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Residential construction · Consumer Cyclical · Fiscal year ends Dec 31
Installed Building Products reported revenue of $3B in the fiscal year ended Dec 2025, up 1.0% from the year before. Operating income was $386M, an operating margin of 13.0%, and net income was $265M. Operating cash flow of $371M less capital expenditure of $71M left free cash flow of $301M. Net debt was $565M.
Ranks among the 13 residential construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,969 | 2,670 | 2,779 | 2,941 | 2,971 |
| Cost of revenue | 1,379 | 1,842 | 1,848 | 1,947 | 1,962 |
| Gross profit | 590 | 828 | 931 | 995 | 1,009 |
| Selling, general & admin | 366 | 455 | 517 | 565 | 582 |
| Operating income | 188 | 345 | 369 | 383 | 386 |
| Interest expense | 32.8 | 41.6 | 37.0 | 36.9 | 31.7 |
| Pre-tax income | 156 | 303 | 333 | 346 | 357 |
| Income tax | 36.7 | 79.9 | 89.4 | 89.8 | 91.6 |
| Net income | 119 | 223 | 244 | 257 | 265 |
| Diluted EPS | 4.01 | 7.74 | 8.61 | 9.10 | 9.71 |
| Diluted shares | 29.6 | 28.9 | 28.3 | 28.2 | 27.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 333 | 230 | 387 | 328 | 322 |
| Receivables | 313 | 397 | 423 | 434 | 444 |
| Inventory | 143 | 177 | 163 | 195 | 203 |
| Current assets | 859 | 884 | 1,070 | 1,055 | 1,043 |
| Net PP&E | 106 | 119 | 137 | 175 | 183 |
| Goodwill | 323 | 374 | 399 | 433 | 450 |
| Total assets | 1,653 | 1,779 | 1,981 | 2,060 | 2,068 |
| Payables | 133 | 149 | 159 | 147 | 119 |
| Deferred revenue | 14.2 | 18.9 | 19.0 | 19.7 | 20.5 |
| Current liabilities | 308 | 328 | 346 | 359 | 344 |
| Short-term debt | 30.8 | 31.0 | 32.2 | 32.4 | 36.6 |
| Long-term debt | 832 | 830 | 835 | 842 | 850 |
| Total liabilities | 1,236 | 1,285 | 1,311 | 1,355 | 1,358 |
| Shareholders' equity | 417 | 494 | 670 | 705 | 710 |
| Backlog (remaining obligations) | 143 | 162 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 138 | 278 | 340 | 340 | 371 |
| Capital expenditure | 37.0 | 45.6 | 61.6 | 88.6 | 70.6 |
| Free cash flow | 101 | 232 | 279 | 251 | 301 |
| Depreciation & amortisation | 41.0 | 44.4 | 49.2 | 55.4 | 61.4 |
| Stock-based compensation | 13.8 | 13.8 | 15.9 | 19.4 | 21.5 |
| Acquisitions | 241 | 114 | 59.6 | 88.6 | 51.5 |
| Share buybacks | 0.0 | 138 | 6.3 | 145 | 173 |
| Dividends paid | 35.3 | 62.7 | 63.1 | 84.7 | 87.6 |
| Dividend per share | 1.20 | 2.16 | 2.22 | 3.00 | 3.18 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.6% | 4.1% | 5.9% | 1.0% |
| Operating income growth (YoY) | – | 83.8% | 6.9% | 3.6% | 1.0% |
| EPS growth (YoY) | – | 93.0% | 11.2% | 5.7% | 6.7% |
| Gross margin | 29.9% | 31.0% | 33.5% | 33.8% | 34.0% |
| Operating margin | 9.5% | 12.9% | 13.3% | 13.0% | 13.0% |
| Net margin | 6.0% | 8.4% | 8.8% | 8.7% | 8.9% |
| Return on equityBlank when equity is negative | 28.5% | 45.3% | 36.4% | 36.4% | 37.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.0% | 23.8% | 22.6% | 22.5% | 22.4% |
| Free cash flow margin | 5.1% | 8.7% | 10.0% | 8.5% | 10.1% |
| Cash conversion (CFO ÷ net income) | 1.16x | 1.24x | 1.40x | 1.33x | 1.40x |
| Receivable days | 58 | 54 | 56 | 54 | 55 |
| Inventory days | 38 | 35 | 32 | 36 | 38 |
| Payable days | 35 | 30 | 31 | 27 | 22 |
| Interest cover | 5.73x | 8.30x | 9.98x | 10.4x | 12.2x |
| Debt ÷ equity | 2.07x | 1.75x | 1.29x | 1.24x | 1.25x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 530 | 632 | 481 | 547 | 565 |
| Current ratio | 2.79x | 2.70x | 3.09x | 2.94x | 3.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.