Lennox International (LII)
Market Price (7/16/2026): $548.55 | Market Cap: $19.1 BilInvestor Relations Sector: Industrials | Industry: Building Products
Lennox International (LII)
Market Price (7/16/2026): $548.55Market Cap: $19.1 BilSector: IndustrialsIndustry: Building Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Electrification of Everything, Smart Buildings & Proptech, and Sustainable Resource Management. Themes include Heat Pump Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -32% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0% Key risksLII key risks include [1] potential margin compression from higher costs, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Electrification of Everything, Smart Buildings & Proptech, and Sustainable Resource Management. Themes include Heat Pump Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -32% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0% |
| Key risksLII key risks include [1] potential margin compression from higher costs, Show more. |
Qualitative Assessment
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Lennox International (LII) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Lennox International (LII) reported robust financial results for fiscal Q1 2026, exceeding analyst expectations. The company announced earnings per share (EPS) of $3.35, surpassing the consensus estimate of $3.16 by $0.19. Additionally, revenue reached $1.14 billion, outperforming analyst forecasts of $1.07 billion. This strong performance, released on April 29, 2026, contributed to a positive market reaction, with the stock closing up 4.5% following the announcement.
2. The company demonstrated a commitment to shareholder returns by increasing its quarterly dividend. On May 21, 2026, Lennox's board of directors approved an increase in the quarterly dividend from $1.30 to $1.36 per share. This 4.6% dividend hike, payable on July 15, 2026, signals confidence in the company's sustained financial health and future earnings potential, attracting income-focused investors.
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Lennox International (LII) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Lennox International (LII) reported robust financial results for fiscal Q1 2026, exceeding analyst expectations. The company announced earnings per share (EPS) of $3.35, surpassing the consensus estimate of $3.16 by $0.19. Additionally, revenue reached $1.14 billion, outperforming analyst forecasts of $1.07 billion. This strong performance, released on April 29, 2026, contributed to a positive market reaction, with the stock closing up 4.5% following the announcement.
2. The company demonstrated a commitment to shareholder returns by increasing its quarterly dividend. On May 21, 2026, Lennox's board of directors approved an increase in the quarterly dividend from $1.30 to $1.36 per share. This 4.6% dividend hike, payable on July 15, 2026, signals confidence in the company's sustained financial health and future earnings potential, attracting income-focused investors.
3. Strategic expansion through acquisition bolstered investor confidence. On June 18, 2026, Lennox announced an agreement to acquire Heat Controller, integrating brands such as Comfort-Aire and Century into its portfolio. This acquisition is perceived as a move to expand market reach and product offerings, contributing to anticipated revenue growth and operational synergies.
4. Positive revisions in analyst ratings and price targets reflected an improved outlook for LII. Following the Q1 2026 earnings report, several analysts upgraded their ratings or increased their price objectives. For example, Vertical Research upgraded Lennox International from a "hold" to a "buy" rating with a $600 price objective on April 30, 2026. RBC Capital also raised its target price from $485.00 to $579.00 on the same day. These upward revisions in analyst sentiment provided external validation for the stock's potential.
5. Stabilizing end-market conditions, particularly in the Home Comfort Solutions segment, provided underlying support. Lennox noted that its Q1 2026 results were supported by stabilizing end-markets, which included an improved sentiment in the two-step channel as distributors began restocking in anticipation of the summer season. While overall Home Comfort Solutions revenue declined 10%, this represented a sequential improvement from the 21% decline in the fourth quarter, indicating a potential turnaround in key business areas.
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Stock Movement Drivers
Fundamental Drivers
The 18.5% change in LII stock from 3/31/2026 to 7/15/2026 was primarily driven by a 20.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 463.02 | 548.67 | 18.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,195 | 5,258 | 1.2% |
| Net Income Margin (%) | 15.7% | 15.3% | -2.7% |
| P/E Multiple | 19.8 | 23.8 | 20.0% |
| Shares Outstanding (Mil) | 35 | 35 | 0.3% |
| Cumulative Contribution | 18.5% |
Market Drivers
3/31/2026 to 7/15/2026| Return | Correlation | |
|---|---|---|
| LII | 18.5% | |
| Market (SPY) | 16.1% | 46.9% |
| Sector (XLI) | 11.3% | 73.1% |
Fundamental Drivers
The 13.6% change in LII stock from 12/31/2025 to 7/15/2026 was primarily driven by a 19.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 483.00 | 548.67 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,345 | 5,258 | -1.6% |
| Net Income Margin (%) | 16.0% | 15.3% | -4.5% |
| P/E Multiple | 19.8 | 23.8 | 19.9% |
| Shares Outstanding (Mil) | 35 | 35 | 0.9% |
| Cumulative Contribution | 13.6% |
Market Drivers
12/31/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| LII | 13.6% | |
| Market (SPY) | 11.0% | 48.7% |
| Sector (XLI) | 16.4% | 72.1% |
Fundamental Drivers
The -3.3% change in LII stock from 6/30/2025 to 7/15/2026 was primarily driven by a -3.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 567.27 | 548.67 | -3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,367 | 5,258 | -2.0% |
| Net Income Margin (%) | 15.2% | 15.3% | 0.4% |
| P/E Multiple | 24.7 | 23.8 | -3.6% |
| Shares Outstanding (Mil) | 36 | 35 | 2.0% |
| Cumulative Contribution | -3.3% |
Market Drivers
6/30/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| LII | -3.3% | |
| Market (SPY) | 23.2% | 44.0% |
| Sector (XLI) | 23.3% | 67.5% |
Fundamental Drivers
The 73.1% change in LII stock from 6/30/2023 to 7/15/2026 was primarily driven by a 41.9% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 316.91 | 548.67 | 73.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,754 | 5,258 | 10.6% |
| Net Income Margin (%) | 10.8% | 15.3% | 41.9% |
| P/E Multiple | 22.0 | 23.8 | 8.1% |
| Shares Outstanding (Mil) | 36 | 35 | 2.0% |
| Cumulative Contribution | 73.1% |
Market Drivers
6/30/2023 to 7/15/2026| Return | Correlation | |
|---|---|---|
| LII | 73.1% | |
| Market (SPY) | 76.3% | 52.1% |
| Sector (XLI) | 74.8% | 65.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LII Return | 20% | -25% | 90% | 37% | -20% | 17% | 119% |
| Peers Return | 52% | -21% | 35% | 23% | 5% | 14% | 140% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| LII Win Rate | 83% | 33% | 58% | 67% | 33% | 57% | |
| Peers Win Rate | 78% | 37% | 55% | 62% | 50% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| LII Max Drawdown | -17% | -42% | -15% | -10% | -33% | -23% | |
| Peers Max Drawdown | -15% | -39% | -20% | -16% | -25% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CARR, TT, JCI, AOS, IR. See LII Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/15/2026 (YTD)
How Low Can It Go
| Event | LII | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.9% | -18.8% |
| % Gain to Breakeven | 28.0% | 23.1% |
| Time to Breakeven | 91 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.1% | -6.7% |
| % Gain to Breakeven | 12.5% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.5% | -24.5% |
| % Gain to Breakeven | 68.1% | 32.4% |
| Time to Breakeven | 356 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.2% | -33.7% |
| % Gain to Breakeven | 47.4% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.5% | -19.2% |
| % Gain to Breakeven | 13.0% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.2% | -3.7% |
| % Gain to Breakeven | 11.3% | 3.9% |
| Time to Breakeven | 41 days | 6 days |
In The Past
Lennox International's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.
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| Event | LII | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.9% | -18.8% |
| % Gain to Breakeven | 28.0% | 23.1% |
| Time to Breakeven | 91 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -40.5% | -24.5% |
| % Gain to Breakeven | 68.1% | 32.4% |
| Time to Breakeven | 356 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.2% | -33.7% |
| % Gain to Breakeven | 47.4% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.8% | -17.9% |
| % Gain to Breakeven | 66.2% | 21.8% |
| Time to Breakeven | 173 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 399 days | 1085 days |
In The Past
Lennox International's stock fell -21.9% during the 2025 US Tariff Shock. Such a loss loss requires a 28.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Lennox International (LII)
Lennox International Inc. (LII) is a global manufacturer and marketer of climate control products, specializing in heating, ventilation, air conditioning (HVAC), and refrigeration solutions. For the residential market, the company provides a comprehensive suite of products including furnaces, air conditioners, heat pumps, packaged heating and cooling systems, and indoor air quality equipment. These offerings cater to both new construction and replacement needs for homes across the United States, Canada, and other international regions.
In addition to residential offerings, Lennox International serves commercial clients with unitary heating and air conditioning equipment, applied systems, controls, and installation services for various light commercial markets. A significant part of its business is dedicated to refrigeration, supplying critical components like condensing units, unit coolers, fluid coolers, and full refrigeration rack systems. These refrigeration products are essential for preserving food and perishables in settings such as supermarkets, convenience stores, restaurants, and warehouses, as well as providing cooling for data centers and industrial process applications.
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1. Lennox International is like a Trane or Carrier, providing the essential heating, air conditioning, and refrigeration systems for homes and businesses.
2. Lennox International is like a specialized Samsung or LG, but focused entirely on the heating, cooling, and commercial refrigeration systems that keep buildings comfortable and food preserved.
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- Residential HVAC Systems: Furnaces, air conditioners, heat pumps, and packaged heating and cooling systems for residential use.
- Commercial HVAC Equipment: Unitary heating and air conditioning equipment, applied systems, and variable refrigerant flow products for commercial markets.
- Commercial HVAC Services: Installation and maintenance services for commercial heating and cooling equipment.
- Refrigeration Equipment: Condensing units, unit coolers, refrigeration rack systems, and industrial process chillers for various cooling applications.
- Indoor Air Quality & Controls: Equipment and accessories to improve indoor air quality and comfort control products.
- Replacement Parts & Supplies: Essential components and supplies for the repair and maintenance of HVAC and refrigeration systems.
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Lennox International Inc. (LII) primarily sells its products and services to other companies and organizations rather than directly to individual consumers. Based on the provided description, its major customers fall into the following categories:
- HVAC Contractors and Installers: These businesses purchase residential and commercial heating, cooling, and ventilation equipment (furnaces, air conditioners, heat pumps, packaged systems) from Lennox, either directly or through distributors and company-owned stores, for installation in homes and commercial buildings.
- Commercial Businesses and Property Owners: This category includes a wide range of entities that purchase commercial heating and cooling equipment, as well as specialized refrigeration systems. Specific examples mentioned are supermarkets, convenience stores, restaurants, warehouses, distribution centers, data centers, and industrial facilities (for machine tooling and other cooling applications).
- Home Builders and Developers: Companies involved in new residential construction purchase Lennox's residential heating and cooling products for installation in new homes.
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Alok Maskara
Chief Executive Officer
Alok Maskara was appointed Chief Executive Officer of Lennox International in May 2022. He brings over 25 years of global leadership experience in manufacturing and technology to his role. Prior to joining Lennox, Maskara served as CEO of Luxfer Holdings PLC (NYSE: LXFR) for five years, where he led the company's transformation, spearheaded acquisitions and partnerships, and drove growth in profitability. Before his tenure at Luxfer, he spent nearly a decade as president of several global business units at Pentair PLC. Maskara also held various leadership positions at General Electric Corporation and McKinsey & Company. He currently serves on the Board of Directors of Franklin Electric (NYSE: FELE). Maskara is also a co-author of nine patents in advanced materials science.
Michael Quenzer
Executive Vice President and Chief Financial Officer
Michael Quenzer was appointed Executive Vice President and Chief Financial Officer of Lennox International effective January 1, 2024. He joined Lennox in 2004 and has held several key leadership roles within the company, including Vice President, Investor Relations and Financial Planning Analysis, and Vice President of Finance for the Lennox Building Climate Solutions (Commercial) business segment. Before his career at Lennox, Quenzer worked at Morningstar Inc. He holds a bachelor's degree in finance from Coastal Carolina University, along with an MBA and a master's degree in accounting from the University of Texas at Dallas.
Daniel M. Sessa
Executive Vice President and Chief Human Resources Officer
Daniel M. Sessa has served as Executive Vice President and Chief Human Resources Officer at Lennox International since June 2007. His background includes numerous senior human resources and legal leadership positions at United Technologies Corporation, which he held since 1996. These roles included Vice President, Human Resources for Otis Elevator Company - Americas from 2005 to 2007, Director, Employee Benefits and Human Resources Systems for United Technologies Corporation from 2004 to 2005, and Director, Human Resources for Pratt & Whitney from 2002 to 2004. Sessa earned a Juris Doctor (J.D.) from the Hofstra University School of Law and a Bachelor of Arts (B.A.) in Law & Society from Binghamton University.
Prakash Bedapudi
Executive Vice President and Chief Technology Officer
Prakash Bedapudi was appointed Executive Vice President and Chief Technology Officer of Lennox International in July 2008. His previous experience includes serving as Vice President, Global Engineering and Program Management for Trane Inc. Commercial Systems from 2006 to 2008, and as Vice President, Engineering and Technology for Trane's Residential Systems division from 2003 to 2006. He also held senior engineering leadership positions at GE Transportation Systems and Cummins Engine Company. Bedapudi holds a Bachelor of Science in Mechanical/Automotive Engineering from Karnataka University, India, and a Master of Science in Mechanical/Aeronautical Engineering from the University of Cincinnati.
Gary S. Bedard
Executive Vice President and President, Home Comfort Solutions
Gary S. Bedard was appointed President of the Residential business segment (Home Comfort Solutions) at Lennox International, effective January 1, 2023. Prior to this role, he led the company's Refrigeration segment for five years. Bedard has a long history with Lennox, having joined in 1998, and spent 19 years in the residential business in various general management, sales, product, and marketing leadership roles. From 2007 to 2017, he successfully led the Lennox Residential business, during which time the business achieved consistent market share gains. Before joining Lennox, Bedard spent eight years at York International, where he held product management and sales leadership positions. He earned a Bachelor of Science in engineering management from the United States Military Academy at West Point.
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The addressable markets for Lennox International's main products and services are as follows:
- Global HVAC Systems Market: The global HVAC systems market is projected to grow from approximately USD 258.97 billion in 2025 to USD 523.83 billion by 2035, at a Compound Annual Growth Rate (CAGR) of 7.3%.
-
North America HVAC Equipment Market: The North America HVAC equipment market size is expected to reach USD 31.12 billion in 2025 and is forecast to grow to USD 48.66 billion by 2031, with a CAGR of 7.93%.
- North America Residential HVAC Equipment Market: The residential segment represented approximately 40.25% of the North America HVAC equipment market revenue in 2025, equating to roughly USD 12.53 billion. The North America residential unitary HVAC market was estimated at USD 6.8 billion in 2024 and is expected to grow to USD 10.8 billion in 2034, at a CAGR of 4.8%.
- North America Commercial HVAC Equipment Market: Commercial accounts commanded approximately 59.75% of the North America HVAC equipment market revenue in 2025, totaling roughly USD 18.59 billion. The North America Commercial HVAC Market size is estimated at USD 11.26 billion in 2025 and is expected to reach USD 17.09 billion by 2030, at a CAGR of 8.7%.
- U.S. HVAC Systems Market: The U.S. HVAC systems market size was estimated at USD 31.71 billion in 2025 and is projected to reach USD 54.02 billion by 2033, growing at a CAGR of 6.9%.
- Canada HVAC Market: The Canada HVAC Market size is estimated at USD 12.20 billion in 2025 and is expected to reach USD 15.71 billion by 2030, at a CAGR of 5.20%.
- Global Commercial Refrigeration Market: The global commercial refrigeration market size was valued at USD 85.6 billion in 2024 and is expected to reach USD 161 billion by 2034, growing at a CAGR of 6.6%.
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Lennox International (LII) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends.
One key driver is the company's accelerated transition to low-Global Warming Potential (GWP) refrigerants and ultra-efficient heat pumps. Lennox has been rolling out R-32/R-454B systems and ultra-efficient heat pumps to capitalize on IRA rebates and adhere to the AIM Act phasedown, which is expected to reshape its competitive standing in the residential HVAC market. This includes scaling cold-climate heat pumps that meet ENERGY STAR Most Efficient thresholds and expanding electrified rooftop units to capture decarbonization retrofit spending.
Strategic pricing actions and a favorable product mix are also anticipated to contribute significantly to revenue growth. Lennox has maintained pricing discipline and is benefiting from a premium mix shift towards variable-speed heat pumps and communicating controls. The company plans a mid-single-digit price increase to counteract cost inflation.
Expansion into new product categories and adjacent markets, such as water heating, presents another avenue for growth. Lennox is entering the North American water heating market through a joint venture with Ariston Group, with dealer orders for a new line of water heaters commencing in March 2026. This strategy also involves expanding into other product categories that contractors typically purchase elsewhere, like ductless systems and a broader range of parts and accessories.
Growth in the resilient replacement market and an increased focus on services and lifecycle monetization will further bolster revenue. Approximately 75% of Lennox's sales come from the less volatile replacement market. The company forecasts a robust repair environment and aims to boost recurring revenue through increased sales of parts, filters, diagnostics subscriptions, and dealer maintenance contracts.
Finally, targeted geographic and channel expansion, particularly in high-growth regions, is expected to drive revenue. Lennox is prioritizing market share gains in U.S. Sunbelt states and Canada, where new construction and replacement cycles are strongest. International expansion efforts are concentrated in Mexico and select Latin American markets that exhibit underpenetrated demand for heat pumps and commercial replacement units. Additionally, investments in enhancing its distribution footprint and service levels, including a new manufacturing facility in Mexico, are designed to ensure robust sales as residential and light commercial markets recover.
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Capital Allocation Decisions
Share Repurchases
- Lennox International repurchased $482 million of shares during 2025.
- In May 2025, the company approved a $1 billion increase to its existing stock repurchase authorization, in addition to approximately $290 million remaining under prior authorizations as of May 12, 2025.
- Share repurchases totaled $150 million in the fourth quarter of 2025.
Outbound Investments
- Lennox deployed $545 million on bolt-on acquisitions and joint venture investments during 2025.
- The company entered the North American water heating market through a joint venture with Ariston Group, with dealer orders for new water heaters expected to begin in March 2026.
- Strategic joint ventures with Samsung and Ariston are anticipated to contribute to growth starting in 2026 and 2027, respectively.
Capital Expenditures
- Capital expenditures are projected to be approximately $250 million for full year 2026, targeting strong return opportunities across innovation.
- Net capital expenditures for the full year 2025 were $117 million.
- Projected 2025 capital expenditures were around $150 million, with a primary focus on expanding the distribution network, enhancing customer experience, and supporting new product lines such as commercial emergency replacement and Samsung ductless products.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 110.95 |
| Mkt Cap | 44.2 |
| Rev LTM | 14,692 |
| Op Inc LTM | 1,542 |
| FCF LTM | 1,263 |
| FCF 3Y Avg | 1,337 |
| CFO LTM | 1,518 |
| CFO 3Y Avg | 1,634 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.7% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 2.0% |
| Op Inc Chg 3Y Avg | 16.4% |
| Op Mgn LTM | 18.4% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 15.8% |
| CFO/Rev 3Y Avg | 15.9% |
| FCF/Rev LTM | 13.5% |
| FCF/Rev 3Y Avg | 13.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Home Comfort Solutions | 3,343 | 3,577 | 3,223 | 3,198 | 2,776 |
| Business Climate Solutions | 1,852 | 1,764 | 1,511 | 1,286 | 865 |
| Corporate and Other | 0 | 0 | 248 | 234 | |
| Refrigeration | 554 | ||||
| Total | 5,195 | 5,341 | 4,982 | 4,718 | 4,194 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Home Comfort Solutions | 728 | 760 | 610 | 597 | 540 |
| Business Climate Solutions | 434 | 397 | 341 | 163 | 111 |
| (Gain) loss on sale from previous dispositions | 1 | -2 | 14 | 0 | |
| Impairment on assets held for sale | 0 | 0 | -63 | 0 | |
| Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) | 0 | 0 | -15 | -8 | -14 |
| Restructuring charges | -7 | 0 | -3 | -2 | -2 |
| Acquisition costs | -10 | ||||
| Corporate and Other | -105 | -120 | -94 | -94 | -96 |
| Special product quality adjustments | 0 | 2 | |||
| Refrigeration | 49 | ||||
| Total | 1,042 | 1,035 | 790 | 656 | 590 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Home Comfort Solutions | 1,971 | 1,626 | 1,449 | 1,456 | 1,150 |
| Business Climate Solutions | 1,746 | 1,053 | 989 | 730 | 366 |
| Corporate and Other | 364 | 793 | 360 | 381 | 229 |
| Refrigeration | 427 | ||||
| Total | 4,082 | 3,472 | 2,798 | 2,568 | 2,172 |
Price Behavior
| Market Price | $548.67 | |
| Market Cap ($ Bil) | 19.1 | |
| First Trading Date | 07/29/1999 | |
| Distance from 52W High | -16.6% | |
| 50 Days | 200 Days | |
| DMA Price | $525.07 | $508.28 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 4.5% | 7.9% |
| 3M | 1YR | |
| Volatility | 34.9% | 36.1% |
| Downside Capture | 111.95 | 138.67 |
| Upside Capture | 130.28 | 95.93 |
| Correlation (SPY) | 43.1% | 44.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.28 | 1.46 | 1.39 | 1.37 | 1.27 | 1.11 |
| Up Beta | 0.22 | 1.22 | 1.78 | 1.62 | 1.47 | 0.95 |
| Down Beta | 2.84 | 1.80 | 2.36 | 2.42 | 1.45 | 0.99 |
| Up Capture | 206% | 153% | 114% | 98% | 101% | 204% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 23 | 36 | 64 | 120 | 402 |
| Down Capture | 32% | 132% | 61% | 84% | 119% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 18 | 27 | 61 | 132 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LII | |
|---|---|---|---|---|
| LII | -9.9% | 36.0% | -0.23 | - |
| Sector ETF (XLI) | 20.6% | 16.7% | 0.95 | 67.9% |
| Equity (SPY) | 21.9% | 12.6% | 1.30 | 44.2% |
| Gold (GLD) | 21.0% | 27.9% | 0.67 | 18.7% |
| Commodities (DBC) | 29.1% | 18.9% | 1.22 | -19.1% |
| Real Estate (VNQ) | 12.6% | 13.9% | 0.61 | 39.3% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LII | |
|---|---|---|---|---|
| LII | 10.5% | 32.3% | 0.36 | - |
| Sector ETF (XLI) | 13.4% | 17.6% | 0.60 | 67.0% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 58.3% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 10.9% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 1.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 53.6% |
| Bitcoin (BTCUSD) | 13.8% | 53.5% | 0.44 | 20.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LII | |
|---|---|---|---|---|
| LII | 15.8% | 29.4% | 0.55 | - |
| Sector ETF (XLI) | 14.4% | 20.0% | 0.63 | 61.8% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 56.8% |
| Gold (GLD) | 11.1% | 16.1% | 0.56 | 8.4% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 9.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 50.7% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 4.5% | 5.4% | 0.3% |
| 1/28/2026 | -2.3% | 1.9% | 9.1% |
| 10/22/2025 | -10.2% | -8.7% | -18.7% |
| 7/23/2025 | 6.6% | 3.2% | -5.0% |
| 4/23/2025 | -9.0% | -4.3% | 2.2% |
| 1/29/2025 | -8.8% | -12.7% | -9.1% |
| 10/23/2024 | 2.6% | 2.8% | 5.2% |
| 7/24/2024 | -4.9% | 0.8% | 2.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 19 |
| # Negative | 14 | 10 | 5 |
| Median Positive | 5.0% | 4.3% | 4.7% |
| Median Negative | -3.0% | -4.7% | -9.1% |
| Max Positive | 9.0% | 13.0% | 22.7% |
| Max Negative | -10.2% | -13.6% | -18.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 4.5% | 5.4% | 0.3% |
| 1/28/2026 | -2.3% | 1.9% | 9.1% |
| 10/22/2025 | -10.2% | -8.7% | -18.7% |
| 7/23/2025 | 6.6% | 3.2% | -5.0% |
| 4/23/2025 | -9.0% | -4.3% | 2.2% |
| 1/29/2025 | -8.8% | -12.7% | -9.1% |
| 10/23/2024 | 2.6% | 2.8% | 5.2% |
| 7/24/2024 | -4.9% | 0.8% | 2.1% |
| 4/24/2024 | -1.8% | -2.8% | 4.6% |
| 1/31/2024 | -4.4% | -5.0% | 5.2% |
| 10/26/2023 | 5.5% | 13.0% | 22.7% |
| 7/27/2023 | 6.1% | 10.9% | 6.5% |
| 4/27/2023 | 9.0% | 10.2% | 7.5% |
| 1/31/2023 | 6.3% | 9.5% | 2.9% |
| 10/27/2022 | -2.8% | -1.2% | 14.2% |
| 7/28/2022 | 3.3% | 7.5% | 11.2% |
| 4/25/2022 | -3.2% | -13.6% | -17.0% |
| 2/1/2022 | -2.2% | -5.2% | -3.2% |
| 10/25/2021 | -2.5% | -4.1% | 3.3% |
| 7/26/2021 | 2.1% | 2.8% | 3.3% |
| 4/26/2021 | -0.6% | 0.3% | 2.5% |
| 2/2/2021 | -2.2% | 0.2% | 1.9% |
| 10/19/2020 | -3.4% | -0.0% | 4.7% |
| 7/20/2020 | 2.8% | 7.2% | 11.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 19 |
| # Negative | 14 | 10 | 5 |
| Median Positive | 5.0% | 4.3% | 4.7% |
| Median Negative | -3.0% | -4.7% | -9.1% |
| Max Positive | 9.0% | 13.0% | 22.7% |
| Max Negative | -10.2% | -13.6% | -18.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/22/2025 | 10-Q |
| 06/30/2025 | 07/23/2025 | 10-Q |
| 03/31/2025 | 04/23/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/25/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 10/25/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/26/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 10/19/2020 | 10-Q |
| 06/30/2020 | 07/20/2020 | 10-Q |
| 03/31/2020 | 04/20/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
| 09/30/2019 | 10/21/2019 | 10-Q |
| 06/30/2019 | 07/22/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 8.0% | 1.5% | Raised | Guidance: 6.5% for 2026 | |||
| 2026 EPS | 23.5 | 24.2 | 25 | 0 | Affirmed | Guidance: 24.2 for 2026 | |
| 2026 Free Cash Flow | 750.00 Mil | 800.00 Mil | 850.00 Mil | 0 | Affirmed | Guidance: 800.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 6.0% | 6.5% | 7.0% | 7.5% | Higher New | Actual: -1.0% for 2025 | |
| 2026 Adjusted EPS | 23.5 | 24.2 | 25 | 5.4% | Higher New | Actual: 23 for 2025 | |
| 2026 Capital Expenditures | 250.00 Mil | ||||||
| 2026 Free Cash Flow | 750.00 Mil | 800.00 Mil | 850.00 Mil | 45.5% | Higher New | Actual: 550.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | -1.0% | -4.0% | Lowered | Guidance: 3.0% for 2025 | |||
| 2025 Adjusted EPS | 22.8 | 23 | 23.2 | -3.2% | Lowered | Guidance: 23.8 for 2025 | |
| 2025 Free Cash Flow | 550.00 Mil | -24.1% | Lowered | Guidance: 725.00 Mil for 2025 | |||
Insider Activity
Updated 5/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 5072026 | 544.80 | 971 | 529,001 | 593,832 | Form |
| 2 | Wall, Shane D | Direct | Sell | 2272026 | 540.01 | 100 | 54,001 | 1,190,722 | Form | |
| 3 | Teske, Todd J | Direct | Sell | 2052026 | 533.45 | 700 | 373,415 | 3,670,669 | Form | |
| 4 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 2052026 | 536.50 | 254 | 136,271 | 584,785 | Form |
| 5 | Teske, Todd J | Direct | Sell | 11122025 | 491.85 | 600 | 295,110 | 3,728,715 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 5072026 | 544.80 | 971 | 529,001 | 593,832 | Form |
| 2 | Wall, Shane D | Direct | Sell | 2272026 | 540.01 | 100 | 54,001 | 1,190,722 | Form | |
| 3 | Teske, Todd J | Direct | Sell | 2052026 | 533.45 | 700 | 373,415 | 3,670,669 | Form | |
| 4 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 2052026 | 536.50 | 254 | 136,271 | 584,785 | Form |
| 5 | Teske, Todd J | Direct | Sell | 11122025 | 491.85 | 600 | 295,110 | 3,728,715 | Form | |
| 6 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 8252025 | 591.86 | 300 | 177,558 | 758,765 | Form |
| 7 | Quintos, Karen H | Direct | Sell | 8202025 | 609.30 | 365 | 222,394 | 4,210,261 | Form | |
| 8 | Quintos, Karen H | Direct | Sell | 8202025 | 607.82 | 1,082 | 657,665 | 4,421,915 | Form | |
| 9 | Sessa, Daniel M | EVP, Chief HR Officer | Direct | Sell | 7242025 | 670.04 | 2,782 | 1,864,054 | 21,155,872 | Form |
| 10 | Norris, John W Iii | Direct | Sell | 7242025 | 666.20 | 22,329 | 14,875,594 | 118,968,107 | Form | |
| 11 | Norris, John W Iii | Direct | Sell | 7112025 | 613.72 | 3,190 | 1,957,772 | 123,300,370 | Form | |
| 12 | Norris, John W Iii | Direct | Sell | 7072025 | 606.00 | 3,190 | 1,933,140 | 123,682,176 | Form | |
| 13 | Norris, John W Iii | Direct | Sell | 7022025 | 600.00 | 3,190 | 1,914,000 | 124,371,600 | Form | |
| 14 | Kosel, Chris | VP-Corp Controller and CAO | Direct | Sell | 5082025 | 568.05 | 509 | 289,140 | 898,663 | Form |
Investor Activity (13F)
Updated Jul 16, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Building Products Resources |
| Building Design+Construction |
| Construction Dive |
| Architectural Record |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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