Lennar Corporation (LEN)财务
NYSE · Consumer Cyclical · Residential Construction · 员工12,532人 · CEO Stuart A. Miller
- 股价
- $86.94 +1.73%
- 市值
- $207亿
- 企业价值
- $238亿
- 最近财报
- Q3 '26 2026-10-02提交
- 下次财报
- 2026-12-15 EPS预期 $1.47
营收(TTM)$320亿-8.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.3%-4.6 百分点 对比去年同期营业利润 $17.1亿
净利润(TTM)$13.1亿-51.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$9.08亿+227.4% 对比去年同期资本支出 $1.34亿
稀释EPS(TTM)$5.29-47.7% 对比去年同期最近4个季度之和
净现金-$31.5亿+20.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $207亿 EV $238亿
- 营收
- $320亿 过去12个月
- 营收增速
- -8% FY2026年一致预期
- 净利润率
- 4.1% 净利润 / 营收,TTM
- P/E
- 16.4× 预期 18.0×(FY2026)
- P/S
- 0.6× 股价 / 营收,TTM
- EV / EBITDA
- 11.9× TTM
- 自由现金流
- $9.08亿 过去12个月
- 净利润
- $13.1亿 过去12个月
- 营收预期
- $315亿 FY2026年一致预期
- 盈利
- 2026-12-15 营收预期 $87.3亿
- 股息
- $2.00 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-16):营收低于预期3.8%,EPS 低于预期3.9%营收$80亿,预期$83.2亿(-3.8%);EPS $1.23,预期$1.28(-3.9%)。
- 营收增长平稳:同比-8.7%Q3 '26营收$80.5亿,此前四个季度的平均值为-7.7%。
- 营业利润率5.3%(TTM),较去年同期-4.6 百分点营收增长-8.0%,营业利润增长-50.8%。
- 资本支出占营收的0.4%(去年为0.4%)最近4个季度投入$1.34亿(同比-7.4%)。自由现金流$9.08亿,相当于净利润的69.2%。
- 股东回报$14.9亿 = 自由现金流的163.5%回购$9.93亿(去年为$23.4亿),股息$4.93亿,股权激励$1.43亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少7.0%Q3 '26稀释股数2.38亿,一年前为2.56亿。
- 净债务 $31.5亿现金 + 短期投资 $11.5亿,含租赁债务 $43亿;一年前净债务 $39.4亿。
上一季度:Q3 '26
截至2026-08-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $80.5亿 | $88.1亿 | -8.7% |
| 毛利率 | 16.6% | 10.1% | +6.4 百分点 |
| 营业利润 | $4.6亿 | $7.21亿 | -36.2% |
| 营业利润率 | 5.7% | 8.2% | -2.5 百分点 |
| 净利润 | $2.84亿 | $5.91亿 | -52.0% |
| 稀释EPS | $1.19 | $2.29 | -48.0% |
| 经营现金流 | -$1.04亿 | -$1.59亿 | +34.2% |
| 资本支出 | $0 | $3220万 | -100.0% |
| 自由现金流 | -$1.04亿 | -$1.91亿 | +45.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2930万 | $2550万 | +14.7% |
实际 vs 一致预期
2026-09-16| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $80亿 | $83.2亿 | -3.8% |
| EPS(一致预期口径) | $1.23 | $1.28 | -3.9% |
来自2026-09-16发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Lennar Homebuilding East, Central, West, Houston, and Other | $77.6亿 | -6.0% | 96.1% | $384亿 | – | |
| Lennar Financial Services | $2.26亿 | -28.0% | 2.8% | $12.9亿 | – | |
| Lennar Multifamily | $4090万 | -82.9% | 0.5% | $6.42亿 | – | |
| Lennar - Other | $4840万 | +6.5% | 0.6% | $2.46亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Homebuilding West | $25.9亿 | -12.5% | 40.6% | $137亿 | – | |
| Homebuilding Central | $19.5亿 | -6.2% | 30.5% | $90.8亿 | – | |
| Homebuilding East | $18.3亿 | +7.6% | 28.8% | $86.9亿 | – | |
| Homebuilding Other Regions | $346万 | -43.8% | 0.1% | $2650万 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Lennar Homebuilding East Central West Houstonand Other | $77.6亿 | -6.0% | – | – | – | 9.2% | – |
| Homebuilding West | $25.9亿 | -12.5% | – | – | – | 9.1% | – |
| Homebuilding Central | $19.5亿 | -3.7% | – | – | – | 9.4% | – |
| Homebuilding East | $18.3亿 | +4.4% | – | – | – | 10.3% | – |
| Lennar Financial Services | $2.26亿 | -28.0% | – | – | – | 56.6% | – |
| Lennar Multifamily | $3850万 | -83.2% | – | – | – | -7.2% | – |
| Lennar Other | $2200万 | +58.0% | – | – | – | 448.2% | – |
| Homebuilding Other Regions | $346万 | -43.8% | – | – | – | -191.2% | – |
| Corporate (unallocated) | – | – | – | – | – | – | – |
| Operating Segments And Corporate Non Segment | – | – | – | – | – | – | – |
| Homebuilding Texas | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $10.4亿
- 资本支出
- -$1.34亿
- 股票回购
- -$9.93亿
- 股息
- -$4.93亿
- 收购
- -$5760万
- 债务净发行
- $3.55亿
- 股权激励费用
- $1.43亿
- 自由现金流
- $9.08亿
- 股东回报 / FCF
- 163.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 16.4× | 10.2× | 5.6× – 16.3× |
| EV / EBITDA | 11.9× | 7.6× | 4.4× – 12.2× |
| EV / 营收 | 0.7× | 1.1× | 0.8× – 1.3× |
| 股价 / FCF | 22.8× | 248.1× | 7.1× – 1,191.0× |
| 股价 / 净资产 | 1.0× | 1.4× | 1.1× – 1.7× |
| FCF收益率 | 4.4% | 7.8% | 0.1% – 14.0% |
| 投入资本回报率 | 4.0% | 11.3% | 6.6% – 15.2% |
| 净资产收益率 | 6.0% | 15.8% | 9.5% – 21.3% |
分析师
一致目标价 $77.38 (-11.0%)
区间 $63.00 – $108.00 · 评级 Buy
强烈买入0
买入23
持有18
卖出9
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $315亿 | -8.0% | $4.82 | -39.6% | 18.0× | 10 |
| FY2027 | $319亿 | +1.3% | $5.11 | +5.8% | 17.0× | 12 |
| FY2028 | $337亿 | +5.6% | $6.40 | +25.4% | 13.6× | 10 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Lennar Corporation在近期10-Q / 10-K文件中标记的全部164项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Receivable, after Allowance for Credit Loss | $14.7亿2025-11-30 | $16.5亿 | -11.0% | $14.7亿 | $16.5亿 | -11.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.15亿2025-11-30 | $2.91亿 | +8.2% | $3.15亿 | $2.91亿 | +8.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $576万 | $602万 | -4.4% | $601万 | $753万 | -20.2% |
| Additional Paid in Capital | $60.5亿 | $58.8亿 | +2.8% | $59.1亿 | $57.3亿 | +3.1% |
| Advertising Expense | – | – | – | $2.11亿 | $1.91亿 | +10.4% |
| Amortization of Debt Discount (Premium) | $118万 | $10.9万 | +979.8% | $8.8万 | $14.8万 | -40.5% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 02025-08-31 | 0 | – | 02015-11-30 | 0 | – |
| APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | $2930万 | $2550万 | +14.7% | – | – | – |
| Assets | $337亿2026-05-31 | $344亿 | -2.0% | $344亿 | $413亿 | -16.7% |
| Cash and Cash Equivalents, at Carrying Value | $37.6亿2025-11-30 | $49.1亿 | -23.5% | $37.6亿 | $49.1亿 | -23.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $15亿 | $17.6亿 | -14.7% | $38.3亿 | $49.9亿 | -23.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$6.75亿 | $2.78亿 | -342.8% | -$11.6亿 | -$15.8亿 | +26.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $336万2026-05-31 | $437万 | -23.2% | $3010万 | $3510万 | -14.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.84亿 | $5.91亿 | -52.0% | $20.8亿 | $39.4亿 | -47.2% |
| Costs and Expenses | $75.9亿 | $81.1亿 | -6.5% | $315亿 | $307亿 | +2.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.74亿 | $8.64亿 | -45.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $6.28亿 | $11.6亿 | -45.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.54亿 | $2.93亿 | -47.3% |
| Debt Securities, Available-for-sale | $3910万2025-11-30 | $4060万 | -3.7% | $3910万 | $4060万 | -3.7% |
| Debt Securities, Held-to-maturity | $1.33亿2025-11-30 | $1.36亿 | -2.0% | $1.33亿 | $1.36亿 | -2.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $6190万 | $4810万 | +28.7% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $7730万 | $6040万 | +27.9% |
| Deferred Income Taxes and Tax Credits | $6410万 | $3900万 | +64.7% | $7730万 | $6040万 | +27.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1540万 | $1230万 | +24.8% |
| Deferred Tax Assets, Equity Method Investments | $4750万2025-11-30 | $6240万 | -23.9% | $4750万 | $6240万 | -23.9% |
| Deferred Tax Assets, Gross | $5.86亿2025-11-30 | $6.61亿 | -11.3% | $5.86亿 | $6.61亿 | -11.3% |
| Deferred Tax Assets, Inventory | $2620万2025-11-30 | $2300万 | +14.1% | $2620万 | $2300万 | +14.1% |
| Deferred Tax Assets, Net | $1.35亿2025-11-30 | $2.72亿 | -50.5% | $1.35亿 | $2.72亿 | -50.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.84亿2025-11-30 | $6.58亿 | -11.3% | $5.84亿 | $6.58亿 | -11.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $3820万2025-11-30 | $4390万 | -12.9% | $3820万 | $4390万 | -12.9% |
| Deferred Tax Assets, Other | $2330万2025-11-30 | $3900万 | -40.2% | $2330万 | $3900万 | -40.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3570万2025-11-30 | $4970万 | -28.0% | $3570万 | $4970万 | -28.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $1.89亿2025-11-30 | $1.99亿 | -4.9% | $1.89亿 | $1.99亿 | -4.9% |
| Deferred Tax Assets, Valuation Allowance | $255万2025-11-30 | $259万 | -1.8% | $255万 | $259万 | -1.8% |
| Deferred Tax Liabilities, Deferred Expense | $1.75亿2025-11-30 | $1.71亿 | +2.8% | $1.75亿 | $1.71亿 | +2.8% |
| Deferred Tax Liabilities, Gross | $4.49亿2025-11-30 | $3.86亿 | +16.3% | $4.49亿 | $3.86亿 | +16.3% |
| Deferred Tax Liabilities, Other | $3010万2025-11-30 | $2890万 | +4.4% | $3010万 | $2890万 | +4.4% |
| Deferred Tax Liabilities, Tax Deferred Income | $2.1亿2025-11-30 | $1.81亿 | +15.7% | $2.1亿 | $1.81亿 | +15.7% |
| Defined Contribution Plan, Cost | – | – | – | $7850万 | $6970万 | +12.6% |
| Depreciation, Amortization and Accretion, Net | $3590万 | $3420万 | +5.1% | $1.34亿 | $1.16亿 | +16.3% |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | – | – | – | -$1.56亿 | $0 | – |
| Dividends, Common Stock, Cash | $1.19亿 | $1.29亿 | -7.5% | – | – | – |
| Earnings Per Share, Basic | $1.19 | $2.29 | -48.0% | $7.98 | $14.31 | -44.2% |
| Earnings Per Share, Diluted | $1.19 | $2.29 | -48.0% | $14.312024-11-30 | $13.73 | +4.2% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | 0.0% | 0.0% | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | 0.1% | -0.2% | +141.7% |
| Effective Income Tax Rate Reconciliation, Percent | 26.4% | 24.4% | +8.2% | 25.4% | 23.6% | +7.2% |
| Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | – | – | – | 4.9% | 4.7% | +4.2% |
| Effective Income Tax Rate Reconciliation, Tax Credit, Percent | – | – | – | 1.9% | 1.9% | +1.1% |
| Equity Method Investment, Other than Temporary Impairment | $02025-08-31 | – | – | $6500万2023-11-30 | – | – |
| Equity Method Investment, Realized Gain (Loss) on Disposal | $0 | $64.5万 | -100.0% | $1.65亿2018-11-30 | $0 | – |
| Equity Method Investment, Underlying Equity in Net Assets | $17.9亿2025-11-30 | $16.4亿 | +9.4% | $17.9亿 | $16.4亿 | +9.4% |
| Equity Method Investments | $24.2亿2025-11-30 | $22.3亿 | +8.7% | $24.2亿 | $22.3亿 | +8.7% |
| Equity Securities without Readily Determinable Fair Value, Amount | $7270万 | $1.18亿 | -38.5% | $1.14亿 | $1.43亿 | -20.0% |
| Equity Securities, FV-NI | $3.47亿2025-11-30 | $3.48亿 | -0.3% | $3.47亿 | $3.48亿 | -0.3% |
| Escrow Deposit | $5.75亿 | $6.74亿 | -14.6% | $1.51亿 | $2.66亿 | -43.3% |
| Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance | $22.1亿2025-11-30 | $22.5亿 | -1.7% | $22.1亿 | $22.5亿 | -1.7% |
| Gain (Loss) on Disposition of Property Plant Equipment | -$511万 | -$51.1万 | -900.2% | $7770万 | $3880万 | +100.2% |
| Gain (Loss) on Extinguishment of Debt | – | – | – | $0 | $82.5万 | -100.0% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-08-31, 10-Q 2026-05-31, 10-Q 2026-02-28, 10-K 2025-11-30, 10-Q 2025-08-31, 10-Q 2025-05-31, 10-Q 2025-02-28, 10-K 2024-11-30, 10-Q 2024-08-31
数据截至 2026-11-02