LSI Industries

LYTS

Electrical Equipment & Parts · Industrials

Price

$20.34

-0.28 (-1.36%)

Market Cap

$746.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Weak

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Share count rising — dilution

+20.4% over 4y

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

Diluted shares outstanding: 28.0M (2022) → 33.7M (2026)

Winston Score History

The full picture

LSI Industries makes lighting systems and visual display solutions for businesses. Its main products include LED lighting fixtures and graphic displays used in gas stations, grocery stores, restaurants, and retail locations across the United States. The company serves well-known brands like major fuel retailers and quick-service restaurant chains, making it a specialized supplier in the commercial and industrial lighting space.

LSI earns money by selling hardware — lights, signs, and display systems — along with installation and maintenance services. It operates almost entirely in the United States and generates roughly $400–500 million in annual revenue. Its competitive edge comes from combining lighting and graphics into turnkey solutions, which makes it easier for large retail chains to work with one vendor instead of many. The main risk the company faces is margin pressure, since it competes against larger manufacturers and relies on winning project-based contracts that can be delayed or canceled when customers cut capital spending budgets.

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

+51.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-29.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$0 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

LSI Industries grew revenue 51% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Profit per sale

Gross Margin

25.7%

Modest — 25.7% gross margin

Profit after running costs

Operating Margin

3.1%

Thin — 3.1% operating margin

Return on the money invested

ROCE

6.2%

Weak — 6.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+20.2%

Fast-growing sales (+20.2% YoY)

Profit growth

EPS YoY

-15.5%

Earnings shrinking (-15.5% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

186%

Turns 186% of profit into real cash

Spare cash per sale

FCF Margin

5.5%

Thin free cash flow (5.5%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.71

Moderate — manageable debt (0.71)

Covers its interest

Interest Cover

6.48x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

29.3x

Growth-priced — P/E 29.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+14.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.3 → 15.1)

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Dividends

Dividend

Dividend Yield

0.80%

Small dividend — 0.80% yield

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

Dividend record

Dividend Growth

+0.0%

Dividend flat

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