Ethan Allen

ETD · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2026

ETD · Last close · November 6, 2026

$20.07

Ethan Allen's revenue fell 5.7% to $580 million in fiscal 2026. Its operating margin was 7.8%, down from 10.1% a year earlier. Free cash flow was $41 million, down 17.8%. It paid out $51 million in dividends and buybacks, 123% of free cash flow. The diluted share count fell 0.2%.

Ethan Allen Interiors Inc. Latest fiscal year ended June 30, 2026 10-K filed September 3, 2026 · 0001437749-26-029578 Updated November 9, 2026

Revenue

$580M

5.7%

Operating margin

7.8%

2.3 pts

Net income

$40M

22.7%

Free cash flow

$41M

17.8%

Return on capital

9.8%

4.0 pts

Market cap

$514M

Nov 6 close

P/E

12.9x

On $1.56 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Ethan Allen does

Ethan Allen sells furniture and home accessories, including upholstery, wood case goods, lighting, rugs and outdoor pieces, all under the Ethan Allen name. Its interior designers work with customers at no charge. It sells through its own design centers, through independently operated ones and online.

It has two segments. The retail segment is its 141 company-operated design centers, 136 in the U.S. and five in Canada. The wholesale segment sells to its 43 independently operated design centers in the U.S., Asia, the Middle East and Europe, and to other buyers such as the U.S. government. Its ten largest customers, all in wholesale, made up 9% of net sales.

The company makes about 75% of its furniture in its own North American plants and buys the rest, mainly from Asia. It owns eleven manufacturing facilities in the U.S., Mexico and Honduras, and says its design centers have been updated with touchscreens and workstations for designers.

Its biggest risks, as it describes them

Supply chain disruptions and swings in the cost and availability of raw materials and imported goods.
Changes in U.S. trade and tax policy that raise its costs.
Losing or failing to find good design center locations at costs it can afford.
Less revenue from its contract with the U.S. government if federal spending is cut.
Operating many manufacturing sites in several countries, which adds exposure to disruptions.

From Ethan Allen's annual report on Form 10-K, filed September 3, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2017 to 2026, earnings per share grew 2.1% a year and net income 1.1% a year, as buybacks cut the share count by 9%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	110	173	161	136	133
Debt incl. finance leases	1	1	1	1	0
Net debt (negative means net cash)	−109	−172	−160	−135	−133
Net debt to EBITDA	−0.7x	−1.1x	−1.7x	−1.8x	−2.2x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	691.2x	31.2x	10.5x	255.1x	198.3x
Current ratio	1.6x	2.2x	2.2x	2.0x	2.1x
Quick ratio	0.8x	1.3x	1.2x	1.1x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Ethan Allen's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Ethan Allen's projections

Insider trades

No officer, director or 10% owner of Ethan Allen reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	4 of 9	4 of 9	6 of 9
Rule of 40	−7.4%	3.3%	1.4%
Altman Z''	7.64	7.42	7.37
Accruals ratio	−2.2%	−1.4%	−1.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 9	4 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Ethan Allen side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ethan Allen	FY26	−5.7%	7.8%	7.2%	9.8%	−2.2x	6
Flexsteel	FY26	4.1%	9.3%	10.4%	—	—	—	Compare
La-Z-Boy	FY26	0.8%	6.1%	6.0%	13.1%	−1.7x	7	Compare
Leggett & Platt	FY25	−7.5%	—	6.9%	—	—	—	Compare
Somnigroup International	FY25	51.6%	10.1%	8.5%	11.7%	4.4x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	763	767	747	590	685	818	791	646	615	580
Revenue growth	−3.9%	0.5%	−2.6%	−21.0%	16.2%	19.4%	−3.2%	−18.3%	−4.9%	−5.7%
Gross profit	420	416	410	323	393	485	480	393	372	355
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	58	49	34	15	77	138	137	78	62	45
Net income	36	36	26	9	60	103	106	64	52	40
Diluted EPS (US$)	1.29	1.32	0.96	0.34	2.37	4.05	4.13	2.49	2.01	1.56
Diluted shares (millions)	28	28	27	26	25	26	26	26	26	26
Cash flow
Cash from operations	79	42	55	53	130	69	101	80	62	52
Capital expenditure	18	12	9	16	12	13	14	10	11	11
Free cash flow	61	30	46	37	118	56	87	71	50	41
Dividends paid	20	30	47	22	43	48	46	50	50	46
Share buybacks	10	23	0	24	0	0	0	0	0	5
Acquisitions	1	6	0	1	0	0	0	0	0	0
Stock-based compensation	1	1	0	0	1	1	1	1	2	1
Balance sheet at fiscal year end
Cash and short-term investments	58	22	21	72	105	110	173	161	136	133
Debt incl. finance leases	14	2	1	50	0	1	1	1	1	0
Total assets	568	530	510	623	683	720	746	745	737	720
Total liabilities	167	147	146	295	332	313	274	262	255	248
Shareholders' equity	401	384	364	328	351	407	471	483	482	472
Margins and ratios
Gross margin	55.0%	54.2%	54.8%	54.8%	57.4%	59.3%	60.7%	60.8%	60.5%	61.2%
Operating margin	7.6%	6.4%	4.5%	2.5%	11.3%	16.9%	17.3%	12.1%	10.1%	7.8%
Net margin	4.7%	4.7%	3.4%	1.5%	8.8%	12.6%	13.4%	9.9%	8.4%	6.9%
Free cash flow margin	8.0%	3.9%	6.2%	6.3%	17.2%	6.8%	11.0%	10.9%	8.2%	7.2%
Rule of 40 (growth + FCF margin)	4.1%	4.4%	3.6%	−14.7%	33.4%	26.2%	7.7%	−7.4%	3.3%	1.4%
Return on capital	10.0%	10.1%	7.3%	2.8%	22.0%	37.9%	34.5%	18.7%	13.8%	9.8%
Return on equity	9.1%	9.3%	6.9%	2.6%	17.7%	27.2%	24.1%	13.4%	10.7%	8.4%
Return on assets	6.3%	6.6%	4.9%	1.6%	9.2%	14.7%	14.4%	8.6%	7.0%	5.5%
Net debt to EBITDA	−0.6x	−0.3x	−0.4x	−0.7x	−1.1x	−0.7x	−1.1x	−1.7x	−1.8x	−2.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ethan Allen's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ethan Allen.