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Lennar LEN Deposits and pre-acquisition costs on real estate

Deposits and pre-acquisition costs on real estate at other companies

Smith Douglas HomesSDHC

$141.93M+18.9%

CTO Realty GrowthCTO

$300K0.0%

STH

Star HoldingsSTHO

$100.53M-46.9%

Green Brick PartnersGRBK

$656.25K+824%

Tejon RanchTRC

$359.35M-9.0%

LGI HomesLGIH

$2.59B+7.5%

Segments

By segment

Lennar Financial Services$0—

Lennar Other$0—

Other financials

Income statement

Revenue$7.9B-5.2%

Net income$304.8M-36.2%

EPS (diluted)$2.57+24.8%

Balance sheet

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

Operating cash flow-$284.4M+74.0%

CapEx$18.9M+23.9%

Free cash flow-$303.2M+72.7%

Valuation

Market cap$21.8B-26.6%

Enterprise value$19.86B-31.2%

P/E13.5×+3.4×

P/S0.7×-0.2×

Profitability

Net margin5.4%-5.0pp

FCF margin-0.3%-4.7pp

Returns & leverage

Return on equity8%-7.1pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Lennar in its filing.

Tagged under the XBRL concept len:DepositsAndPreAcquisitionCosts.

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 deposits and pre-acquisition costs on real estate?: Lennar (LEN) reported deposits and pre-acquisition costs on real estate of $6.4B in Q3 2025.
What does deposits and pre-acquisition costs on real estate mean?: These are capital outlays made to secure land options or perform due diligence on potential real estate acquisitions. These costs are capitalized as assets until the land is either purchased or the option is abandoned. This metric provides insight into the company's future land acquisition strategy and growth pipeline.