LENNAR CORP /NEW/ (LEN) — payout ratio, two ways
Fiscal year ending 2025-11-30 · sector Industrials · computed from SEC filings, not taken from a data vendor.
Free cash flow is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is operating cash flow instead.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 25.3% | The figure most screeners publish. |
| Operating cash flow | 240.3% | Worse than the earnings figure, not better: operating cash flow absorbs working capital — inventory, receivables, payables — that earnings do not. |
No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.
Spread between highest and lowest: 215 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $2.02 ÷ diluted EPS $7.98
- Operating cash flow — dividends paid $521.0m ÷ operating cash flow $216.8m
Where the figures came from
- 10-K filed 2026-01-28 · accession
0001628280-26-003870
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($2.02); no per-share tag filed
- basis discarded as outside the sane band (distribution far larger than the year's income — usually a special dividend or a return of capital, not a payout ratio): fcf
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.