Louisiana-Pacific Corporation
LPX Industrials Building Products & Equipment
Louisiana-Pacific Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, down 7.92% from fiscal 2024. In the quarter to June 2026, revenue fell 12.1%, EPS fell 50.7%, free cash flow fell 13.8% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.
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Louisiana-Pacific Corporation (LPX) Beneish M-score
Louisiana-Pacific Corporation's Beneish M-score for fiscal 2025 is −2.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.85 | 0.20 |
| FY2024 | −3.05 | (1.00) |
| FY2023 | −2.05 | 1.18 |
| FY2022 | −3.23 | (0.58) |
| FY2021 | −2.65 | 0.54 |
| FY2020 | −3.19 | (1.23) |
| FY2019 | −1.96 | 0.67 |
| FY2018 | −2.63 | (0.17) |
| FY2017 | −2.46 | 0.77 |
| FY2016 | −3.23 | (0.32) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.30 | — | 0.69 | |
| Asset quality index | 0.87 | — | 0.35 | |
| Sales growth index | 0.92 | — | 0.82 | |
| Depreciation index | 0.94 | — | 0.11 | |
| SG&A index | 1.23 | — | −0.21 | |
| Total accruals to total assets | (0.09) | — | −0.42 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| OC Owens Corning Inc compare | −3.4× |
| GFF Griffon Corporation compare | −3.4× |
| TREX Trex Company, Inc. compare | −3.3× |
| LPX Louisiana-Pacific Corporation | −2.9× |
| BLDR Builders FirstSource, Inc. compare | −2.8× |
| AWI Armstrong World Industries, Inc. compare | −2.6× |
| FBIN Fortune Brands Innovations, Inc. compare | −2.6× |
| SPXC SPX Technologies, Inc. compare | −2.4× |
| AAON AAON, Inc. compare | −1.4× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI