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Lennar LEN Homebuilding — Interest capitalized

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Other financials

Income statement

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Revenue$7.9B-5.2%
Net income$304.8M-36.2%
EPS (diluted)$2.57+24.8%

Balance sheet

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Cash & equivalents$2.2B+47.0%
Total debt$233.8M-12.2%
Total equity$21.6B-4.2%
Total assets$33.7B-2.0%

Cash flow

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Operating cash flow-$284.4M+74.0%
CapEx$18.9M+23.9%
Free cash flow-$303.2M+72.7%

Valuation

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Market cap$21.8B-26.6%
Enterprise value$19.86B-31.2%
P/E13.5×+3.4×
P/S0.7×-0.2×

Profitability

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Net margin5.4%-5.0pp
FCF margin-0.3%-4.7pp

Returns & leverage

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Return on equity8%-7.1pp
Debt / equity0.0×

Where this comes from

Reported directly by Lennar in its filing.

Tagged under the XBRL concept us-gaap:RealEstateInventoryCapitalizedInterestCostsIncurred.

The official record: Lennar’s 10-K, filed January 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lennar's homebuilding — interest capitalized?
Lennar (LEN) reported homebuilding — interest capitalized of $42.68M in Q3 2025.
How has Lennar's homebuilding — interest capitalized changed year-over-year?
Lennar's homebuilding — interest capitalized increased by 54.5% year-over-year, from $27.63M to $42.68M.
What is the long-term trend for Lennar's homebuilding — interest capitalized?
Over 4 years (2021 to 2025), Lennar's homebuilding — interest capitalized has grown at a -9.5% compound annual growth rate (CAGR), from $254.9M to $170.7M.
What does homebuilding — interest capitalized mean?
The portion of interest costs associated with debt that is added to the cost basis of inventory, such as land under development and homes under construction. This reflects the accounting practice of deferring interest expense until the related assets are sold.