# LSB Industries, Inc. (LXU)

> Source: Nexqual · https://nexqual.com/LXU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, LSB Industries, Inc. (LXU), nexqual.com/LXU" · informational, not investment advice.

**Price:** USD 9.76 (-5.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 10.31 · day 9.76–10.33 · 52w 8.12–17.22 · market cap $703M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $658M, net income $36.7M (5.6% margin), free cash flow $97.3M (SEC filings).
- Valuation: P/E 19.1x (avg 25.0x at the last 2 fiscal year-ends), EV/EBITDA 6.3x, net debt $223M.
- 2 of 80 tracked superinvestors hold LXU (13F, Q2 2026): 0 new, 1 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $590K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $21K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 13 (range 11–18).
- Total return with dividends: 1Y +4.3% vs S&P 500 +14.9%; 5Y +9.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.2, revenue estimate $165M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $556M | $902M | $594M | $522M | $615M | $658M |
| Gross profit | $139M | $348M | $86.3M | $47.8M | $104M | — |
| Operating income | $101M | $308M | $51.8M | -$5.5M | $57.3M | $62.7M |
| Net income | $43.5M | $230M | $27.9M | -$19.4M | $24.6M | $36.7M |
| EPS (diluted) | -$4.40 | $2.68 | $0.37 | -$0.27 | $0.34 | — |
| Free cash flow | $52.5M | $300M | $69.9M | -$5.7M | $18.1M | $97.3M |
| Gross margin | 25.0% | 38.6% | 14.5% | 9.1% | 17.0% | — |
| Operating margin | 18.2% | 34.2% | 8.7% | -1.1% | 9.3% | 9.5% |
| Net margin | 7.8% | 25.5% | 4.7% | -3.7% | 4.0% | 5.6% |
| Revenue growth | +58.3% | +62.1% | -34.2% | -12.0% | +17.8% | — |
| Cash + short-term investments | $82.1M | $394M | $306M | $184M | $148M | — |
| Total debt | $528M | $712M | $582M | $485M | $441M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.1x · P/S 1.1x · EV/EBITDA 6.3x · EV/Sales 1.4x · P/FCF 7.2x · P/B 1.3x · FCF yield 13.85% · Earnings yield 5.23% · Net debt $223M · EV $926M
P/E at fiscal year-ends: Dec 2025 25.0x, Dec 2023 25.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold LXU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 0.66% | $4.1M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.03% | $15.3M | Added +30.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-10 | White Lynn F | Director | 40,000 | $472K | 16.5% | Yes (adopted March 11, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Carver Kristy | SVP and Treasurer | 9,554 | $118K | 16.8% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $21K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Ackerman Jonathan Z. | Director | 1,000 | $11K | 11.3 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12 | Ackerman Jonathan Z. | Director | 1,000 | $10K | 9.89 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 13 (low 11, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | RBC Capital | Upgrade | Sector Perform → Outperform | $13 |
| 2026-07-17 | RBC Capital | Target lowered | Sector Perform | $15 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.3% | +9.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.3% | +1.8% |
| Volatility (annualized) | 52.5% | 52.1% |
| Max drawdown | -43.0% (Mar 2026→Aug 2026) | -80.0% (Apr 2022→Apr 2025) |

## Peers (Chemicals)
WLKP (Westlake Chemical Partners LP) USD 20.96 +0.43% · BAK (Braskem SA) USD 1.6 -2.44% · TROX (Tronox Holdings plc) USD 3.48 +6.75% · GPRE (Green Plains, Inc.) USD 13.91 -1.77% · RYAM (Rayonier Advanced Materials Inc) USD 6.83 -2.29% · ASIX (AdvanSix Inc.) USD 15.68 +1.55%

## More
Full page: https://nexqual.com/LXU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name LXU in their own reports (relationship from LXU's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | CVR ENERGY INC (CVI) | 10-K 2026-02-18 | "Koch Fertilizer Company, LLC; and LSB Industries, Inc. Domestic customers generally demonstrate sophisticated buying tendencies that include a focus on cost and service." |
| supplier | CVR PARTNERS, LP (UAN) | 10-K 2026-02-18 | "Koch Fertilizer Company, LLC; and LSB Industries, Inc. Domestic customers generally demonstrate sophisticated buying tendencies that include a focus on cost and service." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ammonium Nitrate & Nitric Acid | $69.5M | 41.4% | +12.7% |
| Urea Ammonium Nitrate UAN | $62.5M | 37.2% | +19.6% |
| Ammonia | $25.5M | 15.2% | -4.9% |
| Other | $10.6M | 6.3% | +0.5% |
| Total revenue | $168.1M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-07-29)

- "This will support strong fertilizer application rates and we anticipate robust nitrogen demand through the full fertilizer application season Low Carbon Ammonia Project Summary • El Dorado Carbon Capture and Sequestration (CCS) Project ▪ In May 2026, we reached an agreement to assume full ownership of the project to capture and sequester CO2 at our El Dorado facility from Lapis Carbon Solutions."
- "The project is expected to be completed and operational in the first quarter of 2027, subject to EPA approval of our Class VI permit, at which time CO2 inj"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.20 | $0.33 | -39.4% | $165.4M | 2 |
| Next quarter (ends 2026-12-31) | $0.35 | $0.39 | -10.5% | $176.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.95 | $1.46 | -34.9% | $670.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.07 | $1.23 | -13.5% | $652.0M | 2 |