Lsi Industries Inc. (LYTS) intrinsic value & 10-year financials
Lsi Industries Inc. (LYTS) has a Graham intrinsic value of $16.70 per share. At $19.72 on Oct 17, 2026, the stock trades 18% above that value. Over the last 10 fiscal years revenue grew 6.6% a year to $573.4M, with an average return on invested capital of 4.2%.
- Graham intrinsic value
- $16.70
- Share price (Oct 17, 2026)
- $19.72
- Price vs Graham value
- 18% above
- Market cap
- $608.0M
- Revenue (FY2025)
- $573.4M
- Revenue growth (10-yr CAGR)
- 6.6%
- ROIC (10-yr avg)
- 4.2%
- Free cash flow (FY2025)
- $34.7M
LYTS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $573.4M | $24.4M | $0.79 | $34.7M | 6.2% | 9.5% |
| FY2024 | $469.6M | $25.0M | $0.83 | $38.0M | 7.6% | 11.1% |
| FY2023 | $497.0M | $25.8M | $0.88 | $46.4M | 7.5% | 12.7% |
| FY2022 | $455.1M | $15.0M | $0.54 | -$6.0M | 4.7% | 7.5% |
| FY2021 | $315.6M | $5.9M | $0.21 | $25.8M | 2.5% | 3.5% |
| FY2020 | $305.6M | $9.6M | $0.36 | $27.0M | 4.3% | 7.4% |
| FY2019 | $328.9M | -$16.3M | -$0.63 | $8.9M | -6.0% | -8.6% |
| FY2018 | $342.0M | -$19.5M | -$0.76 | $8.1M | -6.3% | -9.3% |
| FY2017 | $331.4M | $3.0M | $0.12 | $14.6M | 1.1% | 1.7% |
| FY2016 | $322.2M | $9.5M | $0.37 | $7.6M | 4.3% | 6.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LSI INDUSTRIES INC has demonstrated mature, steady growth, with revenue compounding at 6.6% annually over the past decade.
LSI INDUSTRIES INC has historically struggled to out-earn its cost of capital, averaging just 4.1% ROIC.
LSI INDUSTRIES INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LSI INDUSTRIES INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.70 per share.