Lands' End Inc
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Lands' End Inc AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is NEGATIVE (-26M) with goodwill at 257M (111% of equity) - material impairment risk if brand value deteriorates[Tangible Book Value]
- Interest expense of 37.3M TTM consumes 67% of operating income (55.3M) - debt servicing severely constrains profitability[Interest Expense]
- Gross margin 48.8% TTM exceeds industry median 39.6% by 23%, but net margin 0.9% trails median 2.2% - cost structure eroding advantage[Net Margin]
Watch Triggers
- Interest Expense: Exceeds 75% of operating income — Signals debt spiral - would leave insufficient cash for operations and capex
- Inventory: Exceeds 30% of TTM revenue — Indicates demand weakness requiring margin-destroying markdowns
- Goodwill and Other Intangible Assets: Any impairment charge announced — Would eliminate remaining equity cushion given negative tangible book
Bull Case
Gross margin 48.8% TTM (23% above industry) shows brand pricing power; if SG&A rationalized, operating leverage could unlock 200+ bps margin expansion
P/S ratio 0.34x TTM vs industry median 0.44x - 23% discount despite above-median revenue of 1.31B and asset turnover 1.55x
Bear Case
Revenue declined -2.5% 5Y CAGR vs industry median +3.7% growth - structural share loss in competitive apparel retail
Inventory 348M is 26% of revenue with negative operating CF (-15.7M) - potential markdown risk and working capital trap
Bull vs Bear Balance
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Forward Thesis
Debt burden will force strategic action (refinancing, asset sale, or equity raise) within 18 months
- Debt/equity 1.41x with 325M total debt vs 231M equity
- Interest expense 37.3M vs FCF 10.6M TTM - unsustainable
- Net debt 269M exceeds 3x EBITDA (86.8M)
Valuation Context
Caveats
LE Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$362.74M | — | ||
$387.23M | — | ||
1.1 | — | ||
$1.31B | -1.9% | — | |
$11.01 | +8541.8% | — | |
0.19% | -3.3% | — | |
26.2% | +25.9% | — | |
$-33.25M | — | ||
94.2% | +92.3% | — | |
Beta 5Y (Monthly) | unknown | — |
LE Dividend History
LE Stock Splits
LE SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
06/09/26 | 05/01/26 | 10-Q | |
03/26/26 | 01/30/26 | 10-K | |
12/09/25 | 10/31/25 | 10-Q | |
09/09/25 | 08/01/25 | 10-Q | |
06/05/25 | 05/02/25 | 10-Q | |
03/27/25 | 01/31/25 | 10-K | |
12/05/24 | 11/01/24 | 10-Q | |
12/09/25 | 11/01/24 | 10-Q | |
09/09/25 | 08/02/24 | 10-Q | |
09/05/24 | 08/02/24 | 10-Q | |
06/05/25 | 05/03/24 | 10-Q | |
06/05/24 | 05/03/24 | 10-Q | |
04/03/24 | 02/02/24 | Unknown | |
03/27/25 | 02/02/24 | 10-K | |
12/05/24 | 10/27/23 | 10-Q | |
12/05/23 | 10/27/23 | 10-Q | |
08/31/23 | 07/28/23 | 10-Q | |
09/05/24 | 07/28/23 | 10-Q | |
06/05/24 | 04/28/23 | 10-Q | |
06/01/23 | 04/28/23 | 10-Q | |
04/03/24 | 01/27/23 | 10-K | |
04/10/23 | 01/27/23 | 10-K | |
12/01/22 | 10/28/22 | 10-Q | |
09/01/22 | 07/29/22 | 10-Q | |
06/02/22 | 04/29/22 | 10-Q | |
03/24/22 | 01/28/22 | 10-K | |
04/03/24 | 01/28/22 | 10-K | |
12/02/21 | 10/29/21 | 10-Q | |
09/02/21 | 07/30/21 | 10-Q | |
06/02/21 | 04/30/21 | 10-Q | |
03/25/21 | 01/31/21 | 10-K | |
12/03/20 | 10/30/20 | 10-Q | |
09/09/20 | 07/31/20 | 10-Q | |
07/22/20 | 05/01/20 | 10-Q | |
03/23/20 | 01/31/20 | 10-K | |
12/03/19 | 11/01/19 | 10-Q | |
09/05/19 | 08/02/19 | 10-Q | |
06/04/19 | 05/03/19 | 10-Q | |
03/28/19 | 02/01/19 | 10-K | |
12/06/18 | 11/02/18 | 10-Q | |
09/06/18 | 08/03/18 | 10-Q | |
06/12/18 | 05/04/18 | 10-Q | |
03/29/18 | 02/02/18 | 10-K | |
12/05/17 | 10/27/17 | 10-Q | |
09/01/17 | 07/28/17 | 10-Q | |
06/06/17 | 04/28/17 | 10-Q | |
03/31/17 | 01/27/17 | 10-K | |
12/01/16 | 10/28/16 | 10-Q | |
09/01/16 | 07/29/16 | 10-Q | |
06/02/16 | 04/29/16 | 10-Q | |
04/01/16 | 01/29/16 | 10-K | |
12/03/15 | 10/30/15 | 10-Q | |
09/03/15 | 07/31/15 | 10-Q | |
06/09/15 | 05/01/15 | 10-Q | |
04/17/15 | 01/30/15 | 10-K | |
12/10/14 | 10/31/14 | 10-Q | |
09/10/14 | 08/01/14 | 10-Q | |
06/12/14 | 05/02/14 | 10-Q | |
03/25/14 | 01/31/14 | 10-K | |
12/10/14 | 11/01/13 | 10-Q | |
09/10/14 | 08/02/13 | 10-Q | |
06/12/14 | 05/03/13 | 10-Q | |
06/04/02 | 04/30/02 | Unknown | -- |
04/12/02 | 01/31/02 | Unknown | -- |
11/29/01 | 10/31/01 | Unknown | -- |
08/29/01 | 07/31/01 | Unknown | -- |
06/08/01 | 04/30/01 | Unknown | -- |
04/23/01 | 01/31/01 | Unknown | -- |
12/11/00 | 10/31/00 | Unknown | -- |
09/08/00 | 07/31/00 | Unknown | -- |
06/08/00 | 04/30/00 | Unknown | -- |
04/26/00 | 01/31/00 | Unknown | -- |