Installed Building Products, Inc. (IBP) 10-Year Financial Performance & Capital Metrics

IBP • • Industrial / General

Consumer CyclicalHomebuildersSpecialized Construction ServicesBuilding Products Installation Services

AboutInstalled Building Products, Inc., together with its subsidiaries, engages in the installation of insulation for residential and commercial builders in the United States. It operates through three segments: Installation, Distribution, and Manufacturing Operations. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials. It is also involved in the installation of insulation and sealant materials in various areas of a structure, which includes basement and crawl space, building envelope, attic, and acoustical applications. In addition, the company installs a range of caulk and sealant products that control air infiltration in residential and commercial buildings; basic sliding door and complex custom designs; and custom designed mirrors, as well as closet shelving systems. Further, it installs and services garage doors and openers, including steel, aluminum, wood, and vinyl garage doors, as well as opener systems; installs waterproofing and caulking and moisture protection systems; offers sheet and hot applied waterproofing membrane, deck coating, bentonite, and air and vapor systems; and provides rain gutters installation services. Additionally, the company provides fire-stopping systems, including fire-rated joint assemblies, perimeter fire containment, and smoke and fire containment systems installation services; and cordless blinds, shades, and shutters installation services, as well as other complementary building products. It also distributes products and materials purchased wholesale from manufacturers, such as spray foam insulation, metal building insulation, residential insulation, and mechanical and fabricated Styrofoam insulation; and insulation products, including equipment, machines, and services. The company was formerly known as CCIB Holdco, Inc. Installed Building Products, Inc. was founded in 1977 and is based in Columbus, Ohio.Show more

Revenue $2.94B +5.9%
EBITDA $517M +4.5%
Net Income $257M +5.3%
EPS (Diluted) 9.10 +5.7%
Gross Margin 33.81% +0.9%
EBITDA Margin 17.58% -1.3%
Operating Margin 13% -2.1%
Net Margin 8.72% -0.5%
ROE 37.31% -10.9%
ROIC 22.11% -2.2%
Debt/Equity 1.39 -2.6%
Interest Coverage 10.37 +3.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 42.8%
✓Strong 5Y profit CAGR of 30.4%
✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 84 (top 16%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.2%

✗Weaknesses

✗Expensive at 12.6x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.97%

5Y14.24%

3Y14.32%

TTM2.12%

Profit (Net Income) CAGR

10Y33.82%

5Y30.36%

3Y29.26%

TTM0.46%

EPS CAGR

10Y-

5Y31.89%

3Y31.41%

TTM3.22%

ROCE

10Y Avg19.52%

5Y Avg21.11%

3Y Avg23.85%

Latest22.93%

Peer Comparison

Building Products Installation Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IBPInstalled Building Products, Inc.	8.48B	314.40	34.55	5.86%	8.6%	37.68%	2.96%	1.39

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	662.72M	862.98M	1.13B	1.34B	1.51B	1.65B	1.97B	2.67B	2.78B	2.94B
Revenue Growth %	0.28%	0.3%	0.31%	0.18%	0.13%	0.09%	0.19%	0.36%	0.04%	0.06%
Cost of Goods Sold+	474.43M	610.53M	808.9M	964.84M	1.08B	1.14B	1.38B	1.84B	1.85B	1.95B
COGS % of Revenue	0.72%	0.71%	0.71%	0.72%	0.71%	0.69%	0.7%	0.69%	0.67%	0.66%
Gross Profit+	188.29M	252.45M	324.03M	371.59M	434.82M	509.97M	589.45M	827.78M	930.7M	994.5M
Gross Margin %	0.28%	0.29%	0.29%	0.28%	0.29%	0.31%	0.3%	0.31%	0.33%	0.34%
Gross Profit Growth %	0.34%	0.34%	0.28%	0.15%	0.17%	0.17%	0.16%	0.4%	0.12%	0.07%
Operating Expenses+	143.34M	186.4M	249.76M	278.37M	313.66M	348.11M	401.6M	482.4M	561.6M	612M
OpEx % of Revenue	0.22%	0.22%	0.22%	0.21%	0.21%	0.21%	0.2%	0.18%	0.2%	0.21%
Selling, General & Admin	137.08M	175.14M	219M	250.25M	289.15M	319.57M	364.38M	454.7M	515M	564.6M
SG&A % of Revenue	0.21%	0.2%	0.19%	0.19%	0.19%	0.19%	0.19%	0.17%	0.19%	0.19%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	7.36M	13.56M	30.76M	28.12M	24.51M	28.54M	37.22M	27.7M	46.6M	47.4M
Operating Income+	44.95M	66.05M	74.27M	93.22M	121.16M	161.87M	187.9M	345.41M	369.1M	382.5M
Operating Margin %	0.07%	0.08%	0.07%	0.07%	0.08%	0.1%	0.1%	0.13%	0.13%	0.13%
Operating Income Growth %	0.76%	0.47%	0.12%	0.26%	0.3%	0.34%	0.16%	0.84%	0.07%	0.04%
EBITDA+	68.19M	100.88M	129.41M	151.94M	200.22M	249.86M	290.8M	463.11M	494.8M	517M
EBITDA Margin %	0.1%	0.12%	0.11%	0.11%	0.13%	0.15%	0.15%	0.17%	0.18%	0.18%
EBITDA Growth %	0.68%	0.48%	0.28%	0.17%	0.32%	0.25%	0.16%	0.59%	0.07%	0.04%
D&A (Non-Cash Add-back)	23.24M	34.83M	55.14M	58.73M	79.06M	88M	102.9M	117.7M	125.7M	134.5M
EBIT	45.67M	65.79M	73.2M	92.68M	120.71M	161.47M	185.12M	344.9M	370.1M	383.3M
Net Interest Income+	-3.74M	-6.18M	-17.38M	-20.5M	-28.1M	-30.29M	-32.8M	-41.6M	-37M	-36.9M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	3.74M	6.18M	17.38M	20.5M	28.1M	30.29M	32.8M	41.6M	37M	36.9M
Other Income/Expense	-3.02M	-6.44M	-18.45M	-21.03M	-28.55M	-30.69M	-32.42M	-42.1M	-36M	-36.1M
Pretax Income+	41.93M	59.61M	55.82M	72.19M	92.61M	131.18M	155.47M	303.31M	333.1M	346.4M
Pretax Margin %	0.06%	0.07%	0.05%	0.05%	0.06%	0.08%	0.08%	0.11%	0.12%	0.12%
Income Tax+	15.41M	21.17M	14.68M	17.44M	24.45M	33.94M	36.71M	79.88M	89.4M	89.8M
Effective Tax Rate %	0.63%	0.64%	0.74%	0.76%	0.74%	0.74%	0.76%	0.74%	0.73%	0.74%
Net Income+	26.52M	38.44M	41.14M	54.75M	68.16M	97.24M	118.8M	223.4M	243.7M	256.6M
Net Margin %	0.04%	0.04%	0.04%	0.04%	0.05%	0.06%	0.06%	0.08%	0.09%	0.09%
Net Income Growth %	0.9%	0.45%	0.07%	0.33%	0.24%	0.43%	0.22%	0.88%	0.09%	0.05%
Net Income (Continuing)	26.52M	38.44M	41.14M	54.75M	68.16M	97.24M	118.8M	223.4M	243.7M	256.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.85	1.23	1.30	1.75	2.28	3.27	4.01	7.74	8.61	9.10
EPS Growth %	5.25%	0.45%	0.06%	0.35%	0.3%	0.43%	0.23%	0.93%	0.11%	0.06%
EPS (Basic)	0.85	1.23	1.30	1.76	2.29	3.30	4.04	7.78	8.65	9.15
Diluted Shares Outstanding	31.33M	31.36M	31.76M	31.23M	29.87M	29.72M	29.63M	28.87M	28.31M	28.19M
Basic Shares Outstanding	31.3M	31.3M	31.64M	31.11M	29.75M	29.5M	29.37M	28.71M	28.16M	28.03M
Dividend Payout Ratio	-	-	-	-	-	-	0.3%	0.28%	0.26%	0.33%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	150.23M	192.39M	354.94M	411.55M	581.95M	623.94M	859.32M	884.4M	1.07B	1.05B
Cash & Short-Term Investments	6.82M	14.48M	92.56M	100.5M	215.85M	231.52M	333.49M	229.6M	386.5M	327.6M
Cash Only	6.82M	14.48M	62.51M	90.44M	177.89M	231.52M	333.49M	229.6M	386.5M	327.6M
Short-Term Investments	0	0	30.05M	10.06M	37.96M	0	0	0	0	0
Accounts Receivable	103.2M	128.47M	180.72M	214.12M	244.52M	266.57M	312.77M	397.2M	455M	433.9M
Days Sales Outstanding	56.84	54.34	58.23	58.48	59.04	58.85	57.99	54.3	59.77	53.84
Inventory	29.34M	40.23M	48.35M	61.16M	74.61M	77.18M	143.04M	176.6M	162.8M	194.6M
Days Inventory Outstanding	22.57	24.05	21.82	23.14	25.29	24.64	37.85	34.99	32.16	36.48
Other Current Assets	10.88M	9.21M	33.31M	35.76M	0	0	0	81M	0	98.8M
Total Non-Current Assets+	223.34M	269.7M	383.8M	423.11M	517.53M	563.73M	793.89M	894.5M	911.3M	1B
Property, Plant & Equipment	57.59M	67.79M	81.08M	90.12M	152.1M	157.79M	175.8M	195M	215.3M	270.4M
Fixed Asset Turnover	11.51x	12.73x	13.97x	14.83x	9.94x	10.48x	11.20x	13.69x	12.91x	10.88x
Goodwill	90.51M	107.09M	155.47M	173.05M	195.65M	216.87M	322.52M	373.6M	398.8M	432.6M
Intangible Assets	67.22M	86.32M	137.99M	149.79M	153.56M	171.39M	264.42M	283.4M	268.7M	270.5M
Long-Term Investments	0	0	0	0	0	0	0	0	1.8M	2.8M
Other Non-Current Assets	8.02M	8.51M	9.27M	10.16M	16.21M	17.68M	31.14M	42.5M	26.7M	28.7M
Total Assets+	373.57M	462.1M	738.75M	834.66M	1.1B	1.19B	1.65B	1.78B	1.98B	2.06B
Asset Turnover	1.77x	1.87x	1.53x	1.60x	1.37x	1.39x	1.19x	1.50x	1.40x	1.43x
Asset Growth %	0.6%	0.24%	0.6%	0.13%	0.32%	0.08%	0.39%	0.08%	0.11%	0.04%
Total Current Liabilities+	97.42M	130.1M	159.81M	181.69M	214.15M	236.47M	307.57M	328.1M	346.4M	359M
Accounts Payable	50.87M	67.92M	87.42M	96.95M	98.87M	101.46M	132.71M	149.2M	158.6M	146.6M
Days Payables Outstanding	39.13	40.61	39.45	36.68	33.51	32.39	35.12	29.56	31.33	27.49
Short-Term Debt	10.02M	17.19M	16.65M	22.64M	24.16M	23.36M	30.84M	31M	32.2M	32.4M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	13.63M	19.85M	24.67M	57.29M	72.91M	90.83M	119.05M	119.3M	124.6M	142.9M
Current Ratio	1.54x	1.48x	2.22x	2.27x	2.72x	2.64x	2.79x	2.70x	3.09x	2.94x
Quick Ratio	1.24x	1.17x	1.92x	1.93x	2.37x	2.31x	2.33x	2.16x	2.62x	2.40x
Cash Conversion Cycle	40.27	37.78	40.59	44.94	50.82	51.1	60.72	59.73	60.6	62.84
Total Non-Current Liabilities+	161.67M	178.01M	368.41M	470.47M	635.3M	632.02M	928.79M	957.3M	964.6M	995.6M
Long-Term Debt	113.21M	134.24M	330.93M	432.18M	545.03M	541.96M	832.19M	830.2M	835.1M	842.4M
Capital Lease Obligations	12.03M	8.36M	6.48M	3.82M	33.38M	36.84M	49.37M	56.2M	56.5M	66.4M
Deferred Tax Liabilities	14.58M	14.24M	6.44M	6.7M	9.18M	35K	4.82M	28.4M	24.5M	26.3M
Other Non-Current Liabilities	21.84M	21.18M	24.56M	27.77M	47.71M	53.18M	42.41M	42.5M	48.5M	60.5M
Total Liabilities	259.09M	308.12M	528.22M	652.16M	849.45M	868.49M	1.24B	1.29B	1.31B	1.35B
Total Debt+	143.68M	166.72M	359.72M	463.45M	620.78M	622.99M	937.38M	946M	954.8M	978.3M
Net Debt	136.86M	152.24M	297.21M	373.01M	442.89M	391.47M	603.89M	716.4M	568.3M	650.7M
Debt / Equity	1.26x	1.08x	1.71x	2.54x	2.48x	1.95x	2.25x	1.92x	1.42x	1.39x
Debt / EBITDA	2.11x	1.65x	2.78x	3.05x	3.10x	2.49x	3.22x	2.04x	1.93x	1.89x
Net Debt / EBITDA	2.01x	1.51x	2.30x	2.45x	2.21x	1.57x	2.08x	1.55x	1.15x	1.26x
Interest Coverage	12.03x	10.69x	4.27x	4.55x	4.31x	5.34x	5.73x	8.30x	9.98x	10.37x
Total Equity+	114.48M	153.98M	210.53M	182.5M	250.03M	319.18M	416.84M	493.5M	670.3M	705.3M
Equity Growth %	0.25%	0.34%	0.37%	-0.13%	0.37%	0.28%	0.31%	0.18%	0.36%	0.05%
Book Value per Share	3.65	4.91	6.63	5.84	8.37	10.74	14.07	17.09	23.68	25.02
Total Shareholders' Equity	114.48M	153.98M	210.53M	182.5M	250.03M	319.18M	416.84M	493.5M	670.3M	705.3M
Common Stock	320K	321K	325K	327K	329K	331K	333K	300K	300K	300K
Retained Earnings	-31.14M	7.29M	48.43M	105.21M	173.37M	269.42M	352.54M	513.1M	693.8M	865.5M
Treasury Stock	-11.38M	-12.22M	-12.78M	-104.42M	-106.76M	-141.65M	-147.24M	-289.3M	-302.2M	-456.8M
Accumulated OCI	0	0	507K	-431K	-7.14M	-8.76M	-227K	40.6M	33.7M	35M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	34.55M	73.27M	68.77M	96.63M	123.07M	180.79M	138.3M	277.9M	340.2M	340M
Operating CF Margin %	0.05%	0.08%	0.06%	0.07%	0.08%	0.11%	0.07%	0.1%	0.12%	0.12%
Operating CF Growth %	0.76%	1.12%	-0.06%	0.41%	0.27%	0.47%	-0.24%	1.01%	0.22%	-0%
Net Income	26.52M	38.44M	41.14M	54.75M	68.16M	97.24M	118.8M	223.4M	243.7M	256.6M
Depreciation & Amortization	23.24M	34.83M	55.14M	58.73M	79.06M	88M	103M	117.68M	125.7M	134.5M
Stock-Based Compensation	2.12M	1.89M	6.59M	7.84M	8.73M	10.83M	13.8M	13.8M	15.9M	19.4M
Deferred Taxes	-1.51M	-605K	-6.16M	470K	5.34M	-8.47M	-400K	7.07M	500K	1.7M
Other Non-Cash Items	-342K	3.34M	5.55M	3.86M	9.08M	6.32M	6.49M	-11.53M	-5M	-1M
Working Capital Changes	-15.47M	-4.63M	-33.49M	-29.01M	-47.3M	-13.11M	-103.39M	-72.5M	-40.6M	-71.2M
Change in Receivables	-17.53M	-18.76M	-19.95M	-30.17M	-29.58M	-10.49M	-16.77M	-76.49M	-25.1M	-10.8M
Change in Inventory	-2.85M	-8.68M	-3.67M	-15.72M	-10.6M	187K	-54M	-16.5M	16.5M	-26.3M
Change in Payables	-2.51M	12.4M	6.3M	8.15M	947K	-203K	26.42M	9.62M	5.1M	-18.8M
Cash from Investing+	-111.36M	-79.6M	-200.44M	-74.07M	-131.73M	-77.79M	-278.44M	-158.7M	-103.4M	-159.1M
Capital Expenditures	-27.3M	-27.01M	-31.67M	-35.23M	-50.17M	-33.59M	-36.98M	-45.65M	-61.6M	-88.6M
CapEx % of Revenue	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	214K	728K	-1.46M	-1.06M	-2.13M	-5.68M	-160K	-166K	1.1M	600K
Cash from Financing+	72.88M	13.99M	179.7M	5.37M	96.11M	-49.36M	242.09M	-223.1M	-79.9M	-239.8M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-35.29M	-62.67M	-63.1M	-84.7M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.91M	-5.13M	-15.2M	-8.23M	-15.75M	-6.44M	-16.43M	-11.73M	-11.8M	-11.7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	7.24M	46.25M	37.1M	61.4M	72.9M	147.2M	101.3M	232.26M	278.6M	251.4M
FCF Margin %	0.01%	0.05%	0.03%	0.05%	0.05%	0.09%	0.05%	0.09%	0.1%	0.09%
FCF Growth %	-0.46%	5.39%	-0.2%	0.65%	0.19%	1.02%	-0.31%	1.29%	0.2%	-0.1%
FCF per Share	0.23	1.47	1.17	1.97	2.44	4.95	3.42	8.05	9.84	8.92
FCF Conversion (FCF/Net Income)	1.30x	1.91x	1.67x	1.77x	1.81x	1.86x	1.16x	1.24x	1.40x	1.33x
Interest Paid	3.29M	5.34M	13.76M	20.07M	20.94M	0	26M	40.3M	42.5M	43.7M
Taxes Paid	13.49M	18.93M	38.89M	4.95M	22.63M	37.07M	39.2M	69.1M	92.5M	83.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	25.7%	28.63%	22.57%	27.86%	31.52%	34.17%	32.28%	49.08%	41.88%	37.31%
Return on Invested Capital (ROIC)	17.46%	17.77%	13.69%	13.15%	14.56%	17.3%	16.28%	23.23%	22.61%	22.11%
Gross Margin	28.41%	29.25%	28.6%	27.8%	28.77%	30.85%	29.94%	31%	33.5%	33.81%
Net Margin	4%	4.45%	3.63%	4.1%	4.51%	5.88%	6.03%	8.37%	8.77%	8.72%
Debt / Equity	1.26x	1.08x	1.71x	2.54x	2.48x	1.95x	2.25x	1.92x	1.42x	1.39x
Interest Coverage	12.03x	10.69x	4.27x	4.55x	4.31x	5.34x	5.73x	8.30x	9.98x	10.37x
FCF Conversion	1.30x	1.91x	1.67x	1.77x	1.81x	1.86x	1.16x	1.24x	1.40x	1.33x
Revenue Growth	27.93%	30.22%	31.28%	17.96%	13.11%	9.37%	19.08%	35.62%	4.07%	5.86%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Product Installation	-	-	-	-	2.51B	2.61B	2.76B
Product Installation Growth	-	-	-	-	-	3.66%	6.00%
Insulation	876.12M	970.07M	1.06B	1.26B	1.61B	1.67B	1.77B
Insulation Growth	-	10.72%	9.10%	19.31%	27.59%	3.41%	6.10%
Shower Doors Shelving And Mirrors	90.35M	105.75M	117.13M	138.8M	172.98M	191.5M	209.9M
Shower Doors Shelving And Mirrors Growth	-	17.04%	10.77%	18.50%	24.63%	10.71%	9.61%
Other Building Products	119.56M	142.35M	102M	131.58M	197.12M	188.4M	177.5M
Other Building Products Growth	-	19.07%	-28.35%	29.01%	49.80%	-4.42%	-5.79%
Garage Doors	79.54M	89.96M	93.52M	108.67M	168.8M	168.5M	176.1M
Garage Doors Growth	-	13.10%	3.95%	16.21%	55.33%	-0.18%	4.51%
Waterproofing	97.68M	112.08M	122.96M	130.92M	124.81M	133.3M	142.2M
Waterproofing Growth	-	14.73%	9.71%	6.48%	-4.67%	6.80%	6.68%
Rain Gutters	44.2M	49.79M	62.67M	86.41M	114.02M	119M	126.4M
Rain Gutters Growth	-	12.63%	25.88%	37.87%	31.96%	4.37%	6.22%
Fireproofing And Firestopping	-	-	49.65M	59.38M	63.5M	73.7M	86.3M
Fireproofing And Firestopping Growth	-	-	-	19.60%	6.93%	16.07%	17.10%
Window Blinds	-	-	46.98M	50.26M	61.3M	65.2M	75.8M
Window Blinds Growth	-	-	-	6.96%	21.97%	6.37%	16.26%
Blinds	28.98M	41.64M	-	-	-	-	-
Blinds Growth	-	43.68%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Installed Building Products, Inc. (IBP) has a price-to-earnings (P/E) ratio of 34.5x. This suggests investors expect higher future growth.

Growth & Financials

Installed Building Products, Inc. (IBP) reported $2.97B in revenue for fiscal year 2024. This represents a 1147% increase from $238.4M in 2011.

Installed Building Products, Inc. (IBP) grew revenue by 5.9% over the past year. This is steady growth.

Yes, Installed Building Products, Inc. (IBP) is profitable, generating $255.7M in net income for fiscal year 2024 (8.7% net margin).

Dividend & Returns

Yes, Installed Building Products, Inc. (IBP) pays a dividend with a yield of 0.96%. This makes it attractive for income-focused investors.

Installed Building Products, Inc. (IBP) has a return on equity (ROE) of 37.3%. This is excellent, indicating efficient use of shareholder capital.

Installed Building Products, Inc. (IBP) generated $52.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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