Latest Ratios: P/E Ratio 25.6x · EV/EBITDA 15.4x · ROE 11.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $682M | $524M | $435M | $368M | $173M | $220M | $171M | $95M | $138M | $235M | $283M |
| Enterprise Value | $745M | $588M | $503M | $412M | $261M | $300M | $179M | $134M | $180M | $282M | $249M |
| P/E Ratio → | 25.62 | 21.53 | 17.43 | 14.27 | 11.43 | 38.14 | 17.97 | — | — | 75.42 | 29.92 |
| P/S Ratio | 1.19 | 0.91 | 0.93 | 0.74 | 0.38 | 0.70 | 0.56 | 0.29 | 0.40 | 0.71 | 0.88 |
| P/B Ratio | 2.70 | 2.27 | 2.13 | 2.07 | 1.17 | 1.68 | 1.36 | 0.79 | 0.99 | 1.47 | 1.82 |
| P/FCF | 19.69 | 15.13 | 11.45 | 7.94 | — | 8.53 | 6.35 | 10.74 | 17.07 | 16.33 | 37.40 |
| P/OCF | 17.90 | 13.76 | 10.03 | 7.43 | — | 7.85 | 5.76 | 8.29 | 12.01 | 11.18 | 15.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.02 | 1.07 | 0.83 | 0.57 | 0.95 | 0.59 | 0.41 | 0.53 | 0.85 | 0.77 |
| EV / EBITDA | 15.42 | 12.16 | 11.05 | 8.83 | 8.33 | 18.57 | 8.24 | 121.04 | — | 23.74 | 12.09 |
| EV / EBIT | 20.84 | 16.25 | 14.27 | 11.14 | 12.39 | 36.55 | 14.26 | — | — | 76.18 | 17.77 |
| EV / FCF | — | 16.96 | 13.24 | 8.89 | — | 11.63 | 6.64 | 15.09 | 22.28 | 19.57 | 32.94 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.7% | 24.7% | 28.4% | 27.6% | 24.0% | 25.0% | 24.1% | 22.4% | 26.1% | 24.7% | 26.0% |
| Operating Margin | 6.2% | 6.2% | 7.6% | 7.5% | 4.7% | 2.5% | 4.3% | -2.8% | -6.3% | 1.1% | 4.3% |
| Net Profit Margin | 4.3% | 4.3% | 5.3% | 5.2% | 3.3% | 1.9% | 3.1% | -5.0% | -5.7% | 0.9% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.2% | 11.2% | 13.1% | 15.8% | 10.8% | 4.6% | 7.8% | -12.6% | -13.1% | 1.9% | 6.4% |
| ROA | 6.5% | 6.5% | 7.7% | 8.5% | 5.0% | 2.6% | 5.1% | -7.6% | -8.0% | 1.3% | 5.0% |
| ROIC | 9.5% | 9.5% | 10.8% | 12.1% | 7.1% | 3.5% | 6.7% | -4.0% | -8.4% | 1.6% | 8.8% |
| ROCE | 12.6% | 12.6% | 14.5% | 16.3% | 9.4% | 4.5% | 8.8% | -5.2% | -10.9% | 2.0% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.35 | 0.26 | 0.61 | 0.63 | 0.09 | 0.33 | 0.33 | 0.31 | — |
| Debt / EBITDA | 1.38 | 1.38 | 1.58 | 0.98 | 2.89 | 5.10 | 0.52 | 35.75 | — | 4.19 | — |
| Net Debt / Equity | — | 0.27 | 0.33 | 0.25 | 0.60 | 0.61 | 0.06 | 0.32 | 0.30 | 0.29 | -0.22 |
| Net Debt / EBITDA | 1.31 | 1.31 | 1.49 | 0.95 | 2.82 | 4.96 | 0.36 | 34.88 | — | 3.93 | -1.64 |
| Debt / FCF | — | 1.82 | 1.79 | 0.95 | — | 3.10 | 0.29 | 4.35 | 5.21 | 3.24 | -4.47 |
| Interest Coverage | 11.56 | 11.56 | 16.35 | 10.04 | 10.70 | 28.58 | 14.39 | -8.78 | -12.57 | 5.97 | 390.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.99 | 1.99 | 2.05 | 1.96 | 2.06 | 1.76 | 2.48 | 2.78 | 2.61 | 2.36 | 3.26 |
| Quick Ratio | 1.17 | 1.17 | 1.16 | 1.13 | 1.10 | 0.93 | 1.36 | 1.69 | 1.40 | 1.26 | 2.13 |
| Cash Ratio | 0.04 | 0.04 | 0.05 | 0.02 | 0.03 | 0.03 | 0.10 | 0.02 | 0.08 | 0.07 | 0.86 |
| Asset Turnover | — | 1.45 | 1.35 | 1.68 | 1.46 | 1.10 | 1.77 | 1.64 | 1.49 | 1.29 | 1.65 |
| Inventory Turnover | 5.41 | 5.41 | 4.74 | 5.65 | 4.65 | 4.01 | 5.99 | 5.86 | 4.96 | 4.99 | 5.40 |
| Days Sales Outstanding | — | 66.43 | 63.59 | 59.34 | 63.19 | 68.19 | 48.51 | 61.72 | 55.91 | 54.69 | 53.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.1% | 1.3% | 1.5% | 3.1% | 2.4% | 3.1% | 5.4% | 3.7% | 2.1% | 1.5% |
| Payout Ratio | 24.5% | 24.5% | 23.0% | 21.1% | 35.4% | 90.1% | 55.0% | — | — | 168.3% | 44.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.6% | 5.7% | 7.0% | 8.8% | 2.6% | 5.6% | — | — | 1.3% | 3.3% |
| FCF Yield | 5.1% | 6.6% | 8.7% | 12.6% | — | 11.7% | 15.7% | 9.3% | 5.9% | 6.1% | 2.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.2% | 0.1% |
| Total Shareholder Yield | 1.0% | 1.1% | 1.3% | 1.5% | 3.1% | 2.4% | 3.1% | 5.6% | 3.8% | 2.4% | 1.6% |
| Shares Outstanding | — | $31M | $30M | $29M | $28M | $27M | $26M | $26M | $26M | $26M | $26M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LYTS stock.
LSI Industries Inc.'s current P/E ratio is 25.6x. The historical average is 34.7x. This places it at the 67th percentile of its historical range.
LSI Industries Inc.'s current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
LSI Industries Inc.'s return on equity (ROE) is 11.2%. The historical average is 5.8%.
Based on historical data, LSI Industries Inc. is trading at a P/E of 25.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LSI Industries Inc.'s current dividend yield is 0.96% with a payout ratio of 24.5%.
LSI Industries Inc. has 24.7% gross margin and 6.2% operating margin.
LSI Industries Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and integration risk
Metrics are mathematically derived from official filings.
Valuation Premium Amidst Earnings Volatility
LYTS trades at a significant premium to peers with a forward P/E of 14.95 versus the peer median of 12.48, suggesting the market is pricing in a growth trajectory that is not yet reflected in its volatile profitability metrics.
The company's forward P/E of 14.95 and EV/EBITDA of 8.84 are notably higher than peers like Apogee (15.15 P/E, 7.76 EV/EBITDA) and ACCO (9.86 P/E, 6.94 EV/EBITDA), indicating investors are paying for anticipated earnings recovery. However, this premium appears disconnected from the current ROIC of 1.0% and net margin of 2.9% in 2026Q4, which are well below peer averages. The valuation implies a successful integration of the recent acquisition and a return to historical profitability levels, a scenario that warrants close monitoring given the recent margin compression.
Margin Compression Undermines Revenue Surge
Despite a 51.3% year-over-year revenue increase in 2026Q4, net margin compressed to 2.9% from 5.3% a year prior, indicating the growth has not translated into proportional bottom-line improvement and may reflect a lower-margin business mix.
The gross margin decline from 26.1% to 25.7% year-over-year, coupled with a sharp drop in operating margin to 3.1%, suggests the revenue surge is coming from less profitable segments or is being offset by significant cost pressures. The volatility in operating margin, which swung from 7.3% in 2026Q3 to 3.1% in 2026Q4, points to unstable cost structures or non-recurring items distorting the core earning power. This pattern indicates that the top-line acceleration is not yet creating sustainable value for shareholders.
ROIC Collapse Signals Capital Inefficiency
Return on Invested Capital (ROIC) plummeted to 1.0% in 2026Q4 from 3.1% a year ago, a severe deterioration that suggests the recent acquisition has not yet generated returns and is diluting the company's overall capital efficiency.
The ROIC trend has been consistently weak, never exceeding 3.1% over the past ten quarters, and the latest figure of 1.0% is particularly alarming given the massive expansion of the asset base. This collapse in returns, while ROE also fell to 1.9%, indicates that the capital deployed for the acquisition is currently earning well below the company's cost of capital. The primary driver appears to be a combination of compressed net margins and a significantly larger asset base, creating a challenging path to restoring acceptable returns.
Acquisition Leverage Strains Debt Serviceability
The debt-to-equity ratio surged to 0.71 in 2026Q4 from 0.29 a year prior, while interest coverage fell to 3.43x, indicating a fundamental shift in capital structure that has materially increased financial risk and refinancing exposure.
The doubling of leverage is a direct consequence of the $331.8M acquisition, which has pushed total debt to $255.9M against a cash position of only $14.2M. The interest coverage ratio of 3.43x, while still adequate, is a sharp decline from the 14.62x level seen in 2025Q4 and leaves less cushion for operational volatility. This new leverage profile, combined with the thin liquidity buffer, suggests the company's financial flexibility is now constrained, and any underperformance in integrating the acquisition could quickly pressure covenant compliance.
Thin Liquidity Buffer Amidst Asset Expansion
Despite a 109% surge in total assets, the cash position remains minimal at $14.2M, representing only 1.7% of total assets, which suggests the acquisition has consumed nearly all available liquidity and left a precarious buffer against operational shocks.
The current ratio of 1.97 appears healthy on the surface, but the quick ratio of 1.97 (identical, indicating no inventory dependence) masks the underlying cash scarcity. The company's liquidity is now almost entirely dependent on its ability to generate operating cash flow, which turned negative in 2026Q4. This thin cash position, in the context of a newly leveraged balance sheet, means the company has limited capacity to absorb working capital swings or unexpected costs without potentially needing to access external financing.
The Misleading Current Ratio in a Post-Acquisition Context
The current ratio of 1.97 is the most commonly misapplied metric here, as it obscures the severe cash scarcity and the structural shift in the balance sheet, making the company appear more liquid than its actual cash position supports.
Investors often rely on the current ratio as a primary liquidity gauge, but for LYTS post-acquisition, it is misleading. The ratio is inflated by the acquired assets and does not reflect that cash is only 1.7% of total assets. A more appropriate metric is the cash-to-debt ratio, which stands at a precarious 0.06x ($14.2M cash / $255.9M debt). This alternative measure reveals the true refinancing risk and the company's heavy reliance on future cash flows to service its new debt load, a critical nuance the standard current ratio completely misses.