Discounted Cash Flow

Lennar Corp. /New/

LEN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $10.9b $911.8m $-76.4m 8.3% $4.13
2017 $12.6b (15.5%) $810.5m (-11.1%) $-111.8m (-46.2%) 6.4% (-23.0%) $3.38 (-18.2%)
2018 $20.6b (62.7%) $1.7b (109.2%) $1.6b (1514.6%) 8.2% (28.6%) $5.46 (61.5%)
2019 $22.3b (8.2%) $1.8b (9.0%) $-37.8m (-102.4%) 8.3% (0.8%) $5.76 (5.5%)
2020 $22.5b (1.0%) $2.5b (33.3%) $-72.8m (-92.3%) 11.0% (32.0%) $7.88 (36.8%)
2021 $27.1b (20.6%) $4.4b (79.7%) $-65.2m (10.4%) 16.3% (49.0%) $14.28 (81.2%)
2022 $33.7b (24.1%) $4.6b (4.2%) $3.2b (5023.1%) 13.7% (-16.1%) $15.74 (10.2%)
2023 $34.2b (1.7%) $3.9b (-14.6%) $5.1b (58.3%) 11.5% (-16.0%) $13.73 (-12.8%)
2024 $35.4b (3.5%) $3.9b (-0.2%) $2.2b (-56.1%) 11.1% (-3.6%) $14.31 (4.2%)
2025 $34.2b (-3.5%) $2.1b (-47.2%) $28.2m (-98.7%) 6.1% (-45.2%) $7.98 (-44.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model