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Lamb Weston Holdings, Inc. (LW)

適正価値
Consumer DefensivePackaged FoodsUnited States

ファンダメンタル

64

株価

$41.42

時価総額

$6.10B

パート1 · 企業の価値

概要

Lamb Weston freezes potatoes into french fries and other potato products sold to restaurants, foodservice distributors and grocery stores around the world. It grows relationships with potato farmers under multi-year contracts, runs processing plants across North America, Europe, Argentina and Asia, and ships finished frozen products through a cold chain to customers who then fry or bake them for consumers. It is one of a handful of companies with the scale to supply large restaurant chains globally.

収益の仕組み

Revenue comes from selling frozen potato products by the pound to restaurant chains, foodservice distributors and retailers, priced to cover the cost of raw potatoes, processing and freight, plus a margin. The single largest customer relationship is McDonald's, at roughly 15% of net sales, and the top ten customers together account for about half of revenue, so results move closely with how those large accounts are ordering. About a third of sales are outside North America.

セグメント別売上高

North America66.5%

Sales to restaurant chains, foodservice distributors and retailers across the United States, Canada and Mexico — about two-thirds of revenue.

International33.5%

All sales outside North America, spanning Europe, Asia-Pacific, Latin America and the Middle East, served from plants on several continents.

需要を左右する要因

中程度の景気循環性

Demand tracks restaurant traffic and away-from-home eating more than the broader economy — soft restaurant traffic in Europe and an oversupply of potatoes weighed on results in fiscal 2026 even without a recession. Potato crop yields, which swing with weather each season, add a further layer of volatility on the supply side that is unrelated to economic cycles.

主なリスク

  • Input cost and tariff volatility — A large share of costs comes from commodities such as raw potatoes, edible oil and energy, and the company says new and retaliatory tariffs announced through 2025 and 2026 have added further volatility it may not be able to pass through in prices.
  • Customer concentration and bargaining power — Large, sophisticated customers such as major restaurant chains and retailers can resist price increases and demand promotional support, and the loss of a significant customer like McDonald's would materially hurt results.
  • Potato crop and weather risk — Extreme heat, excess rain or pests can cut potato yields and quality, while unusually favorable growing conditions can create an oversupply — as happened in fiscal 2026 in Europe — forcing the company to write off excess raw potatoes.
  • Dependence on third parties in the supply chain — The company relies on co-packers, warehousing partners and transportation providers it does not control, and disruption at any of them — from labor issues to shipping bottlenecks — can cause manufacturing delays and lost revenue.

顧客集中度

主要顧客が売上高の50%を占める

The ten largest customers accounted for about 50% of net sales in fiscal 2026, and McDonald's alone represented approximately 15% — the only customer above the 10% disclosure threshold.

強気材料

Buyers argue that Lamb Weston's global processing scale and entrenched position with the largest restaurant chains, led by a decades-long relationship with McDonald's, give it pricing power and a cost structure smaller rivals cannot easily replicate as global french fry demand keeps expanding.

弱気材料

Sellers fear that dependence on a handful of giant customers cuts both ways — McDonald's alone is worth about 15% of sales — and that soft restaurant traffic, potato oversupply and new tariffs can all pressure margins at the same time, as they did in fiscal 2026.

2026会計年度のセグメントデータ情報源: Lamb Weston Holdings — Form 10-K, fiscal year 2026

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: —Score: 60Market cap: $28.29B

Owner of the Ore-Ida brand, it competes with Lamb Weston's branded and private-label frozen potatoes for freezer space in American supermarkets.

McCain Foods LimitedNot tracked

The world's largest frozen potato processor and Lamb Weston's closest rival, selling french fries and potato specialties to the same quick-service restaurant chains, foodservice distributors and retailers in North America, Europe and Asia.

J.R. Simplot CompanyNot tracked

Privately held US potato processor and the third force in North American frozen fries, bidding for the same restaurant-chain and foodservice contracts as Lamb Weston.

Cavendish Farms CorporationNot tracked

Irving-family owned processor and the fourth-largest frozen potato supplier in North America, competing for the same foodservice and retail fry volumes, especially in Canada and the northern United States.

Aviko B.V.Not tracked

Dutch potato processor owned by the Royal Cosun cooperative, the main obstacle to Lamb Weston's European business and a competitor for the same foodservice customers on the continent.

Agristo N.V.Not tracked

Belgian family-owned maker of frozen potato products for private label and foodservice, competing with Lamb Weston's European plants on fries, wedges and specialty cuts.

貸借対照表と流動性

売上高

$6.61B

直近12か月(2026/5/31まで)

純利益

$290M

直近12か月(2026/5/31まで)

フリーキャッシュフロー

$540M

自己資本合計

$1.82B

負債合計

$5.56B

流動比率

1.42

利払い倍率

-

負債/EBITDA

4.09

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$48.73

現在株価

$41.42

安全マージン

+15.0%

適正価値レンジ

$31.68 - $65.79

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$55.25
ディスカウンテッド・キャッシュフロー(DCF):$71.12
利益倍率(P/E):$30.83
グレアムの成長公式:$15.56
収益力価値(EPV):$42.39
正当化されたP/B:$40.23
配当割引モデル(ゴードン):$39.00
P/FFO(運用から生まれる資金):$79.92
中間サイクル利益:$111.50
売上高倍率:$56.89
アナリスト・コンセンサス:買い (10B / 11H / 0S)
直近の決算サプライズ:+35.01%

バリュエーション指標

P/E レシオ

20.04

ROE

15.9%

P/B レシオ

3.14

P/FCF

10.61

粗利益率

20.6%

ROIC

7.8%

収益性レーダー

価値創造(経済的モート)

ROIC

7.8%

WACC

4.8%

ROIC − WACC

+3.0 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(15)

  • EPS shows upward trend
  • ROIC 7.8%
  • P/FCF 10.61
  • Debt/Equity ratio
  • Operating Margin 8.9%
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 16.1%
  • Revenue Growth 5Y 12.5%
  • Earnings Surprise avg 20.5%
  • Earnings Quality (OCF/NI) 3.25
  • Share Dilution -2.4%
  • Piotroski F-Score 7/9

不合格(10)

  • EPS CAGR 1.17%
  • Price CAGR 1.75%
  • Gross Margin 20.6%
  • P/B Ratio 3.14
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 48% Buy
  • Net Margin Trend 4.4% vs 5.5%

データなし(3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

7/9

財務健全性が高い

score
criteria

利益の質

3.25

高品質:利益はキャッシュに裏付けられている

株式希薄化

-2.4%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Jan Eli B. CrapsExecutive Chair48
Mr. Michael Jared SmithPresident, CEO & Director48
Mr. James Derek GrayChief Financial Officer58
Mr. Marc J.P.H. SchroederPresident of International54
Ms. Sylvia J. WilksChief Supply Chain Officer61
Mr. Benjamin HeseltonChief Information Officer53
Ms. Debbie HancockVice President of Investor Relations-
Mr. Eryk J. Spytek J.D.General Counsel & Chief Compliance Officer57
Mr. Steven J. Younes J.D.Chief Human Resources Officer59
Mr. Michael Christopher CrowleyPresident of North America52

監査リスク

1

取締役会リスク

3

報酬リスク

2

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-07-24

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-04-01

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-16

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for LW, sourced from Markets Gazette.

  • 4/30/2026POSITIVE
    Activist Starboard Pushes for Lamb Weston to Hold Investor Day

    Activist investor Starboard Value LP is reportedly pushing Lamb Weston Holdings Inc. to schedule an investor day. The goal is for the french-fry maker to articulate a clear strategy for earnings growth. This move by Starboard, known for its aggressive engagement tactics, suggests a belief that Lamb Weston's current valuation does not reflect its potential. Investors will be looking for concrete plans and financial targets that could unlock shareholder value, potentially leading to a re-rating of the stock if management can effectively present a compelling turnaround or growth narrative.

  • 4/1/2026NEUTRAL
    Lamb Weston Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

    Lamb Weston Holdings, Inc. (LW) is scheduled to report its third-quarter earnings on April 1st. Analysts project earnings per share of $0.61, with a consensus revenue estimate of $1.49 billion. Recent analyst actions include Jefferies maintaining a Buy rating in October 2021, Stifel upgrading to Buy from Hold in May 2021, and Goldman Sachs downgrading to Neutral from Buy in April 2021. The upcoming earnings report will provide crucial insights into the company's performance and future outlook, influencing investor sentiment.

  • 3/2/2026NEGATIVE
    $64 Million Exit: Lamb Weston Stock Down 9% As Investor Dumps 1 Million Shares

    Lamb Weston, a leader in value-added frozen potato products, experienced a sharp 9% decline in its stock value. The downturn was triggered by an investor offloading 1 million shares, a transaction valued at $64 million. This significant divestment raises questions about investor confidence and potential future selling pressure. Market participants should assess whether this is an isolated strategic move or a signal of broader concerns that could impact the stock's performance in the near term. The event highlights the market's sensitivity to large share transactions.

via Markets Gazette