Lee Enterprises, Incorporated
LEE Communication Services Publishing
Lee Enterprises, Incorporated’s revenue for fiscal 2025 (year ended September 2025) was $562.3 million, down 8.02% from fiscal 2024. In the quarter to June 2026, revenue fell 10.9%, EPS grew 167.7%, free cash flow fell 36.2% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Lee Enterprises, Incorporated (LEE) Piotroski F-score
Lee Enterprises, Incorporated's Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 0.00 |
| FY2024 | 3 | 0.00 |
| FY2023 | 3 | (2.00) |
| FY2022 | 5 | (2.00) |
| FY2021 | 7 | 4.00 |
| FY2020 | 3 | (3.00) |
| FY2019 | 6 | (2.00) |
| FY2018 | 8 | 3.00 |
| FY2017 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (6.01%) | (3.80%) | Fail | 0 |
| Positive operating cash flow | (5.54m) | 1.12m | Fail | 0 |
| Rising return on assets | (6.01%) | (3.80%) | Fail | 0 |
| Cash flow above net income | 32.05m | 26.96m | Pass | 1 |
| Falling long-term leverage | 0.73 | 0.66 | Fail | 0 |
| Rising current ratio | 0.79 | 0.85 | Fail | 0 |
| No new shares issued | 6,066,000 | 5,944,000 | Fail | 0 |
| Rising gross margin | 59.28% | 58.88% | Pass | 1 |
| Rising asset turnover | 0.90 | 0.90 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NYT The New York Times Company compare | 9 |
| WLY John Wiley & Sons, Inc. compare | 8 |
| WLYB John Wiley & Sons, Inc. compare | 8 |
| PSO Pearson, PLC compare | 7 |
| SCHL Scholastic Corporation compare | 7 |
| TDAY USA TODAY Co., Inc. compare | 6 |
| EDUC Educational Development Corporation compare | 5 |
| LEE Lee Enterprises, Incorporated | 3 |
| TNMG TNL Mediagene compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover