Lennox International Inc.

LII · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$17,031	$21,705	$15,905	$8,478	$11,870	$10,026	$8,928	$8,010	$7,622	$5,606	$4,571	$4,554	$4,236	$2,663	$1,772	$2,582	$2,167	$1,831	$2,750	$2,140	$1,810	$1,221	$971	$717	$504	$434	$348	$656
Enterprise value	$19,060	$22,772	$17,363	$10,167	$13,272	$11,076	$10,243	$9,005	$8,557	$6,424	$5,276	$5,443	$4,599	$2,999	$2,192	$2,741	$2,274	$2,096	$2,785	$2,105	$1,717	$1,471	$1,258	$1,022	$989	$1,086	$910	$958
P/E (TTM) at period end	21.14×	26.76×	26.90×	17.05×	25.58×	28.14×	21.85×	22.31×	24.93×	20.18×	24.50×	22.13×	24.66×	29.59×	20.07×	22.22×	42.40×	14.91×	16.27×	12.89×	12.03×	–	11.51×	–	–	7.35×	4.75×	12.50×
P/S (TTM) at period end	3.28×	4.06×	3.19×	1.80×	2.83×	2.76×	2.35×	2.06×	1.99×	1.54×	1.32×	1.35×	1.32×	0.90×	0.62×	1.00×	0.76×	0.53×	0.73×	0.58×	0.54×	0.41×	0.31×	0.24×	0.16×	0.13×	0.15×	0.36×
P/B at period end	14.64×	22.56×	40.47×	–	–	–	–	–	152.13×	147.51×	44.99×	505.98×	8.72×	5.34×	3.78×	4.37×	3.58×	3.99×	3.40×	2.66×	2.28×	2.58×	1.66×	1.58×	0.77×	0.58×	0.58×	1.74×
EV / EBITDA (TTM)	16.52×	20.05×	19.79×	13.85×	20.03×	20.10×	14.07×	15.64×	15.31×	13.18×	14.33×	13.76×	13.22×	10.93×	9.10×	10.82×	14.03×	7.79×	8.83×	9.88×	7.59×	245.10×	6.17×	6.59×	12.09×	4.47×	4.26×	6.38×
EV / Sales (TTM)	3.67×	4.26×	3.49×	2.15×	3.16×	3.05×	2.69×	2.32×	2.23×	1.76×	1.52×	1.62×	1.44×	1.02×	0.77×	1.06×	0.80×	0.61×	0.74×	0.57×	0.51×	0.49×	0.41×	0.34×	0.32×	0.33×	0.39×	0.53×
Returns
Return on equity	69.3%	84.3%	150.4%	–	–	–	–	–	610.2%	731.1%	183.7%	2286.7%	35.4%	18.1%	18.8%	19.7%	8.5%	26.8%	20.9%	20.6%	18.9%	(28.4%)	14.4%	(42.1%)	(6.5%)	7.9%	12.2%	13.9%
Return on invested capital	26.4%	41.5%	34.1%	35.5%	43.0%	37.0%	46.1%	46.4%	33.2%	34.7%	25.1%	24.4%	22.3%	17.6%	13.8%	18.0%	9.4%	17.5%	20.0%	16.7%	17.4%	(5.1%)	11.9%	7.3%	(0.1%)	6.7%	8.0%	9.2%
Dividend yield	1.0%	0.7%	1.0%	1.7%	1.1%	1.2%	1.2%	1.2%	1.0%	1.2%	1.3%	1.2%	0.8%	1.8%	2.1%	1.3%	1.4%	1.8%	1.3%	1.5%	1.4%	1.9%	2.3%	3.0%	4.2%	3.7%	4.1%	1.6%
Financial health
Current ratio	1.60×	1.55×	1.55×	0.94×	1.42×	1.55×	1.12×	1.08×	1.74×	1.13×	1.14×	1.19×	1.26×	1.65×	1.75×	1.54×	1.40×	1.62×	1.56×	1.56×	1.60×	1.45×	1.37×	1.26×	1.29×	1.53×	1.92×	1.61×
Debt / equity	1.00×	1.19×	2.94×	(7.51×)	(4.60×)	(57.35×)	(6.88×)	(4.95×)	19.39×	17.58×	6.99×	100.18×	0.82×	0.77×	0.99×	0.54×	0.32×	0.92×	0.26×	0.14×	0.15×	0.66×	0.62×	0.84×	0.79×	0.93×	0.97×	0.84×
Effective tax rate	19.2%	18.8%	20.0%	19.3%	17.2%	19.8%	19.5%	23.0%	33.8%	30.8%	33.8%	34.5%	34.4%	33.1%	33.4%	34.0%	38.8%	39.4%	34.5%	24.0%	35.3%	(48.4%)	34.2%	45.6%	4.5%	41.5%	40.6%	41.5%
Share count
Diluted shares outstanding	35	36	36	36	38	39	39	41	43	44	46	49	51	51	53	56	57	58	69	74	74	60	64	59	52	57	40	36

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$5,302	$5,195	$5,341	$4,982	$4,718	$4,194	$3,634	$3,807	$3,884	$3,840	$3,642	$3,467	$3,367	$3,199	$2,949	$2,841	$2,585	$2,848	$3,441	$3,750	$3,671	$3,366	$2,983	$3,085	$3,026	$3,120	$3,247	$2,362	$1,822
Cost of revenue	($3,535)	($3,460)	($3,564)	($3,433)	($3,434)	($3,006)	($2,594)	($2,727)	($2,773)	($2,714)	($2,565)	($2,520)	($2,464)	($2,338)	($2,227)	($2,171)	($1,884)	($2,059)	($2,507)	($2,697)	($2,516)	($2,258)	($1,985)	($2,068)	($2,074)	($2,190)	($2,123)	($1,560)	($1,210)
Gross profit	$1,767	$1,735	$1,778	$1,549	$1,285	$1,188	$1,040	$1,080	$1,111	$1,125	$1,076	$947	$903	$861	$722	$670	$701	$788	$934	$1,053	$1,155	$1,108	$998	$1,017	$952	$930	$1,125	$802	$611
Operating expenses
Research and development	–	($103)	($94)	($94)	($80)	($76)	($67)	($70)	($72)	($74)	($65)	($62)	($61)	($54)	($51)	($50)	($50)	($49)	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($705)	($681)	($731)	($706)	($627)	($599)	($556)	($586)	($608)	($638)	($621)	($580)	($574)	($570)	($507)	($477)	($492)	($645)	($687)	($773)	($778)	($754)	($826)	($784)	($765)	($850)	($850)	($588)	($461)
Total operating expenses	($724)	($693)	($737)	($758)	($628)	($598)	($562)	($423)	($601)	($631)	($647)	($642)	($569)	($572)	($503)	($486)	($497)	($679)	($716)	($786)	($986)	($919)	($1,034)	($859)	($850)	($930)	($966)	($646)	($505)
Total costs and expenses	($4,259)	($4,154)	($4,301)	($4,190)	($4,062)	($3,604)	($3,156)	($3,150)	($3,374)	($3,345)	($3,212)	($3,162)	($3,033)	($2,910)	($2,730)	($2,656)	($2,381)	($2,738)	($3,222)	($3,483)	($3,502)	($3,177)	($3,019)	($2,927)	($2,924)	($3,120)	($3,089)	($2,206)	($1,715)
Operating income	$1,043	$1,042	$1,040	$792	$656	$590	$478	$657	$510	$494	$429	$305	$335	$289	$219	$184	$204	$109	$219	$267	$169	$189	($37)	$158	$101	($1)	$159	$156	$107
Earnings
EBITDA	$1,165	$1,154	$1,136	$878	$734	$663	$551	$728	$576	$559	$488	$368	$396	$348	$274	$241	$253	$162	$269	$315	$213	$226	$6	$204	$155	$82	$243	$213	$150
Interest income	–	$6	$5	$4	$1	$1	$1	$1	$1	$2	$1	$2	$2	$2	$2	$2	$1	$1	$4	–	–	–	–	–	–	–	–	–	–
Interest expense	($56)	($41)	($39)	($52)	($39)	($25)	($28)	($48)	($38)	($31)	($27)	($24)	($17)	($14)	($17)	($17)	($13)	($8)	($14)	($7)	($15)	($15)	($27)	($32)	–	–	–	–	–
Pre-tax income	$983	$997	$999	$739	$616	$560	$445	$508	$468	$464	$403	$283	$318	$274	$202	$167	$191	$101	$204	$259	$218	$235	($63)	$132	$71	($44)	$101	$123	$90
Income tax expense	($194)	($191)	($188)	($148)	($119)	($96)	($88)	($99)	($108)	($157)	($124)	($95)	($110)	($94)	($67)	($56)	($65)	($39)	($80)	($90)	($52)	($83)	($30)	($45)	($32)	$2	($42)	($50)	($37)
Net income	$789	$806	$811	$591	$497	$464	$356	$409	$359	$306	$278	$187	$206	$172	$90	$88	$116	$51	$123	$169	$166	$150	($134)	$84	($190)	($42)	$59	$73	$52
Per share
Diluted EPS (GAAP)	$22.52	$22.79	$22.66	$16.58	$13.88	$12.39	$9.24	$10.38	$8.74	$7.14	$6.32	$4.09	$4.23	$3.39	$1.75	$1.65	$2.08	$0.90	$2.11	$2.43	$2.26	$2.11	($2.24)	$1.36	($3.23)	($0.82)	$0.79	$1.63	$1.47
Basic EPS (GAAP)	$22.61	$22.89	$22.78	$16.65	$13.92	$12.47	$9.30	$10.49	$8.84	$7.25	$6.39	$4.16	$4.30	$3.45	$1.77	$1.68	$2.13	$0.92	$2.17	$2.55	$2.37	$2.35	($2.24)	$1.41	($3.33)	($0.82)	$1.04	$1.63	$1.50
Basic shares outstanding	35	35	36	36	36	37	38	39	41	42	43	45	48	50	51	52	55	56	57	66	70	64	60	58	57	52	56	38	35
Margins
Gross margin	33.3%	33.4%	33.3%	31.1%	27.2%	28.3%	28.6%	28.4%	28.6%	29.3%	29.6%	27.3%	26.8%	26.9%	24.5%	23.6%	27.1%	27.7%	27.2%	28.1%	31.5%	32.9%	33.4%	33.0%	31.5%	29.8%	34.6%	34.0%	33.6%
Operating margin	19.7%	20.0%	19.5%	15.9%	13.9%	14.1%	13.2%	17.3%	13.1%	12.9%	11.8%	8.8%	9.9%	9.0%	7.4%	6.5%	7.9%	3.8%	6.4%	7.1%	4.6%	5.6%	(1.2%)	5.1%	3.3%	(0.0%)	4.9%	6.6%	5.9%
Net margin	14.9%	15.5%	15.2%	11.9%	10.5%	11.1%	9.8%	10.7%	9.2%	8.0%	7.6%	5.4%	6.1%	5.4%	3.1%	3.1%	4.5%	1.8%	3.6%	4.5%	4.5%	4.5%	(4.5%)	2.7%	(6.3%)	(1.4%)	1.8%	3.1%	2.9%

Analyst consensus

Hold30 analysts

Bearish · 4 · Hold · 18 · Bullish · 8

Earnings history

	EPS	Estimate
Q3 2024	$6.68	$6.00	Beat
Q4 2024	$5.60	$4.12	Beat
Q1 2025	$3.37	$3.28	Beat
Q2 2025	$7.82	$6.86	Beat
Q3 2025	$6.98	$6.82	Beat
Q4 2025	$4.45	$4.75	Miss
Q1 2026	$3.35	$3.19	Beat
Q2 2026	$7.72	$7.67	Beat

Peers

Company overview

IPO dateJul 29, 1999

CEOAlok Maskara

Employees5,400

SectorIndustrials

IndustryIndustrial - Machinery

CountryUS

ExchangeNew York Stock Exchange

Websitewww.lennox.com

Lennox International Inc. is a global manufacturer and distributor specializing in heating, ventilation, air conditioning (HVAC), and refrigeration solutions. The company operates across three divisions: Residential Heating & Cooling, Commercial Heating & Cooling, and Refrigeration. Its Residential Heating & Cooling division supplies homeowners with systems like furnaces, air conditioners, and heat pumps, along with indoor air quality products, comfort controls, and replacement components, catering to both new construction and existing residential upgrades. The Commercial Heating & Cooling division serves the light commercial sector, providing unitary HVAC equipment, advanced applied systems, control technologies, and comprehensive installation and maintenance services, including variable refrigerant flow solutions. Lastly, the Refrigeration division delivers essential components such as condensing units, unit coolers, and industrial chillers. These are crucial for food preservation in retail, hospitality, and logistics (e.g., supermarkets, restaurants, warehouses), as well as for specialized cooling needs in data centers, machine tooling, and other industrial applications. The company distributes its offerings through direct sales, a network of distributors, and its proprietary parts and supplies retail locations. Established in 1895, Lennox International Inc. maintains its headquarters in Richardson, Texas.

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