Gross margins have compressed from a 43.9% peak in 2024Q2 to 33.8% in 2026Q1, reflecting persistent top-line pressure and potential loss of pricing power.
| Sales/Revenue | 896.4M | 884.2M | 963.8M | 1.07B | 1.02B | 750.1M | 548.97M | 565.29M |
| Revenue Growth % | -2.54% | -8.26% | -9.62% | 4.6% | 35.92% | 36.64% | -2.89% | - |
| Cost of Goods Sold | 569.5M | 541.2M | 566M | 616.7M | 654.6M | 498.8M | 345.15M | 368.39M |
| COGS % of Revenue | - | 61.21% | 58.73% | 57.83% | 64.21% | 66.5% | 62.87% | 65.17% |
| Gross Profit | 326.9M | 343M | 397.8M | 449.7M | 364.9M | 251.3M | 203.82M | 196.9M |
| Gross Margin % | 36.47% | 38.79% | 41.27% | 42.17% | 35.79% | 33.5% | 37.13% | 34.83% |
| Gross Profit Growth % | - | -13.78% | -11.54% | 23.24% | 45.2% | 23.29% | 3.52% | - |
| Operating Expenses | 224.1M | 230.8M | 251.2M | 204M | 177.4M | 159M | 109.3M | 264.19K |
| OpEx % of Revenue | - | 26.1% | 26.06% | 19.13% | 17.4% | 21.2% | 19.91% | 0.05% |
| Selling, General & Admin | 235.2M | 230.8M | 239.2M | 202.8M | 177.4M | 158.3M | 111.48M | 186.88K |
| SG&A % of Revenue | - | 26.1% | 24.82% | 19.02% | 17.4% | 21.1% | 20.31% | 0.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 12M | 1.2M | 0 | 700K | -2.18M | 77.31K |
| Operating Income | 102.8M | 112.2M | 146.6M | 245.7M | 187.5M | 92.3M | 94.52M | -264.19K |
| Operating Margin % | 11.47% | 12.69% | 15.21% | 23.04% | 18.39% | 12.31% | 17.22% | -0.05% |
| Operating Income Growth % | - | -23.47% | -40.33% | 31.04% | 103.14% | -2.35% | 35877.66% | - |
| EBITDA | 170.6M | 158.3M | 190.6M | 284.8M | 225.1M | 130.4M | 127.55M | 35.06M |
| EBITDA Margin % | 19.03% | 17.9% | 19.78% | 26.71% | 22.08% | 17.38% | 23.23% | 6.2% |
| EBITDA Growth % | 5.7% | -16.95% | -33.08% | 26.52% | 72.62% | 2.23% | 263.82% | - |
| D&A (Non-Cash Add-back) | 67.8M | 46.1M | 44M | 39.1M | 37.6M | 38.1M | 33.03M | 35.32M |
| EBIT | 103.6M | 113.2M | 149.9M | 242.8M | 187.3M | 83.2M | 94.96M | 5.28M |
| Net Interest Income | -18.5M | -36.8M | -49.6M | -60M | -42M | -32.9M | -36.01M | 690.76K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 690.76K |
| Interest Expense | 18.5M | 36.8M | 49.6M | 60M | 42M | 32.9M | 36.01M | 0 |
| Other Income/Expense | -39.3M | -35.8M | -46.3M | -62.9M | -42.2M | -42M | -35.57M | 5.54M |
| Pretax Income | 63.5M | 76.4M | 100.3M | 182.8M | 145.3M | 50.3M | 58.95M | 5.28M |
| Pretax Margin % | 7.08% | 8.64% | 10.41% | 17.14% | 14.25% | 6.71% | 10.74% | 0.93% |
| Income Tax | 20.3M | 22.6M | 29.9M | 47.1M | 37.6M | 6.5M | 2.11M | 128.82K |
| Effective Tax Rate % | 31.97% | 29.58% | 29.81% | 25.77% | 25.88% | 12.92% | 3.59% | 2.44% |
| Net Income | 43.2M | 53.8M | 70.4M | 135.7M | 107.7M | 43.8M | 56.84M | 5.15M |
| Net Margin % | 4.82% | 6.08% | 7.3% | 12.73% | 10.56% | 5.84% | 10.35% | 0.91% |
| Net Income Growth % | -14.46% | -23.58% | -48.12% | 26% | 145.89% | -22.94% | 1003.39% | - |
| Net Income (Continuing) | 43.2M | 53.8M | 70.4M | 135.7M | 107.7M | 43.8M | 56.84M | 5.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | 0.37 | 0.49 | 0.92 | 0.73 | 0.40 | 0.42 | 0.12 |
| EPS Growth % | -10.97% | -24.49% | -46.74% | 26.03% | 82.5% | -4.76% | 250% | - |
| EPS (Basic) | - | 0.38 | 0.49 | 0.92 | 0.73 | 0.41 | 0.42 | 0.12 |
| Diluted Shares Outstanding | 138.77M | 139.3M | 144.8M | 146.88M | 146.72M | 108.98M | 136.38M | 43.13M |
| Basic Shares Outstanding | 138.36M | 138.82M | 144.26M | 146.78M | 146.61M | 107.88M | 136.38M | 43.13M |
| Dividend Payout Ratio | - | - | - | - | - | 9.59% | 86.13% | 1386.53% |
Cyclical demand and margin compression
According to the provided financial data, Janus International Group has experienced a sustained period of top-line pressure, with revenue growth remaining negative for nine consecutive quarters, culminating in a -8.26% year-over-year decline as of the most recent reporting period in 2025Q2.
The consistent negative growth trajectory suggests that the company is struggling to offset the cooling demand in its new construction segment. Investors should monitor whether the R3 retrofit business can eventually provide a sufficient floor to stabilize revenue as the broader self-storage construction cycle matures.
As reported in the quarterly income statements, the company's gross margin has compressed significantly from a peak of 43.9% in 2024Q2 to 33.8% in 2026Q1, indicating a potential loss of pricing power or unfavorable shifts in the underlying product mix.
This margin degradation appears to be a critical concern, as it suggests that the company is unable to fully pass through input cost volatility or that competitive pressures are forcing price concessions. The narrowing spread between revenue and COGS warrants further investigation into whether the Noke technology integration is failing to deliver the expected margin expansion.
Based on the income statement figures, operating margins have deteriorated from 24.2% in 2023Q4 to just 5.9% in 2026Q1, demonstrating that the company is currently failing to achieve the necessary operating leverage to protect its bottom line during periods of revenue contraction.
The inability to scale SG&A expenses in proportion to declining gross profits suggests a rigid cost structure that may be difficult to adjust in the short term. This trend implies that the company's profitability is highly sensitive to volume, leaving little buffer for further operational headwinds.
Financial filings reveal that net income has become increasingly volatile, dropping to a nominal $200,000 in 2026Q1, which represents a net margin of only 0.1% and highlights a significant disconnect between top-line performance and bottom-line realization.
The sharp decline in net income relative to operating income suggests that non-operating items or tax anomalies may be further suppressing earnings quality. Investors should be cautious, as the current level of profitability appears insufficient to support sustained capital reinvestment without relying on external financing.
While the company maintains a dominant niche position, the persistent decline in both gross and operating margins suggests that the 'modernization super-cycle' thesis may be insufficient to offset the cyclical downturn in new construction activity observed in recent quarterly reports.
Short-term observers may argue that the current margin compression is a permanent feature of a maturing industry rather than a temporary cyclical trough. If the company cannot demonstrate a return to historical margin levels, the market may continue to re-rate the stock as a low-growth, high-risk industrial commodity player.
Quick answers to the most common questions about buying JBI stock.
For fiscal year 2025, Janus International Group, Inc. (JBI) reported total revenue of $884.2M. This represents a 56.4% increase compared to $565.3M in 2019.
Janus International Group, Inc. (JBI) is profitable, generating $53.8M in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.
Janus International Group, Inc. (JBI) reported an operating income of $112.2M, resulting in an operating profit margin of 12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Janus International Group, Inc. (JBI) generated $343.0M in gross profit for the year, representing a gross profit margin of 38.8%. This demonstrates the company's core pricing power and production efficiency.