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Lennar key statistics and ratios

In fiscal 2025, Lennar had return on equity of 8.3%, a net margin of 6.1% and debt equal to 26.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Nov 20092010Nov 20102011Nov 20112012Nov 20122013Nov 20132014Nov 20142015Nov 20152016Nov 20162017Nov 20172018Nov 20182019Nov 20192020Nov 20202021Nov 20212022Nov 20222023Nov 20232024Nov 20242025Nov 2025LTMAug 2026
Operating margin−20.6%6.1%6.2%8.5%14.0%14.7%15.1%14.3%11.7%12.0%12.5%15.5%——————
Net margin−13.4%3.1%3.0%16.5%8.1%8.2%8.5%8.3%6.4%8.2%8.3%11.0%16.3%13.7%11.5%11.1%6.1%4.1%
Free-cash-flow margin————−13.8%−10.4%−5.4%3.9%6.9%7.6%6.3%18.3%9.1%9.5%14.8%6.3%0.1%2.5%
Return on equity−17.1%3.8%3.5%22.2%12.7%14.2%15.3%14.4%10.9%15.1%12.1%14.5%22.8%20.5%15.5%14.4%8.3%6.0%
Return on assets−5.7%1.2%1.0%7.0%4.4%5.3%5.9%6.1%4.8%7.2%6.4%8.3%14.0%13.0%10.2%9.8%5.5%—
Asset turnover0.430.380.340.420.550.640.690.740.740.870.770.760.860.950.890.880.90—
Debt to equity0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%60.0%41.2%32.0%0.0%0.0%15.0%26.8%—
Interest cover (operating income ÷ interest)n/m1.3x1.2x1.9x3.9x31.4x114.5x———————————
Effective tax rate—−27.2%−14.9%—26.0%35.2%32.3%31.4%35.1%24.1%24.3%21.0%23.4%22.7%23.9%23.5%25.1%25.8%
SG&A as % of revenue——————————————6.5%7.0%7.8%8.5%
Capital spending as % of revenue————0.2%0.3%1.0%0.7%0.9%0.6%0.4%0.3%0.2%0.2%0.3%0.5%0.6%0.4%
Free cash flow ÷ net income————−170.3%−126.9%−63.6%47.3%107.4%92.1%75.5%167.1%55.7%69.5%129.0%56.8%1.4%62.0%
Dividends ÷ net income—31.0%32.4%4.5%6.4%5.1%4.1%3.9%4.6%2.9%2.8%7.9%7.0%9.5%10.9%14.0%25.1%37.6%
Dividends and buybacks ÷ free cash flow———————12.8%7.4%22.4%41.2%12.5%70.5%46.0%31.8%125.7%>999%183.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 0 checks passed · May 31, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lennar's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

62 /100

Moderate moat

How hard Lennar's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.7% of total assets over 9 years.

  • Pricing power 8 / 20

    Gross margin has been a median 19.6%, moving by 1.2 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median 14.0%; its worst year was 6.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 6.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 21.0% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Lennar's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lennar.