Operating margins remain highly volatile, fluctuating between a low of 1.5% in 2024Q1 and a peak of 17.2% in 2024Q4, reflecting the company's sensitivity to fleet utilization levels.
| Sales/Revenue | 409.82M | 392.87M | 425.87M | 442.24M | 401.29M | 315.81M | 304.3M | 282.96M | 243.22M | 211.21M | 172.43M |
| Revenue Growth % | 2.07% | -7.75% | -3.7% | 10.2% | 27.07% | 3.78% | 7.54% | 16.34% | 15.16% | 22.49% | - |
| Cost of Goods Sold | 252.9M | 241.75M | 260.04M | 263.94M | 237.68M | 178.08M | 167M | 157.54M | 136.88M | 121.45M | 97.24M |
| COGS % of Revenue | - | 61.54% | 61.06% | 59.68% | 59.23% | 56.39% | 54.88% | 55.68% | 56.28% | 57.5% | 56.4% |
| Gross Profit | 156.92M | 151.12M | 165.83M | 178.3M | 163.61M | 137.73M | 137.3M | 125.42M | 106.35M | 89.76M | 75.18M |
| Gross Margin % | 38.29% | 38.46% | 38.94% | 40.32% | 40.77% | 43.61% | 45.12% | 44.32% | 43.72% | 42.5% | 43.6% |
| Gross Profit Growth % | - | -8.88% | -6.99% | 8.98% | 18.79% | 0.31% | 9.47% | 17.94% | 18.48% | 19.39% | - |
| Operating Expenses | 110.57M | 109.58M | 116.49M | 116.85M | 113.5M | 99.37M | 169.03M | 96.64M | 58.79M | 984.92K | 44.98M |
| OpEx % of Revenue | - | 27.89% | 27.35% | 26.42% | 28.28% | 31.46% | 55.55% | 34.15% | 24.17% | 0.47% | 26.09% |
| Selling, General & Admin | 110.57M | 109.58M | 116.49M | 116.85M | 113.5M | 99.37M | 111.09M | 96.64M | 58.79M | 837.47K | 34.59M |
| SG&A % of Revenue | - | 27.89% | 27.35% | 26.42% | 28.28% | 31.46% | 36.51% | 34.15% | 24.17% | 0.4% | 20.06% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 88K | 117K | 57.94M | 0 | 55K | 147.45K | 0 |
| Operating Income | 46.35M | 41.53M | 49.35M | 61.45M | 50.11M | 38.05M | -31.73M | 28.78M | 39.97M | -984.92K | 34.59M |
| Operating Margin % | 11.31% | 10.57% | 11.59% | 13.9% | 12.49% | 12.05% | -10.43% | 10.17% | 16.43% | -0.47% | 20.06% |
| Operating Income Growth % | - | -15.84% | -19.7% | 22.63% | 31.71% | 219.91% | -210.25% | -27.99% | 4157.99% | -102.85% | - |
| EBITDA | 98.91M | 95.07M | 106.46M | 125.62M | 111.46M | 93.95M | 29.93M | 84.16M | 65.59M | 26.17M | 56.9M |
| EBITDA Margin % | 24.13% | 24.2% | 25% | 28.41% | 27.78% | 29.75% | 9.84% | 29.74% | 26.97% | 12.39% | 33% |
| EBITDA Growth % | -4.1% | -10.69% | -15.26% | 12.7% | 18.64% | 213.93% | -64.44% | 28.31% | 150.64% | -54.01% | - |
| D&A (Non-Cash Add-back) | 52.56M | 53.54M | 57.11M | 64.17M | 61.35M | 55.91M | 61.66M | 55.38M | 25.62M | 27.15M | 22.31M |
| EBIT | 47.11M | 41.53M | 50.19M | 68.68M | 60.09M | 38.36M | -31.82M | 28.78M | 40.02M | -49.89K | 34.59M |
| Net Interest Income | -32.62M | -30.42M | -25.57M | -28.12M | -25.89M | -25.19M | -34.41M | 0 | -21.43M | 0 | 0 |
| Interest Income | 1.01M | 1.15M | 308K | 0 | 0 | 0 | 0 | 0 | 0 | 22.75M | 19.52M |
| Interest Expense | 16.77M | 31.57M | 25.88M | 28.12M | 25.89M | 25.19M | 34.41M | 36.52M | 21.43M | 0 | 0 |
| Other Income/Expense | -32.27M | -31.48M | -25.04M | -20.89M | -15.91M | -50.48M | -34.5M | -68.76M | -21.37M | 935.03K | -20.21M |
| Pretax Income | 14.07M | 10.05M | 24.31M | 40.56M | 34.2M | -12.43M | -66.23M | -39.98M | 18.6M | -49.89K | 10.69M |
| Pretax Margin % | 3.43% | 2.56% | 5.71% | 9.17% | 8.52% | -3.94% | -21.76% | -14.13% | 7.65% | -0.02% | 6.2% |
| Income Tax | 4.95M | 3.68M | 8.1M | 8.77M | 5.53M | 2.64M | -4.98M | -7.5M | -9.78M | 267.78K | 4.45M |
| Effective Tax Rate % | 35.19% | 36.6% | 33.33% | 21.63% | 16.16% | -21.25% | 7.51% | 18.75% | -52.61% | -536.78% | 41.67% |
| Net Income | 9.12M | 6.37M | 16.21M | 31.79M | 28.68M | -15.07M | -61.25M | -32.49M | 28.38M | -317.67K | 3.47M |
| Net Margin % | 2.23% | 1.62% | 3.81% | 7.19% | 7.15% | -4.77% | -20.13% | -11.48% | 11.67% | -0.15% | 2.01% |
| Net Income Growth % | -36.41% | -60.68% | -49.02% | 10.86% | 290.25% | 75.39% | -88.54% | -214.46% | 9034.54% | -109.17% | - |
| Net Income (Continuing) | 9.12M | 6.37M | 16.21M | 31.79M | 28.68M | -15.07M | -61.25M | -32.49M | 28.38M | -317.67K | 6.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.18 | 0.09 | 0.26 | 0.54 | 0.47 | -0.28 | -1.16 | -0.56 | 0.98 | -0.01 | 0.42 |
| EPS Growth % | -38.52% | -66.23% | -51.85% | 14.89% | 267.86% | 75.86% | -107.14% | -157.14% | 9009.09% | -102.62% | - |
| EPS (Basic) | - | 0.09 | 0.27 | 0.55 | 0.48 | -0.28 | -1.16 | -0.56 | 0.98 | -0.01 | 0.42 |
| Diluted Shares Outstanding | 51.01M | 53.31M | 54.24M | 54.17M | 54.85M | 53.41M | 52.75M | 58.25M | 28.85M | 28.75M | 8.28M |
| Basic Shares Outstanding | 50.53M | 53.43M | 61.4M | 53.28M | 53.91M | 53.41M | 52.75M | 58.25M | 28.85M | 28.75M | 14.93M |
| Dividend Payout Ratio | - | 833.7% | - | - | - | - | - | - | - | - | - |
High Fixed Cost Leverage
As indicated by the quarterly financial data, BBCP experienced significant top-line fluctuations, with revenue growth oscillating between a 13.7% expansion in 2026Q2 and a 12.2% contraction in 2025Q2, reflecting the inherent sensitivity of concrete pumping services to regional construction project timing and broader economic cycles.
The inconsistent revenue trajectory suggests that the company struggles to maintain organic growth momentum in the face of shifting residential and commercial construction starts. Investors should monitor whether the recent return to double-digit growth in 2026Q2 represents a sustainable recovery or merely a temporary catch-up in project scheduling.
Based on reported income statements, BBCP's gross margins have fluctuated between 34.1% and 41.5% over the last ten quarters, demonstrating a clear correlation between fleet utilization levels and the company's ability to absorb the high fixed costs associated with its specialized boom pump equipment.
The compression of gross margins during periods of lower revenue suggests that the company lacks the pricing power to fully offset the impact of idle equipment. This volatility implies that profitability remains highly vulnerable to any sustained downturn in concrete pour volumes.
According to the provided financial filings, operating margins have shown extreme sensitivity to revenue changes, ranging from a low of 1.5% in 2024Q1 to a peak of 17.2% in 2024Q4, highlighting the significant operational leverage inherent in the company's heavy-asset service model.
The inability to maintain consistent operating margins suggests that SG&A expenses remain relatively sticky, preventing the company from scaling efficiently during revenue troughs. This lack of operating leverage may indicate that the current cost structure is optimized for higher volume levels than are currently being realized.
As reported in recent financial statements, the persistent gap between operating income and net income, which frequently dipped into negative territory, suggests that significant interest expenses or other non-operating charges are consistently eroding the value generated at the operational level for shareholders.
The frequent swings into net losses, despite positive operating income, warrant further investigation into the company's debt service obligations and amortization schedules. This pattern suggests that the quality of earnings is currently compromised by a capital structure that may be ill-suited for the company's cyclical revenue profile.
Based on an analysis of the income statement, the primary risk to the investment thesis is the company's narrow net margin, which averaged near zero over several periods, suggesting that even minor revenue declines could lead to significant bottom-line deterioration and potential liquidity constraints.
Short-sellers would likely focus on the company's inability to generate consistent net income despite its dominant market position in concrete pumping. This suggests that the business model may be fundamentally over-leveraged, leaving little room for error in a high-interest-rate environment.
Quick answers to the most common questions about buying BBCP stock.
For fiscal year 2025, Concrete Pumping Holdings, Inc. (BBCP) reported total revenue of $392.9M. This represents a 127.8% increase compared to $172.4M in 2016.
Concrete Pumping Holdings, Inc. (BBCP) is profitable, generating $6.4M in net income for the fiscal year ending 2025 with a net profit margin of 1.6%.
Concrete Pumping Holdings, Inc. (BBCP) reported an operating income of $41.5M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Concrete Pumping Holdings, Inc. (BBCP) generated $151.1M in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.