LSI Industries Inc LYTS

IndustrialsHomebuilding & Construction SuppliesUnited States of America

Last close 20.81 USD on Nov 2, 2026, +14.4% year to date

Quant rating

Quant rating C Rank 284 of 486 in Industrials

Growth B 105 of 486
Valuation B 109 of 486
Quality D 344 of 486
Revisions C 224 of 486
Momentum D 351 of 486

Wall Street consensus Buy (1.75)Average target 30.25 USD +45.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 776M
Enterprise value: 1.0B
52-week range: 17.21 – 27.29
3-year range: 12.19 – 27.29
Dividend yield: 1.00%
Beta (5 years): 0.53
Shares outstanding: 37.3M
Next earnings: Nov 5, 2026

About the company

LSI Industries Inc. is a producer of non-residential lighting and retail display solutions. The Company operates through two segments: Lighting and Display Solutions. The Lighting Segment manufactures, markets, and sells outdoor and indoor lighting fixtures and control solutions in the vertical markets: refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. It services these markets through multiple channels: project business sold through electrical distributors and agents and shipped directly to the customer; standard products sold to and stocked by distributors, and direct to end-use customers. The Display Solutions Segment also manufactures, sells and installs exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, menu board systems, refrigerated displays, and custom display elements.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	689	573	470	497	455	–
Revenue growth	20.2%	22.1%	−5.5%	9.2%	44.2%	16.9%
EPS (basic, normalized)	1.25	1.07	0.95	0.99	0.64	–
EPS growth	16.8%	12.6%	−4.0%	54.7%	–	–
Gross margin	25.1%	24.8%	28.5%	27.6%	24.0%	26.0%
Net margin	3.3%	4.3%	5.3%	5.2%	3.3%	4.3%
ROE	7.6%	11.2%	13.1%	15.8%	10.8%	11.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	14.2
Current ratio	1.97x
Long-term debt (mil)	246
Net debt (mil)	242
Total equity (mil)	361
Net debt / equity	0.67x
Net debt / EBITDA	3.47x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	689	+20.2%	1.5x	69.7	+36.3%	14.6x	1.25	+16.8%	16.6x
2027	887	+28.7%	1.1x	91.7	+31.4%	11.1x	1.31	+4.8%	15.9x
2028	953	+7.4%	1.1x	114	+24.2%	8.9x	1.74	+32.8%	12.0x
2029	1,039	+9.1%	1.0x	133	+16.7%	7.7x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	887	0.0%	−1.0%	−1.2%	1.31	0.0%	−6.4%	−6.4%
2028	953	0.0%	−0.1%	0.0%	1.74	0.0%	+0.6%	+2.4%
2029	1,039	0.0%	0.0%	−1.8%	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	108	129	138	148	132	155	157	147	151	235
Sales mean (mil)	106	127	135	129	130	139	150	139	139	223
Surprise	+2.5%	+1.6%	+2.4%	+14.3%	+2.1%	+11.9%	+5.1%	+5.5%	+8.5%	+5.3%
EPS reported	0.21	0.24	0.26	0.26	0.20	0.34	0.31	0.26	0.29	0.38
EPS mean	0.15	0.23	0.23	0.20	0.21	0.23	0.28	0.21	0.21	0.36
Surprise	+35.5%	+6.7%	+15.6%	+30.0%	−4.8%	+45.7%	+10.7%	+21.9%	+34.9%	+5.6%

Peer comparison Homebuilding & Construction Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LYTS LSI Industries Inc	776M	3.47x	3.3%	2.13x	15.9x	12.0x	11.1x	8.9x
WMS Advanced Drainage Systems Inc	10.5B	1.69x	14.0%	5.32x	21.6x	18.5x	11.6x	10.6x
AYI Acuity Inc.	9.8B	0.07x	11.4%	3.31x	15.5x	14.2x	10.5x	9.9x
LIGHT Signify N.V.	2.1B	1.47x	4.4%	0.68x	8.1x	7.9x	5.1x	5.1x
MTTRF Mattr Corp	853M	3.41x	3.8%	1.49x	18.4x	13.6x	8.4x	7.6x
NX Quanex Building Products Corp	997M	2.48x	−13.6%	1.34x	12.0x	11.0x	7.3x	7.1x
Mean		2.10x	3.9%	2.38x	15.2x	12.9x	9.0x	8.2x
Median		2.08x	4.1%	1.81x	15.7x	12.8x	9.4x	8.3x

Technical analysis

1M−2.1%
3M−10.8%
1Y−8.2%
3Y+70.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, LSI Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	689	573	470	497	455	316
Cost of revenue	516	431	336	360	346	237
Gross profit	173	142	134	137	109	79.0
Selling, general & administrative expenses	135	106	97.6	99.0	88.0	70.9
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0.4	0.5	0.9	0	0
Other operating expenses	0	0	0	0	0	0
Operating income	38.4	35.8	35.5	37.0	21.2	8.0
Net interest income (expense)	−5.9	−3.1	−2.2	−3.7	−2.0	−0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.0	0.4	−0.3	0	−0.1	0.2
Net income before taxes	31.5	33.0	33.1	33.3	19.1	7.9
Provision for taxes	8.9	8.7	8.1	7.6	4.1	2.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	22.6	24.4	25.0	25.8	15.0	5.9
Extraordinary items	–	–	–	–	–	–
Net income	22.6	24.4	25.0	25.8	15.0	5.9
EBIT, normalized	48.5	37.2	37.1	38.0	21.7	8.1
EBITDA, normalized	65.0	49.8	47.1	47.6	31.8	16.2
Basic EPS, normalized	1.25	1.07	0.95	0.99	0.64	–

Balance sheet in millions of USD, fiscal years

Balance sheet, LSI Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	14.2	3.5	4.1	1.8	2.5	2.3
Receivables	158	104	81.8	80.8	78.8	59.0
Total inventory	112	79.8	70.9	63.7	74.4	58.9
Prepaid expenses	–	–	–	–	–	–
Other current assets	11.8	6.5	5.7	3.5	3.2	4.8
Total current assets	296	194	162	150	159	125
Property, plant & equipment	106	48.3	48.9	34.4	35.8	42.1
Goodwill	172	64.5	57.4	45.0	45.0	43.8
Intangibles	249	78.3	73.9	63.2	68.0	72.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	6.5	11.0	6.1	3.7	3.3	3.1
Total assets	830	396	349	296	311	287
Liabilities
Accounts payable	72.0	48.5	32.2	29.2	34.8	33.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	59.2	39.3	34.6	38.1	31.9	25.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.0	3.6	3.9	3.9	3.8	0.3
Other current liabilities	8.7	5.9	8.5	5.4	6.5	11.8
Total current liabilities	150	97.3	79.2	76.6	77.1	70.9
Long-term debt	246	45.0	51.3	32.6	77.3	69.7
Minority interest	–	–	–	–	–	–
Other liabilities	73.3	23.3	13.9	9.4	9.0	15.1
Total liabilities	469	166	144	119	163	156
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	278	164	156	149	140	133
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	82.3	66.2	47.8	28.5	8.2	−1.4
Treasury stock	−11.2	−10.0	−8.9	−7.2	−5.9	−2.5
Other equity	11.7	10.8	9.1	7.5	6.0	2.5
Total equity	361	231	204	178	148	131
Total liabilities & shareholders' equity	830	396	349	296	311	287

Cash flow statement in millions of USD, fiscal years

Cash flow statement, LSI Industries Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	22.6	24.4	25.0	25.8	15.0	5.9
Depreciation, depletion & amortization	16.6	12.6	10.0	9.7	10.1	8.1
Deferred taxes	5.9	−2.4	−1.6	−0.4	−0.3	−1.1
Non-cash items	2.6	10.9	5.4	6.7	9.9	7.3
Changes in working capital	−3.5	−7.4	4.7	7.9	−38.5	7.8
Cash from operations	44.1	38.1	43.4	49.6	−3.9	28.0
Investing activities
Capital expenditures	−5.1	−3.5	−5.4	−3.2	−2.1	−2.2
Other investing cash flows	−331	−24.5	−49.9	0	0.5	−90.7
Cash from investing	−337	−28.0	−55.3	−3.2	−1.6	−93.0
Financing activities
Financing cash flow items	0.2	−0.5	−0.4	−0.9	−0.2	−0.1
Cash dividends paid	−6.5	−6.0	−5.7	−5.4	−5.3	−5.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	310	−5.0	20.5	−40.8	11.2	68.9
Cash from financing	304	−11.4	14.3	−47.1	5.6	63.6
Foreign exchange effects	−0.3	0.6	−0.2	0.1	0	0.1
Net change in cash	10.8	−0.7	2.3	−0.6	0.2	−1.2
Free cash flow	39.0	34.7	38.0	46.4	−6.0	25.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.