Explain this page
Arphra AIPlain-English read on Lennar Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +27.06% | +27.31% | +23.99% | +22.59% | +17.74% | +21.87% | +20.96% | +21.40% |
| Operating margin | +18.75% | +20.05% | +15.81% | +13.54% | +8.05% | +12.47% | +12.76% | +12.29% |
| EBITDA margin | +21.83% | +18.16% | +15.54% | +14.99% | +8.66% | +13.09% | +13.19% | +13.28% |
| EBIT margin | +21.51% | +17.90% | +15.22% | +14.67% | +8.27% | +12.79% | +12.67% | +12.49% |
| Pre-tax margin | +21.44% | +17.84% | +15.17% | +14.61% | +8.23% | +12.91% | +12.62% | +12.78% |
| Net margin | +16.32% | +13.69% | +11.49% | +11.08% | +6.02% | +9.46% | +9.26% | +9.32% |
| Cost structure | ||||||||
| Cost of revenue / sales | +72.94% | +72.69% | +76.01% | +77.41% | +82.26% | +79.75% | +76.58% | +79.01% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +8.31% | +7.25% | +8.18% | +9.05% | +7.83% | +8.33% | +8.42% | +8.56% |
| Effective tax rate | +23.41% | +22.71% | +23.86% | +23.48% | +25.07% | +23.81% | +23.52% | +23.27% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +21.10% | +19.03% | +14.75% | +14.03% | +9.30% | +13.22% | +12.21% | +12.84% |
| Return on assets (ROA) | +13.34% | +12.15% | +10.04% | +9.52% | +5.98% | +8.59% | +8.32% | +8.33% |
| Return on capital (ROC) | +18.48% | +22.09% | +17.03% | +14.80% | +9.67% | +14.36% | +14.00% | +13.91% |
| Return on invested capital (ROIC) | +16.09% | +15.08% | +12.37% | +12.11% | +7.23% | +10.90% | +10.16% | +10.55% |
| Asset turnover | +81.73% | +88.75% | +87.39% | +85.87% | +99.29% | +90.88% | +89.80% | +89.44% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +16.32% | +13.69% | +11.49% | +11.08% | +6.02% | +9.46% | +9.26% | +9.32% |
| Asset turnover (× revenue / assets) | +81.73% | +88.75% | +87.39% | +85.87% | +99.29% | +90.88% | +89.80% | +89.44% |
| Equity multiplier (× assets / equity) | +158.16% | +156.70% | +146.93% | +147.43% | +155.51% | +153.78% | +146.72% | +154.16% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.82 | 0.89 | 0.87 | 0.86 | 0.99 | 0.91 | 0.90 | 0.89 |
| Fixed-asset turnover | 54.77 | 66.74 | 62.27 | 44.83 | 37.49 | — | — | — |
| Inventory turnover | 1.03 | 1.12 | 1.38 | 1.35 | 2.37 | — | — | — |
| Receivables turnover | 20.93 | 20.88 | 20.21 | 21.47 | 23.24 | — | — | — |
| Payables turnover | 14.98 | 15.16 | 15.97 | 14.93 | 15.52 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 17.44 | 17.48 | 18.06 | 17.00 | 15.70 | — | — | — |
| Days inventory outstanding (DIO) | 353.42 | 325.64 | 264.67 | 269.97 | 153.69 | — | — | — |
| Days payables outstanding (DPO) | 24.36 | 24.07 | 22.85 | 24.45 | 23.52 | — | — | — |
| Cash conversion cycle | 346.50 | 319.05 | 259.88 | 262.53 | 145.87 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.57 | 0.71 | 1.32 | 0.61 | 0.11 | 0.80 | 0.81 | 0.80 |
| FCF / Net income | 0.56 | 0.70 | 1.29 | 0.57 | 0.01 | 0.74 | 0.78 | 0.76 |
| FCF margin | +9.09% | +9.52% | +14.82% | +6.29% | +0.08% | +7.01% | +7.25% | +7.06% |
| OCF margin | +9.33% | +9.69% | +15.11% | +6.77% | +0.63% | +7.61% | +7.51% | +7.48% |
| CapEx / Revenue | +0.24% | +0.17% | +0.29% | +0.48% | +0.55% | +0.43% | +0.45% | +0.45% |
| CapEx / D&A | 0.76 | 0.66 | 0.91 | 1.48 | 1.40 | — | — | — |
| Stock-based comp / Revenue | +0.50% | +0.55% | +0.47% | +0.50% | +0.48% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 14.27 | 15.72 | 13.73 | 14.31 | 7.98 | 6.13 | 7.46 | 9.07 |
| EPS · basic | 14.28 | 15.74 | 13.73 | 14.31 | 7.98 | 6.20 | 7.47 | 9.07 |
| Book value / share | 68.48 | 83.64 | 94.25 | 103.01 | 85.90 | 91.75 | 101.29 | 104.22 |
| Tangible BV / share | 56.63 | 71.11 | 81.43 | 89.66 | 71.81 | 91.75 | 101.29 | 104.22 |
| Sales / share | 88.52 | 116.31 | 121.02 | 130.42 | 132.64 | 128.22 | 133.46 | 143.70 |
| Operating CF / share | 8.26 | 11.27 | 18.28 | 8.84 | 0.84 | 9.75 | 10.03 | 10.75 |
| Free cash flow / share | 8.05 | 11.07 | 17.93 | 8.20 | 0.11 | 8.99 | 9.68 | 10.15 |
| Dividends / share | 1.01 | 1.51 | 1.52 | 2.02 | 2.02 | 1.80 | 1.98 | 2.05 |
| Payout ratio | +6.99% | +9.49% | +10.93% | +13.96% | +25.31% | +14.88% | +16.02% | +15.32% |
| Retention ratio | +93.01% | +90.51% | +89.07% | +86.04% | +74.69% | +85.12% | +83.98% | +84.68% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +24.20% | +1.72% | +3.47% | -3.64% | -3.53% | +3.41% | +8.58% | +4.54% |
| Gross profit · YoY | — | +25.33% | -10.63% | -2.58% | -24.32% | +18.94% | -0.91% | +10.87% | +1.09% |
| Profit | |||||||||
| Operating income · YoY | — | +32.81% | -19.80% | -11.37% | -42.76% | +49.47% | +5.86% | +4.53% | -1.59% |
| EBITDA · YoY | — | +3.30% | -12.95% | -0.16% | -44.31% | +45.75% | +4.15% | +9.37% | -2.63% |
| Net income · YoY | — | +4.15% | -14.64% | -0.15% | -47.67% | +51.55% | +1.29% | +9.17% | -3.51% |
| Operating | |||||||||
| EBIT · YoY | — | +3.33% | -13.52% | -0.27% | -45.66% | +49.22% | +2.39% | +7.03% | -3.28% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +10.16% | -12.66% | +4.22% | -44.23% | -23.23% | +21.74% | +21.60% | -6.27% |
| EPS · basic · YoY | — | +10.22% | -12.77% | +4.22% | -44.23% | -22.30% | +20.52% | +21.38% | -6.28% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $6.54B | $6.36B | $5.14B | $4.45B | $6.32B | $5.02B | $5.2B | $5.85B |
| Net debt | $3.61B | $1.57B | -$1.42B | -$527.05M | $2.51B | $136.94M | $183.67M | $265.27M |
| Net debt / EBITDA | 0.61 | 0.26 | -0.27 | -0.10 | 0.85 | 0.03 | 0.04 | 0.05 |
| Debt / equity | 0.31 | 0.26 | 0.19 | 0.16 | 0.29 | 0.21 | 0.20 | 0.22 |
| Debt / assets | +19.70% | +16.74% | +13.10% | +10.77% | +18.35% | +13.85% | +13.70% | +14.13% |
| Equity / assets | +63.23% | +63.82% | +68.06% | +67.83% | +64.31% | +65.03% | +68.16% | +64.87% |
| Coverage | ||||||||
| EBITDA / interest expense | 294.17 | 319.99 | 345.21 | 283.37 | 213.50 | 284.27 | 288.36 | 287.99 |
| Operating income / interest | 252.69 | 353.40 | 351.25 | 255.98 | 198.24 | 270.70 | 279.09 | 266.41 |
| Interest expense | $20.14M | $19.13M | $15.43M | $18.77M | $13.87M | $15.19M | $15.59M | $17.08M |
| Liquidity | ||||||||
| Current ratio | 5.06 | 4.83 | 4.04 | 3.44 | 3.12 | — | — | — |
| Quick ratio | 0.91 | 1.09 | 1.23 | 0.85 | 0.96 | — | — | — |
| Cash ratio | 0.63 | 0.82 | 0.97 | 0.64 | 0.69 | — | — | — |
| Working capital | $18.79B | $22.43B | $20.44B | $19.12B | $11.65B | — | — | — |
| Working capital / revenue | +69.23% | +66.55% | +59.61% | +53.90% | +34.07% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).