LSI INDUSTRIES INC LYTS
LSI Industries Inc. (LSI) is a leading producer of non-residential lighting and retail display solutions. Non-residential lighting consists of American-made fixtures and services for both indoor and outdoor applications satisfying the specific performance requirements of our customers. Retail display solutions consist of multiple custom products and services which enhance our customer's brand image and improve the consumer shopping experience. We offer customers in target vertical markets a package solution set of both lighting and display solutions, providing value for the customer by working with one solutions partner to manage their regional and national location programs, versus multiple suppliers.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $689.4M | $573.4M | $469.6M | $497.0M | $455.1M | $315.6M | $305.6M | $328.9M | $342.0M | $331.4M |
| Cost of revenue | $516.0M | $431.6M | $336.5M | $360.0M | $345.9M | $236.6M | $230.9M | $253.6M | $252.8M | $248.0M |
| Gross profit | $173.4M | $141.8M | $133.2M | $136.9M | $109.2M | $79.0M | $73.5M | $73.7M | $89.2M | $81.9M |
| R&D | $3.1M | $3.3M | $3.5M | $3.4M | $3.6M | $3.7M | $3.6M | $5.3M | $6.0M | $5.7M |
| SG&A | $135.0M | $106.0M | $97.7M | $99.9M | $88.0M | $70.9M | $68.8M | $72.5M | $79.8M | $77.3M |
| Operating income | $38.4M | $35.8M | $35.5M | $37.0M | $21.2M | $8.0M | $13.1M | -$19.9M | -$21.7M | $3.6M |
| Interest expense | $5.9M | $3.1M | $2.2M | $3.7M | $2.0M | $287.0K | $873.0K | $2.3M | $1.7M | $620.0K |
| Pre-tax income | $31.5M | $33.0M | $33.1M | $33.3M | $19.1M | $7.9M | $11.7M | -$22.3M | -$23.3M | $3.1M |
| Income tax | $8.9M | $8.7M | $8.1M | $7.6M | $4.1M | $2.0M | $2.1M | $5.9M | $3.8M | $80.0K |
| Net income | $22.6M | $24.4M | $25.0M | $25.8M | $15.0M | $5.9M | $9.6M | -$16.3M | -$19.5M | $3.0M |
| EPS, basic | 0.69 | 0.82 | 0.86 | 0.92 | 0.55 | 0.22 | 0.37 | -0.63 | -0.76 | 0.12 |
| EPS, diluted | 0.67 | 0.79 | 0.83 | 0.88 | 0.54 | 0.21 | 0.36 | -0.63 | -0.76 | 0.12 |
| Shares, diluted (wtd. avg.) | $33.7M | $30.8M | $30.1M | $29.3M | $28.0M | $27.4M | $26.5M | $26.1M | $25.9M | $26.0M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.2M | $3.5M | $4.1M | $1.8M | $2.5M | $2.3M | $3.5M | $966.0K | $3.2M | $3.0M |
| Receivables | $151.2M | $104.3M | $78.6M | $77.7M | $77.8M | $57.7M | $37.8M | $54.7M | $50.6M | — |
| Inventory | $112.3M | $79.8M | $70.9M | $63.7M | $74.4M | $58.9M | $38.8M | $43.5M | $51.0M | $50.0M |
| Total current assets | $295.9M | $194.2M | $162.5M | $149.9M | $158.9M | $125.0M | $85.9M | $111.0M | $110.1M | $107.1M |
| Property, plant and equipment | — | — | — | — | — | — | — | $32.0M | $43.7M | $47.4M |
| Goodwill | $172.1M | $64.5M | $57.4M | $45.0M | $45.0M | $43.8M | $10.4M | $10.4M | $30.5M | $58.5M |
| Other intangibles | $249.2M | $78.3M | $73.9M | $63.2M | $68.0M | $72.8M | $30.0M | $32.6M | $35.4M | $38.2M |
| Total assets | $829.9M | $396.4M | $348.8M | $296.1M | $311.1M | $286.8M | $172.3M | $201.1M | $229.5M | $256.7M |
| Accounts payable | $72.0M | $48.5M | $32.2M | $29.2M | $34.8M | $33.0M | $14.2M | $18.7M | $17.9M | $19.4M |
| Short-term debt | $10.0M | $3.6M | $3.6M | $3.6M | $3.6M | $0 | — | — | — | — |
| Total current liabilities | $149.9M | $97.3M | $79.2M | $76.6M | $77.1M | $70.9M | $34.6M | $39.9M | $42.2M | $45.4M |
| Long-term debt | $245.9M | $45.0M | $50.7M | $31.6M | $76.0M | $68.2M | $0 | $39.5M | $45.4M | $49.7M |
| Retained earnings | $82.3M | $66.2M | $47.8M | $28.5M | $8.2M | -$1.4M | -$1.9M | -$5.8M | $15.1M | $39.8M |
| Total equity | $360.7M | $230.7M | $204.4M | $177.6M | $147.8M | $131.2M | $125.7M | $119.9M | $139.3M | $160.1M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $44.1M | $38.1M | $43.4M | $49.6M | -$3.9M | $28.0M | $29.7M | $11.5M | $11.5M | $21.2M |
| Depreciation and amortisation | $16.6M | $12.6M | $10.0M | $9.7M | $10.1M | $8.1M | $8.7M | $10.2M | $10.2M | $8.3M |
| Stock-based compensation | $3.9M | $4.2M | $3.8M | $3.7M | $3.3M | $2.0M | $599.0K | $981.0K | $3.0M | $3.0M |
| Capital expenditure | $5.1M | $3.5M | $5.4M | $3.2M | $2.1M | $2.2M | $2.7M | $2.6M | $3.4M | $6.6M |
| Investing cash flow | -$336.6M | -$28.0M | -$55.3M | -$3.2M | -$1.6M | -$93.0M | $17.4M | -$2.6M | -$1.9M | -$98.6M |
| Financing cash flow | $303.6M | -$11.4M | $14.3M | -$47.1M | $5.6M | $63.6M | -$44.4M | -$11.1M | -$9.5M | $46.6M |
| Dividends paid | $6.5M | $6.0M | $5.7M | $5.4M | $5.3M | $5.3M | $5.3M | $5.2M | $5.2M | $5.0M |
| Buybacks | — | — | — | — | — | — | — | — | $107.0K | $494.0K |
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 0001437749-26-029621.
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