Builders FirstSource, Inc. (BLDR) intrinsic value & 10-year financials
Builders FirstSource, Inc. (BLDR) has a Graham intrinsic value of $117.40 per share. At $54.65 on Oct 17, 2026, the stock trades 53% below that value. Over the last 10 fiscal years revenue grew 10.1% a year to $15.2B, with an average return on invested capital of 24.9%.
- Graham intrinsic value
- $117.40
- Share price (Oct 17, 2026)
- $54.65
- Price vs Graham value
- 53% below
- Market cap
- $6.1B
- Revenue (FY2025)
- $15.2B
- Revenue growth (10-yr CAGR)
- 10.1%
- ROIC (10-yr avg)
- 24.9%
- Free cash flow (FY2025)
- $853.3M
BLDR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.2B | $435.2M | $3.89 | $853.3M | 5.2% | 8.1% |
| FY2024 | $16.4B | $1.1B | $9.06 | $1.5B | 9.7% | 15.8% |
| FY2023 | $17.1B | $1.5B | $11.94 | $1.8B | 12.7% | 21.5% |
| FY2022 | $22.7B | $2.7B | $16.82 | $3.3B | 16.6% | 37.2% |
| FY2021 | $19.9B | $1.7B | $8.48 | $1.5B | 12.0% | 36.3% |
| FY2020 | $8.6B | $313.5M | $2.66 | $148.0M | 6.4% | 18.8% |
| FY2019 | $7.3B | $221.8M | $1.90 | $391.2M | 5.4% | 14.5% |
| FY2018 | $7.7B | $205.2M | $1.76 | $181.4M | 4.8% | 13.7% |
| FY2017 | $7.0B | $38.8M | $0.34 | $116.1M | 4.1% | 6.8% |
| FY2016 | $6.4B | $144.3M | $1.27 | $115.6M | 3.7% | 76.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Builders FirstSource is a consistent compounder, expanding top-line revenue at 10.1% annually over the past decade.
Builders FirstSource has earned high returns on invested capital, averaging 19.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Builders FirstSource has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Builders FirstSource is modeled at 13.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $117.40 per share.