Cash conversion efficiency has deteriorated, with the company reporting a $37 million operating cash outflow in 2026Q1 despite generating $27 million in net income.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 282M | 382M | 605M | 316M | 1.14B | 1.48B | 659M | 159M | 510.5M | 473.7M | 342.3M | 27.5M | -52.9M | 242.5M | 115.4M | -40.2M | 47.8M | 60.8M | -142.5M | -9.7M | 183.8M | 514M | 601.5M | 509.4M | 88.5M | 148.7M | 82.5M | 472.6M | 123M | 88.2M | 22.8M |
| Operating CF Margin % | - | 14.11% | 20.57% | 12.24% | 29.68% | 37.91% | 27.47% | 6.88% | 18.05% | 17.33% | 15.33% | 1.45% | -2.73% | 11.63% | 6.73% | -2.96% | 3.45% | 5.76% | -10.35% | -0.57% | 8.22% | 19.78% | 21.11% | 22.15% | 4.56% | 6.3% | 2.81% | 16.42% | 5.35% | 3.67% | 0.92% |
| Operating CF Growth % | -268.41% | -36.86% | 91.46% | -72.38% | -22.91% | 125.19% | 314.47% | -68.85% | 7.77% | 38.39% | 1144.73% | 151.98% | -121.81% | 110.14% | 387.06% | -184.1% | -21.38% | 142.67% | -1369.07% | -105.28% | -64.24% | -14.55% | 18.08% | 475.59% | -40.48% | 80.24% | -82.54% | 284.23% | 39.46% | 286.84% | -93.19% |
| Net Income | 82M | 146M | 420M | 178M | 1.08B | 1.37B | 497M | -10M | 395M | 390M | 149.8M | -88.1M | -75.4M | 175.4M | 28.8M | -181.1M | -38.6M | -121.8M | -579M | -179.9M | 123.7M | 455.5M | 420.7M | 272.5M | -62M | -171.6M | -13.8M | 216.8M | 2M | -101.8M | -200.7M |
| Depreciation & Amortization | 147M | 145M | 126M | 119M | 132M | 119M | 111M | 123M | 120M | 123.3M | 112.8M | 101.9M | 100.7M | 91.3M | 73.9M | 78.9M | 82M | 80M | 100.4M | 109.8M | 128M | 135.1M | 145.1M | 141.3M | 157.6M | 195.2M | 235.5M | 202M | 185.4M | 183.9M | 191.8M |
| Stock-Based Compensation | 18M | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M | 9.7M | 13M | 9.3M | 9.4M | 8.8M | 8.4M | 7.8M | 8.8M | 7.3M | 9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 38M | 24M | -4M | 44M | 1M | 7M | 2M | 10M | 27M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -155.3M | -13.9M | -29.1M | -113.9M | 140.5M | 179.8M | -16.7M | -77.6M | -3.8M | 53.3M | 7.6M | 15.3M | -22M |
| Other Non-Cash Items | 64M | 65M | 14M | 103M | -42M | 29M | 34M | 96M | -21.6M | 8.3M | 18.6M | 17M | -11.6M | -66M | 43.3M | 93.5M | -11.1M | 15.3M | 573.5M | 157.9M | -11.3M | 19.5M | -26.5M | -123.3M | -29.7M | 83.2M | -62.3M | -75.4M | -40.8M | -42.7M | 90.4M |
| Working Capital Changes | -76M | -28M | 49M | -128M | -30M | -44M | 15M | -60M | -18M | -58M | 48.1M | -10.9M | -76M | 33M | -42.1M | -38.7M | 6.7M | 80M | -91.8M | -83.6M | -27.5M | 17.8M | -78.3M | 39.1M | 39.3M | 119.5M | -73.1M | 75.9M | -31.2M | 33.5M | -36.7M |
| Change in Receivables | 28M | 9M | 3M | -8M | 22M | -14M | -53M | -21M | 3.4M | -35M | -8.9M | 10.6M | -34.1M | 4.5M | -15M | 14.3M | 16.9M | 38.6M | 0 | -665.9M | -1.26B | -1.4B | -1.22B | -1.02B | -160.4M | -119.7M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -32M | -18M | 9M | -46M | -66M | -71M | -12M | 3M | -1.9M | -22.7M | -11M | 3.5M | -9.2M | -17.7M | -44.5M | -15.1M | -8.5M | 57.2M | 29.9M | 32.6M | -10.3M | -14.4M | -26M | 400K | 2.1M | 97M | -37.4M | 13.5M | 7.1M | 12.8M | 31.1M |
| Change in Payables | -31M | -2M | 23M | -40M | 15M | 46M | 30M | -4M | -20.7M | 22.5M | 53.8M | -20.3M | -7.8M | 12.4M | 11.7M | -5.4M | 6.2M | 6.2M | 0 | -37.6M | 800K | -17.2M | -300K | 33.7M | -20.4M | -41.4M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -287M | -291M | -183M | -376M | -146M | -247M | -49M | -137M | -238.2M | -198.6M | 286.3M | -115.9M | -63.5M | -17.4M | 21.5M | 7.7M | 120.3M | 125.6M | 111M | 122.9M | -247.5M | -281.5M | -773.6M | 443M | 71.7M | -49.6M | -261.1M | -783.4M | 246.4M | -139.9M | -212.7M |
| Capital Expenditures | -288M | -291M | -183M | -300M | -414M | -254M | -77M | -163M | -214M | -149M | -124.8M | -113.8M | -80.1M | -75.6M | -31.2M | -21.4M | -14.5M | -9.6M | -99.4M | -335.5M | -236.5M | -173.7M | -147.7M | -86.6M | -45.5M | -74.7M | -220.3M | -117.9M | -122.5M | -204.5M | -244M |
| CapEx % of Revenue | 11.25% | 10.75% | 6.22% | 11.62% | 10.74% | 6.49% | 3.21% | 7.06% | 7.57% | 5.45% | 5.59% | 6.01% | 4.14% | 3.63% | 1.82% | 1.58% | 1.05% | 0.91% | 7.22% | 19.68% | 10.58% | 6.68% | 5.18% | 3.76% | 2.34% | 3.17% | 7.51% | 4.1% | 5.33% | 8.51% | 9.81% |
| Acquisitions | 0 | 0 | -17M | 0 | 268M | 0 | 15M | 27M | -45M | -21M | 0 | 1.1M | 2.6M | -50.6M | 12.7M | -9.6M | 4.9M | -400K | -56.5M | -5.8M | 0 | 0 | 0 | 0 | -3.3M | -6.9M | -54.7M | -726.1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1M | 0 | 17M | -76M | 0 | 7M | 13M | -1M | 21M | -29M | 409.9M | -3.2M | 14M | 108.8M | 40M | 19.6M | 108.1M | 85.6M | -7.6M | 3.2M | 88.6M | 65.2M | 89M | 529.6M | 120.5M | 32M | 13.9M | 60.6M | 368.9M | 64.6M | 31.3M |
| Cash from Financing | -84M | -141M | -292M | -77M | -982M | -1.39B | -272M | -717M | -317M | -9.4M | -407M | -4.4M | -3.9M | -126.4M | 92.1M | -15.7M | -174.3M | 115.9M | -230.5M | -19.5M | -278.5M | -167.6M | -215.8M | -165.4M | -84.5M | -75.6M | 100.7M | 300.3M | -274.8M | 55.8M | 142.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -9M | 0 | -5M | -24.7M | -3M | -392.5M | -2.3M | -2.3M | -113.2M | 97.1M | 8.3M | -174.1M | -600K | -199.5M | 63.8M | -183.4M | 24.1M | -266M | -84.6M | -72.6M | -33.5M | 165.2M | 404.7M | -147.3M | 114M | 196.4M |
| Equity Issued (Net) | 0 | -61M | -212M | 0 | -900M | -1.3B | -200M | -638M | -211.8M | 0 | 0 | 700K | 0 | 100K | 1.3M | 0 | 0 | 132.3M | 0 | -20.9M | -35.5M | -138.9M | 41.2M | 19.2M | 0 | 0 | -11.3M | -47.9M | -51.5M | -2.9M | 0 |
| Dividends Paid | -79M | -78M | -74M | -69M | -69M | -66M | -65M | -65M | -74.4M | 0 | 0 | -3.7M | 0 | 0 | 0 | 0 | 0 | 0 | -31M | -62.5M | -63.2M | -52M | -32.6M | 0 | 0 | -25.1M | -58.3M | -59.2M | -60.7M | -60.7M | -60.1M |
| Share Repurchases | 0 | -61M | -212M | 0 | -900M | -1.3B | -200M | -638M | -212M | -400K | -100K | 0 | -100K | 0 | 0 | 0 | 0 | 0 | 0 | -23.6M | -41.1M | -150.6M | 0 | 0 | 0 | 0 | -11.3M | -47.9M | -66.5M | -2.9M | 0 |
| Other Financing | -5M | -2M | -6M | -8M | -13M | -13M | -7M | -9M | -6.1M | -6M | -14.5M | -2.8M | -1.6M | -13.3M | -6.3M | -24M | -200K | -15.8M | 0 | -31.5M | 3.6M | -800K | -3.6M | -100M | -11.9M | -17M | 5.1M | 2.7M | -15.3M | 5.4M | 6M |
| Net Change in Cash | -92M | -48M | 118M | -147M | 11M | -177M | 354M | -697.4M | -49.6M | 268.7M | 224.6M | -98M | -124.1M | 95.9M | 220.9M | -49.3M | -4.8M | 296.4M | -254.4M | 86.4M | -341.9M | 607.6M | 0 | 788.6M | 75.7M | 23.5M | -77.9M | -10.5M | 94.6M | 4.1M | -47.6M |
| Free Cash Flow | -6M | 91M | 422M | 16M | 730M | 1.23B | 582M | -4M | 296.3M | 325.1M | 217.5M | -86.3M | -133M | 166.9M | 84.2M | -61.6M | 33.3M | 51.2M | -241.9M | -345.2M | -52.7M | 340.3M | 453.8M | 422.8M | 43M | 74M | -137.8M | -371.4M | 500K | -116.3M | -221.2M |
| FCF Margin % | -0.23% | 3.36% | 14.35% | 0.62% | 18.94% | 31.42% | 24.26% | -0.17% | 10.48% | 11.89% | 9.74% | -4.56% | -6.87% | 8% | 4.91% | -4.54% | 2.41% | 4.85% | -17.58% | -20.25% | -2.36% | 13.09% | 15.93% | 18.38% | 2.21% | 3.14% | -4.7% | -12.9% | 0.02% | -4.84% | -8.9% |
| FCF Growth % | -101.68% | -78.44% | 2537.5% | -97.81% | -40.65% | 111.34% | 14650% | -101.35% | -8.86% | 49.47% | 352.03% | 35.11% | -179.69% | 98.22% | 236.69% | -284.99% | -34.96% | 121.17% | 29.92% | -555.03% | -115.49% | -25.01% | 7.33% | 883.26% | -41.89% | 153.7% | 62.9% | -74380% | 100.43% | 47.42% | -681.63% |
| FCF per Share | -0.09 | 1.30 | 5.94 | 0.22 | 9.36 | 12.55 | 5.20 | -0.03 | 2.05 | 2.23 | 1.50 | -0.61 | -0.94 | 1.16 | 0.59 | -0.46 | 0.26 | 0.47 | -2.35 | -3.33 | -0.50 | 3.10 | 4.14 | 3.97 | 0.41 | 0.71 | -1.32 | -3.50 | 0.00 | -1.07 | -2.06 |
| FCF Conversion (FCF/Net Income) | -0.07x | 2.62x | 1.44x | 1.78x | 1.05x | 1.08x | 1.32x | -31.80x | 1.29x | 1.22x | 2.29x | -0.31x | 0.70x | 1.37x | 4.01x | 0.24x | -1.23x | -0.50x | 0.25x | 0.05x | 1.49x | 1.13x | 1.43x | 1.87x | -1.43x | -0.87x | -5.98x | 2.18x | 61.50x | -0.87x | -0.11x |
| Interest Paid | 7M | 0 | 14M | 15M | 14M | 16M | 18M | 13M | 1M | 12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 16M | 0 | 124M | 65M | 320M | 421M | 70M | 20M | 90M | 143M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical OSB Price Volatility
According to the latest quarterly data, LPX reported a net income of $27 million while simultaneously suffering an operating cash outflow of $37 million, highlighting a concerning disconnect between accounting profitability and the actual cash generation capabilities of the business during the current cyclical downturn.
The negative OCF/NI ratio of -1.37 in 2026Q1 suggests that reported earnings are currently failing to translate into cash, likely due to aggressive working capital absorption. Investors should monitor whether this divergence is a temporary timing issue or a structural deterioration in the quality of earnings as the company navigates lower OSB realizations.
As reported in financial statements, LPX's free cash flow trajectory has shifted from a peak margin of 21.6% in 2024Q2 to a negative 17.1% in 2026Q1, reflecting the combined impact of declining operational efficiency and sustained capital intensity during a period of softening housing demand.
The rapid erosion of FCF margins indicates that the company's high-fixed-cost manufacturing base is struggling to generate surplus cash when revenue volumes contract. This trend warrants further investigation into whether the company can maintain its dividend and capital allocation priorities if cash flow remains in negative territory.
Based on LPX's reported figures, capital expenditures have climbed to 10.6% of revenue in 2026Q1, a notable increase from the 4.4% intensity observed in 2024Q2, suggesting that the company is continuing to prioritize long-term capacity expansion despite the current cyclical weakness in the broader housing market.
This elevated capital intensity appears to be a strategic choice to support the Siding segment's growth, yet it places significant pressure on free cash flow during periods of low OSB pricing. Analysts should evaluate if these investments are yielding the expected returns or if they represent a risk of over-capacity in a cooling residential construction environment.
Data from recent filings indicates that working capital changes have become increasingly volatile, with a $114 million outflow in 2026Q1 following a $60 million inflow in 2024Q3, suggesting that inventory management and receivables collection are becoming more difficult as the company navigates a contracting demand environment.
The significant cash absorption from working capital suggests that the company may be building inventory or facing slower collection cycles, which directly exacerbates the cash flow strain. Investors should monitor these fluctuations closely, as they appear to be a primary driver of the recent volatility in operating cash flow.
Quick answers to the most common questions about buying LPX stock.
Louisiana-Pacific Corporation (LPX) generated $382.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Louisiana-Pacific Corporation (LPX) generated $91.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Louisiana-Pacific Corporation (LPX) spent $291.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Louisiana-Pacific Corporation (LPX) returned $78.0M to shareholders via cash dividends and spent $61.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.