Revenue growth remains inconsistent amidst cyclical pressures, while gross margins have stayed tightly range-bound between 21.0% and 23.9% over the last ten quarters.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 458.42M | 441.07M | 412.75M | 393.69M | 544.28M | 478.93M | 366.93M | 443.59M | 489.18M | 468.76M | 500.11M | 466.9M | 438.54M | 386.19M | 352.09M | 339.43M | 326.47M | 324.16M | 405.65M | 425.4M | 426.41M | 410.02M | 401.22M | 291.98M | 279.67M | 284.77M | 300.07M | 260.5M | 236.1M | 219.4M | 205M |
| Revenue Growth % | 4.83% | 6.86% | 4.84% | -27.67% | 13.65% | 30.52% | -17.28% | -9.32% | 4.36% | -6.27% | 7.11% | 6.47% | 13.56% | 9.69% | 3.73% | 3.97% | 0.71% | -20.09% | -4.64% | -0.24% | 4% | 2.19% | 37.42% | 4.4% | -1.79% | -5.1% | 15.19% | 10.33% | 7.61% | 7.02% | -1.63% |
| Cost of Goods Sold | 352.17M | 343.13M | 325.51M | 322.75M | 471.6M | 382.19M | 313.87M | 373.65M | 390.96M | 360.11M | 386.41M | 357.04M | 338.28M | 295.72M | 266.81M | 262.12M | 251.69M | 263.08M | 327.17M | 344.18M | 345.07M | 333.17M | 318.05M | 226.44M | 218.15M | 224.35M | 235.82M | 195.6M | 179.9M | 168M | 156.9M |
| COGS % of Revenue | - | 77.79% | 78.86% | 81.98% | 86.65% | 79.8% | 85.54% | 84.23% | 79.92% | 76.82% | 77.27% | 76.47% | 77.14% | 76.57% | 75.78% | 77.23% | 77.09% | 81.16% | 80.65% | 80.91% | 80.92% | 81.26% | 79.27% | 77.55% | 78% | 78.78% | 78.59% | 75.09% | 76.2% | 76.57% | 76.54% |
| Gross Profit | 106.25M | 97.94M | 87.24M | 70.95M | 72.68M | 96.73M | 53.05M | 69.94M | 98.22M | 108.65M | 113.7M | 109.86M | 100.26M | 90.47M | 85.28M | 77.3M | 74.78M | 61.08M | 78.49M | 81.22M | 81.34M | 76.85M | 83.17M | 65.54M | 61.52M | 60.42M | 64.24M | 64.9M | 56.2M | 51.4M | 48.1M |
| Gross Margin % | 23.18% | 22.21% | 21.14% | 18.02% | 13.35% | 20.2% | 14.46% | 15.77% | 20.08% | 23.18% | 22.73% | 23.53% | 22.86% | 23.43% | 24.22% | 22.77% | 22.91% | 18.84% | 19.35% | 19.09% | 19.08% | 18.74% | 20.73% | 22.45% | 22% | 21.22% | 21.41% | 24.91% | 23.8% | 23.43% | 23.46% |
| Gross Profit Growth % | - | 12.26% | 22.97% | -2.38% | -24.86% | 82.33% | -24.14% | -28.79% | -9.6% | -4.44% | 3.49% | 9.57% | 10.83% | 6.09% | 10.32% | 3.37% | 22.44% | -22.19% | -3.37% | -0.14% | 5.84% | -7.6% | 26.91% | 6.53% | 1.82% | -5.95% | -1.01% | 15.48% | 9.34% | 6.86% | -0.41% |
| Operating Expenses | 66.07M | 71.33M | 70.16M | 60.41M | 66.06M | 65.53M | 87.45M | 113.09M | 73.71M | 71.39M | 75.63M | 75.44M | 77.98M | 70.2M | 65.03M | 61.44M | 57.25M | 63.35M | 70.89M | 66.52M | 72.78M | 67.79M | 66.57M | 52.26M | 53.25M | 53.88M | 46.56M | 44.16M | 46.3M | 43.6M | 41.9M |
| OpEx % of Revenue | - | 16.17% | 17% | 15.34% | 12.14% | 13.68% | 23.83% | 25.5% | 15.07% | 15.23% | 15.12% | 16.16% | 17.78% | 18.18% | 18.47% | 18.1% | 17.54% | 19.54% | 17.48% | 15.64% | 17.07% | 16.53% | 16.59% | 17.9% | 19.04% | 18.92% | 15.52% | 16.95% | 19.61% | 19.87% | 20.44% |
| Selling, General & Admin | 69.77M | 66.7M | 70.44M | 62.85M | 66.73M | 67.98M | 72.44M | 81.3M | 71.95M | 72.56M | 77.91M | 75.69M | 71.73M | 70.2M | 65.03M | 60.42M | 57.25M | 63.35M | 70.89M | 70.9M | 72.78M | 68.6M | 66.57M | 52.66M | 53.25M | 53.88M | 47.81M | 44.16M | 40.9M | 38.5M | 37.3M |
| SG&A % of Revenue | - | 15.12% | 17.07% | 15.96% | 12.26% | 14.19% | 19.74% | 18.33% | 14.71% | 15.48% | 15.58% | 16.21% | 16.36% | 18.18% | 18.47% | 17.8% | 17.54% | 19.54% | 17.48% | 16.67% | 17.07% | 16.73% | 16.59% | 18.04% | 19.04% | 18.92% | 15.93% | 16.95% | 17.32% | 17.55% | 18.2% |
| Research & Development | 2.1M | 0 | 0 | 0 | 0 | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | 0.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 4.63M | -280K | -2.44M | -670K | -4.35M | 15.01M | 31.8M | 1.76M | -1.18M | -2.28M | -250K | 6.25M | 0 | 0 | 1.02M | 0 | 0 | 0 | -4.37M | 0 | -809.02K | 0 | -403.06K | 0 | 0 | -1.25M | 0 | 5.4M | 5.1M | 4.6M |
| Operating Income | 40.18M | 26.61M | 17.08M | 10.54M | 6.62M | 31.2M | -34.4M | -43.15M | 24.5M | 37.26M | 38.07M | 34.42M | 22.29M | 20.27M | 20.25M | 15.86M | 17.53M | -2.27M | 7.6M | 14.7M | 8.56M | 9.07M | 16.6M | 13.28M | 8.27M | 6.54M | 17.68M | 15.4M | 9.9M | 7.8M | 6.2M |
| Operating Margin % | 8.76% | 6.03% | 4.14% | 2.68% | 1.22% | 6.51% | -9.37% | -9.73% | 5.01% | 7.95% | 7.61% | 7.37% | 5.08% | 5.25% | 5.75% | 4.67% | 5.37% | -0.7% | 1.87% | 3.46% | 2.01% | 2.21% | 4.14% | 4.55% | 2.96% | 2.3% | 5.89% | 5.91% | 4.19% | 3.56% | 3.02% |
| Operating Income Growth % | - | 55.83% | 62.02% | 59.32% | -78.79% | 190.71% | 20.3% | -276.1% | -34.24% | -2.11% | 10.59% | 54.46% | 9.94% | 0.12% | 27.62% | -9.5% | 871.52% | -129.91% | -48.32% | 71.7% | -5.57% | -45.39% | 24.98% | 60.66% | 26.38% | -62.99% | 14.81% | 55.54% | 26.92% | 25.81% | -17.33% |
| EBITDA | 43.81M | 30.27M | 21.08M | 15.11M | 11.79M | 36.41M | -26.02M | -35.71M | 31.87M | 45.2M | 45.62M | 39.37M | 26.48M | 24.07M | 23.08M | 18.55M | 20.52M | 1.46M | 12.03M | 19.97M | 14.05M | 14.85M | 22.28M | 18.05M | 13.25M | 12.27M | 23.17M | 20.76M | 15.3M | 12.9M | 10.8M |
| EBITDA Margin % | 9.56% | 6.86% | 5.11% | 3.84% | 2.17% | 7.6% | -7.09% | -8.05% | 6.52% | 9.64% | 9.12% | 8.43% | 6.04% | 6.23% | 6.56% | 5.47% | 6.28% | 0.45% | 2.97% | 4.69% | 3.29% | 3.62% | 5.55% | 6.18% | 4.74% | 4.31% | 7.72% | 7.97% | 6.48% | 5.88% | 5.27% |
| EBITDA Growth % | 82% | 43.61% | 39.45% | 28.22% | -67.62% | 239.9% | 27.13% | -212.05% | -29.49% | -0.93% | 15.89% | 48.65% | 10.01% | 4.3% | 24.4% | -9.56% | 1304.18% | -87.86% | -39.74% | 42.16% | -5.42% | -33.35% | 23.44% | 36.29% | 7.96% | -47.05% | 11.64% | 35.66% | 18.6% | 19.44% | -6.9% |
| D&A (Non-Cash Add-back) | 3.63M | 3.65M | 4M | 4.57M | 5.17M | 5.21M | 8.37M | 7.44M | 7.37M | 7.94M | 7.56M | 4.95M | 4.2M | 3.8M | 2.83M | 2.69M | 2.99M | 3.73M | 4.44M | 5.27M | 5.49M | 5.79M | 5.68M | 4.77M | 4.98M | 5.73M | 5.49M | 5.36M | 5.4M | 5.1M | 4.6M |
| EBIT | 41.57M | 27.04M | 17.1M | 10.56M | 6.74M | 31.48M | -33.67M | -42.61M | 25.13M | 37.59M | 38M | 35.69M | 23.8M | 20.88M | 20.25M | 16.88M | 17.89M | -1.61M | 7.6M | 14.7M | 8.56M | 9.07M | 16.6M | 13.28M | 8.27M | 6.54M | 17.68M | 15.4M | 9.9M | 7.8M | 6.2M |
| Net Interest Income | 1.39M | 351K | -1.55M | -1.34M | -835K | -10K | -82K | 0 | 0 | 0 | -69K | 1.14M | 1.51M | 610K | 422K | 343K | -78K | -307K | -999.54K | -814.65K | -782.52K | -361.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.39M | 421K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.27M | 1.51M | 610K | 422K | 343K | 361K | 661.06K | 468.93K | 676.86K | 774.78K | 628K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 70K | 1.55M | 1.34M | 835K | 10K | 82K | 0 | 0 | 0 | 69K | 130K | 0 | 0 | 0 | 0 | 439K | 968.76K | 1.47M | 1.49M | 1.56M | 989.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.39M | 351K | -1.53M | -1.32M | -714K | 267K | 638K | 546K | 621K | 322K | -141K | 1.14M | 1.51M | 610K | 422K | 343K | -78K | -307K | -999.54K | -214.65K | -782.52K | -361.76K | 138.05K | 957K | 890.86K | 731.46K | 168.9M | 900K | 1.6M | 1.5M | 800K |
| Pretax Income | 41.57M | 26.97M | 15.55M | 9.22M | 5.9M | 31.47M | -33.76M | -42.61M | 25.13M | 37.59M | 37.93M | 35.56M | 23.8M | 20.88M | 20.67M | 16.21M | 17.45M | -2.58M | 6.6M | 14.48M | 7.78M | 8.7M | 16.74M | 14.24M | 9.16M | 7.27M | 186.58M | 16.2M | 11.5M | 9.4M | 7.1M |
| Pretax Margin % | 9.07% | 6.11% | 3.77% | 2.34% | 1.08% | 6.57% | -9.2% | -9.61% | 5.14% | 8.02% | 7.58% | 7.62% | 5.43% | 5.41% | 5.87% | 4.77% | 5.35% | -0.8% | 1.63% | 3.4% | 1.82% | 2.12% | 4.17% | 4.88% | 3.28% | 2.55% | 62.18% | 6.22% | 4.87% | 4.28% | 3.46% |
| Income Tax | 10.46M | 6.81M | 5.02M | -5.56M | 4.05M | 8.42M | -6.91M | -10M | 7.46M | 13.8M | 13.69M | 13.26M | 8.81M | 7.73M | 7.6M | 5.79M | 6.65M | -1.07M | 2.36M | 5.15M | 3.06M | 2.66M | 6.61M | 5.95M | 3.5M | 2.68M | 6.73M | 5.9M | 3.9M | 3.4M | 2.6M |
| Effective Tax Rate % | 25.15% | 25.26% | 32.3% | -60.3% | 68.61% | 26.76% | 20.48% | 23.48% | 29.69% | 36.72% | 36.1% | 37.29% | 37.02% | 37.02% | 36.77% | 35.73% | 38.11% | 41.49% | 35.78% | 35.56% | 39.34% | 30.56% | 39.49% | 41.78% | 38.21% | 36.84% | 3.61% | 36.42% | 33.91% | 36.17% | 36.62% |
| Net Income | 31.12M | 20.15M | 10.53M | 14.78M | 1.85M | 23.05M | -26.84M | -32.6M | 17.67M | 23.79M | 24.24M | 22.3M | 14.99M | 13.15M | 13.07M | 10.42M | 10.8M | -1.51M | 4.24M | 9.33M | 4.72M | 6.04M | 10.13M | 8.29M | 5.66M | 4.59M | 11.93M | 10.3M | 7.6M | 6M | 4.5M |
| Net Margin % | 6.79% | 4.57% | 2.55% | 3.75% | 0.34% | 4.81% | -7.32% | -7.35% | 3.61% | 5.07% | 4.85% | 4.78% | 3.42% | 3.41% | 3.71% | 3.07% | 3.31% | -0.47% | 1.04% | 2.19% | 1.11% | 1.47% | 2.52% | 2.84% | 2.02% | 1.61% | 3.98% | 3.95% | 3.22% | 2.73% | 2.2% |
| Net Income Growth % | 116.49% | 91.43% | -28.76% | 697.52% | -91.96% | 185.86% | 17.67% | -284.56% | -25.73% | -1.86% | 8.69% | 48.76% | 13.98% | 0.64% | 25.45% | -3.56% | 815.61% | -135.63% | -54.61% | 97.83% | -21.94% | -40.34% | 22.18% | 46.5% | 23.19% | -61.48% | 15.8% | 35.53% | 26.67% | 33.33% | -13.46% |
| Net Income (Continuing) | 31.12M | 20.15M | 10.53M | 14.78M | 1.85M | 23.05M | -26.84M | -32.6M | 17.67M | 23.79M | 24.24M | 22.3M | 14.99M | 13.15M | 13.07M | 10.42M | 10.8M | -1.51M | 4.24M | 9.33M | 4.72M | 6.04M | 10.13M | 8.29M | 5.66M | 4.59M | 11.93M | 10.32M | 7.6M | 6M | 4.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.53 | 3.55 | 1.91 | 2.74 | 0.28 | 3.09 | -3.37 | -4.13 | 2.23 | 3.02 | 3.12 | 2.89 | 2.00 | 1.80 | 1.86 | 1.50 | 1.61 | -0.23 | 0.64 | 1.42 | 0.72 | 0.92 | 1.55 | 1.30 | 0.92 | 0.74 | 1.82 | 1.50 | 1.08 | 0.86 | 0.63 |
| EPS Growth % | 117.32% | 85.86% | -30.29% | 878.57% | -90.94% | 191.69% | 18.4% | -285.2% | -26.16% | -3.21% | 7.96% | 44.5% | 11.11% | -3.23% | 24% | -6.83% | 800% | -135.94% | -54.93% | 97.22% | -21.74% | -40.65% | 19.23% | 41.3% | 24.32% | -59.34% | 21.33% | 38.89% | 25.58% | 36.51% | -12.5% |
| EPS (Basic) | - | 3.84 | 2.04 | 2.83 | 0.29 | 3.20 | -3.37 | -4.13 | 2.25 | 3.06 | 3.19 | 3.00 | 2.07 | 1.87 | 1.93 | 1.56 | 1.63 | -0.23 | 0.64 | 1.42 | 0.72 | 0.93 | 1.57 | 1.33 | 0.93 | 0.75 | 1.85 | 1.52 | 1.09 | 0.86 | 0.63 |
| Diluted Shares Outstanding | 5.63M | 5.68M | 5.52M | 5.38M | 6.5M | 7.47M | 7.96M | 7.89M | 7.92M | 7.89M | 7.76M | 7.71M | 7.51M | 7.33M | 7.01M | 6.93M | 6.7M | 6.58M | 6.61M | 6.58M | 6.58M | 6.6M | 6.53M | 6.37M | 6.16M | 6.17M | 6.56M | 6.85M | 7.04M | 6.98M | 7.14M |
| Basic Shares Outstanding | 5.33M | 5.25M | 5.17M | 5.22M | 6.33M | 7.2M | 7.96M | 7.89M | 7.85M | 7.78M | 7.59M | 7.42M | 7.23M | 7.04M | 6.78M | 6.69M | 6.61M | 6.58M | 6.57M | 6.57M | 6.56M | 6.53M | 6.44M | 6.26M | 6.1M | 6.11M | 6.46M | 6.77M | 6.97M | 6.98M | 7.14M |
| Dividend Payout Ratio | - | 17.64% | 30.58% | 21.93% | 211.06% | 11.38% | - | - | 38.19% | 25.49% | 22.51% | 22.94% | 28.84% | 32.04% | 19.4% | 17.65% | 12.22% | - | 80.61% | 36.58% | 72.25% | 56.15% | 24.89% | 49.03% | 55.75% | 69.44% | 27.72% | 31.7% | 43.42% | 56.67% | 77.78% |
Cyclical housing market sensitivity
According to the provided quarterly income statements, Flexsteel's revenue growth has fluctuated between 1.0% and 9.9% over the last ten quarters, suggesting that the company is struggling to maintain consistent top-line momentum while navigating a challenging macroeconomic environment characterized by high interest rates and reduced housing turnover.
The variability in quarterly revenue growth indicates that the company's transactional business model remains highly susceptible to external demand shocks. While the firm has avoided sustained contraction, the lack of a clear upward trajectory suggests that market share gains are being offset by broader industry weakness.
As reported in financial statements, Flexsteel's gross margin has remained tightly range-bound between 21.0% and 23.9%, highlighting a structural limitation in the company's ability to expand profitability despite its proprietary Blue Steel Spring technology and the potential for premium positioning in the furniture market.
This margin profile suggests that the company's cost structure is heavily weighted toward variable inputs, such as raw materials and freight, which appear to absorb most pricing gains. Investors should monitor whether the firm can achieve better operating leverage as it attempts to navigate these persistent cost pressures.
Based on the company's reported figures, SG&A expenses have remained remarkably stable, generally hovering around $17 million per quarter, which demonstrates a disciplined approach to overhead management even as revenue levels fluctuate across different periods of the business cycle and varying consumer demand environments.
The ability to keep SG&A relatively flat while revenue scales suggests that management is maintaining tight control over fixed costs. However, the lack of significant operating leverage implies that the company's profitability is primarily driven by volume rather than structural improvements in operational efficiency.
Data from recent filings reveals significant volatility in net income and EPS, with quarterly earnings per share swinging from a loss of $0.71 in 2025Q3 to a high of $1.89 in 2025Q4, largely driven by non-operating items and the impact of inventory accounting methods.
The sharp fluctuations in bottom-line results warrant caution, as they may not fully reflect the underlying operational health of the business. Analysts should scrutinize the impact of LIFO reserve adjustments and one-time charges, which appear to be masking the true earnings power of the core furniture operations.
While the company maintains a fortress balance sheet with negligible debt, skeptics might argue that this conservative capital allocation strategy reflects a lack of growth opportunities, potentially leaving the firm vulnerable to long-term stagnation in an industry that increasingly demands digital transformation and direct-to-consumer capabilities.
The reliance on a traditional dealer network may be a structural disadvantage that limits the company's ability to capture higher margins. If the firm fails to deploy its cash reserves effectively, it risks being left behind by more agile competitors who are investing heavily in modern retail and e-commerce infrastructure.
Quick answers to the most common questions about buying FLXS stock.
For fiscal year 2025, Flexsteel Industries, Inc. (FLXS) reported total revenue of $441.1M. This represents a 115.2% increase compared to $205.0M in 1996.
Flexsteel Industries, Inc. (FLXS) is profitable, generating $20.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Flexsteel Industries, Inc. (FLXS) reported an operating income of $26.6M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Flexsteel Industries, Inc. (FLXS) generated $97.9M in gross profit for the year, representing a gross profit margin of 22.2%. This demonstrates the company's core pricing power and production efficiency.