Lindsay Corporation (LNN): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear breakdown of how Lindsay Corporation (LNN) actually generates its revenue, and honestly, after years analyzing these kinds of industrial plays, I can tell you it's a compelling dual story of water efficiency and road safety. They aren't just selling irrigation gear; they are selling yield optimization and infrastructure resilience, which is why their fiscal year 2025 results were solid: total consolidated revenues hit $676.4 million, with infrastructure products growing 16% and irrigation sales up 11%. To see the mechanics behind that performance-from their Zimmatic systems to the Road Zipper System™-you need to map out the nine essential building blocks of their business model below.

Lindsay Corporation (LNN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Lindsay Corporation relies on to deliver its irrigation and infrastructure solutions globally as of late 2025. These partnerships are critical, especially given the company's reliance on international project timing and AgTech integration.

The structure of these alliances directly impacts financial outcomes, as seen in the fiscal year 2025 results where international irrigation growth offset domestic softness.

Lindsay Corporation maintains several vital external relationships to support its two main segments:

• Pessl Instruments (49.9% minority interest) for AgTech integration.
• Global network of independent irrigation equipment dealers.
• Government agencies for Road Zipper System™ project execution.
• Steel and component suppliers for global manufacturing.
• Strategic alliances for international project development, especially in MENA.

The strategic investment in Pessl Instruments, completed in January 2025, solidified the connection between FieldNET™ and METOS™ platforms. Pessl reports having more than one million sensors connected to its devices globally.

The infrastructure segment's performance is highly dependent on the timing of large Road Zipper System™ projects. For the full fiscal year 2025, Infrastructure revenues increased by 16 percent, driven by higher Road Zipper System project sales. However, the fourth quarter of fiscal 2025 saw Infrastructure revenues decrease by 16 percent because large Road Zipper System™ project sales from the prior year did not repeat.

International project execution, particularly in the Middle East and North Africa (MENA) region, was a key driver for the Irrigation segment in fiscal 2025. Full-year Irrigation revenues increased 11 percent, led by growth in the MENA region and South America. In the fourth quarter of fiscal 2025, international irrigation revenues specifically rose 23 percent.

The global network of independent irrigation equipment dealers is the primary channel for distributing mechanized irrigation systems. The company's overall success in international irrigation markets, which grew 23 percent in Q4 FY2025, relies on this established distribution footprint.

Supply chain partners are essential for manufacturing. The company's ability to generate record net earnings of $74.1 million for fiscal year 2025 was supported by effective working capital management alongside these external sourcing relationships.

Lindsay Corporation (LNN) - Canvas Business Model: Key Activities

You're looking at the core engine of Lindsay Corporation, the things they must do well to make the whole model work. It's a mix of heavy manufacturing, high-tech agriculture, and infrastructure work. Honestly, the numbers from fiscal year 2025 show where the real action is happening.

Manufacturing and global distribution of Zimmatic irrigation systems.

The global distribution side is clearly winning right now. For the full fiscal year 2025, total Irrigation segment revenues grew by 11%, hitting $568 million. North America was soft, with revenues there declining by 9% to $273.8 million for the year, but international markets carried the load. International irrigation revenues jumped by 39% to $294.2 million.

Here's a quick look at how the Irrigation segment broke down for the full year 2025:

Research and development (R&D) in precision AgTech and Smart Pivot Solutions.

Lindsay Corporation is definitely pushing the technology angle to drive future sales, especially as North America remains tempered. They focus on scalable, automated irrigation systems supported by remote monitoring. This activity is about ensuring their offerings align with precision trends in high-growth agricultural regions.

• Use of FieldNET technology for remote management and scheduling.
• Integration of artificial intelligence through FieldNET Advisor for agronomic recommendations.
• Focus on durable Zimmatic pivots and water-saving drip irrigation systems.
• Developing solutions that support sustainable water management and data-rich decision making.

Executing large-scale international irrigation projects (e.g., MENA region).

This is a major revenue driver when a large contract closes. The company is executing on a multi-year supply agreement in the Middle East and North Africa (MENA) region, which was valued at more than $100 million in revenue. Shipments for this specific project were expected to continue through fiscal 2025. The strength from the MENA region, along with South America and Australia, drove the Q4 international irrigation revenue up 23% year-over-year to $79 million.

Leasing and selling Road Zipper System™ and road safety products.

The Infrastructure segment saw its revenues increase by 16% for the full year 2025, reaching $108.4 million. This growth was primarily due to higher Road Zipper System project sales and higher sales of road safety products. For instance, the second quarter of fiscal 2025 included a large Road Zipper System project delivery valued at over $20 million. Still, the fourth quarter saw Infrastructure revenues drop 16%, mainly due to lower Road Zipper System sales and lease revenues compared to the prior year's fourth quarter, which had a large project sale that didn't repeat.

Supply chain management to mitigate tariff and cost impacts.

Managing the flow of goods is critical, especially given global trade dynamics. Lindsay Corporation stated that plans were in place to mitigate the potential impact of tariffs and retaliatory actions, which is a necessary activity to protect margins. The company's overall operating income for the full year 2025 rose by 15% to $88.1 million, showing some success in managing costs relative to revenue growth.

Finance: draft 13-week cash view by Friday.

Lindsay Corporation (LNN) - Canvas Business Model: Key Resources

You're analyzing the core assets that power Lindsay Corporation's market position as of late 2025. These resources are what let them execute their strategy across irrigation and infrastructure.

Proprietary technology like FieldNET™ and FieldNET Advisor™ represents a significant intangible asset, central to their AgTech value proposition. FieldNET NextGen was a key development, consolidating the platform into a single, mobile-friendly experience, with a January 29th cutover date mentioned for a previous iteration. FieldNET Advisor specifically uses artificial intelligence to synthesize agronomic data points, providing customized recommendations for irrigation scheduling to help growers maximize production and conserve water.

The global manufacturing and distribution footprint is a tangible resource that supports their worldwide operations. Lindsay Corporation has manufacturing facilities in the US, including locations in Lindsay, NE; Olathe, KS; Tifton, GA; and Amarillo, TX, supported by a global network of dealers and distributors. To enhance this, the company announced plans to invest over $50 million to modernize its largest global manufacturing facility in Lindsay, NE, which includes expanding the footprint by 40,000 square feet, with modernization expected to complete by the end of 2025. This footprint is leveraged to mitigate risks from trade disruptions.

Intellectual property is tied to their infrastructure segment innovations. The Road Zipper System™ project sales contributed to a 16 percent increase in Infrastructure revenues for Fiscal Year 2025. Furthermore, the TAU-XR™ crash cushion is a key asset, tested to MASH TL-3 standards, engineered for express repair in 30 minutes or less, and is currently approved in states including Texas, California, and New York.

The financial strength of Lindsay Corporation underpins its ability to invest in these resources. The company reported strong free cash flow generation for Fiscal Year 2025, which reached 122% of net earnings. For the full fiscal year 2025, net earnings were $74.1 million. Here's a quick look at the liquidity and investment capacity:

Finally, the skilled engineering and software development teams for AgTech innovation are critical human capital. Lindsay Corporation is driven by a team of more than 1,300 hardworking individuals across the globe. The CEO specifically noted the performance of their operations and supply chain teams globally in adapting to dynamic environments. These teams are focused on continuing the development of solutions like FieldNET, which uses AI and real-time data processing to drive insights for farmers.

The core resources can be summarized by their functional areas:

• Proprietary technology like FieldNET™ and FieldNET Advisor™.
• Global manufacturing and distribution footprint, supported by a $50 million+ modernization investment.
• Intellectual property for Road Zipper System™ and TAU-XR™ crash cushions.
• Strong balance sheet and free cash flow, which was 122% of net earnings in FY2025.
• Skilled engineering and software development teams for AgTech innovation, numbering over 1,300 employees globally.

Finance: review the capital allocation plan against the $42.5 million in FY2025 CapEx by next Tuesday.

Lindsay Corporation (LNN) - Canvas Business Model: Value Propositions

You're looking at the core value Lindsay Corporation (LNN) delivers across its two main segments: Irrigation and Infrastructure. It's about tangible results in efficiency and safety, grounded in their technology deployments as of late 2025.

Precision Irrigation: Water-use efficiency and yield optimization via FieldNET Advisor™.

The value here is simplifying complex agronomic data into actionable steps. FieldNET Advisor™, which earned the 2025 AE50 award from the American Society of Agricultural & Biological Engineers (ASABE), helps growers maximize yields and conserve resources. For example, for US/CA customers purchasing a minimum five-tower 8500 or 9500 pivot model, the system is marketed as offering up to $16k in Whole Farm Savings, with that specific offer ending November 30, 2025. This technology is a key driver in their international growth; international irrigation revenues for the full fiscal year 2025 increased by 11 percent, largely due to project sales in the Middle East and North Africa (MENA) region. To give you a sense of that segment's strength, in the second quarter of fiscal 2025, international irrigation revenues alone rose 42 percent to $71.0 million.

Infrastructure Safety: Dynamic lane management with the Road Zipper System™ for congestion relief.

This value proposition centers on maximizing existing road capacity while protecting work zones. The Road Zipper System™ is a proven technology, deployed in over 25 countries across 6 continents. The system's core benefit is speed and flexibility; it can transfer a mile-long concrete barrier to reconfigure up to two lanes in less than 10 minutes, which helps reduce project duration. The financial impact of these large deployments is significant; in the second quarter of fiscal 2025, infrastructure revenues more than doubled, driven by the delivery of a single large Road Zipper System project valued at over $20 million. For the full fiscal year 2025, Infrastructure segment revenues increased by 16 percent, directly attributed to higher Road Zipper System project sales.

Durability and Reliability: High-quality Zimmatic center pivot and lateral move systems.

The value is long-term asset performance and reduced downtime. Zimmatic systems are the backbone of the irrigation segment, which accounted for revenues of $471 million in fiscal 2025. While I don't have the specific warranty claim percentage for 2025, the commitment is reflected in the company's focus on providing genuine parts and responsive support through their dealer network to protect that investment. The entire company posted total revenues of $676.4 million in fiscal 2025, showing the scale of their installed base.

Agronomic Insight: Integrated data from in-field sensors for informed decisions.

This is about turning raw data into superior crop outcomes. FieldNET Advisor synthesizes data from soil moisture sensors, weather stations, and historical trends. The platform processes thousands of data points in real time to generate personalized recommendations. This level of precision helps growers apply the exact amount of water needed, which supports the overall goal of helping growers do more with less water. The Irrigation segment's full-year revenue growth for fiscal 2025 was 11 percent, showing continued customer adoption of these smart technologies.

Road Safety: Crash cushions and barriers like the TAU-XR™ for highway protection.

The value here is superior protection for both workers and motorists using crashworthy equipment. The TAU-XR™ Crash Cushion, for instance, was highlighted by the installation of the first unit in June 2024, demonstrating the deployment of their latest safety hardware. This product line contributes to the Infrastructure segment, which saw its operating income increase by 278 percent in Q2 2025 compared to the prior year, partly due to a favorable margin mix that included higher Road Zipper sales and road safety product sales. The overall Infrastructure segment revenue for the full fiscal year 2025 was $96.29 million.

Here's a quick look at how the segments contributed to the $74.1 million in net earnings for fiscal 2025:

Finance: draft 13-week cash view by Friday.

Lindsay Corporation (LNN) - Canvas Business Model: Customer Relationships

The way Lindsay Corporation engages with and retains its customers is built on a multi-faceted approach, blending traditional channel support with advanced digital automation and direct, high-value project sales.

Dealer-Centric: Support and training for the global dealer network.

Lindsay Corporation relies heavily on its established dealer network to reach the end-user, particularly in the United States. This relationship is foundational for sales, installation, and local support for irrigation systems. The structure is supported by dedicated resources to ensure dealer competency.

• In the United States, Lindsay Corporation sells its branded irrigation systems to over 200 independent dealers.
• The company provides support through resources like the Lindsay Guide and dedicated training modules to keep the network current.
• Dealers are responsible for assessing customer needs, designing solutions, erecting the system, and providing primary components like water and electrical supply hook-ups.

Automated: Remote monitoring and management via FieldNET™ platform.

The relationship shifts to a continuous, data-driven interaction through the FieldNET platform, which provides remote monitoring and management capabilities for irrigation equipment, often across any brand of center pivot irrigation.

This digital relationship is being strengthened through strategic technology integration. For instance, in January 2025, Lindsay Corporation acquired a 49.9% stake in Pessl Instruments, integrating Pessl's METOS soil monitoring systems directly with the FieldNET platform to boost data-driven soil management solutions.

The value proposition of this automated relationship was recognized when FieldNET Advisor - Whole Farm Water Management earned the 2025 AE50 award from the American Society of Agricultural and Biological Engineers (ASABE).

Here's a look at the scale of the Irrigation segment, which is the primary user of this technology:

Dedicated Project Sales: Direct engagement for large international irrigation and Road Zipper projects.

For large, complex infrastructure and international irrigation deployments, Lindsay Corporation shifts to a direct engagement model, bypassing the standard dealer channel for contract execution. This involves high-value, multi-year agreements.

The Infrastructure segment saw its revenues rise by 16% in fiscal year 2025, driven by these direct project sales. The company delivered a large Road Zipper System project in Q2 FY2025 valued at over $20 million. Furthermore, a multi-year supply agreement for Zimmatic systems and FieldNET technology in the MENA region was previously valued at more than $100 million in revenue.

The success of this direct sales approach contributed to the Infrastructure segment's total revenue for FY 2025 reaching $108.4 million.

Service and Parts: Ongoing maintenance and replacement parts sales.

The relationship extends beyond the initial sale through the provision of ongoing service, maintenance, and replacement parts, which helps secure recurring customer engagement and supports the installed base of equipment.

This is a critical component of the Irrigation segment, as evidenced by commentary during Q2 2025 earnings where lower sales of replacement parts were noted as a factor in the North America irrigation revenue decline. The company's commitment to protecting the investment is highlighted by its focus on Genuine Lindsay Parts for aftermarket support.

Overall company financial performance in FY 2025 was strong, with total revenues of $676.4 million and net earnings of $74.1 million.

The company employs approximately 1,275 people globally to support these customer-facing activities.

Lindsay Corporation (LNN) - Canvas Business Model: Channels

The Channels block for Lindsay Corporation details how the company gets its value propositions to its customer segments, which is critical given the dual nature of its Irrigation and Infrastructure businesses.

For the Irrigation segment, which relies heavily on the independent, authorized global dealer network, the channel performance in fiscal year 2025 showed clear geographic divergence. Total Irrigation segment revenues grew 11% for the full fiscal year 2025. However, North America irrigation revenues declined 19% in the fourth quarter of fiscal 2025, reaching $50 million. Conversely, international irrigation revenues in that same quarter increased 23% year-over-year to $79 million, driven by growth in the Middle East and North Africa (MENA) region and South America. Lindsay Corporation maintains a global network of dealers, distributors, manufacturing facilities and partners to serve these markets.

The direct sales force is a key channel for securing large government infrastructure contracts, primarily involving the Road Zipper System™. The Infrastructure segment, which houses these sales, generated total revenues of $108.4 million for the full fiscal year 2025, an increase of 16%. The timing of these large projects significantly impacts channel revenue recognition.

Here's a look at the Infrastructure segment revenue drivers for fiscal year 2025:

The proprietary digital platforms, specifically FieldNET™, serve as a crucial channel for software and data delivery, moving beyond just equipment sales. The FieldNET Advisor™ - Whole Farm Water Management solution was recognized with the 2025 AE50 award from the American Society of Agricultural and Biological Engineers (ASABE). This technology simplifies irrigation decisions for growers using real-time data and a simplified subscription.

For direct sales of road safety products to contractors and DOTs, this activity falls under the Infrastructure segment. The segment's Q3 fiscal 2025 revenue of $25.7 million saw an increase of 6% compared to the prior year, which was primarily driven by higher sales volumes of road safety products. Full-year fiscal 2025 Infrastructure revenues of $108.4 million also reflected higher sales of road safety products.

Overall consolidated revenue for Lindsay Corporation in fiscal year 2025 was $676.4 million, an 11% increase over the prior year.

Lindsay Corporation (LNN) - Canvas Business Model: Customer Segments

You're looking at where Lindsay Corporation directs its value, and honestly, it's split quite cleanly between the farm field and the highway. The customer base isn't monolithic; it's a blend of large agricultural enterprises and government/contractor entities needing durable infrastructure solutions. Here's the quick math on how the segments stacked up in fiscal year 2025.

For the full fiscal year 2025, Lindsay's total revenues hit $676.4 million. The Irrigation segment brought in $568 million, representing an 11% increase year-over-year, while the Infrastructure segment contributed $108.4 million, marking a 16% jump.

The customer segments break down like this:

• Large-Scale Commercial Growers: Global farmers needing mechanized and precision irrigation.
• Government Transportation Authorities: State and municipal Departments of Transportation (DOTs).
• International Governments/Agencies: Focused on food security and water projects (e.g., MENA region).
• Infrastructure Contractors: Purchasing road safety products and barriers.

Let's map the financial weight to these groups.

Large-Scale Commercial Growers and International Governments/Agencies

These two groups are deeply intertwined within the Irrigation segment, which saw its international revenue drive the entire division's growth. International irrigation revenues for the full fiscal year 2025 were $294.2 million, a substantial 39% increase over the prior year. This growth was primarily fueled by project sales in the Middle East and North Africa (MENA) region, a clear indicator of direct engagement with international governments or large-scale agencies prioritizing water security. To be fair, North America irrigation revenues, serving domestic commercial growers, actually decreased by 9% to $273.8 million for the year, showing where the immediate growth focus lies geographically. In the fourth quarter alone, international irrigation revenues were $79.0 million, up 23% year-over-year.

Here's a look at the Irrigation revenue split for the full fiscal year 2025:

Government Transportation Authorities and Infrastructure Contractors

The Infrastructure segment serves both government bodies (DOTs) and the contractors executing their projects. The segment's $108.4 million in revenue for fiscal 2025 was driven by higher Road Zipper System project sales and increased sales of road safety products. Government agencies, like state and municipal DOTs, are the primary end-users for the Road Zipper System and the RoadConnect remote asset management platform. For instance, RoadConnect offers DOTs a single-source solution that can help improve response times up to 90% after an asset is impacted. Contractors are the direct purchasers of the road safety products, which include crash cushions and end terminals.

The Infrastructure segment's performance is highly dependent on the timing of large projects, such as the Road Zipper System installations. One major project completion in Q2 2025 drove infrastructure revenues to $38.9 million for that quarter, more than doubling the prior year's result for that period. The full-year operating margin for this segment was 24.3% of sales, up from 20.4% the prior year, reflecting that the mix of sales-favoring projects over lower-margin road safety products-is key for this customer group.

You'll want Finance to track the backlog for infrastructure projects closely; the company noted that the backlog declined 43% year-over-year to $117.1 million by the end of Q3 2025, largely due to the completion of major project deliveries to these customers.

Lindsay's sales channels also define these segments; the irrigation products are sold through an independent dealer network, while infrastructure solutions often involve direct sales or specialized contracts with government entities and contractors.

Finance: draft 13-week cash view by Friday.

Lindsay Corporation (LNN) - Canvas Business Model: Cost Structure

The Cost Structure for Lindsay Corporation is heavily influenced by the manufacturing nature of its irrigation and infrastructure products, coupled with strategic investments in technology and global operations.

High cost of goods sold (COGS) due to steel and component manufacturing.

As a manufacturer, the cost of raw materials, especially steel, and manufactured components forms a substantial portion of the total cost base. While the precise Cost of Goods Sold (COGS) for fiscal year 2025 is not explicitly itemized in the latest reports, the operational performance reflects this pressure. For instance, in Q2 2025, the Infrastructure segment achieved an operating margin of 34.1%, up from 19.0% the prior year, suggesting effective cost management or favorable revenue mix offsetting material costs in that segment.

Significant investment in R&D for AgTech and new product defintely development.

Lindsay Corporation maintains a cost commitment to innovation, particularly in AgTech platforms like FieldNET™. While a specific R&D dollar amount for fiscal 2025 isn't itemized, the company previously announced plans to invest more than $50 million to expand and modernize its Nebraska manufacturing facility, including implementing Industry 4.0 technologies like data connectivity and artificial intelligence. This investment signals a significant ongoing cost in technology integration and future product development.

Selling, general, and administrative (SG&A) expenses to support a global footprint.

Supporting a global footprint across irrigation and infrastructure requires substantial SG&A spending. The company's consolidated operating margin for fiscal year 2024 was 12.6% of sales. For fiscal 2025, the company achieved full-year revenues of $676.4 million. The SG&A component is embedded within the overall operating expenses that determine the final operating margin, which for the full year 2024 was $76.6 million in operating income on $607.1 million in revenue.

The cost structure is also characterized by fixed operating expenses that require sufficient revenue volume to avoid deleveraging:

• Lower irrigation segment operating income in Q1 2024 resulted primarily from the impact from the deleverage of fixed operating expenses.
• The Infrastructure segment's operating margin in Q3 2025 was 21.1% of sales, down from 25.8% the prior year, due to a less favorable margin mix.
• North America irrigation revenues decreased 7% in Q2 2025, partially due to lower unit sales volume.

Costs associated with mitigating tariff impacts and shifting supply chains.

Lindsay Corporation has actively incurred costs related to supply chain adjustments to manage tariffs. Management stated they have implemented a comprehensive action plan involving supplier negotiation and strategic inventory placement to mitigate potential tariff impacts to material costs. The anticipated cost impact from recently announced tariffs was expected to be a marginal increase to cost of goods.

Capital expenditures for manufacturing facility expansion and modernization (over $50 million planned).

Capital investment is a key structural cost. The plan to invest more than $50 million in the Lindsay, NE facility for modernization and Industry 4.0 adoption represents a significant near-term capital outlay. Looking forward, capital expenditures for fiscal year 2026 are expected to be approximately $50 million.

Key Financial Metrics Reflecting Cost Base (Latest Available Data):

Lindsay Corporation (LNN) - Canvas Business Model: Revenue Streams

You're looking at how Lindsay Corporation actually brings in the money as of late 2025, focusing on the hard numbers from the most recent fiscal year. Honestly, the revenue picture is split clearly between two main areas: Irrigation and Infrastructure.

The Total consolidated revenues for FY2025 were $676.4 million. That's the top-line number we're working with for the full year ending August 31, 2025. This total reflects solid, double-digit growth across the board, which is a good sign of market traction.

Let's break down where that $676.4 million came from. The Irrigation segment is the clear revenue driver, but Infrastructure is growing faster percentage-wise.

The Sales of Irrigation Equipment (Zimmatic systems), which is the core agricultural business, saw revenue increase by 11% for the full fiscal year. This growth was heavily weighted toward international markets; for instance, international irrigation revenues jumped 39% for the full year, driven by project sales in the MENA region and higher volume in Brazil and South America. To be fair, North America irrigation revenues actually decreased by 9% for the full year.

On the infrastructure side, Sales of Infrastructure Products (Road Zipper, road safety) grew by 16% in FY2025. This segment's growth was primarily fueled by higher Road Zipper System project sales. The fourth quarter saw Infrastructure revenues dip by 16% compared to the prior year's fourth quarter, mainly because a large project sale from the prior year did not repeat.

You also need to account for recurring revenue and service income, which smooths out the lumpiness of large project sales. Specifically regarding the Road Zipper System™ lease revenues, the full-year result was that these revenues were slightly lower compared to the prior year. This is an important component to watch, as management noted they expect stable growth in leasing in the upcoming fiscal year, 2026.

Finally, the revenue mix includes Aftermarket parts and service sales for both segments. While specific dollar amounts aren't broken out for the total aftermarket, we see the impact in the quarterly results. For example, in the fourth quarter, lower unit sales volume in North America irrigation was partly due to lower sales of replacement parts. This service and parts revenue acts as a stabilizing element when large system sales fluctuate.

Finance: draft 13-week cash view by Friday.