Stock LEN LENNAR CORPORATION
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Financials Lennar Corporation

Equities

LEN

US5260571048

Homebuilding

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
154.3 USD +0.98% Intraday chart for Lennar Corporation +2.73% +3.52%
Apr. 26 Lennar Corporation Selling Three New-Home Collections At Junipers, San Diego's Resort-Style Community for Active Adults Aged 55 and Better CI
Apr. 18 Lennar Corporation Announces Opening of Tuscan Springs, A New Townhome Community in the Coveted Location of Pembroke Pines CI

Valuation

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,475 23,154 31,785 25,019 35,924 42,566 - -
Enterprise Value (EV) 1 25,051 26,390 33,680 24,450 32,467 38,953 39,105 40,410
P/E ratio 10.4 x 9.66 x 7.36 x 5.59 x 9.32 x 10.6 x 9.43 x 8.21 x
Yield 0.27% 0.82% 1.9% 1.71% 1.17% 1.25% 1.33% 1.45%
Capitalization / Revenue 0.83 x 1.03 x 1.17 x 0.74 x 1.05 x 1.2 x 1.13 x 1.04 x
EV / Revenue 1.13 x 1.17 x 1.24 x 0.73 x 0.95 x 1.1 x 1.03 x 0.99 x
EV / EBITDA 8.55 x 7.35 x 6.05 x 3.48 x 5.8 x 6.83 x 6.34 x 6.11 x
EV / FCF 17.9 x 6.41 x 13.6 x 7.62 x 6.39 x 10.7 x 10.8 x -
FCF Yield 5.57% 15.6% 7.33% 13.1% 15.6% 9.35% 9.23% -
Price to Book 1.18 x 1.3 x 1.55 x 1.06 x 1.36 x 1.5 x 1.36 x 1.2 x
Nbr of stocks (in thousands) 317,619 312,737 309,473 291,167 284,355 278,344 - -
Reference price 2 59.65 75.86 105.0 87.83 127.9 154.3 154.3 154.3
Announcement Date 1/8/20 12/16/20 12/15/21 12/14/22 12/14/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 22,260 22,489 27,131 33,671 34,233 35,487 37,832 40,855
EBITDA 1 2,928 3,590 5,563 7,035 5,598 5,702 6,169 6,612
EBIT 1 2,836 3,495 5,477 6,948 5,488 5,583 5,998 6,364
Operating Margin 12.74% 15.54% 20.19% 20.64% 16.03% 15.73% 15.85% 15.58%
Earnings before Tax (EBT) 1 2,434 3,124 5,819 6,015 5,202 5,299 5,720 6,235
Net income 1 1,849 2,465 4,430 4,614 3,939 4,009 4,275 4,503
Net margin 8.31% 10.96% 16.33% 13.7% 11.5% 11.3% 11.3% 11.02%
EPS 2 5.740 7.850 14.27 15.72 13.73 14.57 16.37 18.79
Free Cash Flow 1 1,396 4,118 2,468 3,208 5,080 3,642 3,611 -
FCF margin 6.27% 18.31% 9.1% 9.53% 14.84% 10.26% 9.54% -
FCF Conversion (EBITDA) 47.67% 114.71% 44.35% 45.61% 90.75% 63.87% 58.54% -
FCF Conversion (Net income) 75.49% 167.06% 55.7% 69.54% 128.98% 90.84% 84.46% -
Dividend per Share 2 0.1600 0.6250 2.000 1.500 1.500 1.936 2.053 2.230
Announcement Date 1/8/20 12/16/20 12/15/21 12/14/22 12/14/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 8,434 6,204 8,359 8,934 10,174 6,490 8,045 8,730 10,968 7,313 8,552 9,269 10,293 7,599 9,083
EBITDA 1 1,864 1,152 1,933 2,002 1,948 879 1,217 1,584 1,918 1,007 1,302 1,558 1,808 1,052 1,457
EBIT 1 1,844 1,132 1,914 1,984 1,918 858.7 1,193 1,547 1,889 979.5 1,271 1,501 1,790 981.4 1,409
Operating Margin 21.86% 18.24% 22.9% 22.21% 18.85% 13.23% 14.83% 17.72% 17.22% 13.39% 14.87% 16.19% 17.39% 12.92% 15.51%
Earnings before Tax (EBT) 1 1,581 676.7 1,755 1,824 1,759 784.5 1,159 1,475 1,784 930.8 1,191 1,458 1,720 917.1 1,391
Net income 1 1,190 503.6 1,321 1,467 1,322 596.5 871.7 1,109 1,361 719.3 897.3 1,093 1,294 706.5 1,048
Net margin 14.12% 8.12% 15.8% 16.42% 13% 9.19% 10.84% 12.7% 12.41% 9.84% 10.49% 11.79% 12.57% 9.3% 11.53%
EPS 2 3.910 1.690 4.490 5.030 4.550 2.060 3.010 3.870 4.820 2.570 3.247 3.986 4.800 2.661 3.706
Dividend per Share 2 - 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.3750 0.5000 0.5000 0.5000 0.5000 0.5000
Announcement Date 12/15/21 3/16/22 6/21/22 9/21/22 12/14/22 3/14/23 6/14/23 9/14/23 12/14/23 3/13/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: November 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,576 3,237 1,895 - - - - -
Net Cash position 1 - - - 569 3,457 3,613 3,461 2,155
Leverage (Debt/EBITDA) 2.246 x 0.9016 x 0.3407 x - - - - -
Free Cash Flow 1 1,396 4,118 2,468 3,208 5,080 3,642 3,611 -
ROE (net income / shareholders' equity) 12.1% 14.5% 20.6% 20.5% 15.5% 14.7% 15% 15%
ROA (Net income/ Total Assets) 6.38% 8.31% 12.7% 14.6% 10.2% 9.95% 10.6% 11.4%
Assets 1 28,963 29,647 34,965 31,585 38,609 40,282 40,377 39,501
Book Value Per Share 2 50.50 58.20 67.90 83.20 93.80 103.0 113.0 129.0
Cash Flow per Share 2 4.660 13.50 8.260 11.30 18.30 14.10 15.80 -
Capex 1 86.5 72.8 65.2 57.2 99.8 97.9 95.3 111
Capex / Sales 0.39% 0.32% 0.24% 0.17% 0.29% 0.28% 0.25% 0.27%
Announcement Date 1/8/20 12/16/20 12/15/21 12/14/22 12/14/23 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lennar Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
154.3 USD
Average target price
178.1 USD
Spread / Average Target
+15.40%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Residential Builders - Single Homes
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