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Friday 6 November 2026 Export LW’s income statement to Excel — free account

Lamb Weston

LW Consumer Defensive Packaged Foods

Lamb Weston’s revenue for fiscal 2026 (year ended May 2026) was $6.6 billion, up 2.50% from fiscal 2025.

Revenue
+0.66%
EPS
−54.4%
Free cash flow
−47.3%
Total debt
−1.00%

Quarter to August 2026, against a year earlier

54.41 0.29 −0.53%
Market cap
$7.6B
P/E
29.9×
Fwd P/E
20.3×
Dividend yield
2.75%
F-score
7/9
Altman Z
2.46
Beneish M
−2.87
Dividend safety
55/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • North America
  • International

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 19.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — 5 1 — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.10%

Capital & Financial Ratios $m

Size
Market Cap 7,590.00
Revenue ttm 6,623.30
Net income ttm 254.80
Free cash flow ttm 429.80
Net debt Q 3,762.30
Valuation
P/E 29.92
Forward P/E 20.30
Price / sales 1.15
Forward P/S Powerpack
Price / FCF 17.72
Price / book 4.22
Financial health
Current ratio Q 1.45
Debt / equity Q 2.17 (above 2: weak)
Interest coverage Q 1.94
Growth
Revenue growth Q +0.66% (above 0%: growing)
Operating income growth Q −47.48% (below 0%: shrinking)
EPS, this year +7.34%
EPS, next year A +9.37%
Revenue, next year A −0.03% (below 0%: weak)
EPS, past 5 yrs −0.75% (below 0%: weak)
EPS, next 5 yrs A +8.36%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 2.9×; over the ten years it ranged from 1.4× in 2026 to 4.0× in 2021.
P/E against its own 10 years 77.93%
10-year low 10-year high
P/S against its own 10 years 10.13%
10-year low 10-year high
P/B against its own 10 years 13.86%
10-year low 10-year high
EV/Sales against its own 10 years 8.65%
10-year low 10-year high
EV/FCF against its own 10 years 17.08%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.75%
Annual rate
1.52
Payout ratio
83.1%
Growth, 2018–26
+8.96%/yr
  1. 0.76 ’18
  2. 0.80 ’19 +5
  3. 0.92 ’20 +15
  4. 0.94 ’21 +2
  5. 0.98 ’22 +4
  6. 1.12 ’23 +14
  7. 1.44 ’24 +29
  8. 1.48 ’25 +3
  9. 1.52 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 71 71 68 166
Receivables 744 782 779 788
Inventory 1,139 1,035 969 965
Other — — — —
2,090 2,033 2,014 2,050
2024 2025 2026 Q'26
Payables 834 616 613 631
ST’ Debt 383 449 320 350
Other — — — —
1,624 1,476 1,416 1,409

Compound Annual Growth %

10y 5y 3y
Sales 8.25% 12.49% 7.31%
Cash Flow 9.45% 11.27% 7.37%
Earnings 0.33% (1.81%) (34.00%)
Book Value 2.68% 30.58% 8.94%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 0.59 Actual 0.75

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.67 0.69 Beat by 0.02
Q3 FY26 0.61 0.72 Beat by 0.11
Q4 FY26 0.62 0.87 Beat by 0.25
Q1 FY27 0.59 0.75 Beat by 0.16
Q2 FY27 0.87 — Reports 18 December 2026

EPS $

Aug Nov Feb May Year
’26 0.21 — — — —
’26 0.46 0.44 0.39 0.79 2.08
’25 0.88 (0.25) 1.03 0.85 2.50
’24 1.60 1.48 1.01 0.89 4.98
’23 1.60 0.71 1.21 3.40 6.95
’22 0.20 0.22 0.73 0.22 1.38
’21 0.61 0.66 0.45 0.44 2.16
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 1,670 — — — —
’26 1,659 1,618 1,565 1,770 6,612
’25 1,654 1,601 1,521 1,676 6,451
’24 1,665 1,732 1,458 1,612 6,468
’23 1,126 1,277 1,254 1,695 5,351
’22 984 1,007 955 1,153 4,099
’21 872 896 896 1,008 3,671
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 235 — — — —
’26 352 178 65 347 943
’25 330 99 56 383 868
’24 335 121 26 317 798
’23 192 96 47 427 762
’22 162 46 (33) 245 419
’21 251 68 56 178 553
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 144 — — — —
’26 273 117 (35) 205 559
’25 (22) (53) (21) 295 199
’24 30 (141) (235) 153 (194)
’23 71 (53) (180) 188 26
’22 83 (23) (112) 165 112
’21 217 48 3 121 389
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.1% a year for ten years. It grew 6.3% a year over the last ten.

Implied
11.1%
10 years, reported
6.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 3,168 3,424 3,757 3,792 3,671 4,099 5,351 6,468 6,451 6,612 6,623 +8.5% 6,610 6,746 6,889 +1.4%
Gross margin, % 24.58 25.69 26.71 23.61 22.66 20.30 26.77 27.32 21.68 20.56 19.38 (4.0) pt
EBT 457 471 561 449 357 283 773 930 485 411 338 (1.2%)
EBT margin, % 14.43 13.77 14.94 11.84 9.71 6.91 14.45 14.37 7.52 6.21 5.10 (8.2) pt
Net income 340 434 487 366 318 201 1,009 726 357 290 255 (1.8%)
Per share, $
Per share, $ Revenue 21.68 23.40 25.64 25.94 25.07 28.17 37.03 44.63 45.37 47.60 48.13 +9.1%
Earnings 2.22 2.83 3.19 2.50 2.17 1.38 6.98 5.01 2.51 2.09 1.85 (0.7%)
Cash flow 3.06 3.29 4.65 3.93 3.78 2.88 5.27 5.51 6.11 6.79 6.00 +9.3%
Capex (1.97) (2.10) (2.30) (1.43) (1.12) (2.11) (5.09) (6.84) (4.71) (2.77) (2.88) +3.9%
Free cash flow 1.09 1.19 2.35 2.50 2.66 0.77 0.18 (1.34) 1.40 4.02 3.12 +15.6%
Book value (4.43) (2.29) (0.03) 1.64 3.28 2.48 9.77 12.34 12.22 13.14 13.13 n/m
Shares, m 146 146 147 146 146 146 145 145 142 139 139 (0.6%)
Valuation, ×
Valuation, × P/E 20.64 22.53 18.57 24.64 38.69 48.97 15.95 17.66 21.76 20.27 29.92 25.0
P/S 2.14 2.72 2.31 2.37 3.35 2.40 3.00 1.98 1.21 0.89 1.15 2.2
P/B 0.00 0.00 0.00 37.52 25.58 27.28 11.39 7.16 4.49 3.24 4.22 11.7
EV/Sales 2.89 3.40 2.93 2.95 3.88 2.94 3.59 2.56 1.84 1.48 1.72 2.8
EV/FCF 57.36 66.84 31.96 30.58 36.58 107.27 748.09 (85.46) 59.74 17.47 26.48 107.0
Cash, $m
Cash, $m Operating cash flow 447 481 681 574 553 419 762 798 868 943 826 +8.6%
Capex (287) (307) (337) (208) (163) (306) (736) (992) (670) (384) (396) +3.3%
Free cash flow 160 174 344 366 389 112 26 (194) 199 559 430 +14.9%
Balance, $m
Balance, $m Working capital 303 412 409 1,278 1,164 961 767 466 557 599 641 +7.9%
Net debt 2,368 2,329 2,314 2,176 1,954 2,203 3,157 3,752 4,061 3,847 3,762 +5.5%
Shareholders’ equity (647) (335) (5) 240 481 361 1,411 1,788 1,738 1,825 1,807 n/m
Returns, %
Returns, % ROA 13.99 15.91 16.50 9.49 7.16 4.81 18.93 10.45 4.84 3.93 3.50 (10.1) pt
ROIC 18.83 18.18 18.09 14.41 12.19 10.83 12.07 12.02 7.17 6.51 5.80 (12.3) pt
ROE 86.22 (84.89) (282.03) 310.88 88.20 47.77 113.88 45.36 20.26 16.28 14.17 (69.9) pt
People
People Employees 6,500 7,200 7,600 7,700 7,800 8,000 10,300 10,700 10,100 10,000 — +4.9%
Revenue/emp, $m 0.49 0.48 0.49 0.49 0.47 0.51 0.52 0.60 0.64 0.66 — +3.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Lamb Weston produces, distributes and markets frozen potato products, primarily french fries. Its products also include commercial ingredients and appetizers. It sells to restaurant chains, foodservice distributors, institutions and retailers, serving customers in more than 100 countries.

The company was founded in 1950 and is headquartered in Eagle, Idaho. Michael J. Smith is its president and chief executive officer. Lamb Weston operates through North America and International segments, organized around where customers buy its products.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
North America 4,395 66.47%
International 2,217 33.53%
Gross margin 20.56%
Operating margin 8.94%
Pre-tax margin 6.21%

Revenue by segment since 2017

Lamb Weston vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49% Compare
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
SFD Smithfield Foods, Inc. $7.7B 8.5× 10.5× −8.27% (below 0%: shrinking) −63.32% (below 0%: shrinking) +160.00% (above 0%: growing) 9.11% 3.70% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92%
CAG Conagra Brands $7.4B — (loss-making) 10.2× −1.39% (below 0%: shrinking) +5.88% (above 0%: growing) −464.50% (below 0%: shrinking) 23.83% 10.34% Compare
CPB The Campbell's Company $7.0B 17.5× 12.5× −7.93% (below 0%: shrinking) n/m +5.43% (above 0%: growing) 27.28% 0.19% Compare
PPC Pilgrim's Pride Corporation $6.8B 21.3× 20.3× −2.23% (below 0%: shrinking) −65.97% (below 0%: shrinking) −101.15% (below 0%: shrinking) 7.17% 4.12% Compare
INGR Ingredion Incorporated $6.1B 10.4× 10.3× +0.93% (above 0%: growing) −40.79% (below 0%: shrinking) +34.38% (above 0%: growing) 23.03% 10.16% Compare
Median of peers $7.6B 14.0× 10.5× −2.23% −52.05% +34.38% 23.03% 4.12%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • CEO Mike Smith said North American growth reflected customer wins and existing demand, while pricing actions and cost savings were intended to address inflation.
  • Smith said heat and dry weather had affected Europe’s potato crop, and Lamb Weston had raised prices while working with customers to adjust product specifications.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.76%
Held by the ten largest 56.01%
Holder Shares Stake Change
BlackRock 16.91m 12.30% −728.36k
Vanguard 15.13m 11.00% −373.65k
T. Rowe Price 9.56m 6.95% −177.09k
JPMorgan Chase 7.11m 5.18% −181.13k
Starboard Value LP 5.73m 4.17% −381.00k
JANA Partners Management, LP 5.39m 3.92% +386.00k
AQR Capital Management 4.90m 3.56% +2.83m
State Street 4.87m 3.54% +294.12k
Fidelity (FMR) 3.82m 2.78% +1.58m
CONTINENTAL GRAIN CO 3.57m 2.60% +935.00k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 July 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 16.00m 11.64m 57.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Lamb Weston (LW) Latest News

5 Nov

Impact 3 · · Zacks

29 Oct

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21 Oct

Impact 4 · · Investing.com

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Impact 4 · · Simply Wall St.
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Impact 3 · · StockStory

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Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
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Impact 4 · · MT Newswires
Impact 4 · · Proactive Investors
Impact 3 · · StockStory
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Impact 3 · · Associated Press
Impact 3 · · Business Wire

5 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

4 Oct

Impact 3 · · StockStory
Impact 3 · · Benzinga

1 Oct

Impact 3 · · Zacks

LW metrics, ten years each

stockrow.com/LW · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com