undamentalytics Newsletter
Sign in

Lennox International (LII) stock

Add to watchlist

Add holding +

NYSE: LII NYSE Building Products Next results ~January 27, 2027

B+ Fundamentals grade

Lennox International is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$330

Cash-flow model

Base case. Range ~$230–$450 across our lower- and higher-growth cases (-2.3%–7.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $344.48, November 3, 2026

Lennox International valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds310 adding, 291 cuttingOf 64 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lennox International files

10-Q filed October 28: Lennox International

Model value +10.1%

Revenue for the twelve months to September 2026 was $5.45bn, up 1.9% on a year earlier, against a decline of 2.1% a quarter earlier. Free-cash-flow margin rose to 15.3% from 10.0% a year earlier. Our model value rises from $300 to $331 a share, against a share price of $351. The rating stays Hold. At that price, our model says the market is pricing in about 4.2% a year of cash-flow growth for five years, close to the 5.4% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Lennox International

Lennox International generated $5.45bn in revenue over the twelve months to June 2026, a rise of 1.9% on the prior year, reversing a 2.1% decline recorded a quarter earlier. Free-cash-flow margin climbed to 15.3%, up from 10.0% a year before. The fundamentals grade has improved markedly, moving from D to B. Our model value is little changed at $300 a share, well below the current share price of $372, so the rating stays Hold. At that price, the market appears to be pricing in cash-flow growth of about 4.6% a year over five years, a figure close to the 5.4% a year revenue growth the company has actually delivered. The gap between value and price keeps us cautious despite the stronger fundamentals.

10-Q on SEC EDGAR

Where Lennox International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.30bn, down 2.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 13.9% from 12.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $305 a share, against a share price of $361. At that price, our model says the market is pricing in about 5.1% a year of cash-flow growth for five years, close to the 4.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Lennox International's trailing-twelve-month revenue grew 1.9% year on year, with a free-cash-flow margin of 15.3%. Where it stands out: change in growth rate of +4.0pp ranks 6 of 46 building products companies we cover.

Our discounted-cash-flow model values the business at ~$330 per share in the base case (~$230–$450 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 56.4% while net income fell 13.3%: a 70pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.0 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.9% in a year, so each share owns more of the business.

Things to watch

  • Short interest rising. Shares sold short rose 20% in a month to 9.6% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 10.2% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$6.84 against an average estimate of $7.36: missed by 7.0%
Revenue
$1.57bn, up 10.2% on a year earlier
Share reaction
-6.4% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue growth guidance growth 6% (full year 2026); adjusted earnings per share guidance $21 to $21.5 (full year 2026)
Next report
October 28, 2026; average EPS estimate $3.47

Lennox International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.6%
  • 1 week-7.4%
  • 1 month-3.3%
  • This year-26.5%
  • 1 year-29.4%
  • 5 years+21.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.4B
Operating margin
18.8%
Net margin
13.8%
EPS (TTM, diluted)
$21.50

Growth

Revenue growth
+1.9%
Change in growth rate
+4.0 pts
Share count change
−1.9%

Cash

Free cash flow (TTM)
$836M
FCF margin
15.3%
Stock pay % of revenue
0.4%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lennox International valuation models and calculator

What the price is pricing in

The share price implies about 4.2% a year of cash-flow growth for five years.That is close to the 5.4% a year revenue growth Lennox International has delivered.

  • Priced in4.2%
  • Last 12 months1.9%
  • 3 years a year3.4%
  • 5 years a year5.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($344.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$330
Price used
$344.31close November 3, 2026
Implied change
▼ 5%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lennox International's free cash flow after stock-based pay with after-tax interest added back ($715M, FY2026 Q3 TTM), growing 4.7% and 3.9% in the next two years (forecasts, guidance and its record), then back to 2.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$230–~$450 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Lennox International's free cash flow after stock-based pay ( $715M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Lennox International as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$330 ~$230–$450 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$370 ~$330–$490 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$290 ~$250–$340 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$330 ~$290–$370 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lennox International with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +58%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $253$360$502$688$932$1247
8.5% $183$260$362$496$670$893
10% $140$200$279$381$513$683

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$109.99$136.41$187.47$199.34$224.81$255.82$306.23$229.84$435.66$598.02$481.18$353.64
Market value$5.0bn$6.0bn$8.0bn$8.2bn$8.9bn$9.9bn$11.5bn$8.2bn$15.6bn$21.4bn$17.0bn$12.3bn
+ Net debt (− = net cash)$702m$818m$936m$995m$1.1bn$857m$1.2bn$1.5bn$1.2bn$733m$1.4bn$1.6bn
Enterprise value$5.7bn$6.8bn$9.0bn$9.2bn$10.0bn$10.7bn$12.7bn$9.7bn$16.8bn$22.1bn$18.4bn$13.9bn
Multiples
Price / sales 1.4x1.6x2.1x2.1x2.3x2.7x2.7x1.7x3.1x4.0x3.3x2.3x
Price / earnings 26.9x21.6x26.2x22.8x21.7x27.7x24.7x16.6x26.3x26.4x21.1x16.4x
Price / free cash flow 17.7x20.7x35.4x20.5x30.5x18.5x28.1x40.9x32.0x27.4x26.7x14.8x
EV / EBITDA 15.5x14.0x16.0x16.0x13.7x19.5x19.1x13.2x19.1x19.5x15.9x12.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Lennox International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 23.9% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 29.3%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.1%; its worst year was 11.9%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.2% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 8.0% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (79 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $21.37 −8% $5.5bn +5%
Next $23.63 +11% $5.8bn +6%

Next year's EPS estimate has moved −10.2% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.7% on 90 days ago. In the last 30 days, 2 analysts raised Lennox International's forecast and 2 cut it.

Consensus EPS forecast Lennox International, last 90 days
$20.00 $22.00 $24.00 $26.00 $28.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $23.67 Current fiscal year, 60 days ago: $23.67 Current fiscal year, 30 days ago: $23.60 Current fiscal year, 7 days ago: $23.41 Current fiscal year, Now: $21.37 $21.37 Next fiscal year, 90 days ago: $26.33 Next fiscal year, 60 days ago: $26.33 Next fiscal year, 30 days ago: $26.08 Next fiscal year, 7 days ago: $25.78 Next fiscal year, Now: $23.63 $23.63

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $23.67$26.33
60 days ago $23.67$26.33
30 days ago $23.60$26.08
7 days ago $23.41$25.78
Now $21.37$23.63

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $7.36 $6.84 −7.0%
Jun 2026 $7.70 $7.72 +0.3%
Mar 2026 $3.18 $3.35 +5.3%
Dec 2025 $4.72 $4.45 −5.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • revenue growth guidance full year 2026 about 6% growth Lowered vs about 8
    “For full year 2026, we are revising the revenue growth guidance at approximately 6% growth, including 5% benefit from completed acquisitions.” source
  • Adjusted earnings per share guidance full year 2026 $21.00 to $21.50 Non-GAAP Lowered
    “Adjusted earnings per share guidance has been updated to a range of $21.00 to $21.50 compared to the prior range of $23.00 to $24.00.” source
  • Free cash flow guidance full year 2026 $700m to $750m Non-GAAP
    “Free cash flow guidance updated to $700 million to $750 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Lennox International's revenue by +4.7% next year and +3.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 47%) , management guidance (+5.7%, weight 32%) and the company's own record (+2.7%, weight 21%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy211%
Hold1583%
Sell16%

Monthly trend

  1. Oct 20261518
  2. Sep 202641218
  3. Aug 20266917
  4. Jul 20266917

Counts of recommendations published by analysts covering Lennox International, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.6%
of tradable shares
Days to cover
5.19
at average volume
Short interest, 1 month
+20%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
9.7%
of shares
Employees
5,400
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −29.1%

$499.10 on October 31, 2025 to $353.64

ThenNowEffect
Revenue (last 12 months) $5.4bn $5.3bn −2.1%
Net margin 15.6% 14.9% −4.6%
P/E multiple 21.1x 15.7x −25.5%
Share count 36m 35m +1.9%

Biggest factor: p/e multiple.

Last 3 years −5.9%

$375.94 on November 3, 2023 to $353.64

ThenNowEffect
Revenue (last 12 months) $4.8bn $5.3bn +10.5%
Net margin 11.5% 14.9% +29.4%
P/E multiple 24.2x 15.7x −35.1%
Share count 36m 35m +1.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LII+20%−25%+90%+37%−20%−27%
Industry peers (median)+24%−24%+44%+10%−11%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LII83%33%58%67%33%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LII−17%−42%−15%−10%−33%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from November 25, 2024 to October 28, 2026. Getting back needed a 100% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$332.64 – $570.79
From 52-week high
−38.0%
vs 50-day average
−3.5%
vs 200-day average
−24.5%
Volatility (1 year)
41%
Beta vs S&P 500
1.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±7.0%
After a week
4 up, 7 down
typical move ±6.4%
After a month
7 up, 4 down
typical move ±9.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −6.4% 0.0% — —
July 29, 2026 −23.3% +0.1% −17.9% −28.1%
April 29, 2026 +7.9% +1.0% +9.3% +1.3%
January 28, 2026 −0.5% −0.2% +7.2% +14.3%
October 22, 2025 −9.8% +0.1% −11.1% −19.1%
July 23, 2025 +7.2% +0.9% −0.7% −8.0%
April 23, 2025 −6.2% +3.7% −2.0% +3.0%
January 29, 2025 −8.5% +0.1% −11.7% −9.3%
October 23, 2024 +4.4% −0.7% +1.0% +9.5%
July 24, 2024 −4.1% −2.8% +2.5% +0.8%
April 24, 2024 −0.2% −0.4% −4.5% +3.2%
January 31, 2024 −5.2% −0.3% −2.2% +5.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Lennox International’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

LII Lennox International Grade B+ $346.63

Own 100 shares, sell the $360 call expiring December 18, 2026 (45 days) for $12.40 a share — $1,240 per contract.

Bid $12.40, ask $16.60, quoted Tue 3 Nov, 14:32 New York time with LII at $346.63. Option prices move with the shares: check the live chain at your broker before trading.

  • If LII ends below $360: you keep your shares and the $1,240 — 3.6% extra on the position, 29.0% a year at that pace.
  • If it ends above $360: your shares are sold at $360, a total return of 7.4% including the premium — at or above our value of ~$330.
$2.6k $0 −$6.7k Our value $330 Break-even $334.23 Price $346.63
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,240
Annualised
29.0%
Break-even
$334.23
Max gain
$2,577.5
Chance of selling
~45%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lennox International in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lennox International
$4.8B $5B $5.2B $5.4B $5.6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $5B Revenue (TTM), FY24 Q3: $5.2B Revenue (TTM), FY24 Q4: $5.3B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $5.4B Revenue (TTM), FY25 Q3: $5.3B Revenue (TTM), FY25 Q4: $5.2B Revenue (TTM), FY26 Q1: $5.3B Revenue (TTM), FY26 Q2: $5.3B Revenue (TTM), FY26 Q3: $5.4B $5.4B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5B
FY24 Q1 $5B
FY24 Q2 $5B
FY24 Q3 $5.2B
FY24 Q4 $5.3B
FY25 Q1 $5.4B
FY25 Q2 $5.4B
FY25 Q3 $5.3B
FY25 Q4 $5.2B
FY26 Q1 $5.3B
FY26 Q2 $5.3B
FY26 Q3 $5.4B
Revenue growth, TTM YoY Lennox International
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.6% Revenue growth, TTM YoY, FY24 Q1: 4.7% Revenue growth, TTM YoY, FY24 Q2: 4.6% Revenue growth, TTM YoY, FY24 Q3: 4.7% Revenue growth, TTM YoY, FY24 Q4: 7.2% Revenue growth, TTM YoY, FY25 Q1: 7.8% Revenue growth, TTM YoY, FY25 Q2: 7.9% Revenue growth, TTM YoY, FY25 Q3: 3.8% Revenue growth, TTM YoY, FY25 Q4: -2.7% Revenue growth, TTM YoY, FY26 Q1: -2.0% Revenue growth, TTM YoY, FY26 Q2: -2.1% Revenue growth, TTM YoY, FY26 Q3: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.6%
FY24 Q1 4.7%
FY24 Q2 4.6%
FY24 Q3 4.7%
FY24 Q4 7.2%
FY25 Q1 7.8%
FY25 Q2 7.9%
FY25 Q3 3.8%
FY25 Q4 -2.7%
FY26 Q1 -2.0%
FY26 Q2 -2.1%
FY26 Q3 1.9%
Operating margin (TTM) Lennox International
14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 15.9% Operating margin (TTM), FY24 Q1: 16.4% Operating margin (TTM), FY24 Q2: 17.1% Operating margin (TTM), FY24 Q3: 19.0% Operating margin (TTM), FY24 Q4: 19.5% Operating margin (TTM), FY25 Q1: 19.4% Operating margin (TTM), FY25 Q2: 19.8% Operating margin (TTM), FY25 Q3: 20.5% Operating margin (TTM), FY25 Q4: 20.0% Operating margin (TTM), FY26 Q1: 19.7% Operating margin (TTM), FY26 Q2: 19.7% Operating margin (TTM), FY26 Q3: 18.8% 18.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 15.9%
FY24 Q1 16.4%
FY24 Q2 17.1%
FY24 Q3 19.0%
FY24 Q4 19.5%
FY25 Q1 19.4%
FY25 Q2 19.8%
FY25 Q3 20.5%
FY25 Q4 20.0%
FY26 Q1 19.7%
FY26 Q2 19.7%
FY26 Q3 18.8%
FCF margin (TTM) Lennox International
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.8% FCF margin (TTM), FY24 Q1: 11.0% FCF margin (TTM), FY24 Q2: 11.0% FCF margin (TTM), FY24 Q3: 13.4% FCF margin (TTM), FY24 Q4: 14.6% FCF margin (TTM), FY25 Q1: 14.4% FCF margin (TTM), FY25 Q2: 12.6% FCF margin (TTM), FY25 Q3: 10.0% FCF margin (TTM), FY25 Q4: 12.3% FCF margin (TTM), FY26 Q1: 12.6% FCF margin (TTM), FY26 Q2: 13.9% FCF margin (TTM), FY26 Q3: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.8%
FY24 Q1 11.0%
FY24 Q2 11.0%
FY24 Q3 13.4%
FY24 Q4 14.6%
FY25 Q1 14.4%
FY25 Q2 12.6%
FY25 Q3 10.0%
FY25 Q4 12.3%
FY26 Q1 12.6%
FY26 Q2 13.9%
FY26 Q3 15.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,848 2,585 2,841 2,949 3,199 3,367 3,467 3,642 3,840 3,884 3,807 3,634 4,194 4,718 4,982 5,341 5,195 5,448
Gross profit 788 701 670 722 861 903 947 1,077 1,125 1,111 1,080 1,040 1,188 1,285 1,549 1,778 1,735 1,777
EBITDA 162 253 241 275 348 396 368 488 559 576 728 551 663 734 878 1,136 1,154 1,156
Operating income 109 205 184 219 289 335 305 429 495 510 657 479 590 656 792 1,040 1,042 1,026
Net income 51 116 88 90 172 206 187 278 306 359 409 356 464 497 591 811 806 750
Diluted EPS $0.90 $2.08 $1.65 $1.75 $3.39 $4.23 $4.09 $6.32 $7.14 $8.74 $10.38 $9.24 $12.39 $13.88 $16.58 $22.66 $22.79 $21.50
Growth (year on year)
Revenue −17.3% −9.2% +9.9% +3.8% +8.5% +5.3% +3.0% +5.0% +5.4% +1.2% −2.0% −4.5% +15.4% +12.5% +5.6% +7.2% −2.7% +1.9%
EBITDA −39.8% +56.3% −4.9% +13.9% +26.7% +13.7% −6.9% +32.4% +14.7% +3.0% +26.4% −24.3% +20.3% +10.8% +19.5% +29.4% +1.6% −3.7%
Operating income −50.0% +87.3% −9.8% +18.8% +31.9% +15.8% −8.8% +40.6% +15.2% +3.1% +28.8% −27.2% +23.4% +11.2% +20.6% +31.4% +0.1% −6.4%
Net income −58.4% — −24.0% +1.9% +90.9% +19.8% −9.3% +48.9% +10.0% +17.4% +13.8% −12.8% +30.2% +7.1% +18.9% +37.2% −0.7% −13.3%
Diluted EPS −57.3% — −20.7% +6.1% +93.7% +24.8% −3.3% +54.5% +13.0% +22.4% +18.8% −11.0% +34.1% +12.0% +19.5% +36.7% +0.6% −11.7%
Margins
Gross margin 27.7% 27.1% 23.6% 24.5% 26.9% 26.8% 27.3% 29.6% 29.3% 28.6% 28.4% 28.6% 28.3% 27.2% 31.1% 33.3% 33.4% 32.6%
EBITDA margin 5.7% 9.8% 8.5% 9.3% 10.9% 11.7% 10.6% 13.4% 14.6% 14.8% 19.1% 15.2% 15.8% 15.6% 17.6% 21.3% 22.2% 21.2%
Operating margin 3.8% 7.9% 6.5% 7.4% 9.0% 9.9% 8.8% 11.8% 12.9% 13.1% 17.3% 13.2% 14.1% 13.9% 15.9% 19.5% 20.0% 18.8%
Net margin 1.8% 4.5% 3.1% 3.1% 5.4% 6.1% 5.4% 7.6% 8.0% 9.2% 10.7% 9.8% 11.1% 10.5% 11.9% 15.2% 15.5% 13.8%
Free-cash-flow margin 5.9% 5.5% 1.2% 5.8% 4.1% 2.9% 8.2% 8.0% 5.9% 10.3% 7.6% 14.7% 9.7% 4.3% 9.8% 14.6% 12.3% 15.3%
Cash flow
Cash from operations 226 186 76 221 210 185 354 374 325 496 396 612 516 302 736 946 758 989
Capital spending 59 43 41 50 78 88 70 84 98 95 106 79 107 101 250 164 119 154
Free cash flow 167 143 35 171 132 96 284 290 227 400 291 534 409 201 486 782 639 836
Stock-based pay 13 15 14 15 29 23 27 32 25 26 21 24 24 22 30 29 29 22
Free cash flow after stock pay 154 127 21 156 103 73 257 258 202 374 269 510 384 179 456 754 610 813
Balance sheet
Cash 124 160 45 52 38 38 39 50 68 46 37 124 31 53 61 415 34 43
Total debt 232 319 465 387 400 926 741 868 1,004 1,041 1,171 981 1,238 1,525 1,305 1,148 1,388 1,621
Net debt (negative = net cash) 107 159 420 335 362 888 702 818 936 995 1,134 857 1,207 1,472 1,245 733 1,354 1,578
Diluted shares 57m 56m 53m 51m 51m 49m 46m 44m 43m 41m 39m 39m 38m 36m 36m 36m 35m 35m
Returned to shareholders
Dividends 31 32 37 48 34 53 59 69 80 94 111 118 127 142 153 160 173 183
Buybacks 6 154 120 50 125 550 0 300 250 450 400 100 600 300 0 54 482 452
Total returned 37 186 156 98 159 603 59 369 330 544 511 218 727 442 153 214 655 636

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $4.7bn
Short-term assets $2.2bnLonger-term assets $2.5bn
What it owes, and who funded it · $4.7bn
Short-term liabilities $1.8bnLonger-term liabilities $1.5bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.2bn short-term assets against $1.5bn of longer-dated liabilities.
  • More cash than debt $43m of cash against $847m of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $989m of operating cash flow against $847m of debt.
  • Operating profit covers interest at least five times over Operating income of $1.0bn against $63m of interest.

From Lennox International's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$452M
Dividends (TTM)
$183M
Returned to shareholders
76%
of free cash flow
Buybacks, last 3 fiscal years
$536M
Diluted share count
−1.9%
year over year
Total shareholder yield
5.2%
dividends 1.5% + buybacks 3.7% of market value
Dividend payout ratio
24%
of net income paid out
Sales & admin spending
13.2%
of revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated LII CSL UFPI FBIN ALLE REZI Median
Revenue, last 12 months $5.4bn $5.2bn $6.2bn $4.4bn $4.4bn $7.7bn $1.8bn
Revenue growth, last 12 months 1.9% 4.0% −4.7% −2.3% 10.3% 3.4% 3.7%
Revenue growth, 3-year average 3.4% 4.2% −8.4% −1.0% 6.7% 6.5% 3.6%
Revenue growth, latest quarter 10.2% 8.6% 2.6% −4.1% 9.6% 2.0% 8.0%
Gross margin 32.6% 34.7% 16.1% 45.9% 45.1% 29.6% 32.0%
Operating margin 18.8% 19.5% 5.1% 6.8% 21.5% 6.9% 7.0%
Operating margin, 3-year average 19.4% 21.2% 6.6% 11.9% 20.9% 7.7% 10.7%
Net margin 13.8% 13.8% 4.0% 3.4% 15.7% 5.6% 5.1%
Cash from operations / revenue 18.2% 17.2% 7.9% 11.3% 19.2% −16.6% 12.4%
Free-cash-flow margin 15.3% 14.4% 4.3% 9.1% 16.9% −18.3% 8.9%
Free-cash-flow margin, 3-year average 12.9% 17.4% 6.0% 9.4% 16.5% −2.6% 8.5%
Stock pay / revenue 0.4% 0.7% 0.1% 0.3% 0.7% 0.7% 0.7%
Change in share count −1.9% −7.7% −5.5% −2.7% −0.6% 2.0% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth 1.9% 4.0% 28 of 46
Change in growth rate Growth +4.0pp +0.8pp 6 of 46
Gross margin Profitability 32.6% 32.1% 21 of 43
Operating margin Profitability 18.8% 7.2% 10 of 45
Net margin Profitability 13.8% 5.6% 11 of 46
Free-cash-flow margin Cash generation 15.3% 9.1% 8 of 46
Stock pay as % of revenue Cash generation 0.4% 0.7% 10 of 41
Long-term debt as % of assets Balance sheet 18.1% 25.7% 14 of 37
Change in share count Balance sheet -1.9% -0.6% 16 of 44

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Residential Heating and Cooling $3.3B 64.4% ▼ 6.5%
Commercial Heating and Cooling $1.9B 35.6% ▲ 5.0%
Refrigeration $0 0.0% —
Geography
Region Revenue Share YoY
United States $4.8B 92.8% ▼ 4.0%
Canada $373M 7.2% ▲ 16.9%

From Lennox International's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$15.4B
Institutions reporting
651
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
82 / 55

Top buyers and sellers, Q2 2026: 310 institutions bought and 291 sold ; the biggest buyer was Millennium Management LLC (+500K shares) and the biggest seller Capital International Investors (−380K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 3.0M 11.1% ▲ 0.1%
Capital International Investors $1.4B 2.5M 9.3% ▼ 13.3%
Vanguard Capital Management LLC $1.2B 2.1M 7.7% ▲ 0.2%
Viking Global Investors LP $912M 1.6M 5.9% ▲ 1.2%
State Street Corp $852M 1.5M 5.5% ▲ 3.2%
Vanguard Portfolio Management LLC $811M 1.4M 5.3% ▼ 1.2%
Morgan Stanley $581M 1.0M 3.8% ▼ 6.9%
Geode Capital Management, LLC $493M 863K 3.2% ▼ 4.1%
Kayne Anderson Rudnick Investment Management LLC $424M 740K 2.8% ▼ 15.5%
Millennium Management LLC $392M 683K 2.5% ▲ 273.1%
Invesco Ltd. $278M 486K 1.8% ▼ 8.5%
Beacon Pointe Advisors, LLC $239M 418K 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lennox International's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.4M 5 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.4M net selling
Insider Date Trade Shares Price Value
Kosel Chris VP-Corp Controller and CAO May 6, 2026 Sell 971 $544.80 $529,001
Wall Shane D Director February 25, 2026 Sell 100 $540.01 $54,001
Kosel Chris VP-Corp Controller and CAO February 4, 2026 Sell 254 $536.50 $136,271
Teske Todd J Director February 4, 2026 Sell 700 $533.45 $373,415
Teske Todd J Director November 11, 2025 Sell 600 $491.85 $295,110

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

No trades in Lennox International disclosed in the last 12 months; 7 earlier trades on record.

  • Greg Gianforte(MT):Sale (partial), $1,001 - $15,000, traded October 13, 2020, filed November 9, 2020
  • Zoe Lofgren(D-CA 19):Sale (full), $1,001 - $15,000, traded August 30, 2018, filed September 13, 2018
  • Carlos Curbelo(FL):Purchase, $1,001 - $15,000, traded August 28, 2018, filed September 25, 2018

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • January 28, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Lennox International was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lennox International in brief

What does Lennox International do?
Lennox International is a US-listed company in the building products industry. Its financial year ends in December.
What is Lennox International's stock ticker?
Lennox International trades under the ticker LII on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lennox International's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lennox International reported revenue of $5.4B, 1.9% higher than a year earlier, according to its SEC filings.
What is Lennox International's free cash flow?
Lennox International's free-cash-flow margin is 15.3% of revenue over the trailing twelve months, ranking 8 of the 46 building products companies we cover.
What is Lennox International's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lennox International's free cash flow after stock-based pay gives ~$330 per share in the base case, and ~$230–$450 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lennox International's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Capital International Investors and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lennox International buying back stock, and does it pay a dividend?
Lennox International spent $452M on share repurchases over the trailing twelve months, and its diluted share count fell 1.9% over the year.
What is Lennox International's market cap?
On November 2, 2026, Lennox International's market capitalisation was about $12.3B, with a price-to-earnings ratio of 16.4 and net debt of $1.6B. Market figures come from third-party market data and may be delayed.
Does Lennox International pay a dividend?
Yes: Lennox International paid $183M in dividends over the trailing twelve months, a dividend yield of 1.50% and a payout ratio of 24.4%.
How much debt does Lennox International have?
Lennox International's debt-to-equity ratio is 64.3%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Lennox International's competitors?
In our Building Products peer group, the companies closest to Lennox International are Carlisle Companies Inc, UFP Industries Inc, Fortune Brands Innovations, Inc., Allegion and Resideo Technologies, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lennox International's.
Are insiders buying or selling Lennox International stock?
Over the last 12 months, Lennox International's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Lennox International's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lennox International announces its own schedule.