Financials Lennar Corporation

Equities

LEN

US5260571048

Homebuilding

Market Closed - Nyse Other stock markets 21:00:02 17/07/2025 BST			5-day change	1st Jan Change
109.70 ^USD	+0.25%		-5.79%	-19.56%

07-17	Lennar Corporation Announces Grand Opening of Four New Home Collections at Valencia by FivePoint	CI
07-15	Goldman Sachs Adjusts Lennar Price Target to $122 From $117, Maintains Neutral Rating	MT

Projected Income Statement: Lennar Corporation

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	22,489	27,131	33,671	34,233	35,441	35,154	35,836	37,893
Change	-	20.64%	24.11%	1.67%	3.53%	-0.81%	1.94%	5.74%
EBITDA ¹	3,590	5,563	7,035	5,598	5,420	3,458	3,652	4,591
Change	-	54.97%	26.45%	-20.43%	-3.17%	-36.2%	5.61%	25.73%
EBIT ¹	3,495	5,477	6,948	5,488	5,305	3,327	3,526	4,382
Change	-	56.7%	26.85%	-21.02%	-3.33%	-37.28%	5.97%	24.27%
Interest Paid ¹	-374.1	-365.4	-312.7	-257.9	-180	-167	-168	-185
Earnings before Tax (EBT) ¹	3,124	5,819	6,015	5,202	5,185	2,992	3,200	3,657
Change	-	86.28%	3.36%	-13.5%	-0.33%	-42.29%	6.95%	14.27%
Net income ¹	2,465	4,430	4,614	3,939	3,933	2,240	2,400	2,720
Change	-	79.72%	4.15%	-14.64%	-0.15%	-43.04%	7.14%	13.35%
Announcement Date	16/12/20	15/12/21	14/12/22	14/12/23	18/12/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	5,870	6,826	5,325	6,430	6,941	8,434	6,204	8,359	8,934	10,174	6,490	8,045	8,730	10,968	7,313	8,766	9,416	9,947	7,632	8,378	9,012	10,231	7,019	8,855	9,715	10,508	7,809	9,071
Change	-	16.28%	-21.98%	20.75%	7.95%	21.5%	-26.44%	34.74%	6.89%	13.88%	-36.21%	23.95%	8.51%	25.64%	-33.33%	19.86%	7.42%	5.64%	-23.28%	9.77%	7.57%	13.53%	-31.4%	26.16%	9.71%	8.16%	-25.68%	16.16%
EBITDA ¹	980.1	1,290	944.5	1,326	1,429	1,864	1,152	1,933	2,002	1,948	879	1,217	1,584	1,918	1,007	1,353	1,545	1,516	814.5	738	846.8	1,098	634	846	1,026	1,316	801.4	1,065
Change	-	31.63%	-26.78%	40.41%	7.77%	30.4%	-38.2%	67.87%	3.56%	-2.74%	-54.87%	38.43%	30.22%	21.03%	-47.51%	34.41%	14.16%	-1.85%	-46.27%	-9.4%	14.76%	29.69%	-42.27%	33.44%	21.22%	28.36%	-39.12%	32.85%
EBIT ¹	955.7	1,264	922.2	1,304	1,408	1,844	1,132	1,914	1,984	1,918	858.7	1,193	1,547	1,889	979.5	1,324	1,515	1,486	783.2	704.1	816.5	1,041	570.2	802.6	979.5	1,122	770.4	1,034
Change	-	32.28%	-27.06%	41.37%	8%	30.93%	-38.61%	69.13%	3.65%	-3.3%	-55.24%	38.94%	29.7%	22.06%	-48.14%	35.21%	14.41%	-1.95%	-47.28%	-10.1%	15.96%	27.43%	-45.2%	40.76%	22.05%	14.5%	-31.31%	34.17%
Charge d'intérêts	-99.64	-107.7	-80.44	-	-	-99.07	-	-	-	-85.02	-53.04	-65.93	-79.17	-74.54	-44.13	-48.06	-43.78	-44.01	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	859	1,165	1,327	1,097	1,814	1,581	676.7	1,755	1,824	1,759	784.5	1,159	1,475	1,784	930.8	1,261	1,535	1,458	698.2	641.9	727.4	902.3	519.1	736.4	926.7	991.1	-	-
Change	-	35.58%	13.94%	-17.34%	65.41%	-12.87%	-57.19%	159.31%	3.96%	-3.59%	-55.4%	47.7%	27.32%	20.94%	-47.83%	35.48%	21.73%	-5.03%	-52.11%	-8.07%	13.33%	24.03%	-42.47%	41.87%	25.83%	6.95%	-	-
Net income ¹	666.4	882.8	1,001	831.4	1,407	1,190	503.6	1,321	1,467	1,322	596.5	871.7	1,109	1,361	719.3	954.3	1,163	1,096	519.5	477.4	542.4	700.1	381	568.6	695.6	744.6	-	-
Change	-	32.46%	13.44%	-16.98%	69.23%	-15.38%	-57.7%	162.27%	11.1%	-9.87%	-54.89%	46.13%	27.22%	22.75%	-47.16%	32.67%	21.83%	-5.72%	-52.61%	-8.1%	13.59%	29.09%	-45.58%	49.24%	22.34%	7.04%	-	-
Announcement Date	14/09/20	16/12/20	16/03/21	16/06/21	20/09/21	15/12/21	16/03/22	21/06/22	21/09/22	14/12/22	14/03/23	14/06/23	14/09/23	14/12/23	13/03/24	17/06/24	19/09/24	18/12/24	20/03/25	16/06/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Lennar Corporation

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,237	1,895	-569	-3,457	-2,404	2,433	2,126	1,638
Change	-	-41.46%	-130.03%	-507.56%	30.46%	201.19%	-12.62%	-22.95%
Announcement Date	16/12/20	15/12/21	14/12/22	14/12/23	18/12/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Lennar Corporation

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	72.75	65.17	57.21	99.8	171.5	115	134.9	134.8
Change	-	-10.42%	-12.21%	74.43%	71.85%	-32.96%	17.36%	-0.1%
Free Cash Flow (FCF) ¹	4,118	2,468	3,208	5,080	2,232	7,737	1,922	5,693
Change	-	-40.08%	30.02%	58.33%	-56.06%	246.65%	-75.15%	196.16%
Announcement Date	16/12/20	15/12/21	14/12/22	14/12/23	18/12/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Lennar Corporation

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	15.96%	20.51%	20.89%	16.35%	15.29%	9.84%	10.19%	12.12%
EBIT Margin (%)	15.54%	20.19%	20.64%	16.03%	14.97%	9.46%	9.84%	11.56%
EBT Margin (%)	13.89%	21.45%	17.86%	15.2%	14.63%	8.51%	8.93%	9.65%
Net margin (%)	10.96%	16.33%	13.7%	11.5%	11.1%	6.37%	6.7%	7.18%
FCF margin (%)	18.31%	9.1%	9.53%	14.84%	6.3%	22.01%	5.36%	15.02%
FCF / Net Income (%)	167.06%	55.7%	69.54%	128.98%	56.75%	345.41%	80.11%	209.3%
Profitability
ROA	8.31%	12.67%	14.61%	10.2%	9.76%	5.61%	6.39%	8.1%
ROE	14.52%	20.61%	20.55%	15.54%	14.44%	8.86%	10.76%	12.98%
Financial Health
Leverage (Debt/EBITDA)	0.9x	0.34x	-	-	-	0.7x	0.58x	0.36x
Debt / Free cash flow	0.79x	0.77x	-	-	-	0.31x	1.11x	0.29x
Capital Intensity
CAPEX / Current Assets (%)	0.32%	0.24%	0.17%	0.29%	0.48%	0.33%	0.38%	0.36%
CAPEX / EBITDA (%)	2.03%	1.17%	0.81%	1.78%	3.16%	3.33%	3.7%	2.94%
CAPEX / FCF (%)	1.77%	2.64%	1.78%	1.96%	7.68%	1.49%	7.02%	2.37%
Items per share
Cash flow per share ¹	13.54	8.261	11.27	18.28	8.835	2.366	10.07	-
Change	-	-39.01%	36.4%	62.25%	-51.67%	-73.22%	325.8%	-
Dividend per Share ¹	0.625	2	1.5	1.5	2	1.977	2.059	2.078
Change	-	220%	-25%	0%	33.33%	-1.14%	4.12%	0.92%
Book Value Per Share ¹	58.16	67.89	83.16	93.82	102.5	82.28	87.53	106.5
Change	-	16.73%	22.48%	12.82%	9.21%	-19.69%	6.37%	21.67%
EPS ¹	7.85	14.27	15.72	13.73	14.31	8.663	9.835	13.01
Change	-	81.78%	10.16%	-12.66%	4.22%	-39.46%	13.52%	32.27%
Nbr of stocks (in thousands)	312,737	309,473	291,167	284,355	271,245	259,007	259,007	259,007
Announcement Date	16/12/20	15/12/21	14/12/22	14/12/23	18/12/24	-	-	-