NYSE: LII
Lennox International
Industrials · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.1B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.58B |
| FY2017, ended Dec 31, 2017 | $8.58B |
| FY2018, ended Dec 31, 2018 | $8.73B |
| FY2019, ended Dec 31, 2019 | $9.42B |
| FY2020, ended Dec 31, 2020 | $10.3B |
| FY2021, ended Dec 31, 2021 | $11.9B |
| FY2022, ended Dec 31, 2022 | $8.49B |
| FY2023, ended Dec 31, 2023 | $15.9B |
| FY2024, ended Dec 31, 2024 | $21.7B |
| FY2025, ended Dec 31, 2025 | $16.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.45B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.64B |
| FY2017, ended Dec 31, 2017 | $3.84B |
| FY2018, ended Dec 31, 2018 | $3.88B |
| FY2019, ended Dec 31, 2019 | $3.81B |
| FY2020, ended Dec 31, 2020 | $3.63B |
| FY2021, ended Dec 31, 2021 | $4.19B |
| FY2022, ended Dec 31, 2022 | $4.72B |
| FY2023, ended Dec 31, 2023 | $4.98B |
| FY2024, ended Dec 31, 2024 | $5.34B |
| FY2025, ended Dec 31, 2025 | $5.20B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.45B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $278M | $290M |
| FY2017, ended Dec 31, 2017 | $306M | $227M |
| FY2018, ended Dec 31, 2018 | $359M | $400M |
| FY2019, ended Dec 31, 2019 | $409M | $291M |
| FY2020, ended Dec 31, 2020 | $356M | $534M |
| FY2021, ended Dec 31, 2021 | $464M | $409M |
| FY2022, ended Dec 31, 2022 | $497M | $201M |
| FY2023, ended Dec 31, 2023 | $591M | $486M |
| FY2024, ended Dec 31, 2024 | $811M | $782M |
| FY2025, ended Dec 31, 2025 | $806M | $639M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $750M | $836M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$43.3M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $50.2M |
| FY2017, ended Dec 31, 2017 | $68.2M |
| FY2018, ended Dec 31, 2018 | $46.3M |
| FY2019, ended Dec 31, 2019 | $37.3M |
| FY2020, ended Dec 31, 2020 | $124M |
| FY2021, ended Dec 31, 2021 | $31.0M |
| FY2022, ended Dec 31, 2022 | $52.6M |
| FY2023, ended Dec 31, 2023 | $60.7M |
| FY2024, ended Dec 31, 2024 | $415M |
| FY2025, ended Dec 31, 2025 | $34.2M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $43.3M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.62B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $868M |
| FY2017, ended Dec 31, 2017 | $1.00B |
| FY2018, ended Dec 31, 2018 | $1.04B |
| FY2019, ended Dec 31, 2019 | $1.17B |
| FY2020, ended Dec 31, 2020 | $981M |
| FY2021, ended Dec 31, 2021 | $1.24B |
| FY2022, ended Dec 31, 2022 | $1.52B |
| FY2023, ended Dec 31, 2023 | $1.31B |
| FY2024, ended Dec 31, 2024 | $1.15B |
| FY2025, ended Dec 31, 2025 | $1.39B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.62B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 20.4% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.34.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 43.0M |
| FY2017, ended Dec 31, 2017 | 41.2M |
| FY2018, ended Dec 31, 2018 | 39.9M |
| FY2019, ended Dec 31, 2019 | 38.6M |
| FY2020, ended Dec 31, 2020 | 37.7M |
| FY2021, ended Dec 31, 2021 | 36.6M |
| FY2022, ended Dec 31, 2022 | 35.5M |
| FY2023, ended Dec 31, 2023 | 35.6M |
| FY2024, ended Dec 31, 2024 | 35.6M |
| FY2025, ended Dec 31, 2025 | 34.8M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 34.2M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $429M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $300M | $31.7M |
| FY2017, ended Dec 31, 2017 | $250M | $24.9M |
| FY2018, ended Dec 31, 2018 | $450M | $26.3M |
| FY2019, ended Dec 31, 2019 | $400M | $21.3M |
| FY2020, ended Dec 31, 2020 | $100M | $24.3M |
| FY2021, ended Dec 31, 2021 | $600M | $24.3M |
| FY2022, ended Dec 31, 2022 | $300M | $21.8M |
| FY2023, ended Dec 31, 2023 | $0 | $30.1M |
| FY2024, ended Dec 31, 2024 | $53.6M | $28.5M |
| FY2025, ended Dec 31, 2025 | $482M | $29.1M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $452M | $23.3M |
Revenue (TTM)
$5.45B
+1.9% YoY
Net income (TTM)
$750M
−13.3% YoY
Cash
$43.3M
−18.1% YoY
Total debt
$1.62B
+60.2% YoY
Valuation
At current price- Market Cap
- $11.8B
- P/E
- 15.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.2×
- Price / Book
- 8.9×
- EV / EBITDA
- 11.5×
Growth
Trailing 12 months- Revenue (TTM)
- $5.45B
- Revenue Growth YoY
- 1.9%
- Revenue CAGR 3Y
- 3.3%
- Revenue CAGR 5Y
- 7.4%
- EPS Growth YoY
- −11.4%
- Net Income Growth YoY
- −13.3%
Profitability
Trailing 12 months- Gross Margin
- 32.6%
- Operating Margin
- 18.8%
- Net Margin
- 13.8%
- FCF Margin
- 15.3%
- Return on Equity
- 59.5%
Earnings
Trailing 12 months- Net Income
- $750M
- EPS (diluted)
- $21.56
- EBITDA
- $1.16B
- Operating Income
- $1.03B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $43.3M
- Total Debt
- $1.62B
- Net Debt
- $1.58B
- Total Assets
- $4.69B
- Total Liabilities
- $3.37B
- Shareholders' Equity
- $1.32B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $989M
- Capital Expenditure
- $154M
- Free Cash Flow
- $836M
Dividends and risk
Last 12 months- Dividend Yield
- 1.5%
- Dividend / Share
- $5.32
- Beta (5Y)
- 1.15
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $5.45B.
Note
Net margin of 13.8% over the last 12 months.
Note
Net debt of $1.58B is 1.4× EBITDA, a manageable load.
Strength
Turns 15.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K50Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 17, 2026 · Read the filing on EDGAR
- Sales fell 3% to $5,195 million as volumes dropped 13%; higher prices and product mix offset most of the decline.
- Operating income held flat at $1,042 million, while net income slipped to $806 million from $811 million.
- Lennox bought Duro Dyne and Supco for about $545 million and repurchased $482 million of shares, with some added borrowing.
- The company switched inventory accounting from LIFO to FIFO, adjusting prior-year figures slightly upward.
Business momentum
Weakening
“Net sales decreased $146 million, or 3%, to $5,195 million in 2025 from $5,341 million in 2024.”
Outlook
Neutral
“We expect capital expenditures of approximately $250 million in 2026 for general capital improvement projects.”
Financial stress
Low
“We believe our cash and cash equivalents of $34.2 million, future cash generated from operations and available future borrowings are sufficient to fund our operations, planned capital expenditures, future contractual obligations”
Tone against the previous report
More negative
Red flags
- Minor
Other
“In the fourth quarter of 2025, we changed the method of accounting for our inventories from last-in-first-out (“LIFO”) to first-in-first-out (“FIFO”).”
Positives
Building Climate Solutions grew both sales and profit
“Our Building Climate Solutions segment saw an increase in net sales of 5% and a $33 million increase in segment profit in 2025 compared to 2024, primarily due to favorable price and mix.”
Pricing and lower overhead lifted operating margin despite lower volumes
“Gross profit margin increased 290 bps from higher price and favorable mix, which was partially offset by 160 bps from higher products costs and 120 bps from higher freight and distribution costs.”
Larger shareholder returns, including a 13% dividend increase
“On May 22, 2025, our Board of Directors approved a 13% increase in our quarterly dividend on common stock from $1.15 to $1.30 per share effective with the July 2025 dividend payment.”
Concerns
Steep volume decline in the largest segment, Home Comfort Solutions
“Net sales decreased 7% in 2025 compared to 2024 as a 17% decrease in sales volumes was partially offset by a 10% increase in price and mix.”
Operating cash flow fell as more money was tied up in working capital
“Net cash provided by operating activities decreased $188 million to $758 million in 2025 compared to $946 million in 2024.”
Rising product and freight costs, with part of the cost savings coming from lower incentive pay
“primarily due to lower employee-related costs including reduced incentive compensation and reduced discretionary expenses”
New risks since the previous report
2026 review of the US-Mexico-Canada trade agreement could bring less favorable terms
“The USMCA is subject to review and renewal in 2026, and there can be no assurance that any newly negotiated terms in the USMCA will not adversely affect our business or operations.”
Integrating the newly acquired Duro Dyne and Supco businesses may not deliver expected benefits
“For example, in 2025, we completed the acquisition of Duro Dyne and Supco.”
AI tools are making cyber attacks and impersonation fraud more sophisticated
“Further, as AI technologies advance, new and increasingly sophisticated attack methods are emerging, including fraud involving impersonation technologies or other forms of generative AI”
Biggest risks named
- New or higher US tariffs and USMCA renegotiation
- Commodity and component price swings and supply disruptions
- Weak US construction demand and unusual weather
- Climate, refrigerant and energy efficiency regulation
- Reliance on single-location plants and key suppliers
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −1.5 | |
| Score | 50 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 17, 2026 | 50 | Weakening | 1 minor | |
| 10-K | Feb 11, 2025 | 73 | Strong improvement | None | |
| 10-K | Feb 13, 2024 | 66 | Improving | 1 minor | |
| 10-K | Feb 21, 2023 | 57 | Improving | None | |
| 10-K | Feb 15, 2022 | 73 | Strong improvement | None | |
| 10-K | Feb 16, 2021 | 51 | Weakening | None | |
| 10-K | Feb 18, 2020 | 66 | Improving | None | |
| 10-K | Feb 19, 2019 | 64 | Improving | 1 minor | |
| 10-K | Feb 16, 2018 | 66 | Improving | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR