One-glance verdict
Undervalued
$214.57 our estimate vs market $115.65
Wall Street consensus: $135.50 (-36.8% lower than our fair-value estimate)
46% below our estimate, below the bear case
Fundamentals snapshot
Lindsay Corporation
LNN · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$115.65
52-week range
$97.27 - $148.00
Market cap
$1.18B
Balance sheet
Healthy
48.08x Strong cushion
Net cash $16.93M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Returns 10.7% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 8/10 years.
- Risk Stock trades 2.2% above its 5-year average P/E.
- Risk Insider ownership is only 1.2% (peer median: 2.5%).
What this company does
Lindsay Corporation
Lindsay Corporation earns its money from two main areas: helping farmers and managing roadways. Their biggest business sells large, automated irrigation systems that help farms grow more crops with less water, which is important for the global food supply (the network that gets food from farms to your table). They also make road safety products like the movable barriers you see in highway construction zones.
How the company got here
Lindsay Corporation started in 1955 in Lindsay, Nebraska, as a small farm equipment business. A key turning point was the development of the Zimmatic center pivot irrigation system in the 1960s, which revolutionized how large farms water their crops and became the company's signature product. Over the years, it expanded globally, selling its irrigation systems in over 90 countries. In the 2000s, the company diversified by acquiring businesses in the road safety industry, leveraging its manufacturing expertise to create a second major line of business.
What it actually does
Lindsay Corporation makes and sells products for two main areas: farming and road infrastructure. For farmers, it builds large, automated irrigation systems that look like long pipes on wheels and rotate in a circle to water crops, helping to conserve water and improve crop yields (the amount of crop produced). For roads, it creates safety equipment like movable barriers to manage traffic during construction and crash cushions that you might see at the end of a guardrail to absorb impact. The company is essentially in the business of managing water for agriculture and making roadways safer and more efficient.
Irrigation
This is Lindsay's largest business segment, making up the vast majority of its sales. It primarily builds and sells large-scale mechanized irrigation systems, with its most famous brand being Zimmatic center pivots, which are the long, wheeled sprinkler systems you might see in farm fields. Farmers and large agricultural companies pay for these systems to water their crops more efficiently. This segment also includes a growing technology business with products like FieldNET, which allows farmers to monitor and control their irrigation systems remotely from a phone or computer.
Infrastructure
This is the smaller of the two main business areas. This part of the company focuses on making roads safer and managing traffic. Its best-known product is the Road Zipper System, a special machine that can move concrete barriers to change the number of lanes available for traffic, which is very useful for managing rush hour or construction zones. Customers are typically government transportation agencies and roadway contractors who buy or lease these systems and other safety products like crash cushions and barriers.
What management is betting on now
The company is heavily investing in technology for both of its main businesses. For irrigation, it is focused on so-called "smart pivots" and software like FieldNET Advisor, which uses data to help farmers decide exactly when and how much to water, saving resources. In infrastructure, it sees growth in products that make roads safer and more efficient, like the Road Zipper. Lindsay is also making a major investment of over $50 million to modernize its main factory in Nebraska with robotics and other new technologies to make its manufacturing safer and more efficient.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$47.66M
FY2025 Q1
$12.46M
FY2025 Q2
$2.50M
FY2025 Q3
$25.66M
FY2025 Q4
$49.79M
FY2026 Q1
$-15.07M
FY2026 Q2
$11.58M
FY2026 Q3
$-1.39M
Revenue
$160.76M
Net income
$15.82M
Diluted EPS
1.53
Operating cash flow
$6.66M
Free cash flow
$-1.39M
Fetching…
Sources
Revenue
$157.72M
Net income
$12.04M
Diluted EPS
1.15
Operating cash flow
$24.56M
Free cash flow
$11.58M
Fetching…
Sources
Revenue
$155.82M
Net income
$16.52M
Diluted EPS
1.54
Operating cash flow
$-597.00K
Free cash flow
$-15.07M
Fetching…
Sources
Revenue
$153.56M
Net income
$10.81M
Diluted EPS
0.99
Operating cash flow
$64.04M
Free cash flow
$49.79M
Fetching…
Sources
Revenue
$169.46M
Net income
$19.50M
Diluted EPS
1.78
Operating cash flow
$34.99M
Free cash flow
$25.66M
Fetching…
Sources
Revenue
$187.06M
Net income
$26.58M
Diluted EPS
2.44
Operating cash flow
$12.28M
Free cash flow
$2.50M
Fetching…
Sources
Revenue
$166.28M
Net income
$17.16M
Diluted EPS
1.57
Operating cash flow
$21.60M
Free cash flow
$12.46M
Fetching…
Sources
Revenue
$155.00M
Net income
$12.74M
Diluted EPS
1.16
Operating cash flow
$53.11M
Free cash flow
$47.66M
Fetching…
Sources
Is it cheap or expensive?
Fair value $214.57 vs current price $115.65
Wall Street consensus is the average analyst price target: $135.50 (-36.8% lower than our fair-value estimate).
Our most-likely fair value is $214.57 a share — about 85.5% above today's price of $115.65, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $16.9M - more cash than debt. Interest coverage 48.1x.
Net debt
$-16.93M
Interest coverage
48.08x
Lindsay Corporation's profit covers its interest bill about 48.1 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
LNN
BASELINE
Lindsay Corporation
Total debt $137.83M Interest coverage 48.08x This is the baseline the peer rows are being compared against.
Total debt $928.10M Interest coverage 12.88x -73% vs LNN Carries about 3.7x less debt cushion than LNN.
Total debt $307.76M Interest coverage 10.19x -79% vs LNN Carries about 4.7x less debt cushion than LNN.
Total debt $290.52M Interest coverage 25.34x -47% vs LNN Carries about 1.9x less debt cushion than LNN.
Total debt $2.74B Interest coverage 5.68x -88% vs LNN Carries about 8.5x less debt cushion than LNN.
Total debt $1.14B Interest coverage 8.31x -83% vs LNN Carries about 5.8x less debt cushion than LNN.
What you should know
The case for and against LNN
3 Rewards
3 Risks
Rewards
-
Returns 10.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 8/10 years.
-
Trades at 22.2x P/E vs peer median 26.7x (16.9% cheaper).
Risks
-
Stock trades 2.2% above its 5-year average P/E.
-
Insider ownership is only 1.2% (peer median: 2.5%).
-
Operating margin compressed from 12.3% to 11.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
22.20x
Forward P/E
19.18x
P/B
2.36x
P/S
1.87x
EV/EBITDA
13.75x
PEG ratio
1.72x
Profitability
How much profit each dollar creates
Gross margin
29.5%
Operating margin
11.5%
Net margin
8.8%
ROE
10.7%
ROA
4.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.28x
Current ratio
2.94x
Quick ratio
1.80x
Total debt
$137.83M
Total cash
$154.76M
Growth
How the business has been compounding
Revenue TTM
$627.86M
Revenue 5Y CAGR
9.3%
EPS TTM
5.21
EPS 5Y CAGR
4.5%
Cash flow
How much cash the business throws off
Operating CF TTM
$94.66M
Free CF TTM
$90.41M
FCF margin
14.4%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
28.4%
Last ex-div date
2026-08-17