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LSI Industries Inc.

Rank #326Op. Leverage

LYTS · Nasdaq · Technology

LSI Industries Inc. (LYTS) — Rank #326 by gross profitability (GP/assets 0.21) · ROE 6.3% · Piotroski F-Score 4 / 9.

As-of 2026-09-28 · CIK 0000763532 · all metrics point-in-time as of the filing date.

About

LSI Industries Inc. manufactures, markets, and sells non-residential lighting and retail display solutions in the United States.

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The company operates through Lighting and Display Solutions segments. It offers outdoor and indoor lighting fixture and controls solutions, including sensors, photocontrols, dimming, motion detection, and circuit controllers. The company also provides exterior and interior visual image and display elements, including printed graphics, structural graphics, digital signage, digital menu board systems, refrigerated displays, and custom display elements. In addition, it offers signage and canopy, pump dispenser, building fascia graphics, decals, interior signage and marketing graphics, aisle markers, wall mural graphics, refrigerated food and beverage displays, check-out counters, and an array of merchandising displays and cabinetry. Further, the company provides various project management services, including installation management, site surveys, permitting, and content management. It serves across various vertical markets, such as refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. LSI Industries Inc.

was founded in 1976 and is based in Cincinnati, Ohio.

Industry
Electronic Components
Sector
Technology
State
OH
Filer Category
Accelerated filer
Fiscal Year End
June 30

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

3,000

Industry

Electronic Components

Exchange

Nasdaq

Signal Flags

1 green1 yellow3 red
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Operating margin decliningOperating margin lower than prior year
Balance sheet deterioratingNet cash collapsed with receivables or inventory outpacing revenue
Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass
GP / assets
0.21
Return on equity
6.3%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.30
Current ratio
1.97×
Net cash
-$241.68M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

1/2 pass
Revenue growth
20.2%
Piotroski F-Score
4 / 9
Share dilution
9.3%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.21

Primary signal (Novy-Marx).

33rd pctl of 47 SIC 36 peers

Return on equity

6.3%

Gross margin

25.1%

7th pctl of 47 SIC 36 peers

Revenue growth (YoY)

20.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

11.5%

Revenue CAGR (5Y)

16.9%

Earnings CAGR (3Y)

-4.3%

FCF CAGR (3Y)

-5.6%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.30

16th pctl of 45 SIC 36 peers (best = lowest)

Current ratio

1.97×

30th pctl of 47 SIC 36 peers

Quick ratio

1.10×

Net cash

-$241.68M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 19 years of history

Weak
2008-2009 (GFC)
-23.4%Significant decline
2020 (COVID)
-7.1%Mild decline
Worst year on record(any fiscal year, not recession-limited)
-23.4%Significant decline

Cash-flow health

Free cash flow

$39.01M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.73

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Dividend safety

Composite score

4.5 / 5

Strong
Payout ratio
28.6%5/5 Strong
FCF coverage
6.04×5/5 Strong
Dividend growth streak
10 yr5/5 Strong
Balance-sheet health
D/E 1.30 · IC 6.48×3/5 Good

Piotroski F-Score

F-Score

4 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20212026
Capital Return
Hypergrowth
Value
Op. Leverage
View full financial statements →