Skip to content
Compounder
← Stocks

Louisiana-Pacific Corp

LPXAbove value

Held by 3 superinvestors.

Price$71.22
Holders3
Total value$456.8M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-7.9%
Net margin
5.4%
ROE
8.4%
FCF margin
3.4%
Revenue $2.79B → $2.71B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$1/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$71
cheaperpricier

Zero-growth floor

$25

Central IV

$1

Optimistic top

$25

Louisiana-Pacific Corp (LPX): A conservative value band $25 / sh (zero-growth floor to growth-capped optimistic top); central read about $1. Today’s price sits above that band (price $71 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 14.6% · Zero-growth downside $25

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $0.71 – $0.87 · Greenwald zero-growth $24.64 · zero-growth base $24.64 · reproduction $24.64

Moat Below asset base · terminal value 26% of present value · owner-earnings yield 0% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$3.05 – $4.10 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 223% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$0.76 – $0.88 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 223% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 15.0 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $1.73B = $24.64 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 15.0 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 13.16%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $456.8M combined · this quarter +0 opened / -0 exited

This quarter1 trimmed
Holders 4 → 3 · last 8q
  • Warren Buffett
    Value$445.6MWeight (prev→now)0.2% → 0.1% ▼
  • Ray Dalio
    Value$10.7MWeight (prev→now)0.1% → 0.0% ▼
  • Francis Chou
    Value$462,993Weight (prev→now)0.2% → 0.2% ▲

SEC 13F · notes

Written summary

Louisiana-Pacific Corp (LPX) is held by 3 of the superinvestors tracked on Compounder, with a combined $456.8M in reported 13F value. The largest position belongs to Warren Buffett, where it makes up 0.1% of the portfolio.

Other notable holders by value include Ray Dalio (0.0% of its book) and Francis Chou (0.2% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in LPX, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Louisiana-Pacific Corp (LPX) also commonly hold →

See which stocks look cheap against a conservative value band. Browse all valued stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

Stay Updated

New-quarter 13F moves and valuation updates, to your inbox.