Lennar Corp

Consumer Discretionary
Homebuilding
www.lennar.com

Earnings Score
Moat Score

Market Cap $44.16B
PE 11
Debt $NaN
Cash $4.31B
EV $NaN
FCF $3.84B

Earnings

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Sales & Net Margins

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Earnings	$4.15B
EBIT	$5.51B
ROE	15%
ROA	14%
FCF	$3.84B
Equity	$27.56B
Growth Stability	100%
PE	10.63
PEG	0.58
PB	1.6
P/FCF	11.49
P/S	1.21
Price/Cash	0.1
Net Margins	11%
Op. Margins	15%
Earnings CAGR	28%
Sales Growth YoY	8%
Sales Growth QoQ	7%
Sales CAGR	17%
FCF CAGR	34%
Equity CAGR	21%
Earnings Stability	0.9
Earnings Growth YoY	5%

Earnings Growth QoQ	22%
Earnings CAGR 5Y	18%
Sales CAGR 5Y	13%
FCF CAGR 5Y	13%
Equity CAGR 5Y	13%
Earnings CAGR 3Y	10%
Sales CAGR 3Y	10%
FCF CAGR 3Y	40%
Equity CAGR 3Y	11%
Market Cap	$44.16B
Revenue	$36.46B
Dividend Yield	1%
Payout Ratio	13%
Assets	$39.74B
Cash	$4.31B
Shares Outstanding	270.16M
Earnings Score	95%
Moat Score	93%
Shares Growth 3y	-3%
Equity Growth QoQ	2%
Equity Growth YoY	7%

Assets & ROA

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Stockholders Equity & ROE

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Lennar is the second-largest public homebuilder in the United States. The company's homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name. Lennar's financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily construction and has invested in numerous housing-related technology startups.

SEC Filings

Direct access to Lennar Corp (LEN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Aug 31
- 10-Q May 31
- 10-Q Feb 29
2023
- 10-K Nov 30
- 10-Q Aug 31
- 10-Q May 31
- 10-Q Feb 28
2022
- 10-K Nov 30
- 10-Q Aug 31
- 10-Q May 31
- 10-Q Feb 28

Sector Comparison

How does Lennar Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Lennar Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 28%

Stability 90%

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Lennar Corp Discounted Cash Flow

Fully customizable DCF calculator online for Lennar Corp .

Years

Calculation mode

= $402B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.8B	$5.1B	$6.9B	$9.2B	$12B	$16B	$22B	$29B	$39B	$53B	$70B	$703B
DCF		$4.7B	$5.7B	$6.9B	$8.4B	$10B	$12B	$15B	$18B	$22B	$27B	$271B
Value	$402B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	11/2015	11/2016	11/2017	11/2018	11/2019	11/2020	11/2021	11/2022	11/2023	TTM
Net Margins	8%	8%	6%	8%	8%	11%	16%	14%	11%	11%
ROA	-	10%	8%	9%	9%	12%	18%	16%	13%	14%
ROE	-	13%	10%	11%	11%	13%	21%	19%	15%	15%

Good Net Margins (11.01%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	11/2015	11/2016	11/2017	11/2018	11/2019	11/2020	11/2021	11/2022	11/2023	TTM
Debt over FCF	-	-	-	-	6.86	1.8	-	-	-	-
Debt over Equity	-	-	-	-	0.6	0.41	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	11/2015	11/2016	11/2017	11/2018	11/2019	11/2020	11/2021	11/2022	11/2023	CAGR 5Y
Revenue YoY growth	-	16%	15%	63%	8%	1%	21%	24%	2%	13%
Earnings YoY growth	-	14%	-15%	118%	9%	33%	80%	4%	-15%	18%
Equity YoY growth	-	21%	11%	84%	9%	13%	16%	15%	10%	13%
FCF YoY growth	-	-184%	105%	74%	-9%	195%	-40%	30%	58%	13%