LINDSAY CORP LNN
Lindsay Corporation, along with its subsidiaries (collectively called the "Company"), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural irrigation equipment since 1955 and has grown from a regional company to an international firm with worldwide sales, distribution and manufacturing operations. The Company is a Delaware corporation and maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two reporting segments, Irrigation and Infrastructure.
Irrigation Segment – The Company's irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor. The irrigation segment also manufactures and markets repair and replacement parts for its irrigation systems and controls and large diameter steel tubing. The Company continues to strengthen irrigation product offerings through innovative technology such as Global Positioning System ("GPS") positioning and guidance, variable rate irrigation, wireless irrigation management, irrigation scheduling, Industrial Internet of Things ("IIOT") technology solutions and mobile device applications. The Company's primary domestic irrigation manufacturing facilities are located in Lindsay, Nebraska; Olathe, Kansas; and Norfolk, Nebraska. Internationally, the Company has commercial and production operations in Brazil, France, China, Türkiye (formerly Turkey), and South Africa, as well as distribution and sales operations in the Netherlands, Egypt, Australia, and New Zealand. The Company also exports equipment from the U.S. and its global production facilities to other international markets.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $659.1M | $584.3M | $661.9M | $760.3M | $567.6M | $474.7M | $444.1M | $547.7M | $518.0M | $516.4M |
| Cost of revenue | $465.6M | $416.0M | $461.1M | $571.6M | $417.4M | $322.1M | $329.5M | $396.2M | $373.0M | $367.8M |
| Gross profit | $210.8M | $191.1M | $213.0M | $199.2M | $150.2M | $152.5M | $114.6M | $151.5M | $145.0M | $148.6M |
| R&D | $17.9M | $17.1M | $18.2M | $15.1M | $13.4M | $13.9M | $13.9M | $16.0M | $17.1M | $15.8M |
| SG&A | $63.0M | $57.4M | $56.4M | $55.5M | $51.9M | $52.9M | $63.7M | $55.5M | $46.5M | $56.4M |
| Total operating expenses | $122.7M | $114.4M | $110.8M | $104.5M | $96.1M | $98.3M | $108.5M | $112.5M | $104.4M | $114.2M |
| Operating income | $88.1M | $76.6M | $102.2M | $94.6M | $54.1M | $54.2M | $6.1M | $39.0M | $40.6M | $34.4M |
| Interest expense | $1.8M | $3.2M | $3.8M | $4.3M | $4.8M | $4.8M | $4.8M | $4.7M | $4.8M | $4.8M |
| Pre-tax income | $94.6M | $79.0M | $100.4M | $87.9M | $50.4M | $48.8M | $2.1M | $33.9M | $35.7M | $29.3M |
| Income tax | $20.5M | $12.8M | $28.0M | $22.4M | $7.8M | $10.2M | $65.0K | $13.6M | $12.5M | $9.0M |
| Net income | $74.1M | $66.3M | $72.4M | $65.5M | $42.6M | $38.6M | $2.2M | $20.3M | $23.2M | $20.3M |
| EPS, basic | 6.82 | 6.04 | 6.58 | 5.97 | 3.91 | 3.57 | 0.20 | 1.89 | 2.17 | 1.86 |
| EPS, diluted | 6.78 | 6.01 | 6.54 | 5.94 | 3.88 | 3.56 | 0.20 | 1.88 | 2.17 | 1.85 |
| Shares, diluted (wtd. avg.) | $10.9M | $11.0M | $11.1M | $11.0M | $11.0M | $10.9M | $10.8M | $10.8M | $10.7M | $10.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $250.6M | $190.9M | $160.8M | $105.0M | $127.1M | $121.4M | $127.2M | $160.8M | $121.6M | $101.2M |
| Short-term investments | — | $0 | $5.6M | $11.5M | $19.6M | $19.5M | $0 | — | — | — |
| Receivables | $113.0M | $116.6M | $144.8M | $138.2M | $93.6M | $84.6M | $75.6M | $69.1M | $73.8M | $80.6M |
| Inventory | $136.9M | $154.5M | $155.9M | $193.8M | $145.2M | $104.8M | $92.3M | $79.2M | $86.2M | $74.8M |
| Total current assets | $532.8M | $493.2M | $487.5M | $477.1M | $416.1M | $347.9M | $313.5M | $331.1M | $292.9M | $276.8M |
| Property, plant and equipment | $142.3M | $112.8M | $99.7M | $94.5M | $92.0M | $79.6M | $69.0M | $57.2M | $74.5M | $77.6M |
| Goodwill | $84.5M | $84.2M | $83.1M | $67.1M | $68.0M | $68.0M | $64.4M | $64.7M | $77.1M | $76.8M |
| Other intangibles | $23.3M | $25.4M | $27.7M | $18.2M | $20.4M | $23.5M | $24.4M | $27.4M | $42.8M | $47.2M |
| Total assets | $840.8M | $760.2M | $745.7M | $710.7M | $637.2M | $570.5M | $500.3M | $499.8M | $506.0M | $487.5M |
| Accounts payable | $48.7M | $37.4M | $44.3M | $60.0M | $45.2M | $29.6M | $29.4M | $30.5M | $36.7M | $32.3M |
| Short-term debt | $233.0K | $228.0K | $226.0K | $222.0K | $217.0K | $195.0K | $209.0K | $205.0K | $201.0K | $197.0K |
| Total current liabilities | $143.6M | $125.8M | $136.1M | $160.9M | $138.2M | $102.4M | $82.1M | $80.1M | $92.0M | $87.9M |
| Long-term debt | $114.8M | $115.0M | $115.2M | $115.3M | $115.5M | $115.7M | $115.8M | $116.1M | $116.8M | $117.0M |
| Total liabilities | $308.0M | $279.3M | $290.0M | $317.3M | $298.7M | $272.0M | $232.1M | $222.9M | $236.0M | $235.9M |
| Retained earnings | $745.4M | $687.1M | $636.3M | $579.0M | $528.1M | $499.7M | $474.7M | $484.9M | $477.6M | $466.9M |
| Total equity | $532.9M | $480.9M | $455.7M | $393.4M | $338.4M | $298.5M | $268.2M | $276.9M | $270.1M | $251.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $132.9M | $95.8M | $119.7M | $3.0M | $44.0M | $46.0M | $3.8M | $33.9M | $39.4M | $33.1M |
| Depreciation and amortisation | $14.6M | $14.8M | $13.9M | $13.5M | $12.7M | $11.6M | $11.1M | $12.5M | $12.2M | $12.2M |
| Stock-based compensation | $8.1M | $6.4M | $6.5M | $5.5M | $6.2M | $5.6M | $4.2M | $3.9M | $3.6M | $3.1M |
| Capital expenditure | $42.5M | $29.0M | $18.8M | $15.6M | $26.5M | $21.4M | $23.2M | $11.1M | $8.9M | $11.5M |
| Investing cash flow | -$48.6M | -$25.9M | -$47.4M | -$8.9M | -$27.6M | -$38.5M | -$21.2M | $18.1M | -$10.0M | -$9.9M |
| Financing cash flow | -$26.9M | -$38.6M | -$17.3M | -$12.7M | -$11.7M | -$13.4M | -$14.6M | -$11.3M | -$10.3M | -$61.4M |
| Dividends paid | $15.7M | $15.5M | $15.1M | $14.6M | $14.2M | $13.6M | $13.4M | $13.0M | $12.5M | $12.2M |
| Buybacks | $11.5M | $22.5M | $0 | $0 | — | — | — | — | — | $48.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-248751.
Others in SIC 3523
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|---|---|---|---|---|
| DE | DEERE & CO | $186.99B | 37.5x | -11.7% |
| AGCO | AGCO CORP /DE | $9.34B | 13.7x | -13.5% |
| ALG | ALAMO GROUP INC | $2.11B | 20.2x | -1.5% |
| ARTW | ARTS WAY MANUFACTURING CO INC | $17.3M | 16.6x | -6.2% |