Core Insights - TopBuild Corp. has acquired Applied Coatings and Upstate Spray Foam, which together generate approximately $20 million in annual revenue, focusing on spray foam and fireproofing installations in the Northeast [1][2] Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building products in the U.S. and Canada [3] - The company operates over 200 branches for installation services and more than 250 branches for specialty distribution across the U.S. and Canada [3]

Biomax was acquired on January 19, 2026, with annual revenue of approximately $5 million. COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the "Company†or "IBP†) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced three recent acquisitions, Thermo-Tech Mechanical Insulation, Inc. ("Thermo-Tech†), Biomax Spray Foam Insulation, LLC ("Biomax†), and CKV Finished Products LLC ("CKV†). Together, these acquisitions continue to exp ...

Core Viewpoint - TopBuild Corp. will release its fourth quarter 2025 financial results on February 26, 2026, and will host a conference call to discuss these results [1]. Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building products in the construction industry across the United States and Canada [3]. - The company operates over 200 branches for its Installation Services segment nationwide and has more than 250 branches in its Specialty Distribution network [3].

Group 1 - There is significant construction activity in the U.S., driven by commercial property needs and housing shortages, benefiting Carlisle Companies [1] - Carlisle has successfully capitalized on trends in insulation, waterproofing, and building envelope products for both residential and commercial projects [1] - The company has outlined its strategic plan, Vision 2030, aiming for 5% organic revenue growth and maintaining free cash flow margins above 15% [4][5] Group 2 - Vision 2030 includes goals for adjusted EBITDA margins of 25% or more and targeted returns on invested capital at or above 25% [4] - Carlisle is focusing on energy-efficient building designs and innovative materials to drive growth [5] - The company plans to enhance operational efficiency through its Carlisle Operating System and maintain exceptional customer service [6] Group 3 - Strategic acquisitions are part of Carlisle's plan to strengthen market share and expand product lines [6] - The company emphasizes disciplined capital allocation to ensure high returns on investments [6] - Carlisle has the potential to generate $40 in adjusted earnings per share, suggesting an attractive long-term forward earnings multiple of about 9 [7]

Group 1 - Owens Corning (NYSE:OC) has been added to David Tepper's Q3 portfolio with an acquisition of 161,500 shares valued at $22.8 million, indicating strong interest from institutional investors [1] - The average price target for Owens Corning suggests a potential upside of 17%, while the highest target indicates a possible upside of 57% [1] - Analyst Sam Reid from Wells Fargo has maintained an Overweight rating on Owens Corning but has reduced the price target from $150 to $130, citing skepticism in the housing market for 2025 and challenges for 2026 [2] Group 2 - Owens Corning reported a 15% increase in its quarterly cash dividend, now at $0.79 per common share, to be distributed on January 21, 2026 [3] - The company has promoted José Méndez-Andino to Executive Vice President and Chief Innovation Officer, focusing on product innovation and new applications in the high-quality building products market [4] - Owens Corning operates through four main segments: Roofing, Insulation, Doors, and Composites, and has been in business since 1938 [5]

Company Overview - TopBuild Corp. (NYSE:BLD) specializes in supplying and installing insulation and building materials, including glass, roofing, gutters, and shelving [1] Market Position - The stock is currently trading at 20 times earnings, indicating a strong market position in the insulation sector [1] - Despite the company's potential, the stock is perceived to be ahead of its fair value, especially as the broader building materials cohort is experiencing declines [1] Investment Insights - Jim Cramer suggests that while TopBuild Corp. is a solid company, it may be prudent for investors to trim their positions due to its recent performance [1] - There are indications that certain AI stocks may present better investment opportunities with higher upside potential and lower downside risk compared to TopBuild Corp. [1]

Summary of TopBuild 2025 Investor Day Company Overview - **Company**: TopBuild (NYSE: BLD) - **Market Cap**: Increased from $3.8 billion in 2017 to $12.5 billion in 2025, more than doubling in value [15] - **Employees**: Over 15,000 employees and more than 450 branches across the U.S. and Canada [15] Key Themes and Strategies 1. **Best-in-Class Industrial Compounder**: TopBuild positions itself as a leading industrial compounder with a clear strategy for profitable growth, driven by strong free cash flow [8] 2. **Market Expansion**: The company has expanded its total addressable market from approximately $16 billion in 2022 to over $90 billion in 2025, focusing on non-discretionary, non-cyclical revenue streams [19][24] 3. **M&A Competency**: TopBuild has completed 24 acquisitions since 2022, totaling 49 acquisitions in the last eight years, contributing to $1.5 billion in revenue [22][19] 4. **Operational Excellence**: Emphasis on leveraging technology and operational excellence to improve customer experience and drive growth [11][12] Financial Performance - **Sales Growth**: Achieved a compounded annual growth rate of over 16% since 2022, maintaining margins in line with long-term targets [19] - **Revenue Diversification**: Increased non-discretionary revenue from 11% in 2022 to 22% in 2025, enhancing revenue resilience [19] Culture and Talent Management 1. **People-First Culture**: TopBuild emphasizes a people-first approach, focusing on employee engagement, safety, and local empowerment [30][31] 2. **Talent Development**: Programs like Manager in Training and leadership academies are in place to develop future leaders, with an 80% success rate of graduates moving into management roles [38][39] 3. **Employee Engagement**: Recent surveys show 85% of employees are engaged, and 93% understand how their roles contribute to the company's success [44] Community Engagement - **Habitat for Humanity Partnership**: TopBuild has a long-standing partnership with Habitat for Humanity, contributing both material and financial resources to support community housing initiatives [2] Future Outlook - **Commercial Roofing Expansion**: TopBuild is entering the commercial roofing market, which is seen as a natural adjacency to its existing insulation business, with a focus on local relationships and operational excellence [24][26] - **Commitment to Safety**: The company has reduced its safety incident rate from 3.58 in 2017 to 1.95 in 2024, reflecting its commitment to employee safety [50] Conclusion TopBuild is positioned for continued growth through strategic market expansion, operational excellence, and a strong focus on its people and community engagement. The company aims to leverage its proven competencies and culture to drive long-term shareholder value.

Company Overview and Strategy - TopBuild has a market capitalization of approximately $12.5 billion and operates over 450 branches [21] - The company's sales breakdown is 56% from Installation Services and 44% from Specialty Distribution [21] - TopBuild's strategy focuses on operational excellence, talent development, technology leverage, and strategic M&A [24] - Since 2022, TopBuild has expanded its total addressable market by approximately 6x to over $90 billion [26] Financial Performance and Outlook - TopBuild's 2025 proforma TTM sales for Installation Services are $3.527 billion, with an adjusted EBITDA of $761.552 million [314] - Specialty Distribution's 2025 proforma TTM sales are $3.101 billion, with an adjusted EBITDA of $485.763 million [314] - The company is committed to delivering $35 million to $40 million in synergies from the SPI acquisition over the next two years [181] - TopBuild anticipates 2030 sales of $9 billion to $10 billion, with a cumulative free cash flow between 2026 and 2030 of $4.2 billion to $5.0 billion [302] M&A Activity - Since 2022, TopBuild has completed 24 acquisitions, contributing over $1.5 billion in revenue [33] - The company has deployed $2.2 billion in capital for M&A since 2022 [33] - M&A remains TopBuild's number one capital allocation priority [286]

Core Insights - TopBuild Corp. is hosting its Investor Day in New York City on December 9, 2025, starting at 8:00 a.m. ET, focusing on its business model and growth strategies [1][2] Company Overview - TopBuild Corp. is a leading installer of insulation and commercial roofing, as well as a specialty distributor of insulation and related building products in the U.S. and Canada [4] - The company operates over 200 branches for installation services and more than 250 branches for specialty distribution across the U.S. and Canada [4] Leadership Presentation - The presentation will feature insights from President and CEO Robert Buck, CFO Rob Kuhns, and other senior leaders, detailing the company's operational and capital allocation strategies [2] - Management will also provide a long-term financial outlook through 2030, along with multiple Q&A sessions for investors [2] Webcast Information - A live video webcast of the Investor Day will be available on the TopBuild website, with an archived version accessible after the event [3]

Core Insights - Eminence Capital has fully exited its position in Installed Building Products, selling 945,101 shares for approximately $170 million, marking a significant change in its investment strategy [1][2][10]. Company Overview - Installed Building Products, Inc. operates in the U.S. residential and commercial construction markets, focusing on the installation and distribution of insulation and complementary building products [5][9]. - The company reported a total revenue of $2.97 billion and a net income of $255.70 million for the trailing twelve months (TTM) [4]. Financial Performance - As of November 13, 2025, shares of Installed Building Products were priced at $257.14, reflecting a 26.0% increase over the past year, outperforming the S&P 500 by 13.44 percentage points [3][10]. - The company's dividend yield stands at 1.25% [4]. Business Model - Installed Building Products employs a vertically integrated business model, combining installation, distribution, and manufacturing to serve builders across the United States [9][14]. - The company focuses on both new construction and retrofit markets, leveraging a diversified product portfolio to provide value-added services [5][9]. Market Position and Strategy - Installed Building Products has transformed from a small insulation contractor into one of the largest installation platforms in the U.S., primarily generating revenue through installation services and product distribution [11][6]. - The company aims to continue its growth by acquiring well-run regional installers and integrating them into its operations, positioning itself as a consolidator in a fragmented industry [11][12]. Recent Developments - The complete sale of Installed Building Products shares by Eminence Capital indicates a strategic shift, as the stake previously represented 2.1% of the fund's assets under management [2][7]. - The decision to exit after a year of strong performance raises questions about the long-term growth potential of Installed Building Products and its ability to maintain attractive returns on acquisitions [10][12].