LA-Z-BOY INC
LZBdata completeness 88%17 fiscal years on fileLA-Z-BOY INC earns about 20% on invested capital, far above its ~9% cost of capital, and has bought back 7% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $30.74 and $46.38 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $2.36B1 | $2.35B2 | $2.05B3 | $2.11B3 | $2.13B3 |
| Net income | $150M4 | $150.7M5 | $122.6M6 | $99.6M6 | $102M6 |
| Operating cash flow | $79M7 | $205.2M8 | $158.1M9 | $187.3M9 | $204.1M9 |
| Capital expenditure | $76.6M10 | $68.8M11 | $53.6M12 | $74.3M12 | $76.3M12 |
| Free cash flow (derived) | $2.42M7 | $136.4M8 | $104.6M9 | $113M9 | $127.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $245.6M13 | $343.4M14 | $341.1M15 | $328.4M16 | $303.2M16 |
| Diluted shares | 44.3M | 43.2M | 43.3M | 42.3M | 41.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $253.98 of net worth that earned you $24.67 and generated $30.91 of cash last year.
It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $30.74 and $46.38 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$113M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$113M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$122.6M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $46.38 |
| Base | 0.0% | $46.38 |
| Bull | 5.0% | $55.84 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-04-30 · accession 0000057131-24-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-04-29 · accession 0000057131-25-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-04-27 · accession 0000057131-26-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-04-30 · accession 0000057131-24-000028 (NetIncomeLoss)
- 10-K · period ending 2023-04-29 · accession 0000057131-25-000029 (NetIncomeLoss)
- 10-K · period ending 2024-04-27 · accession 0000057131-26-000019 (NetIncomeLoss)
- 10-K · period ending 2022-04-30 · accession 0000057131-24-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-04-29 · accession 0000057131-25-000029 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-04-27 · accession 0000057131-26-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-04-30 · accession 0000057131-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-04-29 · accession 0000057131-25-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-04-27 · accession 0000057131-26-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-04-30 · accession 0000057131-23-000032 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-04-29 · accession 0000057131-24-000028 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-04-27 · accession 0000057131-25-000029 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-04-26 · accession 0000057131-26-000019 (CashAndCashEquivalentsAtCarryingValue)