Lindsay Corp (LNN)

Price$123.39Cached quoteAs of 2026-09-05 03:41 UTC

AI: Overvalued

Price checkThe shares look overvalued because buyers pay a premium while earnings and cash are weakening.

Using about 10.17 million shares, the observed quote implies a market value near $1.18 billion. The last four quarters produced about $5.21 of diluted earnings per share, so buyers pay roughly 22 times recent earnings. Free cash flow—cash left after operations and capital spending—was about $44.9 million, only a 3.8% yield on that value. Even a return to fiscal 2025 earnings of $6.78 leaves roughly 17 times earnings, offering little value-investor cushion.

Big pictureRecent profits remain solid, but cash generation has weakened sharply during the irrigation downturn.

Fiscal 2025 produced $74.1 million of net income and $90.4 million of free cash flow. Yet the latest nine months generated $44.4 million of profit, down 30%, while revenue fell about 9%. Operating cash was only $30.6 million against $35.5 million of capital spending, leaving negative free cash flow. This volatility is not new: free cash flow swung from negative $12.5 million in fiscal 2022 to more than $100 million in 2023. Irrigation demand and working-capital movements make cash durability uneven.

Business strengthA liquid balance sheet and falling share count cushion the weaker operating cycle.

At May 31, cash of $154.8 million exceeded $137.8 million of debt, and current assets of $480.4 million were almost three times current liabilities. That is solid, although net cash fell from $114.1 million at fiscal 2025 year-end to only $16.9 million. The main use was shareholder returns: nine-month buybacks reached $80.7 million and dividends $11.5 million. Outstanding shares fell 5.9%, so repurchases clearly exceeded stock-based pay, but management used most of the cash cushion while operating cash weakened.

What could change the storyA farm rebound or larger road projects could help, while continued weakness would expose the valuation.

Reported facts support both sides. Third-quarter infrastructure sales rose 8%, the order backlog reached $136.1 million versus $117.1 million, and the Middle East and North Africa project remains scheduled. Conversely, irrigation sales fell 7%, including 11% in North America, while its operating margin slipped from 18.9% to 15.3%. My inference: a conservative value price of fifteen times earnings would require sustainable annual earnings near $7.75 per share, above every supplied fiscal year. A broad farm recovery could achieve that; prolonged weak demand would not.

AI: News

Mixed third-quarter resultsProfit beat expectations, but weaker irrigation sales and margins showed the farm downturn still matters.

On July 2, Lindsay reported third-quarter revenue of $160.8 million, down 5%, operating income of $18.5 million, down 22%, and diluted earnings of $1.53 per share, down 14%. Earnings nevertheless exceeded the $1.35 estimate cited by Investing.com, while infrastructure revenue rose 8%. Shares closed 0.9% higher after a wide intraday range; timing alone cannot prove the report caused that move. The core value issue is weaker irrigation volume and fixed costs pressuring margins.

Temporary finance leadershipThe finance chief resigned for personal reasons, leaving two internal executives in temporary control.

On July 17, Lindsay said Chief Financial Officer Sam Hinrichsen would resign for personal reasons effective August 31, with no disagreements or accounting-policy issues. On August 28, the board appointed long-serving internal executives Alicia Pfeifer and Brett Coburn as interim co-chief financial officers effective September 1; Coburn became the officer responsible for financial reporting. In my view, internal continuity reduces immediate reporting risk, but the continuing search for a permanent finance chief adds uncertainty around capital allocation and investor communication.

Major regional irrigation orderA major irrigation order supports near-term sales but also concentrates delivery and regional risks.

Announced on January 8 after the first quarter, the irrigation-and-technology supply agreement is worth about $80 million, roughly 12% of fiscal 2025 revenue. Deliveries began in the second quarter, and July's update said the project remained on schedule, with about $70 million of revenue expected during fiscal 2026. This order can partly offset weak North American and Brazilian equipment demand. However, management specifically noted geopolitical challenges, so execution timing and customer concentration remain the key uncertainties.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$659.1M	$584.3M	$661.9M	$760.3M	$551.3M	$463.2M	$436.3M	$547.7M	$518.0M	$516.4M	$560.2M	$617.9M	$690.8M	$551.3M	$478.9M	$358.4M
Gross profit	$210.8M	$191.1M	$213.0M	$199.2M	$150.2M	$152.5M	$114.6M	$151.5M	$145.0M	$148.6M	$156.3M	$171.0M	$194.8M	$148.5M	$129.8M	$98.9M
Gross margin	31.98%	32.70%	32.18%	26.20%	27.25%	32.93%	26.27%	27.65%	28.00%	28.78%	27.91%	27.67%	28.20%	26.94%	27.10%	27.59%
Research & development	$17.9M	$17.1M	$18.2M	$15.1M	$13.4M	$13.9M	$13.9M	$16.0M	$17.1M	$15.8M	$12.8M	$11.1M	$11.4M	$9.5M	$10.4M	$7.8M
Operating expenses	$122.7M	$114.4M	$110.8M	$104.5M	$96.1M	$98.3M	$108.5M	$112.5M	$104.4M	$114.2M	$105.6M	$92.6M	$87.8M	$83.0M	$73.2M	$61.1M
Operating income	$88.1M	$76.6M	$102.2M	$94.6M	$54.1M	$54.2M	$6.1M	$39.0M	$40.6M	$34.4M	$50.7M	$78.4M	$107.1M	$65.5M	$56.6M	$37.8M
Operating margin	13.37%	13.11%	15.44%	12.45%	9.81%	11.70%	1.40%	7.12%	7.85%	6.66%	9.05%	12.68%	15.50%	11.88%	11.82%	10.56%
EBITDA	$109.0M	$97.8M	$121.5M	$114.8M	$73.3M	$73.6M	$20.1M	$55.5M	$57.3M	$51.3M	$67.1M	$93.2M	$119.7M	$78.0M	$68.3M	$48.6M
EBITDA margin	16.54%	16.74%	18.35%	15.10%	13.29%	15.89%	4.61%	10.14%	11.07%	9.93%	11.98%	15.07%	17.32%	14.15%	14.27%	13.55%
Net income	$74.1M	$66.3M	$72.4M	$65.5M	$42.6M	$38.6M	$2.2M	$20.3M	$23.2M	$20.3M	$26.3M	$51.5M	$70.6M	$43.3M	$36.8M	$24.9M
Net profit margin	11.24%	11.34%	10.93%	8.61%	7.72%	8.34%	0.50%	3.70%	4.47%	3.92%	4.70%	8.34%	10.21%	7.85%	7.68%	6.94%
Basic EPSper basic share	$6.82	$6.04	$6.58	$5.97	$3.91	$3.57	$0.20	$1.89	$2.17	$1.86	$2.23	$4.01	$5.50	$3.41	$2.93	$2.00
Diluted EPSper diluted share	$6.78	$6.01	$6.54	$5.94	$3.88	$3.56	$0.20	$1.88	$2.17	$1.85	$2.22	$4.00	$5.47	$3.38	$2.90	$1.98

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.42%of listed shares

BlackRock, Inc.1.77M shares · Jun 30, 2026

View holders

Top 20 reported holders of LNN
Holder	% owned
BlackRock, Inc.	17.42%1.77M shares
NEUBERGER BERMAN GROUP LLC	8.97%911.88K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.42%653.28K shares
STATE STREET CORP	4.85%493.3K shares
VANGUARD CAPITAL MANAGEMENT LLC	4.59%466.73K shares
Amundi	4.16%423.31K shares
DIMENSIONAL FUND ADVISORS LP	4.02%408.32K shares
AMERICAN CENTURY COMPANIES INC	3.32%337.84K shares
GEODE CAPITAL MANAGEMENT, LLC	2.77%281.66K shares
TWO SIGMA INVESTMENTS, LP	2.77%281.17K shares
KBC Group NV	2.64%268.51K shares
T. Rowe Price Investment Management, Inc.	2.42%245.75K shares
ROYCE & ASSOCIATES LP	2.33%236.72K shares
Legal & General Group Plc	1.87%190.12K shares
Invesco Ltd.	1.76%179.39K shares
NUANCE INVESTMENTS, LLC	1.76%179.28K shares
MORGAN STANLEY	1.57%160.01K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.40%142.4K shares
MILLENNIUM MANAGEMENT LLC	1.40%142.27K shares
NORTHERN TRUST CORP	1.10%111.75K shares

Percentages use 10.17M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)11$2.77M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Aug 13, 2025Form 4	Brunner Robert EDirector	SellCommon Stock · indirect	1.9K	$142.08	$263.7K	3.3K
Aug 13, 2025Form 4	Brunner Robert EDirector	SellCommon Stock	1.3K	$142.08	$189.3K	2.5K
Jul 1, 2025Form 4	Ketcham Brian LSenior Vice President and CFO	SellCommon Stock	4.0K	$149.09	$596.2K	9.6K
May 12, 2025Form 4	Di Si PabloDirector	SellCommon Stock	640	$138.29	$88.5K	4.3K
Jan 30, 2025Form 4	Wood Randy APresident and CEO	SellCommon Stock	3.9K	$135.95	$533.2K	35.8K

Review ownership filings at SEC.gov ↗

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Lindsay Corp (LNN)

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