La-Z-Boy Incorporated

LZB · Materials · $1.6B mkt cap · FY2026 filings · Narrow moat

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Narrow moat

The four filters

Pricing power69

Median gross margin 41.7% over 10y, very stable.

Returns on capital89

Median ROIC 17.4%, above the 9% hurdle in 100% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 247x.

Capital discipline61

Owner earnings +0.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

18% above value

Owner earnings (normalized): $122.6M
Est. intrinsic value / share: $33.77
Recent price: $39.88
Discount to value: 18% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LZB. See the disclaimer.