Flexsteel Industries Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Operating trend
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.
Quality of the earnings surprise
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.
Capital allocation
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.
Balance sheet and funding
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.
Tariffs and demand
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.
Valuation
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).
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FLXS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 34.20 $ to 84.20 $ · Last price: 79.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Furnishings, Fixtures & Appliances
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Flexsteel Industries Inc FLXS | 0.3 | 14.4 | 7.7 | 24.7 | 7.1 | 6.9 | 69.2 |
| Haier Smart Home Co. Ltd HSHCY | 24.4 | 8.9 | 5.6 | 26.5 | 8.3 | 2.6 | -16.9 |
| SharkNinja, Inc. SN | 23.5 | 33.3 | 22.4 | 48.9 | 11.7 | 15.8 | 45.8 |
| Somnigroup International Inc. SGI | 13.7 | 27.4 | 16.6 | 44.7 | 10.6 | 51.6 | -22.8 |
| Mohawk Industries Inc MHK | 7.9 | 19.4 | 8.2 | 25.6 | 5.5 | -0.5 | -2.2 |
| Alliance Laundry Holdings Inc. ALH | 4.3 | 31.6 | 14.1 | 37.7 | – | 13.3 | – |
| HNI Corp HNI | 3.3 | – | 16.6 | 41.9 | 1.4 | 12.4 | 7.2 |
| Whirlpool Corporation WHR | 2.1 | – | 9.1 | 13.6 | 1.3 | -6.5 | -60.8 |
| Interface Inc TILE | 2.0 | 15.9 | 9.5 | 40.5 | 9.5 | 5.4 | 18.3 |
| Median of companies shown | 4.3 | 19.4 | 9.5 | 37.7 | 7.7 | 6.9 | 2.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 469 | 37 | 24 | 3.02 | 26 | 231 | 270 |
| 2018 | 489 | 25 | 18 | 2.23 | 27 | 242 | 284 |
| 2019 | 444 | -43 | -33 | -4.13 | 7 | 205 | 254 |
| 2020 | 367 | -34 | -27 | -3.37 | 18 | 176 | 237 |
| 2021 | 479 | 31 | 23 | 3.09 | -33 | 168 | 297 |
| 2022 | 544 | 7 | 2 | 0.28 | 8 | 132 | 269 |
| 2023 | 394 | 11 | 15 | 2.74 | 23 | 142 | 291 |
| 2024 | 413 | 17 | 11 | 1.91 | 32 | 150 | 274 |
| 2025 | 441 | 27 | 20 | 3.55 | 37 | 168 | 282 |
| 2026 | 459 | 43 | 33 | 6.07 | 52 | 134 | 254 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | 1.62 | 184.20 | 109 | 8.40 | 8.30 | 7 | 6 |
| 2025: Q1 | 1.13 | 68.70 | 114 | 6.30 | -3.30 | 12 | 11 |
| 2025: Q2 | 1.89 | 231.60 | 115 | 3.40 | 9.30 | 16 | 15 |
| 2025: Q3 | 1.31 | 77.00 | 110 | 6.20 | 6.60 | 4 | 3 |
| 2025: Q4 | 1.18 | -27.20 | 118 | 9.00 | 5.60 | 1 | -1 |
| 2026: Q1 | 1.14 | 0.90 | 115 | 1.00 | 5.60 | 22 | 22 |
| 2026: Q2 | 2.44 | 29.10 | 115 | 0.70 | 11.00 | 24 | 24 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Near 52-Week High
- Power Trend
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 5.29 | 5.29 – 5.29 | 476 | 7.1% | 1 |
| 06/30/2028 | 6.05 | 6.05 – 6.05 | 498 | 14.4% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -7.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $47.6M |
|---|---|
| Market cap | $325.0M |
| Free cash flow in year ten | $22.1M |
| Terminal value as a share of market value | 35.9% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Flexsteel 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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 5.3%
- More than 10% revenue growth is expected for the coming year -75.7%
- Share count grows by less than 3% a year 0.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 14.5%
- Gross margin at 40% or higher and without meaningful erosion 24.7%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 0.8 x EBITDA
- Operating cash flow covers the profits of the last three years 57 m
- Return on capital at 15% or higher, or up versus two years ago 23.9%
- Insiders hold at least 10% or are net buyers 14.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -0.2%
- Exp. sales growth 3Y > 5% 4.1%
- EBIT growth 10Y > 5% 1.5%
- Exp. EBIT growth 3Y > 5% -0.2%
- Net debt < 4x EBIT 0.8x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 24.8%
- ROCE > 15% 23.9%
- Expected return > 10% 14.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Creekmuir William S. | Director | Other | 2,492 | 0.00 | – |
| Sep 15, 2026 | Creekmuir William S. | Director | Sell | 1,000 | 81.03 | 81,033 |
| Sep 14, 2026 | Creekmuir William S. | Director | Sell | 815 | 81.66 | 66,553 |
| Sep 14, 2026 | Creekmuir William S. | Director | Sell | 2,135 | 81.20 | 173,363 |
| Sep 8, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Sell | 750 | 83.56 | 62,669 |
| Sep 8, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Sell | 500 | 81.48 | 40,739 |
| Sep 4, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Other | 1,632 | 80.37 | 131,164 |
| Sep 4, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Other | 2,617 | 24.98 | 65,373 |
| Sep 4, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Other | 871 | 80.37 | 70,002 |
| Sep 4, 2026 | Kammes Stacy Marie | VP Talent, Customer Experience | Other | 1,548 | 45.21 | 69,985 |
The company
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
- 1,200
- Headquarters
- Dubuque, IA
- Address
- 385 Bell Street, 52001-0877 Dubuque, United States
- Phone
- 563 556 7730
- Website
- flexsteel.com
- IPO Date
- 02/25/1992
- ISIN
- US3393821034
- Stock Split
- 3:2 on 12/08/1987
- Stock Split
- 2:1 on 05/19/1983
- Stock Split
- 6:5 on 11/16/1981
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/11/2026 FLEXSTEEL INDUSTRIES INC (FLXS): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/17/2026 FLEXSTEEL INDUSTRIES INC (FLXS): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.