IBP(US:IBP)2025-05-08 12:20Company Overview - Installed Building Products (IBP) operates a national platform of over 250 locations serving 48 continental states and the District of Columbia[17] - IBP's revenue diversification shows insulation accounting for 78% of revenue in 2015, decreasing to 60% in 2024, while new single-family revenue decreased from 75% to 57% in the same period[23] - Established IBP branches generate approximately $4,400 per residential permit, while developing branches generate around $2,200 per permit[35] Financial Performance - IBP's net revenue for the last twelve months ended March 31, 2025, was $29332 million, with a net revenue growth of 43%[60] - The adjusted gross profit for the last twelve months ended March 31, 2025, was $9848 million, resulting in an adjusted gross profit margin of 336%[60] - Adjusted EBITDA for the last twelve months ended March 31, 2025, reached $4965 million, yielding an adjusted EBITDA margin of 169%[60] - IBP's target leverage ratio is less than 200x, with a ratio of 117x as of March 31, 2025[45] Capital Allocation - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to share repurchases, and $323 million (28%) to dividends, totaling $115 billion[48] Acquisition Strategy - IBP targets >$100M of acquired revenue annually[56]