Revenue growth remains under pressure with a 5.13% year-over-year decline in 2025Q4, while operating margins have struggled to scale, evidenced by the sharp swing to a -28.2% operating margin in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 651.36M | 647.93M | 682.95M | 686.68M | 727.66M | 862.92M | 769.17M | 734.9M | 704.54M | 579.48M | 592.62M | 587.67M | 586.01M | 502.72M | 486.84M | 444.42M | 443.17M | 415.04M | 487.94M | 493.73M | 457.4M | 307.9M | 189.46M | 160.35M | 131.22M | 143.54M | 129.38M | 106.8M | 116.7M | 100M | 98.4M |
| Revenue Growth % | -4.32% | -5.13% | -0.54% | -5.63% | -15.67% | 12.19% | 4.66% | 4.31% | 21.58% | -2.22% | 0.84% | 0.28% | 16.57% | 3.26% | 9.55% | 0.28% | 6.78% | -14.94% | -1.17% | 7.94% | 48.56% | 62.51% | 18.15% | 22.2% | -8.58% | 10.95% | 21.14% | -8.48% | 16.7% | 1.63% | 22.24% |
| Cost of Goods Sold | 407.13M | 407.24M | 422.25M | 432.04M | 467.35M | 559.61M | 495.17M | 479.71M | 448.79M | 364.32M | 375.72M | 373.28M | 373.13M | 315.46M | 310.05M | 282.06M | 273.77M | 257.84M | 303.54M | 289M | 265.75M | 177.49M | 111.5M | 92.92M | 73.14M | 80.78M | 71.54M | 55.2M | 58M | 49.4M | 48.9M |
| COGS % of Revenue | - | 62.85% | 61.83% | 62.92% | 64.23% | 64.85% | 64.38% | 65.28% | 63.7% | 62.87% | 63.4% | 63.52% | 63.67% | 62.75% | 63.69% | 63.47% | 61.78% | 62.12% | 62.21% | 58.53% | 58.1% | 57.65% | 58.85% | 57.95% | 55.74% | 56.28% | 55.3% | 51.69% | 49.7% | 49.4% | 49.7% |
| Gross Profit | 244.23M | 240.69M | 260.7M | 254.64M | 260.32M | 303.32M | 274M | 255.19M | 255.76M | 215.16M | 216.9M | 214.39M | 212.88M | 187.26M | 176.79M | 162.36M | 169.4M | 157.2M | 184.4M | 204.73M | 191.65M | 130.4M | 77.96M | 67.44M | 58.07M | 62.76M | 57.84M | 51.6M | 58.7M | 50.6M | 49.5M |
| Gross Margin % | 37.5% | 37.15% | 38.17% | 37.08% | 35.77% | 35.15% | 35.62% | 34.72% | 36.3% | 37.13% | 36.6% | 36.48% | 36.33% | 37.25% | 36.31% | 36.53% | 38.22% | 37.88% | 37.79% | 41.47% | 41.9% | 42.35% | 41.15% | 42.05% | 44.26% | 43.72% | 44.7% | 48.31% | 50.3% | 50.6% | 50.3% |
| Gross Profit Growth % | - | -7.67% | 2.38% | -2.18% | -14.18% | 10.7% | 7.37% | -0.22% | 18.87% | -0.8% | 1.17% | 0.71% | 13.68% | 5.92% | 8.89% | -4.15% | 7.76% | -14.75% | -9.93% | 6.82% | 46.97% | 67.27% | 15.61% | 16.12% | -7.46% | 8.51% | 12.08% | -12.1% | 16.01% | 2.22% | 30.26% |
| Operating Expenses | 254.94M | 216.57M | 233.62M | 222.7M | 236.05M | 252.48M | 249.03M | 278.59M | 232.65M | 198.95M | 187.4M | 189.72M | 187.99M | 158.71M | 148.38M | 137.78M | 139.61M | 138.98M | 188.92M | 183.94M | 161.85M | 105.23M | 63.11M | 52.79M | 51.18M | 56.9M | 51.36M | 45.1M | 37.8M | 35.1M | 33.5M |
| OpEx % of Revenue | - | 33.42% | 34.21% | 32.43% | 32.44% | 29.26% | 32.38% | 37.91% | 33.02% | 34.33% | 31.62% | 32.28% | 32.08% | 31.57% | 30.48% | 31% | 31.5% | 33.48% | 38.72% | 37.26% | 35.38% | 34.18% | 33.31% | 32.92% | 39% | 39.64% | 39.7% | 42.23% | 32.39% | 35.1% | 34.04% |
| Selling, General & Admin | 203.81M | 216.57M | 233.62M | 221.84M | 229.49M | 237.72M | 228.72M | 234.16M | 232.65M | 198.95M | 187.4M | 189.72M | 187.99M | 158.71M | 148.38M | 137.78M | 139.61M | 138.98M | 188.92M | 182.02M | 161.85M | 105.23M | 63.11M | 52.79M | 51.18M | 56.9M | 47.9M | 42.3M | 35.3M | 33.1M | 31.9M |
| SG&A % of Revenue | - | 33.42% | 34.21% | 32.31% | 31.54% | 27.55% | 29.74% | 31.86% | 33.02% | 34.33% | 31.62% | 32.28% | 32.08% | 31.57% | 30.48% | 31% | 31.5% | 33.48% | 38.72% | 36.87% | 35.38% | 34.18% | 33.31% | 32.92% | 39% | 39.64% | 37.03% | 39.61% | 30.25% | 33.1% | 32.42% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.3M | 0 | 0 | 856K | 6.56M | 14.76M | 20.31M | 44.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 3.46M | 2.8M | 2.5M | 2M | 1.6M |
| Operating Income | -10.71M | 24.13M | 27.08M | 31.94M | 24.26M | 50.84M | 24.97M | -23.39M | 18.58M | 15.18M | 27.08M | 24.23M | 21.38M | 28.19M | 27.34M | 24.58M | 29.78M | 15.61M | -51.91M | 20.78M | 29.8M | 25.17M | 14.85M | 14.64M | 6.9M | 5.86M | 6.47M | 6.5M | 20.9M | 15.5M | 16M |
| Operating Margin % | -1.64% | 3.72% | 3.97% | 4.65% | 3.33% | 5.89% | 3.25% | -3.18% | 2.64% | 2.62% | 4.57% | 4.12% | 3.65% | 5.61% | 5.61% | 5.53% | 6.72% | 3.76% | -10.64% | 4.21% | 6.52% | 8.18% | 7.84% | 9.13% | 5.26% | 4.08% | 5% | 6.09% | 17.91% | 15.5% | 16.26% |
| Operating Income Growth % | - | -10.91% | -15.21% | 31.64% | -52.28% | 103.61% | 206.73% | -225.92% | 22.39% | -43.94% | 11.75% | 13.31% | -24.13% | 3.11% | 11.19% | -17.46% | 90.81% | 130.07% | -349.77% | -30.25% | 18.39% | 69.52% | 1.39% | 112.37% | 17.68% | -9.44% | -0.45% | -68.9% | 34.84% | -3.13% | 37.93% |
| EBITDA | 10.72M | 45.98M | 49.4M | 51.51M | 43.8M | 72.07M | 49.63M | 1.72M | 41.91M | 29.37M | 41.23M | 38.43M | 35.58M | 38.6M | 36.66M | 32.98M | 39.59M | 27.08M | -41.13M | 30.44M | 38.58M | 30.81M | 18.92M | 18.32M | 10.35M | 9.57M | 9.93M | 9.3M | 23.4M | 17.5M | 17.6M |
| EBITDA Margin % | 1.65% | 7.1% | 7.23% | 7.5% | 6.02% | 8.35% | 6.45% | 0.23% | 5.95% | 5.07% | 6.96% | 6.54% | 6.07% | 7.68% | 7.53% | 7.42% | 8.93% | 6.52% | -8.43% | 6.17% | 8.44% | 10.01% | 9.99% | 11.42% | 7.89% | 6.67% | 7.68% | 8.71% | 20.05% | 17.5% | 17.89% |
| EBITDA Growth % | -78.31% | -6.93% | -4.1% | 17.61% | -39.23% | 45.2% | 2785.7% | -95.9% | 42.69% | -28.76% | 7.26% | 8.01% | -7.82% | 5.3% | 11.15% | -16.7% | 46.2% | 165.84% | -235.11% | -21.1% | 25.21% | 62.83% | 3.3% | 76.93% | 8.19% | -3.65% | 6.8% | -60.26% | 33.71% | -0.57% | 39.68% |
| D&A (Non-Cash Add-back) | 21.43M | 21.85M | 22.31M | 19.57M | 19.54M | 21.23M | 24.66M | 25.11M | 23.33M | 14.19M | 14.15M | 14.2M | 14.2M | 10.41M | 9.32M | 8.4M | 9.81M | 11.47M | 10.78M | 9.66M | 8.78M | 5.64M | 4.07M | 3.67M | 3.46M | 3.71M | 3.46M | 2.8M | 2.5M | 2M | 1.6M |
| EBIT | -10.94M | -10.19M | 12.47M | 32.2M | 26.23M | 50.55M | 22.83M | -22.99M | 18.51M | 16.9M | 26.8M | 24.08M | 20.28M | 28.55M | 25.97M | 24.58M | 29.02M | 15.61M | -51.91M | 20.78M | 29.83M | 25.25M | 14.91M | 14.64M | 6.9M | 6.98M | 7.5M | 6.5M | 20.9M | 15.5M | 16M |
| Net Interest Income | -19.63M | -20.03M | -22.21M | -21.73M | -17.2M | -14.17M | -17.28M | -20.78M | -18M | -4.29M | -4.8M | -5.9M | -7.18M | -4.85M | -5.9M | -7.76M | -9.35M | -13.19M | -11.58M | -8.4M | -4.58M | -2.49M | -835K | -724K | -1M | -1.29M | -913K | 0 | -200K | 0 | -700K |
| Interest Income | 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 |
| Interest Expense | 19.63M | 20.03M | 22.21M | 21.73M | 17.2M | 14.17M | 17.28M | 20.78M | 18M | 4.29M | 4.8M | 5.75M | 6.42M | 4.85M | 5.9M | 7.76M | 9.35M | 13.19M | 9.14M | 8.4M | 4.58M | 2.49M | 835K | 724K | 1M | 1.29M | 913K | 0 | 200K | 0 | 700K |
| Other Income/Expense | -21.61M | -54.35M | -38.92M | -34.13M | -24.7M | -13.5M | -18.11M | -19.91M | -18.07M | -4.4M | -5.08M | -5.9M | -7.52M | -4.95M | -7.26M | -7.76M | -10.12M | -13.19M | -9.14M | -4.46M | -4.54M | -2.42M | -775K | -656K | -938K | 201K | 379K | 300K | 100K | 100K | -500K |
| Pretax Income | -32.33M | -30.22M | -11.83M | -2.19M | -438K | 37.34M | 6.86M | -43.31M | 509K | 10.78M | 22M | 18.33M | 13.86M | 23.24M | 20.07M | 16.83M | 19.67M | 2.42M | -61.05M | 16.32M | 25.25M | 22.76M | 14.07M | 13.99M | 5.96M | 5.39M | 6.25M | 6.8M | 21M | 15.6M | 15.5M |
| Pretax Margin % | -4.96% | -4.66% | -1.73% | -0.32% | -0.06% | 4.33% | 0.89% | -5.89% | 0.07% | 1.86% | 3.71% | 3.12% | 2.37% | 4.62% | 4.12% | 3.79% | 4.44% | 0.58% | -12.51% | 3.31% | 5.52% | 7.39% | 7.43% | 8.72% | 4.54% | 3.76% | 4.83% | 6.37% | 17.99% | 15.6% | 15.75% |
| Income Tax | -4.82M | -3.28M | 3.33M | 6.22M | 5.73M | 16.54M | 9.87M | 1.11M | 2.89M | 9.03M | 7.03M | 6.63M | 5.83M | 9.18M | 5.21M | 6.12M | 4.6M | 1.88M | -10.54M | 7.43M | 9.72M | 8.65M | 5.6M | 5.57M | 2.41M | 2.48M | 2.82M | 2.8M | 8.4M | 6M | 6.1M |
| Effective Tax Rate % | 14.9% | 10.86% | -28.15% | -284.11% | -1307.76% | 44.3% | 143.84% | -2.56% | 567.58% | 83.79% | 31.95% | 36.15% | 42.02% | 39.48% | 25.94% | 36.38% | 23.4% | 77.56% | 17.26% | 45.52% | 38.5% | 38% | 39.8% | 39.85% | 40.4% | 45.91% | 45.06% | 41.18% | 40% | 38.46% | 39.35% |
| Net Income | -27.51M | -26.94M | -15.16M | -8.41M | -6.17M | 20.8M | -3.01M | -44.41M | -1.72M | 2.15M | 15.72M | 12.28M | 1.54M | 9.28M | 20.95M | 14.07M | 20.26M | 2.71M | -49.03M | 8.89M | 15.53M | 14.11M | 8.47M | 8.41M | 2.25M | 2.92M | 3.43M | 4M | 12.6M | 9.6M | 9.4M |
| Net Margin % | -4.22% | -4.16% | -2.22% | -1.23% | -0.85% | 2.41% | -0.39% | -6.04% | -0.24% | 0.37% | 2.65% | 2.09% | 0.26% | 1.85% | 4.3% | 3.16% | 4.57% | 0.65% | -10.05% | 1.8% | 3.4% | 4.58% | 4.47% | 5.25% | 1.71% | 2.03% | 2.65% | 3.75% | 10.8% | 9.6% | 9.55% |
| Net Income Growth % | -109.89% | -77.63% | -80.28% | -36.43% | -129.64% | 791.75% | 93.23% | -2482.27% | -179.85% | -86.3% | 28.03% | 695.21% | -83.36% | -55.69% | 48.92% | -30.58% | 646.26% | 105.54% | -651.38% | -42.75% | 10.09% | 66.54% | 0.68% | 274.83% | -23.06% | -15.03% | -14.15% | -68.25% | 31.25% | 2.13% | 36.23% |
| Net Income (Continuing) | -27.51M | -26.94M | -15.16M | -8.41M | -6.17M | 20.8M | -3.01M | -44.41M | -1.72M | 2.15M | 15.72M | 12.28M | 1.54M | 9.28M | 14.87M | 14.07M | 17.78M | 544K | -49.24M | 8.89M | 15.53M | 14.11M | 8.47M | 8.41M | 3.55M | 3.61M | 4.06M | 4M | 12.6M | 9.6M | 9.4M |
| 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 | 384K | 528K | 900K | 0 | 0 | 0 |
| EPS (Diluted) | -1.27 | -1.24 | -0.71 | -0.40 | -0.29 | 0.94 | -0.14 | -2.18 | -0.09 | 0.14 | 1.08 | 0.86 | 0.11 | 0.71 | 1.64 | 1.12 | 1.64 | 0.22 | -4.09 | 0.68 | 1.14 | 1.23 | 0.75 | 0.78 | 0.34 | 0.28 | 0.37 | 0.31 | 0.98 | 0.75 | 0.67 |
| EPS Growth % | -105.99% | -74.65% | -77.5% | -37.93% | -130.85% | 771.43% | 93.58% | -2366.06% | -163.14% | -87.04% | 25.58% | 681.82% | -84.51% | -56.71% | 46.43% | -31.71% | 645.45% | 105.38% | -701.47% | -40.35% | -7.32% | 64% | -3.85% | 129.41% | 21.43% | -24.32% | 19.35% | -68.37% | 30.67% | 11.94% | 36.73% |
| EPS (Basic) | - | -1.24 | -0.71 | -0.40 | -0.29 | 0.97 | -0.14 | -2.18 | -0.09 | 0.15 | 1.11 | 0.89 | 0.11 | 0.73 | 1.67 | 1.16 | 1.68 | 0.23 | -4.09 | 0.69 | 1.18 | 1.25 | 0.77 | 0.79 | 0.34 | 0.28 | 0.37 | 0.32 | 1.00 | 0.77 | 0.67 |
| Diluted Shares Outstanding | 21.7M | 21.7M | 21.48M | 21.2M | 21.56M | 22.04M | 20.86M | 20.6M | 19.45M | 14.96M | 14.55M | 14.27M | 14.04M | 13.07M | 12.77M | 12.53M | 12.38M | 12.34M | 11.98M | 13.08M | 13.62M | 11.47M | 11.3M | 10.79M | 10.54M | 10.54M | 9.28M | 12.9M | 12.86M | 12.8M | 13.97M |
| Basic Shares Outstanding | 21.7M | 21.7M | 21.48M | 21.2M | 21.56M | 21.4M | 20.86M | 20.6M | 19.11M | 14.51M | 14.17M | 13.85M | 14.04M | 12.71M | 12.54M | 12.13M | 12.04M | 11.8M | 11.98M | 12.89M | 13.16M | 11.29M | 11M | 10.65M | 10.54M | 10.49M | 9.28M | 12.5M | 12.6M | 12.47M | 13.97M |
| Dividend Payout Ratio | - | - | - | - | - | 18.48% | - | - | - | 114.9% | 15.35% | 17.51% | 131.54% | 16.32% | 5.96% | 6.49% | - | 110.31% | - | 37.15% | 21.45% | 19.63% | 32.41% | 31.49% | 117.06% | 89.68% | 79.97% | 77.5% | 24.6% | 8.33% | - |
Retailer destocking and margin erosion
As indicated by the most recent quarterly data, LCUT's revenue growth remains inconsistent, with a 5.13% year-over-year decline highlighting the company's struggle to maintain volume in a challenging retail environment where discretionary spending on home goods has cooled significantly since the post-pandemic peak.
The recurring pattern of quarterly revenue fluctuations suggests that the company is highly susceptible to the inventory management cycles of its major retail partners. Without a clear catalyst for volume expansion, the current trajectory appears to be one of stagnation, necessitating a deeper look at whether the core kitchenware segment can sustain its historical replacement demand.
Based on reported financial statements, LCUT's gross margin has fluctuated within a narrow band, averaging approximately 37% over the last ten quarters, which suggests limited pricing power in a competitive mass-market landscape where retailers exert significant pressure on supplier margins to maintain their own profitability.
The inability to consistently expand gross margins above the 38% level implies that the company's reliance on third-party Asian manufacturing leaves it vulnerable to freight and commodity cost volatility. Investors should monitor whether the company can successfully pass through inflationary costs or if it remains trapped by the fixed-price nature of its retail planogram agreements.
According to the income statement history, LCUT's operating income has failed to scale effectively with revenue, as evidenced by the sharp swing to a $37.2 million operating loss in 2025Q2, which underscores the difficulty of managing a high fixed-cost SG&A structure during periods of declining sales.
The lack of consistent operating leverage suggests that the company's overhead, including warehousing and administrative costs, is not sufficiently variable to match the cyclicality of its revenue. This structural rigidity may continue to amplify earnings volatility, making the bottom line highly sensitive to even minor shifts in top-line performance.
As reported in recent filings, LCUT's net income has been characterized by extreme volatility, including a significant $39.7 million loss in 2025Q2, which warrants further investigation into whether these results are driven by recurring operational inefficiencies or non-recurring impairment charges related to its brand portfolio.
The frequent swings between profitability and substantial losses suggest that the reported net income may not accurately reflect the underlying cash-generative potential of the core business. Analysts should scrutinize the impact of royalty obligations and potential inventory write-downs, which appear to be masking the true operational health of the company.
While the company maintains a 'category captain' status, the persistent negative net margins reported in several recent quarters suggest that the current business model may be unsustainable if the company cannot successfully leverage its licensed brands to drive higher-margin, direct-to-consumer sales growth.
Short-sellers may focus on the company's reliance on minimum royalty guarantees, which could become a significant liability if retail volumes continue to contract. The current financial profile suggests that the logistical moat may be insufficient to offset the structural costs of maintaining a complex, multi-brand portfolio in a low-growth environment.
Quick answers to the most common questions about buying LCUT stock.
For fiscal year 2025, Lifetime Brands, Inc. (LCUT) reported total revenue of $647.9M. This represents a 558.5% increase compared to $98.4M in 1996.
Lifetime Brands, Inc. (LCUT) reported a net loss of $26.9M for the fiscal year ending 2025.
Lifetime Brands, Inc. (LCUT) reported an operating income of $24.1M, resulting in an operating profit margin of 3.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Lifetime Brands, Inc. (LCUT) generated $240.7M in gross profit for the year, representing a gross profit margin of 37.1%. This demonstrates the company's core pricing power and production efficiency.