LCI Industries (LCII) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3.2%

$104.65

vs $101.43 price

Levered DCF

$100.53

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.27

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.99×	18.43×	49.49×	5.94×	13.68×	20.58×	18.28×	11.32×
P/B	2.21×	1.9×	2.35×	1.7×	3.6×	3.59×	3.34×	2.38×
P/S	0.73×	0.7×	0.84×	0.45×	0.88×	1.17×	1.13×	0.68×
EV / EBITDA	9.76×	10.06×	16.54×	5.39×	10.43×	12.63×	12.33×	7.36×
Gross margin	23.8%	23.5%	20.5%	24.5%	23.3%	25.3%	22.7%	21.0%
Operating margin	6.8%	5.8%	3.3%	10.6%	8.9%	8.0%	8.4%	8.0%
Net margin	4.6%	3.8%	1.7%	7.6%	6.4%	5.7%	6.2%	6.0%
Current ratio	2.85×	2.82×	2.83×	3.3×	2.5×	2.09×	2.47×	2.97×
Debt / equity	0.91×	0.72×	0.82×	1×	1.35×	0.93×	0.91×	0.42×
Interest coverage	7.84×	7.55×	3.05×	20.06×	24.34×	16.57×	22.76×	30.89×
Dividend yield	3.8%	4.2%	3.3%	4.4%	2.2%	2.2%	2.4%	3.5%
Payout ratio	60.6%	76.6%	165.6%	26.0%	30.3%	44.4%	43.6%	39.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.8%	10.3%	4.7%	28.6%	26.3%	17.4%	18.3%	21.0%
Return on invested capital	7.5%	6.5%	3.7%	14.4%	10.9%	8.8%	9.4%	14.4%
Return on assets	5.9%	4.9%	2.2%	12.2%	8.8%	6.9%	7.9%	11.9%
Free cash flow yield	9.2%	12.5%	14.6%	20.1%	-5.3%	5.3%	7.9%	2.2%
Earnings yield	6.3%	5.4%	2.0%	16.8%	7.3%	4.9%	5.5%	8.8%
Enterprise value	$4B	$3.5B	$4.2B	$3.7B	$5.4B	$4.1B	$3.4B	$2B
Net debt / EBITDA	2.46×	2.41×	4.08×	1.95×	2.76×	2.48×	2.55×	1.05×
Cash conversion cycle (days)	92	89	92	97	113	89	89	67