Lennar Corp Stock Research

Market Summary

USD103.74+0.37

Market Closed

0.36%

LEN Stock Price

LEN RSI Chart

LEN Valuation

LEN Profitability

EBT Margin

17496.41%

Return on Equity

19.15%

Return on Assets

12.15%

LEN Fundamentals

LEN Revenue

Revenue (TTM)

34.4M

Revenue Y/Y

-99.67%

Revenue Q/Q

301.68%

LEN Earnings

Earnings (TTM)

4.6B

Earnings Y/Y

11.08%

Earnings Q/Q

-9.87%

Price Action

52 Week Range

61.94109.28

(Low)(High)

Last 7 days

-0.4%

Last 30 days

7.7%

Last 90 days

14.5%

Trailing 12 Months

25.5%

LEN Financial Health

Debt/Equity

0.31

Debt/Cashflow

0.28

LEN Investor Care

Diluted EPS (TTM)

15.72

Financials for Lennar

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-99.3%	34.00	5,132	10,230	15,328	20,425
S&GA Expenses	3.6%	416	402	398	-	-
Costs and Expenses	5.4%	23,921	22,701	22,052	-	-
EBITDA	4.4%	6,169	5,907	5,300	5,953	-
EBITDA Margin	84309.5%	179.47*	0.21*	0.19*	0.22*	-
Earnings Before Taxes	3.0%	6,015	5,837	5,827	5,169	5,819
EBT Margin	15284.4%	174.96*	1.14*	0.21*	0.18*	0.21*
Interest Expenses	42.2%	68.00	48.00	-	-	-
Net Income	2.9%	4,614	4,482	4,422	3,932	4,430
Net Income Margin	15268.8%	134.23*	0.87*	0.16*	0.14*	0.16*
Free Cahsflow	86.6%	3,208	1,719	1,816	2,013	2,468

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	7.5%	37,984	35,340	34,306	32,635	33,208
Cash Equivalents	210.4%	4,816	1,551	1,553	1,606	2,956
Net PPE	-	340	-	-	-	-
Liabilities	12.5%	13,744	12,212	12,516	11,788	12,211
Shareholder's Equity	4.9%	24,101	22,977	21,790	20,847	20,816
Retained Earnings	6.9%	18,861	17,647	16,289	15,079	14,685
Additional Paid-In Capital	0.5%	5,418	5,388	5,355	8,855	8,808
Minority Interest	-6.9%	140	150	192	168	180

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	84.3%	3,266	1,772	1,867	2,075	2,533
Share Based Compensation	0.1%	184	184	170	167	135
Cashflow From Investing	-21.7%	-128	-105	-119	-31.73	-105
Cashflow From Financing	56.4%	-1,277	-2,927	-2,977	-3,032	-2,404
Dividend Payments	8.0%	438	406	374	342	310
Buy Backs	-45.2%	1,039	1,896	2,162	1,942	1,430

Risks for LEN

What is the probability of a big loss on LEN?

71.5%

Probability that Lennar stock will be more than 20% underwater in next one year

46.9%

Probability that Lennar stock will be more than 30% underwater in next one year.

35.4%

Probability that Lennar stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does LEN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Lennar was unfortunately bought at previous high price.

Drawdowns

Returns for LEN

Cumulative Returns on LEN

10.4%

10-Year Cumulative Returns

13.3%

7-Year Cumulative Returns

13.3%

5-Year Cumulative Returns

44.6%

3-Year Cumulative Returns

What are the long-term rolling returns for LEN?

FIve years rolling returns for Lennar.

Annualized Returns

Which funds bought or sold LEN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-26.95	-102,733	800,267	0.02%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	3.07	6,310,620	31,436,600	0.03%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	0.67	89,498	425,498	-%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	-	-	-%
2023-03-06	Rockefeller Capital Management L.P.	added	15.7	177,000	613,000	-%
2023-03-01	Lakewood Asset Management LLC	new	-	820,000	820,000	0.66%
2023-02-28	Voya Investment Management LLC	reduced	-32.54	-1,840,740	8,329,260	0.01%
2023-02-24	National Pension Service	reduced	-4.97	5,002,380	38,995,300	0.08%
2023-02-24	NATIXIS	reduced	-56.42	-5,017,000	5,590,000	0.03%
2023-02-24	NATIXIS	sold off	-100	-346,000	-	-%

Latest Funds Activity

Are funds buying LEN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own LEN

No. of Funds

Lennar News

Schedule 13G FIlings of Lennar

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 06, 2023	gamco investors, inc. et al	4.06%	1,448,046	SC 13D/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	11.07%	28,212,757	SC 13G/A
Feb 06, 2023	wellington management group llp	5.82%	14,837,758	SC 13G
Feb 03, 2023	blackrock inc.	7.9%	20,105,068	SC 13G/A
Jan 10, 2023	capital world investors	10.1%	25,779,919	SC 13G
Feb 10, 2022	vanguard group inc	10.54%	28,650,363	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 01, 2022	blackrock inc.	8.4%	22,712,925	SC 13G/A
Feb 10, 2021	vanguard group inc	10.40%	28,599,421	SC 13G/A

LEN Fair Value

Recent SEC filings of Lennar

View All Filings

Date Filed	Form Type	Document
Mar 24, 2023	4	Insider Trading
Mar 14, 2023	8-K	Current Report
Mar 06, 2023	8-K	Current Report
Mar 06, 2023	SC 13D/A	13D - Major Acquisition
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading
Mar 02, 2023	4	Insider Trading

About Lennar

Jonathan M. Jaffe

www.lennar.com

10800

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.

LEN Income Statement

2022-11-30

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Costs and expenses:
Equity in earnings (loss) from unconsolidated entities	$ (36,302)	$ 48,993	$ (22,127)
Earnings before income taxes	6,014,566	5,819,058	3,123,788
Provision for income taxes	(1,366,065)	(1,362,509)	(656,235)
Net earnings (including net earnings attributable to noncontrolling interests)	4,648,501	4,456,549	2,467,553
Less: Net earnings attributable to noncontrolling interests	34,376	26,438	2,517
Net earnings attributable to Lennar	4,614,125	4,430,111	2,465,036
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	1,464	(536)	(851)
Reclassification adjustments for gains included in net earnings	2,285	0	(452)
Total other comprehensive income (loss), net of tax	3,749	(536)	(1,303)
Total comprehensive income attributable to Lennar	4,617,874	4,429,575	2,463,733
Total comprehensive income attributable to noncontrolling interests	$ 34,376	$ 26,438	$ 2,517
Basic earnings per share (in USD per share)	$ 15.74	$ 14.28	$ 7.88
Diluted earnings per share (in USD per share)	$ 15.72	$ 14.27	$ 7.85
Operating Segments And Corporate Non Segment
Costs and expenses:
Total costs and expenses	$ 26,949,763	$ 22,052,243	$ 19,373,164
Earnings before income taxes	6,014,566	5,819,058	3,123,788
Operating Segments
Revenues:
Total revenues	33,671,010	27,130,676	22,488,854
Corporate and unallocated
Costs and expenses:
Corporate general and administrative	414,498	398,381	333,446
Contribution Expense	66,399	59,825	24,972
Earnings before income taxes	(480,897)	(458,206)	(358,418)
Homebuilding \| Operating Segments
Revenues:
Total revenues	31,951,335	25,545,242	20,981,136
Costs and expenses:
Costs and expenses	25,161,299	20,502,541	17,961,644
Equity in earnings (loss) from unconsolidated entities	(17,235)	(14,205)	(836)
Other income (expense), net	4,516	3,266	(29,749)
Earnings before income taxes	6,777,317	5,031,762	2,988,907
Financial Services \| Operating Segments
Revenues:
Total revenues	809,680	898,745	890,311
Costs and expenses:
Costs and expenses	426,378	407,731	470,777
Financial Services gain on deconsolidation	0	0	61,418
Earnings before income taxes	383,302	491,014	480,952
Multifamily \| Operating Segments
Revenues:
Total revenues	865,603	665,232	576,328
Costs and expenses:
Costs and expenses	848,931	652,810	575,581
Multifamily equity in earnings from unconsolidated entities and other gain	52,821	9,031	21,934
Earnings before income taxes	69,493	21,453	22,681
Lennar Other
Costs and expenses:
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802
Lennar Other \| Operating Segments
Revenues:
Total revenues	44,392	21,457	41,079
Costs and expenses:
Costs and expenses	32,258	30,955	6,744
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(91,689)	231,731	(44,669)
Lennar Other unrealized gain (loss) from technology investments	(655,094)	510,802	0
Earnings before income taxes	$ (734,649)	$ 733,035	$ (10,334)

LEN Balance Sheet

2022-11-30

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Nov. 30, 2022

Nov. 30, 2021

Inventories:

Total assets

^[1]

$ 37,984,295

$ 33,207,778

Stockholders’ equity:

Preferred stock

^[2]

Additional paid-in capital

^[2]

5,417,796

8,807,891

Retained earnings

^[2]

18,861,417

14,685,329

Treasury stock, at cost; 2022 - 2,455,387 shares of Class A common stock and 419,860 shares of Class B common stock; 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock

^[2]

(210,389)

(2,709,448)

Accumulated other comprehensive income (loss)

^[2]

2,408

(1,341)

Total stockholders’ equity

^[2]

24,100,500

20,816,425

Noncontrolling interests

^[2]

139,867

179,857

Total equity

^[2]

24,240,367

20,996,282

Total liabilities

^[2]

13,743,928

12,211,496

Total liabilities and equity

^[2]

37,984,295

33,207,778

Class A Common Stock

Stockholders’ equity:

Common stock

^[2]

25,608

30,050

Class B Common Stock

Stockholders’ equity:

Common stock

^[2]

3,660

3,944

Homebuilding

ASSETS

Cash and cash equivalents

^[1]

4,616,124

2,735,213

Restricted cash

^[1]

23,046

21,927

Receivables, net

^[1]

673,980

490,278

Inventories:

Finished homes and construction in progress

^[1]

11,718,507

10,446,139

Land and land under development

^[1]

7,382,273

7,108,142

Consolidated inventory not owned

^[1]

2,331,231

1,161,023

Total inventories

^[1]

21,432,011

18,715,304

Investments in unconsolidated entities

^[1]

1,173,164

972,084

Goodwill

3,442,359

^[1]

3,442,359

Other assets

^[1]

1,323,478

1,090,654

Total assets

^[1]

32,684,162

27,467,819

LIABILITIES AND EQUITY

Accounts payable

^[2]

1,616,128

1,321,247

Liabilities related to consolidated inventory not owned

^[2]

1,967,551

976,602

Senior notes and other debts payable, net

^[2]

4,047,294

4,652,338

Other liabilities

^[2]

3,347,673

2,920,055

Stockholders’ equity:

Total liabilities

^[2]

10,978,646

9,870,242

Financial Services

Inventories:

Total assets

^[1]

3,254,257

2,964,367

Stockholders’ equity:

Total liabilities

^[2]

2,353,904

1,906,343

Multifamily

Inventories:

Total assets

^[1]

1,257,337

1,311,747

Stockholders’ equity:

Total liabilities

^[2]

313,484

288,930

Lennar Other

Inventories:

Total assets

^[1]

788,539

1,463,845

Stockholders’ equity:

Total liabilities

^[2]

$ 97,894

$ 145,981

[1]

Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company.

As of November 30, 2022, total assets include $1.4 billion related to consolidated VIEs of which $56.9 million is included in Homebuilding cash and cash equivalents, $0.3 million in Homebuilding receivables, net, $29.4 million in Homebuilding finished homes and construction in progress, $736.5 million in Homebuilding land and land under development, $533.8 million in Homebuilding consolidated inventory not owned, $1.0 million in Homebuilding investments in unconsolidated entities, $23.0 million in Homebuilding other assets, $33.2 million in Multifamily assets and$9.0 million in Lennar Other assets.

As of November 30, 2021, total assets include $1.1 billion related to consolidated VIEs of which $60.9 million is included in Homebuilding cash and cash equivalents, $4.4 million in Homebuilding receivables, net, $14.3 million in Homebuilding finished homes and construction in progress, $697.1 million in Homebuilding land and land under development, $239.2 million in Homebuilding consolidated inventory not owned, $1.1 million in Homebuilding investments in unconsolidated entities, $17.4 million in Homebuilding other assets and $80.6 million in Multifamily assets.

[2]

As of November 30, 2022, total liabilities include $620.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $66.9 million is included in Homebuilding accounts payable, $510.9 million in Homebuilding liabilities related to consolidated inventory not owned, $29.4 million in Homebuilding senior notes and other debts payable, $7.2 million in Homebuilding other liabilities, $3.8 million in Multifamily liabilities and $2.2 millionin Lennar Other liabilities.As of November 30, 2021, total liabilities include $258.5 million related to consolidated VIEs as to which there was no recourse against the Company, of which $26.6 million is included in Homebuilding accounts payable, $196.6 million in Homebuilding liabilities related to consolidated inventory not owned, $20.1 million in Homebuilding senior notes and other debts payable, $12.3 million in Homebuilding other liabilities and $2.8 million in Multifamily liabilities.