Lennar Corp. (LEN) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $20.1B
P/E (TTM): 8.21
Price / sales: 0.62
EV / EBITDA: 3.07
Price / book: 0.93

Cash flow

FCF yield: 3.6%
SBC-adjusted FCF yield: 2.9%
SBC impact: 19.4%
Stock compensation (TTM): $139.3M

Margins & growth

Profit margin: 4.9%
Operating margin: 17.8%
Quarterly revenue (year on year): -5.2%
Quarterly earnings (year on year): -36.2%

Balance sheet

Cash & investments: $2.2B
Debt: $233.8M
Net cash / (debt): $1.9B

Where the revenue comes from

Real Estate Other is 94% of revenue.

By product or service

Year to Nov 30, 2025 · $34.2B

Real Estate Other94%
$32.1B-5.0% vs. a year earlier
Other Revenue6%
$2B+24.8% vs. a year earlier
Land0.38%
$130.2M+39.5% vs. a year earlier

By business segment

Year to Nov 30, 2025 · $34.2B

Homebuilding West35%
$11.9B-8.1% vs. a year earlier
Homebuilding Central23%
$7.8B-1.5% vs. a year earlier
Homebuilding East20%
$7B-15.6% vs. a year earlier
Homebuilding South Central16%
$5.6B+17.1% vs. a year earlier
Lennar Financial Services4%
$1.2B+8.0% vs. a year earlier
Lennar Multifamily2%
$680.6M+65.4% vs. a year earlier
Lennar Other0.12%
$41.4M+191.2% vs. a year earlier
Homebuilding Other Regions0.08%
$26.8M-19.9% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$32.74BQ2 2026-1.3%

1Y: -7.45%2Y: -8.49%5Y: +33.88%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$5.93BQ3 2021+19.6%

1Y: +79.59%2Y: +90.07%5Y: +274.94%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$1.62BQ2 2026-9.7%4.9% of revenue

1Y: -50.39%2Y: -61.02%5Y: -52.24%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

4.9%Q2 2026-8.4%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$716.77MQ2 2026+894.4%

1Y: +157.22%2Y: -81.95%5Y: -79.68%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$10.11Q3 2025-16.3%

1Y: -32.91%2Y: -25.00%5Y: +41.00%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

261.47MQ3 2025-1.4%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

10.8xQ3 2025+44.3%

10.8x today · median 8.2x and range 4.9x–10.9x across the points shown, Q4 2020 to Q3 2025

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$502.26MQ2 2026-2.1%

1Y: -6.25%2Y: +2.38%5Y: +83.83%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Lennar Corp.

Ticker: LEN
SEC classification: General Bldg Contractors - Residential Bldgs (1520)
Listed on: NYSE
Incorporated in: DE
Financial year ends: November 30
Filer size: Large accelerated filer

About this data

Everything above comes from Lennar Corp.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: Cost of Revenue, R&D Expense, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Current Assets, Current Liabilities, Short-term Investments, Inventory, Receivables, Long-term Debt (current), Short-term Borrowings, Borrowings (total), Operating Lease (current), Operating Lease (noncurrent), Finance Lease (current), Finance Lease Liabilities (total), Finance Lease (noncurrent), Depreciation, and Amortization of Intangibles. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.