LIILENNOX INTERNATIONAL INC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip

Revenue: $5.2B; 2.7% YoY
Operating margin: 20.0%; 2.9% YoY
EBITDA: $1.2B; 1.6% YoY
Market cap: $11.8B
Employees: 12,900; $403K revenue each
Net debt / EBITDA: 0.7×; $804M net debt
AI in 10-K: 2.8; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
94% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$403K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.8 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.2B	$4.7B	$5.0B	$5.3B	$5.2B	2.7%
Operating income	$590M	$656M	$792M	$1.0B	$1.0B	0.1%
Net income	$464M	$497M	$591M	$811M	$806M	0.7%
Operating cash flow	$516M	$302M	$736M	$946M	$758M	20%
Capex	$107M	$101M	$250M	$164M	$119M	27%
Stock-based comp	$24M	$22M	$30M	$29M	$29M	2.1%
Buybacks	$600M	$300M	$0	$54M	$482M	800%
Dividends	$127M	$142M	$153M	$160M	$173M	7.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 23, 2025	NORRIS JOHN W III	SCHEDULE 13D/A	9.8%	Passive
Feb 4, 2025	NORRIS JOHN W III	SCHEDULE 13D	9.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 5
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	188	176
FY2024	—	—	234	161
FY2023	—	—	170	141
FY2022	—	—	90	109
FY2021	—	—	120	132