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Lindsay Corporation

LNN

Lindsay Corporation • NYSE
$114.93 ▼ -1.31% (-1.52)
Market Cap $1.25 B
52w High $150.96
52w Low $106.10
Dividend Yield 1.46%
P/E 16.95
Volume 86.21K
Outstanding Shares 10.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $153.559M ▼ $33.38M ▲ $10.813M ▼ 7.042% ▼ $1 ▼ $19.145M ▼
Q3-2025 $169.464M ▼ $29.829M ▼ $19.5M ▼ 11.507% ▼ $1.8 ▼ $31.158M ▼
Q2-2025 $187.064M ▲ $30.364M ▲ $26.576M ▲ 14.207% ▲ $2.45 ▲ $38.812M ▲
Q1-2025 $166.281M ▲ $29.083M ▼ $17.164M ▲ 10.322% ▲ $1.58 ▲ $28.198M ▲
Q4-2024 $154.998M $32.199M $12.736M 8.217% $1.17 $17.798M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $250.575M ▲ $840.836M ▼ $307.986M ▼ $532.85M ▲
Q3-2025 $210.793M ▲ $840.863M ▲ $312.087M ▲ $528.776M ▲
Q2-2025 $186.72M ▼ $814.185M ▲ $297.766M ▲ $516.419M ▲
Q1-2025 $194.066M ▲ $771.001M ▲ $282.542M ▲ $488.459M ▲
Q4-2024 $190.879M $760.232M $279.339M $480.893M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $10.813M ▼ $64.036M ▲ $-131K ▲ $-12.492M ▼ $54.458M ▲ $49.791M ▲
Q3-2025 $19.5M ▼ $34.994M ▲ $-9.212M ▲ $-4.574M ▼ $24.073M ▲ $25.661M ▲
Q2-2025 $26.576M ▲ $12.277M ▼ $-30.425M ▼ $-4.475M ▲ $-22.022M ▼ $2.501M ▼
Q1-2025 $17.164M ▲ $21.603M ▼ $-8.806M ▼ $-5.31M ▲ $3.187M ▼ $12.461M ▼
Q4-2024 $12.736M $53.111M $6.448M $-8.401M $50.658M $47.659M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Infrastructure
Infrastructure
 $20.00M ▲$40.00M ▲$30.00M ▼$20.00M ▼
Irrigation
Irrigation
 $150.00M ▲$150.00M ▲$140.00M ▼$130.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Lindsay’s income statement shows a business that has become steadily more profitable over the last several years, even though sales have moved up and down. Revenue climbed strongly coming out of 2021, then cooled off from its peak, but earnings have held up well thanks to better margins and cost discipline. Profit per share has improved meaningfully over the period and has stayed fairly consistent more recently, which suggests the company is managing pricing, mix, and expenses effectively. The main risk is that the business still depends on cyclical end markets like agriculture and infrastructure, so sales could be bumpy even if profitability remains well managed.

Balance Sheet

Balance Sheet The balance sheet looks solid and has strengthened over time. Total assets and shareholders’ equity have both grown, pointing to a larger and more valuable asset base supported by retained profits. Cash levels have risen meaningfully while debt has stayed fairly flat, which improves financial flexibility and reduces funding risk. Overall leverage appears moderate, giving Lindsay room to navigate downturns or invest in growth, though maintaining this conservative posture will be important if markets soften.

Cash Flow

Cash Flow Cash generation is a clear positive. Operating cash flow has been consistently positive in recent years and broadly tracks the improvement in earnings, indicating that reported profits are backed by real cash. After funding a modest but steady level of capital spending, the company has typically produced healthy free cash flow, with only a brief dip in the middle of the period. This pattern supports ongoing investment, dividends, or other capital uses, but it still relies on demand in cyclical markets, so cash flows may not be perfectly smooth year to year.

Competitive Edge

Competitive Edge Lindsay holds a strong, specialized position in two niches: agricultural irrigation and road infrastructure safety. In irrigation, the Zimmatic brand, long dealer relationships, and the FieldNET digital platform create high switching costs and a sticky installed base. In infrastructure, the Road Zipper is a differentiated solution that is often one of very few options for complex lane management projects, which strengthens pricing power and project win rates. These advantages are balanced by exposure to large equipment cycles, government and infrastructure budgets, and competition from other global irrigation and infrastructure players, so the moat is meaningful but not immune to macro swings.

Innovation and R&D

Innovation and R&D Innovation is a major part of Lindsay’s story. In irrigation, the company is pushing precision and automation through FieldNET, FieldNET Advisor, and the “smart pivot” concept, using sensors, weather data, and AI-driven recommendations to help farmers use less water and improve yields. In infrastructure, the Road Zipper and the RoadConnect platform extend the business into connected, data-driven roadside asset management, opening doors to recurring software and analytics revenue. Partnerships and investments, such as work with Microsoft Azure and the stake in Pessl Instruments, deepen its technology stack, though they also raise execution risk and require continued R&D spending to stay ahead of both traditional machinery peers and newer ag-tech competitors.

Summary

Overall, Lindsay looks like a disciplined, niche industrial company with improving profitability, a stronger balance sheet, and reliable cash generation. Its competitive edge comes from combining durable equipment with data, software, and connectivity in both irrigation and infrastructure. The business is well aligned with long-term themes such as water conservation, food security, and smarter roads, which could support growth over time. At the same time, results remain tied to cyclical farm spending and public infrastructure investment, so investors should expect some volatility in sales even if the company continues to manage margins and cash flow effectively.

NEWS

November 10, 2025 · 8:00 AM UTC

KinderCare Announces Lindsay Sorhondo as New COO to Lead Next Phase of Growth

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November 5, 2025 · 6:45 AM UTC

Lindsay Corporation Announces New $150 Million Share Repurchase Program

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October 27, 2025 · 6:45 AM UTC

Lindsay Corporation Announces Quarterly Cash Dividend

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October 23, 2025 · 6:45 AM UTC

Lindsay Corporation Reports Fourth Quarter and Fiscal Year 2025 Results

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October 14, 2025 · 4:15 PM UTC

Sam Hinrichsen Joins Lindsay as Senior Vice President and Chief Financial Officer

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