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Installed Building Products Inc
F:2IL

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Installed Building Products Inc
F:2IL
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Price: 174 EUR -5.95%
Market Cap: €5B

Installed Building Products Inc
Investor Relations

Installed Building Products installs insulation and other building products for new-home builders, commercial contractors, and homeowners. Its main work is putting in fiberglass, spray foam, cellulose, garage doors, shower enclosures, mirrors, and other products that are finished into a building during construction or renovation. The company is not a manufacturer in the usual sense; it is a service contractor that turns building products into completed installations. The company makes money by charging for labor, materials, and installation services on each project. A large part of its business comes from residential construction, where builders want a reliable subcontractor that can handle installation at scale and on schedule. It also serves the repair-and-remodel market, which gives it exposure to projects beyond new home construction. Its role in the industry is important because insulation and related interior products are often needed in almost every building, but they are usually bought through local installation crews rather than directly by end customers. That makes Installed Building Products a middle-of-the-chain business: it buys materials from manufacturers, installs them in buildings, and sells finished installation services to builders and property owners.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 26, 2026
AI Summary
Q4 2025

Record Profitability: IBP delivered record sales and profitability in 2025, with strong cash flow and resilient margins despite headwinds in core residential markets.

Gross Margin: Gross margin hit a record 35% in Q4, up from 33.6% last year, driven by a more favorable customer and geographic mix, as well as strong heavy commercial performance.

Commercial Strength: Heavy commercial same-branch sales grew 38% in Q4 and 10% for the year, significantly offsetting residential market weakness.

Residential Weakness: Same-branch residential sales declined 4% for the year; production builder segment remains pressured by affordability and slow starts.

Disciplined Acquisitions: IBP completed 11 acquisitions in 2025 and expects to acquire at least $100 million in annual revenue via M&A in 2026.

Shareholder Returns: The company increased its quarterly dividend by over 5%, announced a $1.80 per share variable dividend (nearly 6% higher YoY), repurchased $173 million in stock in 2025, and launched a new $500 million buyback program.

Strong Liquidity: Nearly $900 million in available liquidity after recent refinancing and credit facility expansion.

Outlook: Management remains optimistic about long-term prospects, but expects continued near-term headwinds in residential construction and some price/cost pressures, especially in entry-level markets and Q1 weather impacts.

Key Financials
Revenue
$748 million
Same-branch Sales (Installation segment)
down 2% (Q4)
Commercial Same-branch Sales
up 23% (Q4)
Residential Same-branch Sales
down 9% (Q4)
Price/Mix Change
up 1.7% (Q4)
Job Volumes
down 9.3% (Q4)
Heavy Commercial Same-branch Sales Growth
up 38% (Q4)
Gross Margin
35% (Q4)
Selling and Administrative Expense (as % of sales)
18.3% (Q4)
EBITDA
$142 million (Q4)
EBITDA Margin
19% (Q4)
Net Income
$88 million (Q4)
EPS (Diluted)
$3.24 (Q4)
Operating Cash Flow
$371 million (2025)
Net Debt to EBITDA Ratio
1.1x (Dec 31, 2025)
Working Capital (excluding cash)
$377 million (Dec 31, 2025)
Capital Expenditures and Finance Leases
$17 million (Q4)
Share Repurchases
150,000 shares for $38 million (Q4); 850,000 shares for $173 million (2025)
Dividend per Share (Quarterly)
$0.39
Dividend per Share (Variable, Annual)
$1.80
Acquisitions (Annual Revenue Acquired)
Over $64 million (2025); $23 million (Q4); $100 million+ expected in 2026
Return on Invested Capital (Adjusted)
24% (2025)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Jeffrey W. Edwards
Chairman, CEO & President
No Bio Available
Mr. Michael Thomas Miller
CFO, Executive VP of Finance & Director
No Bio Available
Mr. Jason R. Niswonger
Chief Administrative & Sustainability Officer
No Bio Available
Mr. Jay P. Elliott
Executive Vice President of Business Strategy and Development
No Bio Available
Mr. William Jeffrey Hire
President of External Affairs
No Bio Available
Mr. Vikas Verma
President of Commercial Development
No Bio Available
Mr. Brad A. Wheeler
Regional President & COO
No Bio Available
Mr. Todd R. Fry CPA
Chief Accounting Officer & Treasurer
No Bio Available
Mr. Martin J. Luffy
Chief Information Officer
No Bio Available
Ms. Shelley A. McBride Esq.
General Counsel & Secretary
No Bio Available

Contacts

Address
OHIO
Columbus
495 S High St Ste 50
Contacts
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