IBP(US:IBP)2025-11-05 15:00Company 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 accounted for 78% of revenue in 2015, decreasing to 60% in 2024, while other building products increased from 6% to 16%[23] - IBP's end-market diversification shows new single-family homes accounted for 75% of revenue in 2015, decreasing to 57% in 2024, while new multi-family homes increased from 6% to 16% and commercial projects increased from 11% to 18%[23] - Established IBP branches with diversified revenue generate approximately $4,400 per residential permit, while developing branches generate approximately $2,200 per permit[35] Financial Performance - IBP generated over $1 billion in free cash flow in five years[39] - IBP's target leverage ratio is less than 200x, with a ratio of 109x as of September 30, 2025[44] - From 2020 to 2024, IBP allocated $579 million (50%) to acquisitions, $246 million (21%) to dividends, and $323 million (28%) to share repurchases, totaling $115 billion[47] - IBP's net revenue grew from $19687 million in 2021 to $29735 million in the last twelve months (LTM) ending September 30, 2025, representing a 21% growth[58] - IBP's adjusted EBITDA increased from $2854 million in 2021 to $5083 million in the LTM ending September 30, 2025[58] - IBP's adjusted gross profit margin improved from 300% in 2021 to 337% in the LTM ending September 30, 2025[58]