TopBuild Corp.BLD
NYSE•Industrials•Engineering & Construction
TopBuild Corp., together with its subsidiaries, engages in the installation and distribution of insulation and other building material products to the construction industry. The company operates in two segments, Installation and Specialty Distribution. It provides insulation products and accessories, glass and windows, rain gutters, garage doors, fireplaces, roofing materials, closet shelving, and other products. The company also offers insulation installation services for fiberglass batts and rolls, blown-in loose fill fiberglass, polyurethane spray foam, and blown-in loose fill cellulose applications; provides roofing installation services, re-roofing and maintenance for the commercial and industrial end markets including single ply roofing, built-up roofing systems, and metal roofing systems. In addition, it distributes building and mechanical insulation, insulation accessories, and other building product materials for the residential, commercial, and industrial end markets. The company serves single-family homebuilders, single-family custom builders, multi-family builders, commercial and industrial general contractors, school districts, municipalities, remodelers, and individual homeowners, as well as insulation contractors, gutter contractors, weatherization contractors, other contractors, dealers, metal building erectors, and modular home builders. It operates installation branches and distribution centers in the United States and Canada. The company was formerly known as Masco SpinCo Corp. and changed its name to TopBuild Corp. in March 2015. TopBuild Corp. was incorporated in 2015 and is headquartered in Daytona Beach, Florida.
TopBuild Corp. (BLD) reported trailing twelve months revenue of $5.62B as of March 2026, a 6.4% increase year-over-year. Quarterly revenue reached $1.45B, reflecting continued top-line momentum.
TopBuild Corp. generated $503.15M in TTM net income, with quarterly EBITDA of $231.34M. The operating margin contracted from 14.4% to 12.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.1%) and net margin (7.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 10.0% a year ago, reflecting increased costs or interest expense.
BLD trades at a P/E of 18.6x (in line with broad market averages) and a P/S of 1.7x. The price-to-book ratio of 3.9x reflects a moderate premium to book value.
The company generated $146.74M in free cash flow over the trailing twelve months, a 5.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.71B in total assets with $2.77B in long-term debt against $2.40B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~15.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 26.0% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 85.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 10.7% — net buybacks are reducing shares outstanding and boosting per-share value.