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Lennar

LEN Clue Score58
United States Fiscal year ends November CIK 0000920760
$76.69 -1.17% Close, 9 Oct 2026
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Price $76.69 −17.98% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue10.95Operating income1.56Net income0.91EPS, diluted3.86Fiscal year 2017Revenue12.65 +15.5%Operating income1.48Net income0.81 −11.1%EPS, diluted3.38 −12.4%Fiscal year 2018Revenue20.57 +62.7%Operating income2.46Net income1.70 +109.2%EPS, diluted5.44 +60.9%Fiscal year 2019Revenue22.26 +8.2%Operating income2.78Net income1.85 +9.0%EPS, diluted5.74 +5.5%Fiscal year 2020Revenue22.49 +1.0%Operating income3.48Net income2.47 +33.3%EPS, diluted7.85 +36.8%Fiscal year 2021Revenue27.13 +20.6%Net income4.43 +79.7%EPS, diluted14.27 +81.8%Fiscal year 2022Revenue33.67 +24.1%Net income4.61 +4.2%EPS, diluted15.72 +10.2%Fiscal year 2023Revenue34.23 +1.7%Net income3.94 −14.6%EPS, diluted13.73 −12.7%Fiscal year 2024Revenue35.44 +3.5%Net income3.93 −0.2%EPS, diluted14.31 +4.2%Fiscal year 2025Revenue34.19 −3.5%Net income2.08 −47.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 10.95 12.65 20.57 22.26 22.49 27.13 33.67 34.23 35.44 34.19
Growth +15.5% +62.7% +8.2% +1.0% +20.6% +24.1% +1.7% +3.5% −3.5%
Operating income 1.56 1.48 2.46 2.78 3.48 n/a n/a n/a n/a n/a
Net income 0.91 0.81 1.70 1.85 2.47 4.43 4.61 3.94 3.93 2.08
Growth −11.1% +109.2% +9.0% +33.3% +79.7% +4.2% −14.6% −0.2% −47.2%
EPS, diluted 3.86 3.38 5.44 5.74 7.85 14.27 15.72 13.73 14.31 n/a
Growth −12.4% +60.9% +5.5% +36.8% +81.8% +10.2% −12.7% +4.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin14.3%Net margin8.3%Free cash flow margin3.9%Fiscal year 2017Operating margin11.7%Net margin6.4%Free cash flow margin6.9%Fiscal year 2018Operating margin12.0%Net margin8.2%Free cash flow margin7.6%Fiscal year 2019Operating margin12.5%Net margin8.3%Free cash flow margin6.3%Fiscal year 2020Operating margin15.5%Net margin11.0%Free cash flow margin18.3%Fiscal year 2021Net margin16.3%Free cash flow margin9.1%Fiscal year 2022Net margin13.7%Free cash flow margin9.5%Fiscal year 2023Net margin11.5%Free cash flow margin14.8%Fiscal year 2024Net margin11.1%Free cash flow margin6.3%Fiscal year 2025Net margin6.1%Free cash flow margin0.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 14.3% 11.7% 12.0% 12.5% 15.5% n/a n/a n/a n/a n/a
Net margin 8.3% 6.4% 8.2% 8.3% 11.0% 16.3% 13.7% 11.5% 11.1% 6.1%
Free cash flow margin 3.9% 6.9% 7.6% 6.3% 18.3% 9.1% 9.5% 14.8% 6.3% 0.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.51Capital expenditure−0.08Free cash flow0.43Buybacks−0.02Dividends paid−0.04Fiscal year 2017Operating cash flow0.98Capital expenditure−0.11Free cash flow0.87 +101.8%Buybacks−0.03Dividends paid−0.04Fiscal year 2018Operating cash flow1.69Capital expenditure−0.13Free cash flow1.56 +79.3%Buybacks−0.30Dividends paid−0.05Fiscal year 2019Operating cash flow1.48Capital expenditure−0.09Free cash flow1.40 −10.6%Buybacks−0.52Dividends paid−0.05Fiscal year 2020Operating cash flow4.19Capital expenditure−0.07Free cash flow4.12 +195.0%Buybacks−0.32Dividends paid−0.20Fiscal year 2021Operating cash flow2.53Capital expenditure−0.07Free cash flow2.47 −40.1%Buybacks−1.43Dividends paid−0.31Fiscal year 2022Operating cash flow3.27Capital expenditure−0.06Free cash flow3.21 +30.0%Buybacks−1.04Dividends paid−0.44Fiscal year 2023Operating cash flow5.18Capital expenditure−0.10Free cash flow5.08 +58.3%Buybacks−1.18Dividends paid−0.43Fiscal year 2024Operating cash flow2.40Capital expenditure−0.17Free cash flow2.23 −56.1%Buybacks−2.26Dividends paid−0.55Fiscal year 2025Operating cash flow0.22Capital expenditure−0.19Free cash flow0.03 −98.7%Buybacks−1.81Dividends paid−0.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.51 0.98 1.69 1.48 4.19 2.53 3.27 5.18 2.40 0.22
Capital expenditure −0.08 −0.11 −0.13 −0.09 −0.07 −0.07 −0.06 −0.10 −0.17 −0.19
Free cash flow 0.43 0.87 1.56 1.40 4.12 2.47 3.21 5.08 2.23 0.03
Growth +101.8% +79.3% −10.6% +195.0% −40.1% +30.0% +58.3% −56.1% −98.7%
Buybacks −0.02 −0.03 −0.30 −0.52 −0.32 −1.43 −1.04 −1.18 −2.26 −1.81
Dividends paid −0.04 −0.04 −0.05 −0.05 −0.20 −0.31 −0.44 −0.43 −0.55 −0.52

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.33Shareholders’ equity7.03Fiscal year 2017Cash2.65Shareholders’ equity7.87Fiscal year 2018Cash1.56Shareholders’ equity14.58Fiscal year 2019Cash1.45Total debt9.57Net cash (debt)−8.13Shareholders’ equity15.95Debt to equity0.60Fiscal year 2020Cash2.86Total debt7.42Net cash (debt)−4.56Shareholders’ equity17.99Debt to equity0.41Fiscal year 2021Cash2.96Shareholders’ equity20.82Fiscal year 2022Cash4.82Shareholders’ equity24.10Fiscal year 2023Cash6.57Shareholders’ equity26.58Fiscal year 2024Cash4.91Total debt4.19Net cash (debt)0.72Shareholders’ equity27.87Debt to equity0.15Fiscal year 2025Cash3.76Total debt5.87Net cash (debt)−2.12Shareholders’ equity21.96Debt to equity0.27
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.33 2.65 1.56 1.45 2.86 2.96 4.82 6.57 4.91 3.76
Total debt n/a n/a n/a 9.57 7.42 n/a n/a n/a 4.19 5.87
Net cash (debt) n/a n/a n/a −8.13 −4.56 n/a n/a n/a 0.72 −2.12
Shareholders’ equity 7.03 7.87 14.58 15.95 17.99 20.82 24.10 26.58 27.87 21.96
Debt to equity n/a n/a n/a 0.60 0.41 n/a n/a n/a 0.15 0.27

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In billions of USD, except per-share figures; shares in millions. Fiscal years ending November, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 30 Nov 2016 FY2017 30 Nov 2017 FY2018 30 Nov 2018 FY2019 30 Nov 2019 FY2020 30 Nov 2020 FY2021 30 Nov 2021 FY2022 30 Nov 2022 FY2023 30 Nov 2023 FY2024 30 Nov 2024 FY2025 30 Nov 2025
Operations
0.51 0.98 1.69 1.48 4.19 2.53 3.27 5.18 2.40 0.22
Growth +93.5% +72.2% −12.4% +182.7% −39.6% +28.9% +58.6% −53.6% −91.0%
0.05 0.07 0.09 0.09 0.09 0.09 0.09 0.11 0.12 0.13
Investment
−0.08 −0.11 −0.13 −0.09 −0.07 −0.07 −0.06 −0.10 −0.17 −0.19
calc 0.43 0.87 1.56 1.40 4.12 2.47 3.21 5.08 2.23 0.03
Growth +101.8% +79.3% −10.6% +195.0% −40.1% +30.0% +58.3% −56.1% −98.7%
calc 1.83 3.67 5.06 4.38 13.31 8.05 11.07 17.93 8.20 n/a
−0.09 −0.85 −0.59 0.02 −0.28 −0.11 −0.13 −0.18 −0.30 0.22
Financing
−0.25 1.19 −2.20 −1.63 −2.45 −2.40 −1.28 −3.25 −3.68 −1.60
−0.04 −0.04 −0.05 −0.05 −0.20 −0.31 −0.44 −0.43 −0.55 −0.52
−0.02 −0.03 −0.30 −0.52 −0.32 −1.43 −1.04 −1.18 −2.26 −1.81

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.