LSI Industries

LYTS

Hardware, Equipment & Parts · Technology

Price

$23.93

-0.37 (-1.52%)

Market Cap

$745.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+12.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.4M (2021) → 30.8M (2025)

LSI Industries Inc. manufactures and sells non-residential lighting and retail display solutions in the United States, Canada, Mexico, Australia, and Latin America. It operates in two segments, Lighting and Display Solutions. The Lighting segment manufactures, markets, and sells non-residential outdoor and indoor lighting solutions. It also offers lighting control products, including sensors, photocontrols, dimmers, motion detection, and Bluetooth systems to support lighting fixtures; and design

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-51.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

LSI Industries is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

24.5%

Thin — 24.5% gross margin

Operating Margin

7.3%

Modest — 7.3% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.9%

Steady sales growth (7.9% YoY)

EPS YoY

-17.1%

Earnings shrinking (-17.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

236%

Turns 236% of profit into real cash

FCF Margin

7.6%

Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Interest Cover

14.87x

Comfortably covers interest (14.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

36.1x

Pricey — P/E 36.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+20.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (36.1 → 15.4)

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Dividends

Dividend Yield

0.78%

Small dividend — 0.78% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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