📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

TopBuild Corp., together with its subsidiaries, engages in the installation and distribution of insulation and other building material products to the construction industry.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BLD

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	27.7K	$9.7M	0.02%	Mar 2026
Steve Cohen Point72 Asset Management	3.7K	$1.3M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q1 2025

Mixed

Management acknowledged 'soft' residential demand and 'choppiness' but repeatedly expressed confidence in long-term fundamentals and highlighted strong commercial/industrial growth and cost actions. Phrases like 'we are confident' and 'bullish about medium and long-term' contrasted with 'economic uncertainty' and 'volatile environment.'

Q2 2025

Confident Specific

Management provided concrete figures (e.g., 20.1% adjusted EBITDA margin, 5% sales decline, $261.3M EBITDA) and issued detailed guidance for the full year. They expressed pride in team execution and highlighted specific cost actions and supply chain improvements that drove sequential margin improvement. The tone was forward-looking and assured, despite acknowledging residential headwinds.

Q3 2025

Confident Specific

Management expresses pride in accomplishments and highlights solid results, maintaining a positive tone while acknowledging macro headwinds. Specific phrases like 'proud of what our teams have accomplished' and 'highly confident' indicate assurance, yet they also note 'uncertainty' and 'challenges' in residential markets.

Q4 2025 latest

Cautious

Management acknowledged persistent weakness in residential and light commercial markets and gave cautious 2026 guidance assuming no significant improvement, yet expressed confidence in long-term fundamentals and their ability to execute on M&A and cost controls. Phrases like 'it is too early in the year to bank on a second-half recovery' and 'we expect demand will improve, it's not yet clear what that timing will be' underscore the cautious stance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains largely intact but with near-term caution. Management demonstrated solid cost discipline and M&A execution, which helps offset volume and price headwinds. The cautious 2026 guidance (assuming no macro recovery) provides a realistic baseline, and any demand improvement would likely be upside. The key change is that the company is leaning more heavily on M&A (now including commercial roofing) to drive growth, which adds execution risk but also diversifies earnings away from residential cyclicality. Watch next quarter for: volume trends in residential and light commercial, pricing dynamics (especially fiberglass), synergy realization from SPI, and any further M&A announcements. If volumes do not improve, margins may remain pressured, but the company's variable cost structure and the anchor of robust free cash flow provide resilience.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED TopBuild: $5.4B revenue in FY25, adjusted EBITDA $1.04B, cautious on residential demand

Revenue & Profitability

Fourth quarter 2025 sales were $1.49 billion, up 13.2% year-over-year, driven by acquisitions (23% contribution). Adjusted EBITDA was $265 million (17.9% margin), down 180 basis points. Adjusted EPS was $4.50 versus $5.13 in the prior year. Full-year 2025 free cash flow was $697 million. The company deployed $1.9 billion on acquisitions and returned $434 million to shareholders via share buybacks.

Outlook

Management expressed cautious optimism for 2026, assuming no significant change in end-market conditions at the midpoint. Residential demand remains weak due to low consumer confidence, elevated interest rates, and affordability issues. Commercial and industrial backlogs are healthy, with low single-digit growth expected. The company guided for revenue of $5.925-$6.225 billion and adjusted EBITDA of $1.005-$1.155 billion. Residential sales are expected to decline mid-single digits, while commercial/industrial grows low single digits.

Growth Drivers

Acquisitions remain the top capital allocation priority, with $1.9 billion deployed in 2025 adding approximately $1.2 billion in annual revenue. Recent acquisitions include Applied Coatings, Upstate Spray Foam, and Johnson Roofing (commercial roofing). Cross-selling opportunities from the SPI acquisition are expected, and the company is building a commercial roofing platform. Synergies of $15 million from Progressive and SPI are included in 2026 guidance, with confidence in exceeding original two-year synergy targets.

Balance Sheet & CapEx

Capital expenditure guidance for 2026 is 1%-2% of sales. The company is investing in IT integration for SPI, expected to be completed by the end of the second quarter of 2026. No specific investments in AI or new capacity were discussed.

Margins

Fourth quarter 2025 adjusted EBITDA margin was 17.9%, down 180 basis points year-over-year. Installation Services margin was 21% (down 40 bps) and Specialty Distribution margin was 15.4% (down 230 bps). For 2026, management expects quarterly EBITDA margins between 16.5% and 18.5%, with Q1 weakest and Q3 strongest. The guidance includes $55 million in price-cost headwinds and a 27% decremental margin on lower volumes. Synergies are expected to improve SPI's EBITDA margin from ~10% to mid-teens.

Key Risks

Key risks include persistent residential market weakness, elevated interest rates, and affordability constraints impacting demand. Price-cost pressure, especially on fiberglass and spray foam, could compress margins. The company flagged uncertainty around the timing of a second-half recovery. Weather impacts in Q1 2026 were mentioned as a near-term headwind. The commercial/industrial outlook depends on continued bidding activity and backlogs.

Generated by AI · Q4 2025 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2025 Q4 2025 2026-02-26

Q4 2025 saw 13.2% sales growth to $1.49B, driven by acquisitions, but margins declined due to volume and price pressures. 2026 guidance assumes flat market conditions, with revenue of $5.925B–$6.225B and continued focus on M&A and operational efficiency.

Q3 2025 Q3 2025 2025-11-04

Q3 sales grew 1.4% to $1.4B, driven by M&A and pricing, with strong commercial/industrial performance offsetting residential softness. Adjusted EBITDA margin was 19.8%, and guidance was raised for the year. Multiple acquisitions closed, expanding capabilities and market reach.

Q2 2025 Q2 2025 2025-08-05

Q2 sales declined 5% to $1.3B as residential softness persisted, but heavy commercial and industrial growth, cost actions, and the Progressive Roofing acquisition supported strong profitability. Full-year guidance includes $5.15B–$5.35B sales and $970M–$1.07B adjusted EBITDA.

Q1 2025 Q1 2025 2025-05-06

Q1 2025 sales fell 3.6% to $1.2B, with residential weakness offset by commercial/industrial growth. Adjusted EBITDA margin was 19%, and full-year guidance was reaffirmed. Operational efficiencies and M&A remain key priorities.

Q4 2024 Q4 2024 2025-02-25

Ninth consecutive year of growth with Q4 sales up 2% and Adjusted EBITDA up 2.5%. 2025 guidance anticipates flat single-family, a 30% decline in multifamily, and low single-digit growth in commercial/industrial, with continued margin pressure and robust M&A activity.

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