LENNAR CORP /NEW/ LEN
We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of multifamily rental properties and a sponsor and manager of a fund engaged in ownership of single-family rental properties. We also have investments in companies that are engaged in applying technology to improve the homebuilding industry and real estate related aspects of the financial services industry.
Our homebuilding operations are the most substantial part of our business, generating $32 billion in revenues, or approximately 94% of consolidated revenues, in fiscal 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.19B | $35.44B | $34.23B | $33.67B | $27.13B | $22.49B | $22.26B | $20.57B | $12.65B | $10.95B |
| SG&A | $2.68B | $2.48B | $2.23B | — | $398.4M | $333.4M | $321.2M | $343.9M | $285.9M | $232.6M |
| Total operating expenses | $31.52B | $30.67B | $28.87B | — | $22.05B | $19.37B | $19.80B | $18.73B | $11.31B | $9.69B |
| Operating income | — | — | — | — | — | $3.48B | $2.78B | $2.46B | $1.48B | $1.56B |
| Interest expense | — | — | — | — | — | — | — | — | — | $4.6M |
| Pre-tax income | $2.81B | $5.18B | $5.20B | $6.01B | $5.82B | $3.12B | $2.43B | $2.26B | $1.19B | $1.33B |
| Income tax | $705.6M | $1.22B | $1.24B | $1.37B | $1.36B | $656.2M | $592.2M | $545.2M | $417.9M | $417.4M |
| Net income | $2.08B | $3.93B | $3.94B | $4.61B | $4.43B | $2.47B | $1.85B | $1.70B | $810.5M | $911.8M |
| EPS, basic | 7.98 | 14.31 | 13.73 | 15.74 | 14.28 | 7.88 | 5.76 | 5.46 | 3.38 | 4.05 |
| EPS, diluted | — | 14.31 | 13.73 | 15.72 | 14.27 | 7.85 | 5.74 | 5.44 | 3.38 | 3.86 |
| Shares, diluted (wtd. avg.) | $257.7M | $272.0M | $283.3M | $289.8M | $306.6M | $309.4M | $318.4M | $308.6M | $237.2M | $235.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.76B | $4.91B | $6.57B | $4.82B | $2.96B | $2.93B | $1.47B | $1.60B | $2.69B | $1.36B |
| Property, plant and equipment | $642.8M | $516.2M | $404.8M | $355.1M | $339.9M | $411.5M | $279.5M | $319.9M | $215.1M | $173.6M |
| Goodwill | $3.63B | $3.63B | — | — | — | $3.63B | $3.66B | — | — | — |
| Total assets | $34.43B | $41.31B | $39.23B | $37.98B | $33.21B | $29.94B | $29.36B | $28.57B | $18.75B | $15.36B |
| Long-term debt | $5.87B | $4.19B | — | — | — | $7.42B | $9.57B | — | — | — |
| Total liabilities | $12.29B | $13.29B | $12.53B | $13.74B | $12.21B | $11.84B | $13.33B | $13.88B | $10.76B | $8.15B |
| Retained earnings | $22.47B | $25.75B | $22.37B | $18.86B | $14.69B | $10.56B | $8.30B | $6.49B | $4.84B | $4.31B |
| Total equity | $21.96B | $27.87B | $26.70B | $24.24B | $21.00B | $18.10B | $16.03B | $14.68B | $7.99B | $7.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $216.8M | $2.40B | $5.18B | $3.27B | $2.53B | $4.19B | $1.48B | $1.69B | $982.4M | $507.8M |
| Depreciation and amortisation | $134.3M | $115.5M | $110.2M | $87.1M | $86.0M | $94.6M | $92.2M | $91.2M | $66.3M | $50.2M |
| Stock-based compensation | $163.5M | $176.7M | $160.7M | $184.1M | $134.6M | $107.1M | $86.9M | $72.7M | $61.4M | $55.5M |
| Capital expenditure | $188.6M | $171.5M | $99.8M | $57.2M | $65.2M | $72.8M | $86.5M | $130.4M | $111.8M | $76.4M |
| Investing cash flow | $221.6M | -$302.6M | -$177.0M | -$128.3M | -$105.1M | -$280.2M | $19.6M | -$594.0M | -$845.1M | -$85.8M |
| Financing cash flow | -$1.60B | -$3.68B | -$3.25B | -$1.28B | -$2.40B | -$2.45B | -$1.63B | -$2.20B | $1.19B | -$250.9M |
| Dividends paid | $521.0M | $548.8M | $430.6M | $438.0M | $309.8M | $195.0M | $51.5M | $49.2M | $37.6M | $35.3M |
| Buybacks | $1.81B | $2.26B | $1.18B | $1.04B | $1.43B | $321.5M | $523.1M | $299.8M | $27.1M | $19.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-003870.
Others in SIC 1520
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|---|---|---|---|---|
| IBP | Installed Building Products, Inc. | $6.34B | 24.6x | 1.0% |
| GEO | GEO GROUP INC | $4.18B | 17.5x | 8.6% |
| BXBL | BOXABL Inc. | $44.8M | — | — |
| FBGL | FBS Global Ltd | — | — | 84.3% |
| SPHL | SPRINGVIEW HOLDINGS LTD | — | — | -5.8% |
| ONEG | OneConstruction Group Ltd | — | — | -7.2% |