1 of 3- !Net margin below the peer median4.1% vs 10.8%
- !Return on equity below 15%6.1%
- ✓A profit in every one of 10 years
Balance sheet
1 of 2- ✓Debt smaller than equityDebt / equity 0.27 on the latest balance sheet (peer median 0.73)
- !Net debt over 3 years of free cash flow$4.4B net debt, 5.4 years
Cash and shareholders
1 of 2- ✓Free cash flow positive in every one of 10 years$28.2M last year
- !Cash from operations below net income$216.8M vs $2.1B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 34.2B Net income 2.1BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $34.2B of revenue came from
by product, year to Nov 30, 2025- Home $32.1B · 94%
- Other revenues $2.0B · 6%
- Land sales revenues $130.2M · 0%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
LEN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
The segments changed
10-K filed 2026-01-28Compared with the 10-K of Jan 23, 2025: new segments Central, East, Other, South Central, West, Financial Services, Homebuilding, Multifamily; no longer reported: Homebuilding Central, Homebuilding East, Homebuilding Other Regions, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Homebuilding East Central West Houstonand Other, Lennar Multifamily.
When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.
Revenue by business segment
year to Nov 30, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Homebuilding | 32.3B | 94.4% | -4.8% |
| West | 11.9B | 34.8% | -8.1% |
| Central | 7.8B | 22.7% | -1.5% |
| East | 7.0B | 20.4% | -15.6% |
| South Central | 5.6B | 16.4% | +17.1% |
| Financial Services | 1.2B | 3.5% | +8.0% |
| Multifamily | 680.6M | 2.0% | +65.4% |
| Lennar Other | 41.4M | 0.1% | +191% |
| Other | 26.8M | 0.1% | -19.9% |
10-K 0001628280-26-003870, segment and revenue notes (XBRL).
Revenue by product or service
year to Nov 30, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Home | 32.1B | 93.9% | -5.0% |
| Other revenues | 2.0B | 5.7% | +24.8% |
| Land sales revenues | 130.2M | 0.4% | +39.5% |
10-K 0001628280-26-003870, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9B | 12.6B | 20.6B | 22.3B | 22.5B | 27.1B | 33.7B | 34.2B | 35.4B | 34.2B |
| SG&A | 232.6M | 285.9M | 343.9M | 321.2M | 333.4M | 398.4M | - | 2.2B | 2.5B | 2.7B |
| Operating income | 1.6B | 1.5B | 2.5B | 2.8B | 3.5B | - | - | - | - | - |
| Interest expense | 4.6M | 89.5M | 128.9M | 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 | 417.4M | 417.9M | 545.2M | 592.2M | 656.2M | 1.4B | 1.4B | 1.2B | 1.2B | 705.6M |
| Net income | 911.8M | 810.5M | 1.7B | 1.8B | 2.5B | 4.4B | 4.6B | 3.9B | 3.9B | 2.1B |
| EPS (diluted) | 3.86 | 3.38 | 5.44 | 5.74 | 7.85 | 14.27 | 15.72 | 13.73 | 14.31 | 7.98 |
| Diluted shares | 235.4M | 237.2M | 308.6M | 318.4M | 309.4M | 306.6M | 289.8M | 283.3M | 272.0M | - |
| Depreciation & amortization | 50.2M | 66.3M | 91.2M | 92.2M | 94.6M | 86.0M | 87.1M | 110.2M | 115.5M | 134.3M |
| EBITDA | 1.6B | 1.5B | 2.6B | 2.9B | 3.6B | - | - | - | - | - |
| Operating margin | 14.3% | 11.7% | 12.0% | 12.5% | 15.5% | - | - | - | - | - |
| Net margin | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
| Revenue growth | - | +15.5% | +62.7% | +8.2% | +1.0% | +20.6% | +24.1% | +1.7% | +3.5% | -3.5% |
| EPS growth | - | -12.4% | +60.9% | +5.5% | +36.8% | +81.8% | +10.2% | -12.7% | +4.2% | -44.2% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 1.3B | 2.7B | 1.6B | 1.4B | 2.9B | 3.0B | 4.8B | 6.6B | 4.9B | 3.8B |
| Property & equipment | 173.6M | 215.1M | 319.9M | 279.5M | 411.5M | 339.9M | 355.1M | 404.8M | 516.2M | 642.8M |
| Goodwill | - | - | - | 3.7B | 3.6B | - | - | - | 3.6B | 3.6B |
| Total assets | 15.4B | 18.7B | 28.6B | 29.4B | 29.9B | 33.2B | 38.0B | 39.2B | 41.3B | 34.4B |
| Total debt | - | - | - | 9.6B | 7.4B | - | - | - | 4.2B | 5.9B |
| 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 |
| Retained earnings | 4.3B | 4.8B | 6.5B | 8.3B | 10.6B | 14.7B | 18.9B | 22.4B | 25.8B | 22.5B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 507.8M | 982.4M | 1.7B | 1.5B | 4.2B | 2.5B | 3.3B | 5.2B | 2.4B | 216.8M |
| Capital spending | 76.4M | 111.8M | 130.4M | 86.5M | 72.8M | 65.2M | 57.2M | 99.8M | 171.5M | 188.6M |
| Free cash flow | 431.4M | 870.6M | 1.6B | 1.4B | 4.1B | 2.5B | 3.2B | 5.1B | 2.2B | 28.2M |
| Stock-based pay (added back) | 55.5M | 61.4M | 72.7M | 86.9M | 107.1M | 134.6M | 184.1M | 160.7M | 176.7M | 163.5M |
| Dividends paid | 35.3M | 37.6M | 49.2M | 51.5M | 195.0M | 309.8M | 438.0M | 430.6M | 548.8M | 521.0M |
| Buybacks | 19.9M | 27.1M | 299.8M | 523.1M | 321.5M | 1.4B | 1.0B | 1.2B | 2.3B | 1.8B |
| Acquisitions | 725K | 604.4M | 1.1B | 0 | 0 | - | - | 0 | 0 | 254.5M |
| Debt raised | 499.0M | 2.5B | 0 | 0 | - | - | - | 0 | 0 | 700.0M |
| Debt repaid | 250.0M | 1.1B | 1.1B | 1.1B | 1.5B | 1.2B | 575.0M | 1.1B | 553.9M | 500.0M |
| Investing cash flow | -85.8M | -845.1M | -594.0M | 19.6M | -280.2M | -105.1M | -128.3M | -177.0M | -302.6M | 221.6M |
| Financing cash flow | -250.9M | 1.2B | -2.2B | -1.6B | -2.4B | -2.4B | -1.3B | -3.2B | -3.7B | -1.6B |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 55.5M | 61.4M | 72.7M | 86.9M | 107.1M | 134.6M | 184.1M | 160.7M | 176.7M | 163.5M |
| Stock-based pay / revenue | 0.5% | 0.5% | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% | 0.5% |
| Operating lease cost | - | - | - | 92.2M | 82.1M | 85.0M | 105.4M | 104.7M | 125.6M | 194.5M |
| Operating lease cash paid | - | - | - | - | 48.8M | - | - | - | - | - |
| Right-of-use assets | - | - | - | 150.7M | 113.4M | 155.6M | 150.0M | 145.8M | 275.2M | 269.0M |
| Operating lease liabilities | - | - | - | 159.7M | 122.8M | 163.5M | 158.8M | 154.3M | 262.1M | 264.2M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on LEN in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LEN/export.csv") into a cell.