# Jeld-Wen Holding (JELD.US)

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

Analysis as of: 2026-10-16T07:29:30.147Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $1.36 per share; close as of 2026-10-15.

Estimated value: low $8.24 per share, central $9.37 per share, high $10.88 per share. Buy at or below the central value $9.37 per share. Valuation as of 2026-10-16T07:29:30.147Z; scenarios are not confidence intervals.

Expected annual return: 55.7% at the stated quote. About 55.7% 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: 2

- Operating margin variation: 1.00×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.07×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.01×

- FY2023: 0.03×

- FY2024: -0.03×

- FY2025: -0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: -2.2%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 16.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.0%

- FY2017: 13.2%

- FY2018: 11.2%

- FY2019: 7.2%

- FY2020: 9.2%

- FY2021: 9.9%

- FY2022: 1.9%

- FY2023: 5.9%

- FY2024: -6.8%

- FY2025: -2.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$449M

- Net income, five-year total: -$533M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.5 pp

- Working capital / revenue, final three-year average: 16.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $206M

- FY2022: $94M

- FY2023: $104M

- FY2024: -$225M

- FY2025: -$629M

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.2% vs -2.2%

- Per-share earnings: 0.84 to -2.22 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -3.5%

- Market cap gain: -$4.0B

- Cumulative retained earnings: -$873M

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -3.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$3.07

- Per-share value, starting three-year median: $0.84

- Per-share value, ending three-year median: -$2.22

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 5.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $443M

- Cumulative net income, 10 years: $134M

- ROIC, first three-year median: 13.2%

- ROIC, last three-year median: -2.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.41

- FY2017: $0.11

- FY2018: $1.36

- FY2019: $0.62

- FY2020: $0.90

- FY2021: $1.72

- FY2022: $0.53

- FY2023: $0.73

- FY2024: -$2.22

- FY2025: -$7.29

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -29.3%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 5

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.2%

- FY2017: -8.9%

- FY2018: -2.5%

- FY2019: -7.1%

- FY2020: -6.7%

- FY2021: -0.2%

- FY2022: 0.4%

- FY2023: -9.5%

- FY2024: -11.3%

- FY2025: -29.3%

## Holders

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

## Price story

Down 95% since Oct 2021 · sales -14.9%

Story as of 2026-10-16T09:58:59.358Z; price observation 2026-10-15.

Price needs cash profits to shrink 24.9% a year for ten years

- 2025-08-07: JELD-WEN reinstates 2025 guidance, projects $3.2B–$3.4B revenue and $170M–$200M EBITDA amid transformation actions ([seekingalpha.com](https://seekingalpha.com/news/4480907-jeld-wen-reinstates-2025-guidance-projects-3_2b-3_4b-revenue-and-170m-200m-ebitda-amid?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-04: JELD-WEN Swings to Fiscal Q3 Loss, Revenue Falls; Trims 2025 Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/jeld-wen-swings-fiscal-q3-100853680.html))

### Sales · FY2024–2025

sales -14.9%; source https://www.sec.gov/Archives/edgar/data/1674335/000167433526000043/jeld-20251231.htm; observed 2026-02-23.

- FY2016: $3.7B 

- FY2017: $3.8B 

- FY2018: $4.3B 

- FY2019: $4.3B 

- FY2020: $4.2B 

- FY2021: $4.2B 

- FY2022: $4.5B 

- FY2023: $4.3B 

- FY2024: $3.8B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 16%; source https://www.sec.gov/Archives/edgar/data/1674335/000167433526000043/jeld-20251231.htm; observed 2026-02-23.

- FY2016: 21.8% 

- FY2017: 22.5% 

- FY2018: 21.3% 

- FY2019: 20.3% 

- FY2020: 21.3% 

- FY2021: 19.7% 

- FY2022: 17.3% 

- FY2023: 19.3% 

- FY2024: 18.2% 

- FY2025: 16.0% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1674335/000167433526000043/jeld-20251231.htm (filed 2026-02-23); FY2025: revenue 3211181000; grossProfit 514195000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); JELD.US: JELD-WEN Holding, Inc. designs, manufactures, and sells wood, metal, and composite materials doors, windows, and related building products in North America and Europe. The company offers a line of residential interior and exterior door products, including patio doors, and folding or sliding wall systems; non-residential doors; stile and rail doors; and wood and vinyl windows. It also provides other ancillary products and services, such as glasses, hardware and locks, window screens, and molded door skins, as well as miscellaneous installation and other services. The company sells its products under the JELD-WEN, AuraLast, LaCANTINA, MMI Door, Karona, ImpactGard, JW, True BLU, ABS, Siteline, National Door, Low-Friction Glider, Hydrolock, VPI, FINISHIELD, MILLENNIUM, TRUFIT, EPICVUE, EVELIN, Swedoor, Dooria, DANA, Mattiovi, Zargag, Alupan, Domoferm, Kellpax, and HSE brands. It serves wholesale distributors and retailers, retail home centers, and building product dealers, as well as homebuilders, contractors, and consumers. JELD-WEN Holding, Inc. was founded in 1960 and is headquartered in Charlotte, North Carolina.

### Why customers stay

Margins ranged from 16% to 19.3% during 2023–25; it earns 8.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 18.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1674335/000167433526000043/jeld-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.1801270504676252],[2017,0.13221534722351064],[2018,0.11239216339620874],[2019,0.07236786789508366],[2020,0.0915226942974955],[2021,0.09873491344956245],[2022,0.018720497732527014],[2023,0.05927032587731867],[2024,-0.06766989732219371],[2025,-0.021954941739895036]]; median 0.08194528109628958. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 79497000; cash acquisitions 85866000; owner earnings 385998000. Growth capex plus acquisitions / owner earnings = 0.22245192980274509.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 0; upkeep 63049000; cash acquisitions 131448000; owner earnings 59024000. Growth capex plus acquisitions / owner earnings = 2.227026294388723.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 118700000; cash acquisitions 167688000; owner earnings 150700000. Growth capex plus acquisitions / owner earnings = 1.1127272727272728.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 101506000; cash acquisitions 57799000; owner earnings 95434000. Growth capex plus acquisitions / owner earnings = 0.6056436909277616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 0; upkeep 96896000; cash acquisitions 0; owner earnings 129313000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 99693000; cash acquisitions 0; owner earnings 206376000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 83217000; owner earnings 94264000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 0; upkeep 98332000; owner earnings 104305000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,404198000],[2017,10000],[2018,0],[2019,13101000],[2020,210858000],[2021,9000],[2022,12729000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); JELD.US SharesStats.PercentInsiders = 3.373 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 24.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate -0.3524901932491634. Price 1.36; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0054842742100012 → FY2025 -7.372452691215911. Closing-price date 2026-10-15.

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

- 2017-01: $27.07 per share

- 2017-02: $31.24 per share

- 2017-03: $32.85 per share

- 2017-04: $33.03 per share

- 2017-05: $31.24 per share

- 2017-06: $32.46 per share

- 2017-07: $32.65 per share

- 2017-08: $30.52 per share

- 2017-09: $35.52 per share

- 2017-10: $36.88 per share

- 2017-11: $39.11 per share

- 2017-12: $39.37 per share

- 2018-01: $39.28 per share

- 2018-02: $31.16 per share

- 2018-03: $30.62 per share

- 2018-04: $28.11 per share

- 2018-05: $27.37 per share

- 2018-06: $28.59 per share

- 2018-07: $27.44 per share

- 2018-08: $24.32 per share

- 2018-09: $24.66 per share

- 2018-10: $16.26 per share

- 2018-11: $19.06 per share

- 2018-12: $14.21 per share

- 2019-01: $17.84 per share

- 2019-02: $20.21 per share

- 2019-03: $17.66 per share

- 2019-04: $19.75 per share

- 2019-05: $18.89 per share

- 2019-06: $21.23 per share

- 2019-07: $21.91 per share

- 2019-08: $17.26 per share

- 2019-09: $19.29 per share

- 2019-10: $17.09 per share

- 2019-11: $22.75 per share

- 2019-12: $23.41 per share

- 2020-01: $23.88 per share

- 2020-02: $18.80 per share

- 2020-03: $9.73 per share

- 2020-04: $12.70 per share

- 2020-05: $13.63 per share

- 2020-06: $16.11 per share

- 2020-07: $19.60 per share

- 2020-08: $21.05 per share

- 2020-09: $22.60 per share

- 2020-10: $21.03 per share

- 2020-11: $24.19 per share

- 2020-12: $25.36 per share

- 2021-01: $25.99 per share

- 2021-02: $29.65 per share

- 2021-03: $27.69 per share

- 2021-04: $29.17 per share

- 2021-05: $28.01 per share

- 2021-06: $26.26 per share

- 2021-07: $26.48 per share

- 2021-08: $27.54 per share

- 2021-09: $25.03 per share

- 2021-10: $27.41 per share

- 2021-11: $24.23 per share

- 2021-12: $26.36 per share

- 2022-01: $23.60 per share

- 2022-02: $23.08 per share

- 2022-03: $20.28 per share

- 2022-04: $20.79 per share

- 2022-05: $18.83 per share

- 2022-06: $14.59 per share

- 2022-07: $17.78 per share

- 2022-08: $11.15 per share

- 2022-09: $8.75 per share

- 2022-10: $10.61 per share

- 2022-11: $10.34 per share

- 2022-12: $9.65 per share

- 2023-01: $12.65 per share

- 2023-02: $13.15 per share

- 2023-03: $12.66 per share

- 2023-04: $12.78 per share

- 2023-05: $13.09 per share

- 2023-06: $17.54 per share

- 2023-07: $17.81 per share

- 2023-08: $15.08 per share

- 2023-09: $13.36 per share

- 2023-10: $11.33 per share

- 2023-11: $15.98 per share

- 2023-12: $18.88 per share

- 2024-01: $18.60 per share

- 2024-02: $18.20 per share

- 2024-03: $21.23 per share

- 2024-04: $20.50 per share

- 2024-05: $15.51 per share

- 2024-06: $13.47 per share

- 2024-07: $16.69 per share

- 2024-08: $14.24 per share

- 2024-09: $15.81 per share

- 2024-10: $14.16 per share

- 2024-11: $10.89 per share

- 2024-12: $8.19 per share

- 2025-01: $8.92 per share

- 2025-02: $5.50 per share

- 2025-03: $5.97 per share

- 2025-04: $5.52 per share

- 2025-05: $3.65 per share

- 2025-06: $3.92 per share

- 2025-07: $4.50 per share

- 2025-08: $6.39 per share

- 2025-09: $4.91 per share

- 2025-10: $4.34 per share

- 2025-11: $2.67 per share

- 2025-12: $2.46 per share

- 2026-01: $2.72 per share

- 2026-02: $1.96 per share

- 2026-03: $1.24 per share

- 2026-04: $1.37 per share

- 2026-05: $2.16 per share

- 2026-06: $1.50 per share

- 2026-07: $1.42 per share

- 2026-08: $2.39 per share

- 2026-09: $1.84 per share

- 2026-10: $1.36 per share

## Annual estimated value (USD per share)

- FY2019: low $16.20 per share, central $18.24 per share, high $20.96 per share

- FY2020: low $20.30 per share, central $22.22 per share, high $24.77 per share

- FY2021: low $17.36 per share, central $19.31 per share, high $21.92 per share

- FY2022: low $18.26 per share, central $20.66 per share, high $23.86 per share

- FY2023: low $15.63 per share, central $17.46 per share, high $19.90 per share

- FY2024: low $12.65 per share, central $14.27 per share, high $16.43 per share

- FY2025: low $9.38 per share, central $10.56 per share, high $12.13 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/1674335/000167433526000043/jeld-20251231.htm); period 2025-12-31, filed 2026-02-23.

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.