LENNAR CORP /NEW/
$83.61
+0.03 (+0.04%) · delayed · Nov 13, 2026
Five-year price
52w $71.78 to $133.76
- Market cap
- $21.6B
- Enterprise value
- $23.7B
- P/E
- 10.5×
- 7.0× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 0.1%
- ROIC
- —
- Debt / equity
- 0.27
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 15.8%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income 62% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.7%
- ●Shrinking share countDiluted shares -16.7% over 5y
Value
75
- ●P/E below 15P/E 10.5
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 0.1%
- ●Price below Graham NumberGraham Number $123.68
- ●P/B below 3P/B 1.0
Safety
67
- ●Debt / equity below 0.5D/E 0.27
- ●Debt payable in < 4 yrs of earningsNet debt $2.1B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
100
- ●Adequate size (revenue > $2B)Revenue $34.2B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 184%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 7.0
- ●P/E × P/B ≤ 22.5Product 6.8
Valuation lab
What do you have to believe?
At $83.61, the market is pricing in about 59.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.1B · 258M shares · 5y revenue CAGR 8.7%
Intrinsic value
$-5.40
Price
$83.61
Margin of safety
1648%
What the price implies
The market is paying for 59.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,950 | 12,646 | 20,572 | 22,260 | 22,489 | 27,131 | 33,671 | 34,233 | 35,441 | 34,187 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,563 | 1,476 | 2,463 | 2,775 | 3,482 | — | — | — | — | — |
| Operating margin | 14.3% | 11.7% | 12.0% | 12.5% | 15.5% | — | — | — | — | — |
| Pre-tax income | 1,330 | 1,190 | 2,263 | 2,434 | 3,124 | 5,819 | 6,015 | 5,202 | 5,185 | 2,814 |
| Income tax | 417 | 418 | 545 | 592 | 656 | 1,363 | 1,366 | 1,241 | 1,217 | 706 |
| Net income | 912 | 810 | 1,696 | 1,849 | 2,465 | 4,430 | 4,614 | 3,939 | 3,933 | 2,078 |
| EPS (diluted) | 3.86 | 3.38 | 5.44 | 5.74 | 7.85 | 14.27 | 15.72 | 13.73 | 14.31 | 7.98 |
| Diluted shares | 235 | 237 | 309 | 318 | 309 | 307 | 290 | 283 | 272 | 258 |
Who owns it