LXU Stock: Insider Activity, Filings & Research

LSB Industries, Inc. (LXU) — Drillr’s hub for LXU insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, LXU insiders filed 0 open-market buys and 1 sale (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$72.6M

Insider trades by month Buys Sells

May

Dec

Jan

Feb

Mar

Context3-month price +1.2%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 27, 2026	White Lynn Fdirector	Grant	9,252	$12.97
May 27, 2026	Ackerman Jonathan Z.director	Grant	9,252	$12.97
May 27, 2026	Peninger Diana Mdirector	Grant	9,252	$12.97
May 27, 2026	CHANDLER JOHN Ddirector	Grant	9,252	$12.97
May 27, 2026	Bertocco Riccardodirector	Grant	9,252	$12.97
Apr 27, 2026	BEHRMAN MARK Tdirector, officer: President and CEO	Grant	706,880	$14.57
Mar 30, 2026	Boehly Todd L10 percent owner	Sell	4,889,159	$14.85
Mar 4, 2026	BEHRMAN MARK Tdirector, officer: President and CEO	Sell	250,000	$11.75
Mar 2, 2026	CARVER KRISTYofficer: SVP and Treasurer	Sell	2,091	$10.99
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	6,339	$10.04
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	4,427	$10.04
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	13,386	$10.04
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	19,162	$10.04
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	826	$10.00
Feb 11, 2026	GOLSEN BARRY Hdirector	Sell	2,495	$10.00

Source: LXU SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.

Overview

LSB Industries, Inc. (NYSE:LXU) is a chemical manufacturing company founded in 1968 and headquartered in Oklahoma City, Oklahoma. The company has evolved from its origins into a specialized producer of nitrogen-based chemicals, serving agricultural, industrial, and mining markets across North America. LSB operates manufacturing facilities in Oklahoma, Texas, and Arkansas, focusing on ammonia production and downstream nitrogen products. The company has been publicly traded since 1980 and has recently positioned itself as a leader in low-carbon ammonia production, pursuing several clean energy initiatives to reduce its carbon footprint while maintaining its core chemical manufacturing operations.

Business

LSB Industries operates in the nitrogen chemicals sector, which is a critical component of the global chemical industry. The company's business revolves around ammonia production - a fundamental building block chemical created by combining nitrogen from the air with hydrogen derived from natural gas through the Haber-Bosch process. The company's product portfolio consists of two main categories: Agricultural Products (approximately 65-70% of revenue): LSB produces nitrogen-based fertilizers essential for modern agriculture. These include ammonia (the base chemical), urea ammonium nitrate (UAN) - a liquid fertilizer commonly applied to corn and other crops, high-density ammonium nitrate (HDAN) - a solid fertilizer, and various NPK (nitrogen-phosphorus-potassium) fertilizer blends. These products provide essential nutrients that plants need for growth, with nitrogen being particularly crucial for protein synthesis and chlorophyll production. Industrial and Mining Products (approximately 30-35% of revenue): The company manufactures industrial-grade chemicals including high-purity ammonia used in semiconductor manufacturing, nitric acid for various industrial processes, ammonium nitrate solutions for mining explosives, sulfuric acids for metal processing, and diesel exhaust fluid for emissions control. These products serve diverse industries from electronics to mining operations. LSB's facilities are strategically located to serve key agricultural regions in the Midwest and industrial customers throughout North America. The company's production is heavily dependent on natural gas as both a feedstock (for hydrogen) and energy source, making natural gas prices a critical factor in its cost structure.

Revenue model

LSB Industries generates revenue primarily through direct product sales to distributors and end customers across agricultural, industrial, and mining sectors. The company operates on a traditional manufacturing business model where it purchases raw materials (primarily natural gas), converts them into nitrogen-based chemicals, and sells the finished products at market prices. The company's customers include agricultural distributors who supply farmers during planting seasons, industrial manufacturers requiring high-purity chemicals for production processes, and mining companies needing explosive materials. LSB has been strategically shifting toward cost-plus contracts, targeting 35-50% of sales under these arrangements by year-end 2025. These contracts provide more stable margins by passing through raw material cost fluctuations to customers while maintaining a fixed markup. Several factors significantly impact LSB's profitability margins. Natural gas prices represent the most critical variable, as natural gas accounts for approximately 70-80% of ammonia production costs. Lower natural gas prices directly improve margins, while price spikes can severely compress profitability. Seasonal demand patterns affect pricing power, with spring planting season (March-May) typically generating higher fertilizer prices and volumes. Global supply-demand dynamics influence pricing, particularly import levels from major producing countries like Russia and Trinidad. Corn prices indirectly affect demand, as higher corn prices incentivize farmers to maximize yields through increased fertilizer application. The company benefits from North America's competitive natural gas advantage, with domestic shale gas production providing cost advantages over international competitors. However, margin compression can occur during periods of high natural gas prices, weak agricultural commodity prices, or increased import competition.

Competitive moat

LSB Industries operates in a commodity chemical business with relatively limited sustainable competitive advantages. The company's primary moat stems from operational scale and geographic positioning rather than proprietary technology or brand differentiation. The company's facilities are strategically located near key agricultural markets and natural gas supply sources, providing logistical advantages and lower transportation costs compared to distant competitors. LSB's integrated production model, where ammonia is upgraded into higher-value downstream products like UAN and ammonium nitrate, provides some margin protection and customer stickiness compared to pure ammonia producers. However, the moat is relatively narrow. Barriers to entry include the substantial capital requirements for ammonia plants (typically $1-2 billion for new facilities) and complex permitting processes, which provide some protection against new competition. The company's relationships with agricultural distributors and industrial customers offer modest switching costs, particularly for specialized products requiring consistent quality specifications. Competitive threats come from several sources: large international producers with lower-cost natural gas (particularly in the Middle East and Russia), potential new domestic capacity additions, and import competition during periods of weak domestic demand. The commodity nature of most products limits pricing power, and customers can relatively easily switch suppliers for standard-grade products. LSB's emerging focus on low-carbon ammonia production could potentially create a stronger competitive position if carbon pricing mechanisms and environmental regulations create premium markets for cleaner products. However, this remains speculative and depends on regulatory developments and customer willingness to pay premiums for low-carbon alternatives.

Risks & safety

LSB Industries presents a moderate margin of safety with mixed financial health indicators. Liquidity and Solvency: - Current ratio of 2.51x indicates adequate short-term liquidity - Cash position of $15 million is relatively low for operations - Debt-to-equity ratio of 1.06x shows moderate leverage - Free cash flow of -$14 million in Q1 2025 indicates cash consumption Valuation Metrics: - EV/EBITDA of 9.3x appears reasonable for a cyclical chemical company - Price-to-book ratio of 0.97x suggests trading near book value - Graham net-net of -7.26 indicates negative liquidation value Other Considerations: - Cyclical earnings volatility creates valuation uncertainty - Natural gas price sensitivity adds operational risk - Capital expenditure requirements of $60-90 million annually for maintenance - Potential upside from low-carbon ammonia projects but execution risk remains

Recent development

LSB Industries has undergone significant strategic transformation over the past few years, pivoting from a traditional commodity chemical producer toward a leader in low-carbon ammonia production. The company has advanced two major clean energy projects: the El Dorado Carbon Capture and Sequestration (CCS) project in partnership with Lapis Energy, expected to produce 250,000 tons of low-carbon ammonia by 2026, and the Houston Ship Channel project targeting 1.1 million metric tons of low-carbon ammonia production, though this project was recently paused due to economic uncertainties. Operationally, LSB has focused on improving plant reliability and efficiency, completing major turnarounds at Cherokee and Pryor facilities while achieving record production rates. The company expanded urea capacity at its Pryor facility, adding 75,000 tons of annual UAN production capability. Safety performance has been exemplary, with zero recordable injuries achieved across multiple facilities. Commercially, LSB secured its first major low-carbon product customer through a 5-year agreement with Freeport Minerals for up to 150,000 tons of low-carbon ammonium nitrate solution, demonstrating market acceptance and premium pricing for cleaner products. The company has strategically shifted toward cost-plus contracts to provide earnings stability, targeting 35-50% of sales under these arrangements. Financial strategy has emphasized capital allocation discipline, with the company repurchasing $97 million in debt and approximately 1.5 million shares, while maintaining capital expenditure discipline at $60-90 million annually. The company has also explored potential acquisitions of strategic ammonia assets to achieve greater scale in the industry.

LXU company profile · for informational purposes only — not investment advice.

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