Flexsteel Industries Inc (FLXS)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The decisive figure is still outstanding and it has a date: the annual report (10-K) for the fiscal year ended June 30, 2026 is usually published in August. It has to answer three things nobody knows today. First: how much of the $60.2 million came from cash and how much from the revolver — the starting point is $57.3 million of cash and zero drawn debt on March 31, 2026. Second: what happens to the credit agreement dated September 8, 2021, whose five-year term ends in September 2026 by the calendar and whose size was already cut from $85 million to $55 million in 2025. Third: does the closing quarter deliver the company's own guidance of flat revenue at roughly 7 percent operating margin? Waiting means buying the low valuation with the answers in hand rather than blind. The decision is yours.
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On April 26, 2026 Flexsteel signed an agreement that shrank the company by 24 percent in one stroke: 1,279,870 shares from the Bertsch founding family at $47.00 apiece, roughly $60.2 million — paid out of the cash pile and a credit line that had been untouched until then. Two days later the family's director stepped off the board. The Iowa furniture maker now faces an equation with two signs: earnings per share rise by roughly a quarter on paper, while the cushion against tariffs and soft demand has shrunk. We read the filings and sort out what is substance.
Read the analysis
Stock Watch
This analysis is as of July 25, 2026. Stock Watch will tell you what's changed at FLXS since then.
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Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 74.00 $ — 91% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralFlexsteel fertigt und importiert Wohnmöbel; in sechs geprüften SEC-Berichten (zwei Geschäftsberichte 10-K, zwei Quartalsberichte 10-Q, zwei Ergebnismeldungen 8-K) kommen künstliche Intelligenz, maschinelles Lernen oder generative KI kein einziges Mal vor — weder als Chance noch als Risiko noch als eingesetzte Technik.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2025-08-22 · 10-K 2024-08-30 · 10-Q 2026-04-22 · 10-Q 2026-02-04 · 8-K 2026-04-28 · 8-K 2026-04-20
Rated on July 25, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 4.7% below the current price.
- Consensus
- Strong Sell
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Next Reporting Date
- Expected Earnings per Share
- 1.15 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.57 | 58.30 | 111 | 4.70 | 4.40 | 8 | 7 |
| 2024: Q3 | 0.74 | 428.60 | 104 | 9.90 | 4.00 | 2 | 2 |
| 2024: Q4 | 0.95 | 66.70 | 109 | 8.40 | 8.30 | 7 | 6 |
| 2025: Q1 | 1.13 | 68.70 | 114 | 6.30 | -3.30 | 12 | 11 |
| 2025: Q2 | 1.40 | 145.60 | 115 | 3.40 | 9.30 | 16 | 15 |
| 2025: Q3 | 1.31 | 77.00 | 110 | 6.20 | 6.60 | 4 | 3 |
| 2025: Q4 | 1.18 | 24.20 | 118 | 9.00 | 5.60 | 1 | -1 |
| 2026: Q1 | 1.14 | 0.90 | 115 | 1.00 | 5.60 | 22 | 22 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Three years of rising revenue — $393.7 million, $412.8 million and $441.1 million in fiscal 2023 through 2025 — and operating income that more than doubled from $10.5 million to $26.6 million. Over the nine months ended March 31, 2026 revenue rose 5.3 percent to $343.8 million and gross margin improved from 21.6 to 22.9 percent. Cash from operating activities, at $27.2 million, exceeded accounting profit of $20.4 million.
The jump from minus $0.71 to plus $1.14 per share for the quarter ended March 31, 2026 comes mostly from the prior-year quarter, which carried a non-cash impairment charge of $14.079 million. On an adjusted basis the result was $1.14 versus $1.13, and adjusted operating income fell from $8.3 million to $8.2 million — a decline of 1 percent.
Repurchasing 1,279,870 shares at $47.00 lifts trailing twelve-month earnings per share on paper from $5.48 to roughly $6.50 to $7.00 and saves about $1.1 million of dividends per year. But the shares were bought well above the book value of $34.62 per share (March 31, 2026): roughly $16 million of premium leaves shareholders' equity with nothing arriving in return.
Before the buyback there was $57.3 million in cash, no outstanding bank borrowings and $54.1 million of availability (March 31, 2026). The $60.2 million came from both sources per the Form 8-K; the split has not been published. The credit agreement dated September 8, 2021 carries a five-year term per the filing — by the calendar to September 2026 — and the facility was cut from $85 million to $55 million on June 3, 2025.
The 1.0 percent revenue gain for the quarter ended March 31, 2026 came from tariff surcharges against falling unit volume, per the filing. Goods from Vietnam, the main sourcing country, have carried a 20 percent tariff since July 31, 2025, and the annual report states the exemption for Mexican production could fall at any time. Company guidance dated April 20, 2026 calls for flat revenue in the closing quarter and explicitly cites softening demand.
A market value of roughly $304 million (4,075,661 shares × $74.48, the documented price on June 30, 2026) equals about 0.7 times annual revenue and a price-to-earnings ratio of roughly 13.7 on reported earnings of $5.48 per share. On the post-buyback range it is roughly 10.5 to 11.5. One caveat: exactly one analyst house is on record, with a price target of $70.50 (data as of July 24, 2026).
On April 26, 2026 Flexsteel bought a quarter of itself: 1,279,870 shares from the Bertsch founding family at $47.00 apiece, roughly $60.2 million out of cash and the revolver. On paper that lifts earnings per share from $5.48 to roughly $6.50 to $7.00 — paid out of a cushion that until then consisted of $57.3 million in cash and $54.1 million of availability, and paid well above a book value of $34.62 per share. The operating business is solid (three years of rising revenue, operating income from $10.5 million to $26.6 million), but the revenue gain comes from tariff surcharges against falling unit volume, and the earnings surprise amounts to one cent on an adjusted basis. Not investment advice.
- Flexsteel reached our research list at rank 21 in our in-house Big Earnings Surprise ranking (U.S. selection, as of July 25, 2026, relative strength rating 87). The lists are recalculated daily — today's rank is not tomorrow's. The screen measures the gap between reported earnings and the analyst estimate; the adjusted figures in the same press release show only a one-cent difference from the prior year for the quarter ended March 31, 2026.
- Reporting-date trap: almost every balance sheet and earnings figure in this analysis dates from March 31, 2026 and therefore precedes the buyback of April 28, 2026. Metrics from data providers still using the book value of $34.62 per share, or a share count above 5.3 million, describe the state of affairs before the transaction. The only reliable post-buyback figure is the 4,075,661 shares from the Schedule 13D filed April 30, 2026.
- No take-private: despite the repurchase of a quarter of all shares and the family director's resignation, no acquisition is under way. The SEC record contains neither a merger proxy (DEFM14A or PREM14A) nor a Rule 13e-3 filing (SC 13E-3); the stock still trades on Nasdaq, and no Form 25 or Form 15 has been filed.
- Easily confused: Flexsteel Industries (FLXS, furniture, Dubuque, Iowa) has nothing to do with Flex Ltd. (FLEX, electronics contract manufacturer) and nothing to do with Flexsteel Pipeline Technologies (pipelines, not publicly traded). The ticker FLXS has belonged to the same company for decades; the SEC record shows no former names.
About the Company
Flexsteel Industries, Inc., together with its subsidiaries, manufactures, distributes, imports, and markets residential furniture products in the United States. The company offers furniture, such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. It distributes its products through its e-commerce channel and direct sales force. The company was founded in 1893 and is based in Dubuque, Iowa.
| Employees | 1,400 |
|---|---|
| Headquarters | Dubuque, IA |
| Website | flexsteel.com |
| IPO Date | 25. Feb 1992 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Derek Paul Schmidt CPA | CEO, President & Director | 1973 |
| Michael J. Ressler | CFO, Treasurer & Secretary | 1983 |
| David Edward Crimmins | Chief Growth Officer | 1982 |
| Michael J. McClaflin | Chief Information & Technology Officer | 1963 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.