# Ufp Industries (UFPI.US)

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

Analysis as of: 2026-10-16T07:32:40.158Z. Financial observations: FY1996–FY2025.

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: $77.43 per share; close as of 2026-10-15.

Estimated value: low $86.05 per share, central $96.61 per share, high $110.67 per share. Buy at or below the central value $96.61 per share. Valuation as of 2026-10-16T07:32:40.158Z; scenarios are not confidence intervals.

Expected annual return: 12.1% at the stated quote. About 12.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.07×

- FY2025: 0.06×

### moat: pass

- ROIC, median of available years: 18.0%

- ROIC, second-lowest year: 14.3%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 15.9%

- Recent gross margin (lower of latest and 3-year median): 16.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 12.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.6%

- FY2017: 14.3%

- FY2018: 15.2%

- FY2019: 17.3%

- FY2020: 22.6%

- FY2021: 31.6%

- FY2022: 35.5%

- FY2023: 26.2%

- FY2024: 18.7%

- FY2025: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.2B

- Net income, five-year total: $2.5B

- Return on incremental invested capital: 17.9%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.3 pp

- Working capital / revenue, final three-year average: 15.7%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.91×

- FY2024: 0.80×

- FY2025: 0.63×

### 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: 14.6% vs 18.7%

- Per-share earnings: 1.68 to 7.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: $3.1B

- Cumulative retained earnings: $1.9B

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.6%

- Per-share value change: $5.36

- Per-share value, starting three-year median: $1.68

- Per-share value, ending three-year median: $7.04

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 2.4%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $633M

- Cumulative net income, 10 years: $3.2B

- ROIC, first three-year median: 14.6%

- ROIC, last three-year median: 18.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.68

- FY2017: $1.98

- FY2018: $2.46

- FY2019: $2.99

- FY2020: $4.12

- FY2021: $8.87

- FY2022: $11.42

- FY2023: $8.48

- FY2024: $7.04

- FY2025: $5.19

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -1.2%

- FY2018: 1.9%

- FY2019: -9.0%

- FY2020: -3.7%

- FY2021: 0.7%

- FY2022: -3.8%

- FY2023: -11.1%

- FY2024: -5.5%

- FY2025: -6.2%

## Holders

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

## Price story

Down 43% since Nov 2024 · "UFPI Q2 Deep Dive: Margin Pressure Persists Amid Competitive Market and Weak End Demand" (finance.yahoo.com, Aug 2025) · sales -5%

Story as of 2026-10-16T09:59:45.233Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.2% a year for ten years

- 2025-08-13: UFPI Q2 Deep Dive: Margin Pressure Persists Amid Competitive Market and Weak End Demand ([finance.yahoo.com](https://finance.yahoo.com/news/ufpi-q2-deep-dive-margin-034229258.html))

### Sales · FY2024–2025

sales -5%; source https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm; observed 2026-02-25.

- FY2016: $3.2B 

- FY2017: $3.9B 

- FY2018: $4.5B 

- FY2019: $4.4B 

- FY2020: $5.2B 

- FY2021: $8.6B 

- FY2022: $9.6B 

- FY2023: $7.2B 

- FY2024: $6.7B 

- FY2025: $6.3B 

### Gross margin · FY2025

gross margin 16.8%; source https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm; observed 2026-02-25.

- FY2016: 14.6% 

- FY2017: 13.8% 

- FY2018: 13.2% 

- FY2019: 15.5% 

- FY2020: 15.5% 

- FY2021: 16.3% 

- FY2022: 18.6% 

- FY2023: 19.7% 

- FY2024: 18.4% 

- FY2025: 16.8% 

## Owner memo

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

### How it makes money

Operates in lumber & wood production; annual sales are USD 6.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm (filed 2026-02-25); FY2025: revenue 6320343000; grossProfit 1060150000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UFPI.US: UFP Industries, Inc., together with its subsidiaries, designs, manufactures, and supplies wood and non-wood composites, and other materials in the United States and internationally. It operates through three segments: Retail, Construction, and Packaging. The Retail segment offers pressure-treated and fire-retardant products under the ProWood brand; lawn and garden products, such as wood and vinyl fencing and lattice, garden beds and planters, pergolas, picnic tables, and other landscaping products under the Outdoor Essentials brand; wood plastic composite; mineral based composite decking and related decking accessories, including aluminum railing systems, balusters, and post caps under the Surestone brand; customized and aluminum fencing; exterior siding, pattern, trim, and fascia products; and pre-painted and primed shiplap, and project boards. The Packaging segment designs, engineers, manufactures, and tests custom packaging products made of wood and metal; designs and manufactures pallets made of wood and heat-treated wood; and provides corrugate, foam, labels, strapping, and films. The Construction segment designs and manufactures roof trusses, cut-to-size dimensional and board lumber, plywood, and oriented strand board; designs and manufactures roof and floor trusses, wall panels, I-joists, lumber packages, and engineered wood components used to frame residential and light commercial projects. This segment also engages in the designing, manufacturing, and installing of customized interior fixtures, casework, and architectural millwork used in retail and commercial structures; designs, manufactures, and supplies wood forms and related products for residential building, non-residential building, distribution, and infrastructure verticals. The company was formerly known as Universal Forest Products, Inc. and changed its name to UFP Industries, Inc. in April 2020. UFP Industries, Inc. was incorporated in 1955 and is headquartered in Grand Rapids, Michigan.

### Why customers stay

Margins ranged from 16.8% to 19.7% during 2023–25; it earns 18% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 18.4%.

- Source: https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.14636881772076893],[2017,0.1431129562608326],[2018,0.1517484828298474],[2019,0.1733331557141989],[2020,0.22644799391407602],[2021,0.3155554418857154],[2022,0.3546689699054276],[2023,0.26153414390166724],[2024,0.18721582696720243],[2025,0.1377507309274056]]; median 0.18027449134070067. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 9.5% of cash earnings; earns 17.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 10144000; upkeep 43618000; cash acquisitions 80077000; owner earnings 101179000. Growth capex plus acquisitions / owner earnings = 0.891696893624171.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 17720000; upkeep 53396000; cash acquisitions 60587000; owner earnings 119512000. Growth capex plus acquisitions / owner earnings = 0.6552229064863779.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 34520000; upkeep 61342000; cash acquisitions 54017000; owner earnings 148598000. Growth capex plus acquisitions / owner earnings = 0.5958155560640116.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2019: growth capex 0; upkeep 84933000; owner earnings 161536000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 16502000; upkeep 72680000; owner earnings 246778000. Growth capex / owner earnings = 0.06686981821718306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 53034000; upkeep 98132000; owner earnings 535640000. Growth capex / owner earnings = 0.09901052946008514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 60562000; upkeep 113562000; cash acquisitions 180151000; owner earnings 692651000. Growth capex plus acquisitions / owner earnings = 0.34752422215516904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 180382000; cash acquisitions 52383000; owner earnings 465820000. Growth capex plus acquisitions / owner earnings = 0.11245330814477696.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 232274000; cash acquisitions 29830000; owner earnings 330448000. Growth capex plus acquisitions / owner earnings = 0.09027138914443422.

- Source: https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 269377000; cash acquisitions 17626000; owner earnings 186466000. Growth capex plus acquisitions / owner earnings = 0.09452661611232074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.17922008931826602, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,17680000],[2017,19607000],[2018,22072000],[2019,24549000],[2020,30669000],[2021,40209000],[2022,58860000],[2023,68238000],[2024,80782000],[2025,82350000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/912767/000110465926019567/ufpi-20251227x10k.htm (filed 2026-02-25); FY2025: cash repurchases 433028000 USD.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UFPI.US SharesStats.PercentInsiders = 1.9849999999999999 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/912767/000110465926019567/ufpi-20251227x10k.htm (filed 2026-02-25); al performance. The extent to which these macroeconomic pressures may impact our business, results of operations, costs and financial condition will depend on future developments, which continue to be highly uncertain and difficult to predict. While we have planned for and anticipate a continuation of soft demand within our markets into 2026, any one or more of the above macroeconomic factors could result in a more severe and longer downturn and/or increased costs, which would have an adverse and potentially material impact on our business and financial performance.

We may be impacted by new tariffs and duties on U.S. imports and foreign export sales and changes in import/export regulations. Instability of established free trade agreements, the potential imposition of new or increased tariffs on U.S. imports or exports, and potential changes to import/export regulations may lead to raw material and finished goods price volatility as well as instability and uncertainty in our supply chain. The proposed tariffs in Canada continue to be paused. If they are activated, the demand for domestic lumber products may increase, which will likely result in higher costs if capacity gets challenged. Although the trade landscape continues to evolve, since we do not own any foreign sawmills and have excellent relationships with our mill partners, we believe we are currently in a strong position to adapt quickly to tariffs without material adverse financial impact after a short adjustment period. We will continue to monitor the market and intend to make decisions quickly to minimize disruption. As of December 27, 2025, 84% of our lumber purchases are from domestic suppliers, 11% are imported from Canada, and 5% are imported from other international suppliers

An increase in foreign tariffs on U.S. goods could curtail our export sales to other countries, which were approximately $239.5 million in 2025, compared to $258.9 million in 2024. Increased tariffs and duties on U.S. imports will increase pricing by adding duty cost, where the duty is sustainable in light of overall unit price, or otherwise constrain supply by eliminating historical production sources by country or commodity type with unsustainable duties. Our purchases that were impacted by tariffs were approximately $407.1 million in 2025 (compared to $390.9 million in 2024), including our import of Canadian Softwood Lumber of approximately $174.9 million in 2025 (compared to $211.8 million in 2024) which is the largest imported commodity. In addition, there is a risk that U.S. tariffs on imports and countering tariffs on U.S. exports could trigger broader international trade conflicts that could adversely impact our business.

We may be impacted by a significant change in the value of the U.S. dollar and our results of operations may be harmed by currency fluctuations and inflation. We purchase a variety 

### What the price says

The price assumes cash profits shrink 2.2% yearly over ten years; actual growth was 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.044072585425405444. Price 77.43; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.3462791280380857 → FY2025 3.2831411215776036. Closing-price date 2026-10-15.

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

- 2016-10: $28.66 per share

- 2016-11: $33.11 per share

- 2016-12: $34.06 per share

- 2017-01: $33.90 per share

- 2017-02: $31.94 per share

- 2017-03: $32.85 per share

- 2017-04: $31.76 per share

- 2017-05: $29.31 per share

- 2017-06: $29.10 per share

- 2017-07: $27.95 per share

- 2017-08: $29.07 per share

- 2017-09: $32.72 per share

- 2017-10: $37.63 per share

- 2017-11: $39.16 per share

- 2017-12: $37.62 per share

- 2018-01: $37.33 per share

- 2018-02: $32.94 per share

- 2018-03: $32.45 per share

- 2018-04: $31.88 per share

- 2018-05: $36.78 per share

- 2018-06: $36.62 per share

- 2018-07: $36.84 per share

- 2018-08: $37.46 per share

- 2018-09: $35.33 per share

- 2018-10: $28.27 per share

- 2018-11: $27.66 per share

- 2018-12: $25.96 per share

- 2019-01: $30.82 per share

- 2019-02: $30.97 per share

- 2019-03: $29.89 per share

- 2019-04: $36.95 per share

- 2019-05: $32.25 per share

- 2019-06: $38.06 per share

- 2019-07: $40.43 per share

- 2019-08: $39.10 per share

- 2019-09: $39.88 per share

- 2019-10: $50.36 per share

- 2019-11: $49.60 per share

- 2019-12: $47.70 per share

- 2020-01: $47.90 per share

- 2020-02: $46.86 per share

- 2020-03: $37.19 per share

- 2020-04: $41.12 per share

- 2020-05: $45.73 per share

- 2020-06: $49.51 per share

- 2020-07: $58.22 per share

- 2020-08: $59.35 per share

- 2020-09: $56.51 per share

- 2020-10: $49.91 per share

- 2020-11: $53.65 per share

- 2020-12: $55.55 per share

- 2021-01: $53.94 per share

- 2021-02: $61.00 per share

- 2021-03: $75.84 per share

- 2021-04: $84.04 per share

- 2021-05: $79.52 per share

- 2021-06: $74.34 per share

- 2021-07: $74.26 per share

- 2021-08: $75.08 per share

- 2021-09: $67.98 per share

- 2021-10: $81.83 per share

- 2021-11: $83.28 per share

- 2021-12: $92.01 per share

- 2022-01: $79.86 per share

- 2022-02: $85.75 per share

- 2022-03: $77.16 per share

- 2022-04: $77.37 per share

- 2022-05: $77.20 per share

- 2022-06: $68.14 per share

- 2022-07: $92.21 per share

- 2022-08: $79.39 per share

- 2022-09: $72.16 per share

- 2022-10: $71.23 per share

- 2022-11: $81.86 per share

- 2022-12: $79.25 per share

- 2023-01: $93.55 per share

- 2023-02: $85.53 per share

- 2023-03: $79.47 per share

- 2023-04: $78.52 per share

- 2023-05: $78.10 per share

- 2023-06: $97.05 per share

- 2023-07: $102.76 per share

- 2023-08: $104.35 per share

- 2023-09: $102.40 per share

- 2023-10: $95.17 per share

- 2023-11: $109.63 per share

- 2023-12: $125.55 per share

- 2024-01: $113.45 per share

- 2024-02: $114.63 per share

- 2024-03: $123.01 per share

- 2024-04: $112.70 per share

- 2024-05: $119.48 per share

- 2024-06: $112.00 per share

- 2024-07: $131.93 per share

- 2024-08: $121.67 per share

- 2024-09: $131.21 per share

- 2024-10: $122.34 per share

- 2024-11: $135.90 per share

- 2024-12: $112.65 per share

- 2025-01: $115.65 per share

- 2025-02: $107.00 per share

- 2025-03: $107.04 per share

- 2025-04: $98.85 per share

- 2025-05: $97.56 per share

- 2025-06: $99.36 per share

- 2025-07: $98.00 per share

- 2025-08: $100.97 per share

- 2025-09: $93.49 per share

- 2025-10: $92.13 per share

- 2025-11: $92.99 per share

- 2025-12: $91.05 per share

- 2026-01: $103.28 per share

- 2026-02: $102.91 per share

- 2026-03: $92.12 per share

- 2026-04: $89.49 per share

- 2026-05: $81.00 per share

- 2026-06: $90.74 per share

- 2026-07: $86.74 per share

- 2026-08: $84.52 per share

- 2026-09: $77.22 per share

- 2026-10: $77.43 per share

## Annual estimated value (USD per share)

- FY2016: low $13.14 per share, central $15.46 per share, high $17.99 per share

- FY2017: low $21.47 per share, central $26.43 per share, high $30.83 per share

- FY2018: low $27.98 per share, central $36.41 per share, high $42.58 per share

- FY2019: low $32.33 per share, central $44.79 per share, high $52.28 per share

- FY2020: low $44.67 per share, central $61.26 per share, high $70.91 per share

- FY2021: low $73.65 per share, central $104.15 per share, high $121.90 per share

- FY2022: low $109.96 per share, central $154.23 per share, high $180.01 per share

- FY2023: low $117.01 per share, central $160.02 per share, high $185.07 per share

- FY2024: low $94.77 per share, central $105.33 per share, high $119.39 per share

- FY2025: low $90.11 per share, central $100.51 per share, high $114.36 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/912767/000110465926019567/ufpi-20251227x10k.htm); period 2025-12-27, 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.