# Installed Building Products (IBP.US)

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

Analysis as of: 2026-10-16T07:29:14.520Z. Financial observations: FY2011–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $187.94 per share; close as of 2026-10-15.

Estimated value: low $191.81 per share, central $274.02 per share, high $319.87 per share. Buy at or below the central value $274.02 per share. Valuation as of 2026-10-16T07:29:14.520Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.10×

- FY2021: 0.10×

- FY2022: 0.13×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.13×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 22.9%

- ROIC, second-lowest year: 19.0%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 33.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 18.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.6%

- FY2017: 17.0%

- FY2018: 19.0%

- FY2019: 19.4%

- FY2020: 24.3%

- FY2021: 20.6%

- FY2022: 30.4%

- FY2023: 32.2%

- FY2024: 30.7%

- FY2025: 29.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.4 pp

- Working capital / revenue, final three-year average: 16.9%

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

- FY2021: 1.55×

- FY2022: 1.32×

- FY2023: 1.26×

- FY2024: 1.18×

- FY2025: 1.28×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.0% vs 30.7%

- Per-share earnings: 1.23 to 9.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: $5.7B

- Cumulative retained earnings: $1.0B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.5%

- Per-share value change: $7.88

- Per-share value, starting three-year median: $1.23

- Per-share value, ending three-year median: $9.10

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $554M

- Cumulative net income, 10 years: $1.4B

- ROIC, first three-year median: 19.0%

- ROIC, last three-year median: 30.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.23

- FY2017: $1.30

- FY2018: $1.75

- FY2019: $2.28

- FY2020: $3.27

- FY2021: $4.01

- FY2022: $7.74

- FY2023: $8.61

- FY2024: $9.10

- FY2025: $9.71

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -3.7%

- FY2018: -5.0%

- FY2019: -5.0%

- FY2020: -7.0%

- FY2021: -1.2%

- FY2022: -3.1%

- FY2023: -4.9%

- FY2024: -4.0%

- FY2025: -5.1%

## Holders

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

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

## Price story

Down 43% since Feb 2026 · "Installed Building Products (NYSE:IBP) Misses Q1 CY2026 Revenue Estimates, Stock Drops 10.6%" (finance.yahoo.com, May 2026) · sales -0.2%

Story as of 2026-10-16T09:58:55.799Z; price observation 2026-10-15.

Price needs cash profits to grow 2.6% a year for ten years

- 2025-08-11: IBP Q2 Deep Dive: Product Mix and Regional Strength Drive Outperformance ([finance.yahoo.com](https://finance.yahoo.com/news/ibp-q2-deep-dive-product-133659308.html))

- 2026-05-14: IBP Q1 Deep Dive: Volume Weakness, Cost Headwinds, and Mixed Market Signals ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ibp-q1-deep-dive-volume-071655542.html))

### Sales · FY2025–2026

sales -0.2%; source https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm; observed 2026-02-26.

- FY2017: $1.1B 

- FY2018: $1.3B 

- FY2019: $1.5B 

- FY2020: $1.7B 

- FY2021: $2.0B 

- FY2022: $2.7B 

- FY2023: $2.8B 

- FY2024: $2.9B 

- FY2025: $3.0B 

- FY2026: $3.0B 

### Gross margin · FY2025

gross margin 34%; source https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm; observed 2026-02-26.

- FY2016: 29.3% 

- FY2017: 28.6% 

- FY2018: 27.8% 

- FY2019: 28.8% 

- FY2020: 30.8% 

- FY2021: 29.9% 

- FY2022: 31.0% 

- FY2023: 33.5% 

- FY2024: 33.8% 

- FY2025: 34.0% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are USD 3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm (filed 2026-02-26); FY2025: revenue 2970800000; grossProfit 1009300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33.5% to 34% during 2023–25; it earns 22.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 33.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 34%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.21560144428988243],[2017,0.16986763774031632],[2018,0.18984517543770987],[2019,0.19415127487766676],[2020,0.24299287507447326],[2021,0.20558163917373423],[2022,0.3042490506443259],[2023,0.3215504127478423],[2024,0.3068459093589761],[2025,0.2899530338025995]]; median 0.22929715968217784. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

The 3.7% increase in our price/mix metric for our Installation segment was primarily due to selling price increases.

- Source: https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm (filed 2026-02-26); Revenue was also positively impacted by selling price and product mix improvements, the contribution of our recent acquisitions, and same branch sales growth from all of our end markets. The 3.7% increase in our price/mix metric for our Installation segment was primarily due to selling price increases. Gross profit margin grew faster than revenue as we continued to prioritize profitability over sales volume.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 172.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 27013000; owner earnings 46253000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 31668000; owner earnings 64614000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 35232000; owner earnings 78241000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 50167000; owner earnings 97055000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 33587000; owner earnings 151648000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 36979000; owner earnings 184720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 45646000; owner earnings 295454000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 61600000; owner earnings 307800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 88600000; owner earnings 302500000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 70600000; owner earnings 339700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,35294000],[2019,35294000],[2020,35294000],[2021,35294000],[2022,62671000],[2023,63100000],[2024,84700000],[2025,87600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 172600000 USD.

### Are managers owners

Insiders own 13.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IBP.US SharesStats.PercentInsiders = 13.923 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.6% yearly over ten years; actual growth was 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.02149302373723465. Price 187.94; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8462538610312463 → FY2025 12.430486975030565. Closing-price date 2026-10-15.

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

- 2016-10: $33.05 per share

- 2016-11: $41.50 per share

- 2016-12: $41.30 per share

- 2017-01: $40.90 per share

- 2017-02: $47.05 per share

- 2017-03: $52.75 per share

- 2017-04: $53.35 per share

- 2017-05: $49.60 per share

- 2017-06: $52.95 per share

- 2017-07: $53.80 per share

- 2017-08: $57.70 per share

- 2017-09: $64.80 per share

- 2017-10: $69.70 per share

- 2017-11: $77.05 per share

- 2017-12: $75.95 per share

- 2018-01: $71.95 per share

- 2018-02: $59.75 per share

- 2018-03: $60.05 per share

- 2018-04: $57.70 per share

- 2018-05: $60.65 per share

- 2018-06: $56.55 per share

- 2018-07: $54.60 per share

- 2018-08: $46.55 per share

- 2018-09: $39.00 per share

- 2018-10: $30.46 per share

- 2018-11: $38.73 per share

- 2018-12: $33.69 per share

- 2019-01: $42.11 per share

- 2019-02: $43.62 per share

- 2019-03: $48.50 per share

- 2019-04: $48.03 per share

- 2019-05: $51.44 per share

- 2019-06: $59.22 per share

- 2019-07: $53.28 per share

- 2019-08: $56.91 per share

- 2019-09: $57.34 per share

- 2019-10: $65.22 per share

- 2019-11: $71.70 per share

- 2019-12: $68.87 per share

- 2020-01: $74.13 per share

- 2020-02: $66.05 per share

- 2020-03: $39.87 per share

- 2020-04: $49.31 per share

- 2020-05: $64.28 per share

- 2020-06: $68.78 per share

- 2020-07: $79.11 per share

- 2020-08: $86.82 per share

- 2020-09: $101.75 per share

- 2020-10: $90.54 per share

- 2020-11: $98.82 per share

- 2020-12: $101.93 per share

- 2021-01: $104.93 per share

- 2021-02: $109.36 per share

- 2021-03: $110.88 per share

- 2021-04: $134.65 per share

- 2021-05: $118.60 per share

- 2021-06: $122.36 per share

- 2021-07: $120.00 per share

- 2021-08: $124.18 per share

- 2021-09: $107.15 per share

- 2021-10: $127.05 per share

- 2021-11: $129.09 per share

- 2021-12: $139.72 per share

- 2022-01: $110.79 per share

- 2022-02: $96.70 per share

- 2022-03: $84.49 per share

- 2022-04: $80.47 per share

- 2022-05: $95.54 per share

- 2022-06: $83.16 per share

- 2022-07: $101.42 per share

- 2022-08: $90.56 per share

- 2022-09: $80.99 per share

- 2022-10: $86.00 per share

- 2022-11: $84.93 per share

- 2022-12: $85.60 per share

- 2023-01: $110.09 per share

- 2023-02: $115.38 per share

- 2023-03: $114.03 per share

- 2023-04: $124.27 per share

- 2023-05: $104.54 per share

- 2023-06: $140.16 per share

- 2023-07: $148.02 per share

- 2023-08: $144.73 per share

- 2023-09: $124.89 per share

- 2023-10: $111.67 per share

- 2023-11: $150.51 per share

- 2023-12: $182.82 per share

- 2024-01: $194.85 per share

- 2024-02: $238.93 per share

- 2024-03: $258.73 per share

- 2024-04: $235.73 per share

- 2024-05: $211.84 per share

- 2024-06: $205.68 per share

- 2024-07: $270.35 per share

- 2024-08: $222.31 per share

- 2024-09: $246.27 per share

- 2024-10: $216.90 per share

- 2024-11: $228.74 per share

- 2024-12: $175.25 per share

- 2025-01: $198.84 per share

- 2025-02: $171.40 per share

- 2025-03: $171.46 per share

- 2025-04: $165.83 per share

- 2025-05: $159.48 per share

- 2025-06: $180.32 per share

- 2025-07: $202.29 per share

- 2025-08: $261.82 per share

- 2025-09: $246.66 per share

- 2025-10: $248.23 per share

- 2025-11: $268.02 per share

- 2025-12: $259.39 per share

- 2026-01: $288.14 per share

- 2026-02: $327.76 per share

- 2026-03: $265.15 per share

- 2026-04: $288.55 per share

- 2026-05: $209.98 per share

- 2026-06: $229.84 per share

- 2026-07: $222.94 per share

- 2026-08: $242.83 per share

- 2026-09: $191.88 per share

- 2026-10: $187.94 per share

## Annual estimated value (USD per share)

- FY2016: low $12.03 per share, central $13.69 per share, high $15.90 per share

- FY2017: low $19.34 per share, central $21.70 per share, high $24.85 per share

- FY2018: low $27.43 per share, central $30.89 per share, high $35.49 per share

- FY2019: low $37.76 per share, central $42.11 per share, high $47.90 per share

- FY2020: low $42.28 per share, central $47.19 per share, high $53.72 per share

- FY2021: low $67.92 per share, central $92.78 per share, high $107.25 per share

- FY2022: low $129.28 per share, central $185.79 per share, high $217.31 per share

- FY2023: low $145.43 per share, central $206.79 per share, high $241.01 per share

- FY2024: low $165.35 per share, central $236.83 per share, high $276.70 per share

- FY2025: low $184.29 per share, central $264.43 per share, high $309.13 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/1580905/000158090526000004/ibp-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 127,563 IBP shares; USD 29,319,000 reported position value; 0.05% of portfolio; add; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 397,662 IBP shares; USD 91,399,000 reported position value; 3.07% of portfolio; reduce; quarter 2026 Q2.

# IBP — Installed Building Products

Held by 2 investors · USD 120,718,000 total · 2026 Q2 · reported price USD 229.84 (split-adjusted).
Page: https://gigainvestors.com/s/IBP

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Francois Rochon (https://gigainvestors.com/GC) | USD 91,399,000 | 3.1% | reduce -1.49% |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 29,319,000 | 0.1% | add +99.81% |

## Total held by quarter

- 2021 Q4: USD 22,041,948 · 1 holder · USD 139.72
- 2022 Q1: USD 33,595,252 · 1 holder · USD 84.49
- 2022 Q2: USD 33,920,382 · 1 holder · USD 83.16
- 2022 Q3: USD 33,527,754 · 1 holder · USD 80.99
- 2022 Q4: USD 35,380,192 · 1 holder · USD 85.60
- 2023 Q1: USD 48,361,149 · 1 holder · USD 114.03
- 2023 Q2: USD 64,494,446 · 2 holders · USD 140.16
- 2023 Q3: USD 58,107,769 · 2 holders · USD 124.90
- 2023 Q4: USD 89,876,871 · 2 holders · USD 182.82
- 2024 Q1: USD 133,054,018 · 2 holders · USD 258.73
- 2024 Q2: USD 106,353,014 · 2 holders · USD 205.68
- 2024 Q3: USD 131,838,921 · 2 holders · USD 246.27
- 2024 Q4: USD 98,887,091 · 2 holders · USD 175.25
- 2025 Q1: USD 99,121,198 · 2 holders · USD 171.46
- 2025 Q2: USD 105,043,072 · 2 holders · USD 180.32
- 2025 Q3: USD 142,082,080 · 2 holders · USD 246.66
- 2025 Q4: USD 150,504,913 · 2 holders · USD 259.40
- 2026 Q1: USD 123,959,746 · 2 holders · USD 265.15
- 2026 Q2: USD 120,718,000 · 2 holders · USD 229.84