Lindsay Corporation
LNN Industrials Farm & Heavy Construction Machinery
Lindsay Corporation’s revenue for fiscal 2025 (year ended August 2025) was $676.4 million, up 11.4% from fiscal 2024. In the quarter to May 2026, revenue fell 5.13%, EPS fell 14.4%, free cash flow fell 105.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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Lindsay Corporation (LNN) Beneish M-score
Lindsay Corporation's Beneish M-score for fiscal 2025 is −2.79; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.79 | 0.08 |
| FY2024 | −2.87 | (0.12) |
| FY2023 | −2.75 | (1.12) |
| FY2022 | −1.63 | 0.69 |
| FY2021 | −2.32 | 0.17 |
| FY2020 | −2.49 | (0.21) |
| FY2019 | −2.28 | 0.46 |
| FY2018 | −2.74 | (0.08) |
| FY2017 | −2.67 | (0.13) |
| FY2016 | −2.54 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.97 | — | 0.39 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 0.97 | — | −0.17 | |
| Total accruals to total assets | (0.07) | — | −0.33 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.79 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BLBD Blue Bird Corporation compare | −3.4× |
| LNN Lindsay Corporation | −2.8× |
| ALG Alamo Group, Inc. compare | −2.7× |
| TWI Titan International, Inc. compare | −2.7× |
| HY Hyster-Yale, Inc. compare | −2.6× |
| MTW The Manitowoc Company, Inc. compare | −2.5× |
| ASTE Astec Industries, Inc. compare | −2.1× |
| AEBI Aebi Schmidt Holding AG compare | −1.7× |
| WNC Wabash National Corporation compare | −0.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI