A Business at a Glance
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TopBuild Corp
BLD
$10.1B
Mkt Cap
TopBuild Corp (BLD) has a current P/E ratio of 24.0, compared to its historical median P/E of 18.6. The stock is currently considered Fair based on its historical valuation range.
TopBuild Corp (BLD) has a 5-year average return on invested capital (ROIC) of 17.5%. This indicates strong capital allocation and a potential competitive advantage.
TopBuild Corp (BLD) has a market capitalization of $12.4B. It is classified as a large-cap stock.
TopBuild Corp (BLD) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.51%.
Based on historical P/E analysis, TopBuild Corp (BLD) appears fair. The current P/E of 24.0 is 29% above its historical median of 18.6. The estimated fair value CAGR (P/E method) is 30.4%.
TopBuild Corp (BLD) operates in the Construction - Special Trade Contractors industry, within the Industrials sector.
TopBuild Corp (BLD) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
TopBuild Corp. is a leading installer of insulation and commercial roofing and a specialty distributor of building products in the United States and Canada, operating through two segments: Installation Services (approximately 59% of sales) and Specialty Distribution (approximately 41% of sales). The Installation Services segment provides insulation applications including fiberglass, spray foam, and cellulose, as well as commercial roofing services such as single-ply, built-up, and metal roofing systems, along with ancillary products like windows, gutters, and garage doors, serving residential, commercial, and industrial end markets through more than 200 branches nationwide. The Specialty Distribution segment distributes building and mechanical insulation, insulation accessories, and other building products through more than 250 distribution centers across the United States and Canada, with insulation and accessories comprising approximately 88% of sales. The company's competitive advantages stem from combined buying power across both segments that strengthens manufacturer relationships and supply chain efficiencies, the ability to reach a broader customer base regardless of size or geography, and reduced cyclical exposure through maintenance and recurring services; demand is driven by new construction, remodeling, repair activity, and energy efficiency requirements regulated by building codes.
【Cautious near-term demand outlook】 Management expects residential sales to decline mid-single digits in 2026 due to ongoing consumer confidence and affordability challenges, while commercial and industrial markets are anticipated to grow low single digits supported by solid backlogs and bidding activity, particularly in mechanical installations and roofing. The company anticipates volume and pricing pressures totaling approximately $55 million in headwinds, with fiberglass and spray foam pricing expected to remain under pressure while mechanical insulation pricing is expected to remain strong. Management is focused on cost structure optimization and synergy realization from recent acquisitions, with confidence in delivering at or above high-end two-year synergy targets, and expects to capture growth opportunities should market conditions improve during the year.
| Metric | Target | Period |
|---|---|---|
| Sales | $5.925 billion–$6.225 billion | FY2026 |
| Adjusted EBITDA | $1.005 billion–$1.155 billion | FY2026 |
| Quarterly Sales Range | $1.4 billion–$1.6 billion | FY2026 (quarterly) |
| EBITDA Margin Range | 16.5%–18.5% | FY2026 (quarterly) |
| Interest and Other Expense | $143 million–$149 million | FY2026 |
| Tax Rate | approximately 26% | FY2026 |
| CapEx | 1%–2% of sales | FY2026 |
| Working Capital | 15%–17% of sales | FY2026 |
Sales (FY2026): “our 2026 guidance is for sales of $5.925 billion-$6.225 billion”
Adjusted EBITDA (FY2026): “adjusted EBITDA of $1.005 billion-$1.155 billion”
Quarterly Sales Range (FY2026 (quarterly)): “we expect quarterly sales to range between $1.4 billion and $1.6 billion”
EBITDA Margin Range (FY2026 (quarterly)): “our EBITDA margins to range between 16.5% and 18.5%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.6B | 5.4B | 5.3B | 5.2B | 5.0B | 3.5B |
| Net Income | 503M | 522M | 623M | 614M | 556M | 324M |
| EPS | $17.87 | $18.28 | $20.29 | $19.33 | $17.14 | $9.78 |
| Free Cash Flow | 704M | 697M | 707M | 785M | 419M | 347M |
| ROIC | 11.8% | 13.9% | 20.1% | 20.1% | 18.8% | 14.6% |
| Gross Margin | 28.8% | 29.0% | 30.5% | 30.9% | 29.7% | 27.9% |
| Debt/Equity | 1.18 | 1.35 | 0.71 | 0.64 | 0.86 | 1.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 789M | 792M | 886M | 879M | 797M | 476M |
| Operating Margin | 14.0% | 14.6% | 16.6% | 16.9% | 15.9% | 13.7% |
| ROE | 20.9% | 23.1% | 26.1% | 27.3% | 31.2% | 21.7% |
| Shares Outstanding | 28M | 29M | 31M | 32M | 32M | 33M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.5B | 1.6B | 1.7B | 1.9B | 2.4B | 2.6B | 2.7B | 3.5B | 5.0B | 5.2B | 5.3B | 5.4B | 5.6B |
| Gross Margin | 21.9% | 22.1% | 23.0% | 24.2% | 24.2% | 26.0% | 27.5% | 27.9% | 29.7% | 30.9% | 30.5% | 29.0% | 28.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 291M | 274M | 279M | 294M | 367M | 392M | 391M | 498M | 690M | 725M | 739M | 777M | 828M |
| EBIT | 41M | 84M | 122M | 137M | 209M | 290M | 355M | 476M | 797M | 879M | 886M | 792M | 789M |
| Op. Margin | 2.7% | 5.2% | 7.0% | 7.2% | 8.8% | 11.0% | 13.1% | 13.7% | 15.9% | 16.9% | 16.6% | 14.6% | 14.0% |
| Net Income | 9.4M | 79M | 73M | 158M | 135M | 191M | 247M | 324M | 556M | 614M | 623M | 522M | 503M |
| Net Margin | 0.6% | 4.9% | 4.2% | 8.3% | 5.7% | 7.3% | 9.1% | 9.3% | 11.1% | 11.8% | 11.7% | 9.6% | 9.0% |
| Non-Recurring | -364K | -2.3M | -1.8M | 1.4M | 5.5M | -1.4M | 2.6M | 1.3M | 4.8M | 2.4M | 6.6M | 8.4M | 8.4M |
| Returns on Capital | |||||||||||||
| ROIC | 2.5% | 8.6% | 7.5% | 12.4% | 10.8% | 12.4% | 15.5% | 14.6% | 18.8% | 20.1% | 20.1% | 13.9% | 11.8% |
| ROE | 1.0% | 8.5% | 7.7% | 16.1% | 13.0% | 17.2% | 19.7% | 21.7% | 31.2% | 27.3% | 26.1% | 23.1% | 20.9% |
| ROA | 1.3% | 5.1% | 4.4% | 9.2% | 6.4% | 7.6% | 9.1% | 9.2% | 12.5% | 12.6% | 12.6% | 9.2% | 7.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 72M | 56M | 77M | 113M | 167M | 272M | 358M | 403M | 496M | 849M | 776M | 756M | 764M |
| Free Cash Flow | 59M | 42M | 63M | 88M | 115M | 226M | 317M | 347M | 419M | 785M | 707M | 697M | 704M |
| Owner Earnings | 42M | 39M | 57M | 87M | 116M | 205M | 281M | 312M | 360M | 701M | 619M | 570M | 558M |
| CapEx | 13M | 14M | 14M | 25M | 53M | 46M | 41M | 56M | 76M | 64M | 69M | 59M | 60M |
| Maint. CapEx | 26M | 12M | 12M | 16M | 39M | 53M | 62M | 79M | 123M | 133M | 140M | 169M | 190M |
| Growth CapEx | 0 | 1.5M | 2.1M | 8.9M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 26M | 12M | 12M | 16M | 39M | 53M | 62M | 79M | 123M | 133M | 140M | 169M | 190M |
| CapEx/OCF | N/A | 24.4% | 18.4% | 22.4% | 31.4% | 16.8% | 11.4% | 13.8% | 15.4% | 7.5% | 8.9% | 7.9% | 7.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 22M | 139M | 65M | 111M | 49M | 36M | 250M | 0 | 966M | 434M | 434M |
| Buyback Yield | N/A | N/A | 1.6% | 5.0% | 4.1% | 3.1% | 0.8% | 0.4% | 5.1% | N/A | 10.1% | 3.5% | 3.5% |
| Stock-Based Comp | 3.8M | 4.7M | 7.7M | 9.9M | 11M | 14M | 15M | 11M | 12M | 16M | 17M | 17M | 16M |
| Debt Repayment | 0 | 5.0M | 15M | 186M | 18M | 28M | 325M | 433M | 39M | 40M | 47M | 516M | 516M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | 81M | 44M | 185M | 643M | 638M | 464M | 1.5B | 1.4B | 783M | 1.2B | 2.9B | 2.6B |
| Cash & Equiv. | 3.0M | 113M | 134M | 57M | 101M | 185M | 330M | 140M | 240M | 849M | 400M | 185M | 269M |
| Long-Term Debt | N/A | 178M | 159M | 229M | 717M | 698M | 683M | 1.5B | 1.4B | 1.4B | 1.3B | 2.8B | 2.8B |
| Debt/Equity | 0.55 | 0.21 | 0.18 | 0.24 | 0.69 | 0.71 | 0.59 | 1.02 | 0.86 | 0.64 | 0.71 | 1.35 | 1.18 |
| Interest Coverage | 3.3 | 8.8 | 21.7 | 17.1 | 7.3 | 7.7 | 10.9 | 16.3 | 14.1 | 11.8 | 12.1 | 7.6 | 38.6 |
| Equity | 952M | 916M | 973M | 997M | 1.1B | 1.2B | 1.3B | 1.6B | 1.9B | 2.6B | 2.2B | 2.3B | 2.4B |
| Total Assets | 1.5B | 1.6B | 1.7B | 1.7B | 2.5B | 2.6B | 2.8B | 4.3B | 4.6B | 5.2B | 4.7B | 6.6B | 6.7B |
| Total Liabilities | 524M | 727M | 718M | 753M | 1.4B | 1.5B | 1.5B | 2.6B | 2.7B | 2.6B | 2.5B | 4.3B | 4.3B |
| Intangibles | 3.0M | 2.0M | 2.7M | 33M | 199M | 181M | 191M | 684M | 615M | 591M | 558M | 1.4B | 1.3B |
| Retained Earnings | N/A | 76M | 149M | 307M | 442M | 633M | 877M | 1.2B | 1.8B | 2.4B | 3.0B | 3.5B | 3.6B |
| Working Capital | 34M | 154M | 201M | 160M | 260M | 303M | 440M | 454M | 759M | 1.3B | 832M | 790M | 877M |
| Current Assets | 335M | 480M | 527M | 512M | 705M | 780M | 936M | 1.2B | 1.5B | 2.0B | 1.6B | 1.6B | 1.8B |
| Current Liabilities | 301M | 327M | 326M | 351M | 444M | 477M | 496M | 733M | 790M | 772M | 767M | 845M | 880M |
| Per Share Data | |||||||||||||
| EPS | 0.25 | 2.09 | 1.92 | 4.32 | 3.78 | 5.56 | 7.42 | 9.78 | 17.14 | 19.33 | 20.29 | 18.28 | 17.87 |
| Owner EPS | 1.12 | 1.04 | 1.51 | 2.37 | 3.27 | 5.98 | 8.43 | 9.43 | 11.10 | 22.05 | 20.17 | 19.98 | 19.84 |
| Book Value | 25.32 | 24.24 | 25.72 | 27.22 | 30.07 | 33.56 | 40.51 | 49.39 | 59.49 | 80.68 | 72.01 | 81.15 | 85.45 |
| Cash Flow/Share | 1.91 | 1.48 | 2.03 | 3.09 | 4.69 | 7.91 | 10.75 | 12.16 | 15.28 | 26.73 | 25.29 | 26.50 | 24.63 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 37.6M | 37.8M | 37.8M | 36.6M | 35.6M | 34.4M | 33.3M | 33.1M | 32.4M | 31.8M | 30.7M | 28.5M | 28.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 14.6 | 18.6 | 17.5 | 11.9 | 18.5 | 25.7 | 28.5 | 8.9 | 19.5 | 15.3 | 23.6 | 24.6 |
| P/FCF | N/A | 27.2 | 21.6 | 31.6 | 14.0 | 15.6 | 20.0 | 26.6 | 11.7 | 15.3 | 13.5 | 17.7 | 17.5 |
| EV/EBIT | N/A | 13.6 | 10.5 | 21.3 | 10.4 | 13.6 | 18.1 | 22.0 | 7.5 | 13.4 | 11.5 | 18.8 | 18.9 |
| Price/Book | N/A | 1.3 | 1.4 | 2.8 | 1.5 | 3.1 | 4.7 | 5.6 | 2.6 | 4.7 | 4.3 | 5.3 | 5.1 |
| Price/Sales | N/A | 0.7 | 0.7 | 1.0 | 1.0 | 1.1 | 1.6 | 2.1 | 1.2 | 1.5 | 2.3 | 1.9 | 2.2 |
| FCF Yield | N/A | 3.7% | 4.6% | 3.2% | 7.2% | 6.4% | 5.0% | 3.8% | 8.5% | 6.5% | 7.4% | 5.7% | 5.7% |
| Market Cap | N/A | 1.2B | 1.4B | 2.8B | 1.6B | 3.5B | 6.4B | 9.2B | 4.9B | 12.0B | 9.5B | 12.3B | 12.4B |
| Avg. Price | N/A | 30.04 | 32.63 | 53.42 | 69.11 | 81.14 | 130.09 | 218.16 | 189.24 | 242.50 | 392.71 | 361.18 | 438.95 |
| Year-End Price | N/A | 30.49 | 35.75 | 75.81 | 44.90 | 102.84 | 190.82 | 278.53 | 151.87 | 377.55 | 310.67 | 431.92 | 438.95 |
TopBuild Corp passes 5 of 9 quality checks, suggesting mixed fundamentals.
TopBuild Corp trades at 24.0x trailing earnings, compared to its 15-year median P/E of 18.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.7x vs a median of 16.7x. The company's 5-year average ROIC is 17.5% with a gross margin of 29.6%. Total shareholder yield (buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +35.1%.
TopBuild Corp (BLD) has a net profit margin of 9.6%. This is a modest margin.
TopBuild Corp (BLD) generated $697 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
TopBuild Corp (BLD) has a debt-to-equity ratio of 1.35. This indicates moderate leverage.
TopBuild Corp (BLD) reported earnings per share (EPS) of $18.28 in its most recent fiscal year.
TopBuild Corp (BLD) has a return on equity (ROE) of 23.1%. This indicates the company generates strong returns for shareholders.
TopBuild Corp (BLD) has a 5-year average gross margin of 29.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 13 years of financial data for TopBuild Corp (BLD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TopBuild Corp (BLD) has a book value per share of $81.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects residential sales to decline mid-single digits in 2026 due to ongoing consumer confidence and affordability challenges, while commercial and industrial markets are anticipated to grow low single digits supported by solid backlogs and bidding activity, particularly in mechanical installations and roofing. The company anticipates volume and pricing pressures totaling approximately $55 million in headwinds, with fiberglass and spray foam pricing expected to remain under pressure while mechanical insulation pricing is expected to remain strong. Management is focused on cost structure optimization and synergy realization from recent acquisitions, with confidence in delivering at or above high-end two-year synergy targets, and expects to capture growth opportunities should market conditions improve during the year.
Based on recent SEC filings and earnings calls, TopBuild Corp (BLD) has provided the following forward guidance: Sales: $5.925 billion–$6.225 billion (FY2026); Adjusted EBITDA: $1.005 billion–$1.155 billion (FY2026); Quarterly Sales Range: $1.4 billion–$1.6 billion (FY2026 (quarterly)); EBITDA Margin Range: 16.5%–18.5% (FY2026 (quarterly)); Interest and Other Expense: $143 million–$149 million (FY2026), plus 3 additional metrics.
Interest and Other Expense (FY2026): “the combination of interest and other will be $143 million-$149 million”
Tax Rate (FY2026): “Our tax rate will be approximately 26%”
CapEx (FY2026): “CapEx will be between 1% and 2%”
Working Capital (FY2026): “we expect working capital to be in the range of 15%-17% of sales”