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Makes heating, ventilation and air conditioning (HVAC) equipment for residential and commercial buildings.
Makes heating, ventilation and air conditioning (HVAC) equipment for residential and commercial buildings.
Sells mostly through independent dealers and distributors, who install the equipment, and most of the demand comes from replacing worn-out systems rather than from new homes. Residential heating and cooling is the larger side of the business; the commercial side includes rooftop units and refrigeration equipment sold through a similar channel.
Moat: narrow (brand, distribution, installed base). Strong dealer network and brand recognition in residential HVAC replacement demand.
Headquarters: Richardson, Texas, US · Founded: 1895 · Employees: 12,900
Size Lennox International (LII) is a United States Industrials company (Industrial Machinery) with a market value of $11.7B, the 706th largest of 3,117 United States companies the cockpit tracks. Shares closed at $341.97 on 6 Nov 2026.
Performance Over six months the shares fell 34.2%, against -11.9% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +8.7%); the operating margin is 19.4% (peer median 15.3%).
Valuation It trades at 15.3× forward earnings against a peer median of 23.3× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.9 points above its cost of capital (10.0% WACC).
Credit Lennox International has 2 bonds outstanding ($800M), rated BBB by the agencies and trading like BBB at a weighted spread of 70 bp.
Short interest Short interest is 7.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.45B | $5.20B | $5.34B | $4.98B | $4.72B |
| Revenue growth | — | -3% | +7% | +6% | — |
| Gross profit | $1.78B | $1.73B | $1.78B | $1.55B | $1.28B |
| EBITDA | $1.19B | $1.17B | $1.14B | $928M | $728M |
| Net income | $750M | $806M | $811M | $590M | $497M |
| Free cash flow | $836M | $639M | $782M | $486M | $201M |
| Capital expenditure | $154M | $119M | $164M | $250M | $101M |
| Total debt | $2.08B | $1.77B | $1.49B | $1.53B | $1.75B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lennox International LII | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% |
| Carrier Global CARR | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% |
| Trane Technologies TT | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% |
| Johnson Controls JCI | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LII | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | -7.6% | 10th highest of 21 |
| 6-month return | -34.2% | -11.9% | 5th lowest of 21 |
| Distance from 52-week high | -41.8% | -39.8% | 11th highest of 21 |
| Revenue growth (TTM) | +1.9% | +8.7% | 3rd lowest of 21 |
| Operating margin | 19.4% | 15.3% | 7th highest of 21 |
| Forward P/E | 15.3× | 23.3× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 14.1% | least demanding of 15 |
| Growth delivered (Del g) | +7.4% | +9.1% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -2.4 pp | +4.1 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +14.9 pp | +3.1 pp | 3rd highest of 21 |
| EV / EBITDA | 11.6× | 16.2× | 3rd cheapest of 15 |
| Net debt / EBITDA | 1.7× | 1.1× | 4th most indebted of 15 |
| Bond spread | 70 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| Zhejiang Sanhua Intelligent Controls 2050.HK | Hong Kong | $11.9B | -38% | +8% | 15% | 18.4× | 8.7% | +19.9% |
| BELIMO BEAN.SW | Switzerland | $11.0B | +1% | +20% | 21% | 37.2× | 12.5% | +11.1% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| Graco GGG | United States | $10.9B | -13% | +5% | 27% | 20.0× | 8.1% | +6.3% |
| Pentair PNR | United States | $10.9B | -11% | -4% | 22% | 13.2× | 7.1% | +6.7% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Flowserve FLS | United States | $10.2B | +13% | 0% | 14% | 17.8× | 15.0% | +4.9% |
| Indutrade INDT.ST | Sweden | $9.94B | +39% | +6% | 12% | 28.6× | 18.4% | +10.9% |
| Huagong Tech 000988.SZ | China | $9.54B | -47% | +16% | 7% | 30.9× | n/a | n/a |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| Shenzhen Han's CNC Technology 301200.SZ | China | $9.08B | -25% | +98% | 21% | 32.1× | n/a | n/a |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
Lennox International has 2 bonds outstanding with $800M face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.13%, a spread of 70 bp over government bonds.