Cash flow generation remains volatile, highlighted by an OCF/NI ratio of 2.94 in 2026Q1 and a significant $57.3 million working capital outflow recorded in 2025Q4.
| 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 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 75.1M | 371.4M | 340M | 340.2M | 277.9M | 138.3M | 180.79M | 123.07M | 96.63M | 68.77M | 73.27M | 34.55M | 19.6M | 4.22M | 4.59M | -12.76M |
| Operating CF Margin % | - | 12.5% | 11.56% | 12.24% | 10.41% | 7.03% | 10.94% | 8.14% | 7.23% | 6.07% | 8.49% | 5.21% | 3.78% | 0.98% | 1.52% | -5.35% |
| Operating CF Growth % | -267.71% | 9.24% | -0.06% | 22.42% | 100.94% | -23.5% | 46.9% | 27.36% | 40.51% | -6.13% | 112.08% | 76.24% | 364.06% | -8.05% | 136.02% | - |
| Net Income | 254.8M | 265.4M | 256.6M | 243.7M | 223.4M | 118.8M | 97.24M | 68.16M | 54.75M | 41.14M | 38.44M | 26.52M | 13.93M | 6.04M | -1.91M | -8.98M |
| Depreciation & Amortization | 40.3M | 144.9M | 134.5M | 125.7M | 117.68M | 103M | 88M | 79.06M | 58.73M | 55.14M | 34.83M | 23.24M | 15.01M | 11.43M | 7.72M | 8.39M |
| Stock-Based Compensation | 32.7M | 21.5M | 19.4M | 15.9M | 13.8M | 13.8M | 10.83M | 8.73M | 7.84M | 6.59M | 1.89M | 2.12M | 300K | 0 | 4.66M | 780K |
| Deferred Taxes | 3.7M | 3.7M | 1.7M | 500K | 7.07M | -400K | -8.47M | 5.34M | 470K | -6.16M | -605K | -1.51M | -378K | -1.78M | -767K | -1.54M |
| Other Non-Cash Items | -85M | -4.1M | -1M | -5M | -11.53M | 6.49M | 6.32M | 9.08M | 3.86M | 5.55M | 3.34M | -342K | 1.34M | 549K | -413K | -13.17M |
| Working Capital Changes | -40.3M | -60M | -71.2M | -40.6M | -72.5M | -103.39M | -13.11M | -47.3M | -29.01M | -33.49M | -4.63M | -15.47M | -10.61M | -12.01M | -4.7M | 1.76M |
| Change in Receivables | 10.8M | -13.7M | -10.8M | -25.1M | -76.49M | -16.77M | -10.49M | -29.58M | -30.17M | -19.95M | -18.76M | -17.53M | -10.69M | -12.78M | -6.86M | -5.46M |
| Change in Inventory | -13M | -5.8M | -26.3M | 16.5M | -16.5M | -54M | 187K | -10.6M | -15.72M | -3.67M | -8.68M | -2.85M | -2.92M | -2.94M | -1.84M | 1.6M |
| Change in Payables | -5.7M | -25.2M | -18.8M | 5.1M | 9.62M | 26.42M | -203K | 947K | 8.15M | 6.3M | 12.4M | -2.51M | 4.58M | 3.9M | 2.01M | -980K |
| Cash from Investing | -47.1M | -112M | -159.1M | -103.4M | -158.7M | -278.44M | -77.79M | -131.73M | -74.07M | -200.44M | -79.6M | -111.36M | -16.14M | -2.51M | -2.74M | 181K |
| Capital Expenditures | -123M | -70.6M | -88.6M | -61.6M | -45.65M | -36.98M | -33.59M | -50.17M | -35.23M | -31.67M | -27.01M | -27.3M | -6.18M | -2.67M | -2.93M | -1.06M |
| CapEx % of Revenue | 4.17% | 2.38% | 3.01% | 2.22% | 1.71% | 1.88% | 2.03% | 3.32% | 2.64% | 2.8% | 3.13% | 4.12% | 1.19% | 0.62% | 0.97% | 0.45% |
| Acquisitions | -92.6M | -51.5M | -88.6M | -59.6M | -113.5M | -241.3M | -76.45M | -51.71M | -57.74M | -137.12M | -53.31M | -84.27M | -12.36M | -1.18M | -823K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 168.1M | 10.1M | 600K | 1.1M | -166K | -160K | -5.68M | -2.13M | -1.06M | -1.46M | 728K | 214K | 2.4M | 1.33M | 1.01M | 1.24M |
| Cash from Financing | -74.8M | -265.1M | -239.8M | -79.9M | -223.1M | 242.09M | -49.36M | 96.11M | 5.37M | 179.7M | 13.99M | 72.88M | 3.24M | -1.55M | -481K | 11.95M |
| Debt Issued (Net) | 191.2M | 7M | 1.9M | 1.3M | -6.6M | 299.4M | -8.03M | 111.87M | 102.96M | 194.89M | 19.13M | 82.88M | -12.71M | 2.9M | -2.98M | 131K |
| Equity Issued (Net) | -172.8M | -172.6M | -145.3M | -6.3M | -142.1M | -5.59M | -34.9M | 0 | -89.36M | 0 | 0 | -6.1M | -5.28M | 0 | 2.5M | 12.63M |
| Dividends Paid | -89.5M | -87.6M | -84.7M | -63.1M | -62.67M | -35.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -172.8M | -172.6M | -145.3M | -6.3M | -137.6M | -5.6M | -34.9M | -2.33M | -89.36M | -562K | -836K | -6.1M | -81.02M | 0 | 0 | 0 |
| Other Financing | -3.7M | -11.9M | -11.7M | -11.8M | -11.73M | -16.43M | -6.44M | -15.75M | -8.23M | -15.2M | -5.13M | -3.91M | 21.23M | -4.45M | 0 | -814K |
| Net Change in Cash | 175.6M | -5.7M | -58.9M | 156.9M | -103.9M | 101.97M | 53.63M | 87.45M | 27.93M | 48.03M | 7.66M | -3.94M | 6.7M | 167K | 1.37M | -629K |
| Free Cash Flow | 63.1M | 300.8M | 251.4M | 278.6M | 232.26M | 101.3M | 147.2M | 72.9M | 61.4M | 37.1M | 46.25M | 7.24M | 13.43M | 1.56M | 1.67M | -13.82M |
| FCF Margin % | 2.14% | 10.13% | 8.55% | 10.03% | 8.7% | 5.15% | 8.9% | 4.82% | 4.59% | 3.28% | 5.36% | 1.09% | 2.59% | 0.36% | 0.55% | -5.79% |
| FCF Growth % | -75.76% | 19.65% | -9.76% | 19.95% | 129.28% | -31.18% | 101.92% | 18.73% | 65.48% | -19.78% | 538.68% | -46.06% | 761.19% | -6.37% | 112.05% | - |
| FCF per Share | 2.34 | 11.12 | 8.92 | 9.84 | 8.05 | 3.42 | 4.95 | 2.44 | 1.97 | 1.17 | 1.47 | 0.23 | 0.45 | 0.07 | 0.05 | -0.48 |
| FCF Conversion (FCF/Net Income) | 0.25x | 1.40x | 1.33x | 1.40x | 1.24x | 1.16x | 1.86x | 1.81x | 1.77x | 1.67x | 1.91x | 1.30x | 1.41x | 0.70x | -2.41x | 1.42x |
| Interest Paid | 5.8M | 0 | 43.7M | 42.5M | 40.3M | 26M | 0 | 20.94M | 20.07M | 13.76M | 5.34M | 3.29M | 2.67M | 2.04M | 1.89M | 3.4M |
| Taxes Paid | 35.9M | 0 | 83.6M | 92.5M | 69.1M | 39.2M | 37.07M | 22.63M | 4.95M | 38.89M | 18.93M | 13.49M | 9.13M | 8.25M | 378K | 199K |
Cyclical housing demand sensitivity
According to quarterly financial data, IBP's OCF/NI ratio has exhibited extreme volatility, ranging from a negative 2.45 in 2025Q3 to a robust 2.94 in 2026Q1, suggesting that reported net income is a poor proxy for the company's actual ability to generate cash from core operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings heavily influence reported earnings. Investors should monitor whether this volatility stems from aggressive revenue recognition timing or the inherent lumpiness of large-scale construction project completions.
As reported in recent filings, IBP's FCF margin has fluctuated significantly, dropping to a negative 18.9% in 2025Q3 before recovering to 13.0% in 2026Q1, which highlights the company's sensitivity to operational disruptions and the inconsistent nature of its cash generation relative to revenue growth.
The erratic FCF trajectory suggests that the company's cash-generating engine is highly susceptible to the timing of project cycles and capital expenditures. This inconsistency warrants further investigation into whether the recent margin recovery is sustainable or merely a temporary result of deferred spending.
Based on the provided figures, IBP's CapEx/Revenue ratio spiked to 16.9% in 2025Q4, a notable departure from the typical 2-3% range, suggesting that the company may have engaged in significant non-recurring infrastructure investment or fleet expansion that could weigh on future free cash flow generation.
While maintenance CapEx is likely low, the periodic spikes in capital intensity suggest that IBP must continuously reinvest to maintain its localized logistics network. Analysts should assess whether these investments are truly growth-oriented or if they represent necessary catch-up spending to maintain aging operational assets.
As evidenced by the 2025Q4 financial statements, IBP experienced a $57.3 million working capital outflow, which significantly pressured cash flow, indicating that the company's ability to manage receivables and inventory is increasingly challenged by the current slowdown in residential construction activity and project delays.
The frequent swings in working capital suggest that IBP is struggling to align its cash collection cycles with the pace of project delivery. This trend may imply that builders are extending payment terms, which could further constrain liquidity if the housing market environment continues to deteriorate.
Based on reported figures, IBP has consistently utilized cash for both share repurchases and acquisitions, with $25.4 million spent on buybacks in 2026Q1 alone, suggesting a management priority on returning capital despite the evident volatility in underlying operating cash flow and broader sector headwinds.
The simultaneous pursuit of acquisitions and share buybacks may indicate a lack of more productive internal investment opportunities. Investors should monitor whether this capital allocation strategy remains viable if operating cash flow continues to exhibit the extreme quarterly fluctuations observed over the past ten periods.
Quick answers to the most common questions about buying IBP stock.
Installed Building Products, Inc. (IBP) generated $371.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Installed Building Products, Inc. (IBP) generated $300.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Installed Building Products, Inc. (IBP) spent $70.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Installed Building Products, Inc. (IBP) returned $87.6M to shareholders via cash dividends and spent $172.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.