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LSI Industries Inc. (LYTS)

NASDAQ / Technology / Hardware, Equipment & Parts

Share price

20.23 USD Market dataClose of Oct 15, 2026

Market capitalisation

754.7M USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed Sep 3, 2026
Ratios computed
Oct 15, 2026
Filed years
18, FY2008 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

4.2% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

29.32x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

5.7% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 331.4M USDFY2017 Net income: 3.0M USDFY2018 Revenue: 342.0M USDFY2018 Net income: -19.5M USDFY2019 Revenue: 328.9M USDFY2019 Net income: -16.3M USDFY2020 Revenue: 305.6M USDFY2020 Net income: 9.6M USDFY2021 Revenue: 315.6M USDFY2021 Net income: 5.9M USDFY2022 Revenue: 455.1M USDFY2022 Net income: 15.0M USDFY2023 Revenue: 497.0M USDFY2023 Net income: 25.8M USDFY2024 Revenue: 469.6M USDFY2024 Net income: 25.0M USDFY2025 Revenue: 573.4M USDFY2025 Net income: 24.4M USDFY2026 Revenue: 689.4M USDFY2026 Net income: 22.6M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 29.32x at the close of 2026-10-15 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Hardware, Equipment & Parts industry (47 companies), 29.32x sits at the 28th percentile; the middle half of that group runs from 27.74x to 71.43x.

Is it good

Return on invested capital was 4.2% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Technology sector (220 companies), 4.2% sits at the 33rd percentile; the middle half of that group runs from 1.2% to 17.5%.

Is it safe

Interest coverage was 6.48x in FY2026, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether LSI Industries Inc.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2023 to FY2025, 3 fiscal years of LSI Industries Inc. with a comparable figure)
The direction
Which way LSI Industries Inc.'s return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of LSI Industries Inc.)
What could explain it
What in LSI Industries Inc.'s filed statements could explain the movements. (10 readings drawn from the statement lines LSI Industries Inc. filed)
What to check next
What to check next on LSI Industries Inc., and where in its filings. (6 questions for LSI Industries Inc.)
In one paragraph
One paragraph on LSI Industries Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for LSI Industries Inc.)

These are LYTS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research LYTSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Sep 3, 2026, accession 0001437749-26-029621.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

LSI Industries Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax4.2% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Return on equity6.3% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Return on capital employed, pre-tax5.7% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Return on assets2.7% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Gross margin25.1% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Operating margin5.6% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Net margin3.3% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
LYTS 3.3%
MLAB 2.7%DAKT 5.4%CTS 12.1%KOPN 170.3%MEI -3.5%
-3.5%170.3%
Net margin: LYTS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

LSI Industries Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.85 ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Current ratio1.97 ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Quick ratio1.22 ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Interest coverage6.48x ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Altman Z-score2.21 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Net debt292.5M ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Total assets 829.9MTotal liabilities 469.2MShareholders' equity 360.7MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What LSI Industries Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Sep 3, 2026, 0001437749-26-029621).

LSI Industries Inc: balance sheet position
Total assets829.9M FiledFY2026 10-K, filed Sep 3, 2026
Total liabilities469.2M FiledFY2026 10-K, filed Sep 3, 2026
Shareholders' equity360.7M FiledFY2026 10-K, filed Sep 3, 2026
Cash14.2M FiledFY2026 10-K, filed Sep 3, 2026
Total debt306.7M FiledFY2026 10-K, filed Sep 3, 2026
Net debt292.5M
Current ratio1.97
Debt to equity0.85

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

LSI Industries Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings29.32x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
P/E on trailing twelve months30.19x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.89x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Price to sales0.99x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Enterprise value to EBIT25.37x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Enterprise value to EBITDA17.73x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Price to earnings over growth1.14 ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Diluted earnings per share0.67 USD FiledFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Graham number12.89 USD ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621

We publish no fair value or price target of our own. Value LYTS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for LSI Industries Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

LSI Industries Inc: valuation
Share price20.23 USD
Market capitalisation754.7M USD
Enterprise value to EBITDA17.73x
Graham number12.89 USD
Diluted earnings per share, FY20260.67 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 13.11x, median 24.89x, high 66.71x, latest 30.19x. 1,958 trading days with a meaningful ratio, 565 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like LSI Industries Inc

  1. Mesa Laboratories, Inc. (MLAB)Market cap 714.8M USD
  2. Daktronics, Inc. (DAKT)Market cap 878.7M USD
  3. CTS Corporation (CTS)Market cap 1.58B USD
  4. Kopin Corporation (KOPN)Market cap 707.2M USD
  5. Methode Electronics, Inc. (MEI)Market cap 510.1M USD

Same industry (Hardware, Equipment & Parts) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

LSI Industries Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield5.7% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Free cash flow39.0M USD ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Free cash flow margin5.7% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Dividend yield1.0% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Payout ratio28.6% ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
FY2017 Free cash flow: 14.6M USDFY2017 Net income: 3.0M USDFY2018 Free cash flow: 8.1M USDFY2018 Net income: -19.5M USDFY2019 Free cash flow: 8.9M USDFY2019 Net income: -16.3M USDFY2020 Free cash flow: 27.0M USDFY2020 Net income: 9.6M USDFY2021 Free cash flow: 25.8M USDFY2021 Net income: 5.9M USDFY2022 Free cash flow: -6.0M USDFY2022 Net income: 15.0M USDFY2023 Free cash flow: 46.4M USDFY2023 Net income: 25.8M USDFY2024 Free cash flow: 38.0M USDFY2024 Net income: 25.0M USDFY2025 Free cash flow: 34.7M USDFY2025 Net income: 24.4M USDFY2026 Free cash flow: 39.0M USDFY2026 Net income: 22.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

LSI Industries Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
29.32xFY2026Oct 15, 2026
1.89xFY2026Oct 15, 2026
25.37xFY2026Oct 15, 2026
5.7%FY2026Oct 15, 2026
4.2%FY2026Sep 3, 2026
1.0%FY2026Oct 15, 2026
0.85FY2026Sep 3, 2026
1.97FY2026Sep 3, 2026
0.99xFY2026Oct 15, 2026
1.14FY2026Oct 15, 2026
2.21FY2026Oct 15, 2026
-1.95FY2026Sep 3, 2026
4/9FY2026Sep 3, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 18 filed fiscal years on record, FY2008 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports LSI Industries Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

LSI Industries Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026689.4M38.4M22.6M0.6739.0M5.6%6.3%10-K, Sep 3, 20260001437749-26-029621
FY2025573.4M35.8M24.4M0.7934.7M6.2%10.6%10-K, Sep 11, 20250001437749-25-028862
FY2024469.6M35.5M25.0M0.8338.0M7.6%12.2%10-K, Sep 11, 20240001437749-24-028964
FY2023497.0M37.0M25.8M0.8846.4M7.5%14.5%10-K, Sep 8, 20230001437749-23-025488
FY2022455.1M21.2M15.0M0.54-6.0M4.7%10.2%10-K, Sep 9, 20220001437749-22-022143
FY2021315.6M8.0M5.9M0.2125.8M2.5%4.5%10-K, Sep 10, 20210001437749-21-021914
FY2020305.6M13.1M9.6M0.3627.0M4.3%7.6%10-K, Sep 11, 20200001437749-20-019630
FY2019328.9M-19.9M-16.3M-0.638.9M-6.0%-13.6%10-K, Sep 6, 20190001437749-19-018000
FY2018342.0M-21.7M-19.5M-0.768.1M-6.3%-14.0%10-K, Sep 11, 20180001437749-18-016857
FY2017331.4M3.6M3.0M0.1214.6M1.1%1.9%10-K, Sep 8, 20170001437749-17-015804
  • Revenue, compound annual growth FY2017 to FY2026: 8.5%
  • Earnings, compound annual growth FY2017 to FY2026: 25.1%
  • Earnings per share, compound annual growth FY2017 to FY2026: 21.1%
  • Free cash flow, compound annual growth FY2017 to FY2026: 11.5%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

LSI Industries Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.95 ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Piotroski F-score4/9 ComputedFY2026 10-K, filed Sep 3, 2026, 0001437749-26-029621
Named tests met1 of 30 Computed
Beta1.47 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 29 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.