LEN
Lennar Corporation
| Market | Homes closed | YoY | Share | ASP | YoY | Net orders | YoY | Book-to-bill | Backlog |
|---|---|---|---|---|---|---|---|---|---|
| ▸East | 18,938 | -7.9% | 23% | $375k | -8.1% | 20,385 | +17.3% | 1.08× | 4,783 |
| ▸Central | 20,492 | +3.2% | 25% | $378k | -4.5% | 20,601 | +3.8% | 1.01× | 3,511 |
| ▸South Central | 23,416 | +24.3% | 28% | $238k | -5.9% | 23,675 | +24.5% | 1.01× | 3,045 |
| ▸West | 19,713 | -5.7% | 24% | $602k | -2.7% | 19,294 | -6.6% | 0.98× | 2,597 |
| ▸Other | 24 | -44.2% | 0% | $648k | +28.1% | 23 | -43.9% | 0.96× | 0 |
| Consolidated | 82,583 | +3.0% | $391k | -7.6% | 83,978 | +9.1% | 1.02× | 13,936 |
Lennar relabeled its former 'Texas' region to 'South Central'. 'Other' is a small residual. Cancellation rate 14% both years (company-wide).
ROE is decomposed into how profitable each sale is (net margin), how hard the asset base works (asset turnover), and how much leverage amplifies it (equity multiplier). Homebuilder returns are driven primarily by margin and inventory turns; a high equity multiplier signals balance-sheet leverage rather than operating quality. Period-end balances; see methodology.
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $33.67bn | $34.23bn | $35.44bn | $34.19bn |
| Gross profit | — | — | $7.90bn | $6.05bn |
| EBITDA (derived) | $6.10bn | $5.31bn | $5.30bn | $2.95bn |
| Net income | $4.61bn | $3.94bn | $3.93bn | $2.08bn |
| Total assets | $37.98bn | $39.23bn | $41.31bn | $34.43bn |
| Shareholders' equity | $24.10bn | $26.58bn | $27.87bn | $21.96bn |
| Total debt | — | — | $4.19bn | $5.87bn |
| Real-estate inventory | — | — | $20.31bn | $11.84bn |
| Tangible book value | $24.10bn | $26.58bn | $24.24bn | $18.33bn |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Gross margin | — | — | 22.3% | 17.7% |
| EBITDA margin (derived) | 18.1% | 15.5% | 15.0% | 8.6% |
| Net margin | 13.7% | 11.5% | 11.1% | 6.1% |
| Return on assets | 12.1% | 10.0% | 9.5% | 6.0% |
| Return on equity | 19.1% | 14.8% | 14.1% | 9.5% |
| Asset turnover | 0.9× | 0.9× | 0.9× | 1.0× |
| Inventory turnover | — | — | 1.7× | 2.7× |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Debt / capital | — | — | 13.1% | 21.1% |
| Debt / equity | — | — | 0.2× | 0.3× |
| Net debt / capital | — | — | -2.7% | 8.8% |
| Revenue growth (YoY) | 24.1% | 1.7% | 3.5% | -3.5% |
| Net income growth (YoY) | 4.2% | -14.6% | -0.2% | -47.2% |
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Diluted EPS | $15.72 | $13.73 | $14.31 | $7.98 |
| Tangible book / share | $83.16 | $93.82 | $89.1 | $71.84 |
| Book value / share | $83.16 | $93.82 | $102.46 | $85.2 |
Multiples use the current share price (May 29, 2026, Stooq (delayed close, last known)) and the most recent share count. P/E uses trailing FY2025diluted EPS. EV/EBITDA uses derived EBITDA (pre-tax plus interest plus D&A).
- 10-Kfiscal period ending Nov 30, 2025, filed Jan 28, 2026View on SEC EDGAR ↗
- Share price: Stooq (delayed close, last known) as of May 29, 2026 · all filings (CIK 920760) ↗
- Supplemented from the FY2025 10-K financial statements (not in standard XBRL): gross margin, inventory turnover, tbv per share, eps.
Field-level XBRL tag mapping
Derived metrics (margins, returns, leverage, turnover, growth, valuation multiples) are computed from the as-reported figures above. See the methodology & sources page for every definition and known limitation.
Homebuilder
Equity Analysis
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