Dorman Products vs La-Z-Boy
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The short version
- Dorman Products is the larger business, with $2.1B of revenue in fiscal 2025 against $2.1B for La-Z-Boy.
- Dorman Products grew revenue faster (6.0%, against 0.8%).
- Dorman Products kept more of each dollar of sales as operating profit (14.1% operating margin, against 6.1%).
- La-Z-Boy turned more of its sales into free cash flow (6.0% FCF margin, against 3.6%).
- La-Z-Boy earned a higher return on the capital invested in it (13.1%, against 12.4%).
- Investors pay more for each dollar of Dorman Products’s earnings: a P/E of 17.3x against 15.1x for La-Z-Boy.
| Latest fiscal year | DORM · FY25 | LZB · FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.8B | $1.2B |
| Revenue | $2.1B | $2.1B |
| Free cash flow | $75.7M | $128M |
| Net income | $204M | $102M |
| Growth | ||
| Revenue growth | 6.0% | 0.8% |
| 5-year growth | 14.3% | 4.2% |
| Share count change | −0.7% | −2.4% |
| Profitability | ||
| Gross margin | 42.1% | 44.0% |
| Operating margin | 14.1% | 6.1% |
| Net margin | 9.6% | 4.8% |
| FCF margin | 3.6% | 6.0% |
| Return on capital | 12.4% | 13.1% |
| Return on equity | 14.7% | 9.9% |
| Balance sheet | ||
| Net debt | $391M | −$301M |
| Net debt / EBITDA | 1.2x | −1.7x |
| Dividends and buybacks | $0.0M | $85.2M |
| Valuation & quality | ||
| P/E | 17.3x | 15.1x |
| Piotroski F-score | 8 | 7 |
Revenue
FY17
DORM $903M
LZB $1.5B
FY18
DORM $974M
LZB $1.6B
FY19
DORM $991M
LZB $1.7B
FY20
DORM $1.1B
LZB $1.7B
FY21
DORM $1.3B
LZB $1.7B
FY22
DORM $1.7B
LZB $2.4B
FY23
DORM $1.9B
LZB $2.3B
FY24
DORM $2.0B
LZB $2.0B
FY25
DORM $2.1B
LZB $2.1B
FY26
DORM —
LZB $2.1B
DORM
LZB
Operating margin
FY17
DORM 19.5%
LZB 8.8%
FY18
DORM 17.6%
LZB 8.2%
FY19
DORM 10.7%
LZB 7.4%
FY20
DORM 12.2%
LZB 7.0%
FY21
DORM 12.8%
LZB 7.9%
FY22
DORM 9.9%
LZB 8.8%
FY23
DORM 11.1%
LZB 9.0%
FY24
DORM 14.6%
LZB 7.4%
FY25
DORM 14.1%
LZB 6.4%
FY26
DORM —
LZB 6.1%
DORM
LZB
Free cash flow
FY17
DORM $69.8M
LZB $128M
FY18
DORM $52.0M
LZB $79.4M
FY19
DORM $65.8M
LZB $102M
FY20
DORM $137M
LZB $118M
FY21
DORM $80.5M
LZB $272M
FY22
DORM $3.8M
LZB $2.4M
FY23
DORM $165M
LZB $136M
FY24
DORM $192M
LZB $105M
FY25
DORM $75.7M
LZB $113M
FY26
DORM —
LZB $128M
DORM
LZB
Return on capital
FY17
DORM —
LZB 19.6%
FY18
DORM —
LZB 17.2%
FY19
DORM —
LZB 18.0%
FY20
DORM —
LZB 14.9%
FY21
DORM —
LZB 21.9%
FY22
DORM 11.3%
LZB 31.7%
FY23
DORM 10.6%
LZB 26.4%
FY24
DORM 13.1%
LZB 17.7%
FY25
DORM 12.4%
LZB 13.5%
FY26
DORM —
LZB 13.1%
DORM
LZB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.