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Last update at 2024-12-26T18:46:00Z
Cost of Buyer Incentives Looms Over Home Builders
Thu 19 Dec 24, 10:23 PMIt’s Still a Bad Time to Buy a Home. Lennar’s Earnings Showed That.
Thu 19 Dec 24, 07:36 PMHome Builders Usually Love Cheap Mortgages—Maybe Not This Time
Wed 30 Oct 24, 02:00 PMHurricane Milton To Deliver $2.5B Blow To Florida's Homebuilding Sector, Goldman Sachs Says
Tue 15 Oct 24, 08:00 PMIs Lennar Stock a Buy, Sell or Hold at a P/E Multiple of 11.51X?
Tue 15 Oct 24, 04:06 PM2 big homebuilders missed Wall Street estimates on a key metric — here's why
Sun 13 Oct 24, 03:07 PMTwo big homebuilders missed Wall Street estimates on a key metric — here's why
Sun 13 Oct 24, 03:07 PMThere's Been No Shortage Of Growth Recently For Lennar's (NYSE:LEN) Returns On Capital
Sun 13 Oct 24, 01:41 PM| Breakdown | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
| Income before tax | 5202.30M | 6014.57M | 5819.06M | 3123.79M | 2434.29M |
| Minority interest | -22.78000M | -34.37600M | -26.43800M | 2.52M | -6.93300M |
| Net income | 3938.51M | 4614.12M | 4430.11M | 2465.04M | 1849.05M |
| Selling general administrative | 501.34M | 414.50M | 398.38M | 358.42M | 2056.30M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 33984.34M | 7202.14M | 5536.64M | 3474.11M | 4517.48M |
| Reconciled depreciation | - | 87.08M | 85.95M | 94.55M | 92.20M |
| Ebit | - | 5980.19M | 5792.62M | 3143.67M | 2368.98M |
| Ebitda | 5527.71M | 6067.27M | 5878.57M | 3238.22M | 2461.18M |
| Depreciation and amortization | - | 87.08M | 85.95M | 94.55M | 92.20M |
| Non operating income net other | - | -1341.97400M | 732.84M | -0.09000M | -37.75400M |
| Operating income | 5527.71M | 6721.25M | 5078.43M | 3115.69M | 2368.98M |
| Other operating expenses | 750.36M | 26949.76M | 21992.42M | 19373.16M | 19798.38M |
| Interest expense | 257.89M | 1023.93M | 213.92M | 22.40M | 17.62M |
| Tax provision | 1241.01M | 1366.07M | 1362.51M | 656.24M | 592.17M |
| Interest income | - | - | - | - | - |
| Net interest income | - | - | - | -22.40100M | -17.62000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 1241.01M | 1366.07M | 1362.51M | 656.24M | 592.17M |
| Total revenue | 34233.37M | 33671.01M | 27130.68M | 22488.85M | 22259.56M |
| Total operating expenses | 501.34M | 26949.76M | 22052.24M | 19373.16M | 2056.30M |
| Cost of revenue | 249.02M | 26468.87M | 21594.04M | 19014.75M | 17742.08M |
| Total other income expense net | -325.40300M | -706.68100M | 680.80M | 8.10M | 65.31M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 3961.29M | 4682.88M | 4456.55M | 2467.55M | 3026.47M |
| Net income applicable to common shares | - | 4614.12M | 4430.11M | 2465.04M | 1849.05M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
| Total assets | 39234.30M | 37984.29M | 33207.78M | 29935.18M | 29359.51M |
| Intangible assets | - | - | - | - | - |
| Earning assets | - | - | - | - | - |
| Other current assets | 2015.63M | 23.05M | 21.93M | 15.21M | 70.90M |
| Total liab | 12532.34M | 13743.93M | 12211.50M | 11835.78M | 13325.68M |
| Total stockholder equity | 26580.66M | 24100.50M | 20816.42M | 17994.86M | 15949.52M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | - | 418.02M | 377.02M | 706.69M | 260.27M |
| Common stock | 29.51M | 29.27M | 33.99M | 33.84M | 33.66M |
| Capital stock | 29.51M | 29.27M | 33.99M | 33.84M | 33.66M |
| Retained earnings | 22369.37M | 18861.42M | 14685.33M | 10564.99M | 8295.00M |
| Other liab | - | 5133.00M | 4331.57M | 3198.43M | 1881.94M |
| Good will | 3442.36M | 3442.36M | 3442.36M | 3442.36M | 3657.88M |
| Other assets | - | 6506.79M | 6852.54M | 2819.56M | 835.16M |
| Cash | 6273.72M | 4616.12M | 2735.21M | 2703.99M | 1446.00M |
| Cash and equivalents | - | 4778.72M | 2921.74M | 2863.04M | 1446.00M |
| Total current liabilities | 1631.40M | 1616.13M | 1321.25M | 1037.34M | 1069.18M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | -3457.24200M | -568.83000M | 1917.12M | 3251.77M | 8127.70M |
| Short term debt | - | 2151.84M | 4652.34M | 5955.76M | 1797.06M |
| Short long term debt | - | - | - | - | - |
| Short long term debt total | 2816.48M | 4047.29M | 4652.34M | 5955.76M | 9573.70M |
| Other stockholder equity | 4176.91M | 5207.41M | 6098.44M | 7396.83M | 7620.36M |
| Property plant equipment | - | 860.16M | 339.91M | 411.52M | 279.53M |
| Total current assets | 27530.09M | 26745.16M | 21962.72M | 19943.10M | 22239.96M |
| Long term investments | 1143.91M | 1173.16M | 972.08M | 2133.69M | 1572.72M |
| Net tangible assets | - | 20658.14M | 17374.07M | 14362.80M | 12291.64M |
| Short term investments | - | 35.48M | 41.65M | 53.50M | 3.73M |
| Net receivables | 887.99M | 673.98M | 490.28M | 298.67M | 2625.68M |
| Long term debt | 2816.48M | 4047.29M | 4652.34M | 7421.58M | 7823.74M |
| Inventory | 18352.74M | 21432.01M | 18715.30M | 16925.23M | 18093.65M |
| Accounts payable | 1631.40M | 1616.13M | 1321.25M | 1037.34M | 1069.18M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | 139.87M | 179.86M | 104.55M | 84.31M |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | 4.88M | 2.41M | -1.34100M | -0.80500M | 0.50M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | 29.27M | 33.99M | 33.84M | 33.66M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | 18861.42M | 14685.33M | 10564.99M | 8295.00M |
| Treasury stock | - | -210.38900M | -2709.44800M | -1279.22700M | -957.85700M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 7117.95M | 6268.52M | 6830.61M | 5596.55M | 963.83M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 11704.22M | 11239.13M | 11245.06M | 9992.08M | 7119.55M |
| Capital lease obligations | - | - | - | - | - |
| Long term debt total | - | 4047.29M | 4652.34M | 7421.58M | 7823.74M |
| Breakdown | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-11-30 | 2022-11-30 | 2021-11-30 | 2020-11-30 | 2019-11-30 |
| Investments | - | -97.17300M | -84.80800M | -258.00800M | 2.34M |
| Change to liabilities | - | 701.11M | 881.31M | 266.49M | -14.63900M |
| Total cashflows from investing activities | - | -128.30200M | -105.08600M | -280.20500M | 19.60M |
| Net borrowings | - | -214.01200M | -1078.98300M | -2294.14100M | -1035.46400M |
| Total cash from financing activities | - | -1277.27900M | -2404.73500M | -2446.57500M | -1629.22400M |
| Change to operating activities | - | -216.25000M | -281.82100M | 245.39M | -501.03800M |
| Net income | 94.25M | 4648.50M | 4456.55M | 2467.55M | 1842.12M |
| Change in cash | 94.25M | 1860.09M | 22.95M | 1464.04M | -127.28500M |
| Begin period cash flow | 4815.77M | 2955.68M | 2932.73M | 1468.69M | 1595.98M |
| End period cash flow | 94.25M | 4815.77M | 2955.68M | 2932.73M | 1468.69M |
| Total cash from operating activities | 94.25M | 3265.67M | 2532.77M | 4190.82M | 1482.34M |
| Issuance of capital stock | - | - | 0.00000M | 0.00000M | 0.49M |
| Depreciation | - | 87.08M | 85.95M | 94.55M | 92.20M |
| Other cashflows from investing activities | - | 26.09M | 44.89M | 50.55M | 79.31M |
| Dividends paid | - | -438.03800M | -309.77600M | -195.04300M | 51.45M |
| Change to inventory | - | -2383.82100M | -1960.61400M | 781.36M | -623.64400M |
| Change to account receivables | - | -422.39800M | -289.77600M | 180.72M | -119.08400M |
| Sale purchase of stock | - | -1039.30900M | -1430.21200M | -321.52400M | -523.07400M |
| Other cashflows from financing activities | - | 823.15M | 414.24M | 364.13M | 67.71M |
| Change to netincome | - | -165.50100M | -552.98200M | 366.59M | -135.03800M |
| Capital expenditures | 0.00000M | 57.21M | 65.17M | 72.75M | 86.50M |
| Change receivables | - | -422.39800M | -289.77600M | 25.87M | 312.25M |
| Cash flows other operating | - | 802.86M | -80.89100M | 213.18M | 35.30M |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | 1860.09M | 22.95M | 1464.04M | -127.28500M |
| Change in working capital | - | -2321.35600M | -1650.90200M | 1319.10M | -827.06600M |
| Stock based compensation | - | 184.09M | 134.62M | 107.13M | 86.94M |
| Other non cash items | -94.25100M | 914.01M | -685.07500M | 110.40M | 52.66M |
| Free cash flow | 94.25M | 3208.45M | 2467.60M | 4118.07M | 1395.85M |
Sector: Consumer Cyclical Industry: Residential Construction
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| LEN Lennar Corporation |
1.08 0.79% | 139.09 | 10.74 | 10.32 | 1.20 | 1.57 | 1.10 | 6.86 |
| DHI DR Horton Inc |
1.01 0.72% | 142.06 | 10.85 | 11.40 | 1.40 | 2.19 | 1.44 | 8.24 |
| NVR NVR Inc |
34.63 0.42% | 8294.00 | 14.68 | 17.67 | 2.21 | 5.21 | 2.02 | 9.62 |
| PHM PulteGroup Inc |
0.24 0.22% | 110.99 | 8.37 | 9.75 | 1.29 | 2.22 | 1.33 | 6.07 |
| SKHSF Sekisui House Ltd |
- -% | 23.70 | 11.60 | - | 0.0045 | 1.12 | 0.006 | 0.07 |
Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties. It also offers residential mortgage financing, title, insurance, and closing services for home buyers and others, as well as originates and sells securitization commercial mortgage loans. In addition, the company is involved in the fund investment activity. It primarily serves first-time, move-up, active adult, and luxury homebuyers. Lennar Corporation was founded in 1954 and is based in Miami, Florida.
700 Northwest 107th Avenue, Miami, FL, United States, 33172
| Name | Title | Year Born |
|---|---|---|
| Mr. Stuart A. Miller | Exec. Chairman | 1958 |
| Mr. Jonathan M. Jaffe | Co-CEO, Co-Pres & Director | 1960 |
| Mr. Richard Beckwitt | Co-CEO, Co-Pres & Director | 1959 |
| Ms. Diane J. Bessette | VP, CFO & Treasurer | 1961 |
| Mr. Mark Sustana Esq. | VP, Gen. Counsel & Sec. | 1962 |
| Mr. Jeffrey J. McCall B.S., M.A., P.T. | Exec. VP | 1971 |
| Mr. Fred B. Rothman | Chief Operating Officer | NA |
| Ms. Kay L. Howard | Chief Marketing & Communications Officer | NA |
| Tench Tilghman | Pres of Pennsylvania & Delaware Markets | NA |
| Anthony Mignone | Pres of New Jersey & New York Markets | NA |
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