Market Cap : 21.58 B | Enterprise Value : 25.82 B | PE Ratio : 5.83 | PB Ratio : 1.06 |
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Good Sign:
Piotroski F-Score is 7, indicating very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Lennar has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Lennar's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Lennar was 9. The lowest was 1. And the median was 5.
The historical data trend for Lennar's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Residential Construction subindustry, Lennar's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Homebuilding & Construction industry and Consumer Cyclical sector, Lennar's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Lennar's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Feb22) TTM: | Last Year (Feb21) TTM: |
Net Income was 831.363 + 1406.888 + 1190.491 + 503.581 = $3,932 Mil. Cash Flow from Operations was 332.612 + 594.227 + 1220.427 + -72.231 = $2,075 Mil. Revenue was 6430.245 + 6941.403 + 8433.56 + 6203.516 = $28,009 Mil. Gross Profit was 1248.64 + 1437.596 + 1876.384 + 1206.564 = $5,769 Mil. Average Total Assets from the begining of this year (Feb21) to the end of this year (Feb22) was (30551.98 + 31223.227 + 32744.19 + 33207.778 + 32635.252) / 5 = $32072.4854 Mil. Total Assets at the begining of this year (Feb21) was $30,552 Mil. Long-Term Debt & Capital Lease Obligation was $5,854 Mil. Total Current Assets was $24,778 Mil. Total Current Liabilities was $1,321 Mil. |
Net Income was 517.406 + 666.418 + 882.76 + 1001.369 = $3,068 Mil. Revenue was 5287.373 + 5870.254 + 6825.89 + 5325.468 = $23,309 Mil. Gross Profit was 741.286 + 974.259 + 1242.298 + 974.019 = $3,932 Mil. Average Total Assets from the begining of last year (Feb20) to the end of last year (Feb21) was (29173.699 + 29309.025 + 29315.285 + 29935.177 + 30551.98) / 5 = $29657.0332 Mil. Total Assets at the begining of last year (Feb20) was $29,174 Mil. Long-Term Debt & Capital Lease Obligation was $6,941 Mil. Total Current Assets was $22,676 Mil. Total Current Liabilities was $1,037 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Lennar's current Net Income (TTM) was 3,932.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Lennar's current Cash Flow from Operations (TTM) was 2,075.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Feb21) |
= | 3932.323 | / | 30551.98 | |
= | 0.12870927 |
ROA (Last Year) | = | Net Income | / | Total Assets (Feb20) |
= | 3067.953 | / | 29173.699 | |
= | 0.1051616 |
Lennar's return on assets of this year was 0.12870927. Lennar's return on assets of last year was 0.1051616.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Lennar's current Net Income (TTM) was 3,932. Lennar's current Cash Flow from Operations (TTM) was 2,075.
==> 2,075 <= 3,932 ==> CFROA <= ROA ==> Score 0.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Feb22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Feb21 to Feb22 |
= | 5853.512 | / | 32072.4854 | |
= | 0.18250884 |
Gearing (Last Year: Feb21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Feb20 to Feb21 |
= | 6941.144 | / | 29657.0332 | |
= | 0.23404715 |
Lennar's gearing of this year was 0.18250884. Lennar's gearing of last year was 0.23404715.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Feb22) | = | Total Current Assets | / | Total Current Liabilities |
= | 24777.699 | / | 1321.148 | |
= | 18.75467321 |
Current Ratio (Last Year: Feb21) | = | Total Current Assets | / | Total Current Liabilities |
= | 22675.951 | / | 1037.266 | |
= | 21.86126895 |
Lennar's current ratio of this year was 18.75467321. Lennar's current ratio of last year was 21.86126895.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Lennar's number of shares in issue this year was 293.93. Lennar's number of shares in issue last year was 309.02.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 5769.184 | / | 28008.724 | |
= | 0.20597811 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 3931.862 | / | 23308.985 | |
= | 0.16868439 |
Lennar's gross margin of this year was 0.20597811. Lennar's gross margin of last year was 0.16868439.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Feb21) |
= | 28008.724 | / | 30551.98 | |
= | 0.91675643 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Feb20) |
= | 23308.985 | / | 29173.699 | |
= | 0.79897256 |
Lennar's asset turnover of this year was 0.91675643. Lennar's asset turnover of last year was 0.79897256.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 1 | + | 1 | |
= | 7 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Lennar has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Lennar's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Bessette Diane J | officer: VP/CFO/Treasurer | LENNAR CORPORATION 700 NW 107 AVE 4TH FLR MIAMI FL 33172 |
Collins David M | officer: Controller | LENNAR CORPORATION 700 NW 107 AVENUE STE 400 MIAMI FL 33172 |
Jaffe Jonathan M | director, officer: President | LENNAR CORPORATION 700 NW 107 AVE 4TH FLR MIAMI FL 33172 |
Mccall Jeffrey Joseph | officer: Executive Vice President | 26 TECHNOLOGY DRIVE IRVINE CA 92618 |
Stowell Scott D | director | PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STOWELL SCOTT D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;} |
Gerard Steven L | director | P.O. BOX 554 MILWAUKEE WI 53201-0554 |
Bolotin Irving | director | LENNAR CORPORATION 700 NW 107 AVE 4TH FLR MIAMI FL 33172 |
Sustana Mark | officer: VP/General Counsel/Secretary | LENNAR CORPORATION 700 NW 107 AVE 4TH FLR MIAMI FL 33172 |
Beckwitt Richard | director, officer: Chief Executive Officer | LENNAR CORPORATION 700 NW 107 AVE 4TH FLR MIAMI FL 33172 |
Olivera Armando J | director | C/O FLUOR CORPORATION 6700 LAS COLINAS BLVD IRVING TX 75039 |
Gilliam Theron I | director | GMS INC. 100 CRESCENT CENTRE PARKWAY, SUITE 800 TUCKER 2Q 30084 |
Mcclure Teri P | director | 55 GLENLAKE PARKWAY NE ATLANTA GA 30328 |
Sonnenfeld Jeffrey | director | 14 WALL ST 13TH FL NEW YORK NY 10005 |
Hudson Sherrill W | director | 201 SOUTH BISCAYNE BOULEVARD 34TH FLOOR, MIAMI CENTER MIAMI FL 33131 |
Lapidus Sidney | director | 466 LEXINGTON AVENUE FLOOR NEW YORK NY 10017 |
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