TopBuild (BLD)
Market Price (5/21/2026): $412.63 | Market Cap: $11.5 BilSector: Consumer Discretionary | Industry: Homebuilding
TopBuild (BLD)
Market Price (5/21/2026): $412.63Market Cap: $11.5 BilSector: Consumer DiscretionaryIndustry: Homebuilding
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Attractive yieldFCF Yield is 6.1% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Sustainable Resource Management. Themes include Energy Efficient Building Materials, and Resource Efficiency Solutions. | Weak multi-year price returns2Y Excs Rtn is -44% | Key risksBLD key risks include [1] its high exposure to the cyclical residential construction market, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Attractive yieldFCF Yield is 6.1% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Sustainable Resource Management. Themes include Energy Efficient Building Materials, and Resource Efficiency Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -44% |
| Key risksBLD key risks include [1] its high exposure to the cyclical residential construction market, Show more. |
Qualitative Assessment
AI Analysis | Feedback
TopBuild (BLD) stock has lost about 10% since 1/31/2026 because of the following key factors:
1. Weakness in Residential and Light Commercial Construction Markets impacted TopBuild's sales volume.
TopBuild reported a 10.5% decline in volume in Q4 2025 and a 9.8% decline in installation services volume in Q1 2026, explicitly attributing this to ongoing weakness in the residential and light commercial new construction sectors. This company-specific challenge aligns with broader macroeconomic trends indicating a soft housing market, with J.P. Morgan Global Research projecting U.S. house prices to stall at 0% in 2026 and Zillow forecasting 0.0% home price shifts between March 2026 and March 2027. Elevated mortgage rates, projected to remain above 6%, further dampened demand.
2. Compressed Profit Margins due to Rising Costs and Increased Interest Expense.
TopBuild experienced a year-over-year decline in its adjusted EBITDA margin, falling to 17.9% in Q4 2025 (down 180 basis points) and 16.5% in Q1 2026 (down from 19.0% in Q1 2025). This was driven by persistent industry-wide cost pressures, including rising material costs (exacerbated by tariffs) and wage growth. Additionally, the company's interest expense more than doubled to $36.6 million in Q1 2026, further impacting net income.
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1. Weakness in Residential and Light Commercial Construction Markets impacted TopBuild's sales volume.
TopBuild reported a 10.5% decline in volume in Q4 2025 and a 9.8% decline in installation services volume in Q1 2026, explicitly attributing this to ongoing weakness in the residential and light commercial new construction sectors. This company-specific challenge aligns with broader macroeconomic trends indicating a soft housing market, with J.P. Morgan Global Research projecting U.S. house prices to stall at 0% in 2026 and Zillow forecasting 0.0% home price shifts between March 2026 and March 2027. Elevated mortgage rates, projected to remain above 6%, further dampened demand.
2. Compressed Profit Margins due to Rising Costs and Increased Interest Expense.
TopBuild experienced a year-over-year decline in its adjusted EBITDA margin, falling to 17.9% in Q4 2025 (down 180 basis points) and 16.5% in Q1 2026 (down from 19.0% in Q1 2025). This was driven by persistent industry-wide cost pressures, including rising material costs (exacerbated by tariffs) and wage growth. Additionally, the company's interest expense more than doubled to $36.6 million in Q1 2026, further impacting net income.
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Stock Movement Drivers
Fundamental Drivers
The -11.8% change in BLD stock from 1/31/2026 to 5/20/2026 was primarily driven by a -17.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 468.05 | 412.64 | -11.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,236 | 5,622 | 7.4% |
| Net Income Margin (%) | 10.8% | 9.0% | -17.5% |
| P/E Multiple | 23.1 | 22.9 | -0.7% |
| Shares Outstanding (Mil) | 28 | 28 | 0.2% |
| Cumulative Contribution | -11.8% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BLD | -11.8% | |
| Market (SPY) | 7.4% | 40.4% |
| Sector (XLY) | -2.5% | 40.4% |
Fundamental Drivers
The -2.3% change in BLD stock from 10/31/2025 to 5/20/2026 was primarily driven by a -21.5% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 422.48 | 412.64 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,216 | 5,622 | 7.8% |
| Net Income Margin (%) | 11.4% | 9.0% | -21.5% |
| P/E Multiple | 20.2 | 22.9 | 13.8% |
| Shares Outstanding (Mil) | 28 | 28 | 1.4% |
| Cumulative Contribution | -2.3% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BLD | -2.3% | |
| Market (SPY) | 9.3% | 43.1% |
| Sector (XLY) | -1.3% | 42.8% |
Fundamental Drivers
The 39.5% change in BLD stock from 4/30/2025 to 5/20/2026 was primarily driven by a 64.8% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 295.76 | 412.64 | 39.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,330 | 5,622 | 5.5% |
| Net Income Margin (%) | 11.7% | 9.0% | -23.4% |
| P/E Multiple | 13.9 | 22.9 | 64.8% |
| Shares Outstanding (Mil) | 29 | 28 | 4.8% |
| Cumulative Contribution | 39.5% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BLD | 39.5% | |
| Market (SPY) | 35.2% | 42.3% |
| Sector (XLY) | 20.5% | 43.7% |
Fundamental Drivers
The 83.0% change in BLD stock from 4/30/2023 to 5/20/2026 was primarily driven by a 78.8% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 225.48 | 412.64 | 83.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,009 | 5,622 | 12.2% |
| Net Income Margin (%) | 11.1% | 9.0% | -19.4% |
| P/E Multiple | 12.8 | 22.9 | 78.8% |
| Shares Outstanding (Mil) | 32 | 28 | 13.1% |
| Cumulative Contribution | 83.0% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BLD | 83.0% | |
| Market (SPY) | 85.2% | 46.5% |
| Sector (XLY) | 63.5% | 50.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLD Return | 50% | -43% | 139% | -17% | 34% | -5% | 116% |
| Peers Return | 58% | -17% | 97% | 5% | -6% | -14% | 117% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| BLD Win Rate | 67% | 33% | 75% | 50% | 50% | 40% | |
| Peers Win Rate | 69% | 46% | 65% | 60% | 44% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BLD Max Drawdown | -22% | -49% | -28% | -36% | -22% | -39% | |
| Peers Max Drawdown | -19% | -36% | -27% | -29% | -37% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IBP, OC, BLDR, CSL. 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] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | BLD | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.9% | -18.8% |
| % Gain to Breakeven | 16.1% | 23.1% |
| Time to Breakeven | 76 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.0% | -9.5% |
| % Gain to Breakeven | 23.5% | 10.5% |
| Time to Breakeven | 16 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.1% | 32.4% |
| Time to Breakeven | 385 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.8% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -12.9% | -3.7% |
| % Gain to Breakeven | 14.8% | 3.9% |
| Time to Breakeven | 8 days | 6 days |
In The Past
TopBuild's stock fell -13.9% during the 2025 US Tariff Shock. Such a loss loss requires a 16.1% gain to breakeven.
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| Event | BLD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.2% | -24.5% |
| % Gain to Breakeven | 76.1% | 32.4% |
| Time to Breakeven | 385 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.1% | -33.7% |
| % Gain to Breakeven | 108.8% | 50.9% |
| Time to Breakeven | 72 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.8% | -19.2% |
| % Gain to Breakeven | 29.6% | 23.8% |
| Time to Breakeven | 43 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.0% | -12.2% |
| % Gain to Breakeven | 36.9% | 13.9% |
| Time to Breakeven | 68 days | 62 days |
In The Past
TopBuild's stock fell -13.9% during the 2025 US Tariff Shock. Such a loss loss requires a 16.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About TopBuild (BLD)
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
Analogies for TopBuild (BLD):
- It's like an Amazon for specialized building materials, with nationwide installation services.
- Think of it as the Sherwin-Williams of insulation and other critical building components, providing both distribution and installation services for contractors.
AI Analysis | Feedback
- Insulation Products & Installation: TopBuild provides a wide array of insulation materials, related accessories, and professional installation services for residential, commercial, and industrial construction projects.
- Specialty Building Products Distribution: The company distributes various other building materials including glass, windows, rain gutters, afterpaint products, fireproofing products, garage doors, fireplaces, closet shelving, and roofing materials.
- Building Science Services: TopBuild offers consulting services such as pre-construction plan reviews, diagnostic testing, inspection services, and home energy rating to enhance new home construction.
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Major Customers of TopBuild (BLD)
TopBuild Corp. primarily sells its insulation products, other building products, and installation services to other businesses within the construction industry. While specific company names of major customers are not provided in the background description, the company serves a wide range of business-to-business (B2B) customers. These major customer categories include:
- Single-family homebuilders
- Single-family custom builders
- Multi-family builders
- Commercial general contractors
- Remodelers
- Insulation contractors
- Gutter contractors
- Weatherization contractors
- Other specialized contractors
- Dealers
- Metal building erectors
- Modular home builders
The company also serves individual homeowners, though its primary focus appears to be on the extensive list of B2B relationships within the construction sector.
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| Supplier Company Name | Symbol |
|---|---|
| Owens Corning | OC |
| BASF | BASFY |
| Saint-Gobain | SGOBY |
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Robert Buck, President and Chief Executive Officer
Mr. Buck assumed the position of Chief Executive Officer on January 1, 2021, after serving as President and Chief Operating Officer since TopBuild's spin-off from Masco Corporation in June 2015. At Masco, he held the role of Group Vice President, overseeing the Installation and Other Services Segment, which included Masco Contractor Services and Service Partners, LLC. His career with Masco began in 1997 at Liberty Hardware, where he spent eight years in various operations leadership roles and extensively engaged in international operations. He became Executive Vice President at Liberty Hardware in 2005 and President in 2007. Mr. Buck is also a director of Core & Main, Inc.
Robert Kuhns, Chief Financial Officer
Mr. Kuhns became Chief Financial Officer in April 2022, having joined TopBuild in July 2018 as Vice President, Controller. Prior to TopBuild, he spent eleven years at Mohawk Industries, where he served as Senior Director/Assistant Controller and held various positions, including Senior Director of International Finance and Division Controller. Before Mohawk, Mr. Kuhns was Director of International Treasury and a Division Controller at NCH Corporation. He started his career in the accounting department of Ingersoll-Rand Company.
Jennifer Shoffner, Chief Human Resources Officer
Ms. Shoffner joined TopBuild in 2020 as Vice President, Talent Management, before being promoted to Chief Human Resources Officer. Before joining TopBuild, she served as Vice President of Human Resources for Liberty Hardware, a Masco company, where she led all aspects of human resources and talent strategy and planning. Throughout her 23-year tenure with Liberty Hardware, she also managed areas such as Continuous Improvement, Customer Services, and Information Technology.
Joey Viselli, Chief Operating Officer
Mr. Viselli joined TopBuild in 2021 following the company's acquisition of Distribution International. He was promoted to Executive Vice President of Distribution International in March 2022 and subsequently to Chief Operating Officer of TopBuild in October 2022. Before the acquisition, Mr. Viselli was Senior Vice President of Specialty Products at Distribution International. He began his professional career in sales and marketing at Procter & Gamble in 1990.
Luis Machado, General Counsel and Secretary
Mr. Machado joined TopBuild in August 2020 as General Counsel and Secretary. Previously, he was Vice President, General Counsel and Secretary of CTS Corporation. Prior to CTS, Mr. Machado held roles as Senior Vice President, Legal, and Assistant Secretary at L Brands, Inc., Associate General Counsel, Corporate and Assistant Secretary of Wm. Wrigley Jr. Company, Senior Counsel with Diversey, Inc., and an associate with the Altheimer & Gray law firm.
AI Analysis | Feedback
TopBuild (BLD) faces several key risks inherent to its business within the construction industry:
- Dependence on Cyclical Construction and Housing Markets: TopBuild's business is highly susceptible to fluctuations in the broader economy, particularly within the housing and construction sectors. Economic downturns, rising interest rates, and changes in consumer confidence can significantly reduce demand for the company's installation services and distributed products. For instance, TopBuild's revenue growth has been impacted by a slowdown in the housing market due to a high-interest rate environment. The company's 2026 outlook projects a "mid-single digit decline" in residential sales, acknowledging "ongoing uncertainty in the residential new construction market."
- Fluctuations in Raw Material Prices and Supply Chain Disruptions: The company relies on third-party suppliers and manufacturers for an adequate supply of various building products, including insulation materials like fiberglass. Continuous supply-chain disruptions, along with higher raw material costs, remain ongoing concerns for TopBuild. The cost of fiberglass, for example, has increased frequently. While TopBuild works to recover these higher commodity costs through price increases, the ongoing volatility in material costs and tightened capacity pose risks to its profit margins. The ability to pass through these cost pressures to customers is a significant current risk.
- Labor Availability and Rising Costs: As a labor-intensive business, particularly in its Installation segment, TopBuild's performance is heavily dependent on its ability to attract, develop, and retain skilled employees. Labor shortages and increasing labor costs can impact the company directly through wage inflation and indirectly by stretching building cycles for its customers, leading to fewer available construction days and reduced project volumes. These labor challenges contribute to the risk of profit margin compression.
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The rise of modular and prefabricated construction techniques represents a clear emerging threat to TopBuild's on-site insulation installation business. As an increasing number of building components, such as walls and roof sections, are manufactured off-site in factories with integrated insulation, the demand for traditional on-site insulation installation services for new construction could significantly decrease. While TopBuild also has a distribution segment and serves modular home builders, a widespread shift towards pre-insulated modules directly impacts the relevance and need for its extensive network of 235 installation branches, which are primarily focused on on-site work.
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TopBuild Corp. operates in significant addressable markets within the construction industry, primarily focusing on insulation installation and distribution of insulation and other building products across the United States and Canada. The market for insulation materials and installation services represents a substantial portion of TopBuild's operations in North America. In the United States, the thermal insulation market was valued at approximately $22.68 billion in 2024. Similarly, the thermal insulation market in Canada reached an estimated $3.45 billion in 2024. The Canadian building insulation material market was valued at approximately $1.90 billion in 2024, with projections to grow to about $3.15 billion by 2035. Beyond insulation, TopBuild has significantly expanded its scope. The company has stated that its total addressable market has grown from approximately $16 billion in 2022 to over $90 billion. This expansion is attributed to strategic acquisitions and diversification into commercial and industrial insulation, as well as entry into the commercial roofing market, encompassing a broader range of building products and services beyond just insulation.AI Analysis | Feedback
TopBuild (BLD) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Strategic Acquisitions: Acquisitions remain a top priority for TopBuild's capital allocation, significantly contributing to revenue growth. The company completed seven acquisitions in 2025, adding approximately $1.2 billion in annual sales. Notably, the acquisitions of Specialty Products and Insulation (SPI) and Progressive Roofing are expected to fuel substantial future revenue. M&A activities are projected to contribute $800 million to $850 million in revenue in 2026 alone. * Expansion in Commercial and Industrial End Markets: Despite challenges in the residential market, TopBuild anticipates growth from its solid commercial and industrial end markets, characterized by healthy bidding and backlogs. This includes expanding its presence in the commercial roofing sector, as evidenced by acquisitions like Johnson Roofing. * Realization of Cross-selling Opportunities: The integration of recent acquisitions, particularly SPI, is expected to unlock significant cross-selling opportunities across TopBuild's expanded product and service offerings. The company aims to leverage these synergies to drive additional sales over time. * Diversification of Service Offerings and Market Reach: TopBuild is expanding its service offerings and market reach, notably through its entry into and strengthening of the commercial roofing platform via acquisitions. This diversification into more non-cyclical revenue streams is part of a broader strategy to capture growth opportunities within its addressable market.AI Analysis | Feedback
Share Repurchases
- TopBuild announced a new $1.0 billion share repurchase authorization on February 25, 2025, bringing the total availability to $1.2 billion, including the $188.1 million remaining from a prior authorization as of December 31, 2024.
- For the full year 2024, the company repurchased approximately 2.5 million shares totaling $966.4 million.
- In 2025, TopBuild returned $434.2 million to shareholders through buybacks and had approximately $753.9 million of remaining authorization.
Share Issuance
- No significant share issuances (new equity being sold) by TopBuild were identified over the last 3-5 years.
Outbound Investments
- TopBuild acquired Distribution International for $1.0 billion in cash, with the transaction expected to close in the fourth quarter of 2021.
- The company completed the acquisition of Progressive Roofing for $810 million in an all-cash transaction on July 15, 2025, establishing a new platform in the commercial roofing services sector.
- In 2024, TopBuild completed 8 acquisitions totaling $153.1 million in annual sales.
Capital Expenditures
- TopBuild's capital expenditures were $43 million in 2025, $52 million in 2024, and $25 million in 2023.
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| 04022026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | -1.2% |
| 03202026 | BLD | TopBuild | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 32.0% | 32.0% | -0.0% |
| 05312025 | BLD | TopBuild | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 60.0% | 56.5% | -0.8% |
| 06302022 | BLD | TopBuild | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.2% | 59.1% | -15.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 215.93 |
| Mkt Cap | 9.2 |
| Rev LTM | 5,622 |
| Op Inc LTM | 789 |
| FCF LTM | 827 |
| FCF 3Y Avg | 921 |
| CFO LTM | 1,055 |
| CFO 3Y Avg | 1,046 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.5% |
| Rev Chg 3Y Avg | 2.1% |
| Rev Chg Q | -4.0% |
| QoQ Delta Rev Chg LTM | -0.9% |
| Op Inc Chg LTM | -9.3% |
| Op Inc Chg 3Y Avg | -1.7% |
| Op Mgn LTM | 13.0% |
| Op Mgn 3Y Avg | 15.6% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 13.6% |
| CFO/Rev 3Y Avg | 14.8% |
| FCF/Rev LTM | 10.7% |
| FCF/Rev 3Y Avg | 12.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.2 |
| P/S | 2.0 |
| P/Op Inc | 13.4 |
| P/EBIT | 14.4 |
| P/E | 22.7 |
| P/CFO | 12.7 |
| Total Yield | 4.4% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | 6.9% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -15.8% |
| 3M Rtn | -22.6% |
| 6M Rtn | -0.0% |
| 12M Rtn | -17.4% |
| 3Y Rtn | 60.2% |
| 1M Excs Rtn | -17.4% |
| 3M Excs Rtn | -29.4% |
| 6M Excs Rtn | -9.2% |
| 12M Excs Rtn | -42.6% |
| 3Y Excs Rtn | -19.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Installation Services | 3,295 | 3,188 | 2,970 | 2,378 | 1,943 |
| Specialty Distribution | 2,341 | 2,268 | 2,278 | 1,287 | 926 |
| Elimination of intercompany net sales | -306 | -262 | -239 | -179 | -152 |
| Total | 5,330 | 5,195 | 5,009 | 3,486 | 2,718 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Installation Services | 649 | 644 | 549 | 384 | 295 |
| Specialty Distribution | 352 | 331 | 326 | 169 | 115 |
| Elimination of intercompany net sales | -50 | -44 | -40 | -30 | -24 |
| General corporate expense, net | -65 | -52 | -38 | -47 | -31 |
| Total | 886 | 879 | 797 | 476 | 355 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Installation Services | 2,226 | 2,208 | 2,129 | 2,024 | 1,722 |
| Specialty Distribution | 2,078 | 2,060 | 2,176 | 2,081 | 731 |
| Other | 431 | ||||
| Corporate | 895 | 302 | 153 | 363 | |
| Total | 4,735 | 5,163 | 4,607 | 4,259 | 2,815 |
Price Behavior
Price Behavior
| Market Price | $412.64 | |
| Market Cap ($ Bil) | 11.5 | |
| First Trading Date | 07/01/2015 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $397.70 | $430.11 |
| DMA Trend | up | down |
| Distance from DMA | 3.8% | -4.1% |
| 3M | 1YR | |
| Volatility | 59.9% | 44.2% |
| Downside Capture | 189.02 | 108.90 |
| Upside Capture | 40.43 | 120.01 |
| Correlation (SPY) | 42.1% | 40.4% |
BLD Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.32 | 1.80 | 1.55 | 1.60 | 1.47 | 1.25 |
| Up Beta | 3.21 | 3.16 | 2.96 | 2.28 | 2.10 | 1.25 |
| Down Beta | 22.03 | 3.82 | 2.91 | 2.07 | 1.76 | 0.86 |
| Up Capture | 69% | 63% | 43% | 123% | 126% | 339% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 20 | 28 | 58 | 122 | 390 |
| Down Capture | -1588% | 91% | 91% | 119% | 100% | 109% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 23 | 36 | 66 | 128 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLD | |
|---|---|---|---|---|
| BLD | 40.4% | 44.2% | 0.89 | - |
| Sector ETF (XLY) | 9.5% | 18.3% | 0.36 | 42.0% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 40.8% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 18.3% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -18.6% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 47.4% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 16.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLD | |
|---|---|---|---|---|
| BLD | 15.4% | 41.4% | 0.47 | - |
| Sector ETF (XLY) | 7.9% | 23.7% | 0.29 | 57.8% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 55.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 10.6% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 5.9% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 53.4% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 21.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLD | |
|---|---|---|---|---|
| BLD | 28.6% | 42.8% | 0.74 | - |
| Sector ETF (XLY) | 12.8% | 22.0% | 0.53 | 59.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 57.0% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 10.8% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 15.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 53.8% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 17.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | -3.6% | -13.2% | -28.3% |
| 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% |
| ... | |||
| 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% | -28.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 5.92 Bil | 6.08 Bil | 6.22 Bil | 0 | Affirmed | Guidance: 6.08 Bil for 2026 | |
| 2026 Adjusted EBITDA | 1.00 Bil | 1.08 Bil | 1.16 Bil | 0 | Affirmed | Guidance: 1.08 Bil for 2026 | |
| 2026 Annual Revenue from 2026 Acquisitions | 80.00 Mil | -90.3% | Lowered | Guidance: 825.00 Mil for 2026 | |||
| 2026 Annual Revenue from Comfort Pro Acquisition | 6.00 Mil | -99.3% | Lowered | Guidance: 825.00 Mil for 2026 | |||
| 2026 Interest Expense and Other, net | 143.00 Mil | 146.00 Mil | 149.00 Mil | 0 | Affirmed | Guidance: 146.00 Mil for 2026 | |
| 2026 Capital Expenditures | 0.01 | 0.01 | 0.02 | 0 | 0 | Affirmed | Guidance: 0.01 for 2026 |
| 2026 Working Capital | 0.15 | 0.16 | 0.17 | 0 | 0 | Affirmed | Guidance: 0.16 for 2026 |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 5.92 Bil | 6.08 Bil | 6.22 Bil | 12.5% | Higher New | Guidance: 5.40 Bil for 2025 | |
| 2026 Adjusted EBITDA | 1.00 Bil | 1.08 Bil | 1.16 Bil | 4.3% | Higher New | Guidance: 1.03 Bil for 2025 | |
| 2026 M&A Sales Contribution | 800.00 Mil | 825.00 Mil | 850.00 Mil | ||||
| 2026 Interest Expense and Other, net | 143.00 Mil | 146.00 Mil | 149.00 Mil | ||||
| 2026 Capital Expenditures | 0.01 | 0.01 | 0.02 | ||||
| 2026 Working Capital | 0.15 | 0.16 | 0.17 | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buck, Robert M | President and CEO | Direct | Sell | 12122025 | 453.39 | 5,000 | 2,266,950 | 28,665,583 | Form |
| 2 | MacHado, Luis Francisco | VP, Gen. Counsel, Corp Sec. | Direct | Sell | 11282025 | 450.40 | 1,000 | 450,400 | 4,210,790 | Form |
| 3 | Bautista, Ernesto Iii | Direct | Sell | 11252025 | 432.30 | 130 | 56,199 | 1,044,004 | Form | |
| 4 | Buck, Robert M | President and CEO | Direct | Sell | 11102025 | 418.01 | 5,000 | 2,090,050 | 28,518,732 | Form |
| 5 | Donikowski, Tina | Direct | Sell | 8292025 | 427.89 | 370 | 158,319 | 1,816,393 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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