회사 개요
Lennar Corporation is a prominent homebuilder that operates primarily under its own brand within the United States, serving residential markets through distinct segments including Homebuilding East, Homebuilding Central, Homebuilding South Central, Homebuilding West, Financial Services, Multifamily, and Lennar Other. This enterprise functions within the Consumer Cyclical sector and specifically targets the Residential Construction industry, positioning it directly against economic cycles that influence housing demand and consumer spending patterns. The company's substantial scale is evidenced by a market capitalization of $21.90B and an annual revenue generated of $33.17B over the trailing twelve months, while employing a workforce of 12,532 individuals across its operational footprint. These financial dimensions, particularly the market cap exceeding $20 billion and revenue surpassing $30 billion, indicate that Lennar holds a significant position as a major player capable of influencing regional housing supply and maintaining extensive distribution networks.
재무 건전성
The company reported a revenue of $33.17B and a net income of $1.77B for the trailing twelve months, with an EBITDA standing at $2.49B, revealing a cost structure where operating expenses and taxes consume a significant portion of top-line sales to arrive at final profitability. While the available data does not provide a specific Free Cash Flow figure, the company holds a cash reserve of $8.91B, which provides a substantial liquidity buffer to manage working capital requirements and service obligations without relying solely on external financing. The gross margin stands at 16.9%, reflecting the pricing power and cost control in the construction phase, whereas the operating margin of 3.7% highlights the impact of overhead costs and regional variations on profitability. The profit margin of 5.4% further illustrates the final efficiency in converting sales into net earnings after all expenses, including interest and taxes, have been accounted for. On the liability side, the company holds $8.91B in cash against $5.46B in debt, resulting in a debt-to-equity ratio of 24.76, which suggests a leveraged balance sheet where equity capital is significantly smaller than the combined debt and cash position. The current ratio is reported at 12.67, indicating an exceptionally strong short-term liquidity position where current assets vastly exceed current liabilities, ensuring the ability to meet immediate obligations comfortably. Management effectiveness is quantified by a Return on Equity of 8.1% and a Return on Assets of 4.3%, metrics that demonstrate the company's ability to generate returns relative to shareholder investments and total asset utilization respectively.
밸류에이션 평가
Valuation metrics for Lennar Corporation include a trailing P/E ratio of 12.80 and a forward P/E of 11.50, suggesting that the market expects earnings to increase in the future as the forward multiple is lower than the trailing multiple. The price-to-book ratio is calculated at 0.99, indicating that the stock is trading at roughly par value relative to its book equity, which often signals a valuation grounded in tangible assets rather than high speculative premiums. Alternative valuation perspectives are provided by a price-to-sales ratio of 0.66 and an EV/EBITDA of 7.40, metrics that contextualize the company's valuation relative to its sales volume and operational cash generation capacity. The stock's trading range over the last year spans from a low of $83.03 to a high of $144.24, and without a specific current price listed in the facts, the valuation range itself defines the volatility boundaries within which the market prices the stock. The beta of 1.49 indicates that the stock is more volatile than the broader market, meaning price movements tend to be amplified relative to general market fluctuations, a characteristic common in cyclical housing sectors.
Growth & Income
Growth dynamics are characterized by a revenue growth rate of -13.3% year-over-year and an earnings growth rate of -52.5% year-over-year, implying that earnings are contracting at a much faster pace than revenue, which is typical in cyclical downturns where margins are compressed more severely than top-line volume. The company offers a dividend yield of 2.2% with a payout ratio of 28.8%, and given the current earnings contraction, this payout ratio must be scrutinized to ensure dividends remain sustainable as net income declines. Since the payout ratio is below 30%, the company retains the majority of its earnings, allowing it to potentially reinvest into growth initiatives or strengthen its balance sheet despite the negative growth trajectory. Overall, the growth and income profile presents a scenario of a mature, leveraged entity facing a cyclical headwind that is impacting earnings significantly more than revenue, while maintaining a consistent dividend policy supported by a substantial cash position.