Free cash flow remains highly volatile, oscillating between a $49.8M peak in 2025Q4 and a $21.6M deficit in 2024Q2, while the company simultaneously deployed $25.2M toward share repurchases in 2026Q2.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 123M | 132.91M | 95.76M | 119.71M | 3.05M | 43.97M | 46.03M | 3.8M | 33.93M | 39.45M | 33.07M | 48.68M | 91.8M | 57.51M | 52.44M | 43.05M | 25.24M | 57.49M | 30.51M | 10.12M | 14.4M | 11.78M | 1.21M | 15.31M | 11.56M | 10.04M | 8.06M | 19.6M | 29M | 21.3M | 9.8M |
| Operating CF Margin % | - | 19.65% | 15.77% | 17.76% | 0.4% | 7.75% | 9.7% | 0.85% | 6.2% | 7.62% | 6.4% | 8.69% | 14.86% | 8.32% | 9.51% | 8.99% | 7.04% | 17.1% | 6.42% | 3.59% | 6.37% | 6.64% | 0.61% | 9.37% | 7.93% | 7.92% | 6.21% | 16.8% | 18.63% | 13.46% | 7.2% |
| Operating CF Growth % | 32.56% | 38.79% | -20% | 3827.39% | -93.07% | -4.49% | 1112.38% | -88.81% | -13.98% | 19.28% | -32.07% | -46.97% | 59.63% | 9.66% | 21.8% | 70.57% | -56.1% | 88.43% | 201.39% | -29.67% | 22.23% | 877.43% | -92.13% | 32.38% | 15.2% | 24.5% | -58.87% | -32.41% | 36.15% | 117.35% | -21.6% |
| Net Income | 58.88M | 74.05M | 66.26M | 72.38M | 65.47M | 42.57M | 38.63M | 2.17M | 20.28M | 23.18M | 20.27M | 26.31M | 51.51M | 70.57M | 43.28M | 36.8M | 24.86M | 13.82M | 39.41M | 15.62M | 11.7M | 4.84M | 9.29M | 12.89M | 10.66M | 7.96M | 13.21M | 12.7M | 23.5M | 20.1M | 16.5M |
| Depreciation & Amortization | 21.45M | 20.9M | 21.2M | 19.28M | 20.18M | 19.18M | 19.4M | 14.02M | 16.51M | 16.68M | 16.88M | 16.41M | 14.79M | 12.6M | 12.47M | 11.73M | 10.71M | 10.44M | 9.24M | 7.2M | 4.29M | 3.73M | 3.12M | 3.38M | 3.19M | 3.05M | 2.93M | 2.8M | 2.5M | 2.2M | 1.8M |
| Stock-Based Compensation | 7.13M | 8.06M | 6.39M | 6.53M | 5.46M | 6.19M | 5.62M | 4.2M | 3.89M | 3.6M | 3.06M | 3.33M | 4.21M | 4.57M | 3.94M | 3.47M | 2.21M | 2.14M | 3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 6.19M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.92M | -1.43M | -3.9M | 0 | -2.06M | 1.91M | 1.38M | -2.89M | -50K | -903K | -5.75M | 278K | -8.2M | -5.05M | -3.87M | -2.83M | -1.5M | -1.23M | -886K | -2.63M | -3.69M | -1.14M | 1.03M | 1.39M | -242K | 942K | 697K | 100K | 700K | -1.2M | -600K |
| Other Non-Cash Items | -60.8M | -1.66M | 173K | 3.58M | 3.87M | -1.99M | 1.98M | 786K | 4.37M | 52K | -754K | 10.78M | 1.76M | 684K | 1.34M | 596K | 333K | 1.92M | 78K | 2.23M | 1.83M | 20K | 757K | -596K | -202K | -5.4M | 7K | 400K | 100K | 300K | 100K |
| Working Capital Changes | 91.42M | 33M | 5.63M | 17.94M | -89.87M | -23.89M | -20.97M | -14.48M | -11.07M | -3.15M | -627K | -8.42M | 27.72M | -25.87M | -4.71M | -6.72M | -11.37M | 30.4M | -20.84M | -12.15M | 449K | 4.33M | -12.99M | -1.75M | -2.06M | -2.7M | -8.27M | 3.6M | 1.8M | -100K | -8.1M |
| Change in Receivables | 37.7M | 3.45M | 23.48M | -4.93M | -47.51M | -11.54M | 538K | -5.17M | -1.19M | -843K | -843K | 5.84M | 2.23M | 1.54M | 388K | 732K | 732K | 75K | 75K | 0 | 0 | 0 | 0 | 0 | 0 | 771K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 16.69M | 19.09M | -765K | 40.95M | -53.8M | -38.16M | -14.04M | -16.19M | -8.17M | -10.09M | 1.33M | 915K | -2.72M | -10.02M | -5.61M | -1.83M | 827K | 7.73M | -7.96M | -10.93M | -2.03M | 828K | 920K | -2.58M | -2.72M | 2.9M | -3.58M | 2.5M | -200K | -2.2M | -2.4M |
| Change in Payables | -4.51M | 11.12M | -5.96M | -15.27M | 13.83M | 17.99M | -691K | 2.12M | 159K | 4.08M | -7.1M | -337K | -623K | 9.19M | 723K | 4.78M | 6.74M | -12.12M | 12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 17.99M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -38.04M | -48.57M | -25.94M | -47.42M | -8.95M | -27.62M | -38.51M | -21.22M | 18.11M | -9.98M | -9.9M | -79.58M | -18.48M | -41.08M | -6.85M | -15.62M | -11.1M | -12.7M | -6.27M | -42.74M | -24.23M | 13.19M | -5.69M | -10.53M | -15.25M | 7.99M | -1.07M | 12.4M | -9.1M | -9.2M | -3.5M |
| Capital Expenditures | -51.04M | -42.5M | -28.98M | -18.77M | -15.6M | -26.51M | -21.45M | -23.21M | -11.05M | -8.86M | -11.5M | -15.24M | -17.71M | -11.14M | -9.89M | -8.4M | -5.78M | -10.5M | -14.09M | -14.65M | -3.59M | -4.12M | -5.04M | -1.92M | -2.22M | -2.93M | -3.46M | -4M | -5.1M | -3.3M | -4M |
| CapEx % of Revenue | 8.02% | 6.28% | 4.77% | 2.79% | 2.02% | 4.67% | 4.52% | 5.23% | 2.02% | 1.71% | 2.23% | 2.72% | 2.87% | 1.61% | 1.79% | 1.76% | 1.61% | 3.12% | 2.97% | 5.2% | 1.59% | 2.33% | 2.56% | 1.17% | 1.52% | 2.31% | 2.67% | 3.43% | 3.28% | 2.08% | 2.94% |
| Acquisitions | 0 | 0 | 0 | -30.84M | 0 | 0 | -3.03M | 0 | 29.89M | 0 | 0 | -69.52M | 0 | -29.01M | -6.18M | -6.18M | -6.44M | -3.08M | -21.03M | -16.7M | -34.43M | 0 | -1.02M | 0 | -4.81M | -1.99M | -545K | 100K | 0 | 200K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2M | -1.42M | -2.76M | -3.85M | -855K | -577K | 3.96M | 57K | 82K | 233K | 1.14M | -1.09M | 34K | 22K | 116K | 80K | 1.41M | 13.88M | 1.22M | 165K | 267K | 55K | 43K | 63K | 206K | 58K | 134K | 100K | 200K | -100K | 100K |
| Cash from Financing | -80.47M | -26.85M | -38.64M | -17.3M | -12.69M | -11.66M | -13.44M | -14.64M | -11.25M | -10.3M | -61.37M | 3.91M | -53.59M | -8M | -8.8M | -3.4M | -16.2M | -9.79M | 5.24M | 9.49M | 27.66M | -8.63M | -1.92M | -1.78M | -1.45M | -3.55M | -18.12M | -21.6M | -20.3M | -10.2M | -8.5M |
| Debt Issued (Net) | 0 | 0 | 0 | -222K | -218K | -195K | -227K | -205K | -201K | -197K | -193K | 114.89M | 0 | -4.29M | -4.29M | -4.29M | -12.77M | -7.8M | -5.14M | 7.97M | 30M | 0 | 0 | 0 | 0 | 0 | -95K | -200K | -200K | 0 | 0 |
| Equity Issued (Net) | -64.48M | -10.03M | -22.45M | 476K | 3.31M | -1.27M | -1.11M | -1.12M | -833K | -635K | -49.05M | -98.59M | -43.09M | -2.44M | 567K | 2.74M | 549K | 1.42M | 6.53M | 3.35M | 485K | -6.03M | 492K | 39K | 186K | -1.92M | -16.33M | -19.7M | -18.4M | -8.9M | -7.5M |
| Dividends Paid | -15.69M | -15.75M | -15.46M | -15.08M | -14.6M | -14.17M | -13.64M | -13.38M | -13.01M | -12.49M | -12.24M | -12.77M | -11.73M | -6.11M | -4.89M | -4.34M | -4.05M | -3.75M | -3.42M | -3.09M | -2.83M | -2.6M | -2.41M | -1.82M | -1.63M | -1.64M | -1.7M | -1.8M | -1.7M | -1.3M | -1M |
| Share Repurchases | -65.59M | -11.53M | -22.45M | 0 | 0 | -1.27M | -1.11M | -1.12M | -833K | -635K | -49.05M | -98.59M | -43.09M | -2.44M | -577K | -843K | -664K | 0 | 0 | 0 | 0 | -6.65M | 0 | 0 | 0 | -1.92M | -16.8M | -20.5M | -19.4M | -9.9M | -8.5M |
| Other Financing | -304K | -1.08M | -726K | -2.47M | -1.18M | 3.96M | 1.54M | 62K | 2.79M | 3.02M | 113K | 385K | 1.22M | 4.84M | -190K | 2.49M | 76K | 344K | 7.26M | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Net Change in Cash | 14.07M | 59.7M | 30.12M | 55.71M | -22.06M | 5.7M | -5.8M | -33.58M | 39.17M | 20.37M | -37.85M | -32.75M | 19.91M | 8.48M | 35.28M | 24.75M | -2.51M | 35.17M | 29.74M | -22.32M | 17.78M | 16.59M | -6.39M | 2.94M | -5.15M | 14.47M | -11.13M | 10.4M | -20.3M | -10.2M | -8.5M |
| Free Cash Flow | 71.96M | 90.41M | 66.78M | 100.93M | -12.55M | 17.46M | 24.59M | -19.41M | 22.88M | 30.59M | 21.58M | 33.44M | 74.08M | 46.37M | 42.55M | 34.65M | 19.46M | 46.99M | 16.42M | -4.52M | 10.8M | 7.66M | -3.83M | 13.39M | 9.35M | 7.11M | 4.6M | 15.6M | 23.9M | 18M | 5.8M |
| FCF Margin % | 11.3% | 13.37% | 11% | 14.97% | -1.63% | 3.08% | 5.18% | -4.37% | 4.18% | 5.9% | 4.18% | 5.97% | 11.99% | 6.71% | 7.72% | 7.24% | 5.43% | 13.98% | 3.46% | -1.6% | 4.78% | 4.32% | -1.95% | 8.2% | 6.41% | 5.61% | 3.54% | 13.37% | 15.35% | 11.37% | 4.26% |
| FCF Growth % | -18.58% | 35.39% | -33.83% | 904.43% | -171.87% | -29% | 226.66% | -184.85% | -25.19% | 41.76% | -35.47% | -54.86% | 59.77% | 8.98% | 22.8% | 78.08% | -58.6% | 186.21% | 463.03% | -141.86% | 41.12% | 299.79% | -128.62% | 43.26% | 31.49% | 54.59% | -70.53% | -34.73% | 32.78% | 210.34% | -40.21% |
| FCF per Share | 6.79 | 8.28 | 6.06 | 9.12 | -1.14 | 1.59 | 2.26 | -1.80 | 2.12 | 2.86 | 1.97 | 2.82 | 5.75 | 3.59 | 3.32 | 2.73 | 1.55 | 3.77 | 1.33 | -0.38 | 0.92 | 0.65 | -0.32 | 1.12 | 0.79 | 0.60 | 0.37 | 1.18 | 1.64 | 1.20 | 0.41 |
| FCF Conversion (FCF/Net Income) | 1.22x | 1.79x | 1.45x | 1.65x | 0.05x | 1.03x | 1.19x | 1.75x | 1.67x | 1.70x | 1.63x | 1.85x | 1.78x | 0.81x | 1.21x | 1.17x | 1.02x | 4.16x | 0.77x | 0.65x | 1.23x | 2.43x | 0.13x | 1.19x | 1.08x | 1.26x | 0.61x | 1.54x | 1.23x | 1.06x | 0.59x |
| Interest Paid | 0 | 1.82M | 3.31M | 3.91M | 3.81M | 4.64M | 4.67M | 4.67M | 4.63M | 4.7M | 4.67M | 2.45M | 234K | 369K | 561K | 860K | 1.65M | 2.15M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 20.76M | 22.29M | 20.3M | 15.74M | 6.8M | 7.31M | 7.89M | 11.18M | 16.21M | 18.39M | 26.92M | 26.26M | 38.33M | 19.67M | 22.06M | 8.37M | 11.08M | 12.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Agricultural Demand Exposure
According to quarterly financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -0.04 in 2026Q1 to 5.92 in 2025Q4, suggesting that reported earnings are frequently decoupled from actual cash generation due to working capital timing.
The extreme variance in the OCF/NI ratio indicates that accrual-based accounting significantly obscures the underlying cash-generating capacity of the business. Investors should monitor whether this volatility is a structural feature of project-based infrastructure contracts or a sign of deteriorating collection efficiency in the irrigation segment.
As reported in recent financial statements, Lindsay's free cash flow trajectory remains inconsistent, oscillating between a peak of $49.8M in 2025Q4 and a deficit of $21.6M in 2024Q2, which highlights the difficulty in maintaining stable cash margins during periods of shifting agricultural and infrastructure demand.
The inability to sustain positive free cash flow across consecutive quarters suggests that the company's cash profile is highly sensitive to the timing of large-scale project milestones. This inconsistency may force management to rely on its cash reserves to fund operations during cyclical troughs, potentially limiting the flexibility for future strategic investments.
Based on reported figures, capital expenditure as a percentage of revenue has trended upward from 3.4% in 2024Q3 to 8.2% in 2026Q2, indicating that the company is increasing its investment in fixed assets even as top-line growth faces significant cyclical headwinds.
This rising capital intensity warrants further investigation, as it may reflect necessary maintenance for aging manufacturing facilities or a strategic pivot toward more automated production processes. If these investments do not yield immediate efficiency gains, the elevated capex will continue to exert downward pressure on free cash flow margins.
Data from recent filings shows that Lindsay has prioritized share repurchases, with $25.2M deployed in 2026Q2 alone, despite the company's mixed cash flow performance and the broader cyclical downturn currently impacting the agricultural machinery sector.
The decision to return capital to shareholders through buybacks while operating cash flow remains volatile suggests a management preference for supporting the stock price over building a larger war chest for acquisitions. Investors should consider whether this capital allocation strategy is sustainable if the current contraction in net farm income persists.
Quick answers to the most common questions about buying LNN stock.
Lindsay Corporation (LNN) generated $132.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lindsay Corporation (LNN) generated $90.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Lindsay Corporation (LNN) spent $42.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Lindsay Corporation (LNN) returned $15.7M to shareholders via cash dividends and spent $11.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.