회사 개요
La-Z-Boy Incorporated is a prominent manufacturer and distributor of upholstered furniture, including recliners and sofas, serving markets across the United States, Canada, and international regions through both wholesale and retail channels. The company operates within the Consumer Cyclical sector and specifically within the Furnishings, Fixtures & Appliances industry, positioning it as a beneficiary of discretionary consumer spending and housing trends. Its current market capitalization stands at $1.37B, while annual revenue over the trailing twelve months reached $2.13B, supported by an employee base of 10,600 individuals. These financial figures indicate a mid-to-large-cap enterprise that generates substantial top-line revenue but operates with a relatively modest market valuation compared to high-growth technology peers, reflecting the capital-intensive nature of the manufacturing and retail distribution model.
재무 건전성
Over the trailing twelve months, the company reported a total revenue of $2.13B, with a net income of $83.64M and an EBITDA of $186.86M, illustrating a significant gap between operating earnings and bottom-line profit that highlights the substantial impact of interest expenses, taxes, and non-operating costs on the final earnings figure. The business generated $194.68M in free cash flow, providing a robust liquidity buffer that supports ongoing capital expenditures, debt repayment, and potential share repurchases without relying solely on external financing. The gross margin sits at 43.6%, indicating strong pricing power or cost control on the production side, while the operating margin of 5.4% and profit margin of 3.9% reveal the thin layer of operating efficiency remaining after covering operating expenses and taxes. On the balance sheet, the company holds $308.90M in cash against $568.47M in total debt, resulting in a debt-to-equity ratio of 53.88, which suggests a leveraged capital structure typical for capital-intensive manufacturers rather than a conservative cash-rich position. Short-term liquidity is supported by a current ratio of 1.66, indicating that the company possesses $1.66 in current assets for every $1.00 of current liabilities, providing a comfortable buffer against short-term obligations. Return on equity stands at 8.1% and return on assets at 4.3%, metrics that reveal moderate management effectiveness in generating returns relative to the shareholders' equity and the total asset base employed.
밸류에이션 평가
The stock currently trades with a trailing twelve-month P/E ratio of 16.61 and a forward P/E of 11.16, where the significant difference between these two multiples implies that the market expects earnings to recover or expand substantially in the coming years to justify the lower forward multiple. The price-to-book ratio is 1.30, indicating that the market values the company at approximately 30% above its net asset book value, which may reflect intangible assets like brand equity or future growth potential not captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 0.64 and an EV/EBITDA of 8.73 suggest the company is priced at a discount relative to its sales and earnings power, often seen in mature cyclical industries facing headwinds. Regarding price levels, the 52-week high is recorded at $44.49 and the low at $29.03, meaning the current trading price sits between these extremes, reflecting recent market volatility within the consumer discretionary space. The beta value of 1.29 indicates that the stock's price volatility is 29% higher than the broader market benchmark, suggesting it is more sensitive to market swings than large-cap utility or consumer staples stocks.
Growth & Income
Revenue growth year-over-year is 3.8%, while earnings growth is -23.5%, demonstrating that earnings are declining significantly faster than revenue, which implies that rising costs or lower margins are compressing profitability despite stable top-line sales. The company offers a dividend yield of 2.9% with a payout ratio of 45.1%, a combination that suggests the dividend is likely sustainable given that the payout consumes less than half of the generated earnings. The decline in earnings growth relative to revenue highlights the pressure on profit margins, which must be monitored closely to ensure the dividend can be maintained over the long term. Overall, the growth and income profile presents a mature, dividend-paying stock with modest revenue expansion but notable earnings contraction, requiring investors to weigh income stability against current profitability challenges.