At a glance
Louisiana-Pacific Corporation is worth $4.90B, about 34 times its fiscal 2025 earnings. Revenue fell 7.9% to $2.71B in fiscal 2025, with 5.4% kept as profit; over 5 years it has grown 2.5% a year. It pays a 1.68% dividend yield, raised every year for at least 6 years, and returned $2.83B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −22.2% over the past year with dividends reinvested and +4.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.8% in the 2020 crash (S&P 500: 33.7%) and 37.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 10 months after the lows.
The business in plain English
Louisiana-Pacific (LP), based in Nashville, Tennessee, makes wood-based building products for new homes, repair and remodeling, and outdoor structures such as sheds. Its main customers are wholesalers, building-supply dealers and home centers in North and South America. As of December 31, 2025, it ran more than 20 plants in the US, Canada, Chile and Brazil. Net sales were about $2.7 billion in 2025, and the top ten customers made up about 47% of that.
Siding is the biggest business, at 62% of 2025 net sales. LP says it is North America's largest maker of engineered wood siding (brands include LP SmartSide), which it says resists hail, moisture, rot and termites better than solid wood. The company says over half of siding demand comes from outside new home building, such as repair and remodeling, which makes it less tied to the housing cycle. LP aims to add siding capacity, and converting OSB plants is one option.
Oriented strand board (OSB), a cheaper alternative to plywood used for roof decking, wall sheathing and subfloors, made up 31%. Plain OSB is a commodity that competes mainly on price, so its price swings can move LP's profits. Its LP Structural Solutions line adds features such as fire resistance. The remaining 7%, labeled Other, is mostly the South American business plus timberlands.
Price history
The interactive chart needs JavaScript.
LPX -22.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $664.0M, down 12.1% from a year earlier, and net income was $26.0M (-51.9%).
- For fiscal 2025, revenue was $2.71B (-7.9% year over year; +2.5% a year from FY2020 to FY2025) with a 5.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.5% watch |
|---|---|
| Operating margin | 7.7% watch |
| Free cash flow margin | 3.4% watch |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 5.6% watch |
| Net cash (cash minus debt) | $-120.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.40B | $499.0M | $588.0M |
| FY2021 | $3.92B | $1.38B | $1.23B |
| FY2022 | $3.85B | $1.09B | $730.0M |
| FY2023 | $2.58B | $178.0M | $16.0M |
| FY2024 | $2.94B | $420.0M | $422.0M |
| FY2025 | $2.71B | $146.0M | $91.0M |
Valuation snapshot
| Market value | $4.90B |
|---|---|
| P/E ratio | 33.7 |
| Dividend yield | 1.68% |
Rank among 1514 US companies
Market value at each year end
Louisiana-Pacific’s market value went from $2.69B at the end of 2016 to $4.90B on Oct 28, 2026, up 82%; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.90B | -12.9% |
| 2025 | $5.62B | -22.7% |
| 2024 | $7.27B | +42.4% |
| 2023 | $5.11B | +20.3% |
| 2022 | $4.24B | -38.4% |
| 2021 | $6.89B | +69.7% |
| 2020 | $4.06B | +16.6% |
| 2019 | $3.48B | +11.1% |
| 2018 | $3.14B | -17.5% |
| 2017 | $3.80B | +41.3% |
| 2016 | $2.69B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LPX price data to Oct 28, 2026 | -12.2% | -22.2% | +13.1% | +4.0% | +16.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -12.2% |
| 2025 | -21.0% |
| 2024 | +47.9% |
| 2023 | +21.6% |
| 2022 | -23.4% |
| 2021 | +113.3% |
| 2020 | +28.1% |
| 2019 | +36.5% |
| 2018 | -13.8% |
| 2017 | +38.7% |
| 2016 | +5.1% |
| 2015 | +8.8% |
| 2014 | -10.5% |
| 2013 | -4.2% |
| 2012 | +139.4% |
| 2011 | -14.7% |
| 2010 | +35.5% |
| 2009 | +347.4% |
| 2008 | -88.3% |
| 2007 | -34.4% |
| 2006 | -19.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 93.1% over that stretch · deepest drop along the way 93.4%, back to its old high 45.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.1% over that stretch · deepest drop along the way 58.8%, back to its old high 5.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.6% over that stretch · deepest drop along the way 37.4%, back to its old high 9.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($1.7M) and 10 sales ($2.7M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 19, 2026 | F Nicholas Iii Grasberger Director | buy | $1.7M |
| Feb 17, 2026 | William Bradley Southern Chief Executive Officer, Director | sell (plan) | $834K |
| Feb 18, 2026 | William Bradley Southern Chief Executive Officer, Director | sell (plan) | $485K |
| Feb 18, 2026 | William Bradley Southern Chief Executive Officer, Director | sell (plan) | $404K |
| Feb 18, 2026 | William Bradley Southern Chief Executive Officer, Director | sell (plan) | $292K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.5% | Mar 31, 2025 |
| 59 North Capital Management, LP | 5.4% | Nov 7, 2025 |
| T. Rowe Price Associates, Inc. | 4.6% | Jun 30, 2026 |
| Eminence Capital, LP | 3.6% | Mar 31, 2026 |
| FMR LLC | 3.2% | Sep 30, 2025 |
ETFs with the most weight in LPX
| CUT Invesco MSCI Global Timber ETF | 3.68% |
| ZIG Acquirers Fund | 3.41% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.19% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 1.27% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 0.87% |
| HOMZ Hoya Capital Housing ETF | 0.67% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.65% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.6% |
What could go wrong
- OSB prices can swing sharply. OSB brought in 31% of 2025 net sales. It is a commodity whose price moves with supply and demand, so a drop in panel prices can cut LP's profits quickly.
- Heavy reliance on North American housing. LP's business relies mainly on North American new home construction and remodeling. A weaker economy or housing slowdown can reduce demand for both siding and OSB, hurting sales, profits and cash flow.
- A few large customers drive sales. LP's ten largest customers made up about 47% of 2025 net sales. If a key customer or distributor struggles or goes out of business, LP could lose sales and be left with unpaid bills.
- Warranty claims could exceed reserves. LP sets aside money, called warranty reserves, to pay claims on its products. If claims run higher than those reserves, the extra cost could hurt earnings and cash flow.
- Wood and resin costs can jump. Wood fiber from timber is LP's main raw material, and resin costs are influenced by petroleum prices. Shortages, price spikes or broader inflation may push costs up faster than LP can raise prices.
- Mill fires and outages can halt output. Fires, equipment failures, storms and strikes can shut a plant. Fires cut 2025 production by less than 1%, but a major outage could delay deliveries and send customers to other suppliers.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Leaving out 2021, when a special dividend was paid, LP's regular dividend per share rose in every year from 2018 to 2025. It reached $0.28 in 2025, up from $0.145 in 2020, about 14.1% a year, and the yield was 1.68% as of October 28, 2026. Dividends took 53.4% of 2025 earnings and 85.7% of free cash flow (cash left after running the business and investing in plants). In 2023 they exceeded free cash flow. Buybacks were much larger: $2,473 million from 2021 to 2025, versus $356 million in dividends, and the share count fell 20.5% between November 2021 and July 2026.
The shares have fallen hard in downturns: 93.4% in the 2008 financial crisis, recovering only in December 2012; 58.8% in the 2020 COVID crash, recovering by August 2020; and 37.4% in 2022. For income investors, that means a modest yield alongside big price swings. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Louisiana-Pacific make money?
Mostly by selling wood-based building materials. Louisiana-Pacific's net sales were about $2.7 billion in 2025. Siding, sold under names such as LP SmartSide, brought in 62%. Oriented strand board (OSB), a panel made from wood strands and resin and used for roofs, walls and floors, brought in 31%. The other 7% came mainly from South America and timberlands. Its main customers are wholesalers, building-supply dealers and home centers, and its top ten customers made up about 47% of net sales.
Does Louisiana-Pacific raise its dividend every year?
Yes, based on the record available. Regular dividends per share rose each year from FY2018 to FY2025, setting aside FY2021, when the total included a special dividend. The payout was $0.28 per share in FY2025, and regular dividends grew about 14.1% a year from FY2020 to FY2025. The yield was 1.68% as of October 28, 2026. In FY2025 the dividend used 53.4% of earnings and 85.7% of free cash flow (cash left after capital spending), a thinner cushion than in stronger years.
Why do Louisiana-Pacific's profits go up and down so much?
Because its results follow the housing market and the price of OSB, which trades like a commodity. Net income reached about $1.4 billion in FY2021, then fell to $178 million in FY2023 and $146 million in FY2025, when net sales dropped 7.9%. The decline carried into the quarter ended June 30, 2026: sales fell 12.1% from a year earlier and net income fell 51.9%. Siding is steadier. LP says over half its siding demand comes from markets other than new homes.
How much has LPX stock fallen in past downturns?
A lot. The share price fell 93.4% in the 2008 financial crisis and took about 45.5 months after the low to get back to its earlier peak. It dropped 58.8% in the 2020 COVID crash and recovered in about five months. In the 2022 bear market it fell 37.4% and recovered in about 9.5 months. As of October 28, 2026, the price was down 22.2% over one year and up 361% over 10 years. That record may not suit investors who might need to sell during a slump.
Does Louisiana-Pacific buy back its own shares?
Yes, and in large amounts at times. From FY2021 to FY2025 it spent about $2.5 billion on buybacks, compared with $356 million on dividends. Shares outstanding fell 20.5%, from about 88.0 million on November 1, 2021 to about 69.9 million on July 31, 2026. Buybacks have shrunk when profits fell, though: there were none in FY2023 and only $61 million in FY2025. As of June 30, 2026, LP had $348 million of debt and $228 million of cash and investments.