Revenue remains highly volatile with a 36.9% year-over-year increase in 2026Q1, yet structural SG&A expenses of approximately $600,000 to $700,000 per quarter frequently result in negative operating margins.
| 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 | 2.64M | 4.17M | 2.23M | 1.73M | -2.68M | 1.45M | 31.16M | 31.9M | 24.87M | 22.4M | 20.89M | 20.71M | 23.01M | 26.2M | 29.71M | 35.68M | 46.66M | 31.3M | 40.18M | 39.54M | 49.3M | 46.18M | 33.83M | 27.97M | 26.39M | 141.07M | 219.2M | 194.22M | 514.5M | 467.5M | 451.9M |
| Revenue Growth % | -21.63% | 87.29% | 28.82% | 164.5% | -285.27% | -95.36% | -2.3% | 28.25% | 11.02% | 7.23% | 0.86% | -9.99% | -12.17% | -11.8% | -16.75% | -23.52% | 49.06% | -22.1% | 1.63% | -19.81% | 6.75% | 36.5% | 20.97% | 6% | -81.3% | -35.64% | 12.86% | -62.25% | 10.05% | 3.45% | 33.62% |
| Cost of Goods Sold | 1.25M | 1.16M | 1.05M | 796K | 837K | 711K | 20.23M | 19.38M | 15.21M | 14.66M | 13.86M | 13.86M | 16.68M | 19.37M | 21.97M | 24.92M | 30.31M | 23.88M | 29.8M | 29.36M | 35.75M | 31.45M | 25.78M | 20.32M | 19.44M | 130.29M | 184.37M | 164.76M | 418.5M | 376.8M | 373.3M |
| COGS % of Revenue | - | 27.7% | 47.03% | 46.06% | -31.24% | 49.17% | 64.93% | 60.76% | 61.16% | 65.44% | 66.33% | 66.93% | 72.5% | 73.94% | 73.94% | 69.83% | 64.96% | 76.28% | 74.17% | 74.27% | 72.51% | 68.09% | 76.21% | 72.65% | 73.66% | 92.36% | 84.11% | 84.83% | 81.34% | 80.6% | 82.61% |
| Gross Profit | 1.39M | 3.01M | 1.18M | 932K | -3.52M | 735K | 10.93M | 12.52M | 9.66M | 7.74M | 7.03M | 6.85M | 6.33M | 6.83M | 7.74M | 10.76M | 16.35M | 7.42M | 10.38M | 10.17M | 13.55M | 14.73M | 8.05M | 7.65M | 6.95M | 10.78M | 34.83M | 29.46M | 96M | 90.7M | 78.6M |
| Gross Margin % | 52.52% | 72.3% | 52.96% | 53.94% | 131.24% | 50.83% | 35.07% | 39.24% | 38.84% | 34.55% | 33.67% | 33.07% | 27.5% | 26.06% | 26.06% | 30.17% | 35.04% | 23.72% | 25.83% | 25.73% | 27.49% | 31.91% | 23.79% | 27.35% | 26.34% | 7.64% | 15.89% | 15.17% | 18.66% | 19.4% | 17.39% |
| Gross Profit Growth % | - | 155.64% | 26.5% | 126.51% | -578.37% | -93.27% | -12.68% | 29.58% | 24.78% | 10.07% | 2.67% | 8.25% | -7.31% | -11.8% | -28.09% | -34.17% | 120.2% | -28.45% | 2.02% | -24.94% | -8.02% | 83.04% | 5.23% | 10.09% | -35.56% | -69.04% | 18.21% | -69.31% | 5.84% | 15.39% | 16.79% |
| Operating Expenses | 3.66M | 2.77M | 2.55M | 2.24M | -1.47M | 4.26M | 9.51M | 9.08M | 8.23M | 7.46M | 7.19M | 7.64M | 8.69M | 10.34M | 9.52M | 10.09M | 9.57M | 9.34M | 11.21M | 41.25M | 14.1M | 13.56M | 10.94M | 8.48M | -9.22M | -8.25M | 37.1M | 29.38M | 72.1M | 65.9M | 61.6M |
| OpEx % of Revenue | - | 66.32% | 114.38% | 129.4% | 54.83% | 294.33% | 30.53% | 28.46% | 33.09% | 33.32% | 34.44% | 36.88% | 37.77% | 39.48% | 32.05% | 28.28% | 20.51% | 29.85% | 27.9% | 104.33% | 28.6% | 29.35% | 32.33% | 30.33% | -34.94% | -5.85% | 16.92% | 15.13% | 14.01% | 14.1% | 13.63% |
| Selling, General & Admin | 3.66M | 0 | 2.55M | 2.24M | 2.89M | 4.26M | 7.37M | 7.07M | 8.23M | 7.46M | 7.19M | 7.64M | 8.69M | 10.34M | 9.52M | 10.09M | 9.57M | 9.34M | 11.21M | 40.34M | 14.1M | 13.41M | 10.16M | 8.48M | 10.2M | 19.16M | 28.48M | 21.57M | 45.8M | 44.3M | 44.6M |
| SG&A % of Revenue | - | - | 114.38% | 129.4% | -107.88% | 294.33% | 23.66% | 22.17% | 33.09% | 33.32% | 34.44% | 36.88% | 37.77% | 39.48% | 32.05% | 28.28% | 20.51% | 29.85% | 27.9% | 102.04% | 28.6% | 29.03% | 30.04% | 30.33% | 38.66% | 13.58% | 13% | 11.11% | 8.9% | 9.48% | 9.87% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 2.14M | 2M | 1.95M | 1.83M | 1.91M | 1.96M | 2.17M | 2.29M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 6.87% | 6.28% | 7.83% | 8.16% | 9.12% | 9.48% | 9.41% | 8.72% | 6.75% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.77M | 0 | 0 | -4.36M | 0 | 0 | 0 | 140K | -57K | 144K | 85K | 26K | -107K | -62K | 0 | 0 | 0 | 0 | 905K | 0 | 150K | 775K | 0 | -19.42M | -27.41M | 8.61M | 7.81M | 26.3M | 21.6M | 17M |
| Operating Income | -2.28M | 249K | -1.37M | -1.3M | -2.05M | -3.52M | 1.42M | 3.44M | 1.43M | 276K | -161K | -788K | -2.83M | -4.16M | -1.78M | 674K | 6.76M | -2.15M | -831K | -1.71M | -548K | 1.18M | -2.89M | -832K | 16.17M | -19.24M | -2.27M | 85K | 23.9M | 24.8M | 17M |
| Operating Margin % | -86.31% | 5.97% | -61.41% | -75.46% | 76.41% | -243.5% | 4.54% | 10.78% | 5.75% | 1.23% | -0.77% | -3.8% | -12.29% | -15.89% | -6% | 1.89% | 14.49% | -6.88% | -2.07% | -4.33% | -1.11% | 2.55% | -8.54% | -2.97% | 61.27% | -13.64% | -1.04% | 0.04% | 4.65% | 5.3% | 3.76% |
| Operating Income Growth % | - | 118.22% | -4.83% | 36.3% | 41.86% | -348.83% | -58.85% | 140.49% | 418.12% | 271.43% | 79.57% | 72.15% | 32.06% | -133.67% | -364.39% | -90.03% | 413.79% | -159.21% | 51.49% | -212.59% | -146.52% | 140.79% | -247.12% | -105.15% | 184.03% | -747.95% | -2769.41% | -99.64% | -3.63% | 45.88% | -11.92% |
| EBITDA | -2.25M | 270K | -1.35M | -1.28M | -1.49M | -2.94M | 1.94M | 3.93M | 1.92M | 918K | 611K | 82K | -1.91M | -3.17M | -977K | 1.52M | 7.4M | -1.22M | 267K | -608K | 741K | 2.69M | -1.72M | 407K | 17.42M | -13.98M | 6.34M | 7.89M | 50.2M | 46.4M | 34M |
| EBITDA Margin % | -85.51% | 6.48% | -60.47% | -74.19% | 55.58% | -203.67% | 6.24% | 12.33% | 7.73% | 4.1% | 2.92% | 0.4% | -8.29% | -12.11% | -3.29% | 4.25% | 15.87% | -3.88% | 0.66% | -1.54% | 1.5% | 5.82% | -5.09% | 1.46% | 66.01% | -9.91% | 2.89% | 4.06% | 9.76% | 9.93% | 7.52% |
| EBITDA Growth % | -722.99% | 120.06% | -4.99% | 13.9% | 49.44% | -251.57% | -50.58% | 104.58% | 109.37% | 50.25% | 645.12% | 104.3% | 39.92% | -224.87% | -164.4% | -79.51% | 708.88% | -555.43% | 143.91% | -182.05% | -72.42% | 256.13% | -522.85% | -97.66% | 224.61% | -320.4% | -19.63% | -84.28% | 8.19% | 36.47% | 11.11% |
| D&A (Non-Cash Add-back) | 21K | 21K | 21K | 22K | 558K | 576K | 528K | 493K | 492K | 642K | 772K | 870K | 922K | 990K | 805K | 843K | 645K | 938K | 1.1M | 1.1M | 1.29M | 1.51M | 1.17M | 1.24M | 1.25M | 5.26M | 8.61M | 7.81M | 26.3M | 21.6M | 17M |
| EBIT | -2.28M | 249K | 699K | 646K | -6.41M | -3.52M | 1.31M | 3.91M | 1.43M | 276K | 5K | -671K | -2.8M | -4.23M | -1.75M | 676K | 6.78M | -2.1M | -769K | -1.71M | -548K | 1.18M | -2.89M | -832K | 16.17M | 19.03M | -2.27M | 85K | 4.07M | 6.73M | 17M |
| Net Interest Income | 1.67M | 0 | 2.07M | 0 | 194K | 1K | -11K | 2K | 2K | -11K | -22K | -32K | -26K | -43K | -89K | -109K | -304K | -405K | -386K | 1.22M | -570K | -239K | -345K | -282K | -80K | -7.36M | -9.95M | 0 | -27.7M | 0 | -17M |
| Interest Income | 1.67M | 0 | 2.07M | 0 | 194K | 1K | 0 | 2K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.53M | 0 | 608K | 15K | 0 | 121K | 384K | 1.48M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 11K | 0 | 0 | 11K | 22K | 32K | 26K | 43K | 89K | 109K | 304K | 405K | 292K | 306K | 570K | 847K | 360K | 282K | 201K | 7.74M | 11.43M | 6.88M | 27.7M | 28.4M | 17M |
| Other Income/Expense | 1.7M | 0 | 2.07M | 1.95M | -4.36M | 19.54M | -111K | 470K | 140K | -57K | 144K | 85K | -465K | -755K | -62K | -107K | -281K | -584K | -345K | 1.29M | 1.19M | -177K | -338K | 869K | -172K | -3.34M | -6.21M | -6.88M | -5.2M | -5.1M | -9.2M |
| Pretax Income | -577K | 249K | 699K | 646K | -6.41M | 16.02M | 1.3M | 3.91M | 1.57M | 219K | -17K | -703K | -2.83M | -4.27M | -1.84M | 567K | 6.48M | -2.5M | -1.2M | -420K | 639K | 1M | -3.23M | 183K | 16M | -22.58M | -8.48M | -6.8M | 4.8M | -3.6M | 7.8M |
| Pretax Margin % | -21.88% | 5.97% | 31.4% | 37.38% | 239.12% | 1108.02% | 4.18% | 12.26% | 6.31% | 0.98% | -0.08% | -3.39% | -12.29% | -16.3% | -6.21% | 1.59% | 13.88% | -8% | -2.99% | -1.06% | 1.3% | 2.17% | -9.53% | 0.65% | 60.62% | -16.01% | -3.87% | -3.5% | 0.93% | -0.77% | 1.73% |
| Income Tax | -714K | -506K | 177K | 301K | -1.53M | 3.47M | 336K | -3.11M | 165K | 102K | -165K | 8K | -4K | 3.95M | -524K | 185K | -2.94M | 19K | 127K | 135K | -226K | -209K | 100K | 73K | -1.97M | 358K | -2.79M | -2.54M | 1.4M | -700K | 3M |
| Effective Tax Rate % | 123.74% | -203.21% | 25.32% | 46.59% | 23.87% | 21.67% | 25.77% | -79.48% | 10.51% | 46.58% | 970.59% | -1.14% | 0.14% | -92.44% | 28.42% | 32.63% | -45.46% | -0.76% | -10.58% | -32.14% | -35.37% | -20.88% | -3.1% | 39.89% | -12.3% | -1.59% | 32.95% | 37.43% | 29.17% | 19.44% | 38.46% |
| Net Income | 72K | 688K | 432K | 269K | -2.99M | 14.64M | 968K | 7.02M | 1.41M | 117K | 148K | -711K | -2.83M | -8.22M | -1.32M | 382K | 9.42M | -2.52M | -1.3M | -2.55M | 865K | 1.21M | -3.33M | 110K | 17.96M | -22.94M | -3.44M | -1.58M | 3.4M | -2.9M | 2.7M |
| Net Margin % | 2.73% | 16.5% | 19.41% | 15.57% | 111.68% | 1012.31% | 3.11% | 22% | 5.65% | 0.52% | 0.71% | -3.43% | -12.28% | -31.37% | -4.44% | 1.07% | 20.2% | -8.06% | -3.24% | -6.46% | 1.75% | 2.62% | -9.83% | 0.39% | 68.08% | -16.26% | -1.57% | -0.81% | 0.66% | -0.62% | 0.6% |
| Net Income Growth % | -82.22% | 59.26% | 60.59% | 108.99% | -120.44% | 1412.19% | -86.2% | 399.36% | 1100.85% | -20.95% | 120.82% | 74.83% | 65.63% | -522.65% | -445.55% | -95.95% | 473.63% | -93.55% | 48.98% | -395.26% | -28.51% | 136.38% | -3123.64% | -99.39% | 178.31% | -567.19% | -117.18% | -146.56% | 217.24% | -207.41% | -47.06% |
| Net Income (Continuing) | 137K | 755K | 522K | 345K | -4.88M | 12.55M | 968K | 7.02M | 1.41M | 117K | 148K | -711K | -2.83M | -8.22M | -1.32M | 382K | 9.42M | -2.52M | -1.28M | -555K | 865K | 1.21M | -3.33M | 110K | 17.96M | -22.94M | -5.68M | -4.25M | 287K | 1.33M | 4.8M |
| Discontinued Operations | 0 | 0 | 0 | -28K | 1.89M | 2.09M | 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 | 2.09M | 2.08M | 2.01M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.81M | 10.88M | 14.5M | 13.8M | 13.3M |
| EPS (Diluted) | 0.01 | 0.11 | 0.08 | 0.05 | -0.91 | 2.74 | 0.19 | 1.41 | 0.29 | 0.04 | 0.06 | -0.27 | -1.09 | -3.17 | -0.51 | 0.15 | 4.19 | -1.15 | -0.60 | -1.18 | 0.44 | 0.73 | -2.17 | 0.07 | 11.99 | -15.24 | -2.31 | -1.12 | 2.37 | -2.05 | 1.92 |
| EPS Growth % | -64.88% | 41.39% | 54.67% | 105.53% | -133.21% | 1342.11% | -86.52% | 386.21% | 625% | -33.33% | 122.22% | 75.23% | 65.62% | -521.57% | -440% | -96.42% | 464.35% | -91.67% | 49.15% | -368.18% | -39.73% | 133.64% | -3200% | -99.42% | 178.67% | -559.74% | -106.25% | -147.26% | 215.61% | -206.77% | -47.54% |
| EPS (Basic) | - | 0.13 | 0.08 | 0.05 | -0.91 | 2.77 | 0.19 | 1.44 | 0.30 | 0.04 | 0.06 | -0.27 | -1.09 | -3.17 | -0.51 | 0.15 | 4.19 | -1.15 | -0.60 | -1.18 | 0.44 | 0.73 | -2.17 | 0.07 | 11.99 | -15.24 | -2.31 | -1.12 | 2.37 | -2.05 | 1.92 |
| Diluted Shares Outstanding | 6.41M | 6.41M | 5.55M | 5.35M | 5.34M | 5.33M | 5.22M | 4.98M | 4.88M | 3.04M | 2.67M | 2.64M | 2.6M | 2.6M | 2.59M | 2.57M | 2.25M | 2.2M | 2.17M | 2.16M | 2.15M | 1.65M | 1.53M | 1.5M | 1.5M | 1.51M | 1.49M | 1.42M | 1.42M | 1.42M | 1.41M |
| Basic Shares Outstanding | 6.41M | 5.4M | 5.35M | 5.35M | 5.34M | 5.28M | 5.17M | 4.88M | 4.75M | 2.93M | 2.67M | 2.63M | 2.6M | 2.6M | 2.59M | 2.57M | 2.25M | 2.2M | 2.17M | 2.16M | 2.15M | 1.65M | 1.53M | 1.5M | 1.5M | 1.51M | 1.49M | 1.42M | 1.42M | 1.42M | 1.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 5.13% | 41.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating scale and volatility
As indicated by the quarterly income statement data, LGL's revenue trajectory remains highly volatile, with a 36.9% year-over-year increase in 2026Q1 following a 30.6% decline in 2025Q4, underscoring the lumpy, project-based nature of the firm's current revenue model within the electronic instruments segment.
The extreme quarter-to-quarter fluctuations suggest that the company lacks a recurring revenue base, making top-line performance highly sensitive to the timing of individual defense or infrastructure contract awards. Investors should interpret this volatility as a sign that the business is currently operating as a collection of discrete projects rather than a scalable, predictable enterprise.
Based on the reported financial figures, LGL's SG&A expenses consistently hover around $600,000 to $700,000 per quarter, which, when measured against the company's modest revenue base, creates a structural hurdle that frequently pushes the firm into negative operating income territory.
The cost structure appears heavily weighted toward fixed corporate overhead, which is disproportionate to the current scale of operations. This suggests that the company may struggle to achieve sustained GAAP operating profitability unless it can significantly increase its revenue volume without a corresponding expansion in administrative and compliance-related expenses.
According to the provided income statement, LGL's net income frequently diverges from operating performance, as evidenced by the 2025Q3 period where the company reported a $772,000 net profit despite a $327,000 operating loss, highlighting the significant impact of non-operating income on the bottom line.
The reliance on non-operating items, likely interest income from the company's substantial cash reserves, suggests that the reported net income is not a reliable indicator of core operational health. Analysts should be cautious in using EPS as a proxy for business success, as it appears to be heavily influenced by the company's balance sheet rather than its hardware sales.
As reported in the quarterly filings, LGL's gross margins have fluctuated significantly, ranging from a low of 50.8% in 2025Q4 to a high of 77.4% in 2024Q4, which suggests that the profitability of individual contracts varies widely depending on the specific product mix delivered.
This margin variability implies that the company lacks consistent pricing power or a standardized product cost structure. The inability to maintain a stable gross margin suggests that the firm's profitability is highly susceptible to the specific technical requirements and cost profiles of the unique, low-volume projects it undertakes.
Quick answers to the most common questions about buying LGL stock.
For fiscal year 2025, The LGL Group, Inc. (LGL) reported total revenue of $4.2M. This represents a 99.1% decline compared to $451.9M in 1996.
The LGL Group, Inc. (LGL) is profitable, generating $0.7M in net income for the fiscal year ending 2025 with a net profit margin of 16.5%.
The LGL Group, Inc. (LGL) reported an operating income of $0.2M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
The LGL Group, Inc. (LGL) generated $3.0M in gross profit for the year, representing a gross profit margin of 72.3%. This demonstrates the company's core pricing power and production efficiency.