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Arphra AIPlain-English read on Lennar Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $27.14B | $33.71B | $34.29B | $35.48B | $34.19B | $32.98B | $34.1B | $37.03B |
| Cost of revenue | $19.8B | $24.5B | $26.06B | $27.46B | $28.12B | $26.3B | $26.12B | $29.26B |
| Gross profit | $7.34B | $9.2B | $8.23B | $8.01B | $6.07B | $7.21B | $7.15B | $7.93B |
| Gross margin | +27.06% | +27.31% | +23.99% | +22.59% | +17.74% | +21.87% | +20.96% | +21.40% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.25B | $2.45B | $2.81B | $3.21B | $2.68B | $2.75B | $2.87B | $3.17B |
| Total operating expenses | $2.25B | $2.45B | $2.81B | $3.21B | $3.32B | $3B | $3.12B | $3.23B |
| Operating income | $5.09B | $6.76B | $5.42B | $4.8B | $2.75B | $4.11B | $4.35B | $4.55B |
| Operating margin | +18.75% | +20.05% | +15.81% | +13.54% | +8.05% | +12.47% | +12.76% | +12.29% |
| EBITDA | $5.93B | $6.12B | $5.33B | $5.32B | $2.96B | $4.32B | $4.5B | $4.92B |
| EBIT | $5.84B | $6.03B | $5.22B | $5.2B | $2.83B | $4.22B | $4.32B | $4.62B |
| Below the line | ||||||||
| Interest expense | $20.14M | $19.13M | $15.43M | $18.77M | $13.87M | $15.19M | $15.59M | $17.08M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $729.39M | -$745.21M | -$218.85M | $379.93M | $63.46M | — | — | — |
| Pre-tax income | $5.82B | $6.01B | $5.2B | $5.18B | $2.81B | $4.26B | $4.3B | $4.73B |
| Income tax expense | $1.36B | $1.37B | $1.24B | $1.22B | $705.56M | $1.01B | $1.01B | $1.1B |
| Earnings | ||||||||
| Net income | $4.43B | $4.61B | $3.94B | $3.93B | $2.06B | $3.12B | $3.16B | $3.45B |
| Net income · continuing ops | $4.46B | $4.65B | $3.96B | $3.97B | $2.11B | $3.18B | $3.38B | $3.54B |
| Net margin | +16.32% | +13.69% | +11.49% | +11.08% | +6.02% | +9.46% | +9.26% | +9.32% |
| EPS · basic | $14.28 | $15.74 | $13.73 | $14.31 | $7.98 | $6.20 | $7.47 | $9.07 |
| EPS · diluted | $14.27 | $15.72 | $13.73 | $14.31 | $7.98 | $6.13 | $7.46 | $9.07 |
| EPS · low estimate | — | — | — | — | — | $5.65 | $6.01 | $6.29 |
| EPS · high estimate | — | — | — | — | — | $6.79 | $8.12 | $11.47 |
| Shares · basic | 306.61M | 289.82M | 283.32M | 272.02M | 257.75M | 260.07M | 257.26M | 259.97M |
| Shares · diluted | 306.61M | 289.82M | 283.32M | 272.02M | 257.75M | 257.2M | 255.53M | 257.68M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 12 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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