Saturday 17 October 2026 Export LEN’s income statement to Excel — free account

Lennar Corporation

LEN Consumer Cyclical Residential Construction

Lennar Corporation’s revenue for fiscal 2025 (year ended November 2025) was $34.2 billion, down 3.54% from fiscal 2024. In the quarter to August 2026, revenue fell 8.67%, EPS fell 48.0%, free cash flow grew 50.1% and total debt rose 22.0%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

77.08 0.61 −0.79%

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Market cap: $18.5B
P/E: 14.6×
Fwd P/E: 14.8×
Dividend yield: 2.59%
F-score: 5/9
Altman Z: 4.27
Beneish M: −2.02
Dividend safety: 64/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 595.29

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	3	1
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 14.17%

Capital & Financial Ratios $m

Market Cap 18,460.00

Revenue 31,973.08

Net Income 1,324.93

Free Cash Flow 936.74

Net Debt 3,113.04

Current Ratio 4.94

Debt/Equity 0.20

P/E ratio 14.57

Fwd P/E 14.80

P/S ratio 0.57

P/B ratio 0.84

Past 5Y EPS Growth 0.33%

This Y EPS Growth (39.59%)

Next Y EPS Growth 7.33%

Next Y revenue growth (7.86%)

Next 5Y EPS Growth (6.82%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 92.11%

10-year low 10-year high

P/S against its own 10 years 1.58%

10-year low 10-year high

P/B against its own 10 years 2.17%

10-year low 10-year high

EV/Sales against its own 10 years 0.41%

10-year low 10-year high

EV/FCF against its own 10 years 71.94%

10-year low 10-year high

Dividends

Payout Ratio 0.38

Annual Dividend Rate 2.00

Annual Dividend Yield 2.59%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.00	0.50 0.50 0.50 0.50
2025	2.00	0.50 0.50 0.50 0.50
2024	1.94	0.48 0.48 0.48 0.48
2023	1.45	0.36 0.36 0.36 0.36
2022	1.45	0.36 0.36 0.36 0.36
2021	0.97	0.24 0.24 0.24 0.24
2020	0.61	0.12 0.12 0.12 0.24
2019	0.15	0.04 0.04 0.04 0.04
2018	0.15	0.04 0.04 0.04 0.04
2017	0.15	0.04 0.04 0.04 0.04
2016	0.15	0.04 0.04 0.04 0.04

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	6,287	4,674	3,467	1,184
Receivables	888	1,053	1,003	925
Inventory	18,353	19,720	11,618	12,943
Other	—	—	—	—
	25,528	25,447	16,088	15,053

	2023	2024	2025	Q'26
Payables	1,631	1,839	1,812	1,796
ST’ Debt	—	—	—	—
Other	—	—	—	—
	4,172	5,403	3,289	3,046

Compound Annual Growth %

	10y	5y	3y
Sales	13.69%	8.74%	0.51%
Cash Flow	0.00%	(44.70%)	(59.51%)
Earnings	9.99%	(3.32%)	(23.31%)
Book Value	14.04%	4.11%	(2.98%)

Revenue $m

	Feb	May	Aug	Nov	Year
’26	6,619	7,940	8,046	—	—
’25	7,632	8,378	8,810	9,368	34,187
’24	7,313	8,766	9,416	9,947	35,441
’23	6,490	8,045	8,730	10,968	34,233
’22	6,204	8,359	8,934	10,174	33,671
’21	5,325	6,430	6,941	8,434	27,131
’20	4,505	5,287	5,870	6,826	22,489

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Feb	May	Aug	Nov	Year
’26	(434)	(284)	(104)	—	—
’25	(289)	(1,095)	(159)	1,759	217
’24	368	242	819	975	2,403
’23	978	660	952	2,589	5,180
’22	(72)	125	499	2,714	3,266
’21	386	333	594	1,220	2,533
’20	383	928	1,586	1,294	4,191

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Feb	May	Aug	Nov	Year
’26	(437)	(303)	(93)	—	—
’25	(305)	(1,100)	(187)	1,770	179
’24	300	217	814	963	2,293
’23	973	642	935	2,543	5,093
’22	(78)	138	464	2,709	3,233
’21	409	317	584	1,200	2,509
’20	378	937	1,572	1,265	4,152

Fiscal quarters ending in the months shown.

EPS $

	Feb	May	Aug	Nov	Year
’26	0.93	1.24	1.19	—	—
’25	1.96	1.81	2.29	1.93	7.98
’24	2.57	3.45	4.26	4.06	14.31
’23	2.06	3.01	3.87	4.82	13.73
’22	1.69	4.49	5.03	4.55	15.72
’21	3.20	2.65	4.52	3.91	14.27
’20	1.27	1.65	2.12	2.82	7.85

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	35.35	40.20	36.10	37.20	24.61	69.24	60.54	87.84	129.45	98.42	Analyst estimates 2026–2028 Powerpack
	High	47.21	62.36	69.86	60.63	84.03	113.79	112.64	151.03	187.61	144.24
People
People	Employees	8,335	9,111	11,626	10,106	9,495	10,753	12,012	12,284	13,265	12,532
	Revenue/emp, $m	1.31	1.39	1.77	2.20	2.37	2.52	2.80	2.79	2.67	2.73
Income, $m
Income, $m	Revenue	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441	34,187
	Gross margin, %	13.65	12.85	11.35	12.59	15.45	20.41	21.39	17.35	15.52	9.91
	EBT	1,330	1,190	2,263	2,434	3,124	5,819	6,015	5,202	5,185	2,814
	EBT margin, %	12.15	9.41	11.00	10.94	13.89	21.45	17.86	15.20	14.63	8.23
	Net income	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968	2,108
	Depreciation	65	78	68	66	70	79	85	109	116	134
Per share, $
Per share, $	Revenue	49.09	53.33	66.80	69.91	72.68	88.49	116.18	120.83	130.29	132.64
	Earnings	4.13	3.38	5.46	5.76	7.88	14.28	15.74	13.73	14.31	7.98
	Cash flow	2.28	4.14	5.49	4.66	13.54	8.26	11.27	18.28	8.84	0.84
	Capex	(0.23)	(0.47)	(0.42)	(0.02)	(0.13)	(0.08)	(0.11)	(0.31)	(0.40)	(0.15)
	Free cash flow	2.05	3.67	5.07	4.63	13.42	8.18	11.16	17.98	8.43	0.69
	Book value	32.33	33.67	47.68	50.35	58.50	68.48	83.64	94.25	103.01	85.90
	Shares, m	223	237	308	318	309	307	290	283	272	258
Valuation, ×
Valuation, ×	P/E	9.88	17.77	7.85	9.86	9.32	7.12	5.38	9.00	11.71	16.30
	P/S	0.82	1.14	0.62	0.82	1.01	1.15	0.73	1.02	1.29	0.98
	P/B	1.25	1.80	0.87	1.13	1.26	1.49	1.02	1.31	1.63	1.52
	EV/Sales	1.13	1.44	0.97	1.11	1.15	1.22	0.71	0.92	1.22	1.00
	EV/FCF	27.14	20.98	12.75	16.75	6.25	13.18	7.44	6.21	18.87	190.96
Cash, $m
Cash, $m	Operating cash flow	508	982	1,692	1,482	4,191	2,533	3,266	5,180	2,403	217
	Capex	(51)	(112)	(130)	(7)	(39)	(24)	(33)	(87)	(110)	(38)
	Free cash flow	457	871	1,561	1,475	4,152	2,509	3,233	5,093	2,293	179
Balance, $m
Balance, $m	Working capital	9,606	11,944	17,342	17,975	18,199	19,665	21,428	21,356	20,044	12,799
	Total debt	4,576	6,410	8,544	7,777	5,956	4,652	4,047	2,816	2,258	4,085
	Net debt	3,361	3,854	7,162	6,563	3,237	1,895	(592)	(3,471)	(2,416)	617
	Shareholders’ equity	7,212	7,986	14,683	16,034	18,099	20,996	24,240	26,702	28,021	22,141
Returns, %
Returns, %	ROA	6.06	4.71	7.11	6.33	8.22	13.86	12.82	10.08	9.67	5.43
	ROIC	7.46	7.07	5.26	6.86	9.20	14.03	17.94	14.63	11.84	7.55
	ROE	13.72	10.56	14.83	11.93	14.28	22.39	20.17	15.27	14.23	8.21

Negative figures in brackets.

All 10 years →

Fiscal years to Nov 2025 · latest quarter Aug 2026 · fundamentals updated 8 Oct 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DHI D.R. Horton, Inc.	$39.0B	13.2×	13.8×	+0.02% (above 0%: growing)	−4.75% (below 0%: shrinking)	−44.12% (below 0%: shrinking)	23.26%	12.52%	Compare
LEN.B Lennar Corporation	$38.8B	14.5×	—	−8.67% (below 0%: shrinking)	−48.03% (below 0%: shrinking)	+50.14% (above 0%: growing)	7.69%	5.97%	Compare
PHM PulteGroup, Inc.	$21.2B	11.4×	11.8×	−9.56% (below 0%: shrinking)	−18.36% (below 0%: shrinking)	−105.08% (below 0%: shrinking)	25.04%	15.53%	Compare
LEN Lennar Corporation	$18.5B	14.6×	14.8×	−8.67% (below 0%: shrinking)	−48.03% (below 0%: shrinking)	+50.14% (above 0%: growing)	7.69%	5.97%
NVR NVR, Inc.	$15.8B	14.6×	17.0×	−10.48% (below 0%: shrinking)	−23.46% (below 0%: shrinking)	−682.68% (below 0%: shrinking)	20.85%	14.17%	Compare
TOL Toll Brothers Inc.	$12.3B	10.7×	10.8×	−9.72% (below 0%: shrinking)	−20.74% (below 0%: shrinking)	−36.31% (below 0%: shrinking)	23.52%	13.51%	Compare
IBP Installed Building Products, Inc.	$5.0B	19.9×	23.8×	+2.30% (above 0%: growing)	−3.56% (below 0%: shrinking)	−30.95% (below 0%: shrinking)	33.29%	12.16%	Compare
SKY Champion Homes, Inc.	$4.3B	22.7×	22.0×	+1.27% (above 0%: growing)	−21.24% (below 0%: shrinking)	−4.47% (below 0%: shrinking)	25.24%	8.49%	Compare
CVCO Cavco Industries, Inc.	$4.1B	22.3×	22.8×	+9.54% (above 0%: growing)	−15.56% (below 0%: shrinking)	+5.65% (above 0%: growing)	22.07%	8.65%	Compare
Median of peers	$14.1B	14.5×	17.0×	−4.32%	−19.55%	−33.63%	23.39%	12.34%

All 19 Residential Construction stocks →

Lennar Corporation (LEN) key facts

Concern: Lennar Corporation’s revenue for fiscal 2025 (year ended November 2025) was $34.2 billion, down 3.54% from fiscal 2024.
Concern: Net income was $2.1 billion, or $7.98 per share (basic), a net margin of 6.02%.
Lennar Corporation (LEN) is a Residential Construction company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 16, 2026, LEN traded at $77.08, a market capitalization of $18.5 billion.
At that price the stock trades at 14.6× trailing-twelve-month earnings and 0.6× sales; its P/E is higher than 92% of its own readings over the past ten years.
Lennar Corporation pays an annual dividend of $2.00 per share, a yield of 2.59%, with a payout ratio of 37.8%.
Return on equity was 8.21% and debt-to-equity 0.20.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.27 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 8, 2026.

Financial Analysis (summary)

Updated 2 October 2026

Lennar reported $34.2 billion of revenue and $2.1 billion of net income in FY2025, following revenue of $35.4 billion and net income of $4.0 billion in FY2024. In Q3 FY2026, revenue was $8.0 billion, while the reported net income metric was −$541.5 million and diluted EPS was $1.19.

Margins and returns were lower in FY2025 than in prior years, while free cash flow was $179.0 million. At Q3 FY2026, net debt was $3.1 billion, the current ratio was 4.9×, and debt to equity was 0.2×. The market capitalisation was $19.0 billion as of October 2, 2026.

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