LA-Z-BOY Inc. (LZB) intrinsic value & 10-year financials
LA-Z-BOY Inc. (LZB) has a Graham intrinsic value of $35.33 per share. At $30.07 on Oct 17, 2026, the stock trades 15% below that value. Over the last 10 fiscal years revenue grew 3.8% a year to $2.1B, with an average return on invested capital of 15.3%.
- Graham intrinsic value
- $35.33
- Share price (Oct 17, 2026)
- $30.07
- Price vs Graham value
- 15% below
- Market cap
- $1.2B
- Revenue (FY2026)
- $2.1B
- Revenue growth (10-yr CAGR)
- 3.8%
- ROIC (10-yr avg)
- 15.3%
- Free cash flow (FY2026)
- $127.8M
LZB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.1B | $102.0M | $2.47 | $127.8M | 6.1% | 8.2% |
| FY2025 | $2.1B | $99.6M | $2.35 | $113.0M | 6.4% | 8.6% |
| FY2024 | $2.0B | $122.6M | $2.83 | $104.6M | 7.4% | 11.1% |
| FY2023 | $2.3B | $150.7M | $3.48 | $136.4M | 9.0% | 16.5% |
| FY2022 | $2.4B | $150.0M | $3.39 | $2.4M | 8.8% | 19.1% |
| FY2021 | $1.7B | $106.5M | $2.30 | $272.0M | 7.9% | 18.0% |
| FY2020 | $1.7B | $77.5M | $1.66 | $118.2M | 7.0% | 16.3% |
| FY2019 | $1.7B | $68.6M | $1.44 | $102.3M | 7.4% | 18.4% |
| FY2018 | $1.6B | $80.9M | $1.67 | $79.4M | 8.2% | 17.6% |
| FY2017 | $1.5B | $85.9M | $1.73 | $125.9M | 8.6% | 19.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LA-Z-BOY INC has demonstrated mature, steady growth, with revenue compounding at 3.8% annually over the past decade.
LA-Z-BOY INC has earned high returns on invested capital, averaging 15.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, LA-Z-BOY INC shows that management has aggressively returned capital to shareholders by retiring 16.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LA-Z-BOY INC is modeled at 4.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $35.33 per share.