Lassonde Industries Inc. LAS.A

Consumer StaplesFood & TobaccoCanada

Last close 252.15 CAD on Nov 1, 2026, +16.7% year to date

Quant rating

Quant rating A Rank 3 of 21 in Consumer Staples

Growth D 15 of 21
Valuation A 2 of 21
Quality B 4 of 21
Revisions C 13 of 21
Momentum A 2 of 21

Wall Street consensus Buy (2.25)Average target 279.75 CAD +10.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 767M
Enterprise value: 1.3B
52-week range: 202.51 – 253.85
3-year range: 127.61 – 253.85
Dividend yield: 1.98%
Beta (5 years): 0.05
Shares outstanding: 3.0M
Next earnings: Nov 5, 2026

About the company

Lassonde Industries Inc. is a Canada-based food and beverages company. The Company develops, manufactures, and markets a range of nationally branded and private label products, including fruit juices and drinks, specialty food products, and fruit-based snacks. It also manufactures and markets cranberry sauces as well as selected wines, ciders and other alcoholic beverages. Altogether, the Company distributes over 3,500 varied products in approximately 200 formats across shelf-stable, chilled, and frozen categories. The Company’s go-to-market strategy consists of retail sales to food retailers and wholesalers such as supermarket chains, independent grocers, superstores, warehouse clubs, convenience stores, and major pharmacy chains; and food service sales to restaurants, hotels, hospitals, schools, and wholesalers serving these institutions. The Company operates approximately 19 plants located in Canada and the United States.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,934	2,601	2,315	2,151	1,893	–
Revenue growth	12.8%	12.4%	7.6%	13.6%	−4.4%	8.2%
EPS (basic, normalized)	22.82	20.13	12.83	7.85	11.18	–
EPS growth	13.4%	56.9%	63.4%	−29.8%	–	–
Gross margin	27.4%	26.8%	25.4%	24.3%	27.6%	26.3%
Net margin	5.1%	4.4%	3.8%	2.5%	4.1%	4.0%
ROE	13.5%	11.5%	9.7%	6.4%	10.0%	10.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	7.0
Current ratio	1.74x
Long-term debt (mil)	440
Net debt (mil)	548
Total equity (mil)	1,218
Net debt / equity	0.45x
Net debt / EBITDA	1.59x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,934	+12.8%	0.4x	344	+28.9%	3.8x	22.82	+13.4%	11.0x
2026	2,897	−1.3%	0.5x	371	+7.7%	3.5x	26.35	+15.5%	9.6x
2027	2,984	+3.0%	0.4x	379	+2.3%	3.5x	26.86	+1.9%	9.4x
2028	–	–	–	372	−2.0%	3.5x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,897	0.0%	−2.6%	−4.5%	26.35	+1.2%	+10.1%	+10.7%
2027	2,984	0.0%	−3.7%	−5.8%	26.86	+1.2%	+6.8%	+6.3%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	570	625	668	738	700	742	724	768	664	738
Sales mean (mil)	575	591	658	703	669	717	727	757	716	746
Surprise	−0.9%	+5.6%	+1.5%	+5.0%	+4.5%	+3.6%	−0.4%	+1.4%	−7.2%	−1.2%
EPS reported	3.49	4.91	4.35	4.47	3.60	5.03	5.84	7.52	5.38	7.45
EPS mean	2.94	3.54	4.13	3.85	2.97	5.11	4.83	5.93	5.06	6.10
Surprise	+18.5%	+38.7%	+5.2%	+16.0%	+21.2%	−1.5%	+20.9%	+26.7%	+6.3%	+22.1%

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LAS.A Lassonde Industries Inc.	767M	1.59x	5.1%	1.41x	9.6x	9.4x	3.5x	3.5x
KWPCY Kewpie Corp	5.8B	−0.42x	5.9%	–	26.9x	24.4x	–	–
TATYY Tate & Lyle PLC	4.7B	–	4.4%	1.57x	15.5x	12.0x	8.7x	7.5x
FRPT Freshpet, Inc.	4.5B	0.39x	12.6%	2.65x	31.3x	33.4x	15.5x	12.7x
CALM Cal-Maine Foods, Inc.	4.2B	−1.60x	10.9%	1.16x	−22.9x	64.5x	−68.1x	10.4x
TR Tootsie Roll Industries, Inc.	4.0B	–	13.7%	2.90x	–	–	–	–
Mean		−0.01x	8.8%	1.94x	12.1x	28.7x	−10.1x	8.5x
Median		−0.01x	8.4%	1.57x	15.5x	24.4x	6.1x	8.9x

Technical analysis

1M+8.9%
3M+21.1%
1Y+19.7%
3Y+102.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Lassonde Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,934	2,601	2,315	2,151	1,893	1,981
Cost of revenue	2,129	1,903	1,727	1,628	1,371	1,421
Gross profit	805	698	588	523	522	560
Selling, general & administrative expenses	519	477	421	411	372	373
Research & development	–	–	–	–	–	–
Depreciation/amortization	56.6	41.9	31.4	30.9	32.0	34.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.6	4.9	−1.9	0.1	0	0
Other operating expenses	0	0	0	0	0	0
Operating income	226	175	137	81.3	118	152
Net interest income (expense)	−35.7	−19.5	−18.3	−9.9	−11.6	−17.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	6.1	−0.7	2.5	−0.8	−0.8	−0.3
Net income before taxes	197	155	122	70.6	106	135
Provision for taxes	47.2	41.2	33.2	17.3	27.6	32.7
Minority interest	0.3	0.7	−0.7	0.6	−0.9	−4.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	150	114	87.5	53.9	77.5	97.8
Extraordinary items	–	–	–	–	–	–
Net income	150	114	87.5	53.9	77.5	97.8
EBIT, normalized	232	192	135	81.3	118	152
EBITDA, normalized	344	272	199	141	178	217
Basic EPS, normalized	22.82	20.13	12.83	7.85	11.18	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Lassonde Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8.0	28.2	19.8	2.7	0.3	6.8
Receivables	229	237	204	200	167	162
Total inventory	465	472	387	414	310	261
Prepaid expenses	21.9	18.4	17.5	14.4	10.8	10.5
Other current assets	10.1	15.7	9.0	7.4	1.7	1.1
Total current assets	735	772	637	639	490	441
Property, plant & equipment	747	658	501	400	384	390
Goodwill	476	499	321	328	308	310
Intangibles	283	336	185	198	204	223
Long-term investments	–	–	0	7.4	8.4	7.3
Note receivable	–	–	–	–	–	–
Other long-term assets	12.6	13.6	22.8	32.0	24.8	10.6
Total assets	2,253	2,278	1,666	1,605	1,420	1,382
Liabilities
Accounts payable	53.2	50.4	58.8	54.6	53.4	47.9
Payable/accrued	252	322	219	226	173	166
Accrued expenses	48.3	56.6	51.9	26.2	42.0	45.8
Short-term debt	0.8	1.3	4.0	4.4	5.0	0
Current portion of long-term debt	22.0	25.1	18.5	101	84.4	10.7
Other current liabilities	44.6	51.2	19.7	6.8	12.4	19.7
Total current liabilities	420	506	372	419	370	290
Long-term debt	475	452	192	149	91.0	205
Minority interest	95.6	95.8	73.3	60.4	57.1	56.1
Other liabilities	120	153	106	100	92.7	90.9
Total liabilities	1,112	1,208	743	728	611	642
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	46.7	46.7	46.7	46.7	48.1	48.1
Additional paid-in capital	1.4	1.4	1.4	1.4	1.4	1.4
Retained earnings (accumulated deficit)	1,000	883	801	735	703	639
Treasury stock	–	–	–	–	–	–
Other equity	92.9	139	73.8	94.1	55.8	51.3
Total equity	1,141	1,070	923	877	808	740
Total liabilities & shareholders' equity	2,253	2,278	1,666	1,605	1,420	1,382

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Lassonde Industries Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	149	113	88.3	53.3	78.5	102
Depreciation, depletion & amortization	112	80.5	63.3	59.5	59.5	65.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	86.4	77.3	50.5	42.2	38.8	33.8
Changes in working capital	−171	−37.3	22.9	−131	−83.0	30.4
Cash from operations	176	234	225	24.0	93.7	231
Investing activities
Capital expenditures	−187	−116	−106	−48.1	−38.9	−40.5
Other investing cash flows	−20.2	−325	−9.0	0.1	−1.5	−80.5
Cash from investing	−207	−441	−115	−48.0	−40.4	−121
Financing activities
Financing cash flow items	3.6	15.2	–	–	0	−0.8
Cash dividends paid	−30.0	−27.3	−15.0	−20.5	−22.8	−17.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	39.0	229	−76.7	48.1	−42.1	−74.2
Cash from financing	12.5	217	−91.7	27.6	−64.9	−92.6
Foreign exchange effects	−1.1	0.8	−0.3	−0.6	0	−0.2
Net change in cash	−19.8	11.2	17.5	3.0	−11.5	17.4
Free cash flow	−11.0	118	118	−24.1	54.8	191

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.