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We are a leading provider of building materials for professional builders in new residential construction and repair and remodeling. We deliver integrated homebuilding solutions by manufacturing, supplying, and installing a full range of structural and related building products.
Operating margin is thin at 5.18%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 7.4% YoY. Margins deteriorated 4.6pp alongside, both lines moving the wrong way.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened. ROIC dropped from 26.94% to 14.68%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$15.19B
▼ -7.4% YoY
Net Income (TTM)
$435M
▼ -59.6% YoY
Op. Margin
5.18%
▼ -4.6pp YoY
ROIC
14.68%
▼ -12.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$853M
▼ -42.8% YoY
Op. Cash Flow (TTM)
$1.22B
▼ -35.1% YoY
Net Debt
$478M
Cash & Equiv.
$182M
5Y CAGR: +12.2%
5Y CAGR: +42.0%
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