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.

• 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.

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.

Owens Corning (OC)

Knauf Insulation

CertainTeed

Johns Manville

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.

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.

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.

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.