LNN

Lindsay is a 70-year-old global leader in two structurally favored niches: agricultural irrigation (Zimmatic center pivots, FieldNET subscriptions) and road-safety infrastructure (moveable barriers, crash cushions). FY2025 was a record year — revenue rebounded +12.8% to $659M and net income hit an all-time high of $74.1M (+11.8%) on expanding operating margin (13.4%, with operating income +15%). The earnings record is more telling than the revenue line: net income has climbed steadily ($42.6M→$65.5M→$72.4M→$66.3M→$74.1M) even as revenue whipsawed from a $760M peak (FY2022) to a $584M trough (FY2024), evidence that pricing, parts/recurring revenue, and the FieldNET subscription mix have made the franchise more durable than the underlying ag-equipment cycle.

The balance sheet is the standout. Cash of $251M (+31.3%) against just $115M of long-term debt leaves Lindsay with ~$136M net cash — roughly a tenth of its $1.34B market cap — and liabilities/equity of only 0.58x. Operating cash flow jumped 38.8% to $133M, comfortably funding the $42.5M capex build-out, $15.7M dividend, and $11.5M of buybacks while still growing the cash pile. Retained earnings ($745M) exceeding total equity ($533M) confirms a long history of returning capital via repurchases. ROE of 13.9% looks unremarkable, but it is depressed by that cash-heavy, under-levered balance sheet — operating returns on the productive asset base are higher.