La-Z-Boy Incorporated
🔔 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 business works: a 100-year-old brand, roughly 380 stores, domestic manufacturing, no financial debt, $267.3 million of cash as of July 25, 2026 and $204.1 million of operating cash flow in fiscal 2026. No substance risk is documented anywhere — no going-concern language, no negative equity, no maturity wall. What is missing for green is the decisive quality: the most important operating question about this company is open. Operating income has fallen for a third straight year and is down 39 percent without revenue giving way; the gain came from acquired stores while written same-store sales fell 3 percent in fiscal 2026, and the first quarter of fiscal 2027 ended in an operating loss. Whether the turnaround in the existing base holds will be decided in the coming quarters, not on the balance sheet. That is an open operating question, not a substance risk — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
La-Z-Boy is a company with a strikingly clean balance sheet and a structural margin problem. No bank debt, $267.3 million in cash, a brand dating to 1927 and the second-largest single-branded furniture retail network in the United States stand against operating income that has fallen from $211.4 million in fiscal 2023 to $129.2 million in fiscal 2026 — on essentially unchanged revenue. The annual report explains why: the retail gain came from acquisitions ($60.1 million) and new stores ($31.7 million) while the existing base shrank. The first quarter of fiscal 2027 produced the first operating loss in years, $2.1 million. Not investment advice.
Balance sheet and liquidity
No financial debt: the $200 million credit facility maturing July 1, 2030 was undrawn as of April 25, 2026 and all covenants were met. Cash of $267.3 million and shareholders' equity of $1,013.3 million as of July 25, 2026, with operating cash flow of $204.1 million in fiscal 2026 — up from $158.1 million (fiscal 2024) and $187.3 million (fiscal 2025), almost back to the fiscal 2023 level of $205.2 million.
Brand and route to market
In business since 1927, the world's largest producer of reclining chairs and the second-largest single-branded furniture retail network in the United States: 378 stores as of April 25, 2026 (230 company-owned), roughly 380 per the earnings release of August 18, 2026 (234 company-owned), plus more than 500 studio locations inside third-party retailers. Roughly 90 percent of the upholstered units sold in North America come from U.S. plants.
Earnings trend
Operating income has fallen three years running: $211.4 million (fiscal 2023), $150.8 million (2024), $135.8 million (2025), $129.2 million (2026) — down 39 percent, while revenue moved only from $2,349.4 million to $2,126.6 million. Margin slipped from 9.0 percent to 6.1 percent, and the first quarter of fiscal 2027 produced a $2.1 million operating loss.
Quality of growth
The gain was bought: in fiscal 2026 acquisitions added $60.1 million and new stores $31.7 million of retail sales, yet the segment gained only $52.3 million; written same-store sales were 3 percent below the prior year. The acquisitions consumed $86.4 million in cash. In the first quarter of fiscal 2027 the existing base did turn to plus 3 percent.
Joybird
According to the Form 10-Q for the quarter ended July 25, 2026, $46.9 million of goodwill on the digital brand has already been written off, leaving $35.5 million; the trade name is fully amortized. Sales of $130.8 million in fiscal 2026 (down 10 percent), written sales down 17 percent in the first quarter of fiscal 2027, and the Tijuana plant closing by the end of fiscal 2027.
Shareholder returns and obligations
Reliable distributions (quarterly dividend of $0.242 declared August 18, 2026; $37.9 million of dividends and $47.3 million of buybacks in fiscal 2026) and a new $300 million authorization effective May 14, 2026. In the first quarter of fiscal 2027, $34.8 million went to shareholders against free cash flow of negative $7.6 million; on top of that sit $657.8 million of future lease payments as of April 25, 2026.
Worth Noting
The hook for this analysis is our in-house Reddit hype scanner: 3 mentions in 24 hours, first recorded on August 19, 2026 — one day after the quarterly report of August 18, 2026 and the price move from $40.83 to $33.91.
Data as of August 23, 2026. All company figures come from the Form 10-K for fiscal 2026 (filed June 16, 2026), the Form 10-K for fiscal 2025 (filed June 17, 2025), the Form 10-Q for the quarter ended July 25, 2026 (filed August 18, 2026) and the earnings release furnished as Exhibit 99.1 to the Form 8-K of August 18, 2026. Price and valuation data from fundamental data, as of August 21/22, 2026.
The fiscal year ends in late April. Fiscal 2026 ran through April 25, 2026 and the first quarter of fiscal 2027 through July 25, 2026. Comparisons with calendar-year companies are therefore shifted by roughly eight months.
The minus $39.5 million shown as "Existing & other" in the waterfall chart is an arithmetic remainder: the annual report quantifies only the two increases ($60.1 million and $31.7 million) and describes the offset as a decline in delivered same-store sales without putting a figure on it.
The mean analyst target of $41 (fundamental data, as of August 22, 2026) is a third-party figure quoted for context, not a target set by this publication.
The company's adjusted measures (first quarter of fiscal 2027: operating margin 3.9 percent, $0.43 per diluted share) are non-GAAP. They exclude, among other items, $17.6 million for closing the two smallest plants, $4.1 million for terminating an inherited retirement plan and a $2.6 million loss on the Casegoods wholesale divestiture.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at LZB since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 29.30 $ to 42.10 $ · Last price: 29.60 $ (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
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 % |
|---|---|---|---|---|---|---|---|
| La-Z-Boy Incorporated LZB | 1.2 | 14.8 | 6.0 | 45.2 | 2.7 | 0.8 | -10.0 |
| 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 | 40.5 | 6.9 | 5.4 | -6.1 |
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 | 1,520 | 131 | 86 | 1.74 | 148 | 590 | 889 |
| 2018 | 1,584 | 129 | 81 | 1.68 | 116 | 612 | 893 |
| 2019 | 1,745 | 130 | 69 | 1.45 | 151 | 683 | 1,060 |
| 2020 | 1,704 | 119 | 77 | 1.66 | 164 | 701 | 1,435 |
| 2021 | 1,734 | 137 | 106 | 2.30 | 310 | 774 | 1,900 |
| 2022 | 2,357 | 207 | 150 | 3.39 | 79 | 811 | 2,069 |
| 2023 | 2,349 | 211 | 151 | 3.48 | 205 | 942 | 1,866 |
| 2024 | 2,047 | 151 | 123 | 2.83 | 158 | 1,003 | 1,913 |
| 2025 | 2,109 | 136 | 100 | 2.35 | 187 | 1,021 | 1,922 |
| 2026 | 2,127 | 129 | 102 | 2.47 | 204 | 1,050 | 2,042 |
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: Q4 | 0.71 | -4.10 | 521 | 1.90 | 5.80 | 16 | -1 |
| 2025: Q1 | 0.68 | 1.50 | 522 | 4.30 | 5.40 | 57 | 38 |
| 2025: Q2 | 0.92 | -3.20 | 571 | 3.10 | 2.60 | 62 | 39 |
| 2025: Q3 | 0.47 | -24.20 | 492 | -0.70 | 3.70 | 36 | 17 |
| 2025: Q4 | 0.71 | 0.00 | 523 | 0.30 | 5.50 | 50 | 30 |
| 2026: Q1 | 0.61 | -10.30 | 542 | 3.80 | 4.00 | 90 | 72 |
| 2026: Q2 | 0.92 | 0.00 | 570 | -0.10 | 5.80 | 28 | 9 |
| 2026: Q3 | 0.43 | -8.50 | 476 | -3.40 | -0.50 | 16 | -8 |
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 11 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
Research
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 |
|---|---|---|---|---|---|
| 04/30/2027 | 2.52 | 2.50 – 2.55 | 2,090 | -17.2% | 3 |
| 04/30/2028 | 2.81 | 2.70 – 3.00 | 2,163 | 11.8% | 3 |
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 0.1% 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) | $103.1M |
|---|---|
| Market cap | $1.19B |
| Free cash flow in year ten | $104.2M |
| Terminal value as a share of market value | 46.3% |
For comparison: over the past five years free cash flow shrank by 14.0% per year.
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
La-Z-Boy verkauft Polstermöbel und betreibt eigene Möbelhäuser. In den sechs gesichteten Berichten (Geschäftsberichte 10-K 2025/2026, vier Quartalsberichte 10-Q) kommt künstliche Intelligenz ausschließlich als Randbemerkung in den Risikofaktoren vor — als sich wandelndes Medienumfeld und als Werkzeug von Cyber-Angreifern. Es gibt kein KI-Produkt, keine beschriebene KI-Anwendung im Betrieb und keine Aussage, dass KI das Geschäftsmodell bedroht.
View the full file — quotes, sources, reviewed filings
„Our continued success depends in part on our ability to adapt to a rapidly changing media environment, including use of social media and online advertising campaigns, and more recently the growing use of AI and generative AI, as well as changes to consumer behavior based on these new technologies."
Unser anhaltender Erfolg hängt zum Teil davon ab, ob wir uns an ein sich rasch wandelndes Medienumfeld anpassen können — einschließlich der Nutzung sozialer Medien und Online-Werbekampagnen und, in jüngerer Zeit, der zunehmenden Verwendung von KI und generativer KI sowie der Veränderungen im Verbraucherverhalten durch diese neuen Technologien.
10-K · 2026-06-16 · View SEC filing
„For example, as artificial intelligence continues to evolve, cyber-attackers could also use artificial intelligence to develop malicious code and sophisticated phishing attempts."
Zum Beispiel könnten Cyber-Angreifer, während sich künstliche Intelligenz weiterentwickelt, künstliche Intelligenz auch nutzen, um Schadcode und ausgefeilte Phishing-Versuche zu entwickeln.
10-K · 2025-06-17 · View SEC filing
Filings Reviewed: 10-K 2026-06-16 · 10-K 2025-06-17 · 10-Q 2026-08-18 · 10-Q 2026-02-17 · 10-Q 2025-11-18 · 10-Q 2025-08-19
Rated on August 23, 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 -3.3%
- More than 10% revenue growth is expected for the coming year -76.2%
- Share count grows by less than 3% a year -1.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 6.8%
- Gross margin at 40% or higher and without meaningful erosion 44.0%
- Goodwill from acquisitions does not grow faster than revenue 11.9%
- Net debt below twice EBITDA 1.3 x EBITDA
- Operating cash flow covers the profits of the last three years 225 m
- Return on capital at 15% or higher, or up versus two years ago 8.0%
- Insiders hold at least 10% or are net buyers 2.7%
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
5/10The 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% 3.8%
- Exp. sales growth 3Y > 5% 0.8%
- EBIT growth 10Y > 5% -0.1%
- Exp. EBIT growth 3Y > 5% 6.8%
- Net debt < 4x EBIT 2.0x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 38.9%
- Return on equity > 15% 14.0%
- ROCE > 15% 8.0%
- Expected return > 10% 18.3%
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 10, 2026 | Sundy Robert II | President, Retail | Sell | 5,000 | 30.85 | 154,233 |
| Sep 8, 2026 | Kerr Janet | Director | Sell | 3,653 | 31.75 | 115,999 |
| Aug 27, 2026 | Haider Raza Syed | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | Baer Matt | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | Alexander Erika L. | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | O'Grady Rebecca L | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | LaVigne Mark Stephen | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | Lawton Michael T | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | Boor William C | Director | Other | 4,125 | 0.00 | – |
| Aug 27, 2026 | Kerr Janet | Director | Other | 4,125 | 0.00 | – |
The company
About the Company
La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products in the United States and internationally. The company operates through Wholesale and Retail segments. Its Wholesale segment manufactures and imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas; and imports, casegoods (wood) furniture, including bedroom sets, dining room sets, entertainment centers, and occasional pieces. This segment sells its products directly to La-Z-Boy Stores, operators of La-Z-Boy Comfort Studio and branded space locations, England Custom Comfort Center locations, dealers, and other independent retailers. The Retail segment sells upholstered furniture, casegoods, and other home furnishing accessories to the end consumer through its retail stores. It licenses La-Z-Boy brand name on various products; and operates Joybird, an omni-channel, direct to consumer retailer and manufacturer of upholstered furniture, as well as sells to the end consumer primarily online through its www.joybird.com website and small-format stores in key markets. The company was formerly known as La-Z-Boy Chair Company and changed its name to La-Z-Boy Incorporated in 1996. La-Z-Boy Incorporated was founded in 1927 and is headquartered in Monroe, Michigan.
- Employees
- 10,200
- Headquarters
- Monroe, MI
- Address
- One La-Z-Boy Drive, 48162-5138 Monroe, United States
- Phone
- 734 242 1444
- Website
- la-z-boy.com
- IPO Date
- 01/05/1988
- ISIN
- US5053361078
- Stock Split
- 3:1 on 09/15/1998
- Stock Split
- 4:1 on 09/15/1987
Management
| Name | Title | Birth Year |
|---|---|---|
| Melinda D. Whittington CPA | President, CEO & Board Chair | 1968 |
| Taylor E. Luebke | Senior VP & CFO | 1982 |
| Terrence J. Linz | President of Wholesale Brands | 1983 |
| Robert Sundy II | President of Retail | 1977 |
| Michael A. Leggett | Senior VP & Chief Supply Chain Officer | 1973 |
| Jennifer Lynn McCurry | VP, Corporate Controller & Chief Accounting Officer | 1973 |
| Carol Y. Lee | VP & Chief Information Officer | 1973 |
| Mark Alan Becks | Director of Investor Relations & Corporate Development | – |
| Raphael Z. Richmond | VP, Chief Compliance Officer, Chief legal Officer & General Counsel | 1970 |
| Katherine E. Vanderjagt | VP & Chief Human Resources Officer | 1981 |
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).
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.