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of Lennar Corporation We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of mu…
$89.78
+$0.03 (+0.03%)
Price from 5 days ago
Operating margin is thin at 7.80%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 3.5% YoY. Margins deteriorated 5.7pp alongside, both lines moving the wrong way.
Free cash flow declined 99% versus the prior year, cash generation momentum has weakened. ROIC dropped from 12.03% to 6.50%, capital efficiency is deteriorating.
12.3x earnings. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$33.17B
▼ -3.5% YoY
Net Income (TTM)
$1.79B
▼ -47.2% YoY
Op. Margin
6.60%
▼ -5.7pp YoY
ROIC
6.60%
▼ -5.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$90M
▼ -98.7% YoY
Op. Cash Flow (TTM)
$72M
▼ -91.0% YoY
Net Debt
-$2.14B
Net Cash Position
Cash & Equiv.
$2.39B
5Y CAGR: +8.7%
5Y CAGR: -63.1%
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