Louisiana-Pacific
LPX · Building Products
$73.76
1.5%Trex
TREX · Building Products
$50.38
1.4%The short version
- Louisiana-Pacific is the larger business, with $2.7B of revenue in fiscal 2025 against $1.2B for Trex, about 2.3 times as much.
- Trex grew revenue faster (2.0%, against −7.9%).
- Trex kept more of each dollar of sales as operating profit (22.0% operating margin, against 7.7% operating margin).
- Trex turned more of its sales into free cash flow (11.5% FCF margin, against 3.4% FCF margin).
- Investors pay more for each dollar of Louisiana-Pacific’s earnings: a P/E of 94.6x against 29.8x for Trex.
| Latest fiscal year | LPX · FY25 | TREX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $5.2B |
| Revenue | $2.7B | $1.2B |
| Free cash flow | $91.0M | $135M |
| Net income | $146M | $190M |
| Growth | ||
| Revenue growth | −7.9% | 2.0% |
| 5-year growth | 2.5% | 5.9% |
| Share count change | −1.4% | −1.1% |
| Profitability | ||
| Gross margin | 21.8% | 39.2% |
| Operating margin | 7.7% | 22.0% |
| Net margin | 5.4% | 16.2% |
| FCF margin | 3.4% | 11.5% |
| Return on capital | 9.0% | — |
| Return on equity | 8.6% | 19.8% |
| Balance sheet | ||
| Net debt | $56.0M | — |
| Net debt / EBITDA | 0.2x | — |
| Dividends and buybacks | $139M | $54.5M |
| Valuation & quality | ||
| P/E | 94.6x | 29.8x |
| Piotroski F-score | 5 | — |
FY16
LPX $2.2B
TREX $480M
FY17
LPX $2.7B
TREX $565M
FY18
LPX $2.8B
TREX $684M
FY19
LPX $2.3B
TREX $745M
FY20
LPX $2.4B
TREX $881M
FY21
LPX $3.9B
TREX $1.2B
FY22
LPX $3.9B
TREX $1.1B
FY23
LPX $2.6B
TREX $1.1B
FY24
LPX $2.9B
TREX $1.2B
FY25
LPX $2.7B
TREX $1.2B
LPX
TREX
FY16
LPX 9.4%
TREX 21.7%
FY17
LPX 19.5%
TREX 25.2%
FY18
LPX 18.6%
TREX 25.8%
FY19
LPX −0.9%
TREX 25.3%
FY20
LPX 25.6%
TREX 26.5%
FY21
LPX 44.3%
TREX 23.0%
FY22
LPX 32.4%
TREX 22.3%
FY23
LPX 11.1%
TREX 25.1%
FY24
LPX 18.0%
TREX 28.0%
FY25
LPX 7.7%
TREX 22.0%
LPX
TREX
FY16
LPX $218M
TREX $70.7M
FY17
LPX $325M
TREX $86.8M
FY18
LPX $297M
TREX $104M
FY19
LPX −$4.0M
TREX $89.1M
FY20
LPX $588M
TREX $14.5M
FY21
LPX $1.2B
TREX $98.7M
FY22
LPX $730M
TREX $40.0M
FY23
LPX $16.0M
TREX $223M
FY24
LPX $422M
TREX −$88.4M
FY25
LPX $91.0M
TREX $135M
LPX
TREX
FY16
LPX 16.5%
TREX —
FY17
LPX 41.6%
TREX —
FY18
LPX 36.2%
TREX —
FY19
LPX −1.4%
TREX —
FY20
LPX 44.6%
TREX —
FY21
LPX 116.7%
TREX —
FY22
LPX 72.5%
TREX —
FY23
LPX 13.1%
TREX —
FY24
LPX 23.7%
TREX —
FY25
LPX 9.0%
TREX —
LPX
TREX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.