Lakeland 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.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
We assign red because several documented findings touch the substance of the company, not merely its share price. First, interest coverage: a $15.5 million operating loss in fiscal 2026 sits against $2.1 million of interest expense — the running business does not earn its interest. Second, the cash drain: minus $15.9 million and minus $15.8 million of operating cash flow in two consecutive years against $12.5 million of cash on January 31, 2026, only $1.5 million of it in the United States. Third, the breach itself: two financial covenants were not met as of January 31, 2026 and were only waived by the lender on April 13, 2026. Fourth, internal control over financial reporting, reported as not effective for a second straight year. What expressly does NOT count against the company: equity is clearly positive at $130.5 million, there is no going-concern warning, the credit facility runs to December 2029 and was back in compliance on April 30, 2026. Nor does the low share price or the sub-one price-to-book ratio drive the color — those are price arguments. Red here stands for the documented risk that the transformation needs more time than its own earning power can finance. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Lakeland Industries has spent four years turning itself from a maker of industrial protective clothing into a full-line outfitter for fire departments, achieving 63 percent revenue growth along the way — mostly purchased. The balance sheet paid for it: cash fell from $52.7 million to $12.5 million, liabilities rose from $15.7 million to $80.8 million, the operating result turned from a $16.0 million profit into a $15.5 million loss, and operating cash flow was negative by roughly $16 million in each of two consecutive years. Two loan covenants were broken as of January 31, 2026 and waived by the bank in April 2026; internal control over financial reporting has been ineffective for a second straight year; the dividend is gone. The plan behind the transformation is sound, the buffer to execute it is thin. Anyone investing here is buying the bet that margin returns before liquidity runs short. Not investment advice.
Revenue & market position
Net sales rose 63 percent from fiscal 2022 to fiscal 2026, from $118.4 million to $192.6 million, and by 15.2 percent in the last year alone. Fire Services grew 48.6 percent to $93.6 million and now makes up almost half of group revenue; the first quarter of fiscal 2027 added another 11 percent to $23.4 million. No customer accounts for more than 10 percent of sales (10-K FY 2026, Item 1 and Item 7).
Earning power
The operating result fell from a $16.0 million profit in fiscal 2022 to losses of $9.3 million in fiscal 2025 and $15.5 million in fiscal 2026; the net loss was $25.3 million, or $2.63 per share. Gross margin dropped from 41.1 percent to 32.9 percent and further to 31.4 percent in the first quarter of fiscal 2027. The only positive quarter in a long while rests on a $6.5 million disposal gain (10-K FY 2026; 10-Q April 30, 2026).
Balance sheet & liquidity
Cash fell from $52.7 million on January 31, 2022 to $12.5 million on January 31, 2026, only $1.5 million of it in U.S. accounts; operating cash flow was negative for two straight years (−$15.9 million and −$15.8 million). At the same time goodwill and intangibles rose from zero to $47.0 million and total liabilities from $15.7 million to $80.8 million. Of $130.5 million of equity (April 30, 2026), $46.1 million is not tangible (10-K FY 2022 and FY 2026; 10-Q April 30, 2026).
Financing & covenants
As of January 31, 2026 Lakeland failed two financial covenants on its credit facility; Bank of America waived the breach on April 13, 2026. Of the $40.0 million facility, $23.8 million was drawn and $16.2 million available on April 30, 2026, the rate was 5.74 percent and maturity is December 12, 2029. The permitted leverage ratio steps down to 3.0x on February 1, 2027; the dividend was suspended on December 9, 2025 (10-Q April 30, 2026, Note 6; 10-K FY 2026, Item 5).
Governance & controls
Internal control over financial reporting was not effective as of January 31, 2025 and January 31, 2026, and disclosure controls were still not effective as of April 30, 2026; the cause is a material weakness in information technology general controls over foreign subsidiaries' reporting packages. The SAP implementation partner was replaced. A securities class action has been pending since February 23, 2026 and a shareholder derivative action against the officers and directors alleging breach of fiduciary duty since May 4, 2026, neither of them decided (10-K FY 2026, Item 9A and Item 1A; 10-Q April 30, 2026, Item 4 and Note 11).
Strategy & valuation
The transformation into a full-line outfitter for fire departments is coherent on its merits: after six acquisitions since November 2023 for at least $66 million, Lakeland covers turnout gear, boots, gloves, hoods and helmets certified to NFPA 1970:2025 and is building a recurring service business. The market prices that at roughly $114 million (September 8, 2026), a price-to-sales ratio of about 0.6 and a price-to-book ratio of about 0.9 — about 1.4 on a tangible basis.
Worth Noting
LAKE reached our research list on September 8, 2026 through a sweep of the stocks most discussed in retail investor forums — not through a hit in our in-house stock scanner. This is the first edition of our analysis on this ticker and rests entirely on the original filings to the U.S. securities regulator, the SEC.
Timeliness note: the most recent period report evaluated is the quarterly report (10-Q) for the period ended April 30, 2026, filed June 9, 2026. Between then and our editorial deadline on September 9, 2026 the company filed a registration statement on Form S-8 (June 16, 2026), a current report on Form 8-K covering the annual meeting (June 18, 2026), fourteen insider reports (Form 4) and beneficial ownership reports (SCHEDULE 13G/A) — all reviewed and, where they change the picture, reflected in the text. No new period report was among them: the report for the second quarter of fiscal 2027 was not yet available. Lakeland's fiscal year ends January 31 — every quarterly figure carries that offset.
Risk of confusion: the legal entity is Lakeland Industries, Inc.; the brand it has used since fiscal 2026 is "Lakeland Fire + Safety". There has been no legal name change and no change of ticker symbol. The ticker LAKE is assigned to this company alone in the U.S. securities regulator's ticker registry (CIK 0000798081).
Price and valuation figures are dated September 8, 2026 (closing price $11.51, market value roughly $114 million based on 9,869,164 shares per the quarterly report cover page as of June 5, 2026). Our analyses are evergreen; a day's price is not a reason to buy.
Stock Watch
This analysis is as of September 9, 2026. Stock Watch will tell you what's changed at LAKE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 7.60 $ to 17.30 $ · Last price: 10.50 $ (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: Apparel Manufacturing
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lakeland Industries Inc LAKE | 0.1 | – | 22.5 | 32.6 | -8.8 | 15.2 | -27.9 |
| Ralph Lauren Corp Class A RL | 19.9 | 22.8 | 14.0 | 70.3 | 13.4 | 14.6 | 10.0 |
| Levi Strauss & Co Class A LEVI | 7.7 | 14.2 | 9.6 | 61.7 | 9.0 | -1.2 | -10.4 |
| VF Corporation VFC | 5.1 | 21.1 | 11.8 | 55.0 | 3.8 | 1.1 | -10.4 |
| Kontoor Brands Inc KTB | 3.6 | 13.9 | 10.3 | 49.3 | 17.2 | 21.0 | -16.5 |
| PVH Corp PVH | 3.6 | 23.7 | 10.1 | 57.6 | 5.8 | 3.4 | -12.3 |
| Ermenegildo Zegna NV ZGN | 3.3 | 28.1 | 12.5 | 67.6 | 9.5 | -5.4 | 27.5 |
| Columbia Sportswear Company COLM | 2.9 | – | 8.0 | 52.2 | 5.4 | 0.8 | 9.4 |
| FIGS, Inc. FIGS | 2.2 | 59.9 | 25.0 | 68.9 | 2.8 | 13.6 | 79.2 |
| Median of companies shown | 3.6 | 22.8 | 11.8 | 57.6 | 5.8 | 3.4 | -10.4 |
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 | 86 | 7 | 4 | 0.53 | 11 | 72 | 85 |
| 2018 | 96 | 8 | 0 | 0.06 | 1 | 83 | 95 |
| 2019 | 99 | 4 | 1 | 0.18 | 2 | 83 | 95 |
| 2020 | 108 | 6 | 3 | 0.41 | 4 | 85 | 99 |
| 2021 | 159 | 44 | 35 | 4.34 | 41 | 123 | 140 |
| 2022 | 118 | 16 | 11 | 1.41 | 13 | 125 | 141 |
| 2023 | 113 | 6 | 2 | 0.24 | -5 | 120 | 143 |
| 2024 | 125 | 6 | 5 | 0.72 | 11 | 123 | 154 |
| 2025 | 167 | -9 | -18 | -2.43 | -16 | 147 | 213 |
| 2026 | 193 | -7 | -25 | -2.63 | -16 | 129 | 210 |
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.
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· 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: Q3 | -0.19 | -159.40 | 39 | 16.50 | -3.60 | -4 | -5 |
| 2024: Q4 | 0.10 | -56.50 | 46 | 44.50 | 0.20 | -8 | -9 |
| 2025: Q1 | -0.03 | 73.20 | 47 | 49.30 | -39.50 | -3 | -3 |
| 2025: Q2 | -0.41 | -286.40 | 47 | 28.70 | -8.40 | -5 | -6 |
| 2025: Q3 | 0.45 | 336.80 | 53 | 36.30 | 1.50 | -5 | -6 |
| 2025: Q4 | -1.64 | -1,740.00 | 48 | 4.00 | -33.50 | -8 | -9 |
| 2026: Q1 | -0.63 | -1,705.20 | 46 | -1.70 | -13.60 | 2 | 2 |
| 2026: Q2 | -0.03 | 92.70 | 47 | 1.40 | 0.80 | 6 | 4 |
| 2026: Q3 | -0.50 | -211.10 | 50 | -4.60 | -9.80 | 0 | 0 |
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 7 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. 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 |
|---|---|---|---|---|---|
| 01/31/2027 | -0.58 | -0.76 – -0.40 | 199 | 43.1% | 2 |
| 01/31/2028 | 0.54 | 0.29 – 0.78 | 216 | 192.2% | 2 |
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?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Lakeland Industries stellt Schutzkleidung für Industrie und Feuerwehr her; in vier geprüften SEC-Berichten kommt kein einziger Treffer auf „artificial intelligence“, „machine learning“, „algorithm“, „automation“ oder „digital“ vor — das Unternehmen verkauft keine KI, weist keine KI-Nutzung aus und beschreibt sich in seinen Risikofaktoren auch nicht als von KI bedroht.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-04-16 · 10-Q 2026-06-09 · 10-Q 2025-12-09 · 10-K 2025-04-17
Rated on September 9, 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 19.5%
- More than 10% revenue growth is expected for the coming year -73.8%
- Share count grows by less than 3% a year 7.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 6.7%
- Gross margin at 40% or higher and without meaningful erosion 32.9%
- Goodwill from acquisitions does not grow faster than revenue 7.3%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 17 m
- Return on capital at 15% or higher, or up versus two years ago -4.3%
- Insiders hold at least 10% or are net buyers 13.3%
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
3/10The 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% 9.3%
- Exp. sales growth 3Y > 5% 5.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 5.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -30.8%
- ROCE > 15% -4.3%
- Expected return > 10% -10.9%
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 |
|---|---|---|---|---|---|---|
| Aug 1, 2026 | Yartz Laurel A. | Chief Human Resources Officer | Other | 609 | 11.40 | 6,943 |
| Aug 1, 2026 | Kidd Melissa | Director | Other | 216 | 11.40 | 2,462 |
| Aug 1, 2026 | Herring Ronald N Jr | Director | Other | 40 | 11.40 | 456 |
| Jul 11, 2026 | Yartz Laurel A. | Chief Human Resources Officer | Other | 63 | 11.03 | 695 |
| Jul 11, 2026 | Phillips Barry G | Chief Revenue Officer - Fire | Other | 151 | 11.03 | 1,666 |
| Jul 11, 2026 | Hui An | Chief Operating Officer | Other | 1,012 | 11.03 | 11,162 |
| Jul 11, 2026 | Jenkins James M. | President, CEO & Exec. Chair | Other | 77 | 11.03 | 849 |
The company
About the Company
Lakeland Industries, Inc., together with its subsidiaries, manufactures and sells industrial protective clothing and accessories for the industrial and first responder markets. It offers firefighter protective apparel and accessories; high-end chemical protective suits to provide protection from highly concentrated, toxic and/or lethal chemicals, and biological toxins; and limited use/disposable protective clothing, such as coveralls, laboratory coats, shirts, pants, hoods, aprons, sleeves, arm guards, caps, and smocks. The company provides durable woven garments; high performance FR/AR apparel; and services for the inspection, cleaning, decontamination, maintenance, and repair of firefighting protective apparel. The company sells its products to a network of safety and industrial supply distributors through in-house sales teams, customer service group, and independent sales representatives. It serves end users, such as integrated oil, chemical/petrochemical, automobile, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high technology electronics manufacturers, as well as scientific, medical laboratories, and the utilities industry; and federal, state, and local governmental agencies and departments. The company has operations in the United States, Europe, Mexico, Asia, Canada, Latin America, and internationally. Lakeland Industries, Inc. was incorporated in 1982 and is headquartered in Huntsville, Alabama.
- Employees
- 2,570
- Headquarters
- Huntsville, AL
- Address
- 1525 Perimeter Parkway, 35806 Huntsville, United States
- Phone
- 256 350 3873
- Website
- lakeland.com
- IPO Date
- 09/09/1986
- ISIN
- US5117951062
- Stock Split
- 11:10 on 07/31/2006
- Stock Split
- 11:10 on 04/27/2005
- Stock Split
- 11:10 on 07/29/2003
Management
| Name | Title | Birth Year |
|---|---|---|
| James M. Jenkins J.D. | President, CEO & Executive Chairman | 1964 |
| Hui An | Chief Operating Officer | 1974 |
| Barry G. Phillips | Chief Revenue Officer - Fire | 1960 |
| J. Calven Swinea | CFO & Secretary | 1964 |
| Laurel A. Yartz | Chief Human Resources Officer | 1973 |
| Cameron S. Stokes | Chief Commercial Officer of Global Industrials | 1967 |
| Kevin Rae | Executive Vice President of Europe, the Middle East & Africa (EMEA) - Fire Sales | 1972 |
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).
- 09/09/2026 LAKELAND INDUSTRIES INC (LAKE): 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.