# Lamb Weston Holdings, Inc. (LW)

> Source: Nexqual · https://nexqual.com/LW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lamb Weston Holdings, Inc. (LW), nexqual.com/LW" · informational, not investment advice.

**Price:** USD 55.18 (+3.90% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 53.11 · day 52.96–55.44 · 52w 37.62–67.07 · market cap $7.60B · NYQ

## Key facts
- Last four reported quarters (through Aug 30, 2026): revenue $6.62B, net income $255M (3.8% margin), free cash flow $412M (SEC filings).
- Valuation: P/E 29.8x (avg 20.2x at the last 3 fiscal year-ends), EV/EBITDA 12.5x, net debt $3.69B.
- 1 of 80 tracked superinvestors hold LW (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $17.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (12 analysts), mean target USD 56 (range 52–65).
- Total return with dividends: 1Y -12.7% vs S&P 500 +14.9%; 5Y +2.9% vs S&P 500 +80.3%.
- Next earnings: 2026-12-17, EPS estimate USD 0.86, revenue estimate $1.64B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.10B | $5.35B | $6.47B | $6.45B | $6.61B | $6.62B |
| Gross profit | $832M | $1.43B | $1.77B | $1.40B | $1.36B | — |
| Operating income | $444M | $882M | $1.07B | $665M | $591M | $517M |
| Net income | $201M | $1.01B | $726M | $357M | $290M | $255M |
| EPS (diluted) | $1.38 | $6.95 | $4.98 | $2.50 | $2.08 | — |
| Free cash flow | $129M | $108M | -$131M | $230M | $540M | $412M |
| Gross margin | 20.3% | 26.8% | 27.3% | 21.7% | 20.6% | — |
| Operating margin | 10.8% | 16.5% | 16.5% | 10.3% | 8.9% | 7.8% |
| Net margin | 4.9% | 18.9% | 11.2% | 5.5% | 4.4% | 3.8% |
| Revenue growth | +11.7% | +30.5% | +20.9% | -0.3% | +2.5% | — |
| Cash + short-term investments | $525M | $305M | $71.4M | $70.7M | $68.2M | — |
| Total debt | $2.75B | $3.48B | $4.16B | $4.14B | $3.92B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 30, 2026)
P/E 29.8x · P/S 1.1x · EV/EBITDA 12.5x · EV/Sales 1.7x · P/FCF 18.5x · P/B 4.2x · FCF yield 5.42% · Earnings yield 3.35% · Dividend yield (paid, TTM) 2.74% · Net debt $3.69B · EV $11.3B
P/E at fiscal year-ends: May 2026 20.7x, May 2025 22.3x, May 2024 17.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Tweedy Browne |  | 0.12% | $1.6M | Added +43.6% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $17.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-11 | Gray James D | Chief Financial Officer | 10,000 | $409K | 40.92 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Gray James D | Chief Financial Officer | 4,556 | $200K | 43.85 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-13…2026-04-15 | Jana Partners Management, Lp | Director | 150,000 | $6.4M | 42.48 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-07…2026-04-08 | Jana Partners Management, Lp | Director | 236,000 | $9.7M | 41.11 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-07 | Prestage Norman | Director | 2,500 | $104K | 41.4 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Bensen Peter J | Director | 5,000 | $197K | 39.45 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 12 analysts; mean target USD 56 (low 52, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | Barclays | Target raised | Overweight | $56 → $58 |
| 2026-10-08 | Stephens & Co. | Target raised | Equal-Weight | $50 → $55 |
| 2026-10-07 | JP Morgan | Target raised | Neutral | $46 → $53 |
| 2026-10-07 | Wells Fargo | Target raised | Overweight | $54 → $58 |
| 2026-10-05 | Wells Fargo | Target lowered | Overweight | $57 → $54 |
| 2026-09-30 | JP Morgan | Target lowered | Neutral | $52 → $46 |
| 2026-09-28 | Stephens & Co. | Target lowered | Equal-Weight | $55 → $50 |
| 2026-07-28 | TD Cowen | Target raised | Hold | $40 → $52 |
| 2026-07-28 | Bernstein | Target raised | Market Perform | $42 → $57 |
| 2026-07-28 | Stephens & Co. | Target raised | Equal-Weight | $46 → $55 |
| 2026-07-27 | Stifel | Target raised | Hold | $45 → $52 |
| 2026-07-27 | Wells Fargo | Target raised | Overweight | $54 → $57 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.7% | +2.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.7% | +0.6% |
| Volatility (annualized) | 45.3% | 41.0% |
| Max drawdown | -41.4% (Oct 2025→Apr 2026) | -63.7% (Jun 2023→Mar 2026) |

## Peers (Packaged Foods)
SFD (Smithfield Foods, Inc.) USD 18.81 +2.79% · CAG (ConAgra Brands, Inc.) USD 15.07 +7.34% · PPC (Pilgrim's Pride Corporation) USD 28.09 +1.23% · INGR (Ingredion Incorporated) USD 97.18 +1.57% · CPB (The Campbell's Company) USD 21.26 +8.69% · DAR (Darling Ingredients Inc.) USD 55.64 -5.84%

## More
Full page: https://nexqual.com/LW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name LW in their own reports (relationship from LW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NATHANS FAMOUS, INC. (NATH) | 10-K 2026-06-09 | "Lamb Weston, Inc. exercised its fourth option to extend the license agreement through July 2028, pursuant to which the minimum royalties will increase 5% annually." |

## Revenue by business segment (quarter ended 2026-08-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $1.14B | 68.3% | +5.2% |
| International | $528.9M | 31.7% | -8.0% |
| Total revenue | $1.67B | 100% | — |

## Revenue by region (fiscal year ended 2026-05-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $4.29B | 64.9% | +2.8% |
| Non Us | $2.32B | 35.1% | +2.0% |
| Total revenue | $6.61B | 100% | — |

## Customer concentration

Period ended 2026-05-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-07-24).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.86 | $0.75 | +15.4% | $1.64B | 10 |
| Next quarter (ends 2027-02-28) | $0.86 | $0.92 | -6.5% | $1.60B | 9 |
| Current fiscal year (ends 2027-05-31) | $3.22 | $3.01 | +6.9% | $6.61B | 11 |
| Next fiscal year (ends 2028-05-31) | $3.53 | $3.46 | +2.1% | $6.75B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-12-17): ±11.5%; earnings reaction alone ±4.0%; last 8 reports averaged ±13.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 34.6% | ±7.8% |
| 2026-12-18 | 56 | 36.6% | ±11.5% |
| 2027-01-15 | 84 | 40.9% | ±15.7% |
| 2027-04-16 | 175 | 39.7% | ±21.6% |