Tearsheet

TopBuild (BLD)

Market Price (12/28/2025): $432.32 | Market Cap: $12.1 Bil
Sector: Consumer Discretionary | Industry: Homebuilding

TopBuild (BLD)

Market Price (12/28/2025): $432.32
Market Cap: $12.1 Bil
Sector: Consumer Discretionary
Industry: Homebuilding

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%	Weak multi-year price returns 2Y Excs Rtn is -31%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%
1	Attractive yield FCF Yield is 6.5%		Key risks BLD key risks include [1] its high exposure to the cyclical residential construction market, Show more.
2	Low stock price volatility Vol 12M is 39%
3	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and Sustainable Resource Management. Themes include Energy Efficient Building Materials, and Resource Efficiency Solutions.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15%
1	Attractive yield FCF Yield is 6.5%
2	Low stock price volatility Vol 12M is 39%
3	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, and Sustainable Resource Management. Themes include Energy Efficient Building Materials, and Resource Efficiency Solutions.
4	Weak multi-year price returns 2Y Excs Rtn is -31%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.3%
6	Key risks BLD key risks include [1] its high exposure to the cyclical residential construction market, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$432.32	$311.34	$374.26	$156.49	$275.91
Market Cap CYE ($ Bil)	12.1	9.1	11.8	5.0	9.0
Total Debt ($ Bil)	3.1	1.6	1.6	1.7	1.7
Total Cash ($ Bil)	1.1	0.4	0.8	0.2	0.1
Enterprise Value ($ Bil)	14.1	10.7	13.4	6.7	10.7
Valuation Ratios
P/S TTM	2.3	1.8	2.3	1.0	2.6
P/EBIT TTM	14.3	10.4	13.1	6.3	19.6
P/E TTM	21.3	15.3	19.3	9.1	27.9
P/FCF TTM	15.3	13.4	15.1	12.0	26.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/28/25	2024	2023
Share Price CYE	$432.32	$311.34	$374.26
Market Cap CYE ($ Bil)	12.1	9.1	11.8
Total Debt ($ Bil)	3.1	1.6	1.6
Total Cash ($ Bil)	1.1	0.4	0.8
Enterprise Value ($ Bil)	14.1	10.7	13.4
Valuation Ratios
P/S TTM	2.3	1.8	2.3
P/EBIT TTM	14.3	10.4	13.1
P/E TTM	21.3	15.3	19.3
P/FCF TTM	15.3	13.4	15.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	BLD	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	5.2
Rev Chg Q	1.4%	7.3%
Rev Chg LTM	-1.3%	6.1%
Rev Chg 3Y Avg	3.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.6
Op Mgn LTM	15.8%	18.8%
CFO/Rev LTM	16.2%	20.4%
Net Inc Mgn	10.8%	13.1%
VALUATION	MODERATE
P/S	2.3	3.3
P/CFO	14.3	15.8
P/FCF	15.3	20.7
P/E	21.3	23.7
STABILITY	GOOD
Debt/Equity	0.25	0.21
Cash/Assets	0.18	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Sales Growth from Mergers & Acquisitions (Q3 2025)	7.9%	9302025	Link
Sales Growth from Pricing (Q3 2025)	0.3%	9302025	Link
Sales Growth from Volume (Q3 2025)	-6.7%	9302025	Link
Installation Services Segment Sales Growth (Q3 2025)	0.2%	9302025	Link
Specialty Distribution Segment Sales Growth (Q3 2025)	1.4%	9302025	Link
Annual Revenue from Year-to-Date Acquisitions	approximately $1.2 billion	11042025	Link
Installation Services Branch Network	over 200	10182025	Link
Specialty Distribution Branch Network	more than 150	10182025	Link
Recurring Revenue from Maintenance and Repair Work (Specialty Distribution)	approximately 25% of our Specialty Distribution revenues	12312023	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

BLD Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are the key points for why TopBuild (BLD) stock moved around 2.7% during the approximate time period from August 31, 2025, to December 27, 2025:

1. Strategic Acquisition of Specialty Products and Insulation (SPI)

On October 8, 2025, TopBuild completed its acquisition of Specialty Products and Insulation (SPI) in an all-cash transaction valued at $1 billion. This significant strategic expansion was a major positive catalyst, causing the stock to jump by 10.1% on the announcement day.

2. Positive Third Quarter 2025 Earnings and Raised Guidance

TopBuild reported its third-quarter 2025 financial results on November 4, 2025, which were generally favorable. The company subsequently raised its full-year guidance to include the positive impact of its recent acquisitions, a move that typically boosts investor confidence.

3. Further Bolt-on Acquisitions in Specialty Distribution and Installation Services

On November 3, 2025, TopBuild announced additional acquisitions of specialty distribution and installation services. These strategic bolt-on acquisitions were expected to add approximately $53 million in annual revenue, further demonstrating the company's growth initiatives.

4. Market Reaction to 2025 Investor Day

TopBuild hosted its 2025 Investor Day on December 9, 2025, where it provided an in-depth overview of its business model and long-term financial outlook through 2030. Despite the company sharing its strategic vision, the market reacted negatively on the day, with the stock declining by 3.27%.

5. Sustained Positive Analyst Sentiment

Throughout this period, a consensus of Wall Street analysts maintained generally "Strong Buy" or "Moderate Buy" ratings for TopBuild stock. Their average price targets suggested potential upside, providing an underlying positive sentiment that could have contributed to the stock's overall trajectory despite short-term fluctuations.

Stock Movement Drivers

Fundamental Drivers

The 9.8% change in BLD stock from 9/27/2025 to 12/27/2025 was primarily driven by a 13.5% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	393.42	431.92	9.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5216.15	5236.05	0.38%
Net Income Margin (%)	11.40%	10.84%	-4.86%
P/E Multiple	18.78	21.32	13.53%
Shares Outstanding (Mil)	28.37	28.02	1.24%
Cumulative Contribution			9.77%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
BLD	9.8%
Market (SPY)	4.3%	43.8%
Sector (XLY)	1.8%	40.4%

Fundamental Drivers

The 33.0% change in BLD stock from 6/28/2025 to 12/27/2025 was primarily driven by a 34.2% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	324.77	431.92	32.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5284.36	5236.05	-0.91%
Net Income Margin (%)	11.23%	10.84%	-3.47%
P/E Multiple	15.88	21.32	34.22%
Shares Outstanding (Mil)	29.03	28.02	3.47%
Cumulative Contribution			32.83%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
BLD	33.0%
Market (SPY)	12.6%	39.0%
Sector (XLY)	11.9%	42.5%

Fundamental Drivers

The 39.0% change in BLD stock from 12/27/2024 to 12/27/2025 was primarily driven by a 42.6% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	310.67	431.92	39.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5303.67	5236.05	-1.28%
Net Income Margin (%)	11.66%	10.84%	-7.01%
P/E Multiple	14.95	21.32	42.63%
Shares Outstanding (Mil)	29.75	28.02	5.82%
Cumulative Contribution			38.56%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
BLD	39.0%
Market (SPY)	17.0%	47.1%
Sector (XLY)	7.0%	54.0%

Fundamental Drivers

The 184.4% change in BLD stock from 12/28/2022 to 12/27/2025 was primarily driven by a 114.6% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	151.87	431.92	184.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4807.60	5236.05	8.91%
Net Income Margin (%)	10.20%	10.84%	6.28%
P/E Multiple	9.93	21.32	114.64%
Shares Outstanding (Mil)	32.08	28.02	12.65%
Cumulative Contribution			179.85%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
BLD	14.4%
Market (SPY)	48.0%	46.2%
Sector (XLY)	37.7%	50.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BLD Return	79%	50%	-43%	139%	-17%	38%	315%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BLD Win Rate	67%	67%	33%	75%	50%	50%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BLD Max Drawdown	-43%	-2%	-49%	0%	-17%	-11%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See BLD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	BLD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-49.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	97.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	273 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-52.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	109.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	72 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-51.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	105.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	221 days	120 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

TopBuild's stock fell -49.4% during the 2022 Inflation Shock from a high on 12/27/2021. A -49.4% loss requires a 97.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TopBuild (BLD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

TopBuild Corp., together with its subsidiaries, engages in the installation and distribution of insulation and other building products to the construction industry. The company operates in two segments, Installation and Specialty Distribution. It provides insulation products and accessories, glass and windows, rain gutters, afterpaint products, fireproofing products, garage doors, fireplaces, closet shelving, roofing materials, and other products; and insulation installation services. The company also offers various services and tools to assist builders in applying the principles of building science to new home construction, which include pre-construction plan reviews, diagnostic testing, and various inspection services; and home energy rating services. In addition, it distributes building and mechanical insulation, insulation accessories, and other building product materials for the residential, commercial, and industrial end markets. The company serves single-family homebuilders, single-family custom builders, multi-family builders, commercial general contractors, remodelers, and individual homeowners, as well as insulation contractors, gutter contractors, weatherization contractors, other contractors, dealers, metal building erectors, and modular home builders. It operates approximately 235 installation branches and 175 distribution centers in the United States and Canada. The company was formerly known as Masco SpinCo Corp. and changed its name to TopBuild Corp. in March 2015. TopBuild Corp. was incorporated in 2015 and is headquartered in Daytona Beach, Florida.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe TopBuild (BLD):

Think of them as **Ferguson** for insulation and other specialty building materials, including installation services.
They are like the **ABC Supply Co.** for interior building products and insulation installation.

AI Analysis | Feedback

Insulation Installation Services: Provides professional installation of insulation and other building products for residential and commercial construction projects.
Building Material Distribution: Distributes a wide range of insulation and other building materials, such as gutters, sealants, and fireplaces, to construction contractors and builders.

AI Analysis | Feedback

TopBuild (BLD) primarily sells its products and services to other companies, operating in a Business-to-Business (B2B) model. Due to the highly fragmented nature of its customer base across numerous general contractors, homebuilders, and specialty contractors, TopBuild does not have any single major customer that represents more than 10% of its consolidated net sales. Therefore, specific names of large public customer companies are not disclosed.

Instead, TopBuild serves a broad range of customers within the construction industry. These major customer categories include:

Residential Homebuilders: Companies involved in the construction of new single-family and multi-family residential homes. These range from large national builders to smaller regional and local firms.
Commercial and Industrial Contractors: Companies undertaking new construction and renovation projects for commercial, industrial, and institutional buildings.
Specialty Contractors: This category primarily includes insulation contractors, drywall contractors, and other construction subcontractors who purchase insulation and other building materials for their own projects, particularly through TopBuild's Specialty Distribution segment.
Repair and Remodel Contractors: Businesses focused on renovation, upgrade, and repair projects for existing residential and commercial structures.

AI Analysis | Feedback

Owens Corning (OC)

Knauf Insulation

CertainTeed

Johns Manville

AI Analysis | Feedback

Robert Buck, President, Chief Executive Officer and Director

Mr. Buck has served as the Chief Executive Officer, President, and Director of TopBuild Corp. since 2021, and previously held the roles of President and Chief Operating Officer from 2015 to 2020. Prior to his time at TopBuild, he was the Group Vice President of Masco from 2014 to 2015 and President of Masco Contractor Services from 2009 to 2014. He began his career with Masco Corporation in 1997 at Liberty Hardware, spending eight years in various operations leadership roles and working extensively in international operations. He became Executive Vice President in 2005 and contributed to the merger of another Masco company with Liberty Hardware, subsequently being promoted to President in 2007.

Robert M. Kuhns, Chief Financial Officer and Vice President

Mr. Kuhns has been the Chief Financial Officer and Vice President of TopBuild Corp. since 2022. Before this role, he was the Vice President and Corporate Controller of the company from 2018 to 2022. Prior to joining TopBuild, Mr. Kuhns spent eleven years at Mohawk Industries, Inc., holding positions such as Senior Director/Assistant Corporate Controller from 2015 to 2018 and Senior Director of International Finance from 2013 to 2015. He also served as the Director of International Treasury and a Division Controller at NCH Corporation.

Joseph M. Viselli, Chief Growth Officer and Vice President

Mr. Viselli became the Chief Growth Officer and Vice President of TopBuild in 2024. From 2022 to 2024, he served as the Chief Operating Officer and Vice President of the company. His prior experience includes serving as Senior Vice President and General Manager of Distribution International from 2020 to 2022, and as General Manager of Silvercote and Senior Vice President of Knauf Insulation from 2017 to 2019. Mr. Viselli also held positions at Procter & Gamble and Goodyear Tire and Rubber.

Luis F. Machado, Vice President, General Counsel & Corporate Secretary

Mr. Machado serves as the Vice President, General Counsel, and Corporate Secretary for TopBuild Corp.

Steven P. Raia, President of Special Operations & Executive Adviser

Mr. Raia is the President of Special Operations and Executive Adviser at TopBuild Corp. He previously held the role of President, TruTeam Operations.

AI Analysis | Feedback

The key risks to TopBuild's business are:

Cyclical Nature of the Construction Industry: TopBuild operates in a cyclical industry, with a substantial portion of its sales derived from the residential market (around 60-65%). A downturn in construction activity, particularly in residential new construction due to factors like elevated mortgage rates, rising material costs, and labor shortages, could significantly reduce demand for insulation and building materials, impacting the company's revenues and margins.
Material and Labor Cost Inflation: Persistent inflation in material and labor costs poses a significant risk to TopBuild's gross and EBITDA margins. The company has indicated anticipated price and cost headwinds, and analysts project a contraction in profit margins, directly affecting its profitability.
Intense Competition and Market Fragmentation: The market for distributing and installing building products is highly fragmented and competitive, with relatively low barriers to entry for local competitors. This environment increases the risk of new competitors emerging and existing competition intensifying, which could lead to pricing pressure, erosion of pricing power, and a potential loss of market share for TopBuild.

AI Analysis | Feedback

null

AI Analysis | Feedback

TopBuild (BLD) operates primarily in insulation installation and distribution, and the distribution of other building materials.

Addressable Markets:

U.S. Insulation Market (Installation and Distribution Services): The U.S. insulation market size was estimated at USD 12.51 billion in 2023 and is expected to reach USD 13.26 billion in 2024. This market is projected to grow to USD 19.25 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.4% from 2024 to 2030. Another estimate values the U.S. insulation market at USD 13.3 billion in 2024, with a projection to reach USD 23.8 billion by 2033, growing at a CAGR of 6.62% from 2025-2033.
North America Building Thermal Insulation Market: The North America building thermal insulation market was estimated at USD 8.52 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030, reaching USD 11.72 billion by 2030. Another report indicates that the North America Building Thermal Insulation Market size is expected to reach USD 15.42 billion by 2033, with a CAGR of 5.97% from 2025 to 2033. The overall insulation market in North America was $14 billion in 2024.
U.S. Weatherization Services Market: The U.S. weatherization services market was valued at USD 7,984.17 million (approximately USD 8 billion) in 2024 and is anticipated to reach USD 11,364.33 million (approximately USD 11.4 billion) by 2032, with a CAGR of 4.20% during the forecast period.
U.S. Construction Materials Market (for Other Building Products Distribution): The U.S. construction materials market, which includes insulation materials, was valued at USD 145.0 billion in 2024 and is expected to grow to USD 196.1 billion by 2032, at a CAGR of 4.0% from 2025 to 2032.

AI Analysis | Feedback

TopBuild (BLD) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

Strategic Acquisitions: TopBuild consistently prioritizes acquisitions, which have been a significant contributor to sales growth. The company has actively acquired various businesses, such as Progressive Roofing, SPI, Insulation Fabrics, Diamond Door Products, and Performance Insulation Fabricators, to expand its market reach and diversify its offerings. These acquisitions are anticipated to add substantial annual revenue and strengthen TopBuild's market position.
Growth in Commercial and Industrial Markets: Despite softness in the residential sector, TopBuild's commercial and industrial segments are demonstrating resilience and are expected to be key drivers of future growth. Management commentary and analyst reports highlight strong performance and backlog building in areas like mechanical insulation and commercial roofing.
Recovery in the Residential Construction Market: Although the residential market has faced recent challenges, TopBuild remains optimistic about its long-term fundamentals. A potential recovery in housing activity, possibly influenced by future interest rate adjustments, is expected to serve as a significant revenue growth driver within the next 2-3 years.
Leveraging Energy Efficiency Mandates and Building Code Changes: TopBuild is well-positioned to capitalize on evolving energy efficiency initiatives and stricter building codes. The company's agnostic approach allows it to offer a variety of insulation solutions, such as fiberglass blankets, to meet stringent requirements, providing a secular tailwind for revenue growth.
Expansion into Adjacent Product Categories and Services: Through strategic acquisitions and internal initiatives, TopBuild is expanding its product and service offerings into adjacent categories. For example, the acquisition of Progressive Roofing deepens the company's presence in the commercial roofing market, and other acquisitions like SPI contribute to broader product category expansion, supporting overall revenue growth.

AI Analysis | Feedback

Share Repurchases

TopBuild repurchased $417.1 million of its shares year-to-date through the third quarter of 2025.
As of the end of the third quarter of 2025, the company had $770.9 million remaining under its share repurchase authorization.
In the second quarter of 2024, TopBuild made significant share repurchases totaling $505.24 million.

Share Issuance

No significant share issuances (new equity being sold) by TopBuild were identified over the last 3-5 years. The company did issue senior notes in September 2025 to fund acquisitions, which is a form of debt, not equity issuance.

Outbound Investments

In October 2025, TopBuild completed an all-cash acquisition of Specialty Products and Insulation (SPI) for $1.0 billion, which is expected to add approximately $700 million in annual revenue.
TopBuild acquired Progressive Roofing for $810 million in July 2025, expanding into commercial roofing services and adding approximately $440 million in annual revenue.
Year-to-date through September 30, 2025, TopBuild spent approximately $851.2 million on acquisitions, with a total of about $1.20 billion in annual revenue added from completed or announced acquisitions in 2025. Additionally, net acquisitions for 2021 amounted to $1.267 billion.

Capital Expenditures

TopBuild's capital expenditures were $67 million in 2024, $49 million in 2023, $73 million in 2022, $55 million in 2021, and $38 million in 2020.
In the second quarter of 2025, the company spent $12 million on capital expenditures, primarily for purchasing property, plant, and equipment.

Better Bets than TopBuild (BLD)

INDUSTRY: Homebuilding

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

LEN (3.0% | 0.8x)

Lennar

PHM (5.4% | 1.3x)

PulteGroup

MHO (4.2% | 0.8x)

M/I Homes

GRBK (6.1% | 1.3x)

Green Brick Partners

DFH (14.8% | 0.4x)

Dream Finders Homes

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

LEN (3.0% | 7.7x)

Lennar

PHM (5.4% | 6.9x)

PulteGroup

MHO (4.2% | 5.7x)

M/I Homes

GRBK (6.1% | 6.3x)

Green Brick Partners

DFH (14.8% | 4.6x)

Dream Finders Homes

Higher Rev Chg LTM (Value for BLD: -1.3%)

TMHC (7.0%)

Taylor Morrison Home

NVR (3.4%)

NVR

IBP (2.1%)

Installed Building Products

PHM (1.8%)

PulteGroup

TOL (1.1%)

Toll Brothers

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

GRBK (6.1%)

Green Brick Partners

IBP (5.7%)

Installed Building Products

PHM (5.4%)

PulteGroup

MHO (4.2%)

M/I Homes

LEN (3.0%)

Lennar

Higher Op Mgn LTM (Value for BLD: 15.8%)

LEGH (29.7%)

Legacy Housing

GRBK (20.8%)

Green Brick Partners

PHM (19.3%)

PulteGroup

NVR (17.0%)

NVR

Higher Total Yield (Value for BLD: 4.7%)

LEN (12.0%)

Lennar

PHM (12.0%)

PulteGroup

TOL (10.4%)

Toll Brothers

DHI (9.4%)

D.R. Horton

NVR (6.8%)

NVR

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

GM (8.6% | 0.4x)

General Motors

F (7.8% | 0.3x)

Ford Motor

CPNG (18.4% | 1.3x)

Coupang

CCL (45.9% | 1.5x)

Carnival

TSCO (4.5% | 1.8x)

Tractor Supply

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

GM (8.6% | 9.7x)

General Motors

CCL (45.9% | 9.4x)

Carnival

LEN (3.0% | 7.7x)

Lennar

LULU (14.2% | 10.1x)

Lululemon Athletica

PHM (5.4% | 6.9x)

PulteGroup

Higher Rev Chg LTM (Value for BLD: -1.3%)

BKNG (13.0%)

Booking

AMZN (10.9%)

Amazon.com

HD (7.5%)

Home Depot

TJX (4.5%)

TJX Companies

MCD (1.2%)

McDonald's

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

BKNG (17.8%)

Booking

AMZN (11.3%)

Amazon.com

TSLA (9.3%)

Tesla

TJX (6.2%)

TJX Companies

MCD (4.2%)

McDonald's

Higher Op Mgn LTM (Value for BLD: 15.8%)

MCD (46.1%)

McDonald's

BKNG (34.5%)

Booking

ABNB (22.6%)

Airbnb

ORLY (19.3%)

O'Reilly Automotive

MAR (16.0%)

Marriott International

Higher CFO/Rev LTM (Value for BLD: 16.2%)

MCD (39.9%)

McDonald's

MELI (37.5%)

MercadoLibre

BKNG (33.2%)

Booking

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for BLD: 15.1%)

ABNB (38.4%)

Airbnb

MELI (32.9%)

MercadoLibre

BKNG (31.9%)

Booking

MCD (28.1%)

McDonald's

DASH (15.8%)

DoorDash

Higher Total Yield (Value for BLD: 4.7%)

LOW (6.9%)

Lowe's Companies

HD (6.8%)

Home Depot

MCD (6.1%)

McDonald's

SBUX (4.8%)

Starbucks

GM (4.7%)

General Motors

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

DIS (4.5% | 2.2x)

Walt Disney

PEP (3.4% | 2.1x)

PepsiCo

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

UNH (11.4% | 11.4x)

UnitedHealth

NEM (23.9% | 12.4x)

Newmont

HCA (6.6% | 10.3x)

HCA Healthcare

ENB (8.6% | 9.3x)

Enbridge

CVS (7.7% | 9.4x)

CVS Health

Higher Rev Chg LTM (Value for BLD: -1.3%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for BLD: 15.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BLD: 16.2%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for BLD: 15.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for BLD: 4.7%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Consumer Discretionary Sector
	BLD	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	21.3	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	14.3	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	1.4%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	-1.3%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	3.0%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	13.8%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	TopBuild Earnings Notes
2	TopBuild Earnings Notes
3	How Low Can TopBuild Stock Really Go?	Return
4	As BLD Surges 19% in a Month, COP's Story Stands Out	Counter-Intuitive Comparisons
5	BLD's 19% One Month Pop Begs The Question: Is WYNN Better Instead?	Counter-Intuitive Comparisons
6	BLD's 19% Single Month Rise Brings Valuations Into Focus - Is GRBK a Better Deal?	Counter-Intuitive Comparisons
7	How Does TopBuild Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than BLD Stock: Pay Less Than TopBuild To Get More From OKE, CCL
9	Better Bet Than BLD Stock: Pay Less Than TopBuild To Get More From CCL, LULU
10	Better Bet Than BLD Stock: Pay Less Than TopBuild To Get More From DFH, GRBK

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BLD. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%
BLD_5312025_Dip_Buyer_ValueBuy	05312025	BLD	TopBuild	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	60.0%	52.7%	-0.8%
BLD_6302022_Dip_Buyer_FCFYield	06302022	BLD	TopBuild	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.2%	59.1%	-15.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for TopBuild

Peers to compare with:

Financials

	BLD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	TopBuild	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	431.92	23.26	24.49	305.09	78.16	273.40	175.78
Mkt Cap	12.1	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	5,236	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	830	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	791	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	723	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	846	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	788	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	BLD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	TopBuild	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-1.3%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	3.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.8%
Rev Chg Q	1.4%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	0.4%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	15.8%	6.6%	4.8%	17.7%	22.5%	31.9%	16.7%
Op Mgn 3Y Avg	16.4%	7.4%	7.2%	16.4%	24.2%	30.8%	16.4%
QoQ Delta Op Mgn LTM	-0.6%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	16.2%	6.7%	8.5%	20.6%	23.8%	26.6%	18.4%
CFO/Rev 3Y Avg	15.1%	6.8%	12.7%	21.4%	26.1%	28.4%	18.2%
FCF/Rev LTM	15.1%	5.1%	1.8%	18.1%	22.1%	23.5%	16.6%
FCF/Rev 3Y Avg	13.8%	5.5%	4.6%	18.6%	24.6%	25.6%	16.2%

Valuation

	BLD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	TopBuild	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	12.1	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	2.3	0.4	1.0	4.4	5.4	10.0	3.3
P/EBIT	14.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	21.3	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	14.3	5.9	11.2	21.1	22.5	37.5	17.7
Total Yield	4.7%	14.1%	2.3%	5.0%	5.4%	2.8%	4.8%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	7.2%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.2	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	BLD	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	TopBuild	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-5.1%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	9.8%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.5%
6M Rtn	33.0%	-4.0%	34.5%	6.6%	15.2%	36.3%	24.1%
12M Rtn	39.0%	-27.0%	16.2%	40.5%	34.5%	7.5%	25.3%
3Y Rtn	184.4%	-1.9%	71.1%	143.1%	81.3%	120.2%	100.7%
1M Excs Rtn	-5.8%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	5.5%	-16.2%	-1.7%	3.6%	12.7%	2.8%	3.2%
6M Excs Rtn	20.7%	-16.3%	22.3%	-5.7%	3.0%	24.0%	11.8%
12M Excs Rtn	22.5%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	9.6%
3Y Excs Rtn	97.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

Comparison Analyses

	Title
0	How Does TopBuild Stock Stack Up Against Its Peers?
1	TopBuild vs. Masco: With Return Forecast Of 14%, TopBuild Is A Better Bet
2	TopBuild vs. Matrix Service: With Return Forecast Of 82%, Matrix Service Is A Better Bet
3	TopBuild vs. Sherwin-Williams: With Return Forecast Of 19%, TopBuild Is A Better Bet
4	Baldwin Technology vs. Littelfuse: With Return Forecast Of 45%-46%, Both Seem Like Good Bets
5	Baldwin Technology vs. Graphic Packaging: With Return Forecast Of 46%, Baldwin Technology Is A Better Bet
6	Baldwin Technology vs. Acadia Healthcare: With Return Forecast Of 46%, Baldwin Technology Is A Better Bet
7	Baldwin Technology vs. Cadence Design Systems: With Return Forecast Of 26%, Baldwin Technology Is A Better Bet
8	Baldwin Technology vs. Fortinet: With Return Forecast Of 26%, Baldwin Technology Is A Better Bet
9	Baldwin Technology vs. Align Technology: With Return Forecast Of 65%, Align Technology Is A Better Bet

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/25/2025	2/28/2024	2/23/2023	2/22/2022	2/23/2021	2/25/2020
Key Financials
Total Revenue	5,236	5,330	5,195	5,009	3,486	2,718	2,624
EBITDA	995	1,054	1,033	922	542	418	344
Operating Income	830	886	879	797	476	355	290
Net Income	568	623	614	556	324	247	191
EPS	19.80	20.41	19.44	17.26	9.88	7.50	5.65
Growth Rates
Total Revenue Growth	-1.3%	2.6%	3.7%	43.7%	28.3%	3.6%	10.1%
EBITDA Growth	-4.9%	2.1%	12.0%	70.2%	29.7%	21.4%	38.3%
Operating Income Growth	-5.0%	0.9%	10.2%	67.3%	34.2%	22.6%	38.6%
Net Income Growth	-8.2%	1.4%	10.5%	71.6%	31.2%	29.3%	41.7%
Margins
EBITDA Margin	19.0%	19.8%	19.9%	18.4%	15.5%	15.4%	13.1%
Operating Income Margin	15.8%	16.6%	16.9%	15.9%	13.7%	13.1%	11.0%
Net Income Margin	10.8%	11.7%	11.8%	11.1%	9.3%	9.1%	7.3%
Cash & Debt
Total Cash	1,142	400	849	240	140	330	185
Total Debt	3,088	1,578	1,638	1,677	1,683	794	822
Net Debt / (Cash)	1,946	1,178	790	1,437	1,543	464	638
Cash Flows
Net Cash from Operations	846	776	849	496	403	358	272
Free Cash from Operations	791	707	785	419	347	317	226
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	464	966	-0	250	36	49	111

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/25/2025	11/5/2024	8/6/2024	5/7/2024	2/28/2024	10/31/2023	8/3/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	1,393	1,297	1,233	1,312	1,373	1,366	1,279	1,286	1,326	1,317	1,265	1,265
Ebitda	261	260	218	256	282	257	260	248	277	274	233	235
Operating Income	215	220	177	217	244	210	215	205	237	237	199	203
Net Income	142	152	123	151	169	151	152	146	168	164	136	144
EPS	5.08	5.34	4.25	5.13	5.68	4.81	4.82	4.63	5.30	5.20	4.31	4.54
Key Financials TTM
Total Revenue TTM	5,236	5,216	5,284	5,330	5,304	5,257	5,208	5,195	5,173	5,148	5,105	5,009
Ebitda TTM	995	1,016	1,013	1,054	1,047	1,042	1,060	1,033	1,020	998	961	922
Operating Income TTM	830	859	849	886	874	867	894	879	877	863	833	797
Net Income TTM	568	594	594	623	618	617	631	614	612	598	577	556
Growth Rates Quarterly
Total Revenue Growth	1.4%	-5.0%	-3.6%	2.0%	3.6%	3.7%	1.1%	1.7%	1.9%	3.4%	8.2%	18.9%
EBITDA Growth	-7.3%	1.3%	-16.0%	3.0%	1.7%	-6.4%	11.4%	5.6%	8.7%	15.7%	19.6%	60.2%
Operating Income Growth	-11.9%	4.5%	-17.3%	6.2%	2.7%	-11.3%	7.6%	0.8%	6.6%	14.4%	21.6%	71.5%
Net Income Growth	-15.8%	0.6%	-19.0%	2.8%	0.8%	-8.3%	12.2%	1.8%	9.0%	14.4%	18.4%	83.6%
Margins Quarterly
EBITDA Margin	18.8%	20.0%	17.7%	19.5%	20.5%	18.8%	20.3%	19.3%	20.9%	20.8%	18.5%	18.6%
Operating Income Margin	15.4%	16.9%	14.4%	16.6%	17.8%	15.4%	16.8%	15.9%	17.9%	18.0%	15.8%	16.1%
Net Income Margin	10.2%	11.7%	10.0%	11.5%	12.3%	11.0%	11.9%	11.4%	12.6%	12.5%	10.7%	11.4%
Cash & Debt
Total Cash	1,142	842	309	400	257	463	969	849	616	526	334	240
Total Debt	3,088	2,082	1,567	1,578	1,589	1,602	1,624	1,638	1,655	1,657	1,673	1,677
Net Debt / (Cash)	1,946	1,240	1,258	1,178	1,332	1,139	655	790	1,039	1,131	1,339	1,437
Cash Flows Quarterly
FCF from Operations	233	194	153	266	241	90	179	261	203	216	170	160
Cash Flows TTM
FCF from Operations TTM	846	853	750	776	771	733	858	849	749	664	576	496
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	66	136	216	47	414	505	-0	-0	-0	-0	-0	50
Return on Invested Capital (ROIC) Quarterly
ROIC	33.0%	52.8%	42.0%	54.8%	54.3%	54.8%	96.4%	78.1%	68.2%	61.8%	44.2%	43.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	31.7%	51.5%	50.1%	55.7%	48.7%	56.7%	101.4%	82.8%	63.0%	56.8%	46.4%	41.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Installation	3,188	2,970	2,378	1,943	1,907
Specialty Distribution	2,268	2,278	1,287	926	862
Elimination of intercompany net sales	-262	-239	-179	-152	-145
Total	5,195	5,009	3,486	2,718	2,624

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Installation	644	549	384	295	253
Specialty Distribution	331	326	169	115	90
Elimination of intercompany net sales	-44	-40	-30	-24	-24
General corporate expense, net	-52	-38	-47	-31	-30
Total	879	797	476	355	290

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Installation	2,208	2,129	2,024	1,722	1,669
Specialty Distribution	2,060	2,176	2,081	731	716
Corporate	895	302	153	363	219
Total	5,163	4,607	4,259	2,815	2,604

Price Behavior

Price Behavior

Market Price	$431.92
Market Cap ($ Bil)	12.1
First Trading Date	07/01/2015
Distance from 52W High	-5.1%
	50 Days	200 Days
DMA Price	$431.98	$370.16
DMA Trend	up	up
Distance from DMA	-0.0%	16.7%
	3M	1YR
Volatility	37.5%	38.8%
Downside Capture	127.41	109.45
Upside Capture	146.76	125.27
Correlation (SPY)	44.3%	47.2%

BLD Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.48	1.19	1.19	1.18	0.94	1.25
Up Beta	1.24	1.32	1.94	1.79	0.97	1.21
Down Beta	0.99	1.08	0.87	1.11	0.55	0.77
Up Capture	240%	180%	119%	164%	133%	510%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	30	65	126	403
Down Capture	120%	82%	105%	52%	111%	108%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	32	59	121	346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BLD With Other Asset Classes (Last 1Y)
	BLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	39.2%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	38.5%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.94	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		53.8%	47.1%	-6.2%	6.7%	50.4%	24.5%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BLD With Other Asset Classes (Last 5Y)
	BLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.4%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	40.7%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.52	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		59.3%	57.1%	7.6%	9.8%	53.1%	23.6%

Based On 10-Year Data

		Comparison of BLD With Other Asset Classes (Last 10Y)
	BLD	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	31.0%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	42.0%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.79	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		59.8%	58.0%	8.0%	18.5%	54.4%	17.2%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	1,379,357
Short Interest: % Change Since 11302025	-13.5%
Average Daily Volume	315,384
Days-to-Cover Short Interest	4.37
Basic Shares Quantity	28,019,746
Short % of Basic Shares	4.9%

Returns Analyses

	Title
0	How Low Can TopBuild Stock Really Go?
1	TopBuild Stock Return Comparison
2	[10/14/2021] Baldwin Technology (BLD) Stock Price Forecast: AI Forecasts BLD Stock Price To Be Around $229 In A Month (Up 3.7%)
3	TopBuild Total Shareholder Return (TSR): -43.3% in 2022 and 14.9% 3-yr returns (below peer average)
4	Baldwin Technology (BLD) Stock Return: AI Predicts BLD Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	-0.9%	2.6%	4.8%
8/5/2025	5.4%	7.2%	7.8%
5/6/2025	-2.3%	6.9%	-1.0%
2/25/2025	2.7%	-2.0%	3.7%
11/5/2024	4.3%	2.3%	6.6%
8/6/2024	-7.1%	-12.0%	-13.2%
2/28/2024	-5.2%	-2.7%	6.1%
10/31/2023	4.3%	20.2%	34.4%
...
SUMMARY STATS
# Positive	10	10	12
# Negative	13	13	11
Median Positive	4.2%	7.0%	6.4%
Median Negative	-3.1%	-4.4%	-4.2%
Max Positive	10.2%	20.2%	41.9%
Max Negative	-7.6%	-16.5%	-38.6%

	Forward Returns
11/4/2025	-0.9%	2.6%	4.8%
8/5/2025	5.4%	7.2%	7.8%
5/6/2025	-2.3%	6.9%	-1.0%
2/25/2025	2.7%	-2.0%	3.7%
11/5/2024	4.3%	2.3%	6.6%
8/6/2024	-7.1%	-12.0%	-13.2%
2/28/2024	-5.2%	-2.7%	6.1%
10/31/2023	4.3%	20.2%	34.4%
8/3/2023	4.1%	8.4%	6.0%
5/4/2023	-5.0%	-3.2%	-1.8%
2/23/2023	3.6%	4.0%	-4.2%
11/1/2022	-7.6%	-12.9%	-9.4%
8/2/2022	-4.5%	-7.7%	-14.9%
5/5/2022	1.0%	-4.6%	4.2%
2/22/2022	-2.2%	-4.4%	-1.3%
11/2/2021	-1.9%	-0.6%	-0.2%
8/3/2021	7.5%	7.8%	8.5%
5/6/2021	-3.1%	-16.5%	-15.0%
2/23/2021	0.1%	-0.8%	-3.1%
11/3/2020	-2.1%	-3.3%	3.8%
8/4/2020	-1.2%	7.1%	20.7%
5/5/2020	10.2%	5.2%	41.9%
2/25/2020	-5.6%	-12.5%	-38.6%
SUMMARY STATS
# Positive	10	10	12
# Negative	13	13	11
Median Positive	4.2%	7.0%	6.4%
Median Negative	-3.1%	-4.4%	-4.2%
Max Positive	10.2%	20.2%	41.9%
Max Negative	-7.6%	-16.5%	-38.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

TopBuild (BLD)

Market Price (12/28/2025): $432.32 | Market Cap: $12.1 BilSector: Consumer Discretionary | Industry: Homebuilding

TopBuild (BLD)

Market Price (12/28/2025): $432.32Market Cap: $12.1 BilSector: Consumer DiscretionaryIndustry: Homebuilding

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BLD Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About TopBuild (BLD)

Addressable Markets:

Interactive Breakdown

Better Bets than TopBuild (BLD)

INDUSTRY: Homebuilding

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

Higher Rev Chg LTM (Value for BLD: -1.3%)

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

Higher Op Mgn LTM (Value for BLD: 15.8%)

Higher Total Yield (Value for BLD: 4.7%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

Higher Rev Chg LTM (Value for BLD: -1.3%)

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

Higher Op Mgn LTM (Value for BLD: 15.8%)

Higher CFO/Rev LTM (Value for BLD: 16.2%)

Higher FCF/Rev LTM (Value for BLD: 15.1%)

Higher Total Yield (Value for BLD: 4.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BLD: 3.0% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BLD: 3.0% | 14.6x)

Higher Rev Chg LTM (Value for BLD: -1.3%)

Higher Rev Chg 3Y Avg (Value for BLD: 3.0%)

Higher Op Mgn LTM (Value for BLD: 15.8%)

Higher CFO/Rev LTM (Value for BLD: 16.2%)

Higher FCF/Rev LTM (Value for BLD: 15.1%)

Higher Total Yield (Value for BLD: 4.7%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for TopBuild

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Market Price (12/28/2025): $432.32 | Market Cap: $12.1 Bil
Sector: Consumer Discretionary | Industry: Homebuilding

Market Price (12/28/2025): $432.32
Market Cap: $12.1 Bil
Sector: Consumer Discretionary
Industry: Homebuilding