Financial Ratios Lennar Corporation

Equities

LEN

US5260571048

Homebuilding

Market Closed - Nyse Other stock markets 16:00:02 2024-09-11 EDT			5-day change	1st Jan Change
178.19 ^USD	-1.13%		-0.07%	+19.56%

09-11	Lennar Third-Quarter Revenue May Outperform Consensus, Earnings Could Fall Short, Wedbush Says	MT
09-09	Wells Fargo Adjusts Price Target on Lennar to $205 From $195	MT

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Published financial data: LENNAR CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: November	2019	2020	2021	2022	2023
Revenues	21.43B	21.6B	26.23B	32.86B	33.26B
Finance Div. Revenues	825M	890M	899M	810M	977M
Total Revenues	22.26B	22.49B	27.13B	33.67B	34.23B
Cost of Goods Sold, Total	17.14B	16.85B	19.39B	24.08B	25.59B
Finance Div. Operating Exp.	600M	471M	408M	426M	467M
Gross Profit	4.52B	5.17B	7.33B	9.17B	8.17B
Selling General & Admin Expenses, Total	2.06B	2.06B	2.2B	2.38B	2.73B
Other Operating Expenses	-26.21M	16.98M	-546M	68.04M	-45.95M
Other Operating Expenses, Total	2.03B	2.07B	1.65B	2.45B	2.69B
Operating Income	2.49B	3.1B	5.68B	6.72B	5.49B
Interest Expense, Total	-17.62M	-22.4M	-20.14M	-19.13M	-15.43M
Net Interest Expenses	-17.62M	-22.4M	-20.14M	-19.13M	-15.43M
Income (Loss) On Equity Invest.	13.39M	-13.94M	56.78M	35.59M	-145M
Other Non Operating Income (Expenses)	-	-	-59.82M	-66.4M	-73.09M
EBT, Excl. Unusual Items	2.48B	3.06B	5.66B	6.67B	5.25B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-655M	-50.16M
Gain (Loss) On Sale Of Assets	-	61.42M	158M	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-48.87M	-	-	-	-
EBT, Incl. Unusual Items	2.43B	3.12B	5.82B	6.01B	5.2B
Income Tax Expense	592M	656M	1.36B	1.37B	1.24B
Earnings From Continuing Operations	1.84B	2.47B	4.46B	4.65B	3.96B
Net Income to Company	1.84B	2.47B	4.46B	4.65B	3.96B
Minority Interest	6.93M	-2.52M	-26.44M	-34.38M	-22.78M
Net Income - (IS)	1.85B	2.47B	4.43B	4.61B	3.94B
Preferred Dividend and Other Adjustments	16.14M	28.39M	52.92M	51.98M	48.54M
Net Income to Common Incl Extra Items	1.83B	2.44B	4.38B	4.56B	3.89B
Net Income to Common Excl. Extra Items	1.83B	2.44B	4.38B	4.56B	3.89B
Per Share Items
Net EPS - Basic	5.76	7.88	14.28	15.74	13.73
Basic EPS - Continuing Operations	5.76	7.88	14.28	15.74	13.73
Basic Weighted Average Shares Outstanding	318M	309M	307M	290M	283M
Net EPS - Diluted	5.74	7.85	14.27	15.72	13.73
Diluted EPS - Continuing Operations	5.74	7.85	14.27	15.72	13.73
Diluted Weighted Average Shares Outstanding	318M	309M	307M	290M	283M
Normalized Basic EPS	4.9	6.18	11.45	14.26	11.51
Normalized Diluted EPS	4.9	6.18	11.45	14.26	11.51
Dividend Per Share	0.16	0.62	1	1.5	1.5
Payout Ratio	2.78	7.91	6.99	9.49	10.93
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	2.58B	3.19B	5.77B	6.81B	5.6B
EBITA	2.49B	3.1B	5.68B	6.72B	5.49B
EBIT	2.49B	3.1B	5.68B	6.72B	5.49B
EBITDAR	2.67B	3.28B	5.86B	6.91B	5.7B
Total Revenues (As Reported)	22.26B	22.49B	27.13B	33.67B	34.23B
Effective Tax Rate - (Ratio)	24.33	21.01	23.41	22.71	23.86
Current Domestic Taxes	352M	564M	1.17B	1.61B	1.31B
Total Current Taxes	352M	564M	1.17B	1.61B	1.31B
Deferred Domestic Taxes	240M	92.08M	192M	-247M	-67.97M
Total Deferred Taxes	240M	92.08M	192M	-247M	-67.97M
Normalized Net Income	1.56B	1.91B	3.51B	4.13B	3.26B
Interest Capitalized	405M	331M	255M	212M	172M
Supplemental Operating Expense Items
Advertising Expense	84.3M	72.6M	74.2M	102M	146M
General and Administrative Expenses	341M	358M	398M	414M	501M
Net Rental Expense, Total	92.2M	82.1M	84.99M	105M	105M
Imputed Operating Lease Interest Expense	38.06M	33.38M	34.72M	43.87M	44.59M
Imputed Operating Lease Depreciation	54.14M	48.72M	50.28M	61.55M	60.06M
Stock-Based Comp., Other (Total)	86.94M	107M	135M	184M	161M
Total Stock-Based Compensation	86.94M	107M	135M	184M	161M

Fiscal Period: November	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.21B	2.75B	2.75B	4.64B	6.32B
Short Term Investments	-	-	-	-	2B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.21B	2.75B	2.75B	4.64B	8.32B
Accounts Receivable, Total	203M	217M	341M	602M	730M
Other Receivables	-	-	-	-	-
Notes Receivable	203M	168M	248M	186M	250M
Total Receivables	406M	385M	589M	788M	980M
Inventory	18.09B	17.18B	19.17B	21.86B	18.9B
Finance Division Loans and Leases Current	2.24B	2.14B	2.39B	2.65B	2.86B
Finance Division Other Current Assets, Total	246M	171M	179M	153M	242M
Loans Held For Sale	-	-	-	-	-
Restricted Cash	10.67M	15.21M	21.93M	23.05M	13.48M
Other Current Assets, Total	48.21M	-	-	-	-
Total Current Assets	22.25B	22.64B	25.1B	30.11B	31.31B
Gross Property Plant And Equipment	448M	589M	539M	582M	671M
Accumulated Depreciation	-169M	-178M	-199M	-227M	-266M
Net Property Plant And Equipment	280M	412M	340M	355M	405M
Long-term Investments	2.03B	2.12B	3.02B	2.56B	2.36B
Goodwill	3.44B	3.44B	3.44B	3.44B	3.44B
Finance Division Other Long-Term Assets, Total	524M	462M	396M	453M	466M
Deferred Tax Assets Long-Term	262M	158M	148M	181M	219M
Other Long-Term Assets, Total	573M	706M	757M	874M	1.04B
Total Assets	29.36B	29.94B	33.21B	37.98B	39.23B
Liabilities
Accounts Payable, Total	1.27B	1.04B	1.32B	1.62B	1.63B
Short-term Borrowings	36.12M	-	-	16.75M	3.74M
Current Portion of Long-Term Debt	1.07B	295M	718M	223M	483M
Current Portion of Leases	-	33.62M	40.39M	34.17M	33.9M
Finance Division Debt Current	1.45B	1.31B	1.57B	2B	2.03B
Finance Division Other Current Liabilities, Total	64.6M	-	-	-	-
Other Current Liabilities	294M	342M	377M	418M	415M
Total Current Liabilities	4.18B	3.02B	4.03B	4.31B	4.6B
Long-Term Debt	6.72B	5.66B	3.93B	3.82B	2.33B
Long-Term Leases	-	89.22M	123M	125M	120M
Finance Division Debt Non Current	293M	154M	152M	133M	131M
Finance Division Other Non Current Liabilities, Total	246M	180M	180M	219M	283M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	1.88B	2.73B	3.79B	5.13B	5.06B
Total Liabilities	13.33B	11.84B	12.21B	13.74B	12.53B
Common Stock, Total	33.66M	33.84M	33.99M	29.27M	29.51M
Additional Paid In Capital	8.58B	8.68B	8.81B	5.42B	5.57B
Retained Earnings	8.3B	10.56B	14.69B	18.86B	22.37B
Treasury Stock	-958M	-1.28B	-2.71B	-210M	-1.39B
Comprehensive Income and Other	498K	-805K	-1.34M	2.41M	4.88M
Total Common Equity	15.95B	17.99B	20.82B	24.1B	26.58B
Minority Interest	84.31M	105M	180M	140M	121M
Total Equity	16.03B	18.1B	21B	24.24B	26.7B
Total Liabilities And Equity	29.36B	29.94B	33.21B	37.98B	39.23B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	316M	313M	299M	290M	281M
ECS Total Common Shares Outstanding	316M	313M	299M	290M	281M
Book Value / Share	50.49	57.55	69.52	83.16	94.61
Tangible Book Value	12.29B	14.36B	17.18B	20.47B	22.95B
Tangible Book Value Per Share	38.91	45.93	57.39	70.63	81.68
Total Debt	9.57B	7.54B	6.54B	6.36B	5.14B
Net Debt	8.36B	4.8B	3.79B	1.72B	-3.18B
Debt Equivalent Oper. Leases	738M	657M	680M	843M	837M
Minority Interest, Total (Incl. Fin. Div)	84.31M	105M	180M	140M	121M
Equity Method Investments, Total	1.97B	2.06B	1.97B	2.14B	2.02B
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	315M	-	-	-	-
Inventories - Finished Goods, Total	17.46B	16.09B	17.55B	19.1B	15.36B
Inventories - Others	313M	1.09B	1.62B	2.76B	3.54B
Machinery, Total	159M	145M	173M	207M	297M
Full Time Employees	10.11K	9.5K	10.75K	12.01K	12.28K
Accumulated Allowance for Doubtful Accounts (Supple)	3.32M	2.8M	2.53M	2.18M	2.37M
Order Backlog	6.29B	7.8B	11.33B	8.66B	6.56B

Fiscal Period: November	2019	2020	2021	2022	2023
Net Income	1.85B	2.47B	4.43B	4.61B	3.94B
Depreciation & Amortization - CF	92.2M	94.55M	85.95M	87.08M	110M
Depreciation & Amortization, Total	92.2M	94.55M	85.95M	87.08M	110M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-24.31M	-75.06M	-19.24M	25.67M	10.03M
(Gain) Loss on Sale of Investments - (CF)	-10.86M	-4.62M	-682M	672M	113M
Asset Writedown & Restructuring Costs	104M	123M	25.7M	111M	125M
Provision for Credit Losses	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	10.22M	84.2M	-3.01M	108M	198M
Stock-Based Compensation (CF)	86.94M	107M	135M	184M	161M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	202M	77.82M	211M	-214M	-46.84M
Change In Accounts Receivable	312M	25.87M	-290M	-422M	-329M
Change In Inventories	-624M	781M	-1.96B	-2.38B	1.98B
Change In Accounts Payable	-14.64M	266M	881M	701M	-626M
Change in Other Net Operating Assets	-501M	245M	-282M	-216M	-452M
Cash from Operations	1.48B	4.19B	2.53B	3.27B	5.18B
Capital Expenditure	-86.5M	-72.75M	-65.17M	-57.21M	-99.8M
Sale of Property, Plant, and Equipment	70.44M	33.93M	41.55M	24.69M	13.22M
Cash Acquisitions	-	-	-	-	-
Divestitures	24.45M	14.98M	3.33M	-	-
Sale (Purchase) of Real Estate properties	8.87M	-	-	-	-
Investment in Marketable and Equity Securities, Total	3.47M	-255M	-114M	-117M	-105M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1.13M	-3.12M	29.4M	19.49M	14.33M
Other Investing Activities, Total	-	1.64M	16K	1.4M	-
Cash from Investing	19.6M	-280M	-105M	-128M	-177M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	255M	92.69M	276M	409M	28.71M
Total Debt Issued	255M	92.69M	276M	409M	28.71M
Long-Term Debt Repaid, Total	-1.29B	-2.39B	-1.36B	-623M	-1.23B
Total Debt Repaid	-1.29B	-2.39B	-1.36B	-623M	-1.23B
Issuance of Common Stock	493K	-	-	-	-
Repurchase of Common Stock	-523M	-322M	-1.43B	-1.04B	-1.18B
Common Dividends Paid	-51.45M	-195M	-310M	-438M	-431M
Common & Preferred Stock Dividends Paid	-51.45M	-195M	-310M	-438M	-431M
Other Financing Activities, Total	-19.75M	364M	414M	414M	-437M
Cash from Financing	-1.63B	-2.45B	-2.4B	-1.28B	-3.25B
Net Change in Cash	-127M	1.46B	22.95M	1.86B	1.76B
Supplemental Items
Cash Interest Paid	49.87M	97.34M	47.72M	67.84M	81.22M
Cash Income Tax Paid (Refund)	261M	402M	1.14B	1.27B	1.86B
Levered Free Cash Flow	1.87B	4.48B	3.1B	3.61B	6.36B
Unlevered Free Cash Flow	1.89B	4.49B	3.12B	3.62B	6.36B
Change In Net Working Capital	-238M	-2.43B	593M	789M	-2.77B
Net Debt Issued / Repaid	-1.04B	-2.29B	-1.08B	-214M	-1.2B

Fiscal Period: November	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.37	6.53	11.25	11.8	8.88
Return on Total Capital	6.17	7.56	13.39	14.49	11.01
Return On Equity %	11.99	14.46	22.8	20.55	15.55
Return on Common Equity	12.01	14.36	22.56	20.31	15.35
Margin Analysis
Gross Profit Margin %	20.29	22.99	27.03	27.22	23.87
SG&A Margin	9.24	9.14	8.09	7.06	7.98
EBITDA Margin %	11.59	14.2	21.27	20.22	16.35
EBITA Margin %	11.17	13.78	20.95	19.96	16.02
EBIT Margin %	11.17	13.78	20.95	19.96	16.02
Income From Continuing Operations Margin %	8.28	10.97	16.43	13.81	11.57
Net Income Margin %