LPXLOUISIANA-PACIFIC CORP

Lumber & Wood Products (no Furniture)

Revenue: $2.7B; 7.9% YoY
Operating margin: 7.7%; 57% YoY
EBITDA: $347M; 47% YoY
Market cap: $5.1B
Employees: 4,300; $630K revenue each
Net debt / EBITDA: 0.3×; $120M net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
262% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
36% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$630K per employee
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$13M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.9B	$3.9B	$2.6B	$2.9B	$2.7B	7.9%
Operating income	$1.7B	$1.3B	$287M	$530M	$209M	61%
Net income	$1.4B	$1.1B	$178M	$420M	$146M	65%
Operating cash flow	$1.5B	$1.1B	$316M	$605M	$382M	37%
Capex	$254M	$414M	$300M	$183M	$291M	59%
Stock-based comp	—	—	$13M	$20M	$30M	50%
Buybacks	$1.3B	$900M	$0	$212M	$61M	71%
Dividends	$66M	$69M	$69M	$74M	$78M	5.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 2
Open-market sells, 12 mo: $15M · 28
Net: −$13M

Pay vs performance

No pay-versus-performance disclosure yet.