LWLamb Weston Holdings, Inc.
Canned, Frozen & Preservd Fruit, Veg & Food Specialties
- Revenue
- $6.6B
- 2.5% YoY
- Operating margin
- 8.9%
- 13% YoY
- EBITDA
- $988M
- 5.0% YoY
- Market cap
- $7.9B
- Employees
- 10,000
- $661K revenue each
- Net debt / EBITDA
- 3.4×
- $3.3B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo325% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo22% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo88% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$661K · 46th pctBottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 23rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$19M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $4.1B | $5.4B | $6.5B | $6.5B | $6.6B | 2.5% |
| Operating income | $444M | $882M | $1.1B | $665M | $591M | 11% |
| Net income | $201M | $1.0B | $726M | $357M | $290M | 19% |
| Operating cash flow | $419M | $762M | $798M | $868M | $943M | 8.6% |
| Capex | $290M | $654M | $930M | $638M | $403M | 37% |
| Stock-based comp | $21M | $39M | $47M | $40M | $46M | 17% |
| Dividends | $138M | $146M | $174M | $207M | $208M | 0.3% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 1, 2025 | JANA Partners Management, LP | SCHEDULE 13D/A | 4.9% | Passive |
| Jul 1, 2025 | CONTINENTAL GRAIN CO | SCHEDULE 13D/A | 1.5% | Passive |
| Jun 10, 2025 | CONTINENTAL GRAIN CO | SCHEDULE 13D/A | 1.5% | Passive |
| Jun 10, 2025 | JANA Partners Management, LP | SCHEDULE 13D/A | 5.4% | Passive |
| Jun 5, 2025 | JANA Partners Management, LP | SCHEDULE 13D/A | 7.0% | Passive |
| Jun 5, 2025 | CONTINENTAL GRAIN CO | SCHEDULE 13D/A | 1.5% | Passive |
| Apr 1, 2025 | JANA Partners Management, LP | SCHEDULE 13D/A | 5.6% | Passive |
| Apr 1, 2025 | CONTINENTAL GRAIN CO | SCHEDULE 13D/A | 1.5% | Passive |
| Mar 7, 2025 | CONTINENTAL GRAIN CO | SCHEDULE 13D/A | 1.5% | Passive |
| Mar 7, 2025 | JANA Partners Management, LP | SCHEDULE 13D/A | 7.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $19M · 10
- Open-market sells, 12 mo
- $0 · 0
- Net
- $19M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $16M | $12M | 57 | 70 |
| FY2025 | — | — | 65 | 96 |
| FY2024 | — | — | 113 | 102 |
| FY2023 | — | — | 136 | 100 |
| FY2022 | — | — | 84 | 96 |