Gross margins have experienced a notable contraction, falling from a peak of 44.6% in 2025Q1 to 31.4% in 2027Q1, reflecting intense industry-wide price competition.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 193.32M | 192.65M | 167.21M | 124.69M | 112.85M | 118.39M | 159M | 107.81M | 99.01M | 95.99M | 86.18M | 99.65M | 99.73M | 91.38M | 95.12M | 96.33M | 101.24M | 94.14M | 102.27M | 95.74M | 100.17M | 98.74M | 95.32M | 89.72M | 77.83M | 76.43M | 76.11M | 58.64M | 54.7M | 47.3M | 41.8M |
| Revenue Growth % | 8.82% | 15.21% | 34.1% | 10.49% | -4.68% | -25.54% | 47.48% | 8.89% | 3.15% | 11.38% | -13.51% | -0.09% | 9.14% | -3.92% | -1.26% | -4.85% | 7.54% | -7.95% | 6.82% | -4.42% | 1.45% | 3.59% | 6.25% | 15.28% | 1.82% | 0.42% | 29.78% | 7.21% | 15.64% | 13.16% | 3.98% |
| Cost of Goods Sold | 130.75M | 129.32M | 98.54M | 73.5M | 67M | 67.47M | 79.75M | 69.91M | 65.11M | 59.78M | 54.55M | 63.31M | 66.02M | 66.55M | 67.79M | 67.54M | 71.47M | 68.74M | 74.3M | 73.38M | 75.9M | 74.82M | 74.92M | 71.74M | 62.87M | 63.29M | 64.1M | 47.56M | 43.7M | 37.6M | 34.3M |
| COGS % of Revenue | - | 67.13% | 58.93% | 58.94% | 59.37% | 56.99% | 50.16% | 64.85% | 65.76% | 62.28% | 63.29% | 63.54% | 66.2% | 72.83% | 71.27% | 70.12% | 70.6% | 73.01% | 72.65% | 76.65% | 75.77% | 75.77% | 78.6% | 79.96% | 80.78% | 82.81% | 84.22% | 81.1% | 79.89% | 79.49% | 82.06% |
| Gross Profit | 62.57M | 63.33M | 68.67M | 51.19M | 45.85M | 50.91M | 79.25M | 37.9M | 33.91M | 36.2M | 31.64M | 36.33M | 33.71M | 24.83M | 27.33M | 28.79M | 29.77M | 25.41M | 27.97M | 22.36M | 24.28M | 23.92M | 20.4M | 17.98M | 14.96M | 13.14M | 12.01M | 11.09M | 11M | 9.7M | 7.5M |
| Gross Margin % | 32.36% | 32.87% | 41.07% | 41.06% | 40.63% | 43.01% | 49.84% | 35.15% | 34.24% | 37.72% | 36.71% | 36.46% | 33.8% | 27.17% | 28.73% | 29.88% | 29.4% | 26.99% | 27.35% | 23.35% | 24.23% | 24.23% | 21.4% | 20.04% | 19.22% | 17.19% | 15.78% | 18.9% | 20.11% | 20.51% | 17.94% |
| Gross Profit Growth % | - | -7.79% | 34.15% | 11.65% | -9.95% | -35.76% | 109.12% | 11.77% | -6.34% | 14.43% | -12.92% | 7.77% | 35.75% | -9.13% | -5.07% | -3.3% | 17.17% | -9.17% | 25.1% | -7.9% | 1.48% | 17.29% | 13.46% | 20.17% | 13.87% | 9.39% | 8.32% | 0.79% | 13.4% | 29.33% | 13.64% |
| Operating Expenses | 77.62M | 78.84M | 77.94M | 45.2M | 40.31M | 34.87M | 35.4M | 32.02M | 30.34M | 27.73M | 24.79M | 24.52M | 28.75M | 25.19M | 28.49M | 27.35M | 26.31M | 22.95M | 21.7M | 17.37M | 17.55M | 14.42M | 12.74M | 12.19M | 10.6M | 9.55M | 9.32M | 7.79M | 7M | 6.6M | 5.5M |
| OpEx % of Revenue | - | 40.92% | 46.61% | 36.25% | 35.72% | 29.45% | 22.26% | 29.7% | 30.64% | 28.89% | 28.76% | 24.61% | 28.83% | 27.57% | 29.96% | 28.39% | 25.99% | 24.38% | 21.22% | 18.15% | 17.52% | 14.6% | 13.37% | 13.58% | 13.62% | 12.49% | 12.24% | 13.28% | 12.8% | 13.95% | 13.16% |
| Selling, General & Admin | 76.99M | 76.99M | 61.51M | 47.74M | 39.71M | 33M | 33.43M | 29.22M | 30.01M | 26.7M | 24.13M | 24.25M | 28.75M | 25.19M | 28.36M | 27.35M | 26.31M | 22.95M | 21.7M | 17.37M | 17.55M | 14.42M | 12.74M | 11.94M | 10.6M | 9.55M | 8.62M | 7.19M | 6.5M | 6.2M | 5.2M |
| SG&A % of Revenue | - | 39.96% | 36.79% | 38.29% | 35.19% | 27.87% | 21.03% | 27.1% | 30.31% | 27.81% | 28% | 24.34% | 28.83% | 27.57% | 29.81% | 28.39% | 25.99% | 24.38% | 21.22% | 18.15% | 17.52% | 14.6% | 13.37% | 13.31% | 13.62% | 12.49% | 11.32% | 12.26% | 11.88% | 13.11% | 12.44% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 200K | 182K | 280K | 463K | 165K | 90K | 123K | 242K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0.13% | 0.19% | 0.18% | 0.29% | 0.54% | 0.17% | 0.09% | 0.13% | 0.25% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 1.85M | 16.43M | -2.54M | 600K | 1.87M | 1.76M | 2.6M | 150K | 751K | 200K | 101.29K | -90K | -123K | -104.83K | -428K | -225K | -305K | -321K | -359K | -100K | -90K | -89K | 248.83K | 0 | 0 | 699.3K | 598.1K | 500K | 400K | 300K |
| Operating Income | -8.59M | -15.51M | -9.27M | 5.99M | 5.54M | 16.05M | 43.85M | 5.88M | 3.56M | 8.48M | 6.85M | 11.81M | 4.96M | -359.01K | -1.03M | 1.44M | 3.45M | 2.46M | 6.27M | 4.98M | 6.72M | 9.5M | 7.65M | 5.79M | 4.36M | 3.59M | 2.69M | 3.3M | 4M | 3.1M | 2M |
| Operating Margin % | -4.44% | -8.05% | -5.54% | 4.81% | 4.91% | 13.55% | 27.58% | 5.45% | 3.6% | 8.83% | 7.94% | 11.85% | 4.97% | -0.39% | -1.08% | 1.49% | 3.41% | 2.61% | 6.13% | 5.21% | 6.71% | 9.62% | 8.03% | 6.45% | 5.6% | 4.7% | 3.54% | 5.62% | 7.31% | 6.55% | 4.78% |
| Operating Income Growth % | - | -67.43% | -254.6% | 8.16% | -65.47% | -63.41% | 646.31% | 64.82% | -57.95% | 23.81% | -42.03% | 138.27% | 1480.86% | 65.15% | -171.66% | -58.38% | 40.55% | -60.82% | 25.86% | -25.86% | -29.26% | 24.15% | 32.22% | 32.81% | 21.44% | 33.37% | -18.39% | -17.56% | 29.03% | 55% | 42.86% |
| EBITDA | -9.73M | -15.51M | -5.95M | 8.1M | 7.05M | 17.91M | 45.82M | 8.48M | 4.53M | 9.25M | 8.04M | 12.8M | 6.29M | 1.25M | 520.7K | 3.38M | 5.43M | 4.2M | 7.91M | 6.17M | 7.77M | 10.5M | 8.54M | 6.59M | 4.95M | 4.28M | 3.39M | 3.9M | 4.5M | 3.5M | 2.3M |
| EBITDA Margin % | -5.03% | -8.05% | -3.56% | 6.5% | 6.24% | 15.13% | 28.82% | 7.86% | 4.58% | 9.64% | 9.33% | 12.84% | 6.31% | 1.37% | 0.55% | 3.51% | 5.36% | 4.46% | 7.73% | 6.44% | 7.76% | 10.63% | 8.96% | 7.35% | 6.37% | 5.6% | 4.45% | 6.64% | 8.23% | 7.4% | 5.5% |
| EBITDA Growth % | -453.99% | -160.75% | -173.41% | 15.02% | -60.67% | -60.9% | 440.4% | 87.14% | -51.03% | 15.06% | -37.17% | 103.4% | 404.18% | 139.68% | -84.58% | -37.81% | 29.25% | -46.86% | 28.13% | -20.59% | -25.97% | 22.93% | 29.52% | 33.07% | 15.77% | 26.22% | -12.97% | -13.43% | 28.57% | 52.17% | 35.29% |
| D&A (Non-Cash Add-back) | -1.14M | 0 | 3.32M | 2.11M | 1.5M | 1.87M | 1.97M | 2.6M | 965.45K | 774.74K | 1.19M | 986K | 1.33M | 1.61M | 1.55M | 1.94M | 1.98M | 1.74M | 1.63M | 1.19M | 1.05M | 993.69K | 884.14K | 803.23K | 595.38K | 689.97K | 699.3K | 598.1K | 500K | 400K | 300K |
| EBIT | -10.98M | -15.51M | -16.71M | 9.41M | 5.51M | 16.17M | 43.94M | 5.87M | 3.61M | 8.51M | 6.89M | 11.69M | 4.59M | -784.44K | -19.82M | 1.52M | 2.63M | 2.55M | 6.89M | 4.98M | 6.72M | 9.5M | 7.65M | 5.79M | 4.36M | 3.59M | 2.69M | 3.3M | 4M | 3.1M | 2M |
| Net Interest Income | -2.57M | -2.15M | -1.65M | -52K | -37K | -15K | -23K | -116K | -125K | -163K | -620K | -785K | -1.69M | -2.19M | -913.45K | -679.09K | -245.61K | -1.11M | -703.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.9K | 2.61K | 66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.95M | 2.15M | 1.65M | 52K | 37K | 15K | 23K | 116K | 125K | 163K | 620K | 785K | 1.69M | 2.19M | 913.45K | 679.09K | 338.04K | 1.11M | 827.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.28M | -2.19M | -9.09M | 3.36M | -70K | 106K | 27K | -123K | -84K | -134K | -574K | -905K | -4.06M | -2.61M | -19.7M | -598.71K | -1.83M | -1.02M | -209.01K | -118.68K | 208.14K | 265.65K | -91.16K | -491.5K | -582.79K | -773.6K | -1.21M | -788.27K | -800K | -500K | -400K |
| Pretax Income | -10.87M | -17.7M | -18.36M | 9.36M | 5.47M | 16.15M | 43.88M | 5.75M | 3.48M | 8.34M | 6.27M | 10.91M | 61.34K | -2.97M | -20.73M | 838.86K | 1.63M | 1.44M | 6.06M | 4.86M | 6.93M | 9.77M | 7.07M | 5.3M | 3.78M | 2.82M | 1.49M | 2.51M | 3.2M | 2.6M | 1.6M |
| Pretax Margin % | -5.62% | -9.19% | -10.98% | 7.5% | 4.85% | 13.64% | 27.6% | 5.34% | 3.52% | 8.69% | 7.28% | 10.95% | 0.06% | -3.25% | -21.8% | 0.87% | 1.61% | 1.52% | 5.93% | 5.08% | 6.92% | 9.89% | 7.42% | 5.9% | 4.85% | 3.68% | 1.95% | 4.28% | 5.85% | 5.5% | 3.83% |
| Income Tax | 10.15M | 7.61M | -281K | 3.93M | 3.6M | 4.78M | 8.58M | 2.47M | 2.02M | 7.9M | 2.38M | 3.12M | -8.34M | -2.85M | 5.04M | -254.32K | 653.84K | 405.86K | 1.51M | 1.57M | 1.83M | 3.44M | 2.05M | 1.66M | 1.17M | 846K | 362K | 761K | 1.1M | 1M | 500K |
| Effective Tax Rate % | -93.39% | -43.01% | 1.53% | 42.01% | 65.76% | 29.6% | 19.56% | 42.97% | 58.09% | 94.73% | 37.94% | 28.58% | -13591.16% | 95.98% | -24.29% | -30.32% | 40.22% | 28.27% | 24.97% | 32.35% | 26.35% | 35.2% | 29.04% | 31.32% | 31.04% | 30.05% | 24.37% | 30.33% | 34.38% | 38.46% | 31.25% |
| Net Income | -21.03M | -25.31M | -18.07M | 5.42M | 1.87M | 11.37M | 35.33M | 3.28M | 1.46M | 440K | 3.89M | 3.85M | 8.4M | -119.5K | -26.29M | -376.82K | 972K | 1.03M | 4.55M | 3.29M | 5.1M | 6.33M | 5.02M | 3.64M | 2.6M | 1.97M | 1.12M | 1.75M | 2.1M | 1.6M | 1.1M |
| Net Margin % | -10.88% | -13.14% | -10.81% | 4.35% | 1.66% | 9.61% | 22.22% | 3.04% | 1.47% | 0.46% | 4.52% | 3.87% | 8.42% | -0.13% | -27.64% | -0.39% | 0.96% | 1.09% | 4.45% | 3.44% | 5.1% | 6.41% | 5.26% | 4.06% | 3.35% | 2.58% | 1.48% | 2.98% | 3.84% | 3.38% | 2.63% |
| Net Income Growth % | 11.05% | -40.03% | -433.18% | 189.64% | -83.53% | -67.81% | 976.81% | 124.88% | 231.59% | -88.7% | 1.01% | -54.11% | 7128.15% | 99.55% | -6876.36% | -138.77% | -5.61% | -77.36% | 38.25% | -35.53% | -19.36% | 26.18% | 37.87% | 39.72% | 32.22% | 75.32% | -35.74% | -16.75% | 31.25% | 45.45% | 83.33% |
| Net Income (Continuing) | -21.03M | -25.31M | -18.07M | 5.43M | 1.87M | 11.37M | 35.33M | 3.28M | 1.46M | 440K | 3.89M | 7.79M | 11.09M | -119.5K | -25.77M | 1.09M | 1.4M | 1.03M | 4.55M | 3.29M | 5.1M | 6.33M | 5.02M | 3.64M | 2.6M | 1.97M | 1.12M | 1.75M | 2.1M | 1.6M | 1.1M |
| 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 | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.04 | -2.63 | -2.43 | 0.72 | 0.24 | 1.41 | 4.34 | 0.41 | 0.18 | 0.06 | 0.53 | 0.53 | 1.33 | -0.02 | -4.97 | -0.07 | 0.18 | 0.19 | 0.83 | 0.59 | 0.92 | 1.15 | 1.02 | 0.92 | 0.66 | 0.50 | 0.29 | 0.44 | 0.53 | 0.42 | 0.28 |
| EPS Growth % | 28.86% | -8.23% | -437.5% | 200% | -82.98% | -67.51% | 958.54% | 127.78% | 200% | -88.68% | 0% | -60.15% | 6433.33% | 99.58% | -6959.66% | -139.11% | -5.26% | -77.11% | 40.68% | -35.87% | -20% | 12.75% | 10.87% | 39.39% | 32% | 72.41% | -34.09% | -16.98% | 26.19% | 50% | 86.67% |
| EPS (Basic) | - | -2.63 | -2.43 | 0.74 | 0.25 | 1.44 | 4.43 | 0.41 | 0.18 | 0.06 | 0.54 | 0.54 | 1.35 | -0.02 | -4.97 | -0.07 | 0.18 | 0.19 | 0.84 | 0.60 | 0.92 | 1.15 | 1.02 | 0.92 | 0.66 | 0.51 | 0.29 | 0.45 | 0.54 | 0.43 | 0.28 |
| Diluted Shares Outstanding | 10.29M | 9.63M | 7.43M | 7.54M | 7.74M | 8.05M | 8.14M | 8.04M | 8.17M | 7.69M | 7.33M | 7.25M | 6.33M | 5.69M | 5.29M | 5.36M | 5.52M | 5.46M | 5.48M | 5.54M | 5.53M | 5.52M | 4.92M | 3.96M | 3.96M | 3.93M | 3.9M | 3.91M | 3.94M | 3.85M | 4.04M |
| Basic Shares Outstanding | 9.86M | 9.63M | 7.43M | 7.35M | 7.56M | 7.9M | 7.98M | 8.01M | 8.11M | 7.64M | 7.26M | 7.17M | 6.21M | 5.69M | 5.29M | 5.22M | 5.44M | 5.43M | 5.44M | 5.52M | 5.52M | 5.52M | 4.92M | 3.95M | 3.95M | 3.9M | 3.87M | 3.89M | 3.87M | 3.75M | 3.82M |
| Dividend Payout Ratio | - | - | - | 16.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10.4% | - | - | - | - | - | - | - | - |
Operating margin volatility
As reported in recent financial statements, Lakeland Industries experienced a 1.4% revenue growth in 2027Q1, a significant deceleration from the 49.3% peak observed in 2025Q4, suggesting that the company's top-line expansion remains highly sensitive to episodic demand rather than a steady, organic industrial growth trajectory.
The erratic nature of revenue growth, swinging from double-digit gains to near-flat performance, indicates that the business remains tethered to non-recurring procurement cycles. Investors should monitor whether the company can transition toward a more predictable revenue base as it attempts to pivot from disposable products to higher-end protective gear.
Based on the provided income statement data, gross margins have contracted from a high of 44.6% in 2025Q1 to 31.4% in 2027Q1, reflecting the ongoing challenge of maintaining pricing power within the competitive disposable garment segment amidst fluctuating raw material costs and intense industry-wide price pressure.
The consistent erosion of gross margins suggests that Lakeland may lack the necessary pricing power to fully offset input cost volatility. This trend warrants further investigation into whether the product mix shift toward durable goods is actually occurring or if the company is being forced to compete on price to maintain its distributor footprint.
According to the company's historical filings, operating margins have frequently dipped into negative territory, including a -17.4% margin in 2026Q4, which highlights a fundamental inability to scale operating income in proportion to revenue growth and suggests significant inefficiencies in the current corporate cost structure.
The lack of positive operating leverage implies that the company's fixed overhead is currently too heavy for its existing revenue scale. Without a clear path to consistent operating profitability, the company remains vulnerable to even minor revenue contractions, which could rapidly exacerbate bottom-line losses.
Analysis of the income statement reveals that net income is frequently decoupled from operating performance, as evidenced by the 2026Q3 period where a -12.5% operating margin resulted in a -33.5% net margin, indicating that non-operating charges or tax anomalies are significantly impacting the reported bottom line.
The volatility in net income, often far exceeding the fluctuations in operating income, suggests that investors should focus on core operating metrics rather than headline EPS. The persistent presence of stock-based compensation alongside these losses warrants further scrutiny regarding the alignment of management incentives with shareholder value creation.
Quick answers to the most common questions about buying LAKE stock.
For fiscal year 2026, Lakeland Industries, Inc. (LAKE) reported total revenue of $192.6M. This represents a 360.9% increase compared to $41.8M in 1997.
Lakeland Industries, Inc. (LAKE) reported a net loss of $25.3M for the fiscal year ending 2026.
Lakeland Industries, Inc. (LAKE) reported an operating income of $-15.5M, resulting in an operating profit margin of -8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Lakeland Industries, Inc. (LAKE) generated $63.3M in gross profit for the year, representing a gross profit margin of 32.9%. This demonstrates the company's core pricing power and production efficiency.