LSI INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LSI 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	331	342	329	306	316	455	497	470	573	689
Cost of revenue	248	253	254	231	237	346	360	336	432	516
Gross profit	81.9	89.2	73.7	73.5	79	109	137	133	142	173
Research and development	5.7	5.95	5.3	3.6	3.7	3.6	3.4	3.5	3.3	3.1
Selling, general and administrative	77.3	79.8	72.5	68.8	70.9	88	99.9	97.7	106	135
Operating income	3.61	-21.7	-19.9	13.1	8.03	21.2	37	35.5	35.8	38.4
Interest expense	0.62	1.72	2.28	0.87	0.29	1.97	3.69	2.16	3.13	5.93
Interest income	0.09	0.04	0.04	0	0.02	0
Other non-operating income			-0.14	-0.51	0.15	0.15	-0.02	-0.26	0.4	-1
Pre-tax income	3.08	-23.3	-22.3	11.7	7.92	19.1	33.3	33.1	33	31.5
Income tax	0.08	-3.79	-5.93	2.1	2.05	4.05	7.56	8.12	8.66	8.9
Net income	3	-19.5	-16.3	9.59	5.87	15	25.8	25	24.4	22.6
EBITDA	11.9	-11.4	-9.67	21.7	16.1	31.3	46.7	45.5	48.3	55
EPS, basic	2.16	-13.68	-11.34	6.66	3.96	0.55	0.92	0.86	0.82	0.69
EPS, diluted	2.16	-13.68	-11.34	6.48	3.78	0.54	0.88	0.83	0.79	0.67
Shares, basic (weighted)	1.41	1.44	1.45	1.46	1.48	27.3	28.1	29	29.9	32.9
Shares, diluted (weighted)	1.44	1.44	1.45	1.47	1.52	28	29.3	30.1	30.8	33.7
Dividend per share	3.60	3.60	3.60	3.60	3.60	0.20	0.20	0.20	0.20	0.20

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	3.04	3.18	0.97	3.52	2.28	2.46	1.83	4.11	3.46	14.2
Receivables	48.9	50.6	54.7	37.8	57.7	77.8	77.7	78.6	104	151
Inventory	51	51	43.5	38.8	58.9	74.4	63.7	70.9	79.8	112
Other current assets	2.96	3.52	3.38	2.98	4.83	3.24	3.53	5.65	6.54	11.8
Total current assets	107	110	111	85.9	125	159	150	162	194	296
Property, plant and equipment	47.4	43.7	32	26.5	30.6	27.2	25.4	33	31.2	56.7
Lease right-of-use assets				8.66	11.6	8.66	8.92	15.9	17.2	49.5
Goodwill	58.5	30.5	10.4	10.4	43.8	45	45	57.4	64.5	172
Intangible assets	38.2	35.4	32.6	30	68	68	63.2	73.9	78.3	249
Other non-current assets	5.49	9.79	15.1	10.9	3.12	3.35	3.69	1.2	3.75	6.47
Total assets	257	230	201	172	287	311	296	349	396	830
Accounts payable	19.4	17.9	18.7	14.2	33	34.8	29.2	32.2	48.5	72
Accrued liabilities	24.3	24.3	21.2	20.4	37.9	38.7	43.8	43.4	45.3	67.9
Deferred revenue	1.07	1.07	1.77	1.7	11.4	6.42	5.43	8.48	4.07	6.43
Short-term debt					3.57	3.57	3.57	3.57	3.57	10
Total current liabilities	45.4	42.2	39.9	34.6	70.9	77.1	76.6	79.2	97.3	150
Long-term debt	49.7	45.4	39.5	0	76	76	31.6	50.7	45	246
Lease liabilities				9.02	10.9	5.78	5.95	11.3	12	38.5
Other non-current liabilities	1.48	2.71	1.75	1.14	4.17	3.18	3.47	2.68	4.7	2.95
Total liabilities	96.6	90.3	81.2	46.6	156	163	119	144	166	469
Total debt	49.7	45.4	39.5	0	79.6	79.6	35.2	54.2	48.6	256
Retained earnings	39.8	15.1	-5.81	-1.92	-1.41	8.22	28.5	47.8	66.2	82.3
Treasury stock	-2.46	-2.11
Other comprehensive income			0.02	-0.09	0.05	0.05	0.34	0.2	0.83	0.5
Shareholders' equity	160	139					178	204
Total equity	160	139	120	126	131	148	178	204	231	361
Total liabilities and equity	257	230	201	172	287	311	296	349	396	830
Shares outstanding	1.36	1.42	1.44	1.46	1.47	27.5	28.5	29.2	30.1	37

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	3	-19.5	-16.3	9.59	5.87	15	25.8	25	24.4	22.6
Depreciation and amortization	8.26	10.2	10.2	8.65	8.11	10.1	9.66	10	12.6	16.6
Stock-based compensation	3.05	3.01	0.98	0.6	1.98	3.29	3.7	3.81	4.16	3.95
Deferred income tax	-0.78	-4.75	-6.37	3.93	-1.06	-0.34	-0.42	-1.61	-2.36	5.9
Change in inventory	0.54	-3.59	-0.33	2.25	-12	-17.6	8.21	6.31	-5.25	-2.42
Change in payables	2.28	-1.88	0.68	-3.88	14.4	1.78	-5.58	-4.12	16.3	6.61
Cash from operations	21.3	11.5	11.5	29.7	28	-3.86	49.6	43.4	38.1	44.1
Capital expenditures	-6.63	-3.41	-2.62	-2.74	-2.23	-2.12	-3.21	-5.39	-3.47	-5.14
Acquisitions				0	-90.7		0	-49.9	-24.6	-332
Cash from investing	-98.6	-1.87	-2.59	17.4	-93	-1.57	-3.2	-55.3	-28	-337
Debt issued	90.8	94.9	121	165	86.8	173	154	159	194	1,483
Debt repaid	-41.3	-99.3	-126	-205	-18.6	-162	-198	-140	-200	-1,276
Stock issued	2.95	0.29	0	0.61	0.99	0.03	3.86	0	0	98.1
Share buybacks	-0.49	-0.11
Dividends paid	-5.05	-5.15	-5.18	-5.28	-5.29	-5.32	-5.44	-5.74	-5.97	-6.46
Cash from financing	46.6	-9.49	-11.1	-44.4	63.6	5.63	-47.1	14.3	-11.4	304
Net change in cash	-30.8	0.14	-2.21	2.55	-1.24	0.18	-0.63	2.28	-0.65	10.8
Free cash flow	14.6	8.09	8.87	27	25.8	-5.99	46.4	38	34.7	39
Interest paid	0.53	1.58	2.22	0.99	0.13	1.67	3.1	1.91	2.83	5.6
Income taxes paid	2.62	1.85	0.09	0.01	0.36	4.97	9.56	9.57	5.87	9.12

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $21.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.1%	Gross profit / revenue.
Operating margin	5.6%	Operating income / revenue.
EBITDA margin	8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	3.3%	Net income / revenue.
FCF margin	5.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.4%	Cash from operations / revenue.
Effective tax rate	28.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.7%	Net income / average total assets.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	19.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.2%	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	17.0%	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	7.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.2%	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	36.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.3%	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	30.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-15.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-29.3%	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	15.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	12.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-5.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	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	-43.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	109.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	41.0%	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	23.7%	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	9.3%	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	4.8%	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	85.7%	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	1.97x	Current assets / current liabilities.
Quick ratio	1.10x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.10x	(Cash + short-term investments) / current liabilities.
Debt / assets	30.8%	Total debt / total assets.
Liabilities / assets	56.5%	Total liabilities / total assets.
Net debt	$241.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.48x	Operating income / interest expense.
Working capital	$146.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	50.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.12x	Revenue / average total assets.
Fixed asset turnover	15.7x	Revenue / average property, plant and equipment.
Inventory turnover	5.37x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	5.39x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	93 days	Days inventory + days sales outstanding - days payables.
FCF conversion	172.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.67	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.
EPS, basic	$0.69	Net income per basic share, as reported (split-adjusted).
Revenue per share	$20.45	Revenue / diluted weighted shares.
FCF per share	$1.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.31	Cash from operations / diluted weighted shares.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.20	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	28.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$774.3M	Share price x shares outstanding.
Enterprise value	$1.02B	Market cap + total debt - cash - short-term investments.
P/E	34.3x	Market cap / net income. Only when net income is positive.
P/S	1.12x	Market cap / revenue.
P/FCF	19.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.5x	Market cap / cash from operations, when positive.
EV/Sales	1.47x	Enterprise value / revenue.
EV/EBIT	26.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	26.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	2.9%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

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

LSI INDUSTRIES INC reported revenue of $689.4M for fiscal 2026, 20.2% higher than the year before.

Was LSI INDUSTRIES INC profitable in fiscal 2026?

Yes. Net income was $22.6M, a net margin of 3.3%.

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

Cash from operations of $44.1M minus capital expenditures of $5.1M left free cash flow of $39.0M.

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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