# Griffon (GFF.US)

Canonical: https://gigainvestors.com/s/GFF

Analysis as of: 2026-10-16T07:28:44.601Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $93.21 per share; close as of 2026-10-15.

Estimated value: low $17.06 per share, central $19.21 per share, high $22.08 per share. Buy at or below the central value $19.21 per share. Valuation as of 2026-10-16T07:28:44.601Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 1

- Operating margin variation: 0.89×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: -0.07×

- FY2023: 0.07×

- FY2024: 0.15×

- FY2025: 0.08×

- LTM to Jun 2026: 0.20×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 6.8%

- Typical minus recent gross margin: -11.1 pp

- Typical gross margin (annual median): 30.9%

- Recent gross margin (lower of latest and 3-year median): 42.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 6.8%

- FY2018: 8.7%

- FY2019: 8.1%

- FY2020: 7.2%

- FY2021: 8.4%

- FY2022: -8.4%

- FY2023: 8.8%

- FY2024: 18.9%

- FY2025: 9.8%

- LTM to Jun 2026: 24.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $269M

- Net income, five-year total: $226M

- Return on incremental invested capital: 32.1%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 24.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.19×

- FY2022: 0.88×

- FY2023: 1.02×

- FY2024: 0.96×

- FY2025: 1.21×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.1% vs 9.8%

- Per-share earnings: 0.68 to 1.42 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $2.6B

- Cumulative retained earnings: -$1.3M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.6%

- Per-share value change: $0.74

- Per-share value, starting three-year median: $0.68

- Per-share value, ending three-year median: $1.42

- Buybacks concentrated in cheaper years (correlation): 0.25

- Average buyback yield: 3.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $631M

- Cumulative net income, 10 years: $488M

- ROIC, first three-year median: 7.1%

- ROIC, last three-year median: 9.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.68

- FY2017: $0.35

- FY2018: $2.96

- FY2019: $0.87

- FY2020: $1.19

- FY2021: $1.48

- FY2022: -$3.71

- FY2023: $1.42

- FY2024: $4.23

- FY2025: $1.09

### accounting: pass

- Sloan accruals: -14.8%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 9.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -4.3%

- FY2018: 5.4%

- FY2019: -3.6%

- FY2020: -3.3%

- FY2021: -1.2%

- FY2022: -9.3%

- FY2023: -14.5%

- FY2024: -7.1%

- FY2025: -14.8%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 21.9% a year for ten years · "Griffon (GFF) Is Getting Lift From Clopay And Commercial Construction Demand" (finance.yahoo.com, Jun 2026) · sales -12.1%

Story as of 2026-10-16T09:58:48.698Z; price observation 2026-10-15.

Price needs cash profits to grow 21.9% a year for ten years

- 2025-08-12: GFF Q2 Deep Dive: Tariffs and Consumer Weakness Pressure Revenue, Margins Hold Up ([finance.yahoo.com](https://finance.yahoo.com/news/gff-q2-deep-dive-tariffs-071732178.html))

- 2025-11-19: Griffon outlines $2.5B revenue and $580M–$600M EBITDA targets for 2026 while strengthening capital returns ([seekingalpha.com](https://seekingalpha.com/news/4523935-griffon-outlines-2_5b-revenue-and-580m-600m-ebitda-targets-for-2026-while-strengthening?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-03-15: Griffon (GFF) Is Down 8.5% After Cutting FY26 Guidance Again Amid Softer Housing Demand ([finance.yahoo.com](https://finance.yahoo.com/news/griffon-gff-down-8-5-140512074.html))

- 2026-06-26: Griffon (GFF) Is Getting Lift From Clopay And Commercial Construction Demand ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/griffon-gff-getting-lift-clopay-140720236.html))

- 2026-08-07: GFF Q3 Earnings Beat Estimates on Pricing and Volume Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gff-q3-earnings-beat-estimates-152700284.html))

### Sales · FY2025–2026

sales -12.1%; source https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm; observed 2025-11-19.

- FY2017: $1.5B 

- FY2018: $2.0B 

- FY2019: $2.2B 

- FY2020: $2.1B 

- FY2021: $2.3B 

- FY2022: $2.8B 

- FY2023: $2.7B 

- FY2024: $2.6B 

- FY2025: $2.5B 

- FY2026: $2.2B 

### Gross margin · FY2026

gross margin 43.4%; source https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm; observed 2025-11-19.

- FY2017: 26.8% 

- FY2018: 26.8% 

- FY2019: 26.9% 

- FY2020: 28.5% 

- FY2021: 28.2% 

- FY2022: 33.4% 

- FY2023: 35.3% 

- FY2024: 38.9% 

- FY2025: 42.0% 

- FY2026: 43.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building products & equipment; annual sales are USD 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm (filed 2025-11-19); FY2025: revenue 2519926000; grossProfit 1058005000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFF.US: Griffon Corporation, through its subsidiaries, provides home and building, and consumer and professional products in the United States, Europe, Canada, Australia, and internationally. The Home and Building Products segment manufactures and markets residential and sectional commercial garage doors, rolling steel service doors, fire doors, shutters, steel security grilles, and room dividers. This segment also sells garage door openers. Its Consumer and Professional Products segment manufactures and markets long-handled engineered tools, including shovels, spades, scoops, rakes, hoes, cultivators, weeders, post hole diggers, scrapers, edgers, and forks; wheelbarrows and lawn carts; snow tools comprising pushers, roof rakes, sled sleigh shovels, and ice scrapers; and pruning products, such as pruners, loppers, shears, and other tools. This segment also offers striking tools, including axes, picks, mattocks, mauls, wood splitters, sledgehammers, pry bars, and repair handles; hand tools comprising hammers, screwdrivers, pliers, adjustable wrenches, handsaws, tape measures, levels, clamps, trowels, and other hand tools; indoor and outdoor planters and lawn accessories; and garden hoses and hose reels. In addition, this segment provides home organization products, including wire and wood shelving, containers, storage cabinets, and other closet and home organization accessories; residential, industrial, and commercial fans; and cleaning products, such as brooms, brushes, squeegees, and other cleaning products. It serves independent professional installing dealers and home center retail chains; and industrial distributors, homebuilders, and e-commerce platforms, as well as mass market, specialty, and hardware retailers. The company was formerly known as Instrument Systems Corporation and changed its name to Griffon Corporation in 1995. Griffon Corporation was incorporated in 1959 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 35.3% to 42% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2023: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2024: grossProfit / revenue = 38.9%.

- Source: https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm (filed 2025-11-19); FY2025: grossProfit / revenue = 42%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); 10-year return on capital observations [[2017,0.06826610598271664],[2018,0.08732854776083405],[2019,0.08057848778064736],[2020,0.07168974097130229],[2021,0.0835412466207969],[2022,-0.08361389566717664],[2023,0.08841564008008462],[2024,0.18945208331737526],[2025,0.09758302341322116],[2026,0.24375983753311378]]; median 0.08543489719081548. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 183.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2017: growth capex 0; upkeep 34937000; owner earnings 27853000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2018: growth capex 0; upkeep 50138000; owner earnings 131343000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2019: growth capex 0; upkeep 45361000; owner earnings 53774000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2020: growth capex 0; upkeep 48998000; owner earnings 56531000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2021: growth capex 0; upkeep 36951000; owner earnings 94562000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2023: growth capex 0; upkeep 63604000; owner earnings 79458000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); FY2024: growth capex 0; upkeep 68399000; owner earnings 202202000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm (filed 2025-11-19); FY2025: growth capex 0; upkeep 52435000; owner earnings 61689000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); Dividend observations: [[2016,8798000],[2017,10325000],[2018,49797000],[2019,13676000],[2020,14529000],[2021,17139000],[2022,126677000],[2023,133814000],[2024,35806000],[2025,39692000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm (filed 2025-11-19); FY2025: cash repurchases 183271000 USD.

### Are managers owners

Insiders own 18.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFF.US SharesStats.PercentInsiders = 18.262 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.9% yearly over ten years; actual growth was 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-19); Ten-year compound average after fade. Initial solved rate 0.30641366001620696. Price 93.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7305012889068792 → FY2025 1.3213880261325908. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $16.70 per share

- 2016-11: $23.90 per share

- 2016-12: $26.20 per share

- 2017-01: $25.45 per share

- 2017-02: $25.15 per share

- 2017-03: $24.65 per share

- 2017-04: $24.00 per share

- 2017-05: $21.70 per share

- 2017-06: $21.95 per share

- 2017-07: $20.50 per share

- 2017-08: $18.55 per share

- 2017-09: $22.20 per share

- 2017-10: $22.55 per share

- 2017-11: $23.35 per share

- 2017-12: $20.35 per share

- 2018-01: $20.05 per share

- 2018-02: $18.70 per share

- 2018-03: $18.25 per share

- 2018-04: $19.90 per share

- 2018-05: $22.70 per share

- 2018-06: $17.80 per share

- 2018-07: $17.90 per share

- 2018-08: $18.25 per share

- 2018-09: $16.15 per share

- 2018-10: $12.12 per share

- 2018-11: $12.16 per share

- 2018-12: $10.45 per share

- 2019-01: $15.91 per share

- 2019-02: $17.84 per share

- 2019-03: $18.48 per share

- 2019-04: $19.62 per share

- 2019-05: $14.38 per share

- 2019-06: $16.92 per share

- 2019-07: $16.35 per share

- 2019-08: $17.45 per share

- 2019-09: $20.97 per share

- 2019-10: $21.31 per share

- 2019-11: $21.22 per share

- 2019-12: $20.33 per share

- 2020-01: $20.79 per share

- 2020-02: $17.40 per share

- 2020-03: $12.65 per share

- 2020-04: $16.41 per share

- 2020-05: $16.80 per share

- 2020-06: $18.52 per share

- 2020-07: $22.87 per share

- 2020-08: $21.73 per share

- 2020-09: $19.54 per share

- 2020-10: $21.44 per share

- 2020-11: $20.85 per share

- 2020-12: $20.38 per share

- 2021-01: $22.46 per share

- 2021-02: $24.60 per share

- 2021-03: $27.17 per share

- 2021-04: $27.12 per share

- 2021-05: $26.29 per share

- 2021-06: $25.63 per share

- 2021-07: $23.12 per share

- 2021-08: $24.20 per share

- 2021-09: $24.60 per share

- 2021-10: $26.49 per share

- 2021-11: $26.31 per share

- 2021-12: $28.48 per share

- 2022-01: $22.39 per share

- 2022-02: $23.05 per share

- 2022-03: $20.03 per share

- 2022-04: $18.71 per share

- 2022-05: $32.07 per share

- 2022-06: $28.03 per share

- 2022-07: $30.01 per share

- 2022-08: $31.35 per share

- 2022-09: $29.52 per share

- 2022-10: $32.14 per share

- 2022-11: $35.31 per share

- 2022-12: $35.79 per share

- 2023-01: $40.88 per share

- 2023-02: $36.47 per share

- 2023-03: $32.01 per share

- 2023-04: $28.45 per share

- 2023-05: $31.52 per share

- 2023-06: $40.30 per share

- 2023-07: $41.72 per share

- 2023-08: $41.87 per share

- 2023-09: $39.67 per share

- 2023-10: $39.94 per share

- 2023-11: $46.53 per share

- 2023-12: $60.95 per share

- 2024-01: $58.26 per share

- 2024-02: $71.40 per share

- 2024-03: $73.34 per share

- 2024-04: $65.52 per share

- 2024-05: $67.54 per share

- 2024-06: $63.86 per share

- 2024-07: $72.06 per share

- 2024-08: $66.19 per share

- 2024-09: $70.00 per share

- 2024-10: $62.88 per share

- 2024-11: $84.30 per share

- 2024-12: $71.27 per share

- 2025-01: $75.77 per share

- 2025-02: $72.34 per share

- 2025-03: $71.50 per share

- 2025-04: $68.11 per share

- 2025-05: $68.75 per share

- 2025-06: $72.37 per share

- 2025-07: $81.27 per share

- 2025-08: $76.16 per share

- 2025-09: $76.15 per share

- 2025-10: $74.01 per share

- 2025-11: $75.00 per share

- 2025-12: $73.65 per share

- 2026-01: $81.45 per share

- 2026-02: $85.24 per share

- 2026-03: $72.68 per share

- 2026-04: $91.17 per share

- 2026-05: $87.98 per share

- 2026-06: $97.53 per share

- 2026-07: $86.17 per share

- 2026-08: $97.39 per share

- 2026-09: $93.04 per share

- 2026-10: $93.21 per share

## Annual estimated value (USD per share)

- FY2016: low $3.37 per share, central $3.73 per share, high $4.21 per share

- FY2017: low $2.49 per share, central $2.77 per share, high $3.16 per share

- FY2018: low $9.38 per share, central $10.57 per share, high $12.17 per share

- FY2019: low $11.72 per share, central $14.25 per share, high $16.50 per share

- FY2020: low $17.84 per share, central $22.07 per share, high $25.15 per share

- FY2021: low $17.24 per share, central $19.99 per share, high $22.66 per share

- FY2022: low $17.71 per share, central $19.98 per share, high $23.00 per share

- FY2023: low $16.29 per share, central $19.27 per share, high $22.28 per share

- FY2024: low $18.88 per share, central $21.99 per share, high $25.38 per share

- FY2025: low $18.50 per share, central $20.91 per share, high $24.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/50725/000162828025053242/gff-20250930.htm); period 2025-09-30, filed 2025-11-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.