BLDHIGH SIGNALFINANCIAL10-K

BLD executed a major acquisition that dramatically increased scale while significantly reducing profitability and financial flexibility.

The company appears to have completed a transformative acquisition that more than tripled revenue to $2.4B, but at the cost of net income declining 16% and debt doubling to $2.8B. The shift from 62%/38% Installation/Distribution mix to 59%/41% suggests the acquisition was distribution-heavy, and the company burned through over half its cash while dramatically reducing share buybacks.

Comparing 2026-02-26 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

BLD's financial profile was fundamentally transformed through what appears to be a major acquisition, with revenue surging 268% to $2.4B while debt doubled to $2.8B and cash fell 54% to $185M. Despite the massive revenue growth, net income actually declined 16% to $522M, indicating the acquired business operates at lower margins than BLD's historical operations. The company's financial flexibility was significantly reduced as evidenced by share buybacks falling 55% to $434M and the dramatic increase in leverage, though working capital growth (inventory up 24%, receivables up 19%) appears reasonable relative to the revenue expansion.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+268.3%
$647.3M→$2.4B

Strong top-line growth of 268.3% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
+106.9%
$1.4B→$2.8B

Debt increased 106.9% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+69.8%
$2.5B→$4.3B

Liabilities grew 69.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Share Buybacks
Cash Flow
-55.1%
$966.4M→$434.2M

Buyback activity reduced 55.1% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
-53.9%
$400.3M→$184.7M

Cash declined 53.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Assets
Balance Sheet
+39.5%
$4.7B→$6.6B

Asset base grew 39.5% — expansion through organic growth, acquisitions, or capital deployment.

Interest Expense
P&L
+31.6%
$56.7M→$74.6M

Interest expense surged 31.6% — significant debt increase or rising rates materially impacting earnings.

Inventory
Balance Sheet
+24.2%
$406.7M→$505.2M

Inventory built 24.2% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+19%
$751.6M→$894.4M

Receivables grew 19% — monitor days sales outstanding for collection efficiency.

Net Income
P&L
-16.2%
$622.6M→$521.7M

Net income declined 16.2% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-25
ADDED
The registrant had outstanding 28,139,530 shares of Common Stock, par value $0.01 per share as of February 19, 2026.
Amended and Restated 2015 Long Term Stock Incentive Plan, as amended April 28, 2025 2025 Repurchase Program $1 billion share repurchase program authorized by the Board on February 17, 2025, and effective following shareholder approval on April 28, 2025.
L L Insulation L L Insulation, LLC Lenders Bank of America, N.A., together with the other lenders party to "Credit Agreement" Metro Metro Supply Co., LLC Net Leverage Ratio As defined in the Credit Agreement, the ratio of outstanding indebtedness, less up to $350 million of unrestricted cash, to EBITDA NYSE New York Stock Exchange Performance Insulation Fabricators Performance Insulation Fabricators Company, Inc.
Segment Overview We operate in two segments: our Installation Services segment, which accounts for approximately 59% of our sales, and our Specialty Distribution segment, which accounts for approximately 41% of our sales.
First, the combined buying power of our two business segments, along with our scale, strengthens our ties to the major manufacturers of insulation, commercial roofing and other building products.
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REMOVED
Lenders Bank of America, N.A., together with the other lenders party to "Credit Agreement" Metro Metro Supply Co., LLC Morris Black Morris Black Sons, Inc.
SOFR Secured overnight financing rate SPI SPI LLC d/b/a Specialty Products Insulation SRI SRI Holdings, LLC Term Loan TopBuild's secured borrowings under the "Credit Agreement" due October 7, 2026 Term Facility Two $550 million delayed draw term loan to be used to fund the future acquisition of SPI Texas Insulation EOAKIS, LLC, d/b/a Texas Insulation TopBuild TopBuild Corp.
Segment Overview We operate in two segments: our Installation segment, which accounts for approximately 62% of our sales, and our Specialty Distribution segment, which accounts for approximately 38% of our sales.
First, the combined buying power of our two business segments, along with our scale, strengthens our ties to the major manufacturers of insulation and other building material products.
and Canada, and leverage housing and commercial/industrial construction growth regardless of location.
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