LZBLA-Z-BOY INC

Household Furniture

Revenue: $2.1B; 0.8% YoY
Operating margin: 6.1%; 5.7% YoY
EBITDA: $177M; 3.2% YoY
Market cap: $1.2B
Employees: 10,200; $208K revenue each
Net debt / EBITDA: -1.5×; −$267M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 2 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
200% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
42% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$208K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$2.4B	$2.3B	$2.0B	$2.1B	$2.1B	0.8%
Operating income	$207M	$211M	$151M	$136M	$129M	4.9%
Net income	$150M	$151M	$123M	$100M	$102M	2.4%
Operating cash flow	$79M	$205M	$158M	$187M	$204M	9.0%
Capex	$77M	$69M	$54M	$74M	$76M	2.7%
Stock-based comp	$12M	$12M	$14M	$17M	$16M	9.8%
Buybacks	$91M	$5M	$53M	$78M	$47M	39%
Dividends	$28M	$30M	$33M	$35M	$38M	8.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 10
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	92	94
FY2025	—	—	98	77
FY2024	—	—	82	73
FY2023	—	—	70	69
FY2022	—	—	62	70