La-Z-Boy Incorporated
- Open
- 39.95
- Day high
- 40.25
- Day low
- 39.15
- Prev close
- 40.12
- Volume
- 221K
- Mkt cap
- $1.6B
- P/E (TTM)
- 15.9
- EPS (TTM)
- $2.49
- P/B
- 1.5
- P/S
- 0.8
- Yield
- 2.39%
- Per share
- $0.95
- ▼Insiders net selling -$2.6M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
La-Z-Boy Incorporated (LZB) is a Consumer Cyclical company listed on NYSE. The stock is up 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
La-Z-Boy Incorporated (LZB) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LZB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 17, 2026 | $0.82 | $1.26 | +53.7% | $570M | +0.2% |
| Feb 17, 2026 | $0.59 | $0.61 | +3.4% | $542M | -5.3% |
| Nov 18, 2025 | $0.54 | $0.71 | +31.5% | $522M | +0.9% |
| Aug 19, 2025 | $0.53 | $0.47 | -11.3% | $492M | -7.5% |
| Jun 17, 2025 | $0.93 | $0.92 | -1.1% | $571M | +12.4% |
| Feb 18, 2025 | $0.67 | $0.68 | +1.5% | $522M | -6.5% |
| Nov 19, 2024 | $0.64 | $0.71 | +10.9% | $521M | +3.0% |
| Aug 20, 2024 | $0.60 | $0.62 | +3.3% | $496M | +3.3% |
| Jun 17, 2024 | $0.70 | $0.95 | +35.7% | $554M | +16.4% |
| Feb 20, 2024 | $0.72 | $0.67 | -6.9% | $500M | -3.6% |
| Nov 29, 2023 | $0.62 | $0.74 | +19.4% | $511M | +1.8% |
| Aug 22, 2023 | $0.55 | $0.62 | +12.7% | $482M | -4.2% |
LZB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Richmond Raphaell Z.officer: VP, GC & Chief Compliance Off | Tax | 317 | $40.95 |
| Jun 30, 2026 | Richmond Raphaell Z.officer: VP, GC & Chief Compliance Off | Tax | 608 | $40.95 |
| Jun 30, 2026 | Richmond Raphaell Z.officer: VP, GC & Chief Compliance Off | Option | 13,671 | $24.41 |
| Jun 30, 2026 | Linz Terrence Jamesofficer: President, Wholesale Brands | Tax | 661 | $40.95 |
| Jun 30, 2026 | Linz Terrence Jamesofficer: President, Wholesale Brands | Tax | 295 | $40.95 |
| Jun 30, 2026 | Richmond Raphaell Z.officer: VP, GC & Chief Compliance Off | Sell | 13,671 | $39.83 |
| Jun 29, 2026 | Lee Carol Youngofficer: VP & Chief Information Officer | Tax | 194 | $40.95 |
| Jun 29, 2026 | Vanderjagt Katherine E.officer: VP & Chief HR Officer | Tax | 534 | $40.95 |
| Jun 29, 2026 | McCurry Jennifer Lynnofficer: Chief Accounting Officer | Tax | 253 | $40.95 |
| Jun 29, 2026 | McCurry Jennifer Lynnofficer: Chief Accounting Officer | Tax | 136 | $40.95 |
| Jun 29, 2026 | Lee Carol Youngofficer: VP & Chief Information Officer | Tax | 342 | $40.95 |
| Jun 29, 2026 | Whittington Melinda Ddirector, officer: President & CEO | Tax | 6,376 | $40.95 |
| Jun 29, 2026 | Whittington Melinda Ddirector, officer: President & CEO | Tax | 3,381 | $40.95 |
| Jun 29, 2026 | Luebke Taylor Edwardofficer: SVP and CFO | Tax | 127 | $40.95 |
| Jun 29, 2026 | Sundy Robert IIofficer: President, Retail | Tax | 296 | $40.95 |
Source: LZB SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full LZB insider & 13F page →La-Z-Boy Incorporated company profile
Overview
La-Z-Boy Incorporated (NYSE:LZB) is a leading American furniture manufacturer and retailer founded in 1927 in Monroe, Michigan. Originally known as the La-Z-Boy Chair Company, the company pioneered the reclining chair industry and has grown into one of the most recognizable furniture brands in North America. Today, La-Z-Boy operates through multiple business segments including wholesale manufacturing, retail stores, and e-commerce, serving customers across the United States, Canada, and internationally through a network of company-owned stores, independent dealers, and online channels.
Business
La-Z-Boy operates in the residential furniture industry, specifically focusing on upholstered furniture and casegoods (wood furniture). The furniture industry is cyclical and closely tied to housing market conditions, consumer confidence, and discretionary spending patterns. The company's business is organized into three main segments: 1. Wholesale Segment (approximately 65-70% of revenue): This segment manufactures and imports upholstered furniture including the company's signature recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas. The segment also imports and distributes casegoods furniture such as occasional pieces, bedroom sets, dining room sets, and entertainment centers. Products are sold to La-Z-Boy Furniture Galleries stores, independent dealers, and other furniture retailers. 2. Retail Segment (approximately 40-45% of revenue): This segment operates a network of 197 company-owned La-Z-Boy Furniture Galleries stores that sell upholstered furniture, casegoods, and accessories directly to consumers. The company has been strategically acquiring independent dealer locations to expand its company-owned retail footprint, which now represents 54% of the total La-Z-Boy Furniture Galleries network. 3. Corporate and Other Segment (approximately 7% of revenue): This includes the Joybird brand, a direct-to-consumer furniture company that specializes in mid-century modern and contemporary furniture sold primarily online and through a small number of physical showrooms. This segment also includes the company's e-commerce operations. La-Z-Boy's core product innovation centers around motion furniture - chairs and sofas with reclining mechanisms, power features, and comfort technologies. The company's manufacturing operations are primarily located in North America, with additional sourcing from international suppliers for certain product categories.
Revenue model
La-Z-Boy generates revenue through multiple business models across its segments. The Wholesale segment operates on a traditional manufacturing and distribution model, selling furniture products to retailers at wholesale prices. Revenue is generated through product sales with margins dependent on manufacturing efficiency, material costs, and pricing power with retail partners. The Retail segment operates company-owned furniture galleries that sell directly to consumers at full retail prices, capturing both wholesale and retail margins. This segment benefits from higher margins but requires significant capital investment in real estate, inventory, and store operations. The retail model also generates revenue from design services, extended warranties, and financing programs. The Joybird brand primarily operates as a direct-to-consumer e-commerce business, selling custom furniture online with some physical showroom support. This model eliminates traditional retail markups but requires significant investment in digital marketing, customer acquisition, and supply chain capabilities. Several factors influence La-Z-Boy's profitability and margins. Positive margin drivers include the company's strong brand recognition allowing for premium pricing, vertical integration reducing third-party costs, and the shift toward more company-owned retail stores capturing higher margins. The company's North American manufacturing footprint also provides some protection against international supply chain disruptions and potential tariffs. Margin pressures come from raw material cost inflation (steel, foam, fabric, wood), transportation and logistics costs, labor wage inflation, and competitive pricing pressure in the furniture retail market. The cyclical nature of furniture demand, which is sensitive to housing market conditions, mortgage rates, and consumer confidence, can significantly impact volumes and operating leverage. Additionally, the shift toward company-owned retail requires higher fixed costs and working capital investment in inventory and real estate.
Competitive moat
La-Z-Boy possesses a moderate competitive moat built primarily around brand recognition and distribution network advantages. The company's brand is synonymous with reclining chairs in the American furniture market, providing significant consumer mindshare and pricing power in the motion furniture category. This brand strength is reinforced by decades of marketing investment and product innovation in comfort and functionality. The company's integrated business model combining manufacturing, distribution, and retail provides operational advantages and margin capture opportunities that pure-play manufacturers or retailers cannot easily replicate. La-Z-Boy's extensive network of 365+ La-Z-Boy Furniture Galleries stores creates a significant distribution advantage and customer touchpoint that competitors would find expensive and time-consuming to duplicate. However, the moat faces several challenges. The furniture industry has relatively low barriers to entry for manufacturing, and many products can be sourced internationally at competitive prices. Large furniture retailers like Ashley Furniture, Rooms To Go, and online players like Wayfair pose competitive threats through scale advantages, aggressive pricing, or convenience factors. The rise of e-commerce and direct-to-consumer brands also challenges traditional furniture retail models. Additionally, furniture is largely a commodity product outside of brand preferences, and consumer purchasing decisions are heavily influenced by price, style, and convenience rather than just brand loyalty. The company's reliance on the cyclical furniture market and discretionary consumer spending creates inherent business model vulnerabilities that limit the sustainability of competitive advantages during economic downturns.
Risks & safety
La-Z-Boy demonstrates a strong financial position with significant margin of safety characteristics: • Debt and Solvency: The company maintains no external debt and holds $314 million in cash and short-term investments, providing substantial financial flexibility and eliminating solvency risk. • Current Liquidity: Current ratio of 1.85 and quick ratio of 1.21 indicate solid short-term liquidity, though working capital management requires attention given inventory-intensive operations. • Cash Generation: Positive operating cash flow of $57 million and free cash flow of $38 million in the most recent quarter, though free cash flow has been variable due to capital investment cycles. • Valuation Metrics: Trading at 16.6x P/E ratio and 7.4x EV/EBITDA, which appears reasonable for a cyclical furniture company, though not particularly cheap given industry headwinds. • Return Metrics: Return on equity of 2.8% is currently depressed due to challenging market conditions, but the company has historically generated double-digit ROE during favorable cycles. • Other Considerations: Strong balance sheet provides flexibility to weather industry downturns, invest in growth opportunities, and return capital to shareholders through dividends and share repurchases.
Recent development
Over the past few years, La-Z-Boy has been executing its "Century Vision" strategy aimed at positioning the company for its centennial anniversary in 2027. The strategy focuses on three key pillars: expanding the company-owned retail network, enhancing brand reach and marketing, and optimizing supply chain operations. The most significant strategic move has been the aggressive expansion of company-owned retail stores. La-Z-Boy has systematically acquired independent La-Z-Boy Furniture Galleries dealer locations, growing from 188 company-owned stores to 197 stores, representing 54% of the total network. The company targets expanding to approximately 400 total stores with an even higher percentage of company ownership to capture retail margins and improve customer experience control. Brand and marketing initiatives have included launching the "Long Live the Lazy" campaign to broaden the brand's appeal beyond traditional demographics, successfully lowering the average consumer age by two years. The company has also been investing in innovative store concepts and improving in-store execution with higher conversion rates and enhanced design services. On the operational front, La-Z-Boy has been optimizing its supply chain and manufacturing footprint, including expanding cut-and-sew operations in Mexico and reducing custom furniture lead times from 4-7 months during the pandemic to current levels of 10-14 weeks. The company has also been developing strategic partnerships, including a new arrangement with DFS in the UK and Ireland markets. The Joybird brand has been a focus area for turnaround efforts, recently achieving breakeven operating performance after several quarters of losses. The company is pursuing disciplined expansion with plans for 3-4 new Joybird stores while maintaining financial discipline and focusing on brand fundamentals.
LZB company profile · for informational purposes only — not investment advice.
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