Financial leverage has escalated significantly, with total debt rising from $1.6 billion in 2024Q1 to $3.1 billion in 2026Q1, alongside a goodwill balance that now accounts for $3.1 billion of total assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 1.76B | 1.63B | 1.6B | 2.05B | 1.55B | 1.19B | 936.4M | 779.83M | 704.7M | 511.59M | 526.55M | 480.36M | 335.24M | 310.56M |
| Cash & Short-Term Investments | 268.85M | 184.74M | 400.32M | 848.57M | 240.07M | 139.78M | 330.01M | 184.81M | 100.93M | 56.52M | 134.38M | 112.85M | 2.97M | 3.02M |
| Cash Only | 268.85M | 184.74M | 400.32M | 848.57M | 240.07M | 139.78M | 330.01M | 184.81M | 100.93M | 56.52M | 134.38M | 112.85M | 2.97M | 3.02M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 930.52M | 894.41M | 751.61M | 799.01M | 836.07M | 668.42M | 427.34M | 428.84M | 407.11M | 308.51M | 252.62M | 235.55M | 220.18M | 204.51M |
| Days Sales Outstanding | 56.03 | 60.35 | 51.47 | 56.14 | 60.93 | 69.98 | 57.39 | 59.65 | 62.32 | 59.07 | 52.91 | 53.18 | 53.15 | 52.88 |
| Inventory | 515.14M | 505.17M | 406.66M | 364.73M | 438.64M | 352.8M | 161.37M | 149.08M | 168.98M | 131.34M | 116.19M | 118.7M | 106.97M | 97.99M |
| Days Inventory Outstanding | 40.83 | 48.02 | 40.06 | 37.07 | 45.46 | 51.27 | 29.87 | 28.01 | 34.11 | 33.17 | 31.59 | 34.43 | 33.08 | 32.26 |
| Other Current Assets | 42.15M | 50.48M | 40.38M | 36.94M | 34.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 4.95B | 5.1B | 3.13B | 3.11B | 3.06B | 3.07B | 1.88B | 1.82B | 1.75B | 1.24B | 1.16B | 1.16B | 1.14B | 1.16B |
| Property, Plant & Equipment | 548.06M | 562.95M | 452.37M | 469.12M | 459.33M | 421.75M | 263.54M | 265.21M | 167.96M | 107.12M | 92.76M | 93.07M | 93.16M | 106.35M |
| Fixed Asset Turnover | 11.14x | 9.61x | 11.78x | 11.07x | 10.90x | 8.27x | 10.31x | 9.89x | 14.20x | 17.80x | 18.79x | 17.37x | 16.23x | 13.27x |
| Goodwill | 3.07B | 3.05B | 2.11B | 2.04B | 1.97B | 1.95B | 1.41B | 1.37B | 1.36B | 1.08B | 1.05B | 1.04B | 1.04B | 1.04B |
| Intangible Assets | 1.33B | 1.35B | 557.69M | 591.06M | 614.97M | 684.21M | 190.6M | 181.12M | 199.39M | 33.24M | 2.66M | 1.99M | 2.96M | 4.13M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10.46M | 10.73M | 10.37M | 10.87M | 16.45M | 13.21M | 11.32M | 5.62M | 5.29M | 2.28M | 3.62M | 2.25M | 1.03M | 1.87M |
| Total Assets | 6.71B | 6.73B | 4.74B | 5.16B | 4.61B | 4.26B | 2.82B | 2.6B | 2.45B | 1.75B | 1.69B | 1.64B | 1.48B | 1.47B |
| Asset Turnover | 0.90x | 0.80x | 1.13x | 1.01x | 1.09x | 0.82x | 0.97x | 1.01x | 0.97x | 1.09x | 1.03x | 0.98x | 1.02x | 0.96x |
| Asset Growth % | 130.48% | 42.2% | -8.28% | 12.07% | 8.18% | 51.26% | 8.12% | 6.09% | 40.3% | 3.52% | 2.91% | 11.23% | 0.65% | - |
| Total Current Liabilities | 879.62M | 844.82M | 767.18M | 771.54M | 789.64M | 733.43M | 496.48M | 476.75M | 444.26M | 351.4M | 325.93M | 326.68M | 301.47M | 256.59M |
| Accounts Payable | 471.22M | 440.21M | 456.45M | 469.58M | 487.11M | 461.92M | 331.71M | 307.97M | 313.17M | 263.81M | 241.53M | 253.31M | 228.72M | 183.78M |
| Days Payables Outstanding | 40.86 | 41.84 | 44.97 | 47.73 | 50.48 | 67.12 | 61.41 | 57.86 | 63.22 | 66.63 | 65.67 | 73.46 | 70.72 | 60.5 |
| Short-Term Debt | 156.41M | 155.24M | 48.75M | 47.04M | 40.07M | 38.64M | 23.33M | 34.27M | 26.85M | 12.5M | 20M | 15M | 0 | 0 |
| Deferred Revenue (Current) | 138M | 38.31M | 18.65M | 18.36M | 21.94M | 14.31M | 6.54M | 16.14M | 19.96M | 9.28M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 118.56M | 130.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.27M | 24.89M | 31.33M |
| Current Ratio | 2.00x | 1.94x | 2.08x | 2.66x | 1.96x | 1.62x | 1.89x | 1.64x | 1.59x | 1.46x | 1.62x | 1.47x | 1.11x | 1.21x |
| Quick Ratio | 1.41x | 1.34x | 1.55x | 2.18x | 1.41x | 1.14x | 1.56x | 1.32x | 1.21x | 1.08x | 1.26x | 1.11x | 0.76x | 0.83x |
| Cash Conversion Cycle | 56 | 66.53 | 46.57 | 45.48 | 55.9 | 54.13 | 25.85 | 29.8 | 33.21 | 25.61 | 18.83 | 14.14 | 15.5 | 24.64 |
| Total Non-Current Liabilities | 3.43B | 3.57B | 1.76B | 1.83B | 1.89B | 1.89B | 970.01M | 974.32M | 938.17M | 401.63M | 391.64M | 399.84M | 222.67M | 207.67M |
| Long-Term Debt | 2.77B | 2.78B | 1.33B | 1.37B | 1.42B | 1.45B | 683.4M | 697.96M | 716.62M | 229.39M | 158.8M | 178.46M | 0 | 0 |
| Capital Lease Obligations | 697.75M | 211.75M | 131.98M | 150.36M | 156.62M | 133.11M | 53.75M | 54.01M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.48B | 516.14M | 240.34M | 243.93M | 251.48M | 248.24M | 168.57M | 175.26M | 176.21M | 132.84M | 193.72M | 181.25M | 182.28M | 165.39M |
| Other Non-Current Liabilities | 60.43M | 60.8M | 59.15M | 60.34M | 62.13M | 52.84M | 64.3M | 47.09M | 45.34M | 39.4M | 39.12M | 40.13M | 40.38M | 42.28M |
| Total Liabilities | 4.31B | 4.42B | 2.53B | 2.6B | 2.68B | 2.62B | 1.47B | 1.45B | 1.38B | 753.03M | 717.57M | 726.52M | 524.14M | 464.26M |
| Total Debt | 3.13B | 3.15B | 1.58B | 1.64B | 1.68B | 1.68B | 793.96M | 822.33M | 743.47M | 241.89M | 178.8M | 193.46M | 0 | 0 |
| Net Debt | 2.86B | 2.97B | 1.18B | 789.56M | 1.44B | 1.54B | 463.96M | 637.52M | 642.54M | 185.37M | 44.42M | 80.61M | -2.96M | -3.02M |
| Debt / Equity | 1.30x | 1.36x | 0.71x | 0.64x | 0.87x | 1.03x | 0.59x | 0.71x | 0.69x | 0.24x | 0.18x | 0.21x | - | - |
| Debt / EBITDA | 3.19x | 3.28x | 1.54x | 1.62x | 1.82x | 3.03x | 1.90x | 2.40x | 2.99x | 1.58x | 1.34x | 2.02x | - | - |
| Net Debt / EBITDA | 2.91x | 3.09x | 1.15x | 0.78x | 1.56x | 2.78x | 1.11x | 1.86x | 2.59x | 1.21x | 0.33x | 0.84x | -0.04x | -0.06x |
| Interest Coverage | 6.47x | 4.33x | 12.50x | 12.06x | 14.09x | 15.87x | 10.95x | 7.71x | 7.30x | 16.97x | 21.73x | 8.83x | 3.28x | 1.81x |
| Total Equity | 2.4B | 2.32B | 2.21B | 2.56B | 1.93B | 1.64B | 1.35B | 1.15B | 1.07B | 996.52M | 972.55M | 915.73M | 952.29M | 1B |
| Equity Growth % | 14.55% | 4.82% | -13.81% | 32.85% | 17.92% | 21.33% | 16.99% | 7.54% | 7.58% | 2.46% | 6.2% | -3.84% | -5.03% | - |
| Book Value per Share | 85.47 | 82.32 | 72.02 | 81.19 | 59.48 | 49.37 | 40.50 | 33.54 | 30.10 | 27.25 | 25.68 | 24.24 | 24.99 | 26.32 |
| Total Shareholders' Equity | 2.4B | 2.32B | 2.21B | 2.56B | 1.93B | 1.64B | 1.35B | 1.15B | 1.07B | 996.52M | 972.55M | 915.73M | 952.29M | 1B |
| Common Stock | 397K | 396K | 396K | 394K | 393K | 391K | 389K | 388K | 387K | 386K | 385K | 377K | 0 | 0 |
| Retained Earnings | 3.62B | 3.52B | 2.99B | 2.37B | 1.76B | 1.2B | 876.66M | 632.86M | 441.87M | 307.12M | 148.98M | 76.38M | 0 | 0 |
| Treasury Stock | -2.14B | -2.12B | -1.68B | -699.33M | -692.8M | -431.03M | -386.67M | -330.02M | -216.61M | -141.58M | -22.3M | - | - | - |
| Accumulated OCI | -24.16M | -19.82M | -29.21M | -14.66M | -21.92M | -6.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisition-driven leverage volatility
According to recent quarterly filings, TopBuild's total assets expanded from $5.2 billion in 2023Q4 to $6.7 billion by 2026Q1, a trend that appears largely driven by aggressive inorganic growth strategies rather than organic asset accumulation, warranting close scrutiny of the underlying quality of these acquired balance sheet components.
The rapid expansion of the asset base suggests a reliance on M&A to maintain growth, which complicates the assessment of long-term operational health. Investors should monitor whether the returns on these acquired assets justify the associated increase in balance sheet complexity and potential integration risks.
As reported in financial statements, TopBuild's total debt surged from $1.6 billion in 2024Q1 to $3.1 billion by 2026Q1, indicating that the company has significantly increased its financial leverage to fund its consolidation strategy, which may heighten sensitivity to interest rate fluctuations and future debt service requirements.
The shift in the debt-to-equity ratio from 0.60 to 1.30 over the observed period suggests a more aggressive capital structure than previously maintained. This increased reliance on debt financing may limit future financial flexibility if the residential construction cycle experiences a prolonged downturn.
Based on reported figures, goodwill has climbed to $3.1 billion as of 2026Q1, representing nearly 46% of total assets, which suggests that a substantial portion of the company's valuation is tied to intangible premiums paid for past acquisitions rather than tangible operational infrastructure like property, plant, and equipment.
The high concentration of goodwill warrants further investigation into the potential for future impairment charges, especially if the synergies from acquired entities fail to materialize as expected. The relatively modest PPE base of $548.1 million highlights the service-oriented, asset-light nature of the installation business model.
According to quarterly data, TopBuild's cash position has exhibited extreme volatility, swinging from a peak of $1.1 billion in 2025Q3 to $268.8 million in 2026Q1, which indicates that liquidity is heavily managed around the timing of large-scale capital deployments and acquisition-related cash outflows.
While the current ratio remains stable near 2.00, the significant fluctuations in cash reserves suggest that the company's liquidity profile is highly sensitive to its capital allocation decisions. Investors should monitor whether this cash burn pattern reflects a sustainable strategy or a potential strain on short-term operational flexibility.
Quick answers to the most common questions about buying BLD stock.
As of 2025, TopBuild Corp. (BLD) had total assets of $6.73B including $1.63B in current assets.
TopBuild Corp. (BLD) carries total debt of $3.15B, offset by $184.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TopBuild Corp. (BLD) has total shareholders' equity (book value) of $2.32B ($82.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TopBuild Corp. (BLD) reported a current ratio of 1.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.