Lennar Corporation (LEN-B) Balance Sheet

NYSE: LEN-BAssets, liabilities, debt and equity over 10 years.

LEN-B balance sheet, FY2025

November 30, 2025 · U.S. dollars

$34.43B assets = $12.29B liabilities + $22.14B equity

Both columns are drawn to the same scale: what LEN-B owns equals what it owes plus shareholders’ equity. Hover a block for its value.

LEN-B financial health

Current ratio3.12

Comfortable · current assets cover current liabilities 3.12×

Debt / equity0.29

Low leverage · $0.29 of debt for each $1 of equity

Equity / assets63.8%

Equity-funded · of assets funded by shareholders

Cash / debt60.2%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles10.5%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

LEN-B balance sheet trends, FY2016–FY2025

Lennar Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$15.36BFY2016	$34.43BFY2025	+9.4%/yr
Total liabilities	$8.15BFY2016	$12.29BFY2025	+4.7%/yr
Shareholders’ equity	$7.03BFY2016	$21.96BFY2025	+13.5%/yr
Cash & short-term investments	$1.35BFY2016	$3.80BFY2025	+12.2%/yr
Total debt	$6.28BFY2016	$6.32BFY2025	+0.1%/yr
Net cash (debt)	−$4.93BFY2016	−$2.51BFY2025	+$2.4B
Working capital	$8.95BFY2016	$11.65BFY2025	+$2.7B
Current ratio	4.56FY2016	3.12FY2025	−1.45
Debt / equity	0.89FY2016	0.29FY2025	−0.61

Change is the average annual growth (CAGR) or the difference between the first and latest year.

LEN-B assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

LEN-B liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

LEN-B debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

LEN-B balance sheet

Lennar Corporation annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Assets
Cash & short-term investments	$3.80B	$4.98B	$6.56B	$4.79B	$2.93B	$2.92B	$1.46B	$1.57B	$2.66B	$1.35B
Cash & equivalents	$3.80B	$4.98B	$6.56B	$4.79B	$2.93B	$2.92B	$1.46B	$1.57B	$2.66B	$1.35B
Short-term investments	$39.1M	$40.6M	$38.0M	$35.5M	$41.7M	$53.5M	$51.9M	$4.2M	$57.4M	$53.6M
Receivables	$1.47B	$1.65B	$1.70B	$1.61B	$1.30B	$938.1M	$906.9M	$1.04B	$520.6M	$780.0M
Inventory	$11.84B	$20.31B	$18.90B	$21.86B	$19.17B	$17.18B	$18.09B	$17.35B	$11.07B	$9.32B
Other current assets	$25.9M	$11.8M	$13.5M	$23.0M	$21.9M	$15.2M	$10.7M	$22.3M	$31.2M	$15.9M
Total current assets	$17.14B	$26.96B	$27.16B	$28.29B	$23.42B	$21.05B	$20.47B	$19.98B	$14.28B	$11.46B
Property, plant & equipment (net)	$911.8M	$791.4M	$550.6M	$505.1M	$495.5M	$524.9M	$281.6M	$345.5M	$301.1M	$417.3M
Goodwill & intangible assets	$3.63B	$3.63B	$3.63B	$3.63B	$3.63B	$3.63B	$3.66B	$3.68B	$196.4M	$39.8M
Long-term investments	$2.90B	$2.71B	$1.14B	$2.67B	$972.1M	$953.2M	$2.29B	$2.10B	$1.85B	$1.52B
Other non-current assets	$9.84B	$7.22B	$6.74B	$2.88B	$4.69B	$3.78B	$2.66B	$2.46B	$2.11B	$1.92B
Total assets	$34.43B	$41.31B	$39.23B	$37.98B	$33.21B	$29.94B	$29.36B	$28.57B	$18.75B	$15.36B
Liabilities
Accounts payable	$1.81B	$1.84B	$1.63B	$1.62B	$1.32B	$1.04B	$1.07B	$1.15B	$754.7M	$596.5M
Short-term debt	$2.21B	$2.43B	$2.55B	$2.28B	$2.33B	$1.50B	$1.80B	$2.57B	$1.48B	$1.80B
Deferred revenue	—	—	−$5.09B	−$4.24B	−$3.31B	−$2.21B	−$2.06B	−$2.75B	−$1.86B	−$1.91B
Total current liabilities	$5.50B	$7.83B	$6.73B	$5.86B	$4.63B	$3.24B	$3.32B	$4.07B	$2.61B	$2.51B
Long-term debt	$5.87B	$4.19B	$2.82B	$6.20B	$4.65B	$5.96B	$9.57B	$10.12B	$7.97B	$6.28B
Other long-term liabilities	$918.8M	$1.27B	$2.99B	$1.69B	$2.93B	$2.64B	$429.5M	$0	$172.1M	$0
Total liabilities	$12.29B	$13.29B	$12.53B	$13.74B	$12.21B	$11.84B	$13.33B	$13.88B	$10.76B	$8.15B
Shareholders' equity
Common stock & paid-in capital	$29.8M	$29.7M	$29.5M	$29.3M	$34.0M	$33.8M	$33.7M	$33.4M	$24.3M	$23.7M
Retained earnings (deficit)	$22.47B	$25.75B	$22.37B	$18.86B	$14.69B	$10.56B	$8.30B	$6.49B	$4.84B	$4.31B
Accumulated other comprehensive income	$6.0M	$7.5M	$4.9M	$2.4M	−$1.3M	−$805,000	$498,000	−$366,000	$1.0M	−$309,000
Minority interest	$181.2M	$151.1M	$121.3M	$139.9M	—	—	—	—	—	—
Total shareholders' equity	$21.96B	$27.87B	$26.58B	$24.10B	$20.82B	$17.99B	$15.95B	$14.58B	$7.87B	$7.03B
Key figures
Total debt	$6.32B	$4.45B	$5.14B	$6.36B	$6.54B	$7.54B	$9.57B	$10.12B	$7.97B	$6.28B
Net cash (debt)	−$2.51B	$527.1M	$1.42B	−$1.57B	−$3.61B	−$4.63B	−$8.12B	−$8.54B	−$5.31B	−$4.93B
Working capital	$11.65B	$19.12B	$20.44B	$22.43B	$18.79B	$17.80B	$17.14B	$15.91B	$11.67B	$8.95B
Tangible book value	$18.33B	$24.24B	$22.95B	$20.47B	$17.18B	$14.36B	$12.29B	$10.90B	$7.68B	$6.99B
Current ratio	3.12	3.44	4.04	4.83	5.06	6.49	6.16	4.91	5.46	4.56
Quick ratio	0.96	0.85	1.23	1.09	0.91	1.19	0.71	0.64	1.22	0.85
Debt / equity	0.29	0.16	0.19	0.26	0.31	0.42	0.60	0.69	1.01	0.89
Equity / assets	63.8%	67.5%	67.7%	63.4%	62.7%	60.1%	54.3%	51.0%	42.0%	45.7%

Lennar Corporation quarterly balance sheet
	Aug '26	May '26	Feb '26	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Feb '24	Nov '23
Assets
Cash & short-term investments	$1.15B	$1.82B	$2.09B	$3.80B	$1.73B	$1.46B	$2.57B	$4.98B	$4.30B	$3.91B	$5.25B	$6.27B
Cash & equivalents	$1.15B	$1.82B	$2.09B	$3.80B	$1.73B	$1.46B	$2.57B	$4.98B	$4.30B	$3.91B	$5.25B	$6.27B
Short-term investments	—	$38.7M	$38.7M	$39.1M	$6.01B	$39.1M	$40.4M	$40.6M	$40.1M	$39.7M	$38.3M	$38.0M
Receivables	$924.9M	$978.8M	$960.9M	$1.47B	$1.55B	$1.47B	$1.53B	$1.65B	$1.61B	$1.55B	$1.28B	$888.0M
Inventory	$12.94B	$12.38B	$10.48B	$11.84B	$13.70B	$14.52B	$14.25B	$20.31B	$20.64B	$20.51B	$19.94B	$18.35B
Other current assets	$34.1M	$3.15B	$0	$25.9M	$29.9M	$24.0M	$22.5M	$11.8M	$12.6M	$11.6M	$12.6M	$2.02B
Total current assets	$15.05B	$18.33B	$13.52B	$17.14B	$17.01B	$17.47B	$18.37B	$26.96B	$26.56B	$25.98B	$26.49B	$27.53B
Property, plant & equipment (net)	$0	$7.07B	$6.83B	$911.8M	$285.2M	$277.1M	$270.7M	$791.4M	$223.6M	$151.6M	$104.8M	$404.8M
Goodwill & intangible assets	$3.44B	$3.44B	$3.44B	$3.63B	$3.63B	$3.63B	$3.82B	$3.63B	$3.63B	$3.44B	$3.63B	$3.44B
Long-term investments	$0	$2.67B	$2.67B	$2.90B	$3.96B	$3.94B	$3.87B	$2.71B	$2.68B	$2.67B	$2.52B	$1.14B
Other non-current assets	$14.88B	$2.19B	$6.74B	$9.84B	$9.99B	$9.06B	$8.65B	$7.22B	$6.64B	$6.42B	$6.21B	$6.71B
Total assets	$33.38B	$33.70B	$33.21B	$34.43B	$34.88B	$34.37B	$34.99B	$41.31B	$39.74B	$38.67B	$38.95B	$39.23B
Liabilities
Accounts payable	$1.80B	$1.78B	$1.74B	$1.81B	$1.52B	$2.13B	$1.93B	$1.84B	$1.79B	$1.73B	$1.57B	$1.63B
Short-term debt	—	$2.15B	$429.0M	$2.21B	$265.5M	$296.5M	$577.6M	$2.43B	$24.1M	$28.7M	$1.60B	$2.55B
Deferred revenue	—	—	—	—	—	—	—	—	−$921.9M	—	−$5.09B	−$5.09B
Total current liabilities	$1.80B	$3.94B	$3.61B	$5.50B	$3.77B	$4.74B	$5.54B	$7.83B	$5.16B	$4.98B	$6.21B	$1.63B
Long-term debt	$0	$6.01B	$5.26B	$5.87B	$5.39B	$4.21B	$3.61B	$4.19B	$3.81B	$3.65B	$4.39B	$2.82B
Other long-term liabilities	$9.89B	$1.99B	$2.31B	$918.8M	$2.97B	$2.69B	$2.97B	$1.27B	$3.22B	$3.02B	$1.57B	$8.08B
Total liabilities	$11.68B	$11.94B	$11.18B	$12.29B	$12.13B	$11.64B	$12.12B	$13.29B	$12.18B	$11.65B	$12.17B	$12.53B
Shareholders' equity
Common stock & paid-in capital	$30.0M	$30.0M	$30.0M	$29.8M	$29.8M	$29.8M	$29.8M	$29.7M	$29.7M	$29.7M	$29.6M	$29.5M
Retained earnings (deficit)	$22.92B	$22.76B	$22.58B	$22.47B	$22.11B	$21.65B	$21.30B	$25.75B	$24.79B	$23.76B	$22.95B	$22.37B
Accumulated other comprehensive income	$5.8M	$5.7M	$5.6M	$6.0M	$6.0M	$6.0M	$7.4M	$7.5M	$7.0M	$6.6M	$5.2M	$4.9M
Minority interest	—	$145.1M	$152.9M	$181.2M	$181.2M	$152.8M	—	—	—	—	—	—
Total shareholders' equity	$21.56B	$21.62B	$21.88B	$21.96B	$22.57B	$22.58B	$22.73B	$27.87B	$27.41B	$26.88B	$26.65B	$26.58B
Key figures
Total debt	$4.30B	$6.20B	$4.32B	$6.32B	$5.66B	$4.47B	$3.86B	$4.45B	$4.04B	$3.81B	$4.51B	$2.82B
Net cash (debt)	−$3.15B	−$4.38B	−$2.23B	−$2.51B	−$3.94B	−$3.02B	−$1.30B	$527.1M	$257.2M	$95.6M	$741.5M	$3.46B
Working capital	$13.26B	$14.39B	$9.91B	$11.65B	$13.23B	$12.73B	$12.83B	$19.12B	$21.40B	$21.00B	$20.28B	$25.90B
Tangible book value	$18.12B	$18.18B	$18.44B	$18.33B	$18.94B	$18.95B	$18.91B	$24.24B	$23.78B	$23.44B	$23.02B	$23.14B
Current ratio	8.38	4.66	3.74	3.12	4.51	3.68	3.32	3.44	5.15	5.21	4.27	16.88
Quick ratio	1.16	0.71	0.84	0.96	0.87	0.62	0.74	0.85	1.15	1.10	1.05	4.39
Debt / equity	0.20	0.29	0.20	0.29	0.25	0.20	0.17	0.16	0.15	0.14	0.17	0.11
Equity / assets	64.6%	64.2%	65.9%	63.8%	64.7%	65.7%	65.0%	67.5%	69.0%	69.5%	68.4%	67.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 28, 2026); data from EODHD.

LEN-B financial position

At the end of fiscal 2025 (November 30, 2025), Lennar had total assets of $34.4 billion (down 16.7% from a year earlier), total liabilities of $12.3 billion and shareholders' equity of $22.0 billion. It held $3.8 billion in cash and short-term investments against $6.3 billion of debt, net debt of $2.5 billion. Its current ratio was 3.12. In the latest quarter (ended August 31, 2026) total assets were $33.4 billion and equity $21.6 billion.

Related: LEN-B income statement, LEN-B cash flow statement, LEN-B key metrics. See the LEN-B stock overview for the latest quote and news.

LEN-B balance sheet FAQ

What are Lennar's total assets?

Lennar reported total assets of $34.4 billion at the end of fiscal 2025 (November 30, 2025), compared with $41.3 billion a year earlier.

How much debt does Lennar have?

Lennar had $6.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.29.

How much cash does Lennar have?

Lennar held $3.8 billion in cash and short-term investments at the end of fiscal 2025; with $6.3 billion of debt that is net debt of $2.5 billion.

What is Lennar's book value?

Lennar's shareholders' equity (book value) was $22.0 billion at the end of fiscal 2025.

What is Lennar's current ratio?

Lennar had current assets of $17.1 billion and current liabilities of $5.5 billion, a current ratio of 3.12 (it can cover its short-term obligations).

How much goodwill does Lennar have?

Lennar carried $3.6 billion of goodwill and intangible assets, 10.5% of total assets, at the end of fiscal 2025.