FLEXSTEEL INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FLEXSTEEL INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	469	489	444	367	479	544	394	413	441	459
Cost of revenue	360	391	374	314	382	472	323	326	343	346
Gross profit	109	98.2	69.9	53.1	96.7	72.7	70.9	87.2	97.9	113
Research and development	3.7	3.9	4.4	4	1.9	2.9	2.1	2.1	2.1	2.6
Selling, general and administrative	72.6	71.9	81.3	72.4	68	66.7	62.8	70.4	66.7	70.9
Operating income	37.3	24.5	-43.2	-34.4	31.2	6.62	10.5	17.1	26.6	42.6
Interest expense				0.08	0.01	0.84	1.34	1.55	0.07	0.02
Interest income							0.02	0.02	0.42	1.29
Other non-operating income	0.32	0.62	0.55	0.64	0.27	-0.71	-1.32	-1.53	0.35
Pre-tax income	37.6	25.1	-42.6	-33.8	31.5	5.9	9.22	15.6	27	43.8
Income tax	13.8	7.46	-10	-6.91	8.42	4.05	-5.56	5.02	6.81	10.7
Net income	23.8	17.7	-32.6	-26.8	23	1.85	14.8	10.5	20.2	33.1
EBITDA	45.2	31.9	-35.7	-26	36.4	11.8	15.1	21.1	30.3	46.4
EPS, basic	3.06	2.25	-4.13	-3.37	3.20	0.29	2.83	2.04	3.84	6.46
EPS, diluted	3.02	2.23	-4.13	-3.37	3.09	0.28	2.74	1.91	3.55	6.07
Shares, basic (weighted)	7.78	7.85	7.89	7.96	7.2	6.33	5.23	5.17	5.25	5.13
Shares, diluted (weighted)	7.89	7.92	7.89	7.96	7.47	6.5	5.39	5.52	5.68	5.46
Dividend per share	0.80	0.88	0.88	0.71	0.45	0.60	0.60	0.60	0.71	0.85

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	28.9	27.8	22.2	48.2	1.34	2.18	3.37	4.76	40	16.7
Receivables	42.4	41.3	38.2	32.2	56	41.1	38.2	44.2	35.2	42.7
Inventory	99.4	96.2	93.7	70.6	161	141	122	96.6	89.1	90.6
Other current assets	6.66	8.48	11.9	18.5	9.42	4.95	6.42	8.1	8	8.44
Total current assets	195	190	166	182	229	190	171	155	172	158
Property, plant and equipment	70.7	90.7	79.2	43.3	39.8	38.5	38.7	36.7	36.2	36
Lease right-of-use assets				8.68	27.1	38.2	68.3	61.4	41.5	35.7
Other non-current assets	2.39	2.48	1.52	1.31	1.4	1.94	5.81	12.3	19.9	16.1
Total assets	270	284	254	237	297	269	291	274	282	254
Accounts payable	16.8	17.2	18.4	27.7	67.8	32.1	24.7	25.8	25.6	36.2
Accrued liabilities	6.26	5.46	4.43	3.28	7.66	6.39	9.96	12.1	11.3	13.4
Deferred revenue		2.2	1.1	0.2	0.16	0.09	0.07	0.14	0.25	0.44
Total current liabilities	37.2	40.9	47.8	53.5	99.8	64.6	55.1	60.4	62	75.7
Lease liabilities				7.61	24.3	34	65	58.1	51.6	43.5
Other non-current liabilities	2.09	1.67	1.1	0.69	1.24	0.82	0.58	0.79	1.05	1.35
Total liabilities	39.3	3.6	48.9	61.8	129	137	149	124	115	121
Paid-in capital	26.2	26.3	27.5	31.7	34	34.5	36.6	39.6	40.6	41.1
Retained earnings	198	210	170	137	157	155	167	174	190	219
Treasury stock				-1.56	-31.3	-66.4	-70.1	-71.7	-71.7	-135
Other comprehensive income	-1.71	-2.04	0.01
Shareholders' equity	231	242	205	176	168	132	142	150	168	133
Total equity	231	242	205	176	168	132	142	150	168	133
Total liabilities and equity	270	284	254	237	297	269	291	274	282	254
Shares outstanding	7.82	7.87	7.9	7.88	6.85	5.3	5.17	5.2	5.31	4.11

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	23.8	17.7	-32.6	-26.8	23	1.85	14.8	10.5	20.2	33.1
Depreciation and amortization	7.94	7.37	7.44	8.37	5.21	5.17	4.57	4	3.65	3.83
Stock-based compensation	1.61	0.5	1.36	4.88	3.74	1.02	3.19	4.65	3.87	4.55
Deferred income tax	1.61	0.29	-6.12	5.45	2.11		-7.15	-1.45	-3.84	4.52
Change in receivables	2.36	1.21	3.14	4.42	-25.2	15.1	3.32	-5.91	9.25	-7.6
Change in inventory	-13.5	3.19	2.55	23.1	-90.6	19.9	19.1	25.5	7.44	-1.46
Cash from operations	26.4	27.3	6.71	18.3	-32.7	7.99	23	31.9	37	51.5
Capital expenditures	-13.5	-29.4	-21.3	-3.69	-2.58	-3.85	-4.79	-4.77	-3.26	-3.94
Purchases of investments	-30.5	-42.2	-13	-1.69	-0.05
Sales and maturities of investments	12.5	44.2	29	1.7	0.05				1.16
Cash from investing	-29.7	-21.4	-5.17	16.8	16.1	-1.92	-4.45	-0.59	9.43	-3.92
Stock issued	1.08	0.23	0.08	0.02	0.09	0.12		0.09	0.14	0.07
Dividends paid	-6.06	-6.75	-6.92	-7.02	-2.62	-3.91	-3.24	-3.22	-3.56	-4.38
Cash from financing	-4.62	-7.07	-7.05	-9.12	-30.2	-5.24	-17.4	-29.9	-11.2	-70.9
Net change in cash	-7.91	-1.12	-5.5	26	-46.9	0.84	1.18	1.4	35.2	-23.3
Free cash flow	12.9	-2.15	-14.6	14.6	-35.3	4.14	18.2	27.1	33.7	47.6
Interest paid				0.08	0.01	0.74	1.07	1.69	0.11	0.02
Income taxes paid	9.78	8.46	1.19	-4.3	-5.56	-0.82	4.1	4.3	9.4	8.11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $72.73 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.3%	Gross profit / revenue.
Operating margin	8.7%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.9%	Pre-tax income / revenue.
Net margin	6.7%	Net income / revenue.
FCF margin	9.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	24.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.9%	Net income / average total assets.
Return on invested capital (ROIC)	23.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	15.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	59.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	59.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	53.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	45.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	64.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	30.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	71.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	30.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	41.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	19.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-20.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.18x	Current assets / current liabilities.
Quick ratio	0.68x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.5%	Total liabilities / total assets.
Working capital	$80.5M	Current assets - current liabilities.
Tangible book value	$132.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.91x	Revenue / average total assets.
Fixed asset turnover	13.0x	Revenue / average property, plant and equipment.
Inventory turnover	3.77x	Cost of revenue / average inventory.
Days inventory	97 days	365 x average inventory / cost of revenue.
Receivables turnover	11.1x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	92 days	Days inventory + days sales outstanding - days payables.
FCF conversion	135.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$106.00	Revenue / diluted weighted shares.
FCF per share	$9.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.52	Cash from operations / diluted weighted shares.
Book value per share	$31.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$31.70	Tangible book value / shares outstanding.
Cash per share	$1.06	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$389.5M	Share price x shares outstanding.
Enterprise value	$385.1M	Market cap + total debt - cash - short-term investments.
P/E	12.5x	Market cap / net income. Only when net income is positive.
P/S	0.84x	Market cap / revenue.
P/B	2.95x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.95x	Market cap / tangible book value, when positive.
P/FCF	9.19x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.48x	Market cap / cash from operations, when positive.
EV/Sales	0.83x	Enterprise value / revenue.
EV/EBIT	9.52x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.65x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.08x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.9%	Free cash flow / market cap.
Earnings yield	8.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.41x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FLEXSTEEL INDUSTRIES INC's revenue in fiscal 2026?

FLEXSTEEL INDUSTRIES INC reported revenue of $459.2M for fiscal 2026, 4.1% higher than the year before.

Was FLEXSTEEL INDUSTRIES INC profitable in fiscal 2026?

Yes. Net income was $33.1M, a net margin of 7.2%.

How much free cash flow did FLEXSTEEL INDUSTRIES INC generate in fiscal 2026?

Cash from operations of $51.5M minus capital expenditures of $3.9M left free cash flow of $47.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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