Lindsay Corporation (LNN) 10-Year Financial Performance & Capital Metrics

LNN • • Industrial / General

IndustrialsAgricultural MachinerySpecialized Agricultural EquipmentSpecialized Farm Equipment

AboutLindsay Corporation, together with its subsidiaries, provides water management and road infrastructure products and services in the United States and internationally. The company operates in two segments, Irrigation and Infrastructure. The Irrigation segment manufactures and markets center pivot, lateral move irrigation systems, and irrigation controls under the Zimmatic brand; hose reel travelers under the Perrot and Greenfield brands; and chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems under the GrowSmart brand. It also offers repair and replacement parts for its irrigation systems and controls; global positioning system positioning and guidance, variable rate irrigation, wireless irrigation management, irrigation scheduling, and smartphone applications; and industrial Internet of Things technology solutions, data acquisition and management systems, and custom electronic equipment for applications under the Elecsys brand. The Infrastructure segment provides Quickchange moveable barrier systems that help in highway reconstruction, paving and resurfacing, road widening, median and shoulder construction, and tunnels and bridge repairs; and re-directive and non-re-directive crash cushions, which are used to enhance highway safety at locations, such as toll booths, freeway off-ramps, medians and roadside barrier ends, bridge supports, utility poles, and other fixed roadway hazards. It also offers specialty barrier products; road marking and road safety equipment; and railroad signals and structures, and diameter steel tubing products, as well as outsourced manufacturing and production services for other companies. The company serves departments of transportation, municipal transportation road agencies, roadway contractors, subcontractors, distributors, and dealers. Lindsay Corporation was founded in 1954 and is headquartered in Omaha, Nebraska.Show more

Revenue $676M +11.4%
EBITDA $109M +15.6%
Net Income $74M +11.8%
EPS (Diluted) 6.78 +12.8%
Gross Margin 31.16% -1.0%
EBITDA Margin 16.12% +3.8%
Operating Margin 13.03% +3.2%
Net Margin 10.95% +0.3%
ROE 14.61% +3.3%
ROIC 15.68% +16.7%
Debt/Equity 0.26 -8.3%
Interest Coverage 48.08 +103.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 25 years of consecutive increases
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 15.3%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.9%

5Y7.34%

3Y-4.26%

TTM8.81%

Profit (Net Income) CAGR

10Y10.9%

5Y13.9%

3Y4.19%

TTM7.33%

EPS CAGR

10Y11.81%

5Y13.75%

3Y4.51%

TTM8.35%

ROCE

10Y Avg11.32%

5Y Avg14.48%

3Y Avg14.39%

Latest13.24%

Peer Comparison

Specialized Farm Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARTWArt's-Way Manufacturing Co., Inc.	12.1M	2.37	38.98	-19.09%	10.43%	18.06%	15.72%	0.40
ALGAlamo Group Inc.	2.34B	193.05	20.05	-3.62%	7.2%	10.27%	7.9%	0.22
LNNLindsay Corporation	1.32B	126.39	18.64	11.41%	11.02%	14.17%	6.84%	0.26
TWITitan International, Inc.	596.67M	9.33	-115.19	1.32%	-0.34%	-1.06%	12.71%	1.38

Profit & Loss

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Sales/Revenue+	516.41M	517.99M	547.71M	444.07M	474.69M	567.65M	770.74M	674.08M	607.07M	676.37M
Revenue Growth %	-0.08%	0%	0.06%	-0.19%	0.07%	0.2%	0.36%	-0.13%	-0.1%	0.11%
Cost of Goods Sold+	367.8M	372.97M	396.24M	329.46M	322.15M	417.44M	571.57M	461.07M	416.02M	465.59M
COGS % of Revenue	0.71%	0.72%	0.72%	0.74%	0.68%	0.74%	0.74%	0.68%	0.69%	0.69%
Gross Profit+	148.61M	145.01M	151.46M	114.61M	152.54M	150.21M	199.18M	213.01M	191.06M	210.78M
Gross Margin %	0.29%	0.28%	0.28%	0.26%	0.32%	0.26%	0.26%	0.32%	0.31%	0.31%
Gross Profit Growth %	-0.05%	-0.02%	0.04%	-0.24%	0.33%	-0.02%	0.33%	0.07%	-0.1%	0.1%
Operating Expenses+	114.24M	104.81M	112.9M	108.49M	98.34M	96.1M	104.53M	110.83M	114.45M	122.66M
OpEx % of Revenue	0.22%	0.2%	0.21%	0.24%	0.21%	0.17%	0.14%	0.16%	0.19%	0.18%
Selling, General & Admin	98.39M	87.66M	96.85M	94.56M	84.39M	82.74M	89.39M	92.61M	97.32M	104.73M
SG&A % of Revenue	0.19%	0.17%	0.18%	0.21%	0.18%	0.15%	0.12%	0.14%	0.16%	0.15%
Research & Development	15.85M	17.15M	16.05M	13.94M	13.95M	13.36M	15.14M	18.22M	17.12M	17.93M
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.03%	0.03%	0.03%
Other Operating Expenses	-981K	-907K	0	0	0	0	0	0	0	0
Operating Income+	34.38M	40.2M	38.56M	6.12M	54.2M	54.11M	94.64M	102.18M	76.61M	88.12M
Operating Margin %	0.07%	0.08%	0.07%	0.01%	0.11%	0.1%	0.12%	0.15%	0.13%	0.13%
Operating Income Growth %	-0.32%	0.17%	-0.04%	-0.84%	7.86%	-0%	0.75%	0.08%	-0.25%	0.15%
EBITDA+	51.26M	56.88M	55.08M	20.13M	73.6M	73.28M	110.14M	121.47M	94.31M	109.02M
EBITDA Margin %	0.1%	0.11%	0.1%	0.05%	0.16%	0.13%	0.14%	0.18%	0.16%	0.16%
EBITDA Growth %	-0.24%	0.11%	-0.03%	-0.63%	2.66%	-0%	0.5%	0.1%	-0.22%	0.16%
D&A (Non-Cash Add-back)	16.88M	16.68M	16.51M	14.02M	19.4M	19.18M	15.5M	19.28M	17.7M	20.9M
EBIT	34.38M	40.47M	38.54M	6.87M	53.6M	55.14M	92.14M	104.16M	82.28M	96.42M
Net Interest Income+	-4.11M	-3.58M	-3.05M	-2.37M	-2.8M	-3.67M	-3.65M	-1M	1.96M	5.88M
Interest Income	645K	1.18M	1.64M	2.4M	1.96M	1.08M	622K	2.78M	5.19M	7.72M
Interest Expense	4.75M	4.76M	4.69M	4.77M	4.76M	4.75M	4.27M	3.79M	3.23M	1.83M
Other Income/Expense	-5.09M	-4.49M	-5.16M	-4.01M	-5.36M	-3.72M	-6.78M	-1.81M	2.44M	6.46M
Pretax Income+	29.29M	35.72M	33.85M	2.11M	48.84M	50.39M	87.87M	100.38M	79.05M	94.58M
Pretax Margin %	0.06%	0.07%	0.06%	0%	0.1%	0.09%	0.11%	0.15%	0.13%	0.14%
Income Tax+	9.02M	12.54M	13.58M	-65K	10.21M	7.81M	22.4M	28M	12.79M	20.53M
Effective Tax Rate %	0.69%	0.65%	0.6%	1.03%	0.79%	0.84%	0.75%	0.72%	0.84%	0.78%
Net Income+	20.27M	23.18M	20.28M	2.17M	38.63M	42.57M	65.47M	72.38M	66.26M	74.05M
Net Margin %	0.04%	0.04%	0.04%	0%	0.08%	0.07%	0.08%	0.11%	0.11%	0.11%
Net Income Growth %	-0.23%	0.14%	-0.13%	-0.89%	16.78%	0.1%	0.54%	0.11%	-0.08%	0.12%
Net Income (Continuing)	20.27M	23.18M	20.28M	2.17M	38.63M	42.57M	65.47M	72.38M	66.26M	74.05M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.85	2.17	1.88	0.20	3.56	3.88	5.94	6.54	6.01	6.78
EPS Growth %	-0.17%	0.17%	-0.13%	-0.89%	16.8%	0.09%	0.53%	0.1%	-0.08%	0.13%
EPS (Basic)	1.86	2.17	1.89	0.20	3.57	3.91	5.97	6.58	6.04	6.82
Diluted Shares Outstanding	10.93M	10.69M	10.77M	10.81M	10.86M	10.98M	11.03M	11.06M	11.02M	10.92M
Basic Shares Outstanding	10.91M	10.67M	10.74M	10.78M	10.82M	10.89M	10.96M	11M	10.98M	10.86M
Dividend Payout Ratio	0.6%	0.54%	0.64%	6.16%	0.35%	0.33%	0.22%	0.21%	0.23%	0.21%

Balance Sheet

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Total Current Assets+	292.12M	292.93M	331.05M	313.49M	347.94M	416.1M	477.1M	487.48M	493.21M	532.76M
Cash & Short-Term Investments	101.25M	121.62M	160.79M	127.2M	140.91M	146.71M	116.51M	166.31M	190.88M	250.57M
Cash Only	101.25M	121.62M	160.79M	127.2M	121.4M	127.11M	105.05M	160.75M	190.88M	250.57M
Short-Term Investments	0	0	0	0	19.51M	19.6M	11.46M	5.56M	0	0
Accounts Receivable	80.61M	73.85M	69.11M	75.55M	84.6M	93.61M	138.2M	144.77M	116.6M	113.03M
Days Sales Outstanding	56.98	52.04	46.05	62.1	65.05	60.19	65.45	78.39	70.11	60.99
Inventory	74.75M	86.16M	79.23M	92.29M	104.79M	145.24M	193.78M	155.93M	154.45M	136.86M
Days Inventory Outstanding	74.18	84.31	72.99	102.24	118.73	127	123.74	123.44	135.51	107.29
Other Current Assets	16.5M	6.92M	21.92M	18.45M	17.63M	30.54M	28.62M	20.47M	31.28M	32.3M
Total Non-Current Assets+	207.44M	213.1M	169.21M	186.82M	222.59M	221.08M	233.55M	258.18M	267.02M	308.07M
Property, Plant & Equipment	77.63M	74.5M	57.25M	68.97M	107.04M	110.28M	113.65M	116.72M	128.51M	160.4M
Fixed Asset Turnover	6.65x	6.95x	9.57x	6.44x	4.43x	5.15x	6.78x	5.78x	4.72x	4.22x
Goodwill	76.8M	77.13M	64.67M	64.39M	68M	67.97M	67.13M	83.12M	84.19M	84.46M
Intangible Assets	47.2M	42.81M	27.38M	24.38M	23.48M	20.37M	18.21M	27.72M	25.37M	23.33M
Long-Term Investments	-15.35M	0	0	0	0	0	0	0	0	8.76M
Other Non-Current Assets	5.81M	13.35M	13.27M	17.33M	14.14M	14.36M	25.25M	19.73M	14.52M	11.59M
Total Assets+	499.56M	506.03M	500.26M	500.31M	570.53M	637.18M	710.65M	745.66M	760.23M	840.84M
Asset Turnover	1.03x	1.02x	1.09x	0.89x	0.83x	0.89x	1.08x	0.90x	0.80x	0.80x
Asset Growth %	-0.07%	0.01%	-0.01%	0%	0.14%	0.12%	0.12%	0.05%	0.02%	0.11%
Total Current Liabilities+	87.87M	92.04M	80.09M	82.13M	102.39M	138.24M	160.94M	136.11M	125.82M	143.59M
Accounts Payable	32.27M	36.72M	30.53M	29.43M	29.55M	45.21M	60.04M	44.28M	37.42M	48.67M
Days Payables Outstanding	32.02	35.93	28.12	32.61	33.49	39.53	38.34	35.05	32.83	38.16
Short-Term Debt	197K	201K	205K	209K	195K	217K	222K	226K	228K	233K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	35.63M	34.1M	27.99M	20.78M	43.33M	47.11M	57.95M	56.6M	53.72M	64.05M
Current Ratio	3.32x	3.18x	4.13x	3.82x	3.40x	3.01x	2.96x	3.58x	3.92x	3.71x
Quick Ratio	2.47x	2.25x	3.14x	2.69x	2.37x	1.96x	1.76x	2.44x	2.69x	2.76x
Cash Conversion Cycle	99.13	100.42	90.92	131.73	150.3	147.66	150.85	166.78	172.79	130.13
Total Non-Current Liabilities+	160.13M	143.94M	143.3M	149.97M	169.61M	160.5M	156.35M	153.9M	153.52M	164.39M
Long-Term Debt	116.98M	116.78M	116.13M	115.85M	115.68M	115.51M	115.34M	115.16M	114.99M	114.81M
Capital Lease Obligations	0	0	0	0	25.86M	18.3M	19.81M	17.69M	15.54M	17.35M
Deferred Tax Liabilities	13.26M	1.19M	1.08M	872K	889K	832K	1.05M	689K	678K	1.02M
Other Non-Current Liabilities	29.89M	25.97M	25.64M	33.26M	27.18M	25.85M	20.15M	20.36M	22.31M	31.21M
Total Liabilities	248M	235.98M	223.39M	232.1M	272.01M	298.74M	317.3M	290.01M	279.34M	307.99M
Total Debt+	117.17M	116.98M	116.78M	116.06M	146.86M	138.02M	138.53M	136.11M	134.39M	136.51M
Net Debt	15.93M	-4.64M	-44.01M	-11.15M	25.46M	10.92M	33.48M	-24.65M	-56.49M	-114.06M
Debt / Equity	0.47x	0.43x	0.42x	0.43x	0.49x	0.41x	0.35x	0.30x	0.28x	0.26x
Debt / EBITDA	2.29x	2.06x	2.12x	5.76x	2.00x	1.88x	1.26x	1.12x	1.42x	1.25x
Net Debt / EBITDA	0.31x	-0.08x	-0.80x	-0.55x	0.35x	0.15x	0.30x	-0.20x	-0.60x	-1.05x
Interest Coverage	7.24x	8.45x	8.23x	1.28x	11.39x	11.39x	22.17x	26.98x	23.69x	48.08x
Total Equity+	251.57M	270.06M	276.87M	268.21M	298.52M	338.44M	393.36M	455.65M	480.89M	532.85M
Equity Growth %	-0.13%	0.07%	0.03%	-0.03%	0.11%	0.13%	0.16%	0.16%	0.06%	0.11%
Book Value per Share	23.02	25.25	25.70	24.81	27.49	30.81	35.66	41.19	43.65	48.80
Total Shareholders' Equity	251.57M	270.06M	276.87M	268.21M	298.52M	338.44M	393.36M	455.65M	480.89M	532.85M
Common Stock	18.71M	18.78M	18.84M	18.87M	18.92M	18.99M	19.06M	19.09M	19.12M	19.17M
Retained Earnings	466.93M	477.62M	484.89M	474.74M	499.72M	528.13M	579M	636.3M	687.09M	745.4M
Treasury Stock	-277.24M	-277.24M	-277.24M	-277.24M	-277.24M	-277.24M	-277.24M	-277.24M	-299.69M	-311.22M
Accumulated OCI	-14.17M	-12.11M	-18.09M	-19.85M	-20.57M	-17.93M	-21.47M	-21.01M	-30M	-33.53M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Aug 2016	Aug 2017	Aug 2018	Aug 2019	Aug 2020	Aug 2021	Aug 2022	Aug 2023	Aug 2024	Aug 2025
Cash from Operations+	33.07M	39.45M	33.93M	3.8M	46.03M	43.97M	3.05M	119.71M	95.76M	132.91M
Operating CF Margin %	0.06%	0.08%	0.06%	0.01%	0.1%	0.08%	0%	0.18%	0.16%	0.2%
Operating CF Growth %	-0.32%	0.19%	-0.14%	-0.89%	11.12%	-0.04%	-0.93%	38.27%	-0.2%	0.39%
Net Income	20.27M	23.18M	20.28M	2.17M	38.63M	42.57M	65.47M	72.38M	66.26M	74.05M
Depreciation & Amortization	16.88M	16.68M	16.51M	14.02M	19.4M	19.18M	20.18M	19.28M	21.2M	20.9M
Stock-Based Compensation	3.06M	3.6M	3.89M	4.2M	5.62M	6.19M	5.46M	6.53M	6.39M	8.06M
Deferred Taxes	-5.75M	-903K	-50K	-2.89M	1.38M	1.91M	-2.06M	0	-3.9M	-1.43M
Other Non-Cash Items	-754K	52K	4.37M	786K	1.98M	-1.99M	3.87M	3.58M	173K	-1.66M
Working Capital Changes	-627K	-3.15M	-11.07M	-14.48M	-20.97M	-23.89M	-89.87M	17.94M	5.63M	33M
Change in Receivables	-843K	-843K	-1.19M	-5.17M	538K	-11.54M	-47.51M	-4.93M	23.48M	3.45M
Change in Inventory	1.33M	-10.09M	-8.17M	-16.19M	-14.04M	-38.16M	-53.8M	40.95M	-765K	19.09M
Change in Payables	-7.1M	4.08M	159K	2.12M	-691K	17.99M	13.83M	-15.27M	-5.96M	11.12M
Cash from Investing+	-9.9M	-9.98M	18.11M	-21.22M	-38.51M	-27.62M	-8.95M	-47.42M	-25.94M	-48.57M
Capital Expenditures	-11.5M	-8.86M	-11.05M	-23.21M	-21.45M	-26.51M	-15.6M	-18.77M	-28.98M	-42.5M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.05%	0.05%	0.05%	0.02%	0.03%	0.05%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.14M	233K	82K	57K	3.96M	-577K	-855K	-3.85M	-2.76M	-1.42M
Cash from Financing+	-61.37M	-10.3M	-11.25M	-14.64M	-13.44M	-11.66M	-12.69M	-17.3M	-38.64M	-26.85M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.24M	-12.49M	-13.01M	-13.38M	-13.64M	-14.17M	-14.6M	-15.08M	-15.46M	-15.75M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	113K	3.02M	2.79M	62K	1.54M	3.96M	-1.18M	-2.47M	-726K	-1.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	21.58M	30.59M	22.88M	-19.41M	24.59M	17.46M	-12.55M	100.93M	66.78M	90.41M
FCF Margin %	0.04%	0.06%	0.04%	-0.04%	0.05%	0.03%	-0.02%	0.15%	0.11%	0.13%
FCF Growth %	-0.35%	0.42%	-0.25%	-1.85%	2.27%	-0.29%	-1.72%	9.04%	-0.34%	0.35%
FCF per Share	1.97	2.86	2.12	-1.80	2.26	1.59	-1.14	9.12	6.06	8.28
FCF Conversion (FCF/Net Income)	1.63x	1.70x	1.67x	1.75x	1.19x	1.03x	0.05x	1.65x	1.45x	1.79x
Interest Paid	4.67M	4.7M	4.63M	4.67M	4.67M	4.64M	3.81M	3.91M	3.31M	1.82M
Taxes Paid	18.39M	16.21M	11.18M	7.89M	7.31M	6.8M	15.74M	20.3M	22.29M	20.76M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	7.5%	8.89%	7.41%	0.8%	13.63%	13.37%	17.89%	17.05%	14.15%	14.61%
Return on Invested Capital (ROIC)	9.65%	11.32%	11.61%	1.87%	13.99%	12.05%	18.29%	17.87%	13.43%	15.68%
Gross Margin	28.78%	28%	27.65%	25.81%	32.14%	26.46%	25.84%	31.6%	31.47%	31.16%
Net Margin	3.92%	4.47%	3.7%	0.49%	8.14%	7.5%	8.49%	10.74%	10.91%	10.95%
Debt / Equity	0.47x	0.43x	0.42x	0.43x	0.49x	0.41x	0.35x	0.30x	0.28x	0.26x
Interest Coverage	7.24x	8.45x	8.23x	1.28x	11.39x	11.39x	22.17x	26.98x	23.69x	48.08x
FCF Conversion	1.63x	1.70x	1.67x	1.75x	1.19x	1.03x	0.05x	1.65x	1.45x	1.79x
Revenue Growth	-7.81%	0.3%	5.74%	-18.92%	6.9%	19.58%	35.78%	-12.54%	-9.94%	11.41%

Revenue by Segment

	2012	2018	2019	2020	2021	2022	2023	2024	2025
Irrigation	475.3M	439.86M	218.63M	218.95M	273.87M	665.83M	586.03M	513.9M	568M
Irrigation Growth	-	-7.46%	-50.30%	0.15%	25.08%	143.12%	-11.98%	-12.31%	10.53%
Infrastructure	75.96M	107.85M	92.57M	131.16M	96.29M	104.91M	88.05M	93.18M	108.37M
Infrastructure Growth	-	41.99%	-14.16%	41.68%	-26.59%	8.96%	-16.07%	5.82%	16.30%

Revenue by Geography

	2012	2018	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	-	321.7M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-	-
Segment Geographical Groups Of Countries Group One	354.65M	-	-	-	-	-	-	-	-
Segment Geographical Groups Of Countries Group One Growth	-	-	-	-	-	-	-	-	-
Segment Geographical Groups Of Countries Group Two	196.61M	-	-	-	-	-	-	-	-
Segment Geographical Groups Of Countries Group Two Growth	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Lindsay Corporation (LNN) has a price-to-earnings (P/E) ratio of 18.6x. This is roughly in line with market averages.

Growth & Financials

Lindsay Corporation (LNN) reported $665.9M in revenue for fiscal year 2025. This represents a 21% increase from $551.3M in 2012.

Lindsay Corporation (LNN) grew revenue by 11.4% over the past year. This is steady growth.

Yes, Lindsay Corporation (LNN) is profitable, generating $73.4M in net income for fiscal year 2025 (10.9% net margin).

Dividend & Returns

Yes, Lindsay Corporation (LNN) pays a dividend with a yield of 1.14%. This makes it attractive for income-focused investors.

Lindsay Corporation (LNN) has a return on equity (ROE) of 14.6%. This is reasonable for most industries.

Lindsay Corporation (LNN) generated $62.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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