LII Lennox International, Inc. Common Stock

NYSE · Building · View on SEC EDGAR ↗
$411.49
Price · Aug 18, 2026
Fundamentals as of Jul 29, 2026

About Lennox International, Inc. Common Stock Company overview from Wikipedia

Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.

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Lennox International Inc. is an American provider of climate control products for the heating, ventilation, and air conditioning (HVAC) and refrigeration markets. Based in Richardson, Texas, the company is 9.8% owned by John W. Norris, III, a descendant of DW Norris, who acquired the company in 1904. The company's largest production facilities are in Saltillo, Mexico, Marshalltown, Iowa, and Orangeburg, South Carolina.

History

The company was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. Inventors Ezra William Smith and Ernest Bryant brought their idea for a riveted steel coal-fired furnace to his machine shop to build parts for a prototype. In lieu of payment, Lennox accepted their patent, obtaining rights to the idea and founded the Lennox Furnace Co.

In 1904, DW Norris acquired the company. He managed the company until his death in 1949.

From 1964 to 1965, Lennox produced a small crawler tractor and mower called the Lennox Kitty Track 600. It featured a 6 hp (4.5 kW) Briggs & Stratton engine and a 32" mower deck.

In 1999, the company became a public company via an initial public offering.

A 2018 tornado destroyed the plant in Marshalltown, but the company would rebuild it. As of 2024, there were over 750 workers employed at that location.

Acquisitions and divestitures

In 1971, the company sold its low pressure gas cylinder business to Worthington Industries.

In 1973, Lennox acquired Heatcraft, including the Larkin, Bohn, Chandler, and Climate Control brands.

In 1998, the company acquired Pyro Industries, a manufacturer of pellet stoves.

In December 2010, the company acquired Kysor/Warren from The Manitowoc Company for $138 million.

In September 2023, the company sold its European commercial HVAC and refrigeration businesses to funds managed by Syntagma Capital.

In October 2023, the company acquired AES.

Brands

The company operates the following brands:

Home Comfort Solutions

Lennox

Armstrong Air

Ducane

AirEase

Concord Air

MagicPak

ADP Advanced Distributor Products

Allied Air

Healthy Climate Solutions

Lennox Stores

Building Climate Solutions

Lennox

Model L

CORE

Enlight

Xion

Energence

Prodigy

Strategos

Raider

Lennox VRF

Lennox National Account Services

Allied Commercial

Elite

AES Industries

AES Mechanical

ES Reclaim

Heatcraft Worldwide Refrigeration

Bohn

MAGNA

Larkin

Climate Control

Chandler Refrigeration

Frigua-Bohn

IntelliGen

Interlink

Legal issues

In 1998, the company paid $6.2 million to settle an age discrimination lawsuit brought by 11 former employees and the Equal Employment Opportunity Commission, after the employees, who were 41 to 58 years old, were fired or demoted.

In 2026, Lennox was named along with several other major HVAC manufacturers in proposed federal class-action lawsuits alleging that the companies conspired to raise and coordinate prices for HVAC equipment. One lawsuit, filed by an HVAC contractor in the United States District Court for the Eastern District of Michigan, named Lennox International and Lennox Industries as defendants along with manufacturers including Carrier Global, Trane Technologies, Daikin, Rheem, Bosch and AAON. The complaint alleged violations of federal antitrust law.

In May 2026, the federal court consolidated the related cases for pretrial proceedings and stayed discovery pending further proceedings.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

LII Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$411.49
Market Cap
P/E (TTM)
21.3
EPS (TTM)
$22.79
Revenue (TTM)
$5.20B
Div Yield
ROE
78.1%
Debt/Equity
0.2
52W Range
$408 – $617

LII Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $5.20B
10-point trend, +42.7%
2016-12-31 2025-12-31
EPS $22.79
10-point trend, +260.6%
2016-12-31 2025-12-31
Free Cash Flow $639M
10-point trend, +136.4%
2016-12-31 2025-12-31
Margins 15.5%
10-point trend, +13.0%
2016-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
LII
Peer Median
P/E (TTM)
5-point trend, -18.6%
21.3
21.8

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
LII
Peer Median
Gross Margin
5-point trend, +17.8%
33.4%
35.5%
Operating Margin
5-point trend, +42.5%
20.1%
Net Profit Margin
5-point trend, +40.2%
15.5%
14.2%
ROA
5-point trend, -5.2%
20.9%
11.8%
ROE
5-point trend, +150.8%
78.1%
21.8%
ROIC
5-point trend, +131.5%
59.8%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
LII
Peer Median
Debt / Equity
5-point trend, +600.0%
0.2
Current Ratio
5-point trend, +12.4%
1.6
2.0
Quick Ratio
5-point trend, -21.8%
0.5

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
LII
Peer Median
Revenue YoY
5-point trend, +23.9%
-2.7%
Revenue CAGR 3Y
5-point trend, +23.9%
3.3%
Revenue CAGR 5Y
5-point trend, +23.9%
7.4%
EPS YoY
5-point trend, +83.9%
0.57%
Net Income YoY
5-point trend, +73.7%
-0.65%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
LII
Peer Median
EPS (Diluted)
5-point trend, +83.9%
$22.79

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
LII
Peer Median
Payout Ratio
5-point trend, -21.2%
21.5%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
21.5%
5Y Div CAGR
Ex-dateAmount
June 30, 2026$1.3600
March 31, 2026$1.3000
Dec. 31, 2025$1.3000
Sept. 30, 2025$1.3000
June 30, 2025$1.3000
April 30, 2025$1.1500
Dec. 31, 2024$1.1500
Sept. 30, 2024$1.1500
June 28, 2024$1.1500
March 27, 2024$1.1000
Dec. 28, 2023$1.1000
Aug. 30, 2023$1.1000
June 29, 2023$1.1000
March 30, 2023$1.0600
Dec. 29, 2022$1.0600
Aug. 30, 2022$1.0600
June 29, 2022$1.0600
March 30, 2022$0.9200
Dec. 30, 2021$0.9200
Sept. 29, 2021$0.9200

LII Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 23 analysts
  • Strong Buy 4 17.4%
  • Buy 5 21.7%
  • Hold 12 52.2%
  • Sell 2 8.7%
  • Strong Sell 0 0.0%

12-Month Price Target

13 analysts · 2026-08-15
Median target $495.00 +20.3%
Mean target $511.15 +24.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.14%
Period EPS Actual EPS Est Surprise
June 30, 2026 $7.72 $7.76 -0.04%
March 31, 2026 $3.35 $3.20 0.15%
Dec. 31, 2025 $4.45 $4.80 -0.35%
Sept. 30, 2025 $6.98 $6.88 0.10%
June 30, 2025 $7.82 $6.92 0.90%
March 31, 2025 $3.37 $3.30 0.07%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
LII 21.3 -2.7% 15.5% 78.1% 33.4%
CARR $44.18B 30.7 -3.3% 6.8% 10.2%
MAIR
CSL $13.11B 18.7 0.33% 14.8% 37.8%
MAS $12.96B 16.4 -3.4% 10.7% -349.1% 35.4%
OC $8.98B -18.0 2.6% -5.2% -11.7% 28.1%
MOD 95.9 23.1% 3.8% 11.6% 23.0%
WMS $9.96B 25.2 5.0% 14.0% 25.2% 38.3%
AOS 17.4 0.32% 14.3% 29.2% 38.8%
ZWS $7.76B 40.4 8.3% 11.7% 12.5% 45.1%
SSD $6.66B 19.6 4.5% 14.8% 17.4% 45.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +54.3% $5.20B $5.34B $4.98B $4.72B $4.19B $3.63B $3.81B $3.88B $3.84B $3.64B $3.47B $3.37B
Cost of Revenue 12-point trend, +40.4% $3.46B $3.56B $3.43B $3.43B $3.01B $2.59B $2.73B $2.77B $2.71B $2.57B $2.52B $2.46B
Gross Profit 12-point trend, +92.1% $1.73B $1.78B $1.55B $1.28B $1.19B $1.04B $1.08B $1.11B $1.13B $1.08B $947M $903M
R&D Expense 12-point trend, +70.3% $103M $94M $94M $80M $76M $67M $70M $72M $74M $65M $62M $61M
SG&A Expense 12-point trend, +18.8% $681M $731M $706M $627M $599M $556M $586M $608M $638M $621M $580M $574M
Operating Income 12-point trend, +211.2% $1.04B $1.04B $792M $656M $590M $478M $657M $510M $494M $429M $305M $335M
Interest Expense 12-point trend, +137.8% $41M $39M $52M $39M $25M $28M $48M $38M $31M $27M $24M $17M
Interest Income 12-point trend, +223.5% $6M $5M $4M $1M $1M $1M $1M $800.0K $2M $1M $2M $2M
Other Non-op 12-point trend, -3500.0% $-3M $-2M $-100.0K $-2M $-4M $-4M $-2M $-3M $100.0K $300.0K $800.0K $100.0K
Pretax Income 12-point trend, +213.9% $997M $999M $739M $616M $560M $445M $508M $468M $464M $403M $283M $318M
Income Tax 12-point trend, +74.4% $191M $188M $148M $119M $96M $88M $99M $108M $157M $124M $95M $110M
Net Income 12-point trend, +291.5% $806M $811M $591M $497M $464M $356M $409M $359M $306M $278M $187M $206M
EPS (Basic) 12-point trend, +432.3% $22.89 $22.78 $16.65 $13.92 $12.47 $9.30 $10.49 $8.84 $7.25 $6.39 $4.16 $4.30
EPS (Diluted) 12-point trend, +438.8% $22.79 $22.66 $16.58 $13.88 $12.39 $9.24 $10.38 $8.74 $7.14 $6.32 $4.09 $4.23
Shares (Basic) 12-point trend, -26.5% 35,200,000 35,600,000 35,500,000 35,700,000 37,200,000 38,300,000 39,000,000 40,600,000 42,200,000 43,400,000 44,900,000 47,900,000
Shares (Diluted) 12-point trend, -27.2% 35,400,000 35,800,000 35,700,000 35,800,000 37,500,000 38,600,000 39,400,000 41,100,000 42,800,000 44,000,000 45,600,000 48,600,000
EBITDA 12-point trend, +211.2% $1.04B $1.03B $790M $656M $590M $478M $657M $510M $494M $429M $305M $335M
Balance Sheet 27
Annual Balance Sheet data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -8.8% $34M $415M $61M $53M $31M $124M $37M $46M $68M $50M $39M $38M
Short-term Investments 8-point trend, +500000.00 $500.0K $7M $8M $8M $6M $5M $3M $0 · · · ·
Receivables 12-point trend, +37.4% $579M $661M $595M $608M $508M $448M $478M $473M $506M $470M $423M $421M
Inventory 12-point trend, +148.8% $1.15B $853M $842M $753M $511M $439M $544M $510M $484M $418M $419M $463M
Other Current Assets 12-point trend, +132.2% $138M $96M $71M $74M $120M $71M $59M $61M $78M $67M $58M $59M
Current Assets 12-point trend, +94.0% $1.90B $2.03B $1.58B $1.50B $1.18B $1.09B $1.12B $1.09B $1.14B $1.01B $938M $982M
PP&E (Net) 12-point trend, +147.4% $887M $800M $720M $549M $515M $464M $445M $408M $398M $361M $340M $359M
PP&E (Gross) 12-point trend, +90.7% $1.93B $1.76B $1.63B $1.47B $1.40B $1.34B $1.27B $1.19B $1.17B $1.08B $1.02B $1.01B
Accum. Depreciation 12-point trend, +59.6% $1.04B $957M $911M $921M $889M $881M $824M $778M $774M $717M $683M $654M
Goodwill 12-point trend, +137.4% $497M $220M $222M $186M $187M $187M $186M $187M $200M $195M $195M $209M
Intangibles 6-point trend, +882.0% $273M $45M · · · · · · $9M $7M $6M $28M
Other Non-current Assets 12-point trend, +56.7% $133M $120M $157M $88M $87M $86M $79M $66M $62M $61M $59M $85M
Total Assets 12-point trend, +131.4% $4.08B $3.62B $2.94B $2.57B $2.17B $2.03B $2.03B $1.82B $1.89B $1.76B $1.68B $1.76B
Accounts Payable 12-point trend, +35.1% $438M $490M $375M $427M $402M $340M $372M $433M $349M $361M $320M $324M
Accrued Liabilities 12-point trend, +56.6% $374M $435M $416M $377M $359M $296M $256M $272M $270M $266M $243M $239M
Short-term Debt 9-point trend, -0.3% $226M $0 $150M $0 · · · $0 $900.0K $52M $204M $227M
Current Liabilities 12-point trend, +44.1% $1.19B $1.31B $1.01B $1.60B $827M $701M $1.00B $1.01B $654M $889M $824M $827M
Capital Leases 12-point trend, +1792.9% $293M $268M $165M $162M $145M $143M $26M $16M $12M $15M $16M $16M
Other Non-current Liabilities 12-point trend, +128.2% $271M $225M $168M $159M $159M $142M $135M $135M $132M $128M $121M $119M
Total Liabilities 12-point trend, +66.3% $2.92B $2.66B $2.55B $2.77B $2.44B $2.05B $2.21B $1.97B $1.84B $1.72B $1.58B $1.76B
Total Debt 12-point trend, +7.8% $244M $314M $162M $711M $11M $10M $322M $301M $34M $252M $204M $227M
Common Stock Flat — no change across 12 periods $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K $900.0K
Retained Earnings 12-point trend, +378.5% $4.89B $4.26B $3.61B $3.07B $2.72B $2.39B $2.15B $1.85B $1.58B $1.35B $1.15B $1.02B
Treasury Stock 12-point trend, +192.0% $4.92B $4.42B $4.35B $4.34B $4.03B $3.42B $3.31B $2.90B $2.43B $2.17B $1.84B $1.69B
AOCI 12-point trend, +68.4% $-48M $-94M $-57M $-91M $-88M $-97M $-104M $-189M $-157M $-195M $-205M $-154M
Stockholders' Equity 12-point trend, +12823.3% $1.16B $962M $393M $-203M $-269M $-17M $-170M $-150M $50M $38M $102M $9M
Liabilities + Equity 12-point trend, +131.4% $4.08B $3.62B $2.94B $2.57B $2.17B $2.03B $2.03B $1.82B $1.89B $1.76B $1.68B $1.76B
Cash Flow 18
Annual Cash Flow data for LII
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +85.0% $112M $95M $86M $78M $72M $73M $71M $66M $65M $58M $63M $61M
Stock-based Comp 12-point trend, +24.9% $29M $28M $30M $22M $24M $24M $21M $26M $25M $32M $27M $23M
Deferred Tax 12-point trend, +265.5% $20M $-25M $-26M $-15M $-6M $8M $20M $26M $43M $-6M $-22M $6M
Amort. of Intangibles 4-point trend, -82.8% · · · · · · · · $500.0K $400.0K $3M $3M
Restructuring 12-point trend, +257.9% $7M $0 $3M $2M $2M $11M $10M $3M $3M $2M $3M $2M
Operating Cash Flow 12-point trend, +310.0% $758M $946M $736M $302M $516M $612M $396M $496M $325M $374M $354M $185M
CapEx 12-point trend, +34.4% $119M $164M $250M $101M $107M $78M $106M $95M $98M $84M $70M $88M
Investing Cash Flow 12-point trend, -651.0% $-656M $-174M $-320M $-103M $-106M $-80M $16M $30M $-98M $-84M $-70M $-87M
Debt Issued 7-point trend, +100.0% · · · · · $600M $0 $0 $0 $350M $0 $300M
Net Debt Issued 7-point trend, +25717.4% · · · · · $589M $-6M $-33M $-201M $291M $-24M $-2M
Stock Repurchased 12-point trend, -12.4% $482M $54M $0 $300M $600M $100M $400M $450M $250M $300M $0 $550M
Net Stock Activity 12-point trend, +12.4% $-482M $-54M $0 $-300M $-600M $-100M $-400M $-450M $-250M $-300M $0 $-550M
Dividends Paid 12-point trend, +228.9% $173M $160M $153M $142M $126M $118M $110M $94M $80M $69M $59M $53M
Financing Cash Flow 12-point trend, -420.3% $-466M $-419M $-406M $-174M $-499M $-442M $-423M $-538M $-218M $-275M $-271M $-90M
Net Change in Cash 2-point trend, +58.8% · · · · · · · · · · $13M $8M
Taxes Paid 12-point trend, -1.4% $104M $232M $198M $77M $128M $90M $83M $90M $119M $127M $83M $105M
Free Cash Flow 12-point trend, +562.7% $639M $782M $486M $201M $409M $534M $290M $400M $227M $270M $261M $96M
Levered FCF 12-point trend, +611.5% $606M $751M $445M $170M $388M $511M $252M $371M $207M $252M $246M $85M
Profitability 8
Annual Profitability data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, +24.5% 33.4% 33.2% 31.1% 27.2% 28.3% 28.6% 28.4% 28.6% 29.3% 29.6% 27.3% 26.8%
Operating Margin 12-point trend, +101.7% 20.1% 19.4% 15.9% 13.9% 14.1% 13.2% 17.2% 13.1% 12.9% 11.8% 8.8% 9.9%
Net Margin 12-point trend, +153.8% 15.5% 15.1% 11.8% 10.5% 11.1% 9.8% 10.7% 9.2% 8.0% 7.6% 5.4% 6.1%
Pretax Margin 12-point trend, +103.5% 19.2% 18.6% 14.8% 13.1% 13.4% 12.2% 13.3% 12.0% 12.1% 11.1% 8.2% 9.4%
EBITDA Margin 12-point trend, +101.7% 20.1% 19.4% 15.9% 13.9% 14.1% 13.2% 17.2% 13.1% 12.9% 11.8% 8.8% 9.9%
ROA 12-point trend, +72.3% 20.9% 25.2% 22.0% 21.0% 22.1% 17.5% 21.2% 19.4% 16.7% 16.2% 10.8% 12.1%
ROE 12-point trend, -6.1% 78.1% 100.6% 265.3% -195.6% -153.7% -536.6% -182.7% -303.7% 694.0% 398.0% 337.4% 83.2%
ROIC 12-point trend, -35.7% 59.8% 72.1% 141.3% 104.4% -189.8% -5330.7% 348.5% 259.5% 391.5% 102.3% 66.2% 93.1%
Liquidity & Solvency 4
Annual Liquidity & Solvency data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +30.3% 1.6 1.4 1.4 0.9 1.4 1.6 1.1 1.1 1.7 1.1 1.1 1.2
Quick Ratio 12-point trend, -7.2% 0.5 0.8 0.7 0.4 0.7 0.8 0.5 0.5 0.9 0.6 0.6 0.6
Debt / Equity 12-point trend, -99.2% 0.2 0.4 0.6 -3.5 -0.0 -0.6 -1.9 -2.0 0.7 6.6 2.0 25.2
Interest Coverage 12-point trend, +30.9% 25.5 26.7 15.3 17.0 23.6 16.9 13.8 13.3 16.2 15.9 12.9 19.5
Efficiency 3
Annual Efficiency data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -32.1% 1.3 1.7 1.9 2.0 2.0 1.8 2.0 2.1 2.1 2.1 2.0 2.0
Inventory Turnover 12-point trend, -41.0% 3.5 4.6 4.7 5.4 6.3 5.3 5.2 5.6 6.0 6.1 5.7 5.9
Receivables Turnover 12-point trend, +3.2% 8.4 8.5 8.3 8.4 8.8 7.8 8.0 7.9 7.9 8.2 8.2 8.1
Per Share 4
Annual Per Share data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 12-point trend, +111.8% $146.76 $149.20 $139.55 $131.80 $111.84 $94.15 $96.63 $94.50 $89.71 $82.76 $76.04 $69.29
Cash Flow / Share 12-point trend, +462.8% $21.40 $26.42 $20.62 $8.44 $13.75 $15.87 $10.05 $12.06 $7.60 $8.06 $7.26 $3.80
Dividend / Share 12-point trend, +343.0% $5 $5 $4 $4 $4 $3 $3 $2 $2 $2 $1 $1
EPS (TTM) 12-point trend, +438.8% $22.79 $22.66 $16.58 $13.88 $12.39 $9.24 $10.38 $8.74 $7.14 $6.32 $4.09 $4.23
Growth Rates 10
Annual Growth Rates data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -117.7% -2.7% 7.2% 5.6% 12.5% 15.4% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -70.6% 3.3% 8.4% 11.1% · · · · · · · · ·
Revenue CAGR 5Y 7.4% · · · · · · · · · · ·
EPS YoY 5-point trend, -98.3% 0.57% 36.7% 19.4% 12.0% 34.1% · · · · · · ·
EPS CAGR 3Y 3-point trend, -16.5% 18.0% 22.3% 21.5% · · · · · · · · ·
EPS CAGR 5Y 19.8% · · · · · · · · · · ·
Net Income YoY 5-point trend, -102.2% -0.65% 37.2% 18.9% 7.1% 30.2% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -5.0% 17.5% 20.5% 18.4% · · · · · · · · ·
Net Income CAGR 5Y 17.7% · · · · · · · · · · ·
Dividend CAGR 5Y 7.9% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for LII
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +54.3% $5.20B $5.34B $4.98B $4.72B $4.19B $3.63B $3.81B $3.88B $3.84B $3.64B $3.47B $3.37B
Net Income TTM 12-point trend, +291.5% $806M $811M $591M $497M $464M $356M $409M $359M $306M $278M $187M $206M
P/E 12-point trend, -5.2% 21.3 26.9 27.0 17.2 26.2 29.7 23.5 25.0 29.2 24.2 30.5 22.5
Earnings Yield 12-point trend, +5.4% 4.7% 3.7% 3.7% 5.8% 3.8% 3.4% 4.2% 4.0% 3.4% 4.1% 3.3% 4.5%
Payout Ratio 12-point trend, -16.0% 21.5% 19.9% 26.0% 28.6% 27.3% 33.1% 27.0% 26.2% 26.1% 24.8% 31.8% 25.6%
Annual Payout 12-point trend, +228.9% $173M $160M $153M $142M $126M $118M $110M $94M $80M $69M $59M $53M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $5.20B$5.34B$4.98B$4.72B$4.19B
Gross Margin % 33.4%33.2%31.1%27.2%28.3%
Operating Margin % 20.1%19.4%15.9%13.9%14.1%
Net Income $806M$811M$591M$497M$464M
Diluted EPS $22.79$22.66$16.58$13.88$12.39
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.20.40.6-3.5-0.0
Current Ratio 1.61.41.40.91.4
Quick Ratio 0.50.80.70.40.7
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $639M$782M$486M$201M$409M

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Institutional owners (13F) 710 filers · $11.5B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
93 (+11 vs prior Q) 49 (-38 vs prior Q) 217 (-15 vs prior Q) 225 (+23 vs prior Q) +3.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $1,685,021,841 3,470,122 14.61% Shares
Capital International Investors $1,422,165,239 2,482,381 12.33% Shares
VANGUARD CAPITAL MANAGEMENT LLC $1,178,823,426 2,057,463 10.22% Shares
VIKING GLOBAL INVESTORS LP $911,539,959 1,590,959 7.91% Shares
STATE STREET CORP $852,219,484 1,483,993 7.39% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $811,028,486 1,415,531 7.03% Shares
GEODE CAPITAL MANAGEMENT, LLC $433,842,848 760,548 3.76% Shares
MILLENNIUM MANAGEMENT LLC $391,576,948 683,440 3.40% Shares
NORGES BANK $206,547,329 360,498 1.79% Shares
CITADEL ADVISORS LLC $203,471,734 355,130 1.76% Shares
Beacon Pointe Advisors, LLC $193,738,085 417,422 1.68% Shares
DIMENSIONAL FUND ADVISORS LP $158,027,631 275,814 1.37% Shares
LONDON CO OF VIRGINIA $155,787,063 271,899 1.35% Shares
VANGUARD FIDUCIARY TRUST CO $102,398,197 178,721 0.89% Shares
BANK OF AMERICA CORP /DE/ $100,824,877 175,975 0.87% Shares
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC $95,049,540 165,895 0.82% Shares
True North Advisors, LLC $92,307,975 161,110 0.80% Shares
ENVESTNET ASSET MANAGEMENT INC $82,438,498 143,884 0.71% Shares
NEUBERGER BERMAN GROUP LLC $82,059,159 143,222 0.71% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $75,013,479 130,925 0.65% Shares
EULAV Asset Management $71,790,635 125,300 0.62% Shares
BARCLAYS PLC $68,452,055 119,473 0.59% Shares
D. E. Shaw & Co., Inc. $58,079,369 101,369 0.50% Shares
CAPTRUST FINANCIAL ADVISORS $54,035,916 94,312 0.47% Shares
Swiss National Bank $50,614,403 88,340 0.44% Shares
Capital International, Inc./CA/ $46,851,267 81,772 0.41% Shares
GOLDMAN SACHS GROUP INC $46,287,485 80,788 0.40% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $44,075,325 76,927 0.38% Shares
CIBC Bancorp USA Inc. $39,877,320 69,378 0.35% Shares
RAYMOND JAMES FINANCIAL INC $38,918,135 67,926 0.34% Shares
BNP PARIBAS FINANCIAL MARKETS $37,668,025 65,744 0.33% Shares
Vanguard Global Advisers, LLC $37,394,728 65,267 0.32% Shares
Bridgewater Associates, LP $36,227,056 63,229 0.31% Shares
JONES FINANCIAL COMPANIES LLLP $36,161,766 64,131 0.31% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $35,746,923 62,391 0.31% Shares
RHUMBLINE ADVISERS $35,646,538 62,216 0.31% Shares
BlackRock, Inc. $35,566,444 62,076 0.31% Shares
Sumitomo Mitsui Trust Group, Inc. $35,235,279 61,498 0.31% Shares
Sunriver Management LLC $33,808,061 59,007 0.29% Shares
California Public Employees Retirement System $29,648,444 51,747 0.26% Shares
MORGAN STANLEY $28,633,140 49,974 0.25% Shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC $28,481,345 49,710 0.25% Shares
Fisher Asset Management, LLC $27,674,328 48,301 0.24% Shares
Boston Trust Walden Corp $26,960,162 47,055 0.23% Shares
UBS Group AG $26,498,938 46,250 0.23% Shares
Schonfeld Strategic Advisors LLC $25,151,930 43,899 0.22% Shares
NEW YORK STATE COMMON RETIREMENT FUND $25,029,321 43,685 0.22% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $23,231,404 40,547 0.20% Shares
CAMPBELL NEWMAN ASSET MANAGEMENT INC $22,327,862 38,970 0.19% Shares
VIRGINIA RETIREMENT SYSTEMS ET Al $20,975,599 43,197 0.18% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $19,624,345 42,282 0.17% Shares
AMERICAN CENTURY COMPANIES INC $19,405,816 33,870 0.17% Shares
Rafferty Asset Management, LLC $18,918,809 33,020 0.16% Shares
BRIGHTON JONES LLC $18,441,574 32,187 0.16% Shares
Gotham Asset Management, LLC $17,210,272 30,038 0.15% Shares
ALLIANCEBERNSTEIN L.P. $16,312,313 35,146 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $15,572,208 27,179 0.14% Shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main $15,368,811 26,824 0.13% Shares
AVIVA PLC $15,273,128 26,657 0.13% Shares
STIFEL FINANCIAL CORP $14,825,314 25,873 0.13% Shares
HFR Wealth Management, LLC $14,796,344 25,825 0.13% Shares
PineBridge Investments, L.P. $13,994,161 26,436 0.12% Shares
Man Group plc $13,229,416 23,090 0.11% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $13,145,192 22,943 0.11% Shares
LPL Financial LLC $12,707,051 22,178 0.11% Shares
Baird Financial Group, Inc. $11,940,851 20,841 0.10% Shares
Quantinno Capital Management LP $11,916,905 20,799 0.10% Shares
Horrell Capital Management, Inc. $11,547,234 20,154 0.10% Shares
GATEWAY INVESTMENT ADVISERS LLC $11,376,573 19,856 0.10% Shares
APG Asset Management N.V. $11,279,593 22,508 0.10% Shares
Pictet Asset Management Holding SA $11,183,411 19,519 0.10% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $11,069,036 23,849 0.10% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $10,943,345 19,100 0.09% Put option
Mediolanum International Funds Ltd $10,811,752 19,007 0.09% Shares
Aventail Capital Group, LP $10,720,467 18,711 0.09% Shares
Legal & General Group Plc $10,718,177 18,707 0.09% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $10,599,575 18,500 0.09% Call option
Connor, Clark & Lunn Investment Management Ltd. $10,596,137 18,494 0.09% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $10,537,123 18,391 0.09% Shares
BLI - Banque de Luxembourg Investments $10,412,268 18,260 0.09% Shares
VICTORY CAPITAL MANAGEMENT INC $10,323,413 18,018 0.09% Shares
Fideuram Asset Management (Ireland) dac $9,925,755 19,013 0.09% Shares
Russell Investments Group, Ltd. $9,682,282 16,899 0.08% Shares
STATE OF WISCONSIN INVESTMENT BOARD $9,582,016 16,724 0.08% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $9,541,909 16,654 0.08% Shares
VANGUARD ASSET MANAGEMENT, Ltd $9,327,626 16,280 0.08% Shares
Walleye Capital LLC $9,060,631 15,814 0.08% Shares
Interval Partners, LP $9,011,358 15,728 0.08% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $8,863,660 15,497 0.08% Shares
Vanguard Investments Australia, Ltd. $8,589,093 14,991 0.07% Shares
PRUDENTIAL FINANCIAL INC $8,519,767 14,870 0.07% Shares
STONE RUN CAPITAL, LLC $8,318,892 15,715 0.07% Shares
Cetera Investment Advisers $8,223,209 14,353 0.07% Shares
Mitsubishi UFJ Trust & Banking Corp $8,135,890 14,200 0.07% Shares
NOMURA ASSET MANAGEMENT CO LTD $7,837,383 13,679 0.07% Shares
BANK OF MONTREAL /CAN/ $7,746,857 13,521 0.07% Shares
FIRST TRUST ADVISORS LP $7,536,116 13,153 0.07% Shares
KLP KAPITALFORVALTNING AS $7,497,732 13,060 0.07% Shares
Tredje AP-fonden $7,339,490 12,810 0.06% Shares
CIBC Asset Management Inc $7,269,017 12,687 0.06% Shares

Company insiders 60 insiders · 33 officers · 27 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Alok Maskara Chief Executive Officer March 13, 2026 F 40,479 0 0 $0
Todd M Bluedorn Chairman and CEO March 23, 2022 D 15,778 0 0 $0
Robert E Schjerven Chief Executive Officer June 30, 2007 D 756,958 0 0 $0
Michael Quenzer EVP, Chief Financial Officer March 13, 2026 F 4,895 0 0 $0
Robert W. Hau EVP, Chief Financial Officer Dec. 8, 2011 A 30,166 0 0 $0
Susan K Carter EVP & Chief Financial Officer June 1, 2009 D 95,048 0 0 $0
SMITH RICHARD A /TX Chief Financial Officer Dec. 11, 2003 A 112,195 0 0 $0
Douglas L Young EVP, President & COO RHC March 15, 2023 F 49,295 0 0 $0
Elliot S Zimmer EVP, President/COO Commercial May 20, 2022 F 1,390 0 0 $0
David W Moon EVP, President & COO of WWR Dec. 12, 2017 F 113,908 0 0 $0
Michael Blatz EVP, Pres, COO Service Experts March 22, 2013 D 11,995 0 0 $0
Harry J Bizios EVP, Pres/COO Commercial March 15, 2013 F 27,616 0 0 $0
Chris Kosel VP-Corp Controller and CAO May 6, 2026 S 1,090 0 3 $-842,830
Joseph Nassab EVP & Pres., Bldg Climate Sol. March 13, 2026 F 11,063 0 0 $0
Prakash Bedapudi EVP, Chief Technology Officer March 13, 2026 F 21,455 0 0 $0
Daniel M Sessa EVP, Chief HR Officer March 13, 2026 F 34,640 0 0 $0
Sarah Rachel Martin EVP & Pres., Home Comfort Sol Feb. 2, 2026 A 2,355 0 0 $0
Monica M. Brown EVP, Chief Legal Officer Feb. 2, 2026 A 1,803 0 0 $0
Gary S Bedard EVP & Pres., Home Comfort Sol March 14, 2025 F 21,945 0 0 $0
John D Torres Executive Vice President Feb. 4, 2025 M 3,269 0 0 $0
Joseph William Reitmeier EVP Feb. 28, 2024 M 24,533 0 0 $0
Terry L Johnston EVP, Special Projects Dec. 10, 2019 S 20,049 0 0 $0
James W Borzi Vice President, Operations Dec. 9, 2010 A 1,948 0 0 $0
Scott J Boxer LII EVP/President SEI June 30, 2010 D 350,702 0 0 $0
William F Stoll JR EVP, Chief Legal Officer & Sec Sept. 30, 2008 D 90,023 0 0 $0
Mark Roland Hogan EVP, Engineering July 31, 2008 D 6,758 0 0 $0
Thomas W Booth VP Op - SEI Feb. 19, 2008 G 127,622 0 0 $0
Linda Goodspeed EVP ,IT and Bus. Dev. Dec. 31, 2007 D 136,320 0 0 $0
Harry J Ashenhurst Chief Administrative Officer May 24, 2007 S 179,389 0 0 $0
David L Inman Chief Accounting Officer Feb. 8, 2007 A 33,801 0 0 $0
Robert J Mcdonough Executive Vice President March 13, 2006 F 214,903 0 0 $0
Michael E Schwartz Executive Vice President Aug. 2, 2005 M 267,775 0 0 $0
Carl E Edwards JR Chief Legal Officer/Secretary Dec. 4, 2003 M 266,674 0 0 $0
Sivasankaran Somasundaram Director May 26, 2026 D 767 0 0 $0
Shane D Wall Director May 21, 2026 A 2,548 0 1 $-54,001
Ark Jon Vander Director May 21, 2026 A 617 0 0 $0
Tracy A Embree Director May 21, 2026 A 343 0 0 $0
Sherry Buck Director May 21, 2026 A 2,306 0 0 $0
Karen H Quintos Director May 21, 2026 A 7,253 0 38 $-880,063
Todd J Teske Director May 21, 2026 A 7,224 0 2 $-668,525
Gregory T Swienton Director May 16, 2024 A 13,956 0 0 $0
Janet Katherine Cooper Director May 16, 2024 A 8,672 0 0 $0
Kim K.W. Rucker Director Dec. 9, 2022 A 5,242 0 0 $0
Max H Mitchell Director Dec. 10, 2021 A 1,907 0 0 $0
John E Major Director Jan. 15, 2021 A 13,576 0 0 $0
Paul W Schmidt Director April 15, 2020 A 1,498 0 0 $0
Terry Dean Stinson Director April 17, 2017 A 44,110 0 0 $0
Richard L Thompson Director Oct. 1, 2015 J 216,159 0 0 $0
Jeffrey D Storey Director July 15, 2011 A 195,108 0 0 $0
James J Byrne Director April 15, 2011 A 57,284 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
NORRIS JOHN W III ×2 filings June 23, 2025 9.80% Amendment Passive investment SEC
John W. Norris, Jr. April 6, 2015 Initial filing SEC
Undisclosed reporting person March 20, 2001 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 162 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
KMID · Virtus ETF Trust II 3.44% 2,829 NS April 30, 2026 N-PORT
ITB · iShares Trust 2.89% 154,555 SH Aug. 8, 2026 Daily
NAIL · Direxion Shares ETF Trust 2.75% 28,994 NS April 30, 2026 N-PORT
UPGR · DBX ETF Trust 1.93% 252 NS May 29, 2026 N-PORT
UPGD · Invesco Exchange-Traded Fund Trust 1.66% 4,598 SH Aug. 8, 2026 Daily
CCSO · Tidal Trust II 1.57% 1,368 NS April 30, 2026 N-PORT
RSPN · Invesco Exchange-Traded Fund Trust 0.97% 23,929 SH Aug. 8, 2026 Daily
HOMZ · ETF Series Solutions 0.86% 585 NS May 31, 2026 N-PORT
NUMV · Nushares ETF Trust 0.76% 6,106 NS April 30, 2026 N-PORT
VBK · VANGUARD INDEX FUNDS 0.49% 414,842 SH Aug. 8, 2026 Daily
TRFK · Pacer Funds Trust 0.41% 4,702 NS April 30, 2026 N-PORT
MADE · iShares Trust 0.40% 593 SH Aug. 8, 2026 Daily
AVMV · AMERICAN CENTURY ETF TRUST 0.39% 4,894 NS May 31, 2026 N-PORT
JSTC · Tidal Trust I 0.35% 2,351 NS May 31, 2026 N-PORT
FLAG · Global X Funds 0.32% 10 NS April 30, 2026 N-PORT
SZNE · Pacer Funds Trust 0.32% 80 NS April 30, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III 0.26% 11,313 NS April 30, 2026 N-PORT
FLCC · Federated Hermes ETF Trust 0.26% 630 NS May 31, 2026 N-PORT
FIDU · FIDELITY COVINGTON TRUST 0.24% 9,363 NS April 30, 2026 N-PORT
VIS · VANGUARD WORLD FUND 0.24% 38,051 SH Aug. 8, 2026 Daily
TEXN · iShares Trust 0.24% 91 SH Aug. 8, 2026 Daily
DUSL · Direxion Shares ETF Trust 0.22% 223 NS April 30, 2026 N-PORT
VB · VANGUARD INDEX FUNDS 0.21% 718,402 SH Aug. 8, 2026 Daily
FTA · First Trust Exchange-Traded AlphaDE… 0.19% 4,734 NS April 30, 2026 N-PORT
FEX · First Trust Exchange-Traded AlphaDE… 0.19% 5,293 NS April 30, 2026 N-PORT
UXI · ProShares Trust 0.19% 106 NS May 31, 2026 N-PORT
IMCG · iShares Trust 0.19% 17,330 SH Aug. 8, 2026 Daily
GSEW · Goldman Sachs ETF Trust 0.18% 6,430 NS May 31, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.18% 1,461 NS May 31, 2026 N-PORT
HQGO · Lattice Strategies Trust 0.18% 163 NS April 30, 2026 N-PORT
SIZE · iShares Trust 0.17% 1,688 SH Aug. 8, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.16% 367,717 SH Aug. 8, 2026 Daily
EUSA · iShares, Inc. 0.16% 7,053 SH Aug. 8, 2026 Daily
IYJ · iShares Trust 0.16% 7,164 SH Aug. 8, 2026 Daily
AVUQ · AMERICAN CENTURY ETF TRUST 0.16% 807 NS May 31, 2026 N-PORT
VFQY · VANGUARD WELLINGTON FUND 0.15% 1,210 SH Aug. 8, 2026 Daily
QUAL · iShares Trust 0.15% 163,538 SH Aug. 8, 2026 Daily
FNDA · SCHWAB STRATEGIC TRUST 0.14% 24,247 NS May 31, 2026 N-PORT
EXI · iShares Trust 0.13% 4,485 SH Aug. 8, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 0.12% 4,144,000 Aug. 8, 2026 Daily
PALC · Pacer Funds Trust 0.12% 513 NS April 30, 2026 N-PORT
IWP · iShares Trust 0.12% 53,896 SH Aug. 8, 2026 Daily
EVUS · iShares Trust 0.11% 984 SH Aug. 8, 2026 Daily
DUHP · Dimensional ETF Trust 0.11% 23,281 NS April 30, 2026 N-PORT
IWR · iShares Trust 0.10% 128,369 SH Aug. 8, 2026 Daily
FAB · First Trust Exchange-Traded AlphaDE… 0.10% 249 NS April 30, 2026 N-PORT
IMCB · iShares Trust 0.10% 3,682 SH Aug. 8, 2026 Daily
IWS · iShares Trust 0.09% 33,445 SH Aug. 8, 2026 Daily
GSLC · Goldman Sachs ETF Trust 0.09% 26,758 NS May 31, 2026 N-PORT
SUSA · iShares Trust 0.09% 8,157 SH Aug. 8, 2026 Daily