olivLaw · US equity research
Lakeland Industries, Inc. LAKE
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Lakeland Industries, Inc., operating as Lakeland Fire + Safety, makes protective equipment for firefighters, industry and first responders, and most of its sales are made outside the US. The company is now trying to build a fire services platform while industrial markets and tariff pressures remain sensitive, with net sales of $192.6 million in fiscal 2026.
At the close of 04 Nov 2026, Lakeland Industries, Inc. (LAKE) stock was 8.93 USD (−0.11% on the day), with market capitalisation 88.7 m USD, dividend yield 3.47%, beta 1.13, 52-week range 7.58–16.69 USD. Latest reported quarter (Q2 2027): revenue of 50.1 m USD (−4.5% YoY), net income of -4.9 m USD (−743.5% YoY), diluted EPS -0.50 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)
- 38.8
- weak (30–45)
- Bollinger (20, 2)
- 8.58 – 10.03
- in the lower half of the band · %B 0.24 · band width 15.6%
- SMA 50 / 200
- 10.22 / 10.12
- mixed trend
- MACD (12, 26, 9)
- -0.39 / -0.39
- 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 | −24.1% | −1.1% | −23.0 pp | — |
| 3 months | −28.2% | −0.5% | −27.8 pp | — |
| 6 months | −7.3% | +4.4% | −11.7 pp | — |
| Year to date | +1.0% | +12.3% | −11.3 pp | — |
| 1 year | −44.5% | +13.5% | −58.1 pp | +2.0% |
| 3 years | −39.1% | +76.4% | −115.5 pp | −0.2% |
| 5 years | −57.5% | +63.7% | −121.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45.8 m | 46.6 m | 46.7 m | 52.5 m | 47.6 m | 45.8 m | 47.4 m | 50.1 m |
| Cost of revenue | 27.2 m | 27.9 m | 31.1 m | 33.7 m | 33.5 m | 31.1 m | 32.5 m | 31.6 m |
| Gross profit | 18.6 m | 18.7 m | 15.6 m | 18.8 m | 14.1 m | 14.7 m | 14.9 m | 18.5 m |
| Operating income | 807.0 k | -10.7 m | -4.6 m | -4.0 m | -1.6 m | -5.2 m | 2.3 m | -3.3 m |
| Depreciation & amortisation | 1.2 m ≈ | -411.0 k | 1.1 m | 1.3 m ≈ | 1.2 m ≈ | -815.0 k | 1.3 m | 1.4 m ≈ |
| Interest expense | 490.0 k | 618.0 k | 583.0 k | 445.0 k | 502.0 k | 617.0 k | 614.0 k | 525.0 k |
| Pre-tax income | 233.0 k | -18.8 m | -5.1 m | -4.4 m | -2.3 m | -5.9 m | 1.7 m | -3.7 m |
| Income tax | 147.0 k | -397.0 k | -1.2 m | -5.2 m | 13.7 m | 356.0 k | 1.3 m | 1.2 m |
| Net income | 86.0 k | -18.4 m | -3.9 m | 766.0 k | -16.0 m | -6.2 m | 369.0 k | -4.9 m |
| Diluted EPS | 0.01 | -2.71 ≈ | -0.41 | 0.08 | -1.64 | -0.63 ≈ | 0.04 | -0.50 |
| Operating cash flow | -8.4 m ≈ | -3.4 m | -4.8 m | -4.8 m ≈ | -7.9 m ≈ | 1.8 m | 5.8 m | -404.0 k ≈ |
| Capex | 643.0 k ≈ | 55.0 k | 1.2 m | 921.0 k ≈ | -1.3 m ≈ | -113.0 k | 1.4 m | 43.0 k ≈ |
| Dividends paid | 222.0 k | 223.0 k | 285.0 k | 286.0 k | 287.0 k | 294.0 k | 0 | 2.5 m |
≈ 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.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ⚠ 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99.0 m | 107.8 m | 159.0 m | 118.4 m | 6.0 m | 6.3 m | 167.2 m | 192.6 m |
| Revenue YoY | +3.2% | +8.9% | +47.5% | −25.5% | −94.9% | +5.0% | — | +15.2% |
| Net income | 1.5 m | 3.3 m | 35.3 m | 11.4 m | 1.9 m | 5.4 m | -18.1 m | -25.3 m |
| Net income YoY | +231.6% | +124.9% | +976.8% | −67.8% | −83.5% | +189.6% | — | unavailable |
| Diluted EPS | 0.18 | 0.41 | 4.34 | 1.41 | 0.24 | 0.72 | -2.43 | -2.63 |
| Diluted EPS YoY | +200.0% | +127.8% | +958.5% | −67.5% | −83.0% | +200.0% | — | unavailable |
| net % | 1.5% | 3.0% | 22.2% | 9.6% | 31.2% | 86.1% | -10.8% | -13.1% |
| Free cash flow | -1.3 m | 2.6 m | 39.0 m | 12.0 m | -7.4 m | 8.8 m | -17.4 m | -16.4 m |
The series breaks before 2025: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 12.5 m USD
- Financial debt
- 32.3 m USD
- Net debt
- 19.8 m USD
- Equity
- 129.1 m USD
- Total assets
- 209.9 m USD
- Debt / equity
- 0.25x
- Current ratio
- 3.53x
- ROE
- -18.4%
- ROA
- -12.0%
- FCF margin
- -8.5%
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 | 159.0 m | 118.4 m | 6.0 m | 6.3 m | 167.2 m | 192.6 m | SEC (XBRL)· 16 Apr 2026verified |
| Cost of revenue | 79.7 m | 67.5 m | 67.0 m | 73.5 m | 98.5 m | 129.3 m | SEC (XBRL)· 16 Apr 2026verified |
| Gross profit | 79.3 m | 50.9 m | 45.8 m | 51.2 m | 68.7 m | 63.3 m | SEC (XBRL)· 16 Apr 2026verified |
| Research & development | 200.0 k | — | — | — | — | — | SEC (XBRL)· 16 Apr 2021verified |
| Operating income | 43.9 m | 16.0 m | 5.5 m | 6.0 m | -9.3 m | -15.5 m | SEC (XBRL)· 16 Apr 2026verified |
| Depreciation & amortisation | 2.0 m | 1.9 m | 1.5 m | 1.9 m | 2.6 m | 2.8 m | SEC (XBRL)· 16 Apr 2026verified |
| EBITDA | 45.9 m ≈ | 17.9 m ≈ | 7.0 m ≈ | 7.9 m ≈ | -6.7 m ≈ | -12.7 m ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Interest expense | 23.0 k | 15.0 k | 37.0 k | 52.0 k | 1.7 m | 2.1 m | SEC (XBRL)· 16 Apr 2026verified |
| Pre-tax income | 43.9 m | 16.2 m | 5.5 m | 9.4 m | -18.4 m | -17.7 m | SEC (XBRL)· 16 Apr 2026verified |
| Income tax | 8.6 m | 4.8 m | 3.6 m | 3.9 m | -281.0 k | 7.6 m | SEC (XBRL)· 16 Apr 2026verified |
| Net income | 35.3 m | 11.4 m | 1.9 m | 5.4 m | -18.1 m | -25.3 m | SEC (XBRL)· 16 Apr 2026verified |
| Diluted EPS | 4.34 | 1.41 | 0.24 | 0.72 | -2.43 | -2.63 | SEC (XBRL)· 16 Apr 2026verified |
| Weighted average diluted shares | 8.1 m | 8.1 m | — | — | 7.4 m | 9.6 m | SEC (XBRL)· 16 Apr 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 | 52.6 m | 52.7 m | 26.0 m | 28.4 m | 17.5 m | 12.5 m | SEC (XBRL)· 16 Apr 2026verified |
| Receivables | 21.7 m | 14.8 m | 16.9 m | 21.8 m | 27.6 m | 32.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Inventories | 43.6 m | 47.7 m | 57.9 m | 56.1 m | 82.7 m | 82.5 m | SEC (XBRL)· 16 Apr 2026verified |
| Current assets | 123.3 m | 120.6 m | 107.9 m | 113.8 m | 136.5 m | 134.2 m | SEC (XBRL)· 16 Apr 2026verified |
| Property, plant & equipment, net | 9.8 m | 8.7 m | 9.2 m | 11.9 m | 13.9 m | 11.6 m | SEC (XBRL)· 16 Apr 2026verified |
| Goodwill | 871.0 k | 871.0 k | 8.5 m | 15.2 m | 16.2 m | 15.3 m | SEC (XBRL)· 16 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 5.9 m | 7.9 m | 25.5 m | 31.7 m | SEC (XBRL)· 16 Apr 2026verified |
| Total assets | 139.6 m | 140.8 m | 145.1 m | 171.5 m | 212.5 m | 209.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Accounts payable | 7.4 m | 5.9 m | 8.3 m | 9.1 m | 15.7 m | 15.6 m | SEC (XBRL)· 16 Apr 2026verified |
| Short-term debt | 0 | 0 | 115.0 k | 0 | 939.0 k | 1.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Long-term debt | — | — | — | — | 16.4 m | 30.4 m | SEC (XBRL)· 16 Apr 2026verified |
| Current liabilities | 16.2 m | 12.0 m | 20.5 m | 21.1 m | 34.9 m | 38.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Total liabilities | 17.8 m | 15.7 m | 25.0 m | 46.4 m | 65.9 m | 80.8 m | SEC (XBRL)· 16 Apr 2026verified |
| Equity | 121.8 m † | 125.1 m † | 120.1 m † | 125.1 m † | 146.6 m † | 129.1 m † | SEC (XBRL)· 16 Apr 2026verified |
| Shares outstanding at year end | — | — | 7.3 m | 7.4 m | — | — | SEC (XBRL)· 11 Apr 2024verified |
† 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 | 40.7 m | 12.8 m | -5.5 m | 10.9 m | -15.9 m | -15.8 m | SEC (XBRL)· 16 Apr 2026verified |
| Capex | 1.7 m | 801.0 k | 2.0 m | 2.1 m | 1.5 m | 671.0 k | SEC (XBRL)· 16 Apr 2026verified |
| Free cash flow | 39.0 m ≈ | 12.0 m ≈ | -7.4 m ≈ | 8.8 m ≈ | -17.4 m ≈ | -16.4 m ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Investing cash flow | -1.7 m | -3.6 m | -14.8 m | -5.1 m | -47.7 m | -1.2 m | SEC (XBRL)· 16 Apr 2026verified |
| Financing cash flow | -1.3 m | -9.8 m | -5.9 m | -3.5 m | 56.6 m | 12.5 m | SEC (XBRL)· 16 Apr 2026verified |
| Dividends paid | — | — | — | 908.0 k | 887.0 k | 1.2 m | SEC (XBRL)· 16 Apr 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
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 88.7 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
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: 1.16 – 2.63 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)1.16 – 2.63 (Mid 1.70)WACC 8.3% · starting FCFF 1.2 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
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
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.9% | 27 (vs peers) | 21% |
| Net margin · Quality | -14.0% | 50 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 217.8% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.8% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partial50/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LAKELAND INDUSTRIES, INC. (LAKE). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 192.6 m USD in 2026; YoY growth 15.2%; net margin -14.0%; ROE -19.6%.
The estimated value range is 1.16–2.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.70 USD, the price of 8.93 USD leaves a potential of -80.9% (value / price − 1) and a margin of safety of -424.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 217.8%
- Current ratio: 3.0x
What contradicts it
- ROIC: -4.9%
- Interest coverage: -3.5x
- FCF yield: -0.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 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 | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 33.8 | 11.6% | 5.6% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −45% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +25% / +17% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for LAKE 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Lakeland Industries, Inc., operating as Lakeland Fire + Safety, makes protective equipment for firefighters, industry and first responders, and most of its sales are made outside the US. The company is now trying to build a fire services platform while industrial markets and tariff pressures remain sensitive, with net sales of $192.6 million in fiscal 2026 1.
SWOT
Strengths
- The company owns manufacturing capacity in several countries, giving it control over quality and the supply chain 1.
- The Fire range is head-to-toe and supported by UL certifications and contracts in several countries 3.
- The company has a broad international customer base and a distribution network across dozens of countries 1.
Weaknesses
- Margins and net results have been under pressure, and in the second quarter the company reported a net loss after a goodwill impairment 3.
- Currency exposure and conversion costs weighed on quarterly results, and the company is now evaluating hedging instruments 3.
- Inventory and cash flow management remains a priority, and debt and liquidity are being monitored closely 3.
Opportunities
- Growth in fire services and tender-based contracts could bring recurring revenue and better absorption of fixed costs 3.
- If NFPA standards and demand for new equipment continue, Fire sales could remain a growth driver 3.
- Expanding US production capacity could reduce reliance on imports and the tariffs attached to them 1.
Risks
- Tariff and trade policy exposurehigh
Production in China, Vietnam and Mexico could be hit by new tariffs, and uncertain refunds do not guarantee cost recovery 1.
- Currency riskmedium
Currency losses weighed on the second quarter, and the company has not yet settled on a full hedging strategy 3.
- Goodwill impairmentmedium
The impairment tied to LHD Germany shows some acquisitions can underperform, and further charges could follow if results do not improve 3.
- Supply chain and logisticsmedium
Transport delays, raw material shortages and higher freight costs could disrupt production and deliveries 1.
- Internal controlmedium
The company has identified a material weakness in internal control over financial reporting, which could affect investor confidence 2.
Investment thesis
What would need to be true (bull case)
- If tender wins in Europe and other regions turn into deliveries, Fire revenue could keep growing.
- Better gross margins and lower inventory could lead to stronger cash generation.
- If firefighter services expand, they could add recurring revenue and reduce dependence on one-off sales.
What would break the thesis
- If tariffs stay in place or rise, production costs could remain high and squeeze margins.
- The second-quarter net loss and impairment show that some acquisitions have not delivered the results expected.
- If the industrial segment does not recover, total sales could stay under pressure.
What to watch
- Progress of Fire tenders and contracts, including the UK frameworkQ3 FY27
- Gross margin and adjusted EBITDA excluding FXQ3 FY27
- Inventory and debt levels, including use of the revolving credit facility2027
- Repositioned results of LHD Germany and other Fire acquisitionsnext 10-K
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
Lakeland designs, manufactures and sells protective equipment: firefighter apparel, high-end chemical suits, limited-use and durable woven garments, and services for cleaning, inspection and repair of firefighting gear 1. The company operates nine manufacturing locations in eight countries and sells through distributors, with sales representatives in 23 countries, and more than half of fiscal 2026 sales came from outside the US 1. Between 2024 and 2026 it acquired Jolly, LHD, Veridian, Arizona PPE and California PPE as part of a roll-up strategy in firefighting 1.
In the second quarter of fiscal 2027, ended July 31, 2026, net sales were $50.1 million and the Fire division accounted for 52% of the total 3. The company reported a gross margin of 37.0%, but also a non-cash goodwill impairment of about $3.2 million tied to LHD Germany 3. Management says the priority is improving existing businesses rather than rapid expansion through acquisitions 3.
In March 2026 the company sold its high performance FR/AR apparel and high visibility clothing lines, which changes the structure of its industrial portfolio 1. As a NASDAQ-listed company, Lakeland reports quarterly and annually, and its debt and liquidity disclosures show a partly drawn revolving credit facility 3.
Segments
Market context
The company argues that long-term global demand for protective equipment is rising, because purchases are often mandated by standards and regulations 1. The market is nonetheless highly fragmented, with small single-product competitors and a few large multinationals 1. Sales are made in more than 50 countries, and Europe, Latin America and Asia showed growth or fluctuation in the quarter analysed 13.
Technical standards change frequently, and compliance with NFPA and CE standards is becoming a competitive barrier 1. Government tender activity in Europe and other regions brought large contracts in the quarter, although their timing remains uncertain 3.
Trends
- Tariffs and international trademixed
US tariffs on imports from China, Vietnam, Mexico and India raise costs and could reduce competitiveness, and the rules change quickly 1. If tariff refunds materialise, they could support margins, as seen in the second quarter 3.
- NFPA standards and equipment renewaltailwind
The move to updated NFPA standards has boosted demand for helmets, hoods and turnout gear, which can support Fire sales 3.
- Freight and raw material costsheadwind
Higher freight costs, raw material inflation and supply chain disruptions have affected production efficiency and margins 1.
- Consolidation in firefighter servicestailwind
Acquisitions of decontamination and repair services for firefighting gear could create recurring revenue if integration succeeds 13.
Competitive position
Lakeland describes its market as highly competitive, with competitors varying by region and product, and some having substantially greater resources 12. The company competes on product quality, availability, brand recognition and customer service, and on its own manufacturing, which it argues gives a more resilient supply chain than rivals using contractors 1.
Direct comparison is difficult, because competitors are often small specialists or diversified multinationals, and the sources give no full list of market shares 1.
- Small specialist PPE makers
Regional competitors selling a single category of equipment, cited generically in the annual report.
- Large multinational safety product suppliers
Large competitors offering many types of PPE with greater financial resources, according to the company.
- Contract manufacturers
Producers using outside contractors, which Lakeland compares with its own factories.
- Local industrial equipment distributors
Distribution networks competing for the same industrial and utility customers.
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
- Lakeland’s (LAKE) Fire Business Is Carrying A Bumpy TurnaroundYahoo Finance — News · 13 Sept 2026 · EN
- Lakeland (LAKE) Q2 2027 Earnings Call TranscriptYahoo Finance — News · 10 Sept 2026 · EN
SEC filings
- Quarterly report09 Sept 2026
- Current report09 Sept 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report09 Jun 2026
- Current report09 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement07 May 2026
- Annual report16 Apr 2026
- Current report16 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Mar 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Feb 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Lakeland Industries, Inc. · 16 Apr 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Lakeland Industries, Inc. · 09 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lakeland Industries, Inc. · 09 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.