Company Valuation: Lennar Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 31,785 25,019 35,924 46,992 32,193 19,135 - -
Change - -21.29% 43.59% 30.81% -31.49% -40.56% - -
Enterprise Value (EV) 1 33,680 24,450 32,467 44,588 32,836 22,276 22,606 22,720
Change - -27.4% 32.79% 37.33% -26.36% -32.16% 1.48% 0.5%
P/E 7.36x 5.59x 9.32x 12.2x 16.5x 14.5x 12.3x 9.6x
PBR 1.55x 1.06x 1.36x 1.7x 1.48x 0.99x 0.95x 0.85x
PEG - 0.6x -0.7x 2.89x -0.4x -0.5x 0.7x 0.3x
Capitalization / Revenue 1.17x 0.74x 1.05x 1.33x 0.94x 0.59x 0.57x 0.53x
EV / Revenue 1.24x 0.73x 0.95x 1.26x 0.96x 0.69x 0.67x 0.63x
EV / EBITDA 6.05x 3.48x 5.8x 8.23x 10.5x 10.1x 9.43x 7.26x
EV / EBIT 6.15x 3.52x 5.92x 8.41x 11x 11x 9.99x 7.84x
EV / FCF 13.6x 7.62x 6.39x 20x 1,165x 35.3x 34.3x -
FCF Yield 7.33% 13.1% 15.6% 5.01% 0.09% 2.84% 2.91% -
Dividend per Share 2 2 1.5 1.5 2 2 2.004 2.058 2.078
Rate of return 1.9% 1.71% 1.17% 1.15% 1.52% 2.52% 2.59% 2.61%
EPS 2 14.27 15.72 13.73 14.31 7.98 5.484 6.495 8.293
Distribution rate 14% 9.54% 10.9% 14% 25.1% 36.5% 31.7% 25.1%
Net sales 1 27,131 33,671 34,233 35,441 34,187 32,468 33,617 35,798
EBITDA 1 5,563 7,035 5,598 5,420 3,119 2,203 2,397 3,129
EBIT 1 5,477 6,948 5,488 5,305 2,985 2,024 2,263 2,897
Net income 1 4,430 4,614 3,939 3,933 2,078 1,319 1,490 1,812
Net Debt 1 1,895 -568.8 -3,457 -2,404 643.4 3,142 3,471 3,586
Reference price 2 105.05 87.83 127.92 174.39 131.30 79.60 79.60 79.60
Nbr of stocks (in thousands) 309,473 291,167 284,355 271,245 247,016 240,895 - -
Announcement Date 12/15/21 12/14/22 12/14/23 12/18/24 12/16/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.52x0.69x10.11x2.52% 19.13B
17.12x1.75x11.77x-.--% 16.42B
12.98x1x10.63x2.99% 4.19B
11.47x - - - 3.54B
10.86x - - - 1.11B
29.05x - - - 675M
7.05x0.11x1.55x6.39% 185M
-8.44x0.28x10.94x-.--% 97.49M
Average 11.83x 0.77x 9.00x 2.38% 5.67B
Weighted average by Cap. 15.12x 1.15x 10.81x 1.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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