At a glance
Lindsay Corporation is worth $1.05B, about 19 times its fiscal 2026 earnings. Revenue fell 6.0% to $635.9M in fiscal 2026, with 8.8% kept as profit; over 5 years it has grown 2.3% a year. It pays a 1.44% dividend yield, raised every year for at least 9 years, and returned $191.0M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −4.4% over the past year with dividends reinvested and −5.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.6% in the 2020 crash (S&P 500: 33.7%) and 24.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 2 months after the lows.
The business in plain English
Lindsay Corporation, based in Omaha, Nebraska, makes equipment that waters crops and keeps roads safer. It has made farm irrigation equipment since 1955. Its main product is the center pivot, a long sprinkler pipe carried on wheeled towers that circles a field. A standard U.S. pivot is about 1,300 feet long and waters roughly 125 to 130 acres. Lindsay sells pivots under the Zimmatic brand. It also sells Perrot hose reel travelers, replacement parts, and FieldNET subscription software that lets farmers run their irrigation remotely.
Irrigation brought in $541 million in the fiscal year ended August 31, 2026. That was 85.2% of total revenue of $636 million. In the U.S., Lindsay sells through more than 200 independent dealers, who design and install systems for farmers. About 52% of irrigation revenue came from outside the U.S. Lindsay has operations in Brazil, France, China, Türkiye and South Africa. Sales rise and fall with farm profits, which depend mainly on crop prices and farming costs.
The Infrastructure segment brought in $94 million, or 14.8% of revenue. It makes road safety products such as Quickchange moveable barriers, crash cushions and road marking equipment, plus railroad signals. Demand depends largely on government spending on highways.
Price history
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LNN -4.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Irrigation | $541.5M | 85.2% |
| Infrastructure | $94.4M | 14.8% |
Latest results
- In Q4 FY2026 (ended Aug 31, 2026), revenue was $161.6M, up 5.2% from a year earlier, and net income was $11.3M (+4.2%).
- For fiscal 2026, revenue was $635.9M (-6.0% year over year; +2.3% a year from FY2021 to FY2026) with a 8.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.3% watch |
|---|---|
| Operating margin | 10.5% watch |
| Free cash flow margin | 5.5% watch |
| Return on equity (FY2026) | 11% watch |
| Return on assets (FY2026) | 6.8% watch |
| Net cash (cash minus debt) | $74.8M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $567.6M | $42.6M | $17.5M |
| FY2022 | $770.7M | $65.5M | $-12.5M |
| FY2023 | $674.1M | $72.4M | $100.9M |
| FY2024 | $607.1M | $66.3M | $66.8M |
| FY2025 | $676.4M | $74.1M | $90.4M |
| FY2026 | $635.9M | $55.7M | $34.7M |
Valuation snapshot
| Market value | $1.05B |
|---|---|
| P/E ratio | 19.4 |
| Dividend yield | 1.44% |
Rank among 1514 US companies
Market value at each year end
Lindsay’s market value went from $794.9M at the end of 2016 to $1.05B on Oct 28, 2026, up 32%; since the end of 2025 it is down 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.05B | -17.5% |
| 2025 | $1.27B | -0.8% |
| 2024 | $1.28B | -9.8% |
| 2023 | $1.42B | -20.5% |
| 2022 | $1.79B | +7.9% |
| 2021 | $1.66B | +19.1% |
| 2020 | $1.39B | +34.4% |
| 2019 | $1.04B | -0.3% |
| 2018 | $1.04B | +9.8% |
| 2017 | $945.6M | +19.0% |
| 2016 | $794.9M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LNN price data to Oct 28, 2026 | -11.5% | -4.4% | -5.2% | -5.3% | +4.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.5% |
| 2025 | +0.8% |
| 2024 | -7.3% |
| 2023 | -19.8% |
| 2022 | +8.1% |
| 2021 | +19.3% |
| 2020 | +35.5% |
| 2019 | +1.2% |
| 2018 | +10.6% |
| 2017 | +19.9% |
| 2016 | +4.7% |
| 2015 | -14.4% |
| 2014 | +4.9% |
| 2013 | +3.9% |
| 2012 | +46.9% |
| 2011 | -7.1% |
| 2010 | +50.4% |
| 2009 | +26.5% |
| 2008 | -54.8% |
| 2007 | +118.1% |
| 2006 | +71.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51% over that stretch · deepest drop along the way 82.8%, back to its old high 140.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 22.3% over that stretch · deepest drop along the way 32.6%, back to its old high 4.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.2% over that stretch · deepest drop along the way 24.4%, back to its old high 1.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (22 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.35% | Mar 31, 2026 |
| Vanguard Capital Management | 5.31% | Mar 31, 2026 |
ETFs with the most weight in LNN
| FIW First Trust Water ETF | 1.29% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.63% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.45% |
| MMSC First Trust Multi-Manager Small Cap Opportunities ETF | 0.44% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.32% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.28% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.22% |
| ISMD Inspire Small/Mid Cap ETF | 0.21% |
What could go wrong
- Crop prices drive irrigation sales. Irrigation is about 85% of revenue. When crop prices or farm incomes fall, a new pivot pays off less. Farmers may then delay big purchases or choose cheaper ways to irrigate.
- Weather and drought can cut demand. Weather before planting shapes farmers' purchase decisions. Floods and storms can disrupt demand. Drought usually helps over time, but it hurts sales if water runs short or governments restrict water use.
- Road sales depend on government budgets. Infrastructure demand relies on highway funding, such as the U.S. Federal Highway Trust Fund, so cuts or delays hurt. Products must also pass MASH road-safety testing standards to qualify for federal reimbursement.
- Accidents involving roadside safety products. Barriers and crash cushions sit beside roads, where accidents are an everyday danger. An accident involving them could lead to lawsuits, large damage awards and harm to Lindsay's reputation that weakens demand.
- Reliance on a few big customers. Revenue can depend heavily on a small number of key customers and large projects. Losing one customer, or a delay in one big project, can cause sharp swings in sales.
- Trade barriers and currency swings abroad. About 52% of irrigation revenue came from abroad in fiscal 2026. Trade barriers, weak foreign markets and currency moves can cut sales and profit margins. A stronger dollar shrinks foreign earnings.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Executive or board change
- Executive or board change
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
For income and retirement investors
Lindsay pays a small but rising dividend. It has raised it at least nine years in a row through fiscal 2026. Dividends per share grew from $1.30 in fiscal 2021 to $1.49 in fiscal 2026, about 2.8% a year. That payout used 27.7% of earnings and 44.3% of free cash flow (the cash left after spending on equipment and buildings). The yield was 1.44% as of October 28, 2026. Buybacks (the company buying back its own shares) were larger: $80.7 million in fiscal 2026, compared with $15.4 million in dividends. The share count fell 7.3% from January 2022 to October 2026.
The stock has fallen hard in downturns. It dropped 82.8% from June 2008 to March 2009. It did not get back to that peak until November 2020, about 140 months later. It fell 32.6% in the 2020 COVID crash and 24.4% in 2022. It recovered in about five months and 1.5 months. A single stock like Lindsay carries more risk than a diversified fund.
Questions investors ask
How does Lindsay Corporation make money?
Mostly by selling farm irrigation equipment. In the fiscal year ended August 31, 2026, the Irrigation segment brought in $541 million, or 85.2% of revenue. That includes Zimmatic center pivots, Perrot hose reel travelers, replacement parts and FieldNET subscription software. The Infrastructure segment brought in $94 million, or 14.8%. It sells road safety products such as moveable barriers and crash cushions, plus railroad signals. In the U.S., Lindsay sells irrigation systems through more than 200 independent dealers.
Does Lindsay raise its dividend every year?
Yes, for at least the last nine years. Lindsay's SEC filings show at least nine increases in a row through fiscal 2026, and the streak may go back further. Dividends per share rose from $1.30 in fiscal 2021 to $1.49 in fiscal 2026, about 2.8% a year. The fiscal 2026 dividend used 27.7% of earnings, a modest share of profits. The yield was 1.44% as of October 28, 2026.
Did Lindsay's profits fall in fiscal 2026?
Yes. In the fiscal year ended August 31, 2026, net income fell 24.8% to $55.7 million. Revenue slipped 6% to $635.9 million. Earnings per share dropped to $5.33 from $6.78 a year earlier. Free cash flow (the cash left after spending on equipment and buildings) fell to $34.7 million from $90.4 million. The fourth quarter was steadier: revenue rose 5.2% from a year earlier to $161.6 million.
Does Lindsay Corporation have a lot of debt?
No. As of August 31, 2026, Lindsay had $115 million of total debt and $189.8 million in cash and investments. That left net cash of about $74.8 million, so its cash was greater than its debt. Shareholders' equity was $505.7 million and total assets were $815.1 million. Lindsay's farm sales rise and fall with crop prices, so that cash cushion gives it some room to cope with weak years.
How has Lindsay stock performed over the long term?
Its share price fell over five years but rose over ten. As of October 28, 2026, the price was down 24% over five years (about 5.3% a year) and down 15% over three years. It was up 48% over ten years (about 4% a year). It was down 11.5% for 2026 through that date. The stock traded at 19.4 times fiscal 2026 earnings per share (its price-to-earnings ratio). Its market value was about $1.05 billion.