Lennar Corporation (LEN) Balance Sheet
LEN 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 owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LEN 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 balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $15.36BFY2016 | $34.43BFY2025 | +9.4%/yr | |
| Total liabilities | $8.15BFY2016 | $12.29BFY2025 | +4.7%/yr | |
| Shareholders’ equity | $7.21BFY2016 | $21.96BFY2025 | +13.2%/yr | |
| Cash & short-term investments | $1.38BFY2016 | $3.80BFY2025 | +11.9%/yr | |
| Total debt | $6.38BFY2016 | $6.32BFY2025 | −0.1%/yr | |
| Net cash (debt) | −$5.00BFY2016 | −$2.51BFY2025 | +$2.5B | |
| Working capital | $11.96BFY2016 | $11.65BFY2025 | −$309.6M | |
| Book value per share | $30.64FY2016 | $85.20FY2025 | +12.0%/yr | |
| Current ratio | 21.04FY2016 | 3.12FY2025 | −17.92 | |
| Debt / equity | 0.88FY2016 | 0.29FY2025 | −0.60 | |
| Shares outstanding | 235.3MFY2016 | 257.7MFY2025 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LEN assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
LEN liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
LEN debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LEN balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.80B | $4.98B | $6.56B | $4.62B | $2.74B | $2.70B | $1.45B | $1.56B | $2.66B | $1.38B |
| Cash & equivalents | $3.80B | $4.98B | $6.56B | $4.62B | $2.74B | $2.70B | $1.45B | $1.56B | $2.66B | $1.33B |
| Short-term investments | $39.1M | $40.6M | $38.0M | $35.5M | $41.7M | $53.5M | $3.7M | $4.2M | $57.4M | $53.6M |
| Receivables | $1.47B | $1.65B | $1.70B | $674.0M | $490.3M | $298.7M | $2.63B | $1.04B | $520.6M | $891.6M |
| Inventory | $11.84B | $20.31B | $18.90B | $21.43B | $18.72B | $16.93B | $18.09B | $17.07B | $11.07B | $9.18B |
| Other current assets | $25.9M | $11.8M | $13.5M | $23.0M | $21.9M | $15.2M | $70.9M | $1.25B | $31.2M | $1.10B |
| Total current assets | $17.14B | $26.96B | $27.16B | $26.75B | $21.96B | $19.94B | $22.24B | $20.92B | $14.28B | $12.55B |
| Property, plant & equipment (net) | $911.8M | $791.4M | $550.6M | $355.1M | $339.9M | $411.5M | $279.5M | $319.9M | $301.1M | $173.6M |
| Goodwill & intangible assets | $3.63B | $3.63B | $3.63B | $3.44B | $3.44B | $3.44B | $3.66B | $7.36B | $398.2M | $109.0M |
| Long-term investments | $2.90B | $2.71B | $1.14B | $1.17B | $972.1M | $2.13B | $1.57B | $1.78B | $1.57B | $1.38B |
| Other non-current assets | $9.84B | $7.22B | $6.74B | $6.27B | $6.49B | $4.00B | $1.61B | $0 | $2.19B | $1.15B |
| 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 | $1.33B | $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 | $1.62B | $1.32B | $1.04B | $1.07B | $1.33B | $2.61B | $596.5M |
| Long-term debt | $6.10B | $4.19B | $2.82B | $4.05B | $4.65B | $7.42B | $7.82B | $8.54B | $6.41B | $4.58B |
| Other long-term liabilities | $698.5M | $1.27B | $2.99B | $8.08B | $6.24B | $3.38B | $4.43B | $4.01B | $1.73B | $2.98B |
| 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 | $3.17B | $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 |
| Treasury stock | — | — | — | −$210.4M | −$2.71B | −$1.28B | −$957.9M | −$435.9M | −$136.0M | −$109.0M |
| 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 | $179.9M | $104.5M | $84.3M | $101.4M | $113.8M | $185.5M |
| Total shareholders' equity | $21.96B | $27.87B | $26.58B | $24.24B | $21.00B | $18.10B | $16.03B | $14.68B | $7.87B | $7.21B |
| Key figures | ||||||||||
| Total debt | $6.32B | $4.45B | $5.14B | $6.32B | $6.99B | $8.92B | $9.62B | $11.11B | $7.97B | $6.38B |
| Net cash (debt) | −$2.51B | $527.1M | $1.42B | −$1.71B | −$4.25B | −$6.22B | −$8.17B | −$9.55B | −$5.31B | −$5.00B |
| Working capital | $11.65B | $19.12B | $20.44B | $25.13B | $20.64B | $18.91B | $21.17B | $19.60B | $11.67B | $11.96B |
| Tangible book value | $18.33B | $24.24B | $22.95B | $20.80B | $17.55B | $14.66B | $12.38B | $7.32B | $7.47B | $7.10B |
| Book value per share | $85.20 | $102.46 | $93.82 | $83.64 | $68.48 | $58.50 | $50.35 | $47.58 | $33.19 | $30.64 |
| Shares outstanding | 257.7M | 272.0M | 283.3M | 289.8M | 306.6M | 309.4M | 318.4M | 308.6M | 237.2M | 235.3M |
| Current ratio | 3.12 | 3.44 | 4.04 | 16.55 | 16.62 | 19.23 | 20.80 | 15.79 | 5.46 | 21.04 |
| Quick ratio | 0.96 | 0.85 | 1.23 | 3.27 | 2.44 | 2.89 | 3.81 | 1.97 | 1.22 | 3.81 |
| Debt / equity | 0.29 | 0.16 | 0.19 | 0.26 | 0.33 | 0.49 | 0.60 | 0.76 | 1.01 | 0.88 |
| Equity / assets | 63.8% | 67.5% | 67.7% | 63.8% | 63.2% | 60.5% | 54.6% | 51.4% | 42.0% | 46.9% |
| 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 |
| Book value per share | $90.68 | $89.12 | $89.51 | $87.02 | $88.30 | $86.34 | $86.51 | $104.28 | $101.47 | $98.20 | $96.22 | $95.12 |
| Shares outstanding | 237.8M | 242.6M | 244.4M | 252.4M | 255.6M | 261.5M | 262.7M | 267.3M | 270.2M | 273.7M | 276.9M | 279.4M |
| 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 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 income statement, LEN cash flow statement, LEN key metrics. See the LEN stock overview for the latest quote and news.
LEN 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, or $85.20 per share.
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.