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Lennar Corporation (LEN) 10-Year Financial Performance & Capital Metrics

LEN • • Industrial / General
Consumer CyclicalHomebuildersTraditional Site-Built HomebuildersNational Production Homebuilders
AboutLennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties. It also offers residential mortgage financing, title insurance, and closing services for home buyers and others, as well as originates and sells securitization commercial mortgage loans. In addition, the company is involved in the fund investment activity. It primarily serves first-time, move-up, active adult, and luxury homebuyers. Lennar Corporation was founded in 1954 and is based in Miami, Florida.Show more
  • Revenue $35.48B +3.5%
  • EBITDA $4.92B -11.0%
  • Net Income $3.93B -0.2%
  • EPS (Diluted) 14.31 +4.2%
  • Gross Margin 22.59% -5.8%
  • EBITDA Margin 13.87% -14.0%
  • Operating Margin 13.54% -14.3%
  • Net Margin 11.08% -3.5%
  • ROE 14.37% -7.0%
  • ROIC 13.66% -14.2%
  • Debt/Equity 0.16 -17.4%
  • Interest Coverage 255.98 -27.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 16.3%
  • ✓11 consecutive years of dividend growth
  • ✓Good 3Y average ROE of 16.7%
  • ✓Share count reduced 4.0% through buybacks
  • ✓Healthy 5Y average net margin of 12.7%
  • ✓Trading at only 1.2x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.41%
5Y9.77%
3Y9.34%
TTM-4.69%

Profit (Net Income) CAGR

10Y19.93%
5Y16.29%
3Y-3.89%
TTM-36.06%

EPS CAGR

10Y17.93%
5Y20.05%
3Y0.09%
TTM-32.85%

ROCE

10Y Avg13.28%
5Y Avg16.77%
3Y Avg17.87%
Latest14.56%

Peer Comparison

National Production Homebuilders
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
NVRNVR, Inc.20.83B7623.0115.0410.58%13.9%36.14%6.46%0.24
DHID.R. Horton, Inc.46.87B161.0013.92-6.93%10.47%14.49%7.01%0.24
PHMPulteGroup, Inc.25.9B132.879.0411.74%14.93%20.51%6.03%0.19
LENLennar Corporation26.38B122.258.543.47%7.72%11.8%8.46%0.16
KBHKB Home3.93B62.247.378.1%7.92%11.08%8.22%0.42

Profit & Loss

Nov 2015Nov 2016Nov 2017Nov 2018Nov 2019Nov 2020Nov 2021Nov 2022Nov 2023Nov 2024
Sales/Revenue+9.47B10.95B12.65B20.57B22.26B22.46B27.14B33.71B34.29B35.48B
Revenue Growth %0.22%0.16%0.16%0.63%0.08%0.01%0.21%0.24%0.02%0.03%
Cost of Goods Sold+7.33B8.54B9.99B16.63B17.74B17.29B19.8B24.5B26.06B27.46B
COGS % of Revenue0.77%0.78%0.79%0.81%0.8%0.77%0.73%0.73%0.76%0.77%
Gross Profit+2.14B2.41B2.66B3.94B4.51B5.17B7.34B9.2B8.23B8.01B
Gross Margin %0.23%0.22%0.21%0.19%0.2%0.23%0.27%0.27%0.24%0.23%
Gross Profit Growth %0.15%0.13%0.1%0.48%0.15%0.15%0.42%0.25%-0.11%-0.03%
Operating Expenses+1.05B1.13B1.27B1.95B2.01B2.06B2.25B2.45B2.81B3.21B
OpEx % of Revenue0.11%0.1%0.1%0.09%0.09%0.09%0.08%0.07%0.08%0.09%
Selling, General & Admin1.05B1.13B1.27B1.95B2.01B2.06B2.25B2.45B2.81B3.21B
SG&A % of Revenue0.11%0.1%0.1%0.09%0.09%0.09%0.08%0.07%0.08%0.09%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses0000000000
Operating Income+1.09B1.28B1.38B1.99B2.51B3.12B5.09B6.76B5.42B4.8B
Operating Margin %0.12%0.12%0.11%0.1%0.11%0.14%0.19%0.2%0.16%0.14%
Operating Income Growth %0.13%0.17%0.08%0.44%0.26%0.24%0.63%0.33%-0.2%-0.11%
EBITDA+1.13B1.33B1.45B2.08B2.6B3.21B5.18B6.85B5.53B4.92B
EBITDA Margin %0.12%0.12%0.11%0.1%0.12%0.14%0.19%0.2%0.16%0.14%
EBITDA Growth %0.13%0.17%0.09%0.43%0.25%0.24%0.61%0.32%-0.19%-0.11%
D&A (Non-Cash Add-back)43.67M50.22M66.32M91.18M92.2M94.55M85.95M87.08M110.16M115.53M
EBIT1.22B1.34B1.2B2.27B2.45B3.15B5.84B6.03B5.22B5.2B
Net Interest Income+-12.45M-4.63M-7.16M-11.26M-17.62M-22.4M-20.14M-19.13M-15.43M-18.77M
Interest Income0000000000
Interest Expense12.45M4.63M7.16M11.26M17.62M22.4M20.14M19.13M15.43M18.77M
Other Income/Expense118.61M49.29M-194.58M275.28M-72.94M7.83M729.39M-745.21M-218.85M379.93M
Pretax Income+1.21B1.33B1.19B2.26B2.43B3.12B5.82B6.01B5.2B5.18B
Pretax Margin %0.13%0.12%0.09%0.11%0.11%0.14%0.21%0.18%0.15%0.15%
Income Tax+390.42M417.38M417.86M545.17M592.17M656.24M1.36B1.37B1.24B1.22B
Effective Tax Rate %0.66%0.69%0.68%0.75%0.76%0.79%0.76%0.77%0.76%0.76%
Net Income+802.89M911.84M810.48M1.7B1.85B2.47B4.43B4.61B3.94B3.93B
Net Margin %0.08%0.08%0.06%0.08%0.08%0.11%0.16%0.14%0.11%0.11%
Net Income Growth %0.26%0.14%-0.11%1.09%0.09%0.33%0.8%0.04%-0.15%-0%
Net Income (Continuing)819.2M913.09M771.75M1.72B1.84B2.47B4.46B4.65B3.96B3.97B
Discontinued Operations0000000000
Minority Interest301.13M185.53M113.81M101.42M84.31M104.55M179.86M139.87M121.3M151.09M
EPS (Diluted)+3.393.853.385.445.747.8514.2715.7213.7314.31
EPS Growth %0.23%0.14%-0.12%0.61%0.06%0.37%0.82%0.1%-0.13%0.04%
EPS (Basic)3.794.053.385.465.767.8814.2815.7413.7314.31
Diluted Shares Outstanding235.43M235.33M237.16M308.56M318.42M309.41M306.61M289.82M283.32M272.02M
Basic Shares Outstanding209.29M222.79M237.16M307.97M318.42M309.41M306.61M289.82M283.32M272.02M
Dividend Payout Ratio0.04%0.04%0.05%0.03%0.03%0.08%0.07%0.09%0.11%0.14%

Balance Sheet

Nov 2015Nov 2016Nov 2017Nov 2018Nov 2019Nov 2020Nov 2021Nov 2022Nov 2023Nov 2024
Total Current Assets+10.54B11.46B14.28B19.98B20.47B21.05B23.42B28.29B27.16B26.96B
Cash & Short-Term Investments1.17B1.35B2.66B1.57B1.46B2.92B2.93B4.79B6.56B4.98B
Cash Only1.17B1.35B2.66B1.57B1.46B2.92B2.93B4.79B6.56B4.98B
Short-Term Investments0000000000
Accounts Receivable472.29M779.95M520.6M1.04B906.88M938.08M1.3B1.61B1.7B1.65B
Days Sales Outstanding18.212615.0218.4914.8715.2417.4417.4818.0617
Inventory8.86B9.32B11.07B17.35B18.09B17.18B19.17B21.86B18.9B20.31B
Days Inventory Outstanding441.27398.38404.32380.74372.19362.52353.42325.64264.67269.97
Other Current Assets28.57M15.91M31.21M22.27M10.67M15.21M21.93M23.05M13.48M11.8M
Total Non-Current Assets+3.88B3.9B4.46B8.58B8.89B8.89B9.79B9.69B12.07B14.36B
Property, Plant & Equipment452.95M417.32M301.12M345.49M281.56M524.91M495.52M505.06M550.6M791.45M
Fixed Asset Turnover20.90x26.24x42.01x59.53x79.05x42.80x54.77x66.74x62.27x44.83x
Goodwill38.85M39.84M196.4M3.68B3.66B3.63B3.63B3.63B3.63B3.63B
Intangible Assets0000000000
Long-Term Investments1.52B1.65B1.87B2.03B2.3B2.42B3.22B2.75B4.59B6.47B
Other Non-Current Assets1.33B1.51B1.8B1.99B2.66B2.31B2.44B2.8B3.3B3.46B
Total Assets+14.42B15.36B18.75B28.57B29.36B29.94B33.21B37.98B39.23B41.31B
Asset Turnover0.66x0.71x0.67x0.72x0.76x0.75x0.82x0.89x0.87x0.86x
Asset Growth %0.12%0.07%0.22%0.52%0.03%0.02%0.11%0.14%0.03%0.05%
Total Current Liabilities+2.21B2.51B2.61B4.07B3.32B3.24B4.63B5.86B6.73B7.83B
Accounts Payable538.85M596.52M754.67M1.15B1.07B1.04B1.32B1.62B1.63B1.84B
Days Payables Outstanding26.8325.527.5625.352221.924.3624.0722.8524.45
Short-Term Debt1.62B1.8B1.48B2.57B1.8B1.5B2.33B2.28B2.55B2.43B
Deferred Revenue (Current)0000000000
Other Current Liabilities51.43M110.01M380.72M175.59M260.27M706.69M976.6M1.97B2.54B3.56B
Current Ratio4.76x4.56x5.46x4.91x6.16x6.49x5.06x4.83x4.04x3.44x
Quick Ratio0.76x0.85x1.23x0.65x0.71x1.19x0.92x1.10x1.23x0.85x
Cash Conversion Cycle432.65398.87391.78373.89365.07355.87346.5319.05259.88262.53
Total Non-Current Liabilities+6.25B5.64B8.14B9.81B10B8.59B7.58B7.88B5.81B5.46B
Long-Term Debt5.03B4.47B6.49B7.55B7.78B5.96B4.09B3.96B2.46B1.86B
Capital Lease Obligations0000089.22M123.13M124.67M120.38M163.98M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities1.04B1.16B1.65B2.27B2.23B2.55B3.37B3.8B3.22B3.44B
Total Liabilities8.47B8.15B10.76B13.88B13.33B11.84B12.21B13.74B12.53B13.29B
Total Debt+6.66B6.28B7.97B10.12B9.57B7.54B6.54B6.36B5.14B4.45B
Net Debt5.48B4.93B5.31B8.54B8.12B4.63B3.61B1.57B-1.42B-527.05M
Debt / Equity1.12x0.87x1.00x0.69x0.60x0.42x0.31x0.26x0.19x0.16x
Debt / EBITDA5.87x4.71x5.50x4.87x3.68x2.35x1.26x0.93x0.93x0.90x
Net Debt / EBITDA4.83x3.70x3.66x4.11x3.12x1.44x0.70x0.23x-0.26x-0.11x
Interest Coverage87.60x276.95x193.21x176.53x142.29x139.10x252.69x353.40x351.25x255.98x
Total Equity+5.95B7.21B7.99B14.68B16.03B18.1B21B24.24B26.7B28.02B
Equity Growth %0.13%0.21%0.11%0.84%0.09%0.13%0.16%0.15%0.1%0.05%
Book Value per Share25.2730.6433.6747.5850.3558.5068.4883.6494.25103.01
Total Shareholders' Equity5.65B7.03B7.87B14.58B15.95B17.99B20.82B24.1B26.58B27.87B
Common Stock21.36M23.71M24.31M33.44M33.66M33.84M33.99M29.27M29.51M29.66M
Retained Earnings3.43B4.31B4.84B6.49B8.3B10.56B14.69B18.86B22.37B25.75B
Treasury Stock-107.75M-108.96M-136.02M-435.87M-957.86M-1.28B-2.71B-210.39M-1.39B-3.65B
Accumulated OCI39K-309K1.03M-366K498K-805K-1.34M2.41M4.88M7.53M
Minority Interest301.13M185.53M113.81M101.42M84.31M104.55M179.86M139.87M121.3M151.09M

Cash Flow

Nov 2015Nov 2016Nov 2017Nov 2018Nov 2019Nov 2020Nov 2021Nov 2022Nov 2023Nov 2024
Cash from Operations+-419.65M507.8M996.86M1.71B1.48B4.19B2.53B3.27B5.18B2.4B
Operating CF Margin %-0.04%0.05%0.08%0.08%0.07%0.19%0.09%0.1%0.15%0.07%
Operating CF Growth %0.47%2.21%0.96%0.72%-0.13%1.83%-0.4%0.29%0.59%-0.54%
Net Income819.2M913.09M771.75M1.72B1.84B2.47B4.46B4.65B3.96B3.97B
Depreciation & Amortization43.67M50.22M66.32M91.18M92.2M94.55M85.95M87.08M110.16M115.53M
Stock-Based Compensation43.87M55.52M61.36M72.66M86.94M107.13M134.62M184.09M160.72M176.68M
Deferred Taxes-5.64M97.48M91.05M268.04M235.49M92.08M191.63M-246.65M-67.97M60.43M
Other Non-Cash Items-7.18M76.56M193.74M-268.52M52.66M110.4M-685.08M914.01M444M80.47M
Working Capital Changes-1.31B-685.06M-187.36M-169.25M-827.07M1.32B-1.65B-2.32B571.54M-2B
Change in Receivables-433.32M-212.68M102.98M-462.31M-119.08M180.72M-289.78M-422.4M-329.19M-129.21M
Change in Inventory-1.13B-503.53M-661.49M-135.87M-623.64M781.36M-1.96B-2.38B2.27B-285.1M
Change in Payables225.79M21.43M356.67M412.8M-14.64M266.49M881.31M701.11M-625.86M380.38M
Cash from Investing+-98.39M-85.84M-869.82M-608.12M19.6M-280.2M-105.09M-128.3M-176.98M-302.56M
Capital Expenditures-91.36M-76.44M-111.77M-130.44M-86.5M-72.75M-65.17M-57.21M-99.8M-171.5M
CapEx % of Revenue0.01%0.01%0.01%0.01%0%0%0%0%0%0%
Acquisitions----------
Investments----------
Other Investing383.01M471.82M398.81M444.79M483.85M253.17M433.14M444M-36.95M291.8M
Cash from Financing+394.67M-250.88M1.19B-2.2B-1.63B-2.45B-2.4B-1.28B-3.25B-3.68B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-33.19M-35.32M-37.61M-49.16M-51.45M-195.04M-309.78M-438.04M-430.56M-548.82M
Share Repurchases----------
Other Financing-355.88M-124.76M101.07M-89.65M-19.73M364.13M414.24M414.08M-436.78M-46.03M
Net Change in Cash----------
Free Cash Flow+-511M431.37M885.09M1.58B1.4B4.12B2.47B3.21B5.08B2.23B
FCF Margin %-0.05%0.04%0.07%0.08%0.06%0.18%0.09%0.1%0.15%0.06%
FCF Growth %0.37%1.84%1.05%0.79%-0.12%1.95%-0.4%0.3%0.58%-0.56%
FCF per Share-2.171.833.735.124.3813.318.0511.0717.938.20
FCF Conversion (FCF/Net Income)-0.52x0.56x1.23x1.01x0.80x1.70x0.57x0.71x1.32x0.61x
Interest Paid87.13M66.57M89.48M128.88M49.87M97.34M47.72M67.84M81.22M54.92M
Taxes Paid336.8M374.73M199.56M376.61M261.44M402.18M1.14B1.27B1.86B790.48M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)14.34%13.86%10.67%14.96%12.04%14.44%22.66%20.4%15.46%14.37%
Return on Invested Capital (ROIC)7.64%8.15%8.16%8.16%7.94%9.97%16.13%20.11%15.92%13.66%
Gross Margin22.58%22.03%21.01%19.15%20.28%23.02%27.06%27.31%23.99%22.59%
Net Margin8.48%8.33%6.41%8.24%8.31%10.97%16.32%13.69%11.49%11.08%
Debt / Equity1.12x0.87x1.00x0.69x0.60x0.42x0.31x0.26x0.19x0.16x
Interest Coverage87.60x276.95x193.21x176.53x142.29x139.10x252.69x353.40x351.25x255.98x
FCF Conversion-0.52x0.56x1.23x1.01x0.80x1.70x0.57x0.71x1.32x0.61x
Revenue Growth21.94%15.65%15.53%62.59%8.21%0.93%20.82%24.2%1.72%3.47%

Revenue by Segment

2015201620172018201920202021202220232024
Lennar Homebuilding East, Central, West, Houston, and Other------25.55B31.95B32.66B33.91B
Lennar Homebuilding East, Central, West, Houston, and Other Growth-------25.08%2.22%3.81%
Lennar Financial Services620.53M687.25M770.11M867.83M824.81M890.31M898.75M809.68M976.86M1.11B
Lennar Financial Services Growth-10.75%12.06%12.69%-4.96%7.94%0.95%-9.91%20.65%13.55%
Lennar Multifamily164.61M301.79M407.08M429.76M604.7M576.33M665.23M865.6M573.66M521.46M
Lennar Multifamily Growth-83.33%34.89%5.57%40.71%-4.69%15.43%30.12%-33.73%-9.10%
Lennar - Other----305.35M41.08M30.95M44.39M27.68M79.5M
Lennar - Other Growth------86.55%-24.65%43.41%-37.64%187.18%
Lennar Homebuilding8.47B---------
Lennar Homebuilding Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
Homebuilding West2.37B2.76B3.2B8.06B8.23B8.44B10.56B12.57B12.09B12.96B
Homebuilding West Growth-16.58%15.94%152.09%2.08%2.55%25.21%19.00%-3.86%7.20%
Homebuilding East2.76B3.94B4.61B6.25B7.1B5.72B6.87B9.27B9.65B8.49B
Homebuilding East Growth-42.71%17.03%35.50%13.59%-19.49%20.23%34.86%4.16%-12.01%
Homebuilding Central1.21B2.28B2.51B2.29B2.74B4.09B4.83B5.85B6.18B7.64B
Homebuilding Central Growth-88.17%9.88%-8.70%19.56%49.46%17.90%21.12%5.66%23.64%
Homebuilding Texas---2.42B2.58B2.71B3.24B4.23B4.71B4.79B
Homebuilding Texas Growth----6.51%5.07%19.62%30.43%11.34%1.70%
Homebuilding Other Regions593.44M----25.57M42.69M40.14M38.82M33.49M
Homebuilding Other Regions Growth------66.96%-5.96%-3.30%-13.72%
Homebuilding Southeast Florida801.85M---------
Homebuilding Southeast Florida Growth----------
Homebuilding Houston730.71M---------
Homebuilding Houston Growth----------

Frequently Asked Questions

Valuation & Price

Lennar Corporation (LEN) has a price-to-earnings (P/E) ratio of 8.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Lennar Corporation (LEN) reported $34.78B in revenue for fiscal year 2024. This represents a 1026% increase from $3.09B in 2011.

Lennar Corporation (LEN) grew revenue by 3.5% over the past year. Growth has been modest.

Yes, Lennar Corporation (LEN) is profitable, generating $2.68B in net income for fiscal year 2024 (11.1% net margin).

Dividend & Returns

Yes, Lennar Corporation (LEN) pays a dividend with a yield of 1.65%. This makes it attractive for income-focused investors.

Lennar Corporation (LEN) has a return on equity (ROE) of 14.4%. This is reasonable for most industries.

Lennar Corporation (LEN) had negative free cash flow of $713.0M in fiscal year 2024, likely due to heavy capital investments.

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