Installed Building Products, Inc. IBP
Installed Building Products, Inc. ("IBP") and its wholly-owned subsidiaries (collectively referred to as the "Company" and "we," "us" and "our") primarily install insulation for residential and commercial builders located in the continental United States. We are also a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products. We offer our portfolio of services from our national network of approximately 250 branch locations serving all 48 continental states and the District of Columbia. In addition, we have regional distribution operations that serve the Midwest, Mountain West, Northeast and Mid-Atlantic regions of the United States, and we operate multiple cellulose manufacturing facilities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.97B | $2.94B | $2.78B | $2.67B | $1.97B | $1.65B | $1.51B | $1.34B | $1.13B | $863.0M |
| Cost of revenue | $1.96B | $1.95B | $1.85B | $1.84B | $1.38B | $1.14B | $1.08B | $964.8M | $808.9M | $610.5M |
| Gross profit | $1.01B | $994.5M | $930.7M | $827.8M | $589.5M | $510.0M | $434.8M | $371.6M | $324.0M | $252.4M |
| SG&A | $437.2M | $424.8M | $385.3M | $335.7M | $272.4M | $238.1M | $214.1M | $185.8M | $164.5M | $125.5M |
| Total operating expenses | $622.9M | $612.0M | $561.6M | $482.4M | $401.6M | $348.1M | — | — | — | — |
| Operating income | $386.4M | $382.5M | $369.1M | $345.4M | $187.9M | $161.9M | $121.2M | $93.2M | $74.3M | $66.0M |
| Interest expense | $31.7M | $36.9M | $37.0M | $41.6M | $32.8M | $30.3M | $28.1M | $20.5M | $17.4M | $6.2M |
| Pre-tax income | $357.0M | $346.4M | $333.1M | $303.3M | $155.5M | $131.2M | $92.6M | $72.2M | $55.8M | $59.6M |
| Income tax | $91.6M | $89.8M | $89.4M | $79.9M | $36.7M | $33.9M | $24.4M | $17.4M | $14.7M | $21.2M |
| Net income | $265.4M | $256.6M | $243.7M | $223.4M | $118.8M | $97.2M | $68.2M | $54.7M | $41.1M | $38.4M |
| EPS, basic | 9.76 | 9.16 | 8.65 | 7.78 | 4.04 | 3.30 | 2.29 | 1.76 | 1.30 | 1.23 |
| EPS, diluted | 9.71 | 9.10 | 8.61 | 7.74 | 4.01 | 3.27 | 2.28 | 1.75 | 1.30 | 1.23 |
| Shares, diluted (wtd. avg.) | $27.3M | $28.2M | $28.3M | $28.9M | $29.6M | $29.7M | $29.9M | $31.2M | $31.8M | $31.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $321.9M | $327.6M | $386.5M | $229.6M | $333.5M | $231.5M | $177.9M | $90.4M | $62.5M | $14.5M |
| Short-term investments | — | — | — | — | — | $0 | $38.0M | $10.1M | $30.1M | — |
| Receivables | $444.1M | $433.9M | $423.3M | $397.2M | $312.8M | $266.6M | $244.5M | $214.1M | $180.7M | $128.5M |
| Inventory | $203.0M | $194.6M | $162.8M | $176.6M | $143.0M | $77.2M | $74.6M | $61.2M | $48.3M | $40.2M |
| Total current assets | $1.04B | $1.05B | $1.07B | $884.4M | $859.3M | $623.9M | $581.9M | $411.5M | $354.9M | $192.4M |
| Property, plant and equipment | — | — | — | — | — | $104.0M | $106.4M | $90.1M | $81.1M | $67.8M |
| Goodwill | $450.4M | $432.6M | $398.8M | $373.6M | $322.5M | $216.9M | $195.7M | $173.0M | $155.5M | $107.1M |
| Other intangibles | $261.5M | $270.5M | $268.7M | $283.4M | $264.4M | $171.4M | $153.6M | $149.8M | $138.0M | $86.3M |
| Total assets | $2.07B | $2.06B | $1.98B | $1.78B | $1.65B | $1.19B | $1.10B | $834.7M | $738.7M | $462.1M |
| Accounts payable | $119.0M | $146.6M | $158.6M | $149.2M | $132.7M | $101.5M | $98.9M | $96.9M | $87.4M | $67.9M |
| Short-term debt | $36.6M | $32.4M | $32.2M | $31.0M | $30.8M | $23.4M | $24.2M | $22.6M | $16.6M | $17.2M |
| Total current liabilities | $344.2M | $359.0M | $346.4M | $328.1M | $307.6M | $236.5M | $214.1M | $181.7M | $159.8M | $130.1M |
| Long-term debt | $850.0M | $842.4M | $835.1M | $830.2M | $832.2M | $542.0M | $545.0M | $432.2M | $330.9M | $134.2M |
| Total liabilities | $1.36B | $1.35B | $1.31B | $1.29B | $1.24B | $868.5M | $849.4M | $652.2M | $528.2M | $308.1M |
| Retained earnings | $1.04B | $865.5M | $693.8M | $513.1M | $352.5M | $269.4M | $173.4M | $105.2M | $48.4M | $7.3M |
| Total equity | $709.9M | $705.3M | $670.3M | $493.5M | $416.8M | $319.2M | $250.0M | $182.5M | $210.5M | $154.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $371.4M | $340.0M | $340.2M | $277.9M | $138.3M | $180.8M | $123.1M | $96.6M | $68.8M | $73.3M |
| Depreciation and amortisation | $61.4M | $55.4M | $49.2M | $44.4M | $41.0M | $39.0M | — | — | — | — |
| Stock-based compensation | $21.5M | $19.4M | $15.9M | $13.8M | $13.8M | $10.8M | $8.7M | $7.8M | $6.6M | $1.9M |
| Capital expenditure | $70.6M | $88.6M | $61.6M | $45.6M | $37.0M | $33.6M | $50.2M | $35.2M | $31.7M | $27.0M |
| Investing cash flow | -$112.0M | -$159.1M | -$103.4M | -$158.7M | -$278.4M | -$77.8M | -$131.7M | -$74.1M | -$200.4M | -$79.6M |
| Financing cash flow | -$265.1M | -$239.8M | -$79.9M | -$223.1M | $242.1M | -$49.4M | $96.1M | $5.4M | $179.7M | $14.0M |
| Dividends paid | $87.6M | $84.7M | $63.1M | $62.7M | $35.3M | $0 | $0 | — | — | — |
| Buybacks | $172.6M | $145.3M | $6.3M | $137.6M | $0 | $33.9M | $0 | $89.4M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001580905-26-000022.
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