FirmAtlas
Company handbook · LEN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
LEN · CIK 920760 · LATEST FILING: 10-Q AUG '26 · FILED OCT 2, 2026
LENNAR CORP /NEW/
$77.08
−0.61 (−0.79%)
Close, Oct 16, 2026 · 52-week $72–134
Lennar builds and sells homes in the U.S., mainly single-family homes for first-time and move-up buyers. It also offers mortgages, title insurance and closing services to its buyers, and develops apartment buildings.
Business
- SegmentsHomebuilding West 35% · Homebuilding Central 23% · Homebuilding East 20% · Homebuilding Texas 16% · Lennar Financial Services 4% · Lennar Multifamily 2% · Lennar Other 0% · Homebuilding Other Regions 0% (FY25)
- ProductsReal Estate Other 94% · Other Revenue 6% · Land 0% (FY25)
- CustomersHome buyers in many U.S. states; sold by its own sales staff and through outside real estate agents
- Cash useFY24–FY25: buybacks $4.1B · dividends $1.1B · capex $360M · acquisitions $254M
Reinvested 23% of operating cash flow · returned 227% of free cash flow
Last fiscal year
LENNAR CORP /NEW/ reported revenue of $34.2B for the year ended Nov 30, 2025 (FY25), down 3.5% from FY24. Net income was $2.1B, operating cash flow $217M and free cash flow $28M. Source: 10-K filed Jan 28, 2026.
Market cap
$19.9B
P/E
15.2
EV/EBITDA
7.3x
P/B
0.9
Div yield
2.59%
ROIC
8.4%
Revenue 1Y
−3.5%/yr
EPS 1Y
−44.2%/yr
Shares 1Y
−5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOStuart Miller
HQMiami, FL
AuditorDeloitte & Touche LLP
Year endsNovember
Revenue by segment · FY25
Homebuilding West35%
Homebuilding Central23%
Homebuilding East20%
Homebuilding Texas16%
Lennar Financial Services4%
Lennar Multifamily2%
Lennar Other0%
Homebuilding Other Regions0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.4%
−4.5%
−11.1%
−37.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.7B deployed
Capex
$360M
6.3%
Acquisitions
$254M
4.4%
Dividends
$1.1B
18.6%
Buybacks
$4.1B
70.7%
Operating cash flow over the period: $2.6B. Total debt changed by +$1.7B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Nov 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
35,441
34,187−3.5%
31,973
YoY
−3.5%
Operating income
4,959
2,876−42.0%
—
Operating margin
14.0%
8.4%−5.6 pp
—
EBITDA
5,075
3,011−40.7%
—
EBITDA margin
14.3%
8.8%−5.5 pp
—
Interest expense
55
50−8.7%
—
Interest coverage
92.40x
60.05x−32.35x
—
Net income
3,933
2,078−47.2%
1,308
YoY
−47.2%
Net margin
11.1%
6.1%−5.0 pp
—
EPS (diluted, $)
14.31
7.98−44.2%
5.26
YoY
−44.2%
Balance sheet
Total assets
41,313
34,430−16.7%
—
Cash & short-term investments
4,990
3,831−23.2%
—
Net PP&E
516
643+24.5%
—
Other assets
35,806
29,957−16.3%
—
Total liabilities
13,443
12,471−7.2%
—
Total debt
4,189
5,875+40.2%
—
Other liabilities
9,253
6,596−28.7%
—
Shareholders’ equity
27,870
21,959−21.2%
21,559
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,403
217−91.0%
937
Net income
3,968
2,108−46.9%
—
Depreciation & amortization
116
134+16.3%
—
Stock-based compensation
177
163−7.5%
—
Working capital & other
(1,856)
(2,189)n/m
—
Cash from investing
(303)
222n/m
—
Capex
(172)
(189)n/m
—
Acquisitions
0
(254)n/m
—
Investments bought
(5)
(3)n/m
—
Investments sold / matured
7
4−41.1%
—
Other investing
(134)
664n/m
—
Cash from financing
(3,682)
(1,598)n/m
—
Debt raised
0
700n/m
—
Debt repaid
(554)
(500)n/m
—
Dividends
(549)
(521)n/m
—
Buybacks
(2,256)
(1,808)n/m
—
Other financing
(322)
531n/m
—
Net change in cash
(1,581)
(1,159)n/m
—
Free cash flow (OCF − capex)
2,232
28−98.7%
811
Where the cash went
Operating cash flow
2,403
217−91.0%
937
Reinvested in the business
172
443+158.4%
—
% of operating cash flow
7.1%
204.4%
Capex
172
189+10.0%
126
Acquisitions
0
254n/m
—
Free cash flow
2,232
28−98.7%
811
YoY
−98.7%
Returned to shareholders
2,805
2,329−17.0%
—
% of free cash flow
125.7%
8265.0%
Dividends
549
521−5.1%
—
Buybacks
2,256
1,808−19.9%
—
Change in total debt
—
1,686
—
Cash left over
—
(870)
—
FCF conversion (FCF ÷ net income)
56.8%
1.4%−55.4 pp
—
Buyback yield
4.8%
5.3%+0.6 pp
—
Returns & ratios
ROIC (all capital)
14.0%
8.4%−5.6 pp
—
ROIC (operating)
735.1%
371.9%−363.3 pp
—
Net debt / EBITDA
−0.16x
0.68x+0.84x
—
Debt / equity
0.15x
0.27x+0.12x
—
ROE
14.1%
9.5%−4.6 pp
—
ROA
9.5%
6.0%−3.5 pp
—
NOPAT
3,795
2,155−43.2%
—
Invested capital (operating)
516
643+24.5%
—
Invested capital (all)
27,069
24,004−11.3%
—
Reinvestment rate
—
5.9%
—
Income
Nov '25
Feb '26
May '26
Aug '26
Revenue
9,368
6,619
7,940
8,046
vs year-ago quarter
Net income
490
229
305
284
vs year-ago quarter
Net margin
5.2%
3.5%
3.8%
3.5%
EPS (diluted, $)
1.90
0.93
1.24
1.19
vs year-ago quarter
Balance sheet
Nov '25
Feb '26
May '26
Aug '26
Total assets
34,430
33,210
33,701
—
Cash & equivalents
3,831
2,395
2,174
1,499
Total debt
5,875
—
—
—
Shareholders’ equity
21,959
21,879
21,621
21,559
Cash flow
Nov '25
Feb '26
May '26
Aug '26
Operating cash flow
1,759
(434)
(284)
(104)
Capex
85
30
19
(8)
Free cash flow
1,674
(463)
(303)
(96)
vs year-ago quarter