Lindsay Corporation (LNN): History, Ownership, Mission, How It Works & Makes Money

How does a company like Lindsay Corporation (LNN)-a global leader in irrigation and infrastructure-manage to hit all-time financial highs while its core North American market faces headwinds? You need to understand how their two distinct segments drive growth, especially when the company delivered record net earnings of $74.1 million on total fiscal year 2025 revenues of $676.4 million. This deep dive into Lindsay's history, its mission to address critical world needs, and the mechanics of its dual-segment business model will show you exactly why institutional giants like BlackRock, Inc. and The Vanguard Group hold significant stakes of 17.9% and 12.1%, respectively, and what that means for future performance.

Lindsay Corporation (LNN) History

You want to understand the foundation of Lindsay Corporation, and honestly, the story is a classic American tale of farm ingenuity meeting global necessity. The company didn't start as a multi-million-dollar infrastructure and irrigation giant; it began as a small-town farm equipment business in the middle of Nebraska, driven by one man's need to better water his crops.

The company's evolution is a series of smart, focused decisions-like betting big on the center pivot and then diversifying into road safety-that led to its record fiscal year 2025 performance, where total revenues hit a strong $676.4 million.

Given Company's Founding Timeline

Year established

1955, initially as Lindsay Manufacturing Company.

Original location

Lindsay, Nebraska, a small town that gave the company its name.

Founding team members

The company was founded by Paul Zimmerer, who, along with his sons, developed the early products.

Initial capital/funding

The initial capital for Paul Zimmerer's farm equipment business is not publicly documented, but the company's growth was quickly fueled by the success of its innovative irrigation towline, which was designed for rough field terrain.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's longevity comes from knowing when to double down and when to pivot. Its trajectory wasn't a straight line; it was shaped by a few major, defintely transformative decisions that created the two-pillar business model we see today.

• Refocusing on Core Business (1993): After a brief period of diversification, the company divested its non-irrigation businesses. This was a crucial move to simplify and focus capital on the core irrigation and emerging infrastructure segments, setting the stage for global growth.
• The Infrastructure Bet (Post-2005): The acquisition of Barrier Systems Inc. in 2006, which brought the Road Zipper System, wasn't just another product line-it created the entire Infrastructure segment. This segment later contributed $108.4 million in revenue in fiscal 2025, a 16% increase year-over-year, proving the value of that early diversification.
• The Digital Transformation (2006-Present): The launch of FieldNET in 2006 and subsequent tech acquisitions like Elecsys Corporation and FieldWise shifted the company from a pure-play equipment manufacturer to a technology-enabled water management solutions provider. This focus is key to future growth.
• Global Project Execution (Fiscal 2025): The successful execution of a landmark multi-year irrigation supply agreement in the Middle East and North Africa (MENA) region was a huge operational win. This project alone drove International Irrigation revenues up by nearly 40% in fiscal 2025, demonstrating the ability to win and deliver on large, complex global contracts.

If you're looking to dig deeper into the current market sentiment and who is driving the stock price, you should check out Exploring Lindsay Corporation (LNN) Investor Profile: Who's Buying and Why?

Lindsay Corporation (LNN) Ownership Structure

Lindsay Corporation is a publicly-traded company, listed on the New York Stock Exchange (NYSE: LNN), meaning its ownership is distributed among institutional investors, company insiders, and the general public. This structure is heavily weighted toward large financial institutions, which collectively control nearly 90% of the stock, giving them significant influence over governance and strategic decisions.

Given Company's Current Status

Lindsay Corporation operates as a public entity, trading under the ticker LNN. As of November 2025, the company maintained a market capitalization of approximately $1.18 Billion USD, reflecting its standing as a key player in the global irrigation and infrastructure equipment market. The company's fiscal year 2025 ended August 31, 2025, with total revenue coming in at $676.4 million, showing strong performance in its core markets. This public status requires rigorous financial transparency and adherence to Securities and Exchange Commission (SEC) regulations, which is why we get such clear data on its ownership and leadership. You can find more detail on their direction in their Mission Statement, Vision, & Core Values of Lindsay Corporation (LNN).

Given Company's Ownership Breakdown

The company's outstanding shares totaled 10,591,980 as of the November 10, 2025, record date. The majority of this equity is held by institutional funds, which is defintely a common pattern for stable, mid-cap industrial stocks. Here's the quick math on who owns the equity:

Given Company's Leadership

The company is steered by a seasoned executive team, though there are key transitions underway as of November 2025. This near-term change is important because it signals a shift in financial and operational strategy. The current leadership team includes:

• Randy A. Wood: President and Chief Executive Officer.
• Brian L. Ketcham: Senior Vice President and Chief Financial Officer (CFO). He is set to retire at the end of the 2025 calendar year.
• Sam Hinrichsen: Senior Vice President, who joined on November 3, 2025, and will officially succeed Mr. Ketcham as CFO on January 1, 2026.
• Gustavo E. Oberto: President, Irrigation. He is departing effective November 30, 2025, with a successor named.
• Brian J. Magnusson: Appointed to succeed Mr. Oberto as President, Irrigation, effective December 1, 2025.
• J. Scott Marion: President, Infrastructure.

The upcoming handoff at the CFO and Irrigation President roles means a new set of eyes will be on the company's financial direction and its largest operating segment, so watch for any strategic shifts in early 2026.

Lindsay Corporation (LNN) Mission and Values

Lindsay Corporation's mission extends past quarterly returns, centering on global sustainability and resource conservation. They aim to deliver advanced irrigation and infrastructure solutions that make life safer and more fulfilling for people worldwide.

Given Company's Core Purpose

The company's core purpose is a clear, three-part mandate that guides their product development and long-term strategy, focusing on essential global needs.

Honestly, this purpose is a great lens for evaluating their two main segments: Irrigation and Infrastructure.

• Conserve natural resources, especially water, through efficient technology.
• Expand our world's potential by enabling growth in food, fuel, and fiber production.
• Enhance the quality of life for people through safer roads and dependable infrastructure.

Official mission statement

Lindsay Corporation delivers its mission by providing advanced irrigation, infrastructure, and industrial technology solutions that benefit us all, enabling global populations to grow safely and sustainably.

This commitment is defintely reflected in their fiscal 2025 performance, where the company reported record net earnings of $74.1 million, an increase of 12 percent over the prior year, showing that purpose-driven growth is possible.

Vision statement

The company's vision is a forward-looking goal to be the definitive leader in their core markets, driving change through innovation.

• Be the innovation and market leader in core segments, including irrigation and infrastructure equipment and technology.
• Build a safer, smarter, more sustainable future for the world.

This vision is backed by a focus on core values-safety, quality, integrity, collaboration, and creativity-which act as the cultural DNA for their team of over 1,300 individuals globally.

Given Company slogan/tagline

Lindsay Corporation's tagline captures the essence of their long-standing commitment to both technological advancement and tangible societal improvement.

• Progress made possible.

The company's focus on creating innovative products that save time and deliver peace of mind is central to this slogan, plus it highlights their role in meeting the food and transportation needs of a rapidly growing population. You can read more about their aspirational goals here: Mission Statement, Vision, & Core Values of Lindsay Corporation (LNN).

Lindsay Corporation (LNN) How It Works

Lindsay Corporation operates at the critical intersection of food security and transportation efficiency, manufacturing and distributing technology-driven equipment for both agricultural irrigation and road infrastructure globally. The company makes money by selling and leasing its large-scale irrigation systems and proprietary road safety equipment, generating $676.4 million in total revenue for fiscal year 2025.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Lindsay Corporation's operational framework is built on a dual-segment manufacturing and distribution model, allowing them to capture growth in both cyclical agriculture and long-term infrastructure spending. They operate a global manufacturing footprint, which is defintely a huge advantage for mitigating regional market softness and managing supply chain risks. For example, when North American irrigation sales slowed due to soft market conditions in fiscal 2025, robust international irrigation revenues, particularly from the Middle East and North Africa (MENA) region and South America, picked up the slack, driving the total irrigation segment revenue to $568 million.

Here's the quick math on their core segments:

• Irrigation accounted for about 84% of total fiscal 2025 revenue.
• Infrastructure contributed the remaining 16%, totaling $108.4 million.

Value creation is increasingly driven by technology integration, turning physical products into connected systems. They are actively investing in their Industrial Internet of Things (IIoT) solutions, like FieldNET, which helps farmers optimize water use, a critical factor in global food production. This shift from just selling steel to selling data and efficiency is a smart move.

Given Company's Strategic Advantages

The company's ability to deliver record net earnings of $74.1 million in a challenging environment for North American agriculture in fiscal 2025 highlights their strategic resilience.

Their key strategic advantages are clear and actionable:

• Geographic Diversification: Strong international project momentum, like the large-scale irrigation projects in the MENA region, insulates them from the cyclical nature of North American farm income.
• Proprietary Infrastructure Technology: The Road Zipper System is a high-margin, specialized product with limited competition. Infrastructure operating margin for the full fiscal year 2025 was a strong 24.3% of sales, up from the prior year.
• Digital Leadership: They have over 150,000 connected irrigation devices, giving them a massive data set to drive recurring revenue and service-based offerings (Annual Recurring Revenue or ARR growth is a key focus).
• Strong Financial Health: Record earnings and free cash flow generation at 122% of net earnings provide substantial liquidity (over $300 million available) to fund growth investments and manage market volatility.

Anyway, you need to see the full picture on their balance sheet. Breaking Down Lindsay Corporation (LNN) Financial Health: Key Insights for Investors

They are positioned to benefit from two major global trends: the need for water-efficient agriculture and the ongoing, federally-funded overhaul of US infrastructure, especially with the Infrastructure Investment and Jobs Act (IIJA) driving demand for road safety products.

Lindsay Corporation (LNN) How It Makes Money

Lindsay Corporation primarily generates revenue by selling and distributing mechanized agricultural irrigation systems and innovative infrastructure products, essentially capitalizing on global needs for efficient food production and modernizing transportation. The company's financial engine is heavily weighted toward its Irrigation segment, which includes center pivot systems and precision agriculture technology like FieldNET, but its Infrastructure segment provides a high-margin, project-based revenue stream that offers diversification.

Lindsay Corporation's Revenue Breakdown

For the full fiscal year 2025, Lindsay Corporation reported total revenues of $676.4 million, an 11% increase from the prior year. This growth was driven by a strong performance in both core segments, though the Irrigation business remains the dominant financial force. Here's the quick math on how the revenue split out:

The Irrigation Segment, which brought in $568.0 million in fiscal 2025, grew by 11% and was heavily influenced by international project sales, particularly in the Middle East and North Africa (MENA) region. The Infrastructure Segment, with $108.4 million in revenue, saw a 16% increase, largely due to higher sales of its Road Zipper System.

Business Economics

The company's profitability is tied to two distinct economic models: the cyclical agricultural market and the project-based government infrastructure spending cycle. In fiscal year 2025, the geographic diversification of its Irrigation business was key, as international sales of $294.2 million (up 39%) more than offset the softness in North America, where revenues of $273.8 million declined by 9%.

Here's what drives the business:

• Commodity Prices: North American irrigation demand is highly sensitive to crop receipts and commodity prices; when prices are low, farmers defer capital expenditures on new center pivot systems.
• Government Projects: Infrastructure revenue is lumpy, driven by large, non-recurring sales of the Road Zipper System, a high-margin product. For example, a major project delivery contributed significantly to the segment's 16% full-year growth.
• Pricing Power: The company successfully implemented modest price increases in some irrigation markets, which helped to partially mitigate lower sales volumes in North America.
• Water Scarcity: International growth, especially in the MENA region, is a structural trend fueled by government-led food security and water conservation initiatives, which creates demand for large-scale, water-efficient irrigation projects.

The company is defintely using its global footprint to navigate regional economic headwinds. You can get a deeper dive into the specific risks and opportunities by Breaking Down Lindsay Corporation (LNN) Financial Health: Key Insights for Investors.

Lindsay Corporation's Financial Performance

Looking at the full fiscal year 2025 results, the company delivered a strong financial performance, achieving record net earnings despite challenging market conditions in its domestic irrigation business. The focus on operational efficiency and a favorable revenue mix in the Infrastructure segment were critical to these results. The company's ability to turn profits into cash is another key metric you should watch.

• Net Earnings: Fiscal 2025 net earnings reached a record $74.1 million, an increase of 12% year-over-year.
• Diluted EPS: Diluted earnings per share (EPS) for the year was $6.78, a 13% increase from the prior year.
• Operating Margin: The consolidated operating margin improved to 13.0% of sales for the full year, up from 12.6% in the prior year, showing good cost control and leverage of fixed expenses.
• Cash Flow Strength: The company generated strong free cash flow, which reached 122% of net earnings, indicating excellent working capital management.

What this estimate hides is the volatility of the Infrastructure segment; a large Road Zipper project in one year can significantly boost margins, making year-over-year comparisons tricky.

Lindsay Corporation (LNN) Market Position & Future Outlook

Lindsay Corporation is positioned as the global number-two player in the consolidated mechanized irrigation market, capitalizing on the long-term megatrends of water scarcity and food security. The company's future outlook is one of geographically diversified growth, with strong international expansion offsetting cyclical softness in its core North American agriculture market, as evidenced by its record $74.1 million in net earnings for fiscal year 2025. This dual-segment strategy, combining precision agriculture with resilient infrastructure, provides a strong foundation for navigating near-term economic headwinds.

Competitive Landscape

The global mechanized irrigation systems market, valued at approximately $4.185 billion in 2025, is dominated by a few key players, with the top three manufacturers collectively holding about 60% of the total market share. Lindsay Corporation's primary competitive advantage lies in its patented Road Zipper System and its advanced precision agriculture technology, which includes the Smart Pivot.

Here's the quick math: Lindsay's fiscal 2025 Irrigation Segment revenue of $568.0 million places its market share at roughly 14% of the estimated $4.185 billion global mechanized irrigation market. This makes them a strong second to Valmont Industries, which maintains a significant lead through its Valley Irrigation brand and scale.

Opportunities & Challenges

The company's strategic focus is on international expansion and technological integration, which are defintely the right moves. You can see a deeper dive into who is backing this strategy at Exploring Lindsay Corporation (LNN) Investor Profile: Who's Buying and Why?

Industry Position

Lindsay is a leader in two critical, non-cyclical sectors: water management and road safety. The Irrigation segment, which accounted for 84% of fiscal 2025 total revenue of $676.4 million, is structurally supported by global water scarcity and the need for precision farming (variable rate irrigation). The Infrastructure segment, while smaller, provides a high-margin, counter-cyclical hedge driven by government spending on road safety and congestion solutions.

• Dominate center pivot and lateral move systems alongside Valmont Industries.
• Leverage technology to drive premium pricing, especially with the Smart Pivot and remote management solutions.
• Maintain a high-margin profile with a full-year operating margin of 13.0% in fiscal 2025.
• Use geographic diversification-specifically the strong growth in MENA and South America-to insulate against North American market volatility.

The company's ability to generate strong free cash flow, which was 122% of its $74.1 million net earnings in FY2025, shows operational efficiency. That's a powerful statement about their financial health.