Louisiana-Pacific: A Good Siding Business Offset By A Weak OSB Market

Louisiana-Pacific delivered strong Q1 '26 results, with Siding segment pricing power offsetting volume declines and OSB losses better than expected. Despite operational excellence and a clean balance sheet, LPX trades at 17x forward EV/EBITDA—well above peers like Owens Corning and West Fraser. H2 margins are guided lower, OSB remains a $40M EBITDA drag, and current valuation prices in a full housing recovery not yet evident in results.