TopBuild Corp (BLD) intrinsic value & 10-year financials
TopBuild Corp (BLD) has a Graham intrinsic value of $607.18 per share. Over the last 10 fiscal years revenue grew 13.4% a year to $5.4B, with an average return on invested capital of 14.5%.
- Graham intrinsic value
- $607.18
- Revenue (FY2025)
- $5.4B
- Revenue growth (10-yr CAGR)
- 13.4%
- ROIC (10-yr avg)
- 14.5%
- Free cash flow (FY2025)
- $696.9M
BLD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.4B | $521.7M | $18.28 | $696.9M | 14.6% | 13.8% |
| FY2024 | $5.3B | $622.6M | $20.29 | $706.7M | 16.6% | 19.9% |
| FY2023 | $5.2B | $614.3M | $19.33 | $785.4M | 16.9% | 19.8% |
| FY2022 | $5.0B | $556.0M | $17.14 | $419.4M | 15.9% | 18.6% |
| FY2021 | $3.5B | $324.0M | $9.78 | $347.5M | 13.7% | 14.5% |
| FY2020 | $2.7B | $247.0M | $7.42 | $316.9M | 13.1% | 15.4% |
| FY2019 | $2.6B | $191.0M | $5.56 | $226.2M | 11.0% | 12.6% |
| FY2018 | $2.4B | $134.8M | $3.78 | $114.7M | 8.8% | 10.8% |
| FY2017 | $1.9B | $158.1M | $4.32 | $87.9M | 7.2% | 12.4% |
| FY2016 | $1.7B | $72.6M | $1.92 | $62.6M | 7.0% | 7.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TopBuild Corp is a consistent compounder, expanding top-line revenue at 13.4% annually over the past decade.
TopBuild Corp returns on capital have been average, hovering around 14.5% ROIC over the decade.
Over the decade, TopBuild Corp shows that management has aggressively returned capital to shareholders by retiring 24.6% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TopBuild Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $607.18 per share.