At a glance
La-Z-Boy Incorporated is worth $1.18B, about 12 times its fiscal 2026 earnings. Revenue grew 0.8% to $2.13B in fiscal 2026, with 4.8% kept as profit; over 5 years it has grown 4.2% a year. It pays a 3.26% dividend yield, and returned $436.8M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −9.1% over the past year with dividends reinvested and −0.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 50.8% in the 2020 crash (S&P 500: 33.7%) and 40.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 14 months after the lows.
The business in plain English
La-Z-Boy makes and sells home furniture, mainly upholstered pieces such as recliners, sofas and chairs. The business dates to 1927, introduced its first recliner in 1928, and calls itself the world's leading producer of reclining chairs. Besides the La-Z-Boy name, it sells upholstery under the England and Joybird brands. It also sells wood furniture, known in the trade as casegoods, and accessories under Hammary and Joybird. In the fiscal year ended April 25, 2026, revenue was about $2.13 billion and net income about $102 million.
Its two main reporting segments are Retail and Wholesale. Retail sells straight to shoppers through company-owned La-Z-Boy Stores. The company owns 230 of the 378 stores in the network. Wholesale builds and imports furniture and sells it to La-Z-Boy Stores and to independent dealers. Those dealers run more than 500 La-Z-Boy Comfort Studio areas and nearly 900 smaller branded spaces. Wholesale also sells to other retailers in the US, Canada and about 45 other countries. Joybird sells largely online and through 15 small stores.
About 90% of the upholstered units sold in North America in fiscal 2026 were made in the United States, at four major plants. Fabric and leather are cut and sewn in Mexico. This setup lets the company deliver custom orders quickly. In May 2026 it finished selling its Kincaid and American Drew wholesale businesses, though its stores still sell those brands.
Price history
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LZB -9.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Jul 25, 2026), revenue was $475.7M, down 3.4% from a year earlier, and net income was $-2.3M (-112.6%).
- For fiscal 2026, revenue was $2.13B (+0.8% year over year; +4.2% a year from FY2021 to FY2026) with a 4.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.2% watch |
|---|---|
| Operating margin | 6.1% watch |
| Free cash flow margin | 6% watch |
| Return on equity (FY2026) | 9.7% watch |
| Return on assets (FY2026) | 5% watch |
| Cash and investments | $267.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.73B | $106.5M | $272.0M |
| FY2022 | $2.36B | $150.0M | $2.4M |
| FY2023 | $2.35B | $150.7M | $136.4M |
| FY2024 | $2.05B | $122.6M | $104.6M |
| FY2025 | $2.11B | $99.6M | $113.0M |
| FY2026 | $2.13B | $102.0M | $127.8M |
Valuation snapshot
| Market value | $1.18B |
|---|---|
| P/E ratio | 11.9 |
| Dividend yield | 3.26% |
Rank among 1514 US companies
Market value at each year end
La-Z-Boy Incorporated’s market value went from $1.52B at the end of 2016 to $1.18B on Oct 28, 2026, down 22%; since the end of 2025 it is down 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.18B | -23.3% |
| 2025 | $1.54B | -14.9% |
| 2024 | $1.81B | +14.4% |
| 2023 | $1.58B | +60.5% |
| 2022 | $984.4M | -38.3% |
| 2021 | $1.59B | -13.3% |
| 2020 | $1.84B | +25.9% |
| 2019 | $1.46B | +12.5% |
| 2018 | $1.30B | -12.1% |
| 2017 | $1.48B | -2.8% |
| 2016 | $1.52B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LZB price data to Oct 28, 2026 | -19.4% | -9.1% | +3.8% | -0.1% | +4.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.4% |
| 2025 | -12.5% |
| 2024 | +20.5% |
| 2023 | +65.7% |
| 2022 | -35.5% |
| 2021 | -7.3% |
| 2020 | +27.9% |
| 2019 | +15.5% |
| 2018 | -9.7% |
| 2017 | +2.1% |
| 2016 | +29.1% |
| 2015 | -7.8% |
| 2014 | -12.5% |
| 2013 | +120.9% |
| 2012 | +19.2% |
| 2011 | +31.9% |
| 2010 | -5.3% |
| 2009 | +339.2% |
| 2008 | -72.0% |
| 2007 | -29.9% |
| 2006 | -9.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90.9% over that stretch · deepest drop along the way 94.7%, back to its old high 10.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47% over that stretch · deepest drop along the way 50.8%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.9% over that stretch · deepest drop along the way 40.5%, back to its old high 14.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($915K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 29, 2026 | Raphaell Z. Richmond VP, GC & Chief Compliance Off | sell | $545K |
| Sep 10, 2026 | Robert II Sundy President, Retail | sell | $154K |
| Sep 8, 2026 | Janet Kerr Director | sell (plan) | $116K |
| Jun 30, 2026 | Terrence James Linz President, Wholesale Brands | sell | $101K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.79% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 6.4% | Sep 30, 2025 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
ETFs with the most weight in LZB
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.83% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.73% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.68% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.57% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.55% |
| SVAL iShares US Small Cap Value Factor ETF | 0.51% |
| OASC OneAscent Small Cap Core ETF | 0.49% |
| SEIS SEI Select Small Cap ETF | 0.48% |
What could go wrong
- Key materials come from few suppliers. Most of its foam comes from three suppliers, and it relies on a limited number of major suppliers for fabric and leather. Trouble at any of them could temporarily disrupt production until replacements are found.
- Store-based sales face a shift online. Most of its sales go through channels that rely on physical stores. A big move toward online furniture shopping could hurt sales and profit margins. Joybird already competes with many online brands.
- Store expansion may not pay off. Retail markets it enters may not grow as planned. If they fall short, it may have to take charges that write down store assets or the premium it paid for acquisitions, as it has before.
- Dealers may not pay what they owe. Its wholesale business sells to independent retailers on payment terms, so it waits to be paid. If those customers struggle, La-Z-Boy may not collect what it is owed, which would hurt earnings and cash.
- Tariffs and trade rules can shift. It cuts and sews covers in Mexico and buys fabric, leather and finished goods from abroad. New tariffs could raise costs, and refunds from a February 2026 court ruling on tariffs remain uncertain.
- Furniture is an easy purchase to postpone. Sofas and recliners are big purchases people can delay. Weak consumer confidence, higher interest rates, job losses or a slow housing market could cut demand, as past downturns have shown.
Recent events
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
La-Z-Boy pays a regular dividend but has no streak of yearly increases. Reported dividends per share rose from $0.36 in fiscal 2021 to $0.92 in fiscal 2024, then fell to $0.76 in fiscal 2026. Its fiscal years end in late April. Dividends took about 37% of fiscal 2026 earnings and 30% of free cash flow, which is the cash left after running and investing in the business. The dividend yield was 3.26% as of October 28, 2026. Share buybacks have been larger than dividends: $274 million over fiscal 2022–2026, against $163 million in dividends. The share count fell about 9% from November 2021 to August 2026. The stock has dropped hard in downturns. It fell about 95% from peak to low in the 2008 financial crisis, 51% in the 2020 COVID crash and 41% in the 2022 bear market. Each time it took roughly 7 to 14 months from its low to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does La-Z-Boy make money?
La-Z-Boy makes money by building and selling furniture, mostly upholstered recliners, sofas and chairs. Its Wholesale segment makes and imports furniture. It sells to La-Z-Boy Stores, independent dealers and other retailers in the US, Canada and about 45 other countries. Its Retail segment sells directly to shoppers through the 230 La-Z-Boy Stores the company owns. It also sells online through its own websites and the Joybird brand. Revenue was about $2.13 billion in the fiscal year ended April 25, 2026.
Are La-Z-Boy recliners made in the USA?
Mostly, yes. About 90% of the upholstered units La-Z-Boy sold in North America in fiscal 2026 were made in the United States, at four major manufacturing sites. Much of the fabric and leather is cut and sewn at the company's facilities in Mexico. It also buys some pre-cut kits from suppliers in Vietnam and China. The company says this US-based setup lets it deliver custom furniture quickly and limits its exposure to tariffs.
Does La-Z-Boy raise its dividend every year?
No. La-Z-Boy pays a regular dividend, but the amount per share has not risen every year. Reported dividends per share grew from $0.36 in fiscal 2021 to $0.92 in fiscal 2024. They were $0.84 in fiscal 2025 and $0.76 in fiscal 2026. Over those five years the dividend still grew about 16% a year on average. The yield was 3.26% as of October 28, 2026, and dividends took about 37% of fiscal 2026 earnings.
Does La-Z-Boy have any debt?
Probably not. La-Z-Boy's filings showed no borrowings under the usual debt line items as of July 25, 2026, so the company may have none. On that date it held about $267 million in cash and investments. Shareholders' equity (assets minus liabilities) was about $1.01 billion. That gives it a cushion in a downturn. Still, the company warns it may need outside funding in the future, and that funding may not be available or could cost more than expected.
How has La-Z-Boy stock performed over the long term?
Unevenly. As of October 28, 2026, the share price had gained about 4.4% a year over 10 years. It was roughly flat over five years and down 19.4% year to date. The swings are large. The stock fell 35% in 2022 and rose 66% in 2023. At its worst it lost 96% from peak to low over its roughly 21-year price history. On that date it traded at about 11.9 times fiscal 2026 earnings, and the company's market value was about $1.18 billion.