Builders FirstSource, Inc. (BLDR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$14.4B

Revenue growth

-9.4%

Net income, last twelve months

$102.5M

Earnings per share

$0.91

Gross margin

29.2%

Operating margin

3.0%

Net margin

0.7%

Free cash flow

$639.3M

Return on equity

2.6%

Market value

$6.0B

Price to earnings

61.4x

Cash

$65.7M

Debt

$4.6B

Debt to equity

1.14

Shares outstanding

107.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Net sales fell on lower housing starts. Net sales were $3.9 billion, down 2.2%. Core organic net sales fell 3.9%, commodity deflation reduced sales 0.1%, and acquisitions added 1.8%.
• Gross margin fell 260 basis points. Gross profit was $1.1 billion, down 10.6%. Gross margin fell 260 basis points to 27.8%, which management attributed mainly to a lower housing starts environment and related headwinds.
• Adjusted EBITDA fell 28.3%. Adjusted EBITDA was $311.1 million, down 28.3%, driven by lower gross profit. Adjusted EBITDA margin declined 290 basis points to 8.1%.
• Diluted EPS fell to $0.56. Net income was $60.4 million, or $0.56 diluted EPS, against $1.10 a year earlier. Adjusted diluted EPS was $1.51 versus $2.00, with share repurchases partly offsetting lower adjusted net income.
• Full-year ranges narrowed, midpoints kept. Management narrowed the full-year net sales and Adjusted EBITDA ranges and kept their midpoints, citing year-to-date performance as it enters the final quarter.
• Single Family core sales fell most. Core organic sales: Single Family down 6.2%, Multi-Family up 2.0%, R&R/Other up 0.3%. Weighted for mix, Single Family lowered net sales by 4.3%.
• Lumber sales rose, other products fell. Lumber and lumber sheet goods rose 4.7% to $1,036.5 million. Value-added products fell 5.2% to $1,783.2 million, with windows, doors and millwork down 7.3%.
• Specialty and manufactured products dipped. Specialty building products and services fell 3.4% to $1,034.3 million. Manufactured products fell 2.8% to $845.4 million.
• Nine-month sales down 7.0%. For the nine months, net sales were $11.0 billion, down 7.0%. Manufactured products fell 10.1%, and windows, doors and millwork fell 8.6%.
• SG&A rose on acquisitions and fuel. SG&A was $973.2 million, up 0.3%, from recently acquired operations and higher fuel and insurance expense, partly offset by lower variable compensation and wages. It was 25.3% of net sales.
• Adjusted SG&A fell in dollars. Adjusted SG&A was $785.0 million, or 20.4% of net sales, against $789.6 million a year earlier.
• Productivity savings delivered. About $23 million of productivity savings came from operational excellence and supply chain initiatives in the quarter, and about $57 million year to date.
• Net interest expense rose $3.0 million. Net interest expense was $72.2 million, up $3.0 million, from additional interest on other finance obligations and higher average debt balances.
• Income tax was a benefit. Income tax was a $33.6 million benefit, against $37.1 million of expense a year earlier. Management cited losses before income taxes at certain subsidiaries and lower consolidated income before taxes.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 249 held.

Every filing

The newest filings with the SEC of 534 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

822 funds held it at 30 Jun 2026: 316 added and 256 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Home Depot, Inc. (HD): revenue $169.2B, market value $317.2B
• Lowe's Companies Inc. (LOW): revenue $90.4B, market value $111.3B
• Floor & Decor Holdings, Inc. (FND): revenue $4.7B, market value $5.1B

What the company does

Builders FirstSource supplies building materials to professional builders working on new residential construction and on repair and remodeling in the United States. It manufactures, supplies and installs structural and related building products. The company operates approximately 585 locations in 43 states and had approximately 28,000 employees at 31 December 2025. Its common stock trades on the New York Stock Exchange and the NYSE Texas under the symbol BLDR.

What it sells

The company groups its products and services into four categories.

- Manufactured Products (22.4%): wood floor and roof trusses, wall panels, engineered wood designed and cut for each home, the Ready-Frame framing system, and manufactured and semi-custom modular homes. - Windows, Doors and Millwork (25.3%): manufactured and distributed windows, assembled pre-hung interior and exterior doors, and interior trim and custom features. - Specialty Building Products and Services (26.8%): siding, exterior trim, metal studs, cement, roofing, insulation, wallboard, ceilings, cabinets and hardware, plus turn-key framing, shell construction, design assistance and professional installation. - Lumber and Lumber Sheet Goods (25.5%): dimensional lumber, plywood and oriented strand board used in on-site framing. The filing says this category is highly sensitive to market price swings for these commodities.

Where it makes things

The company runs factories that build roof and floor trusses, wall panels, vinyl windows, custom millwork and trim, and modular homes. Truss and wall panel work has two steps, design and fabrication. Shop drawings go from the design department to computerized saws, and finished components ship to the job site house by house. Ready-Frame uses software to work out the lumber a project needs and delivers pre-cut, labeled packages.

Vinyl windows are made at a plant in Houston, Texas. Pre-hung doors are made at many locations. Synboard, a trim product made from extruded PVC, is one of the company's millwork brands. Manufactured and semi-custom modular homes are built under the Pine Grove Homes and Pleasant Valley Homes names and range from 1,000 square feet to approximately 2,500 square feet.

Who buys from it

Customers range from large production builders to small custom homebuilders, and also include multi-family builders, repair and remodeling contractors and light commercial contractors. The top 10 customers made up 14% of net sales and the largest customer 4%. The largest customers are mainly national production homebuilders, including D.R. Horton, Lennar Corporation, Pulte Homes, Toll Brothers and Meritage Homes.

The company has operations in 48 of the top 50 and 94 of the top 100 U.S. Core Based Statistical Areas, ranked by single family housing permits. It places facilities close to key customers and sometimes houses several operations in one building.

How it sells and buys

Sales are built around a local sales force rather than traditional advertising. A salesperson reviews a builder's blueprints, advises on cost and energy efficiency, and schedules deliveries. A large delivery fleet supports "just-in-time" delivery to building sites.

The company buys from thousands of suppliers. Its largest single supplier is 8% of materials purchases. Named large suppliers include Boise Cascade Company, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Specialty Building Products, James Hardie Industries plc and Mitek Industries Inc. Commodity wood purchasing is run centrally.

How it is organised

The company's locations form three geographical divisions, East, Central and West. They are its operating segments and are combined into one reportable segment because their customers, products and distribution methods are similar. The Paradigm subsidiary sells software for drafting, estimating, quoting and virtual home design.

The company has integrated over 80 acquisitions since 1998. Premium Building Components, a truss and wall panel business serving customers in eastern New York, was acquired on 2 January 2026.

Less than 1% of employees are covered by collective bargaining agreements. The company's online learning catalog has approximately 20,000 courses. Weather reduces construction activity in the first and fourth quarters, and working capital usually rises in the first and second quarters as inventory and receivables build.

Competition

The company describes the professional builder market as fragmented, with relatively low costs of entry.

- National dealers: U.S. LBM, 84 Lumber and Carter Lumber. - Component makers: UFP Construction and Stark Truss. - Millwork operators: American Cedar and Millwork, and Western Pacific. - Retail-linked competitors: The Home Depot, through its acquisitions of SRS Distribution Inc. and GMS Inc., and Lowe's Companies Inc., through its acquisition of Foundation Building Materials.

The company also lists specialty dealers, regional and local suppliers, lumber yards and framing contractors. It says it believes its competitive advantages are subject matter expertise, local market knowledge, customer relationships, pricing, service, product range and large-scale purchasing. It also names trade credit and integrated packages such as turn-key framing and shell construction among the ways it keeps customers.

*From Builders FirstSource's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1316835/000119312526054643/bldr-20251231.htm)*

From the company's 10-K.