# Owens Corning (OC.US)

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

Analysis as of: 2026-10-16T07:30:50.112Z. Financial observations: FY1996–FY2025.

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: $113.69 per share; close as of 2026-10-15.

Estimated value: low $176.87 per share, central $215.83 per share, high $251.44 per share. Buy at or below the central value $215.83 per share. Valuation as of 2026-10-16T07:30:50.112Z; scenarios are not confidence intervals.

Expected annual return: 16.4% at the stated quote. About 16.4% 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

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.14×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.13×

- FY2021: 0.16×

- FY2022: 0.19×

- FY2023: 0.19×

- FY2024: 0.19×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.5%

- ROIC, second-lowest year: 11.5%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 25.6%

- Recent gross margin (lower of latest and 3-year median): 28.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.5%

- FY2017: 12.1%

- FY2018: 12.0%

- FY2019: 10.1%

- FY2020: 12.9%

- FY2021: 19.0%

- FY2022: 26.1%

- FY2023: 26.0%

- FY2024: 59.8%

- FY2025: 14.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.4B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: 149.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.2 pp

- Working capital / revenue, final three-year average: 11.4%

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

- FY2021: 1.05×

- FY2022: 1.02×

- FY2023: 0.98×

- FY2024: 1.00×

- FY2025: 1.40×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.0% vs 26.0%

- Per-share earnings: 2.79 to 7.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -5.0%

- Market cap gain: $3.2B

- Cumulative retained earnings: $3.1B

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -5.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.9%

- Per-share value change: $4.58

- Per-share value, starting three-year median: $2.79

- Per-share value, ending three-year median: $7.37

- Buybacks concentrated in cheaper years (correlation): 0.42

- Average buyback yield: 4.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $5.5B

- Cumulative net income, 10 years: $4.8B

- ROIC, first three-year median: 12.0%

- ROIC, last three-year median: 26.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.41

- FY2017: $2.55

- FY2018: $4.89

- FY2019: $3.68

- FY2020: -$3.53

- FY2021: $9.54

- FY2022: $12.70

- FY2023: $13.14

- FY2024: $7.37

- FY2025: -$6.21

### accounting: pass

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

- Sloan accruals: -17.8%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 4.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -8.4%

- FY2018: -2.6%

- FY2019: -6.3%

- FY2020: -16.0%

- FY2021: -5.1%

- FY2022: -4.8%

- FY2023: -4.7%

- FY2024: -8.8%

- FY2025: -17.8%

## Holders

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

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

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

## Price story

Down 45% since Nov 2024 · "Owens Corning Widens Loss as Sales Fall" (finance.yahoo.com, Feb 2026) · sales -7.9%

Story as of 2026-10-16T09:59:18.557Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.5% a year for ten years

- 2025-08-06: Owens Corning Boosts Outlook, Brushes Off Minimal Tariff Impact ([finance.yahoo.com](https://finance.yahoo.com/news/owens-corning-boosts-outlook-brushes-151220414.html))

- 2025-11-05: Owens Corning Swings to a Loss Amid Weak Demand Trends ([finance.yahoo.com](https://finance.yahoo.com/m/9c3ebd20-64d9-310d-ac0c-7e96af116e80/owens-corning-swings-to-a.html))

### Sales · FY2024–2025

sales -7.9%; source https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm; observed 2026-02-25.

- FY2016: $5.7B 

- FY2017: $6.4B 

- FY2018: $7.1B 

- FY2019: $7.2B 

- FY2020: $7.1B 

- FY2021: $8.5B 

- FY2022: $9.8B 

- FY2023: $9.7B 

- FY2024: $11B 

- FY2025: $10B 

### Gross margin · FY2025

gross margin 28.5%; source https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm; observed 2026-02-25.

- FY2016: 25.0% 

- FY2017: 25.0% 

- FY2018: 23.4% 

- FY2019: 22.7% 

- FY2020: 23.3% 

- FY2021: 26.1% 

- FY2022: 27.8% 

- FY2023: 29.3% 

- FY2024: 30.0% 

- FY2025: 28.5% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are USD 10.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm (filed 2026-02-25); FY2025: revenue 10103000000; grossProfit 2883000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OC.US: Owens Corning provides residential and commercial building products in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: Roofing, Insulation, and Doors. The company offers laminate and strip asphalt roofing shingles, roofing components, and oxidized asphalt. It also provides high, mid, and low temperature products; thermal and acoustical batts, loosefill insulation, spray foam insulation, wet use chopped strand, foam sheathing and accessories under the Owens Corning PINK, Next Gen, and FIBERGLAS Insulation brands; and glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated stone wool insulation, and cellular glass insulation and foam insulation under the FOAMULAR, FOAMGLAS, and Paroc brand names. In addition, the company offers residential interior and exterior doors; glass, fiberglass and metal, and door components such as frames, sills, weather-stripping, hinges and locks. Further, it manufactures, fabricates, and sells glass reinforcements in the form of fiber and mats. The company distributes its products to distributors, home centers and lumberyards, installers, retailers, homebuilders, contractors, dealers, building products retailers, and remodeling contractors. Owens Corning was incorporated in 1938 and is headquartered in Toledo, Ohio.

### Why customers stay

Margins ranged from 28.5% to 30% during 2023–25; it earns 13.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 30%.

- Source: https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 28.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.11502382852090656],[2017,0.12058518364805976],[2018,0.11954765140360707],[2019,0.10104781447086744],[2020,0.1291415525114155],[2021,0.1898270577537143],[2022,0.2614568454180892],[2023,0.2597189987120332],[2024,0.5980795887391352],[2025,0.1401705115346038]]; median 0.13465603202300966. 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 815 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 30000000; upkeep 343000000; cash acquisitions 452000000; owner earnings 393000000. Growth capex plus acquisitions / owner earnings = 1.2264631043256997.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 337000000; cash acquisitions 570000000; owner earnings 323000000. Growth capex plus acquisitions / owner earnings = 1.7647058823529411.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 104000000; upkeep 433000000; cash acquisitions 1143000000; owner earnings 545000000. Growth capex plus acquisitions / owner earnings = 2.288073394495413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 447000000; cash acquisitions 0; owner earnings 406000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 416000000; cash acquisitions 42000000; owner earnings 1044000000. Growth capex plus acquisitions / owner earnings = 0.040229885057471264.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 446000000; cash acquisitions 417000000; owner earnings 1271000000. Growth capex plus acquisitions / owner earnings = 0.3280881195908733.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 526000000; cash acquisitions 6000000; owner earnings 1169000000. Growth capex plus acquisitions / owner earnings = 0.0051325919589392645.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 25000000; upkeep 622000000; cash acquisitions 2857000000; owner earnings 647000000. Growth capex plus acquisitions / owner earnings = 4.454404945904173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,81000000],[2017,89000000],[2018,92000000],[2019,95000000],[2020,104000000],[2021,108000000],[2022,136000000],[2023,188000000],[2024,208000000],[2025,232000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 815000000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OC.US SharesStats.PercentInsiders = 1.109 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/1370946/000137094626000067/oc-20251231.htm (filed 2026-02-25); rating, financial or other performance. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from those results projected in the statements. These risks, uncertainties and other factors include, without limitation:

•levels of residential and non-residential construction activity;

•demand for our products;

•industry and economic conditions including, but not limited to, supply chain disruptions, recessionary conditions, inflationary pressures and interest rate and financial markets volatility;

•additional changes to tariff, trade or investment policies or laws by the United States, or similar actions, including reciprocal actions, by foreign governments;

•availability and cost of energy and raw materials;

•competitive and pricing factors;

•relationships with key customers and customer concentration in certain areas;

•our ability to achieve expected synergies, cost reductions and/or productivity improvements;

•issues related to acquisitions, divestitures and joint ventures or expansions;

•our ability to complete the announced divestiture of our GR business on the expected terms and within the anticipated time period, or at all, which is dependent on the parties' ability to satisfy certain closing conditions;

•climate change, weather conditions and storm activity;

•legislation and related regulations or interpretations, in the United States or elsewhere;

•domestic and international economic and political conditions, policies or other governmental actions, as well as war and civil disturbance;

•uninsured losses or major manufacturing disruptions, including those from natural disasters, catastrophes, pandemics, theft or sabotage;

•environmental, product-related or other legal and regulatory liabilities, proceedings or actions;

•research and development activities and intellectual property protection;

•issues involving implementation and protection of information technology systems;

•foreign exchange and commodity price fluctuations;

•our level of indebtedness;

•our liquidity and the availability and cost of credit;

•the level of fixed costs required to run our business;

•levels of goodwill or other indefinite-lived intangible assets;

•loss of key employees and labor disputes or shortages; and

•defined benefit plan funding obligations.

All forward-looking statements in this Annual Report on Form 10-K should be considered in the context of the risks and other factors described herein, and in Item 1A above, and as detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statements speak only as of the date the statement is made and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required

### What the price says

The price assumes cash profits shrink 5.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.08972358622645787. Price 113.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.350828190279571 → FY2025 -8.714285714285714. Closing-price date 2026-10-15.

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

- 2016-10: $48.78 per share

- 2016-11: $51.38 per share

- 2016-12: $51.56 per share

- 2017-01: $55.25 per share

- 2017-02: $58.49 per share

- 2017-03: $61.37 per share

- 2017-04: $60.85 per share

- 2017-05: $62.40 per share

- 2017-06: $66.92 per share

- 2017-07: $67.05 per share

- 2017-08: $74.13 per share

- 2017-09: $77.35 per share

- 2017-10: $82.69 per share

- 2017-11: $88.35 per share

- 2017-12: $91.94 per share

- 2018-01: $92.97 per share

- 2018-02: $81.30 per share

- 2018-03: $80.40 per share

- 2018-04: $65.49 per share

- 2018-05: $63.22 per share

- 2018-06: $63.37 per share

- 2018-07: $62.22 per share

- 2018-08: $56.62 per share

- 2018-09: $54.27 per share

- 2018-10: $47.27 per share

- 2018-11: $52.15 per share

- 2018-12: $43.98 per share

- 2019-01: $52.39 per share

- 2019-02: $49.93 per share

- 2019-03: $47.12 per share

- 2019-04: $51.27 per share

- 2019-05: $48.47 per share

- 2019-06: $58.20 per share

- 2019-07: $58.00 per share

- 2019-08: $57.36 per share

- 2019-09: $63.20 per share

- 2019-10: $61.28 per share

- 2019-11: $67.06 per share

- 2019-12: $65.12 per share

- 2020-01: $60.49 per share

- 2020-02: $56.49 per share

- 2020-03: $38.81 per share

- 2020-04: $43.36 per share

- 2020-05: $52.50 per share

- 2020-06: $55.76 per share

- 2020-07: $60.47 per share

- 2020-08: $67.64 per share

- 2020-09: $68.81 per share

- 2020-10: $65.47 per share

- 2020-11: $72.87 per share

- 2020-12: $75.76 per share

- 2021-01: $77.60 per share

- 2021-02: $81.02 per share

- 2021-03: $92.09 per share

- 2021-04: $96.81 per share

- 2021-05: $106.65 per share

- 2021-06: $97.90 per share

- 2021-07: $96.16 per share

- 2021-08: $95.55 per share

- 2021-09: $85.50 per share

- 2021-10: $93.41 per share

- 2021-11: $84.84 per share

- 2021-12: $90.50 per share

- 2022-01: $88.70 per share

- 2022-02: $93.19 per share

- 2022-03: $91.50 per share

- 2022-04: $90.93 per share

- 2022-05: $95.58 per share

- 2022-06: $74.31 per share

- 2022-07: $92.74 per share

- 2022-08: $81.73 per share

- 2022-09: $78.61 per share

- 2022-10: $85.61 per share

- 2022-11: $88.84 per share

- 2022-12: $85.30 per share

- 2023-01: $96.65 per share

- 2023-02: $97.79 per share

- 2023-03: $95.80 per share

- 2023-04: $106.81 per share

- 2023-05: $106.33 per share

- 2023-06: $130.50 per share

- 2023-07: $139.99 per share

- 2023-08: $143.91 per share

- 2023-09: $136.41 per share

- 2023-10: $113.37 per share

- 2023-11: $135.58 per share

- 2023-12: $148.23 per share

- 2024-01: $151.53 per share

- 2024-02: $149.78 per share

- 2024-03: $166.80 per share

- 2024-04: $168.21 per share

- 2024-05: $181.07 per share

- 2024-06: $173.72 per share

- 2024-07: $186.38 per share

- 2024-08: $168.73 per share

- 2024-09: $176.52 per share

- 2024-10: $176.79 per share

- 2024-11: $205.62 per share

- 2024-12: $170.32 per share

- 2025-01: $184.55 per share

- 2025-02: $154.04 per share

- 2025-03: $142.82 per share

- 2025-04: $145.41 per share

- 2025-05: $133.95 per share

- 2025-06: $137.52 per share

- 2025-07: $139.43 per share

- 2025-08: $150.17 per share

- 2025-09: $141.46 per share

- 2025-10: $127.31 per share

- 2025-11: $113.24 per share

- 2025-12: $111.91 per share

- 2026-01: $119.84 per share

- 2026-02: $122.07 per share

- 2026-03: $108.22 per share

- 2026-04: $123.34 per share

- 2026-05: $125.82 per share

- 2026-06: $158.96 per share

- 2026-07: $138.90 per share

- 2026-08: $138.15 per share

- 2026-09: $116.74 per share

- 2026-10: $113.69 per share

## Annual estimated value (USD per share)

- FY2016: low $20.72 per share, central $23.57 per share, high $27.37 per share

- FY2017: low $33.31 per share, central $39.09 per share, high $45.32 per share

- FY2018: low $36.59 per share, central $42.40 per share, high $49.29 per share

- FY2019: low $42.16 per share, central $49.93 per share, high $58.06 per share

- FY2020: low $47.02 per share, central $54.58 per share, high $62.65 per share

- FY2021: low $60.89 per share, central $71.83 per share, high $82.43 per share

- FY2022: low $100.29 per share, central $121.53 per share, high $140.21 per share

- FY2023: low $170.62 per share, central $211.28 per share, high $244.10 per share

- FY2024: low $178.84 per share, central $218.96 per share, high $255.04 per share

- FY2025: low $171.67 per share, central $209.28 per share, high $243.67 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/1370946/000137094626000067/oc-20251231.htm); period 2025-12-31, filed 2026-02-25.

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.