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MARKETS / NYSE / LEN
NYSE · GENERAL BLDG CONTRACTORS - RESIDENTIAL BLDGS · LARGE CAP

Lennar Corp. /new/ LEN

18 fiscal years on record · USD · FY2025 reported · SEC filings only
$34.2B
▼ 3.5% YoY
$2.1B
▼ 47.2% YoY
$28.2M
▼ 98.7% YoY
In brief

What this company does

Lennar builds and sells homes in the United States, originates residential and commercial mortgage loans, provides title insurance and closing services, and develops multifamily rental properties. At November 30, 2025, the company was actively building and marketing homes in 1,708 communities, nine of them constructed by unconsolidated entities. It reports its operations as Homebuilding, Financial Services, Multifamily and Lennar Other. Through its financial services subsidiary Lennar Mortgage, LLC, it offers conforming conventional, FHA-insured and VA-guaranteed residential mortgage loan products and other residential mortgage products, primarily to buyers of its homes. During fiscal year 2025 it originated approximately 55,900 residential mortgage loans totaling $20.0 billion. The Multifamily business has capitalized and developed 128 multifamily residential communities with approximately 39,300 rental units across 20 states, from inception through November 30, 2025. The company was founded as a Miami homebuilder in 1954.

Written from the business description in LENNAR CORP /NEW/'s annual report to the U.S. Securities and Exchange Commission, filed 28 January 2026. Every sentence was checked against that document before publication.

Growth
USD 34.2B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 34.2 · Net income 2.1
20B2008201120142017202020232025
Compound annual growth
+0.5%
+8.7%
+13.7%
+17.4%
−23.3%
−3.4%
+10.0%
+22.8%
+0.1%
+20.0%
+17.7%
+16.4%
+35.2%
+47.8%
+33.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +8.7% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
6 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 8.2% · Net 6.2%
10%20%-10%-20%2008201120142017202020232025
ROE
FY2025 · ROE 8.3%
10%20%-5%-10%-15%2008201120142017202020232025

Each USD of equity produced 8 cents of profit this year.

Cash & shareholders
USD 2.3B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 0.0
2.0B4.0B-0.4B-0.8B2008201120142017202020232025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.5 · Net buybacks 1.8
1B2BDividendsNet buybacks2008201120142017202020232025

USD 521.0M in dividends and USD 1.8B in buybacks — 112% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 34.4B
EquityUSD 22.0B
CashUSD 3.8B
Gross debtUSD 5.9B
Net debtUSD 2.1B

Net debt stands at 10% of equity.

The 18-year record
18 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B34.235.434.233.727.122.522.320.612.610.99.57.85.94.13.13.13.14.6
Operating income $B2.85.25.26.05.83.12.42.51.51.61.41.10.80.30.20.2−0.6·
EBITDA $B2.95.35.36.15.93.22.52.61.51.61.51.20.9··0.2−0.6·
Income tax $B0.71.21.21.41.40.70.60.50.40.40.40.30.2−0.4−0.0−0.0−0.30.5
Net income $B2.13.93.94.64.42.51.81.70.80.90.80.60.50.70.10.1−0.4−1.1
Free cash flow $B0.02.25.13.22.54.11.41.60.90.4−0.5−0.8······
EPS, diluted $·14.3113.7315.7214.277.855.745.443.383.863.392.802.153.110.480.51−2.45−7.01
Dividend / sh $··················
Payout %251411978335445643231−7−8
ROE %8.314.415.520.522.814.512.115.110.914.415.314.212.722.23.53.8−17.1·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 5 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityGeneral Bldg Contractors - Residential Bldgs
Listed onNYSE
Incorporated inDelaware
Fiscal year endsNovember 30
Data on record since2008

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