Owens Corning (OC) 10-Year Financial Performance & Capital Metrics

OC • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsInsulation & Thermal Products

AboutOwens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products. Its products are used in building structures, roofing shingles, tubs and showers, pools, flooring, pipes and tanks, poles, electrical equipment, and wind-energy turbine blades applications in the building and construction, renewable energy, and infrastructure markets. This segment sells its products directly to parts molders, fabricators, and shingle manufacturers. The Insulation segment manufactures and sells insulation products for residential, commercial, industrial, and other markets for thermal and acoustical applications; and glass fiber pipe insulation, flexible duct media, bonded and granulated mineral fiber insulation, cellular glass insulation, and foam insulation products used in construction applications. This segment sells its products primarily to the insulation installers, home centers, lumberyards, retailers, and distributors under the Thermafiber, FOAMULAR, FOAMGLAS, Paroc, Owens Corning PINK, and FIBERGLAS Insulation brand names. The Roofing segment manufactures and sells aminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications, as well as synthetic packaging materials. This segment sells its products through distributors, home centers, lumberyards, retailers, and contractors, as well as to roofing contractors for built-up roofing asphalt systems; and manufacturers in automotive, chemical, rubber, and construction industries. Owens Corning was incorporated in 1938 and is headquartered in Toledo, Ohio.Show more

Revenue $10.97B +13.4%
EBITDA $2.73B +14.4%
Net Income $647M -45.9%
EPS (Diluted) 7.36 -44.0%
Gross Margin 30% +2.3%
EBITDA Margin 24.86% +0.9%
Operating Margin 19.19% -1.5%
Net Margin 5.9% -52.3%
ROE 12.53% -48.5%
ROIC 18.32% -11.8%
Debt/Equity 1.10 +74.6%
Interest Coverage 9.93 -59.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 21.5%
✓11 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.4% through buybacks

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.6%

5Y8.92%

3Y8.9%

TTM9.5%

Profit (Net Income) CAGR

10Y11.09%

5Y9.82%

3Y-13.36%

TTM-146.53%

EPS CAGR

10Y14.44%

5Y14.87%

3Y-8.28%

TTM-148.43%

ROCE

10Y Avg14.47%

5Y Avg18.12%

3Y Avg21.05%

Latest20.36%

Peer Comparison

Insulation & Thermal Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASPNAspen Aerogels, Inc.	277.69M	3.36	19.76	89.64%	-86.52%	-99.85%		0.32
OCOwens Corning	10.11B	123.00	16.71	13.41%	-4.46%	-10.86%	12.31%	1.10
CSLCarlisle Companies Incorporated	14.88B	356.22	12.77	9.08%	15.48%	38.96%	6.35%	0.81

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	5.35B	5.68B	6.38B	7.06B	7.16B	7.05B	8.5B	9.76B	9.68B	10.97B
Revenue Growth %	0.01%	0.06%	0.12%	0.11%	0.01%	-0.01%	0.2%	0.15%	-0.01%	0.13%
Cost of Goods Sold+	4.18B	4.25B	4.79B	5.41B	5.53B	5.41B	6.28B	7.05B	6.84B	7.68B
COGS % of Revenue	0.78%	0.75%	0.75%	0.77%	0.77%	0.77%	0.74%	0.72%	0.71%	0.7%
Gross Profit+	1.17B	1.42B	1.59B	1.65B	1.63B	1.64B	2.22B	2.71B	2.84B	3.29B
Gross Margin %	0.22%	0.25%	0.25%	0.23%	0.23%	0.23%	0.26%	0.28%	0.29%	0.3%
Gross Profit Growth %	0.2%	0.21%	0.12%	0.04%	-0.01%	0.01%	0.35%	0.22%	0.05%	0.16%
Operating Expenses+	598M	660M	699M	782M	785M	746M	846M	902M	952M	1.19B
OpEx % of Revenue	0.11%	0.12%	0.11%	0.11%	0.11%	0.11%	0.1%	0.09%	0.1%	0.11%
Selling, General & Admin	525M	578M	614M	693M	698M	664M	755M	796M	829M	1.04B
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.09%	0.08%	0.09%	0.09%
Research & Development	73M	82M	85M	89M	87M	82M	91M	106M	123M	144M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	575M	762M	894M	867M	843M	895M	1.37B	1.81B	1.89B	2.11B
Operating Margin %	0.11%	0.13%	0.14%	0.12%	0.12%	0.13%	0.16%	0.19%	0.19%	0.19%
Operating Income Growth %	0.39%	0.33%	0.17%	-0.03%	-0.03%	0.06%	0.53%	0.32%	0.04%	0.12%
EBITDA+	875M	1.1B	1.26B	1.3B	1.29B	1.35B	1.83B	2.28B	2.38B	2.73B
EBITDA Margin %	0.16%	0.19%	0.2%	0.18%	0.18%	0.19%	0.22%	0.23%	0.25%	0.25%
EBITDA Growth %	0.22%	0.26%	0.14%	0.03%	-0.01%	0.05%	0.36%	0.24%	0.04%	0.14%
D&A (Non-Cash Add-back)	300M	343M	371M	433M	448M	457M	465M	476M	499M	622M
EBIT	553M	697M	666M	833M	734M	-116M	1.44B	1.59B	1.67B	1.13B
Net Interest Income+	-100M	-108M	-107M	-117M	-131M	-132M	-126M	-109M	-76M	-212M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	100M	108M	107M	117M	131M	132M	126M	109M	76M	212M
Other Income/Expense	-121M	-175M	-335M	-164M	-252M	-1.15B	-56M	-194M	-291M	-1.18B
Pretax Income+	454M	587M	559M	703M	591M	-256M	1.31B	1.61B	1.59B	922M
Pretax Margin %	0.08%	0.1%	0.09%	0.1%	0.08%	-0.04%	0.15%	0.17%	0.16%	0.08%
Income Tax+	120M	188M	269M	156M	186M	129M	319M	373M	401M	275M
Effective Tax Rate %	0.73%	0.67%	0.52%	0.78%	0.69%	1.5%	0.76%	0.77%	0.75%	0.7%
Net Income+	330M	393M	289M	545M	405M	-383M	995M	1.24B	1.2B	647M
Net Margin %	0.06%	0.07%	0.05%	0.08%	0.06%	-0.05%	0.12%	0.13%	0.12%	0.06%
Net Income Growth %	0.46%	0.19%	-0.26%	0.89%	-0.26%	-1.95%	3.6%	0.25%	-0.04%	-0.46%
Net Income (Continuing)	334M	399M	290M	547M	405M	-385M	995M	1.24B	1.19B	647M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	40M	40M	42M	41M	40M	40M	39M	46M	44M	43M
EPS (Diluted)+	2.79	3.41	2.55	4.89	3.68	-3.55	9.54	12.70	13.14	7.36
EPS Growth %	0.46%	0.22%	-0.25%	0.92%	-0.25%	-1.96%	3.69%	0.33%	0.03%	-0.44%
EPS (Basic)	2.82	3.44	2.59	4.94	3.71	-3.55	9.61	12.85	13.27	7.44
Diluted Shares Outstanding	118.2M	115.4M	113.2M	111.4M	110.1M	108.6M	104.3M	97.7M	91M	87.9M
Basic Shares Outstanding	117.2M	114.4M	111.5M	110.4M	109.2M	108.6M	103.5M	96.6M	90.1M	87M
Dividend Payout Ratio	0.24%	0.21%	0.31%	0.17%	0.23%	-	0.11%	0.11%	0.16%	0.32%

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+	1.54B	1.59B	1.99B	2.02B	2.06B	2.61B	3.1B	3.56B	3.92B	3.38B
Cash & Short-Term Investments	96M	112M	246M	78M	172M	717M	959M	1.1B	1.61B	361M
Cash Only	96M	112M	246M	78M	172M	717M	959M	1.1B	1.61B	361M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	709M	678M	806M	794M	770M	919M	939M	961M	987M	1.24B
Days Sales Outstanding	48.37	43.59	46.08	41.07	39.25	47.55	40.33	35.94	37.23	41.37
Inventory	644M	710M	841M	1.07B	1.03B	855M	1.08B	1.33B	1.2B	1.59B
Days Inventory Outstanding	56.27	60.9	64.07	72.35	68.16	57.64	62.63	69.06	63.93	75.39
Other Current Assets	59M	86M	92M	76M	86M	115M	121M	162M	117M	186M
Total Non-Current Assets+	5.84B	6.16B	6.65B	7.75B	7.95B	6.88B	6.92B	7.2B	7.32B	10.7B
Property, Plant & Equipment	2.96B	3.11B	3.42B	3.81B	4.06B	3.96B	4.03B	3.93B	4.06B	4.58B
Fixed Asset Turnover	1.81x	1.82x	1.86x	1.85x	1.76x	1.78x	2.11x	2.48x	2.38x	2.40x
Goodwill	1.17B	1.34B	1.51B	1.95B	1.93B	989M	990M	1.38B	1.39B	2.84B
Intangible Assets	999M	1.14B	1.36B	1.78B	1.72B	1.67B	1.62B	1.6B	1.53B	2.69B
Long-Term Investments	0	0	0	0	0	0	0	0	0	86M
Other Non-Current Assets	204M	194M	211M	169M	188M	228M	249M	262M	313M	448M
Total Assets+	7.38B	7.74B	8.63B	9.77B	10.01B	9.48B	10.02B	10.75B	11.24B	14.07B
Asset Turnover	0.72x	0.73x	0.74x	0.72x	0.72x	0.74x	0.85x	0.91x	0.86x	0.78x
Asset Growth %	-0.02%	0.05%	0.12%	0.13%	0.02%	-0.05%	0.06%	0.07%	0.05%	0.25%
Total Current Liabilities+	1.12B	963M	1.28B	1.28B	1.33B	1.44B	1.7B	2.1B	2.32B	2.3B
Accounts Payable	535M	615M	834M	851M	815M	875M	1.09B	1.34B	1.22B	1.43B
Days Payables Outstanding	46.75	52.76	63.54	57.44	53.77	58.99	63.62	69.62	64.89	67.94
Short-Term Debt	169M	3M	5M	0	0	0	0	28M	431M	38M
Deferred Revenue (Current)	1000K	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	38M	36M	130M	270M	276M	252M	251M	338M	300M	385M
Current Ratio	1.38x	1.65x	1.55x	1.58x	1.55x	1.81x	1.82x	1.69x	1.69x	1.47x
Quick Ratio	0.80x	0.91x	0.89x	0.74x	0.77x	1.22x	1.19x	1.06x	1.17x	0.78x
Cash Conversion Cycle	57.9	51.74	46.62	55.98	53.64	46.2	39.34	35.37	36.27	48.83
Total Non-Current Liabilities+	2.48B	2.89B	3.15B	4.17B	4.01B	4.1B	3.98B	4.03B	3.7B	6.66B
Long-Term Debt	1.7B	2.1B	2.4B	3.36B	2.99B	3.13B	2.96B	2.99B	2.62B	5.12B
Capital Lease Obligations	0	0	0	0	138M	99M	109M	152M	165M	375M
Deferred Tax Liabilities	8M	36M	37M	141M	272M	332M	376M	388M	427M	719M
Other Non-Current Liabilities	774M	754M	704M	666M	610M	543M	538M	495M	496M	448M
Total Liabilities	3.6B	3.85B	4.43B	5.45B	5.33B	5.54B	5.68B	6.13B	6.03B	8.96B
Total Debt+	1.87B	2.1B	2.41B	3.36B	3.19B	3.28B	3.12B	3.22B	3.27B	5.62B
Net Debt	1.77B	1.99B	2.16B	3.28B	3.02B	2.56B	2.16B	2.13B	1.66B	5.25B
Debt / Equity	0.50x	0.54x	0.57x	0.78x	0.68x	0.83x	0.72x	0.70x	0.63x	1.10x
Debt / EBITDA	2.14x	1.90x	1.91x	2.59x	2.47x	2.43x	1.70x	1.41x	1.37x	2.06x
Net Debt / EBITDA	2.03x	1.80x	1.71x	2.53x	2.34x	1.90x	1.18x	0.93x	0.70x	1.93x
Interest Coverage	5.75x	7.06x	8.36x	7.41x	6.44x	6.78x	10.87x	16.59x	24.80x	9.93x
Total Equity+	3.78B	3.89B	4.2B	4.32B	4.67B	3.94B	4.33B	4.62B	5.21B	5.12B
Equity Growth %	0.01%	0.03%	0.08%	0.03%	0.08%	-0.16%	0.1%	0.07%	0.13%	-0.02%
Book Value per Share	31.97	33.70	37.14	38.82	42.43	36.29	41.56	47.30	57.25	58.25
Total Shareholders' Equity	3.74B	3.85B	4.16B	4.28B	4.63B	3.9B	4.3B	4.58B	5.17B	5.08B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	1.05B	1.38B	1.57B	2.01B	2.32B	1.83B	2.71B	3.79B	4.79B	5.22B
Treasury Stock	-612M	-803M	-911M	-1.1B	-1.13B	-1.4B	-1.92B	-2.68B	-3.29B	-3.69B
Accumulated OCI	-670M	-710M	-514M	-656M	-610M	-588M	-581M	-681M	-503M	-691M
Minority Interest	40M	40M	42M	41M	40M	40M	39M	46M	44M	43M

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+	742M	943M	1.02B	803M	1.04B	1.14B	1.5B	1.76B	1.72B	1.89B
Operating CF Margin %	0.14%	0.17%	0.16%	0.11%	0.14%	0.16%	0.18%	0.18%	0.18%	0.17%
Operating CF Growth %	0.68%	0.27%	0.08%	-0.21%	0.29%	0.09%	0.32%	0.17%	-0.02%	0.1%
Net Income	334M	399M	290M	547M	405M	-385M	995M	1.24B	1.19B	647M
Depreciation & Amortization	300M	343M	371M	433M	457M	493M	502M	531M	609M	677M
Stock-Based Compensation	30M	41M	44M	47M	39M	41M	50M	51M	51M	93M
Deferred Taxes	64M	136M	183M	141M	118M	86M	44M	37M	26M	-92M
Other Non-Cash Items	-74M	-57M	74M	-106M	-15M	806M	-70M	-81M	-127M	520M
Working Capital Changes	88M	81M	54M	-259M	33M	94M	-18M	-19M	-33M	47M
Change in Receivables	-71M	55M	-66M	39M	19M	-109M	-28M	-14M	-26M	6M
Change in Inventory	150M	5M	-57M	-216M	35M	189M	-227M	-287M	148M	-43M
Change in Payables	0	0	0	0	0	0	0	0	0	13M
Cash from Investing+	-369M	-815M	-901M	-1.59B	-394M	-205M	-377M	-623M	-356M	-3.39B
Capital Expenditures	-393M	-373M	-337M	-537M	-447M	-307M	-416M	-446M	-526M	-647M
CapEx % of Revenue	0.07%	0.07%	0.05%	0.08%	0.06%	0.04%	0.05%	0.05%	0.05%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	28M	6M	3M	27M	22M	102M	81M	196M	176M	111M
Cash from Financing+	-333M	-88M	3M	647M	-573M	-358M	-881M	-974M	-877M	334M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-78M	-81M	-89M	-92M	-95M	-104M	-108M	-136M	-188M	-208M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	19M	14M	13M	-5M	-6M	-14M	13M	-13M	1M	-5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	349M	570M	679M	266M	590M	828M	1.09B	1.31B	1.19B	1.25B
FCF Margin %	0.07%	0.1%	0.11%	0.04%	0.08%	0.12%	0.13%	0.13%	0.12%	0.11%
FCF Growth %	3.47%	0.63%	0.19%	-0.61%	1.22%	0.4%	0.31%	0.21%	-0.09%	0.04%
FCF per Share	2.95	4.94	6.00	2.39	5.36	7.62	10.42	13.45	13.11	14.16
FCF Conversion (FCF/Net Income)	2.25x	2.40x	3.52x	1.47x	2.56x	-2.96x	1.51x	1.42x	1.44x	2.92x
Interest Paid	113M	118M	106M	158M	131M	135M	133M	123M	135M	226M
Taxes Paid	33M	69M	67M	91M	58M	78M	244M	319M	428M	423M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.79%	10.25%	7.14%	12.78%	9.01%	-8.89%	24.05%	27.71%	24.33%	12.53%
Return on Invested Capital (ROIC)	7.68%	10%	10.95%	9.31%	8.27%	9.46%	15.81%	20.48%	20.77%	18.32%
Gross Margin	21.93%	25.05%	24.95%	23.37%	22.74%	23.26%	26.08%	27.76%	29.32%	30%
Net Margin	6.17%	6.92%	4.53%	7.72%	5.66%	-5.43%	11.71%	12.71%	12.36%	5.9%
Debt / Equity	0.50x	0.54x	0.57x	0.78x	0.68x	0.83x	0.72x	0.70x	0.63x	1.10x
Interest Coverage	5.75x	7.06x	8.36x	7.41x	6.44x	6.78x	10.87x	16.59x	24.80x	9.93x
FCF Conversion	2.25x	2.40x	3.52x	1.47x	2.56x	-2.96x	1.51x	1.42x	1.44x	2.92x
Revenue Growth	1.4%	6.11%	12.45%	10.54%	1.46%	-1.47%	20.45%	14.86%	-0.86%	13.41%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Roofing	1.77B	2.19B	2.55B	2.49B	2.63B	2.69B	3.21B	3.66B	4.03B	4.05B
Roofing Growth	-	24.24%	16.36%	-2.39%	5.70%	2.32%	19.07%	13.99%	10.17%	0.55%
Insulation	1.85B	1.75B	2B	2.72B	2.67B	2.61B	3.18B	3.71B	3.67B	3.69B
Insulation Growth	-	-5.51%	14.47%	35.93%	-1.91%	-2.29%	22.13%	16.65%	-1.24%	0.65%
Composites	1.9B	1.95B	2.07B	2.04B	2.06B	1.96B	2.34B	2.66B	2.29B	2.12B
Composites Growth	-	2.63%	5.94%	-1.31%	0.88%	-4.81%	19.44%	13.63%	-14.06%	-7.35%
Doors	-	-	-	-	-	-	-	-	-	1.45B
Doors Growth	-	-	-	-	-	-	-	-	-	-
Roofing and Insulation	-	-	-	-	-	-	895M	-	1B	-
Roofing and Insulation Growth	-	-	-	-	-	-	-	-	-	-
Totals	5.52B	5.89B	6.62B	7.25B	7.36B	-	-	-	-	-
Totals Growth	-	6.81%	12.35%	9.53%	1.49%	-	-	-	-	-
Corporate Eliminations	-168M	-217M	-238M	-196M	-201M	-	-	-	-	-
Corporate Eliminations Growth	-	-29.17%	-9.68%	17.65%	-2.55%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	3.7B	3.96B	4.5B	4.65B	4.78B	4.95B	5.93B	7.06B	7.09B	8.37B
UNITED STATES Growth	-	7.20%	13.42%	3.38%	2.78%	3.54%	19.84%	19.10%	0.51%	17.96%
Europe	515M	550M	661M	1.21B	1.21B	1.15B	1.39B	1.5B	1.28B	1.3B
Europe Growth	-	6.80%	20.18%	82.90%	0.00%	-5.13%	21.19%	7.70%	-14.36%	1.72%
World	-	-	-	545M	511M	506M	672M	761M	727M	817M
World Growth	-	-	-	-	-6.24%	-0.98%	32.81%	13.24%	-4.47%	12.38%
Asia Pacific	662M	666M	675M	656M	664M	664M	746M	716M	577M	489M
Asia Pacific Growth	-	0.60%	1.35%	-2.81%	1.22%	0.00%	12.35%	-4.02%	-19.41%	-15.25%
Other Geographical	476M	498M	553M	-	-	-	-	-	-	-
Other Geographical Growth	-	4.62%	11.04%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Owens Corning (OC) has a price-to-earnings (P/E) ratio of 16.7x. This is roughly in line with market averages.

Growth & Financials

Owens Corning (OC) reported $10.80B in revenue for fiscal year 2024. This represents a 102% increase from $5.33B in 2011.

Owens Corning (OC) grew revenue by 13.4% over the past year. This is steady growth.

Owens Corning (OC) reported a net loss of $482.0M for fiscal year 2024.

Dividend & Returns

Yes, Owens Corning (OC) pays a dividend with a yield of 1.92%. This makes it attractive for income-focused investors.

Owens Corning (OC) has a return on equity (ROE) of 12.5%. This is reasonable for most industries.

Owens Corning (OC) generated $1.11B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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