TopBuild Corp. (BLD) 10-Year Financial Performance & Capital Metrics

BLD • • Industrial / General

IndustrialsEngineering & ConstructionElectrical & Mechanical ContractingBuilding Systems Contractors

AboutTopBuild 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.Show more

Revenue $5.33B +2.6%
EBITDA $1.03B +1.5%
Net Income $623M +1.4%
EPS (Diluted) 20.29 +5.0%
Gross Margin 30.49% -1.3%
EBITDA Margin 19.27% -1.1%
Operating Margin 16.63% -1.7%
Net Margin 11.68% -1.2%
ROE 26.09% -4.6%
ROIC 19.72% +0.5%
Debt/Equity 0.71 +11.8%
Interest Coverage 12.13

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.2%
✓Strong 5Y profit CAGR of 26.7%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.2%
✓Share count reduced 2.8% through buybacks
✓Healthy 5Y average net margin of 10.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.43%

5Y15.22%

3Y15.2%

TTM-1.28%

Profit (Net Income) CAGR

10Y52.09%

5Y26.66%

3Y24.32%

TTM-8.2%

EPS CAGR

10Y55.22%

5Y29.55%

3Y27.54%

TTM-0.71%

ROCE

10Y Avg14.86%

5Y Avg19.32%

3Y Avg21.44%

Latest21.21%

Peer Comparison

Building Systems Contractors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MAGHMagnitude International Ltd Ordinary Shares	225.45M	6.76	5633.33	-36.54%	0.28%	3.37%		3.90
MYRGMYR Group Inc.	3.79B	244.19	133.44	-7.73%	2.78%	15.84%	0.29%	0.20
ECGEverus Construction Group, Inc.	4.55B	89.30	31.78	-0.16%	5.18%	31.58%	2.53%	0.86
EMEEMCOR Group, Inc.	30.54B	682.13	31.70	15.76%	6.96%	33.88%	4.37%	0.12
IESCIES Holdings, Inc.	8.62B	432.69	28.81	16.89%	9.08%	34.46%	2.54%	0.10
BLDTopBuild Corp.	14.05B	500.68	24.68	2.6%	10.84%	25.54%	5.03%	0.71
MIMIMint Incorporation Limited	6.07M	0.30	-4.70	-25.48%	-54.55%	-26.04%		0.22
OFALOFA Group	6.84M	0.48	-7.48	-61.93%	-110.27%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.62B	1.74B	1.91B	2.38B	2.62B	2.72B	3.49B	5.01B	5.19B	5.33B
Revenue Growth %	0.07%	0.08%	0.09%	0.25%	0.1%	0.04%	0.28%	0.44%	0.04%	0.03%
Cost of Goods Sold+	1.26B	1.34B	1.45B	1.81B	1.94B	1.97B	2.51B	3.52B	3.59B	3.7B
COGS % of Revenue	0.78%	0.77%	0.76%	0.76%	0.74%	0.73%	0.72%	0.7%	0.69%	0.7%
Gross Profit+	358.03M	400.34M	461.11M	576.15M	681.27M	746.36M	974.39M	1.49B	1.6B	1.62B
Gross Margin %	0.22%	0.23%	0.24%	0.24%	0.26%	0.27%	0.28%	0.3%	0.31%	0.3%
Gross Profit Growth %	0.08%	0.12%	0.15%	0.25%	0.18%	0.1%	0.31%	0.53%	0.08%	0.01%
Operating Expenses+	274.5M	278.74M	324.25M	367.2M	391.74M	391.31M	497.97M	689.55M	725M	738.58M
OpEx % of Revenue	0.17%	0.16%	0.17%	0.15%	0.15%	0.14%	0.14%	0.14%	0.14%	0.14%
Selling, General & Admin	274.5M	278.74M	294.25M	367.2M	391.74M	391.31M	497.97M	689.55M	725M	710.67M
SG&A % of Revenue	0.17%	0.16%	0.15%	0.15%	0.15%	0.14%	0.14%	0.14%	0.14%	0.13%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	30M	0	0	0	0	0	0	27.9M
Operating Income+	83.53M	121.6M	136.86M	208.95M	289.52M	355.05M	476.42M	797.16M	878.83M	886.34M
Operating Margin %	0.05%	0.07%	0.07%	0.09%	0.11%	0.13%	0.14%	0.16%	0.17%	0.17%
Operating Income Growth %	1.05%	0.46%	0.13%	0.53%	0.39%	0.23%	0.34%	0.67%	0.1%	0.01%
EBITDA+	95.64M	133.62M	153.32M	248.37M	342.22M	417.46M	555.81M	920.5M	1.01B	1.03B
EBITDA Margin %	0.06%	0.08%	0.08%	0.1%	0.13%	0.15%	0.16%	0.18%	0.19%	0.19%
EBITDA Growth %	0.43%	0.4%	0.15%	0.62%	0.38%	0.22%	0.33%	0.66%	0.1%	0.01%
D&A (Non-Cash Add-back)	12.11M	12.01M	16.45M	39.42M	52.7M	62.41M	79.39M	123.33M	132.88M	140.49M
EBIT	83.58M	121.88M	136.06M	209.51M	291.6M	355.55M	462.59M	798.85M	900.1M	913.88M
Net Interest Income+	-9.46M	-5.61M	-8.02M	-28.69M	-37.82M	-32.46M	-29.14M	-56.72M	74.61M	-73.09M
Interest Income	0	0	0	0	0	0	0	0	74.61M	0
Interest Expense	9.46M	5.61M	8.02M	28.69M	37.82M	32.46M	29.14M	56.72M	0	73.09M
Other Income/Expense	-9.42M	-5.33M	-8.82M	-28.13M	-35.74M	-31.96M	-42.98M	-55.03M	-53.34M	-45.55M
Pretax Income+	74.11M	116.27M	128.04M	180.82M	253.78M	323.09M	433.44M	742.13M	825.48M	840.79M
Pretax Margin %	0.05%	0.07%	0.07%	0.08%	0.1%	0.12%	0.12%	0.15%	0.16%	0.16%
Income Tax+	-5.01M	43.67M	-30.09M	46.07M	62.78M	76.07M	109.43M	186.15M	211.23M	218.19M
Effective Tax Rate %	1.07%	0.62%	1.24%	0.75%	0.75%	0.76%	0.75%	0.75%	0.74%	0.74%
Net Income+	78.97M	72.61M	158.13M	134.75M	191M	247.02M	324.02M	555.99M	614.25M	622.6M
Net Margin %	0.05%	0.04%	0.08%	0.06%	0.07%	0.09%	0.09%	0.11%	0.12%	0.12%
Net Income Growth %	7.4%	-0.08%	1.18%	-0.15%	0.42%	0.29%	0.31%	0.72%	0.1%	0.01%
Net Income (Continuing)	-	72.61M	158.13M	134.75M	191M	247.02M	324.02M	555.99M	614.25M	622.6M
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)+	2.09	1.92	4.32	3.78	5.56	7.42	9.78	17.14	19.33	20.29
EPS Growth %	7.36%	-0.08%	1.25%	-0.13%	0.47%	0.33%	0.32%	0.75%	0.13%	0.05%
EPS (Basic)	2.10	1.93	4.41	3.86	5.65	7.50	9.88	17.26	19.44	20.41
Diluted Shares Outstanding	37.78M	37.87M	36.57M	35.61M	34.38M	33.3M	33.15M	32.44M	31.58M	30.68M
Basic Shares Outstanding	37.67M	37.62M	35.86M	34.92M	33.81M	32.92M	32.8M	32.21M	31.58M	30.5M
Dividend Payout Ratio	2.53%	-	-	-	-	-	-	-	-	-

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+	480.36M	526.55M	511.59M	704.7M	779.83M	936.4M	1.19B	1.55B	2.05B	1.6B
Cash & Short-Term Investments	112.85M	134.38M	56.52M	100.93M	184.81M	330.01M	139.78M	240.07M	848.57M	400.32M
Cash Only	112.85M	134.38M	56.52M	100.93M	184.81M	330.01M	139.78M	240.07M	848.57M	400.32M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	235.55M	252.62M	308.51M	407.11M	428.84M	427.34M	668.42M	836.07M	799.01M	751.61M
Days Sales Outstanding	53.18	52.91	59.07	62.32	59.65	57.39	69.98	60.93	56.14	51.47
Inventory	118.7M	116.19M	131.34M	168.98M	149.08M	161.37M	352.8M	438.64M	364.73M	406.66M
Days Inventory Outstanding	34.43	31.59	33.17	34.11	28.01	29.87	51.27	45.46	37.07	40.06
Other Current Assets	0	0	0	0	0	0	0	34.26M	36.94M	40.38M
Total Non-Current Assets+	1.16B	1.16B	1.24B	1.75B	1.82B	1.88B	3.07B	3.06B	3.11B	3.13B
Property, Plant & Equipment	93.07M	92.76M	107.12M	167.96M	265.21M	263.54M	421.75M	459.33M	469.12M	452.37M
Fixed Asset Turnover	17.37x	18.79x	17.80x	14.20x	9.89x	10.31x	8.27x	10.90x	11.07x	11.78x
Goodwill	1.04B	1.05B	1.08B	1.36B	1.37B	1.41B	1.95B	1.97B	2.04B	2.11B
Intangible Assets	1.99M	2.66M	33.24M	199.39M	181.12M	190.6M	684.21M	614.97M	591.06M	557.69M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	2.25M	3.62M	2.28M	5.29M	5.62M	11.32M	13.21M	16.45M	10.87M	10.37M
Total Assets+	1.64B	1.69B	1.75B	2.45B	2.6B	2.82B	4.26B	4.61B	5.16B	4.74B
Asset Turnover	0.98x	1.03x	1.09x	0.97x	1.01x	0.97x	0.82x	1.09x	1.01x	1.13x
Asset Growth %	0.11%	0.03%	0.04%	0.4%	0.06%	0.08%	0.51%	0.08%	0.12%	-0.08%
Total Current Liabilities+	326.68M	325.93M	351.4M	444.26M	476.75M	496.48M	733.43M	789.64M	771.54M	767.18M
Accounts Payable	253.31M	241.53M	263.81M	313.17M	307.97M	331.71M	461.92M	487.11M	469.58M	456.45M
Days Payables Outstanding	73.46	65.67	66.63	63.22	57.86	61.41	67.12	50.48	47.73	44.97
Short-Term Debt	15M	20M	12.5M	26.85M	34.27M	23.33M	38.64M	40.07M	47.04M	48.75M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	20.27M	0	0	0	0	0	0	0	0	0
Current Ratio	1.47x	1.62x	1.46x	1.59x	1.64x	1.89x	1.62x	1.96x	2.66x	2.08x
Quick Ratio	1.11x	1.26x	1.08x	1.21x	1.32x	1.56x	1.14x	1.41x	2.18x	1.55x
Cash Conversion Cycle	14.14	18.83	25.61	33.21	29.8	25.85	54.13	55.9	45.48	46.57
Total Non-Current Liabilities+	399.84M	391.64M	401.63M	938.17M	974.32M	970.01M	1.89B	1.89B	1.83B	1.76B
Long-Term Debt	178.46M	158.8M	229.39M	716.62M	697.96M	683.4M	1.45B	1.42B	1.37B	1.33B
Capital Lease Obligations	0	0	0	0	54.01M	53.75M	133.11M	156.62M	150.36M	131.98M
Deferred Tax Liabilities	181.25M	193.72M	132.84M	176.21M	175.26M	168.57M	248.24M	251.48M	243.93M	240.34M
Other Non-Current Liabilities	40.13M	39.12M	39.4M	45.34M	47.09M	64.3M	52.84M	62.13M	60.34M	59.15M
Total Liabilities	726.52M	717.57M	753.03M	1.38B	1.45B	1.47B	2.62B	2.68B	2.6B	2.53B
Total Debt+	193.46M	178.8M	241.89M	743.47M	822.33M	793.96M	1.68B	1.68B	1.64B	1.58B
Net Debt	80.61M	44.42M	185.37M	642.54M	637.52M	463.96M	1.54B	1.44B	789.56M	1.18B
Debt / Equity	0.21x	0.18x	0.24x	0.69x	0.71x	0.59x	1.03x	0.87x	0.64x	0.71x
Debt / EBITDA	2.02x	1.34x	1.58x	2.99x	2.40x	1.90x	3.03x	1.82x	1.62x	1.54x
Net Debt / EBITDA	0.84x	0.33x	1.21x	2.59x	1.86x	1.11x	2.78x	1.56x	0.78x	1.15x
Interest Coverage	8.83x	21.68x	17.07x	7.28x	7.65x	10.94x	16.35x	14.06x	-	12.13x
Total Equity+	915.73M	972.55M	996.52M	1.07B	1.15B	1.35B	1.64B	1.93B	2.56B	2.21B
Equity Growth %	-0.04%	0.06%	0.02%	0.08%	0.08%	0.17%	0.21%	0.18%	0.33%	-0.14%
Book Value per Share	24.24	25.68	27.25	30.10	33.54	40.50	49.37	59.48	81.19	72.02
Total Shareholders' Equity	915.73M	972.55M	996.52M	1.07B	1.15B	1.35B	1.64B	1.93B	2.56B	2.21B
Common Stock	377K	385K	386K	387K	388K	389K	391K	393K	394K	396K
Retained Earnings	76.38M	148.98M	307.12M	441.87M	632.86M	876.66M	1.2B	1.76B	2.37B	2.99B
Treasury Stock	-	-22.3M	-141.58M	-216.61M	-330.02M	-386.67M	-431.03M	-692.8M	-699.33M	-1.68B
Accumulated OCI	0	0	0	0	0	0	-6.63M	-21.92M	-14.66M	-29.21M
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+	56.01M	76.78M	113.19M	167.17M	271.78M	357.88M	403.02M	495.8M	849.41M	776.03M
Operating CF Margin %	0.03%	0.04%	0.06%	0.07%	0.1%	0.13%	0.12%	0.1%	0.16%	0.15%
Operating CF Growth %	-0.22%	0.37%	0.47%	0.48%	0.63%	0.32%	0.13%	0.23%	0.71%	-0.09%
Net Income	78.97M	72.61M	158.13M	134.75M	191M	247.02M	324.02M	555.99M	614.25M	622.6M
Depreciation & Amortization	12.11M	12.01M	16.45M	39.42M	52.7M	62.41M	79.39M	123.33M	132.88M	140.49M
Stock-Based Compensation	4.65M	7.67M	9.89M	11.32M	13.66M	14.75M	11.32M	12.31M	15.84M	16.58M
Deferred Taxes	-16.56M	13.54M	-59.53M	12.94M	8.89M	-4.07M	-2.82M	6.04M	-7.48M	-3.46M
Other Non-Cash Items	-1.17M	7.71M	7.82M	6.9M	13.7M	10.07M	26.35M	23.27M	14.48M	24.9M
Working Capital Changes	-21.99M	-36.75M	-19.56M	-38.15M	-8.17M	27.7M	-35.23M	-225.14M	79.43M	-25.09M
Change in Receivables	-19.59M	-19.95M	-37.94M	-35.52M	-27.15M	2.61M	-69.04M	-169.33M	20.81M	56.02M
Change in Inventory	-13.61M	1.37M	-14.9M	-23.3M	17.43M	-11.84M	-46.52M	-93.87M	74.53M	-41.72M
Change in Payables	24.01M	-11.7M	17.94M	29.69M	-5.12M	16.84M	54.96M	26.58M	-8.87M	-30.42M
Cash from Investing+	-12.21M	-16.8M	-108.6M	-551.82M	-50.14M	-121.88M	-1.32B	-93.91M	-198.17M	-203.52M
Capital Expenditures	-13.64M	-14.16M	-25.31M	-52.5M	-45.54M	-40.94M	-55.55M	-76.38M	-64M	-69.35M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.44M	831K	802K	887K	2.35M	2.46M	415K	2.98M	14.98M	2.59M
Cash from Financing+	66.08M	-38.46M	-82.45M	429.06M	-137.76M	-90.8M	729.01M	-300.07M	-43.84M	-1.02B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-200M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	71.08M	-1.16M	-6.91M	-14.13M	-14.04M	-16.7M	-21.12M	-11.37M	-6.83M	-2.88M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	42.37M	62.63M	87.88M	114.67M	226.24M	316.95M	347.48M	419.42M	785.41M	706.68M
FCF Margin %	0.03%	0.04%	0.05%	0.05%	0.09%	0.12%	0.1%	0.08%	0.15%	0.13%
FCF Growth %	-0.28%	0.48%	0.4%	0.3%	0.97%	0.4%	0.1%	0.21%	0.87%	-0.1%
FCF per Share	1.12	1.65	2.40	3.22	6.58	9.52	10.48	12.93	24.87	23.03
FCF Conversion (FCF/Net Income)	0.71x	1.06x	0.72x	1.24x	1.42x	1.45x	1.24x	0.89x	1.38x	1.25x
Interest Paid	2.23M	4.13M	6.42M	23.73M	36.24M	30.9M	22.14M	49.89M	71.46M	69.97M
Taxes Paid	20.99M	39.51M	22.58M	39.01M	43.31M	77.69M	109.18M	186.72M	220.77M	219.48M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.46%	7.69%	16.06%	13.03%	17.17%	19.75%	21.71%	31.18%	27.34%	26.09%
Return on Invested Capital (ROIC)	6.44%	9.06%	9.34%	10.82%	12.39%	14.78%	14.31%	18.27%	19.62%	19.72%
Gross Margin	22.15%	22.97%	24.19%	24.16%	25.96%	27.46%	27.95%	29.68%	30.87%	30.49%
Net Margin	4.89%	4.17%	8.3%	5.65%	7.28%	9.09%	9.29%	11.1%	11.82%	11.68%
Debt / Equity	0.21x	0.18x	0.24x	0.69x	0.71x	0.59x	1.03x	0.87x	0.64x	0.71x
Interest Coverage	8.83x	21.68x	17.07x	7.28x	7.65x	10.94x	16.35x	14.06x	-	12.13x
FCF Conversion	0.71x	1.06x	0.72x	1.24x	1.42x	1.45x	1.24x	0.89x	1.38x	1.25x
Revenue Growth	6.91%	7.81%	9.38%	25.07%	10.06%	3.58%	28.26%	43.67%	3.71%	2.6%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2024
Insulation and accessories	-	-	-	-	-	-	2.78B	4.16B	4.45B
Insulation and accessories Growth	-	-	-	-	-	-	-	49.42%	7.07%
All other	-	-	-	-	-	-	305.42M	356M	349.46M
All other Growth	-	-	-	-	-	-	-	16.56%	-1.84%
Gutters	-	-	-	-	-	-	213.49M	266.36M	280.26M
Gutters Growth	-	-	-	-	-	-	-	24.76%	5.22%
Glass and windows	-	-	-	-	-	-	183.81M	227.32M	246.93M
Glass and windows Growth	-	-	-	-	-	-	-	23.67%	8.63%
Insulation And Accessories	-	-	-	-	2.08B	2.15B	-	-	-
Insulation And Accessories Growth	-	-	-	-	-	3.12%	-	-	-
All Other Products	-	-	-	-	239.62M	242.21M	-	-	-
All Other Products Growth	-	-	-	-	-	1.08%	-	-	-
Glass And Windows	-	-	-	-	152.07M	164.23M	-	-	-
Glass And Windows Growth	-	-	-	-	-	7.99%	-	-	-
Rain Gutters	-	-	-	-	148.8M	162.85M	-	-	-
Rain Gutters Growth	-	-	-	-	-	9.45%	-	-	-
Installation	-	-	-	1.68B	-	-	-	-	-
Installation Growth	-	-	-	-	-	-	-	-	-
Distribution	646.44M	676.67M	719.76M	820.31M	-	-	-	-	-
Distribution Growth	-	4.68%	6.37%	13.97%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

TopBuild Corp. (BLD) has a price-to-earnings (P/E) ratio of 24.7x. This is roughly in line with market averages.

Growth & Financials

TopBuild Corp. (BLD) reported $5.24B in revenue for fiscal year 2024. This represents a 271% increase from $1.41B in 2013.

TopBuild Corp. (BLD) grew revenue by 2.6% over the past year. Growth has been modest.

Yes, TopBuild Corp. (BLD) is profitable, generating $567.8M in net income for fiscal year 2024 (11.7% net margin).

Dividend & Returns

TopBuild Corp. (BLD) has a return on equity (ROE) of 26.1%. This is excellent, indicating efficient use of shareholder capital.

TopBuild Corp. (BLD) generated $791.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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