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Lennar LEN Multifamily — Non-recourse debt with completion guarantees

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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 len:EquityMethodInvestmentSummarizedFinancialInformationNonRecourseDebtwithCompletionGuarantees.

The official record: Lennar’s 10-Q, filed June 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lennar's multifamily — non-recourse debt with completion guarantees?
Lennar (LEN) reported multifamily — non-recourse debt with completion guarantees of $776.3M in Q1 2026.
How has Lennar's multifamily — non-recourse debt with completion guarantees changed year-over-year?
Lennar's multifamily — non-recourse debt with completion guarantees increased by 5.9% year-over-year, from $733.2M to $776.3M.
What is the long-term trend for Lennar's multifamily — non-recourse debt with completion guarantees?
Over 4 years (2021 to 2025), Lennar's multifamily — non-recourse debt with completion guarantees has grown at a -1.4% compound annual growth rate (CAGR), from $3.13B to $2.95B.
What does multifamily — non-recourse debt with completion guarantees mean?
Represents debt obligations for multifamily projects where the lender's recourse is limited to the project assets, but the company provides a guarantee that the project will be completed. This highlights the company's contingent liability regarding project delivery.