olivLaw · US equity research
Lindsay Corporation LNN
Farm Machinery & Equipment · SIC 3523 · Vertical: Industrial machinery and computer equipment (SIC 352x)
Lindsay Corporation, based in Omaha, Nebraska, makes center pivot irrigation equipment for agriculture and road infrastructure products such as moveable barriers and crash cushions. Revenue in fiscal 2026 fell to 635.9 million USD from 676.4 million USD, as a strained farm market weighed on demand, which makes the cyclicality of the business relevant to assess.
At the close of 04 Nov 2026, Lindsay Corporation (LNN) stock was 109.39 USD (+1.88% on the day), with market capitalisation 1.1 bn USD, P/E 20.5 on diluted EPS of 5.33 USD over the last 12 months, dividend yield 1.36%, beta 0.72, 52-week range 102.92–136.33 USD. Latest reported quarter (Q4 2026): revenue of 161.6 m USD (+5.2% YoY), net income of 11.3 m USD (+4.2% YoY), diluted EPS 1.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.4
- neutral
- Bollinger (20, 2)
- 102.07 – 115.60
- in the upper half of the band · %B 0.54 · band width 12.4%
- SMA 50 / 200
- 113.22 / 116.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.62 / -2.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.4% | −1.1% | −3.3 pp | — |
| 3 months | −4.7% | −0.5% | −4.3 pp | — |
| 6 months | −3.8% | +4.4% | −8.2 pp | — |
| Year to date | −7.2% | +12.3% | −19.5 pp | — |
| 1 year | −2.6% | +13.5% | −16.1 pp | +18.9% |
| 3 years | −14.7% | +76.4% | −91.1 pp | +29.5% |
| 5 years | −31.5% | +63.7% | −95.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 166.3 m | 187.1 m | 169.5 m | 153.6 m | 155.8 m | 157.7 m | 160.8 m | 161.6 m |
| Cost of revenue | 116.3 m | 124.6 m | 115.8 m | 108.9 m | 105.7 m | 115.4 m | 112.9 m | 118.1 m |
| Gross profit | 50.0 m | 62.5 m | 53.6 m | 44.7 m | 50.1 m | 42.3 m | 47.8 m | 43.5 m |
| Research & development | 3.9 m | 4.2 m | 4.7 m | 5.2 m | 4.6 m | 4.1 m | 4.7 m | 3.6 m |
| Operating income | 20.9 m | 32.1 m | 23.8 m | 11.3 m | 19.6 m | 13.0 m | 18.5 m | 15.8 m |
| Depreciation & amortisation | 5.4 m | 5.2 m ≈ | 5.1 m ≈ | 5.2 m | 5.3 m | 5.9 m ≈ | 5.9 m ≈ | 6.0 m |
| Interest expense | 752.0 k | 402.0 k | 345.0 k | 335.0 k | — | — | — | — |
| Pre-tax income | 22.0 m | 33.2 m | 25.7 m | 13.6 m | 21.9 m | 15.6 m | 20.6 m | 17.3 m |
| Income tax | 4.9 m | 6.6 m | 6.2 m | 2.8 m | 5.4 m | 3.5 m | 4.8 m | 6.0 m |
| Net income | 17.2 m | 26.6 m | 19.5 m | 10.8 m | 16.5 m | 12.0 m | 15.8 m | 11.3 m |
| Diluted EPS | 1.57 | 2.44 | 1.78 | 0.99 ≈ | 1.54 | 1.15 | 1.53 | 1.10 ≈ |
| Operating cash flow | 21.6 m | 12.3 m ≈ | 35.0 m ≈ | 64.0 m | -597.0 k | 24.6 m ≈ | 6.7 m ≈ | 44.3 m |
| Capex | 9.1 m | 9.8 m ≈ | 9.3 m ≈ | 14.2 m | 14.5 m | 13.0 m ≈ | 8.1 m ≈ | 4.7 m |
| Dividends paid | 3.9 m | 3.9 m ≈ | 3.9 m ≈ | 4.0 m | 3.9 m | 3.8 m ≈ | 3.8 m ≈ | 3.9 m |
| Share repurchases | 0 | 1.4 m ≈ | 1.2 m ≈ | 8.9 m | 30.3 m | 25.2 m ≈ | 25.2 m ≈ | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 40-quarter history (min 17.0, median 32.5, max 441.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 444.1 m | 474.7 m | 567.6 m | 770.7 m | 674.1 m | 607.1 m | 676.4 m | 635.9 m |
| Revenue YoY | −18.9% | +6.9% | +19.6% | +35.8% | −12.5% | −9.9% | +11.4% | −6.0% |
| Net income | 2.2 m | 38.6 m | 42.6 m | 65.5 m | 72.4 m | 66.3 m | 74.1 m | 55.7 m |
| Net income YoY | −89.3% | +1,678.5% | +10.2% | +53.8% | +10.6% | −8.5% | +11.8% | −24.8% |
| Diluted EPS | 0.20 | 3.56 | 3.88 | 5.94 | 6.54 | 6.01 | 6.78 | 5.33 |
| Diluted EPS YoY | −89.4% | +1,680.0% | +9.0% | +53.1% | +10.1% | −8.1% | +12.8% | −21.4% |
| net % | 0.5% | 8.1% | 7.5% | 8.5% | 10.7% | 10.9% | 10.9% | 8.8% |
| Free cash flow | -19.4 m | 24.6 m | 17.5 m | -12.5 m | 100.9 m | 66.8 m | 90.4 m | 34.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Aug 2026
- Cash
- 189.8 m USD
- Financial debt
- 114.8 m USD
- Net debt
- -75.0 m USD
- Equity
- 505.7 m USD
- Total assets
- 815.1 m USD
- Debt / equity
- 0.23x
- Current ratio
- 3.15x
- ROE
- 10.7%
- ROA
- 6.7%
- FCF margin
- 5.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 567.6 m | 770.7 m | 674.1 m | 607.1 m | 676.4 m | 635.9 m | SEC (XBRL)· 22 Oct 2026verified |
| Cost of revenue | 417.4 m | 571.6 m | 461.1 m | 416.0 m | 465.6 m | 452.1 m | SEC (XBRL)· 22 Oct 2026verified |
| Gross profit | 150.2 m | 199.2 m | 213.0 m | 191.1 m | 210.8 m | 183.8 m | SEC (XBRL)· 22 Oct 2026verified |
| Research & development | 13.4 m | 15.1 m | 18.2 m | 17.1 m | 17.9 m | 17.0 m | SEC (XBRL)· 22 Oct 2026verified |
| Operating income | 54.1 m | 94.6 m | 102.2 m | 76.6 m | 88.1 m | 66.9 m | SEC (XBRL)· 22 Oct 2026verified |
| Depreciation & amortisation | 19.2 m | 20.2 m | 19.3 m | 21.2 m | 20.9 m | 23.1 m | SEC (XBRL)· 22 Oct 2026verified |
| EBITDA | 73.3 m ≈ | 114.8 m ≈ | 121.5 m ≈ | 97.8 m ≈ | 109.0 m ≈ | 90.0 m ≈ | SEC (XBRL)· 22 Oct 2026derived |
| Interest expense | 4.8 m | 4.3 m | 3.8 m | 3.2 m | 1.8 m | — | SEC (XBRL)· 23 Oct 2025verified |
| Pre-tax income | 50.4 m | 87.9 m | 100.4 m | 79.1 m | 94.6 m | 75.3 m | SEC (XBRL)· 22 Oct 2026verified |
| Income tax | 7.8 m | 22.4 m | 28.0 m | 12.8 m | 20.5 m | 19.7 m | SEC (XBRL)· 22 Oct 2026verified |
| Net income | 42.6 m | 65.5 m | 72.4 m | 66.3 m | 74.1 m | 55.7 m | SEC (XBRL)· 22 Oct 2026verified |
| Diluted EPS | 3.88 | 5.94 | 6.54 | 6.01 | 6.78 | 5.33 | SEC (XBRL)· 22 Oct 2026verified |
| Weighted average diluted shares | 11.0 m | 11.0 m | 11.1 m | 11.0 m | 10.9 m | 10.4 m | SEC (XBRL)· 22 Oct 2026verified |
| Dividend per share | 1.30 | 1.33 | 1.37 | 1.41 | 1.45 | 1.49 | SEC (XBRL)· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 127.1 m | 105.0 m | 160.8 m | 190.9 m | 250.6 m | 189.8 m | SEC (XBRL)· 22 Oct 2026verified |
| Inventories | 145.2 m | 193.8 m | 155.9 m | 154.5 m | 136.9 m | 135.2 m | SEC (XBRL)· 22 Oct 2026verified |
| Current assets | 416.1 m | 477.1 m | 487.5 m | 493.2 m | 532.8 m | 471.6 m | SEC (XBRL)· 22 Oct 2026verified |
| Property, plant & equipment, net | 92.0 m | 94.5 m | 99.7 m | 112.8 m | 142.3 m | 170.9 m | SEC (XBRL)· 22 Oct 2026verified |
| Goodwill | 68.0 m | 67.1 m | 83.1 m | 84.2 m | 84.5 m | 84.4 m | SEC (XBRL)· 22 Oct 2026verified |
| Intangibles (excl. goodwill) | 20.4 m | 18.2 m | 27.7 m | 25.4 m | 23.3 m | 22.3 m | SEC (XBRL)· 22 Oct 2026verified |
| Total assets | 637.2 m | 710.7 m | 745.7 m | 760.2 m | 840.8 m | 815.1 m | SEC (XBRL)· 22 Oct 2026verified |
| Accounts payable | 45.2 m | 60.0 m | 44.3 m | 37.4 m | 48.7 m | 56.9 m | SEC (XBRL)· 22 Oct 2026verified |
| Short-term debt | 217.0 k | 222.0 k | 226.0 k | 228.0 k | 233.0 k | 0 | SEC (XBRL)· 22 Oct 2026verified |
| Long-term debt | 115.5 m | 115.3 m | 115.2 m | 115.0 m | 114.8 m | 114.8 m | SEC (XBRL)· 22 Oct 2026verified |
| Current liabilities | 138.2 m | 160.9 m | 136.1 m | 125.8 m | 143.6 m | 149.8 m | SEC (XBRL)· 22 Oct 2026verified |
| Total liabilities | 298.7 m | 317.3 m | 290.0 m | 279.3 m | 308.0 m | 309.4 m | SEC (XBRL)· 22 Oct 2026verified |
| Equity | 338.4 m † | 393.4 m † | 455.7 m † | 480.9 m † | 532.9 m † | 505.7 m † | SEC (XBRL)· 22 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 44.0 m | 3.0 m | 119.7 m | 95.8 m | 132.9 m | 74.9 m | SEC (XBRL)· 22 Oct 2026verified |
| Capex | 26.5 m | 15.6 m | 18.8 m | 29.0 m | 42.5 m | 40.2 m | SEC (XBRL)· 22 Oct 2026verified |
| Free cash flow | 17.5 m ≈ | -12.5 m ≈ | 100.9 m ≈ | 66.8 m ≈ | 90.4 m ≈ | 34.7 m ≈ | SEC (XBRL)· 22 Oct 2026derived |
| Investing cash flow | -27.6 m | -9.0 m | -47.4 m | -25.9 m | -48.6 m | -42.8 m | SEC (XBRL)· 22 Oct 2026verified |
| Financing cash flow | -11.7 m | -12.7 m | -17.3 m | -38.6 m | -26.9 m | -96.2 m | SEC (XBRL)· 22 Oct 2026verified |
| Dividends paid | 14.2 m | 14.6 m | 15.1 m | 15.5 m | 15.7 m | 15.4 m | SEC (XBRL)· 22 Oct 2026verified |
| Share repurchases | — | 0 | 0 | 22.5 m | 11.5 m | 80.7 m | SEC (XBRL)· 22 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation38
- Balance sheet100
- Quality69
- Growth0
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.58 – 166.12 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)49.94 – 73.85 (Mid 59.09)WACC 8.8% · starting FCFF 36.1 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 29.8%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E144.75 – 166.12 (Mid 153.90)4 companies used · median multiple 28.9x · quartiles 27.2x – 31.2xAGCO, ALG, DE, TTC
- Dividend discount (DDM)19.58 – 26.33 (Mid 22.46)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 58/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.9% | 77 (on a fixed band) | 10% |
| Net margin · Quality | 8.8% | 80 (vs peers) | 6% |
| FCF conversion · Quality | 62.4% | 46 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -1.9% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -6.6% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.8x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 36.5x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 20.5x | 43 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 11.5x | 32 (on a fixed band) | 10% |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 8.6% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 44.3% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation38/100 · 3/3 factors with a value
Memo
Lindsay Corporation (LNN). Latest full fiscal year: 2026; data up to 2026-08-31.
Figures computed from the financial statements: revenue 635.9 m USD in 2026; YoY growth -6.0%; net margin 8.8%; ROE 10.7%; net debt/EBITDA -0.8x.
The estimated value range is 49.94–73.85 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 59.09 USD, the price of 109.39 USD leaves a potential of -46.0% (value / price − 1) and a margin of safety of -85.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.9%
- Net margin: 8.8%
- Net debt / EBITDA: -0.8x
- Interest coverage: 36.5x
- Current ratio: 3.1x
- Shareholder yield (distributions): 8.6%
- Payout ratio (FCF): 44.3%
What contradicts it
- Revenue CAGR 3Y: -1.9%
- EPS CAGR 3Y: -6.6%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Industrial machinery and computer equipment (SIC 352x) · same industry group (3-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEDeere & Co | 182.4 bn | 37.6 | 18.3% | 10.2% | −11.7% | +46% / +86% |
| TTCThe Toro Company | 10.2 bn | 28.7 | 26.4% | 7.6% | −1.6% | +54% / +30% |
| AGCOAgco Corp | 7.8 bn | 29.0 | 6.5% | 2.8% | −13.5% | +6% / −1% |
| ALGAlamo Group Inc. | 1.8 bn | 22.5 | 6.7% | 4.7% | −1.5% | −10% / −22% |
| LNNLindsay Corporation | 1.1 bn | 20.5 | 10.7% | 8.8% | −6.0% | −3% / −15% |
| ARTWArts Way Manufacturing Co Inc | 14.6 m | — | -3.0% | -1.6% | −6.2% | +19% / +36% |
1- and 3-year price returns: for LNN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 62.10 Total return -42% · Per year -42% | 110.15 Total return 2% · Per year 2% | 166.41 Total return 54% · Per year 54% |
| 3 years | 52.73 Total return -49% · Per year -20% | 105.94 Total return 1% · Per year 0% | 176.79 Total return 67% · Per year 19% |
| 5 years | 44.78 Total return -55% · Per year -15% | 101.90 Total return -0% · Per year -0% | 187.83 Total return 81% · Per year 13% |
- Exit P/E± 26.49
- Net margin± 18.54
- Annual revenue growth± 16.22
- Annual dilution± 1.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lindsay Corporation, based in Omaha, Nebraska, makes center pivot irrigation equipment for agriculture and road infrastructure products such as moveable barriers and crash cushions. Revenue in fiscal 2026 fell to 635.9 million USD from 676.4 million USD, as a strained farm market weighed on demand, which makes the cyclicality of the business relevant to assess 12.
SWOT
Strengths
Weaknesses
Opportunities
- Expansion in Brazil through the planned Setorial Irrigação acquisition could strengthen the position in an important market 2.
- Demand for road safety could grow if federal funding is extended beyond current programs 12.
- Global needs for food security and water conservation support long-term irrigation demand 1.
Risks
- Dependence on farm priceshigh
Lower crop prices or farm income could directly reduce demand for irrigation 1.
- Dependence on large projectshigh
Delay or cancellation of large projects, such as the MENA project, could affect financial results 1.
- Infrastructure fundingmedium
Reduced or delayed government road funding could lower demand for infrastructure products 1.
- International trademedium
Tariffs and trade restrictions could raise costs and reduce margins in foreign markets 1.
- Product liabilitylow
Liability claims for infrastructure products could exceed insurance coverage and affect profitability 1.
Investment thesis
What would need to be true (bull case)
- If crop prices and farm income improve, irrigation demand could recover quickly, especially in North America 12.
- The Infrastructure segment has grown for consecutive quarters, and road safety products could keep growing 2.
- Subscription technology and the Brazil acquisition could diversify revenue over the long term 2.
What would break the thesis
- If farmers keep postponing investment because of high costs, revenue could stay below earlier levels 12.
- Dependence on a few large projects could make results more volatile if no comparable project follows 1.
- Credit conditions in Brazil could remain restrictive and limit sales in an important market 2.
What to watch
- Trend in North American irrigation revenue and segment marginsQ1 2027
- Completion of the Setorial Irrigação acquisition and its effect on Brazil2027
- Remaining MENA project deliveries and services revenuenext 10-K
- Continuation of federal infrastructure funding after the IIJA programs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lindsay Corporation is a global provider of proprietary water management and road infrastructure products and services, involved in agricultural irrigation equipment since 1955 1. The company has two reporting segments: Irrigation, covering center pivot, lateral move and hose reel systems, and Infrastructure, covering moveable barriers, crash cushions, road marking and rail signals 1. Irrigation products are sold mainly through independent dealer networks, with production in the United States, Brazil, Türkiye, France, China and South Africa 1.
The Irrigation segment also includes FieldNET and FieldWise technology, sold on a subscription basis, that let growers monitor and control irrigation systems remotely 1. The company also delivers large international projects, such as a multi-year contract in the MENA region of which a significant part was delivered in fiscal 2026 2. Its growth strategy combines global market expansion, margin improvement and strategic acquisitions 1.
Demand for irrigation products depends on crop prices and farm net income, while demand for infrastructure products depends on government spending on roads and highways 1. The company's product innovation and acquisition activity are central to its positioning across both segments 1.
Segments
Irrigation
The Irrigation segment generated 541.5 million USD in fiscal 2026, down 5% 1. International sales accounted for about 52% of segment revenue in both fiscal 2026 and 2025 1. In the fourth quarter North American revenue rose, but the decline in Brazil limited overall growth 2.
Infrastructure
The Infrastructure segment generated 94.4 million USD in fiscal 2026, down 13%, as a large Road Zipper project from the prior year did not recur 12. Road safety products grew in the fourth quarter, the third consecutive quarter of growth 2.
Large contracts and projects
The company announced a multi-year contract in the MENA region valued at about 80 million USD for Zimmatic systems and FieldNET technology, much of which was delivered by the end of fiscal 2026 12. Concentration of revenue in a few large customers can affect margins and the regularity of revenue 1.
Market context
The international market differs from country to country, and Brazil and MENA are the most sensitive to credit conditions and large projects 2. Over the long term, population growth and the need for food security and water conservation remain favorable factors, although financing pressures can delay purchase decisions 12.
Trends
- Crop pricesmixed
Higher corn and soybean prices than a year earlier could support farm income and could stimulate irrigation demand 1. The company says it is still too early to forecast a significant recovery in North America 2.
- Infrastructure fundingmixed
The IIJA introduced additional federal funding for roads and bridges, supporting demand for road safety products 1. The programs run through the end of 2026, and continuation beyond that date is not assured in the analysed sources 1.
- Input costs and creditheadwind
High input costs and tight credit conditions, particularly in Brazil, limit demand for irrigation equipment 12. The company carried out a global restructuring to align its costs 2.
- Policy and tariffsmixed
Tariffs imposed in 2025 modestly increased production costs, part of which was passed on in prices, and a February 2026 Supreme Court decision invalidated IEEPA tariffs 1. The OBBBA restores bonus depreciation, which could encourage equipment purchases 1.
Competitive position
Four manufacturers control a substantial majority of the US center pivot market, and the international market includes leading US manufacturers as well as regional producers 1. Lindsay competes through technology innovation, its dealer network and service 1.
In infrastructure the company competes with several crash cushion makers and with traditional safety-shaped concrete barriers, and has limited competition in moveable barriers 1. Competition is based on price, quality, durability and compliance with safety standards 1.
- US center pivot manufacturers
The source mentions four manufacturers that control most of the US market without naming them, so no tickers are given.
- Regional irrigation manufacturers
The international market includes regional manufacturers that compete locally, not named in the source.
- Crash cushion and barrier makers
The company competes with other vendors in crash cushions, without the source naming them.
- Traditional concrete barrier producers
Moveable barriers compete with traditional safety-shaped concrete barriers, with no named producers in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Lindsay James wins in Iowa, turning Hinson’s House seat blueThe Hill · 04 Nov 2026 · EN
- Lindsay Clancy in court to drop child murder charges after mistrialAl Jazeera — World · 02 Nov 2026 · EN
- Lindsay Clancy back in court seeking to dismiss murder charges after mistrialThe Guardian World · 02 Nov 2026 · EN
- Lindsay Clancy is back in court - where will her case go next?BBC World News · 01 Nov 2026 · EN
- Holdout juror in Lindsay Clancy trial gives first interview since mistrialThe Guardian World · 15 Oct 2026 · EN
- Judge denies defense motion to declare Lindsay Clancy not guilty of murderThe Guardian World · 01 Oct 2026 · EN
- Lindsay Clancy's lawyer now questions whether she killed her 3 childrenNPR News · 29 Sept 2026 · EN
- Lindsay Clancy appears in court as her lawyer pushes for murder case to be dismissedBBC World News · 29 Sept 2026 · EN
- Lindsay Clancy returns to court for hearing after Massachusetts murder case mistrialThe Guardian World · 29 Sept 2026 · EN
- Lindsay Clancy holdout juror ready to return to normal: ReportsThe Hill · 25 Sept 2026 · EN
- Why the Lindsay Clancy case terrifies me for America’s futureThe Hill · 25 Sept 2026 · EN
- Lindsay Clancy's lawyer asks judge to investigate juror and check his phoneBBC World News · 22 Sept 2026 · EN
- Lindsay Clancy’s defense laywer asks judge to investigate lone jurorThe Guardian — Health · 21 Sept 2026 · EN
- Lindsay Clancy case ‘needs to be done’: Kevin ReddingtonThe Hill · 21 Sept 2026 · EN
- Lindsay Clancy's ex-husband explains why he forgave her over children's killingsBBC World News · 21 Sept 2026 · EN
- Patrick Clancy, ex-husband of Lindsay Clancy, opens up on children’s killings in first televised interviewThe Guardian World · 21 Sept 2026 · EN
- Lindsay Clancy ex-husband says ‘I think I did the best I could’The Guardian World · 19 Sept 2026 · EN
- Lindsay Clancy holdout juror believed she was guilty ‘from day one,’ didn’t have any doubtsThe Hill · 18 Sept 2026 · EN
- Lone holdout juror in Lindsay Clancy murder trial speaks outThe Guardian World · 18 Sept 2026 · EN
- Lindsay Clancy holdout juror had no doubt she deliberately killed her childrenBBC World News · 18 Sept 2026 · EN
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report22 Oct 2026
- Current report22 Oct 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report28 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report02 Jul 2026
- Current report02 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Apr 2026
- Current report02 Apr 2026Results of operations · Financial statements and exhibits
- Current report12 Jan 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-08-31 · SEC / Lindsay Corporation · 22 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Lindsay Corporation · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.