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Lamb Weston

LW NYSE Packaged Foods & Meats Financials FY2017–FY2026

Lamb Weston's revenue rose 2.5% to $6.6 billion in fiscal 2026. Its operating margin was 8.9%, down from 10.3% a year earlier. Free cash flow was $540 million, up 134.8%. It paid out $208 million in dividends and buybacks, 38% of free cash flow. The diluted share count fell 2.5%.

Last close · Oct 23, 2026

$53.83

2.4%
Value it Compare
Revenue Total sales reported in the income statement.
$6.6B
2.5% vs prior year
Operating margin Operating income as a share of revenue.
8.9%
1.4 pts
Net income Profit after all expenses, interest and tax.
$290M
18.8%
Free cash flow Cash from operations minus capital spending.
$540M
134.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.1%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.4x
On $1.83 EPS (TTM)

What Lamb Weston does

No business description yet.

Legal name
LAMB WESTON HOLDINGS, INC.
Fiscal year ends
May 31, 2026
Latest annual report
—
Accession · CIK
0001679273-26-000026
0001679273

Revenue and margins

Lamb Weston had $6.6B of revenue in fiscal 2026, up 2.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew −0.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $540M in fiscal 2026, 8.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lamb Weston returned $208M to shareholders in fiscal 2026, 38% of free cash flow. The diluted share count fell 2.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Lamb Weston yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.9B and divides by 139.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.4x · peers 18.8x · sector 24.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Lamb Weston can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $525M$305M$71.4M$70.7M$68.2M
Debt incl. finance leases $2.7B$3.5B$4.2B$4.1B$3.9B
Net debt / EBITDA 3.5x2.9x3.0x3.9x3.9x
Debt / equity 7.6x2.5x2.3x2.4x2.2x
Interest coverage 5.5x5.8x5.6x3.2x2.9x
Current ratio 2.4x1.6x1.3x1.4x1.4x
Quick ratio 1.6x0.9x0.6x0.7x0.7x
Total assets $4.1B$6.5B$7.4B$7.4B$7.4B
Total liabilities $3.8B$5.1B$5.6B$5.7B$5.6B
Shareholders' equity $361M$1.4B$1.8B$1.7B$1.8B
Net debt (− = net cash) $2.2B$3.2B$4.1B$4.1B$3.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$19.4M

5 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 11, 2026 James D GrayChief Financial Officer Bought 10,000 $40.92 $0.4M Form 4
Apr 27, 2026 James D GrayChief Financial Officer Bought 4,556 $43.85 $0.2M Form 4
Apr 15, 2026 JANA Partners Management LPDirector Bought 50,000 $43.19 $2.2M Form 4
Apr 13, 2026 JANA Partners Management LPDirector Bought 100,000 $42.12 $4.2M Form 4
Apr 8, 2026 JANA Partners Management LPDirector Bought 100,000 $41.41 $4.1M Form 4
Apr 7, 2026 JANA Partners Management LPDirector Bought 136,000 $40.89 $5.6M Form 4
Apr 7, 2026 Norman PrestageDirector Bought 2,500 $41.40 $0.1M Form 4
Apr 6, 2026 Peter J BensenDirector Bought 5,000 $39.45 $0.2M Form 4
Feb 6, 2026 Jan Eli B CrapsExecutive Chair, Director Bought 50,000 $48.65 $2.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 96 / 97 / 9
Accruals ratio −1.1%−6.9%−8.8%
Altman Z'' 2.922.682.71

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Lamb Weston LW $7.4B 2.5% 8.9% 8.2% 7.1% 29.4x 7
McCormick MKC $13.0B 1.7% 15.7% 10.8% 8.7% 8.7x 6 Compare →
Post POST $4.1B 3.0% 9.8% 6.0% 5.7% 14.7x 4 Compare →
Flowers Foods FLO $1.3B 3.0% 3.3% 6.1% 4.6% 22.8x 5 Compare →
J.M. Smucker SJM — 3.7% 4.0% 12.8% 2.2% 60.7x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $3.2B $3.4B $3.8B $3.8B $3.7B $4.1B $5.4B $6.5B $6.5B $6.6B
Gross profit $779M $880M $1.0B $895M $832M $832M $1.4B $1.8B $1.4B $1.4B
Research and development $10.6M $13.5M $15.4M $15.4M $12.9M $16.2M $17.2M $26.4M $22.0M $18.9M
Operating income $518M $580M $668M $557M $475M $444M $882M $1.1B $665M $591M
Interest expense $48.8M $104M $108M $106M $121M $80.6M $152M $191M $211M $203M
Pretax income $510M $555M $621M $478M $408M $273M $1.2B $956M $500M $418M
Income tax $170M $121M $134M $112M $90.5M $71.8M $225M $230M $143M $128M
Net income $327M $417M $479M $366M $318M $201M $1.0B $726M $357M $290M
Diluted EPS $2.22 $2.82 $3.18 $2.49 $2.16 $1.38 $6.95 $4.98 $2.50 $2.08
Diluted shares 0.15B 0.15B 0.15B 0.15B 0.15B 0.15B 0.15B 0.15B 0.14B 0.14B
Cash flow
Cash from operations $447M $481M $681M $574M $553M $419M $762M $798M $868M $943M
Capital expenditure $287M $307M $334M $168M $147M $290M $654M $930M $638M $403M
Free cash flow $160M $174M $347M $406M $406M $129M $108M −$131M $230M $540M
Depreciation and amortization $109M $143M $162M $182M $188M $192M $223M $307M $375M $397M
Stock-based compensation $5.7M $13.5M $18.8M $22.8M $20.6M $21.3M $38.5M $46.8M $39.5M $46.2M
Acquisitions $0.0M $0.0M $88.6M $117M $0.0M $0.0M $0.0M $10.5M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $27.4M $110M $113M $121M $135M $138M $146M $174M $207M $208M
Dividends and buybacks $27.4M $110M $113M $121M $135M $138M $146M $174M $207M $208M
Balance sheet
Cash and short-term investments $57.1M $55.6M $12.2M $1.4B $784M $525M $305M $71.4M $70.7M $68.2M
Total debt $2.4B $2.4B $2.3B $3.5B — $2.7B $3.5B $4.2B $4.1B $3.9B
Finance lease liabilities $0.0M $0.0M $0.0M $13.3M $7.3M $7.0M $7.7M $5.7M $5.2M $4.0M
Current assets $858M $930M $962M $2.3B $1.8B $1.7B $2.1B $2.1B $2.0B $2.0B
Current liabilities $555M $519M $553M $1.0B $618M $699M $1.4B $1.6B $1.5B $1.4B
Inventory $525M $550M $498M $487M $514M $574M $932M $1.1B $1.0B $969M
Property and equipment, net $1.3B $1.4B $1.6B $1.5B $1.5B $1.6B $2.8B $3.6B $3.7B $3.7B
Total assets $2.5B $2.8B $3.0B $4.7B $4.2B $4.1B $6.5B $7.4B $7.4B $7.4B
Total liabilities $3.1B $3.1B $3.1B $4.4B $3.7B $3.8B $5.1B $5.6B $5.7B $5.6B
Shareholders' equity −$647M −$335M −$4.6M $240M $481M $361M $1.4B $1.8B $1.7B $1.8B
Margins
Gross margin 24.6% 25.7% 26.7% 23.6% 22.7% 20.3% 26.8% 27.3% 21.7% 20.6%
Operating margin 16.4% 16.9% 17.8% 14.7% 12.9% 10.8% 16.5% 16.5% 10.3% 8.9%
EBITDA margin 19.8% 21.1% 22.1% 19.5% 18.1% 15.5% 20.7% 21.2% 16.1% 14.9%
Net margin 10.3% 12.2% 12.7% 9.7% 8.7% 4.9% 18.9% 11.2% 5.5% 4.4%
FCF margin 5.0% 5.1% 9.2% 10.7% 11.1% 3.1% 2.0% −2.0% 3.6% 8.2%
Returns
Return on capital 21.4% 24.4% 24.4% 18.0% — — 20.2% 15.5% 8.1% 7.1%
Return on capital employed 28.2% 27.9% 28.3% 18.2% 13.1% 12.6% 20.5% 19.5% 11.4% 10.0%
Return on equity 86.8% — — — 88.2% 47.8% 113.9% 45.4% 20.3% 16.3%
Return on assets 14.1% 15.9% 16.5% 9.5% 7.2% 4.8% 18.9% 10.5% 4.8% 3.9%
Growth
Revenue growth 5.8% 8.1% 9.7% 1.0% −3.2% 11.7% 30.5% 20.9% −0.3% 2.5%
Net income growth 14.6% 27.5% 14.8% −23.6% −13.2% −36.8% 402.2% −28.1% −50.8% −18.8%
EPS growth 15.6% 27.0% 12.8% −21.7% −13.3% −36.1% 403.6% −28.4% −49.8% −16.8%
FCF growth −30.7% 9.3% 98.8% 17.2% −0.2% −68.3% −16.2% −221.9% — 134.8%
Share count change 0.4% 0.3% 0.2% −0.1% 0.0% −0.8% −0.5% 0.3% −2.0% −2.5%
Financial health
Net debt / EBITDA 3.8x 3.2x 2.8x 2.9x — 3.5x 2.9x 3.0x 3.9x 3.9x
Debt / equity — — — 14.8x — 7.6x 2.5x 2.3x 2.4x 2.2x
Interest coverage 10.6x 5.6x 6.2x 5.3x 3.9x 5.5x 5.8x 5.6x 3.2x 2.9x
Current ratio 1.6x 1.8x 1.7x 2.3x 2.9x 2.4x 1.6x 1.3x 1.4x 1.4x
Quick ratio 0.6x 0.7x 0.8x 1.8x 2.1x 1.6x 0.9x 0.6x 0.7x 0.7x
Capital allocation
Capex / revenue 9.1% 9.0% 8.9% 4.4% 4.0% 7.1% 12.2% 14.4% 9.9% 6.1%
Stock comp / revenue 0.2% 0.4% 0.5% 0.6% 0.6% 0.5% 0.7% 0.7% 0.6% 0.7%
Payouts / FCF 17.2% 63.2% 32.7% 29.9% 33.4% 107.7% 135.7% — 89.9% 38.4%
Quality scores
Piotroski F-score — 7.0 6.0 5.0 — — 7.0 5.0 6.0 7.0
Altman Z'' 2.1 2.8 3.2 3.4 3.7 3.4 3.1 2.9 2.7 2.7
Accruals ratio −5.2% −2.5% −7.0% −5.4% −5.3% −5.2% 4.6% −1.1% −6.9% −8.8%

Source: SEC EDGAR XBRL filings (CIK 0001679273). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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