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Friday 6 November 2026
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Lennox International, Inc.
LII Industrials Building Products & Equipment
Lennox International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, down 2.73% from fiscal 2024.
- Revenue
- +10.2%
- EPS
- −8.27%
- Free cash flow
- +36.7%
- Total debt
- +36.4%
Quarter to September 2026, against a year earlier
349.67
9.29
−2.59%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,642 | 3,840 | 3,884 | 3,807 | 3,634 | 4,194 | 4,718 | 4,982 | 5,341 | 5,195 | 5,448 | +4.0% | 5,493 | 5,800 | 6,089 | +5.4% | |
| Gross margin, % | 29.56 | 29.31 | 28.61 | 28.36 | 28.62 | 28.34 | 27.23 | 31.10 | 33.28 | 33.39 | 32.62 | +3.8 pt | ||||||
| EBT | 403 | 464 | 468 | 508 | 445 | 560 | 616 | 739 | 999 | 997 | 958 | +10.6% | ||||||
| EBT margin, % | 11.06 | 12.08 | 12.05 | 13.34 | 12.25 | 13.35 | 13.05 | 14.83 | 18.71 | 19.19 | 17.59 | +8.1 pt | ||||||
| Net income | 278 | 306 | 359 | 409 | 356 | 464 | 497 | 591 | 811 | 806 | 750 | +12.6% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 83.91 | 90.99 | 95.66 | 97.62 | 94.89 | 112.74 | 132.17 | 140.34 | 150.04 | 147.59 | 158.37 | +6.5% | |||||
| Earnings | 6.39 | 7.25 | 8.84 | 10.49 | 9.30 | 12.47 | 13.92 | 16.61 | 22.67 | 22.89 | 21.63 | +15.2% | ||||||
| Cash flow | 8.62 | 7.70 | 12.20 | 10.16 | 15.99 | 13.86 | 8.47 | 20.74 | 26.56 | 21.52 | 28.76 | +10.7% | ||||||
| Capex | (1.94) | (2.32) | (2.34) | (2.67) | (2.02) | (2.85) | (2.79) | (6.99) | (4.53) | (3.34) | (4.40) | +6.2% | ||||||
| Free cash flow | 6.68 | 5.38 | 9.86 | 7.48 | 13.97 | 11.01 | 5.68 | 13.75 | 22.04 | 18.19 | 24.36 | +11.8% | ||||||
| Book value | 0.88 | 1.19 | (3.68) | (4.36) | (0.45) | (7.23) | (5.69) | 8.04 | 27.03 | 33.04 | 38.28 | +49.7% | ||||||
| Shares, m | 43 | 42 | 41 | 39 | 38 | 37 | 36 | 36 | 36 | 35 | 35 | (2.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 24.01 | 28.57 | 24.70 | 23.21 | 29.40 | 25.99 | 17.32 | 26.54 | 26.89 | 21.74 | 16.17 | 24.8 | |||||
| P/S | 1.83 | 2.28 | 2.29 | 2.50 | 2.89 | 2.88 | 1.83 | 3.14 | 4.06 | 3.29 | 2.21 | 2.7 | ||||||
| P/B | 175.51 | 174.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 54.89 | 22.55 | 14.70 | 9.13 | 44.2 | ||||||
| EV/Sales | 2.06 | 2.52 | 2.54 | 2.80 | 3.12 | 3.16 | 2.14 | 3.36 | 4.20 | 3.51 | 2.41 | 2.9 | ||||||
| EV/FCF | 25.84 | 42.63 | 24.68 | 36.48 | 21.21 | 32.39 | 49.70 | 34.31 | 28.57 | 28.46 | 15.69 | 32.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 374 | 325 | 496 | 396 | 612 | 516 | 302 | 736 | 946 | 758 | 989 | +8.2% | |||||
| Capex | (84) | (98) | (95) | (104) | (77) | (106) | (99) | (248) | (161) | (117) | (151) | +3.8% | ||||||
| Free cash flow | 290 | 227 | 400 | 292 | 535 | 410 | 203 | 488 | 785 | 640 | 838 | +9.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 117 | 483 | 81 | 118 | 386 | 348 | (99) | 419 | 719 | 712 | 389 | +22.2% | |||||
| Net debt | 818 | 936 | 995 | 1,131 | 852 | 1,201 | 1,464 | 1,086 | 725 | 1,128 | 1,121 | +3.6% | ||||||
| Shareholders’ equity | 38 | 50 | (150) | (170) | (17) | (269) | (203) | 285 | 962 | 1,163 | 1,317 | +46.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 16.16 | 16.74 | 19.36 | 21.22 | 17.52 | 22.07 | 20.98 | 22.04 | 25.27 | 20.92 | 18.26 | +4.8 pt | |||||
| ROIC | 31.35 | 31.35 | 37.70 | 42.73 | 35.84 | 39.57 | 32.53 | 36.07 | 38.54 | 28.42 | 26.31 | (2.9) pt | ||||||
| ROE | 397.99 | 693.98 | (721.61) | (255.60) | (380.46) | (324.36) | (210.59) | 1,438.44 | 130.05 | 75.83 | 62.82 | (322.2) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,600 | 11,450 | 11,350 | 11,200 | 10,300 | 11,000 | 13,200 | 12,600 | 14,200 | 12,900 | — | +2.2% | |||||
| Revenue/emp, $m | 0.34 | 0.34 | 0.34 | 0.34 | 0.35 | 0.38 | 0.36 | 0.40 | 0.38 | 0.40 | — | +1.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| UNITED STATES | 4,822 | 92.81% |
|---|---|---|
| CANADA | 373 | 7.19% |
| Gross margin | 33.39% | |
| Operating margin | 20.05% | |
| Pre-tax margin | 19.19% |
Lennox International, Inc. vs peers in Building Products & Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MAS Masco Corporation | $16.2B | 18.1× | 17.1× | +2.56% (above 0%: growing) | +30.00% (above 0%: growing) | −20.00% (below 0%: shrinking) | 36.62% | 17.24% | Compare |
| CSL Carlisle Companies Incorporated | $14.7B | 21.4× | 20.3× | +8.65% (above 0%: growing) | +5.21% (above 0%: growing) | −29.51% (below 0%: shrinking) | 33.82% | 20.04% | Compare |
| LII Lennox International, Inc. | $11.9B | 16.2× | 16.3× | +10.21% (above 0%: growing) | −8.27% (below 0%: shrinking) | +36.71% (above 0%: growing) | 31.62% | 19.85% | |
| MAIR Madison Air Solutions Corporation | $10.8B | 48.8× | 34.9× | — | — | +79.04% (above 0%: growing) | 38.98% | 19.70% | Compare |
| OC Owens Corning Inc | $9.8B | — (loss-making) | 15.2× | −7.27% (below 0%: shrinking) | n/m | −16.47% (below 0%: shrinking) | 24.71% | (6.11%) | Compare |
| WMS Advanced Drainage Systems, Inc. | $9.3B | 23.3× | 21.8× | +4.59% (above 0%: growing) | −26.87% (below 0%: shrinking) | −8.28% (below 0%: shrinking) | 38.89% | 21.91% | Compare |
| AWI Armstrong World Industries, Inc. | $7.1B | 22.8× | 21.0× | +11.90% (above 0%: growing) | +10.25% (above 0%: growing) | −29.42% (below 0%: shrinking) | 40.08% | 27.57% | Compare |
| BLDR Builders FirstSource, Inc. | $7.1B | 176× | — (loss-making) | −2.21% (below 0%: shrinking) | −49.42% (below 0%: shrinking) | −83.67% (below 0%: shrinking) | 27.82% | 2.57% | Compare |
| SPXC SPX Technologies, Inc. | $6.9B | 23.3× | 24.6× | +20.53% (above 0%: growing) | +26.15% (above 0%: growing) | −79.92% (below 0%: shrinking) | 39.12% | 16.14% | Compare |
| Median of peers | $9.5B | 23.3× | 21.0× | +4.59% | +7.73% | −24.71% | 37.76% | 18.47% |
From the latest earnings call
- CEO Alok Maskara said Lennox adopted more dynamic residential pricing to defend market share, but realized less pricing while tariffs and inflation increased costs.
- CFO Michael Quenzer said Lennox is accelerating productivity work across manufacturing, distribution and administrative functions as it seeks to improve profitability.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
77.16%
Held by the ten largest
46.78%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 3.75m | 10.86% | −20.33k |
| BlackRock | 2.98m | 8.61% | +3.91k |
| Capital Group | 2.58m | 7.46% | −379.14k |
| VIKING GLOBAL INVESTORS LP | 1.59m | 4.60% | +18.54k |
| State Street | 1.48m | 4.29% | +46.58k |
| Morgan Stanley | 1.01m | 2.93% | −75.39k |
| Geode Capital Management | 863.38k | 2.50% | −36.80k |
| KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC | 739.86k | 2.14% | −135.31k |
| Millennium Management | 683.44k | 1.98% | +500.27k |
| Invesco | 485.55k | 1.40% | −45.13k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Ownership
Directors and executive officers, together
9.80%
The Vanguard Group
11.20%
John W. Norris, III
9.30%
Capital International Investors
8.50%
BlackRock, Inc.
8.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Lennox International, Inc. (LII) Latest News
28 Oct
14 Oct
LII metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Lennox International designs, manufactures and sells heating, ventilation, air conditioning and refrigeration equipment. Its products help heat and cool homes and commercial buildings, maintain indoor air quality, and refrigerate food and other perishables. The company also sells replacement parts and supplies and provides commercial installation and maintenance services.
For homes, Lennox offers furnaces, air conditioners, heat pumps and packaged systems, along with controls and indoor air quality equipment. Its products are used both to replace existing equipment and in new construction. Independent dealers install Lennox-branded systems, while other brands reach contractors through wholesale distributors. Company-owned Lennox Stores supply contractors and dealers with equipment, parts and tools.