Tearsheet

Lennox International (LII)

Market Price (12/28/2025): $498.28 | Market Cap: $17.5 Bil
Sector: Industrials | Industry: Building Products

Lennox International (LII)

Market Price (12/28/2025): $498.28
Market Cap: $17.5 Bil
Sector: Industrials
Industry: Building Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%	Weak multi-year price returns 2Y Excs Rtn is -32%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -4.8%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%		Key risks LII key risks include [1] potential margin compression from higher costs, Show more.
2	Low stock price volatility Vol 12M is 35%
3	Megatrend and thematic drivers Megatrends include Electrification of Everything, Smart Buildings & Proptech, and Sustainable Resource Management. Themes include Heat Pump Technology, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 35%
3	Megatrend and thematic drivers Megatrends include Electrification of Everything, Smart Buildings & Proptech, and Sustainable Resource Management. Themes include Heat Pump Technology, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -32%
5	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -4.8%
6	Key risks LII key risks include [1] potential margin compression from higher costs, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$498.28	$605.08	$440.80	$232.56	$309.84
Market Cap CYE ($ Bil)	17.5	21.5	15.6	8.2	11.3
Total Debt ($ Bil)	1.4	1.5	1.5	1.7	1.4
Total Cash ($ Bil)	0.1	0.4	0.1	0.1	0.0
Enterprise Value ($ Bil)	18.8	23.0	17.1	9.9	12.7
Valuation Ratios
P/S TTM	3.3	4.1	3.2	1.8	2.9
P/EBIT TTM	16.4	20.9	20.0	13.0	20.6
P/E TTM	20.8	26.9	26.9	17.2	26.0
P/FCF TTM	32.7	27.7	32.7	42.4	29.5
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/28/25	2024	2023
Share Price CYE	$498.28	$605.08	$440.80
Market Cap CYE ($ Bil)	17.5	21.5	15.6
Total Debt ($ Bil)	1.4	1.5	1.5
Total Cash ($ Bil)	0.1	0.4	0.1
Enterprise Value ($ Bil)	18.8	23.0	17.1
Valuation Ratios
P/S TTM	3.3	4.1	3.2
P/EBIT TTM	16.4	20.9	20.0
P/E TTM	20.8	26.9	26.9
P/FCF TTM	32.7	27.7	32.7
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	LII	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	5.3
Rev Chg Q	-4.8%	7.3%
Rev Chg LTM	3.8%	6.1%
Rev Chg 3Y Avg	5.2%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.1
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.8
Op Mgn LTM	19.9%	18.8%
CFO/Rev LTM	12.8%	20.4%
Net Inc Mgn	15.7%	13.1%
VALUATION	MODERATE
P/S	3.3	3.3
P/CFO	25.6	15.8
P/FCF	32.7	20.7
P/E	20.8	23.7
STABILITY	GOOD
Debt/Equity	0.08	0.21
Cash/Assets	0.02	0.07

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Metric	Value	Date	Source
Backlog	$1.2 billion	4232025	Link
Market Share in Heating & Air Conditioning Equipment Manufacturing	8.1%	10272024	Link
Dealer Network Size	more than 6,000	11052023	Link
Lennox PartsPlus Stores	200+	11052023	Link
Annual Customers Trained	over 1,000	4172025	Link
National Distribution Center Size	1.2 million square feet	4172025	Link

Upcoming
12/31/2025	Dividend	Amount: $1.30 Payment On: 1/15/2026
2/04/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

LII Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for why Lennox International (LII) stock moved by -10.5% for the approximate time period from August 31, 2025, to December 27, 2025:

1. Revenue Miss and Decline in Home Comfort Solutions: Lennox International reported third-quarter 2025 revenue of $1.43 billion, which fell short of analyst expectations of $1.5 billion and represented a 5% year-over-year decline. The Home Comfort Solutions segment was particularly impacted, experiencing a 12% revenue drop attributed to channel destocking and a weak summer selling season.

2. Revised Full-Year Revenue and EPS Outlook: Following the mixed third-quarter results, the company revised its full-year revenue outlook, anticipating a 1% decline. Additionally, its adjusted earnings per share (EPS) guidance for 2025 was narrowed to a range of $22.75 to $23.25, marking a midpoint reduction of approximately 3.2% from its prior guidance.

3. Elevated Inventory Levels and Lower Operating Cash Flow: Operating cash flow for the third quarter of 2025 was reported at $301 million, a decrease from the prior year. This reduction was primarily due to temporarily elevated finished goods inventory levels, suggesting a build-up of products that could signal weaker demand or challenges in inventory management.

4. Negative Analyst Sentiment and Price Target Reductions: A number of analysts reacted to the company's Q3 performance by lowering their price targets and expressing concerns. Goldman Sachs reduced its price target citing weaker sales and margins in the Home Comfort Solutions division, while UBS and KeyBanc Capital Markets also adjusted their outlooks downward due to weaker near-term demand and ongoing inventory challenges in the residential segment.

5. Delayed Inventory Normalization Expectations: Analyst firm William Blair, despite maintaining a positive rating, revised its earnings per share expectations for the fourth quarter of 2025 and the first half of 2026. This revision was driven by a new expectation that inventory levels would normalize later than previously anticipated, specifically by the second quarter of 2026, which likely contributed to investor apprehension.

Stock Movement Drivers

Fundamental Drivers

The -4.6% change in LII stock from 9/27/2025 to 12/27/2025 was primarily driven by a -5.9% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	521.94	498.16	-4.56%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5416.60	5345.30	-1.32%
Net Income Margin (%)	15.41%	15.74%	2.16%
P/E Multiple	22.08	20.78	-5.86%
Shares Outstanding (Mil)	35.30	35.10	0.57%
Cumulative Contribution			-4.56%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
LII	-4.6%
Market (SPY)	4.3%	38.0%
Sector (XLI)	3.0%	59.4%

Fundamental Drivers

The -11.8% change in LII stock from 6/28/2025 to 12/27/2025 was primarily driven by a -16.8% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	564.78	498.16	-11.80%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5366.80	5345.30	-0.40%
Net Income Margin (%)	14.96%	15.74%	5.22%
P/E Multiple	24.97	20.78	-16.78%
Shares Outstanding (Mil)	35.50	35.10	1.13%
Cumulative Contribution			-11.81%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
LII	-11.8%
Market (SPY)	12.6%	36.6%
Sector (XLI)	7.5%	60.5%

Fundamental Drivers

The -18.9% change in LII stock from 12/27/2024 to 12/27/2025 was primarily driven by a -28.4% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	614.59	498.16	-18.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5151.10	5345.30	3.77%
Net Income Margin (%)	14.63%	15.74%	7.58%
P/E Multiple	29.03	20.78	-28.41%
Shares Outstanding (Mil)	35.60	35.10	1.40%
Cumulative Contribution			-18.96%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
LII	-18.9%
Market (SPY)	17.0%	54.3%
Sector (XLI)	19.2%	64.9%

Fundamental Drivers

The 114.9% change in LII stock from 12/28/2022 to 12/27/2025 was primarily driven by a 48.6% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	231.78	498.16	114.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4589.40	5345.30	16.47%
Net Income Margin (%)	10.60%	15.74%	48.55%
P/E Multiple	16.87	20.78	23.17%
Shares Outstanding (Mil)	35.40	35.10	0.85%
Cumulative Contribution			114.91%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
LII	13.0%
Market (SPY)	48.0%	54.6%
Sector (XLI)	41.2%	64.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LII Return	14%	20%	-25%	90%	37%	-18%	119%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
LII Win Rate	50%	83%	33%	58%	67%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
LII Max Drawdown	-32%	-2%	-42%	-3%	-6%	-27%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. 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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	LII	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	90.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	406 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-35.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	55.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	122 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	399 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-52.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	108.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	448 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Lennox International's stock fell -47.4% during the 2022 Inflation Shock from a high on 7/7/2021. A -47.4% loss requires a 90.0% gain to breakeven.

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About Lennox International (LII)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Lennox International Inc., together with its subsidiaries, designs, manufactures, and markets a range of products for the heating, ventilation, air conditioning, and refrigeration markets in the United States, Canada, and internationally. It operates through three segments: Residential Heating & Cooling, Commercial Heating & Cooling, and Refrigeration. The Residential Heating & Cooling segment provides furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment and accessories, comfort control products, and replacement parts and supplies for residential replacement and new construction markets. The Commercial Heating & Cooling segment offers unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products for light commercial markets. The Refrigeration segment offers condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, and refrigeration rack systems for preserving food and other perishables in supermarkets, convenience stores, restaurants, warehouses, and distribution centers, as well as for data centers, machine tooling, and other cooling applications; and compressor racks and industrial process chillers. The company sells its products and services through direct sales, distributors, and company-owned parts and supplies stores. Lennox International Inc. was founded in 1895 and is headquartered in Richardson, Texas.

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Here are 1-2 brief analogies to describe Lennox International (LII):

Lennox International is like the Carrier of heating and air conditioning (HVAC) systems.
Lennox International manufactures essential climate control and refrigeration systems for buildings, similar to how Johnson Controls provides other critical infrastructure for commercial and industrial facilities.

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Residential Heating & Cooling: Manufactures and sells furnaces, air conditioners, heat pumps, and related smart thermostats for residential homes.
Commercial Heating & Cooling: Provides rooftop units, split systems, chillers, boilers, and advanced building controls for commercial and industrial applications.
Commercial Refrigeration: Offers display cases, condensing units, unit coolers, and refrigeration systems primarily for supermarkets and convenience stores.

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Lennox International (LII) primarily sells its products and services to other companies (Business-to-Business, B2B) rather than directly to individuals. The company operates through a diversified distribution model, serving a broad network of customers across its residential, commercial, and refrigeration segments. Lennox International does not publicly disclose specific names of individual major customer companies or their stock symbols, as its sales are distributed across a vast number of businesses and direct relationships, and such information is typically proprietary. However, its major categories of customer companies include:

Independent HVAC and Refrigeration Dealers/Contractors: These are local, regional, and national businesses that purchase Lennox and Allied Air branded heating, ventilation, air conditioning (HVAC), and refrigeration equipment. They then sell, install, and service this equipment for residential, commercial, and industrial end-users. These thousands of dealers and contractors form the backbone of Lennox's distribution network.
Wholesale Distributors: Other companies that act as intermediaries, purchasing Lennox International's products in bulk to resell them to a wide array of contractors, installers, and other businesses within the HVACR industry.
National and Large Commercial Accounts: These are large enterprises and organizations that purchase HVACR solutions directly from Lennox International for their extensive facilities or multiple locations. Examples may include large retail chains, restaurant chains, hospitality groups, data centers, and institutional or governmental entities. While these are specific companies, Lennox International does not publicly name these individual accounts as "major customers" due to the competitive and confidential nature of these business relationships.

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Alok Maskara, Chief Executive Officer

Alok Maskara joined Lennox International as CEO on May 9, 2022. Prior to Lennox, he served for five years as CEO of Luxfer Holdings PLC (NYSE: LXFR), an international industrial company, where he spearheaded its transformation, led value-enhancing acquisitions and partnerships, and drove growth in profitability. Before Luxfer, he spent nearly a decade as president of several global business units at Pentair PLC, a provider of water treatment solutions. He also held leadership positions at General Electric Corporation and McKinsey & Company. Mr. Maskara is a co-author of nine patents in advanced materials science and serves on the board of Franklin Electric (Nasdaq: FELE).

Michael Quenzer, Executive Vice President & Chief Financial Officer

Michael Quenzer was appointed Executive Vice President and Chief Financial Officer in January 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 joining Lennox, Mr. Quenzer worked at Morningstar Inc. He holds a bachelor's degree in finance from Coastal Carolina University and an MBA and master's degree in accounting from the University of Texas at Dallas.

Sarah Martin, Executive Vice President & President, Lennox Home Comfort Solutions

Sarah Martin was appointed Executive Vice President & President of the Lennox Home Comfort Solutions business segment in April 2025. She previously spent 13 years in leadership roles at Honeywell International Inc., serving as President of Honeywell Sensing Solutions, President of Honeywell Sensing & Safety Technologies, and President of Honeywell Advanced Sensing Technologies. Before her tenure at Honeywell, she held commercial and operational leadership roles in the electronic manufacturing industry.

Daniel Sessa, Executive Vice President & Chief Human Resources Officer

Daniel Sessa serves as the Executive Vice President & Chief Human Resources Officer for Lennox International.

Joe Nassab, Executive Vice President & President, LII North America Commercial Heating & Cooling

Joe Nassab is the Executive Vice President & President of LII North America Commercial Heating & Cooling at Lennox International. He is also referred to as EVP & President Building, Climate Solutions.

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The key risks to Lennox International's business include regulatory and transition challenges, macroeconomic conditions and housing market softness, and competitive pressure and market saturation.

Regulatory and Transition Challenges: Lennox International faces significant risks due to evolving environmental legislation and government regulations, particularly concerning the transition to lower global warming potential (GWP) refrigerants and new energy efficiency standards. The company is in the process of transitioning to refrigerants with a GWP of 700 or less for most commercial and residential HVAC products, with an effective date of January 1, 2025. This transition introduces complexities related to supply, training, safety, potential delays, higher compliance costs, and increased warranty exposure. Delays or increased compliance costs in this transition could compress profit margins.
Macroeconomic Conditions and Housing Market Softness: The financial performance of Lennox International is closely tied to the health of the U.S. construction industry and broader economic conditions. Recent reports indicate softening HVAC demand, a sharper U.S. housing slowdown, and rising consumer financing costs, which could reduce unit volumes and impact sales. This macroeconomic weakness has led to a downward revision of the company's full-year outlook for 2025, with an anticipated revenue decline. Inventory rebalancing in the distribution channel, partly due to a pre-buy ahead of refrigerant transitions, also contributes to these headwinds.
Competitive Pressure and Market Saturation: Lennox International operates in a highly competitive HVACR market. This intense competition can lead to price wars, compression of profit margins, and a potential loss of market share. Competitors, including major players like Carrier and Trane Technologies, may possess greater financial resources to invest in research and development and marketing, potentially affecting Lennox's market position. The company must continuously innovate and differentiate its offerings to maintain its competitive edge in this saturated environment.

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Lennox International (LII) operates primarily in the Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) markets, offering solutions across residential and commercial segments.

Addressable Markets for Lennox International's Main Products and Services:

HVAC Systems (Residential and Commercial Heating & Cooling)

Global HVAC Systems Market: The global HVAC systems market was estimated at USD 241.52 billion in 2024 and is projected to reach USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. Other estimates place the global market at USD 165.88 billion in 2024, projected to grow to USD 256.95 billion by 2032 with a CAGR of 5.7% from 2025.
North America HVAC Systems Market: This market was valued at USD 65.76 billion in 2023 and is predicted to reach USD 99.21 billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030. Another source indicates a revenue of USD 38,382.8 million in 2024, with a projected growth to US$ 70,057.9 million by 2033 at a CAGR of 7% from 2025.
U.S. HVAC Systems Market: The U.S. HVAC system market size was valued at USD 52.36 billion in 2023 and is predicted to reach USD 79.85 billion by 2030, at a CAGR of 5.7% from 2024 to 2030. It is also projected to reach an estimated value of USD 62.03 billion by 2032.

HVAC Services

Global HVAC Services Market: This market reached USD 69.90 billion in 2025 and is projected to advance to USD 94.70 billion by 2030, at a CAGR of 6.30%.
North America HVAC Services Market: The North America HVAC services market size was estimated at USD 39.41 billion in 2024 and is projected to grow at a CAGR of 4.3% from 2025 to 2030, reaching USD 50.36 billion by 2030.

Commercial Refrigeration

Global Commercial Refrigeration Equipment Market: The global commercial refrigeration equipment market was valued at USD 42.94 billion in 2024 and is projected to reach USD 67.80 billion by 2033, growing at a CAGR of 5.1% from 2025 to 2033. Other data indicates a market size of USD 85.6 billion in 2024, expected to reach USD 161 billion by 2034, growing at a CAGR of 6.6% from 2025 to 2034. Another estimate for 2024 is USD 45.11 billion, with a projected growth to USD 75.61 billion by 2034 at a CAGR of 5.30%.
North America Commercial Refrigeration Equipment Market: This market was estimated at USD 14.22 billion in 2024 and is expanding at a CAGR of 6.00% during the forecast period (2025-2034). North America also dominated the global market with a 35.6% share in 2024.
U.S. Commercial Refrigeration Equipment Market: The U.S. commercial refrigeration equipment market size was USD 9.77 billion in 2024 and is projected to be worth around USD 18.54 billion by 2034, growing at a CAGR of 6.62% from 2025 to 2034. The U.S. market is also projected to reach an estimated value of USD 28.08 billion by 2032.

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Lennox International (LII) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

Transition to Low Global Warming Potential (GWP) Refrigerants and New Product Launches: Lennox is actively transitioning its product portfolio to low GWP refrigerants, such as R-454B. This transition involves replacing approximately 70% of its Home Comfort Solutions and 40% of its Building Climate Solutions product portfolios. The introduction of these new, enhanced products is expected to contribute to favorable product mix and revenue growth, with a projected 4% contribution from low GWP products in 2025.
Strategic Partnerships and Total Addressable Market (TAM) Expansion: The company is expanding its total addressable market through strategic joint ventures, notably with Samsung for mini-split and VRF heat pump systems, and with Ariston for heat pump water heaters. These partnerships are designed to broaden Lennox's offerings in advanced, energy-efficient product categories and tap into significant market opportunities, with substantial revenue growth anticipated from 2026 and 2027 onwards.
Volume Gains and Commercial Emergency Replacement Program: Lennox anticipates continued volume growth across its segments, particularly driven by its Building Climate Solutions (BCS) segment. The company is also leveraging its commercial emergency replacement program to better serve a crucial market segment, contributing to market share gains and overall volume.
Favorable Pricing and Product Mix: Consistent favorable pricing and product mix adjustments have historically contributed to Lennox's revenue growth and are expected to continue. This benefit arises from the introduction of higher-value, more energy-efficient products, along with strategic pricing actions.
Investments in Distribution Network and Digital Customer Experience: Lennox is making strategic investments to enhance its sales and distribution networks and improve digital customer experiences. These initiatives include expanding distribution channels, implementing digital front-end tools, and optimizing logistics, all aimed at boosting efficiency, improving customer service, and ultimately driving sales growth.

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Share Repurchases

In May 2025, Lennox International's Board of Directors 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.
The company completed $300 million in share repurchases year-to-date as of July 23, 2025.
Lennox repurchased $300 million in shares during 2022 and $53.6 million in 2024.

Share Issuance

There is no clear information available on significant dollar amounts of shares issued by Lennox International over the last 3-5 years. The number of common shares outstanding has remained relatively stable, with minor fluctuations (e.g., 35,474,054 shares outstanding as of February 3, 2023, and 35,484,828 shares outstanding as of April 14, 2025).

Outbound Investments

In October 2025, Lennox International completed the acquisition of the HVAC division of NSI Industries, including the Duro Dyne and Supco brand platforms, for approximately $550 million.
The company successfully divested its European operations in the fourth quarter of 2023.

Capital Expenditures

Lennox International's capital expenditures were $164 million in 2024, a reduction from $250 million in 2023.
Expected capital expenditures for 2025 are approximately $150 million, with a primary focus on enhancing front-end systems for customer experience, as well as expanding and increasing the efficiency of its distribution network.
A significant investment of $150 million was announced in 2022 for the construction of a new Commercial factory in Saltillo, Mexico, aimed at increasing manufacturing capacity.

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WMS (24.8%)

Advanced Drainage Systems

ALLE (19.2%)

Allegion

WTS (16.4%)

Watts Water Technologies

TT (13.9%)

Trane Technologies

MAS (13.3%)

Masco

Higher FCF/Rev LTM (Value for LII: 10.0%)

WMS (17.7%)

Advanced Drainage Systems

ALLE (17.1%)

Allegion

WTS (14.6%)

Watts Water Technologies

TT (12.0%)

Trane Technologies

MAS (11.1%)

Masco

Higher Total Yield (Value for LII: 5.3%)

CARR (10.4%)

Carrier Global

MAS (8.0%)

Masco

BLDR (6.6%)

Builders FirstSource

ALLE (5.9%)

Allegion

JCI (5.5%)

Johnson Controls International

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for LII: 5.2% | 3.3x)

RTX (9.4% | 2.9x)

RTX

BA (10.1% | 2.0x)

Boeing

GD (9.9% | 1.8x)

General Dynamics

NOC (5.2% | 2.0x)

Northrop Grumman

CMI (9.4% | 2.1x)

Cummins

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LII: 5.2% | 16.5x)

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

URI (13.2% | 13.3x)

United Rentals

DAL (10.8% | 7.6x)

Delta Air Lines

UAL (13.2% | 7.1x)

United Airlines

LDOS (6.9% | 11.7x)

Leidos

Higher Rev Chg LTM (Value for LII: 3.8%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for LII: 5.2%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

ETN (9.7%)

Eaton

RTX (9.4%)

RTX

Higher Op Mgn LTM (Value for LII: 19.9%)

UNP (40.6%)

Union Pacific

ADP (26.2%)

Automatic Data Processing

PH (20.7%)

Parker Hannifin

GE (20.5%)

GE Aerospace

MMM (20.5%)

Higher CFO/Rev LTM (Value for LII: 12.8%)

UNP (39.6%)

Union Pacific

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

DE (16.7%)

Deere

Higher FCF/Rev LTM (Value for LII: 10.0%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

Higher Total Yield (Value for LII: 5.3%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

HON (7.2%)

Honeywell International

LMT (5.8%)

Lockheed Martin

DE (5.3%)

Deere

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LII: 5.2% | 3.3x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

TJX (6.2% | 3.0x)

TJX Companies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LII: 5.2% | 16.5x)

UNH (11.4% | 11.4x)

UnitedHealth

NEM (23.9% | 12.4x)

Newmont

HCA (6.6% | 10.3x)

HCA Healthcare

ENB (8.6% | 9.3x)

Enbridge

CVS (7.7% | 9.4x)

CVS Health

Higher Rev Chg LTM (Value for LII: 3.8%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for LII: 5.2%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for LII: 19.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for LII: 12.8%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for LII: 10.0%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for LII: 5.3%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

		Best Bets In Industrials Sector
	LII	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	20.8	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	16.4	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	-4.8%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	3.8%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.2%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	10.5%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Lennox International Earnings Notes
2	Lennox International Earnings Notes
3	Lennox International Stock Slides -9.7% With A 9-Day Losing Spree	Notification
4	Lennox International Stock In Shambles: Down -9.3% With 8-Day Losing Streak	Notification
5	Lennox International Stock 7-Day Losing Spree: Stock Falls -7.5%	Notification
6	Should You Buy Lennox International Stock?	Buy or Fear
7	Lennox International Stock Hits Key Support - Buying Opportunity?	Actionable
8	Simpson Manufacturing or Lennox International: Which Stock Has More Upside?	Counter-Intuitive Comparisons
9	With Lennox International Stock Surging, Have You Considered The Downside?	Return
10	Day 8 of Loss Streak for Lennox International Stock with -6.5% Return (vs. -15% YTD) [9/25/2025]	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to LII. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%
LII_4302022_Dip_Buyer_ValueBuy	04302022	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.4%	34.7%	-12.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Lennox International

Peers to compare with:

Financials

	LII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lennox I.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	498.16	23.26	24.49	305.09	78.16	273.40	175.78
Mkt Cap	17.5	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	5,345	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	1,062	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	534	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	543	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	684	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	722	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	LII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lennox I.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	3.8%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	5.2%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-4.8%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-1.3%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	19.9%	6.6%	4.8%	17.7%	22.5%	31.9%	18.8%
Op Mgn 3Y Avg	18.3%	7.4%	7.2%	16.4%	24.2%	30.8%	17.3%
QoQ Delta Op Mgn LTM	0.3%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	12.8%	6.7%	8.5%	20.6%	23.8%	26.6%	16.7%
CFO/Rev 3Y Avg	14.0%	6.8%	12.7%	21.4%	26.1%	28.4%	17.7%
FCF/Rev LTM	10.0%	5.1%	1.8%	18.1%	22.1%	23.5%	14.1%
FCF/Rev 3Y Avg	10.5%	5.5%	4.6%	18.6%	24.6%	25.6%	14.6%

Valuation

	LII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lennox I.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	17.5	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	3.3	0.4	1.0	4.4	5.4	10.0	3.8
P/EBIT	16.4	6.8	19.9	25.1	22.5	31.3	21.2
P/E	20.8	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	25.6	5.9	11.2	21.1	22.5	37.5	21.8
Total Yield	5.3%	14.1%	2.3%	5.0%	5.4%	2.8%	5.1%
Dividend Yield	0.5%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	3.0%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	LII	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lennox I.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	1.0%	-1.8%	14.4%	0.6%	2.7%	-1.5%	0.8%
3M Rtn	-4.6%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-11.8%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-18.9%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	114.9%	-1.9%	71.1%	143.1%	81.3%	120.2%	98.1%
1M Excs Rtn	0.5%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	-8.9%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-24.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-35.6%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	29.3%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/22/2025	2/11/2025	2/13/2024	2/21/2023	2/15/2022	2/16/2021	2/18/2020
Key Financials
Total Revenue	5,345	5,341	4,982	4,718	4,194	3,634	3,807
EBITDA	1,172	1,133	880	734	658	548	628
Operating Income	1,062	1,041	844	658	591	486	496
Net Income	841	807	590	497	464	356	409
EPS	23.81	22.67	16.61	13.92	12.47	9.30	10.49
Growth Rates
Total Revenue Growth	3.8%	7.2%	5.6%	12.5%	15.4%	-4.5%	-2.0%
EBITDA Growth	9.4%	28.8%	19.9%	11.4%	20.3%	-12.8%	9.5%
Operating Income Growth	9.4%	23.3%	28.2%	11.4%	21.5%	-1.9%	-1.5%
Net Income Growth	11.6%	36.7%	18.7%	7.1%	30.2%	-12.8%	13.8%
Margins
EBITDA Margin	21.9%	21.2%	17.7%	15.5%	15.7%	15.1%	16.5%
Operating Income Margin	19.9%	19.5%	16.9%	14.0%	14.1%	13.4%	13.0%
Net Income Margin	15.7%	15.1%	11.8%	10.5%	11.1%	9.8%	10.7%
Cash & Debt
Total Cash	59	422	69	61	36	129	40
Total Debt	1,370	1,489	1,527	1,750	1,438	1,178	1,355
Net Debt / (Cash)	1,311	1,066	1,458	1,689	1,401	1,049	1,315
Cash Flows
Net Cash from Operations	684	946	736	302	516	612	396
Free Cash from Operations	534	782	486	201	409	534	290
Returns to Shareholders
Dividends	168	160	153	142	126	118	110
Share Repurchases	392	75	15	308	622	118	424

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/22/2025	7/23/2025	4/23/2025	2/11/2025	10/23/2024	7/24/2024	4/24/2024	2/13/2024	10/26/2023	7/27/2023	4/27/2023	2/21/2023
Key Financials Quarterly
Total Revenue	1,427	1,501	1,073	1,345	1,498	1,451	1,047	1,155	1,366	1,411	1,049	1,094
Ebitda	336	380	180	275	323	345	190	213	208	300	159	155
Operating Income	307	349	157	248	304	320	169	177	250	277	140	131
Net Income	246	278	120	198	239	246	124	144	130	217	98	94
EPS	7.01	7.86	3.39	5.55	6.71	6.91	3.49	4.07	3.67	6.12	2.76	2.66
Key Financials TTM
Total Revenue TTM	5,345	5,417	5,367	5,341	5,151	5,019	4,980	4,982	4,921	4,800	4,754	4,718
Ebitda TTM	1,172	1,159	1,123	1,133	1,071	956	910	879	821	817	762	733
Operating Income TTM	1,062	1,059	1,030	1,041	970	916	872	843	797	734	685	659
Net Income TTM	841	835	803	807	754	645	616	590	540	552	512	497
Growth Rates Quarterly
Total Revenue Growth	-4.8%	3.4%	2.4%	16.5%	9.6%	2.8%	-0.2%	5.6%	9.8%	3.3%	3.6%	13.4%
EBITDA Growth	4.1%	10.3%	-5.2%	29.2%	55.5%	15.1%	19.6%	37.5%	2.2%	22.3%	22.2%	33.0%
Operating Income Growth	0.8%	9.2%	-7.0%	40.1%	21.9%	15.5%	20.8%	35.6%	33.5%	21.5%	23.6%	27.2%
Net Income Growth	2.8%	12.9%	-3.2%	36.8%	83.3%	13.2%	26.8%	53.1%	-8.1%	22.6%	17.2%	12.9%
Margins Quarterly
EBITDA Margin	23.6%	25.3%	16.8%	20.5%	21.6%	23.8%	18.1%	18.4%	15.2%	21.2%	15.1%	14.2%
Operating Income Margin	21.5%	23.3%	14.7%	18.5%	20.3%	22.0%	16.1%	15.3%	18.3%	19.6%	13.3%	11.9%
Net Income Margin	17.2%	18.5%	11.2%	14.7%	16.0%	16.9%	11.9%	12.5%	9.5%	15.4%	9.3%	8.6%
Cash & Debt
Total Cash	59	55	223	422	256	58	58	69	142	59	48	61
Total Debt	1,370	1,546	1,490	1,489	1,423	1,570	1,657	1,527	1,706	1,802	1,891	1,750
Net Debt / (Cash)	1,311	1,491	1,267	1,066	1,167	1,512	1,600	1,458	1,564	1,743	1,843	1,689
Cash Flows Quarterly
FCF from Operations	301	87	-36	332	452	184	-23	306	313	196	-79	132
Cash Flows TTM
FCF from Operations TTM	684	836	933	946	920	781	792	736	562	420	321	302
Returns to Shareholders Quarterly
Dividends	46	41	41	41	41	39	39	0	78	38	38	0
Share Repurchases	38	211	96	47	19	1	8	8	4	1	2	3
Return on Invested Capital (ROIC) Quarterly
ROIC	77.1%	75.4%	40.2%	77.1%	84.9%	67.8%	34.1%	40.5%	47.5%	52.3%	23.8%	24.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	66.1%	57.8%	66.0%	79.3%	67.5%	48.2%	43.9%	46.3%	40.2%	34.0%	29.9%	31.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Home Comfort Solutions	3,223	3,198	2,776	2,362	2,291
Business Climate Solutions	1,511	1,286	865	801	947
Corporate and other	248	234
Refrigeration			554	472	569
Total	4,982	4,718	4,194	3,634	3,807

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Home Comfort Solutions	610	597	540	428	465
Business Climate Solutions	341	163	111	137	165
Loss (gain) on sale from previous dispositions	14	0
Restructuring charges	-3	-2	-2	-11	-10
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	-15	-8	-14	-13	-11
Impairment on assets held for sale	-63	0
Corporate and other	-94	-94	-96	-92	-82
Special product quality adjustments		0	2	-1	1
Refrigeration			49	33	61
Loss (gain) from natural disasters, net of insurance recoveries				-3	80
Loss (gain), net on sale of businesses and related property					-11
Total	790	656	590	478	657

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Home Comfort Solutions	1,449	1,456	1,150	1,035	1,056
Business Climate Solutions	989	730	366	366	409
Corporate and other	360	381	229	244	177
Refrigeration			427	388	393
Total	2,798	2,568	2,172	2,032	2,035

Price Behavior

Price Behavior

Market Price	$498.16
Market Cap ($ Bil)	17.5
First Trading Date	07/29/1999
Distance from 52W High	-24.8%
	50 Days	200 Days
DMA Price	$493.13	$548.97
DMA Trend	down	down
Distance from DMA	1.0%	-9.3%
	3M	1YR
Volatility	33.2%	35.4%
Downside Capture	164.91	156.94
Upside Capture	109.38	112.10
Correlation (SPY)	38.2%	54.3%

LII Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.73	0.87	0.97	1.09	0.98	1.12
Up Beta	1.66	1.32	1.65	1.39	0.90	1.01
Down Beta	-0.70	0.08	0.09	0.46	0.60	0.93
Up Capture	65%	71%	64%	79%	111%	232%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	19	28	56	123	403
Down Capture	73%	134%	157%	161%	128%	106%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	22	34	69	125	347

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of LII With Other Asset Classes (Last 1Y)
	LII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.0%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	35.1%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.58	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		65.0%	54.4%	2.5%	9.3%	53.8%	23.5%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of LII With Other Asset Classes (Last 5Y)
	LII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.5%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	30.7%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.46	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		65.5%	58.9%	7.1%	5.9%	54.9%	21.5%

Based On 10-Year Data

		Comparison of LII With Other Asset Classes (Last 10Y)
	LII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.1%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	28.4%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.57	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		61.2%	58.0%	4.1%	13.2%	51.7%	14.4%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,812,171
Short Interest: % Change Since 11302025	2.1%
Average Daily Volume	508,333
Days-to-Cover Short Interest	3.56
Basic Shares Quantity	35,100,000
Short % of Basic Shares	5.2%

Returns Analyses

	Title
0	With Lennox International Stock Surging, Have You Considered The Downside?
1	LII YTD Stock Return Of -2.9% Outperforms EMR by 6.0% and Underperforms JCI by -7.9%
2	Lennox Stock Return Comparison
3	Lennox International (LII) Stock Return: AI Predicts LII Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	10	13	19
# Negative	14	11	5
Median Positive	4.4%	3.2%	5.2%
Median Negative	-3.0%	-4.3%	-9.1%
Max Positive	9.0%	13.0%	22.7%
Max Negative	-10.2%	-13.6%	-18.7%

	Forward Returns
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%
4/20/2020	-1.6%	-4.0%	5.4%
2/4/2020	2.3%	1.4%	10.3%
SUMMARY STATS
# Positive	10	13	19
# Negative	14	11	5
Median Positive	4.4%	3.2%	5.2%
Median Negative	-3.0%	-4.3%	-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
9302025	10222025	10-Q 9/30/2025
6302025	7232025	10-Q 6/30/2025
3312025	4232025	10-Q 3/31/2025
12312024	2112025	10-K 12/31/2024
9302024	10232024	10-Q 9/30/2024
6302024	7242024	10-Q 6/30/2024
3312024	4242024	10-Q 3/31/2024
12312023	2132024	10-K 12/31/2023
9302023	10262023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4252022	10-Q 3/31/2022
12312021	2152022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	TESKE TODD J		11122025	Sell	491.85	600	295,110	3,728,715	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Lennox International (LII)

Market Price (12/28/2025): $498.28 | Market Cap: $17.5 BilSector: Industrials | Industry: Building Products

Lennox International (LII)

Market Price (12/28/2025): $498.28Market Cap: $17.5 BilSector: IndustrialsIndustry: Building Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

LII Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Lennox International (LII)

Addressable Markets for Lennox International's Main Products and Services:

HVAC Systems (Residential and Commercial Heating & Cooling)

HVAC Services

Commercial Refrigeration

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Lennox International (LII)

INDUSTRY: Building Products

Higher Rev Chg 3Y Avg | Lower P/S (Values for LII: 5.2% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LII: 5.2% | 16.5x)

Higher Rev Chg LTM (Value for LII: 3.8%)

Higher Rev Chg 3Y Avg (Value for LII: 5.2%)

Higher Op Mgn LTM (Value for LII: 19.9%)

Higher CFO/Rev LTM (Value for LII: 12.8%)

Higher FCF/Rev LTM (Value for LII: 10.0%)

Higher Total Yield (Value for LII: 5.3%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for LII: 5.2% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LII: 5.2% | 16.5x)

Higher Rev Chg LTM (Value for LII: 3.8%)

Higher Rev Chg 3Y Avg (Value for LII: 5.2%)

Higher Op Mgn LTM (Value for LII: 19.9%)

Higher CFO/Rev LTM (Value for LII: 12.8%)

Higher FCF/Rev LTM (Value for LII: 10.0%)

Higher Total Yield (Value for LII: 5.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LII: 5.2% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LII: 5.2% | 16.5x)

Higher Rev Chg LTM (Value for LII: 3.8%)

Higher Rev Chg 3Y Avg (Value for LII: 5.2%)

Higher Op Mgn LTM (Value for LII: 19.9%)

Higher CFO/Rev LTM (Value for LII: 12.8%)

Higher FCF/Rev LTM (Value for LII: 10.0%)

Higher Total Yield (Value for LII: 5.3%)

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Market Price (12/28/2025): $498.28 | Market Cap: $17.5 Bil
Sector: Industrials | Industry: Building Products

Market Price (12/28/2025): $498.28
Market Cap: $17.5 Bil
Sector: Industrials
Industry: Building Products