LSB INDUSTRIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LSB 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	375	428	378	365	351	556	902	594	522	615
Cost of revenue	424	422	362	360	334	417	553	507	475	511
Gross profit	-49.3	5.47	15.8	4.99	17	139	348	86.3	47.8	104
Selling, general and administrative	40.2	35	40.8	34.2	32.1	38	39.4	36.6	41.8	41.5
Operating income	-90.2	-34.1	-23	-39.1	-15.5	101	308	51.8	-5.51	57.3
Interest expense	30.9	37.3	43.1	46.4	51.1	49.4	46.8	41.1	34.5	30.7
Other non-operating income	-0.22	-0.31	1.55	1.14	-0.01	-2.42	8.08	14.6	10.9	5.98
Pre-tax income	-130	-71.1	-70.5	-84.3	-66.7	39	270	33.9	-26	32.5
Income tax	-42	-40.8	1.74	-20.9	-4.75	-4.56	39.2	5.97	-6.68	7.94
Income from continuing operations	-88.1	-30.3	-72.2	-63.4
Net income	112	-29.2	-72.2	-63.4	-61.9	43.5	230	27.9	-19.4	24.6
EBITDA	-30.9	32.9	47.2	29.2	54	170	375	121	69	139
EPS, basic	1.96	-1.68	-2.88	-2.65	-2.71	-4.40	2.72	0.37	-0.27	0.34
EPS, diluted	1.96	-1.68	-2.88	-2.65	-2.71	-4.40	2.68	0.37	-0.27	0.34
Shares, basic (weighted)	33	35.4	35.7	0.04	36.7	50	84.8	74.5	72	71.9
Shares, diluted (weighted)	33	35.4	35.7	0.04	36.7	50	86	75.1	72	72.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	60	33.6	26	22.8	16.3	82.1	63.8	98.5	20.2	19.5
Short-term investments							331	207	164	129
Receivables	51.3	59.6	66.7	39.9	42.6	86.4	74.8	40.4	38.8	57.2
Inventory	22.9	21.9	29.2	23.3	19.6	16.6	30.9	28.1	24.9	18.3
Total current assets	181	164	166	131	130	243	567	437	310	293
Property, plant and equipment	1,079	1,014	974	936	891	858	849	835	848	834
Lease right-of-use assets				15.3	26.4	27.3	22.7	24.9	28.7	45.6
Other non-current assets			7.67	21.1	32.5	31.2	24.6	26.1	29.9	46.7
Total assets	1,270	1,189	1,148	1,088	1,053	1,133	1,440	1,298	1,187	1,174
Accounts payable	54.2	56	62.6	58.5	46.6	49.5	78.2	68.3	82.2	64.5
Short-term debt	13.7	9.15	12.5	9.41	16.8	9.45	9.52	5.85	9.12	0.76
Total current liabilities	120	109	126	103	107	105	142	119	136	106
Long-term debt	406	400	413	450	467	518	703	576	476	440
Lease liabilities				11.4	19.8	19.6	14.9	16.1	21.4	37.7
Other non-current liabilities	12.3	11.7
Total liabilities	778	751	806	841	904	672	924	780	696	654
Total debt	420	409	425	459	484	528	712	582	485	441
Paid-in capital	192	194	198	197	197	493	497	501	505	507
Retained earnings	314	256	154	57.6	-41.5	-31.3	199	227	208	232
Treasury stock	-20.1	-18.1	-16.2	-13.3	-13.2	-10.5	-190	-219	-230	-228
Shareholders' equity	493	438	342	247	150	460	516	518	492	520
Total equity	493	438	342	247	150	460	516	518	492	520
Total liabilities and equity	1,270	1,189	1,148	1,088	1,053	1,133	1,440	1,298	1,187	1,174
Shares outstanding						54.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	112	-29.2	-72.2	-63.4	-61.9	43.5	230	27.9	-19.4	24.6
Depreciation and amortization	59.4	67	70.3	68.3	69.6	68.7	66.9	68.9	74.5	81.9
Stock-based compensation	3.99	5.21	8.36	2.22	1.76	5.52	4.03	5.35	6.61	7.37
Deferred income tax	-42	-40.4	1.83	-20.9	-4.78	-4.31	36.9	5.37	-6.95	7.65
Change in receivables	-0.01	-6.32	-2.17	8.8	-4.7	-42.9	10.2	35.1	1.62	-18.6
Change in inventory	1.37	0.06	-6.7	6.09	3.55	3.26	-14.3	2.76	2.95	6.2
Change in payables	16.6	1.37	14.2	-7.99	-6.56	0.93	18.8	-0.2	13.1	-15.2
Cash from operations	-22	2.28	17.6	2.1	-2.51	87.6	346	138	86.6	95.5
Capital expenditures	-213	-35.4	-37.1	-36.1	-30.5	-35.1	-45.8	-67.6	-92.3	-77.5
Purchases of investments							-486	-264	-271	-251
Cash from investing	153	-10.8	-25.7	-35.9	-28.4	-34.7	-370	57.4	-53.1	-42.4
Debt repaid	-100		-375			-435		-114	-92.2	-39.5
Stock issued	0.37		0.02
Cash from financing	-194	-16.1	0.55	30.6	24.4	12.9	5.71	-158	-114	-53.9
Net change in cash	-67.2	-26.4	-7.57	-3.26	-6.53	65.9	-18.4	37.3	-80.8	-0.72
Free cash flow	-235	-33.1	-19.4	-34	-33	52.5	300	69.9	-5.72	18.1
Interest paid	28	34.3	35.7	42.2	45.7	43.6	42	42.9	34.1	29.6
Income taxes paid	-2.61	-0.67	-1.14	-0.07	-0.31	-0.18	1.51	1.69	0.51	0.41

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.3%	Gross profit / revenue.
Operating margin	9.5%	Operating income / revenue.
EBITDA margin	22.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.1%	Pre-tax income / revenue.
Net margin	5.6%	Net income / revenue.
FCF margin	14.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.6%	Cash from operations / revenue.
Effective tax rate	7.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.0%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	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	7.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.8%	Capital expenditures / revenue.
D&A / revenue	12.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-12.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	118.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-33.1%	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	43.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-42.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	101.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-52.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	-49.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-34.9%	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 CAGR, 3y	-60.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.3%	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	28.3%	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	-1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.6%	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	2.2%	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	0.5%	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	-5.6%	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	14.6%	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	2.43x	Current assets / current liabilities.
Quick ratio	1.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.0%	Total debt / total assets.
Liabilities / assets	56.0%	Total liabilities / total assets.
Net debt	$223.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.52x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.17x	Operating income / interest expense.
Working capital	$203.1M	Current assets - current liabilities.
Tangible book value	$539.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	0.79x	Revenue / average property, plant and equipment.
Inventory turnover	34.3x	Cost of revenue / average inventory.
Days inventory	11 days	365 x average inventory / cost of revenue.
Receivables turnover	12.5x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-29 days	Days inventory + days sales outstanding - days payables.
FCF conversion	264.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	46.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.51	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	$9.08	Revenue / diluted weighted shares.
FCF per share	$1.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.51	Cash from operations / diluted weighted shares.
Book value per share	$7.44	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.44	Tangible book value / shares outstanding.
Cash per share	$3.01	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$712.1M	Share price x shares outstanding.
Enterprise value	$935.4M	Market cap + total debt - cash - short-term investments.
P/E	19.4x	Market cap / net income. Only when net income is positive.
P/S	1.08x	Market cap / revenue.
P/B	1.32x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.32x	Market cap / tangible book value, when positive.
P/FCF	7.32x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.92x	Market cap / cash from operations, when positive.
EV/Sales	1.42x	Enterprise value / revenue.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.37x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.61x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.7%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).

What was LSB INDUSTRIES, INC.'s revenue in fiscal 2025?

LSB INDUSTRIES, INC. reported revenue of $615.2M for fiscal 2025, 17.8% higher than the year before.

Was LSB INDUSTRIES, INC. profitable in fiscal 2025?

Yes. Net income was $24.6M, a net margin of 4%.

How much free cash flow did LSB INDUSTRIES, INC. generate in fiscal 2025?

Cash from operations of $95.5M minus capital expenditures of $77.5M left free cash flow of $18.1M.

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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