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WKN: A14UY4 | ISIN: US89055F1030 | Ticker-Symbol: 28T
Tradegate
05.08.25 | 16:53
342,00 Euro
+1,79 % +6,00
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TOPBUILD CORP Chart 1 Jahr
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348,00354,0018:34
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TopBuild Corp.: TopBuild Reports Second Quarter 2025 Results; Issues Guidance to Include Progressive Roofing Acquisition

Delivers second quarter sales of $1.3 billion and adjusted EBITDA margin of 20.1%

2025 outlook for $5.150 to $5.350 billion in sales and $970 to $1,070 million in adjusted EBITDA includes contribution from Progressive Roofing acquisition

DAYTONA BEACH, Fla., Aug. 05, 2025 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building material products to the construction industry in the United States and Canada, today reported results for the second quarter ended June 30, 2025.

Robert Buck, President and CEO of TopBuild, commented, "We have accomplished a great deal in 2025 to date, most recently closing the acquisition of Progressive Roofing and establishing a new platform for growth in the large and highly complementary roofing services sector. Additionally, our teams' efforts early in the year to align our cost structure with the current demand landscape and drive operational improvements are reflected in our healthy second quarter adjusted EBITDA margin of 20.1%. Second quarter sales of $1.3 billion declined 5.0%, driven by an 8.3% decrease in Installation, which was partly offset by 1.1% growth in Specialty Distribution.

Mr. Buck stated, "Our 2025 outlook assumes that the contribution from the Progressive Roofing acquisition for the rest of the year will more than offset further weakness in the residential new construction and light commercial end markets. In the near term, although weak consumer confidence and economic uncertainty are pressuring new residential housing demand, we are encouraged by the ongoing positive trends in our heavy commercial and industrial end markets and excited about our long runway of new opportunities in commercial roofing.

"We remain optimistic that the long-term fundamentals for our business are strong and confident in our ability to drive increased shareholder returns. M&A continues to be our priority for deploying capital and we are returning capital to shareholders. In the second quarter, we repurchased nearly 455,000 shares, returning $136.0 million in capital to shareholders," Mr. Buck concluded.

Financial Highlights
(comparisons are to the periods ended June 30, 2024)
Three Months Ended June 30, 2025
Reported Adjusted
($ in thousands) 2025 2024 2025 2024
Sales$1,297,403 $1,365,612 $1,297,403 $1,365,612
Gross Profit$394,043 $423,922 $392,943 $423,922
Gross Margin 30.4% 31.0% 30.3% 31.0%
SG&A$174,254 $213,530 $172,292 $185,893
SG&A as % of Sales 13.4% 15.6% 13.3% 13.6%
Operating Profit$219,789 $210,392 $220,651 $238,029
Operating Margin 16.9% 15.4% 17.0% 17.4%
Net Income$151,602 $150,723 $151,296 $170,800
Net Income per diluted share$5.32 $4.78 $5.31 $5.42
EBITDA $261,302 $277,694
EBITDA Margin 20.1% 20.3%
Six Months Ended June 30, 2025
Reported Adjusted
($ in thousands) 2025 2024 2025 2024
Sales$2,530,681 $2,644,329 $2,530,681 $2,644,329
Gross Profit$745,516 $811,072 $757,919 $811,072
Gross Margin 29.5% 30.7% 29.9% 30.7%
SG&A$348,239 $386,172 $343,122 $358,609
SG&A as % of Sales 13.8% 14.6% 13.6% 13.6%
Operating Profit$397,277 $424,900 $414,797 $452,463
Operating Margin 15.7% 16.1% 16.4% 17.1%
Net Income$274,986 $303,104 $286,442 $323,922
Net Income per diluted share$9.53 $9.56 $9.93 $10.22
EBITDA $496,060 $531,513
EBITDA Margin 19.6% 20.1%
Sales Drivers
(comparisons are to the periods ended June 30, 2024)
Three Months Ended June 30, 2025
Installation Specialty Distribution TopBuild, net of eliminations
Sales ($ in millions) $781 $599 $1,297
Sales Drivers
Volume (10.5%) (2.1%) (7.8%)
Price 0.9% 0.8% 0.9%
M&A 1.4% 2.3% 1.9%
Total Sales Change (8.3%) 1.1% (5.0%)
Six Months Ended June 30, 2025
Installation Specialty Distribution TopBuild, net of eliminations
Sales ($ in millions) $1,526 $1,159 $2,531
Sales Drivers
Volume (10.1%) (2.1%) (7.6%)
Price 1.0% 1.1% 1.1%
M&A 1.6% 2.8% 2.2%
Total Sales Change (7.5%) 1.8% (4.3%)
Segment Profitability
(comparisons are to the periods ended June 30, 2024)
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
($ in thousands)InstallationSpecialty Distribution InstallationSpecialty Distribution
Operating Profit$155,441 $87,482 $285,057 $156,541
Change (8.9%) (2.1%) (13.0%) (6.2%)
Operating Margin 19.9% 14.6% 18.7% 13.5%
Adj. Operating Profit$154,541 $87,429 $292,581 $163,393
Change (9.6%) (2.2%) (10.7%) (1.7%)
Adj. Operating Margin 19.8% 14.6% 19.2% 14.1%
Adj. EBITDA$174,062 $102,946 $331,618 $194,313
Change (8.4%) (1.8%) (9.3%) (1.3%)
Adj. EBITDA Margin 22.3% 17.2% 21.7% 16.8%

Capital Allocation

2025 Acquisitions
TopBuild continues to prioritize acquisitions for capital allocation and as of June 30, 2025, spent approximately $23 million on acquisitions. In addition, in July, the Company completed the acquisition of Progressive Roofing for $810 million, bringing the year-to-date capital deployed for acquisitions to approximately $833 million.

CompanyAnnual RevenueMonth Closed
($ in millions)
Progressive Roofing (I)1$438.0July
Seal-Rite Insulation (I) 15.2April
Total$ 453.2
I = Installation
1 Trailing 12 months ended 3/31/25

Share Repurchases
During the second quarter, TopBuild repurchased 454,802 shares totaling $136.0 million. On a year-to-date basis, the Company bought back 1,148,683 shares for $351.6 million. The remaining availability for share repurchases at the end of the second quarter totaled $836.4 million.

2025 Outlook1
TopBuild issued its full year outlook which includes the contribution of the Progressive Roofing acquisition which closed in July. The guidance does not contemplate additional transactions that it expects to complete during the year.

$ in millions
2025 OutlookLowHigh
Sales$5,150.0$5,350.0
Adjusted EBITDA$970.0$1,070.0

1 This outlook reflects management's current view of present and future market conditions and is based on assumptions such as housing starts, general and administrative expenses, and interest rates. These targets do not include any effects related to potential acquisitions or divestitures that may occur after the date of this press release. A reconciliation of non-GAAP targets to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, the costs and expenses that may be incurred in the future and therefore cannot be reasonably predicted. The effect of these excluded items may be significant. Factors that could cause actual long-term results to differ materially from TopBuild's current expectations are discussed below and detailed in the Company's most recent Annual Report on Form 10-K and subsequent SEC reports.

Conference Call

A conference call to discuss the second quarter 2025 financial results is scheduled for today, Tuesday, August 5th, at 9:00 a.m. Eastern Time. The call can be accessed by dialing (877) 407-9037. A simultaneous webcast of the call, along with management's formal remarks and a presentation, will be available on the Company's website at www.topbuild.com shortly before the call begins.

About TopBuild

TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and is also a specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation and commercial roofing installation services nationwide through our Installation segment which has over 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 150 branches across the United States and Canada. To learn more about TopBuild please visit our website at www.topbuild.com.

Use of Non-GAAP Financial Measures

Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the "adjusted" financial measures presented above, and figures presented on a "same branch basis" are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported results under GAAP. Additional information may be found in the Company's filings with the Securities and Exchange Commission which are available on TopBuild's website under "SEC Filings" at www.topbuild.com.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," "may," "project," "estimate" or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

Investor Relations and Media Contact

PI Aquino
pi.aquino@topbuild.com
386-763-8801

(tables follow)

TopBuild Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per common share amounts)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net sales$1,297,403 $1,365,612 $2,530,681 $2,644,329
Cost of sales 903,360 941,690 1,785,165 1,833,257
Gross profit 394,043 423,922 745,516 811,072
Selling, general, and administrative expense 174,254 213,530 348,239 386,172
Operating profit 219,789 210,392 397,277 424,900
Other income (expense), net:
Interest expense (20,545) (18,568) (37,147) (37,363)
Other, net 4,348 11,350 9,434 22,632
Other expense, net (16,197) (7,218) (27,713) (14,731)
Income before income taxes 203,592 203,174 369,564 410,169
Income tax expense (51,990) (52,451) (94,578) (107,065)
Net income $151,602 $150,723 $274,986 $303,104
Net income per common share:
Basic $5.34 $4.81 $9.58 $9.63
Diluted $5.32 $4.78 $9.53 $9.56
Weighted average shares outstanding:
Basic 28,371,644 31,324,833 28,698,125 31,483,144
Diluted 28,515,554 31,524,063 28,858,719 31,693,524
TopBuild Corp.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income $151,602 $150,723 $274,986 $303,104
Other comprehensive income (loss):
Foreign currency translation adjustment 9,868 (1,836) 10,096 (5,928)
Comprehensive income $161,470 $148,887 $285,082 $297,176
TopBuild Corp.
Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited)
(dollars in thousands)
As of
June 30, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $842,493 $400,318
Receivables, net of an allowance for credit losses of $24,268 at June 30, 2025, and $18,541 at December 31, 2024 752,559 751,612
Inventories 385,466 406,662
Prepaid expenses and other current assets 37,566 40,382
Total current assets 2,018,084 1,598,974
Right of use assets 180,626 189,146
Property and equipment, net 254,127 266,992
Goodwill 2,125,827 2,112,259
Other intangible assets, net 531,411 557,689
Other assets 9,743 10,366
Total assets $5,119,818 $4,735,426
LIABILITIES
Current liabilities:
Accounts payable $417,500 $456,446
Current portion of long-term debt 50,000 48,750
Accrued liabilities 178,709 191,786
Short-term operating lease liabilities 66,884 68,713
Short-term finance lease liabilities 1,192 1,487
Total current liabilities 714,285 767,182
Long-term debt 1,833,213 1,327,159
Deferred tax liabilities, net 237,503 240,343
Long-term portion of insurance reserves 58,339 57,700
Long-term operating lease liabilities 129,166 129,360
Long-term finance lease liabilities 1,948 2,618
Other liabilities 1,366 1,446
Total liabilities 2,975,820 2,525,808
EQUITY 2,143,998 2,209,618
Total liabilities and equity $5,119,818 $4,735,426
As of June 30,
2025 2024
Other Financial Data
Receivables, net plus inventories less accounts payable $720,525 $792,396
Net sales, acquisition adjusted † $5,248,415 $5,353,117
Receivables, net plus inventories less accounts payable as a percent of sales (TTM) † 13.7%14.8%
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
TopBuild Corp.
Condensed Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
Six Months Ended June 30,
2025 2024
Cash Flows Provided by (Used in) Operating Activities:
Net income $274,986 $303,104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 71,677 69,291
Share-based compensation 9,806 9,759
Loss (gain) on sale of assets 711 (131)
Amortization of debt issuance costs 1,549 1,440
Provision for bad debt expense 8,121 9,874
Provision for inventory obsolescence 4,570 4,892
Impairment losses 8,636 -
Deferred income taxes, net (2,668) (72)
Change in certain assets and liabilities, net of effects of businesses acquired:
Receivables, net (4,988) (58,411)
Inventories 20,146 (30,758)
Prepaid expenses and other current assets 2,884 (6,595)
Accounts payable (39,053) (17,480)
Accrued liabilities (7,677) (13,348)
Other, net (2,421) (2,437)
Net cash provided by operating activities 346,279 269,128
Cash Flows Provided by (Used in) Investing Activities:
Purchases of property and equipment (24,915) (35,974)
Acquisition of businesses, net of cash acquired (21,185) (88,123)
Proceeds from sale of assets 610 2,150
Net cash used in investing activities (45,490) (121,947)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from issuance of long-term debt 1,000,000 -
Repayment of long-term debt (487,500) (23,873)
Excise taxes paid on share repurchases (9,444) -
Payment of debt issuance costs (6,970) -
Taxes withheld and paid on employees' equity awards (5,374) (6,059)
Exercise of stock options - 3,224
Repurchase of shares of common stock (351,621) (505,241)
Net cash provided by (used in) financing activities 139,091 (531,949)
Impact of exchange rate changes on cash 2,295 (576)
Net increase (decrease) in cash and cash equivalents 442,175 (385,344)
Cash and cash equivalents - Beginning of period 400,318 848,565
Cash and cash equivalents - End of period $842,493 $463,221
Supplemental disclosure of noncash activities:
Leased assets obtained in exchange for new operating lease liabilities $33,978 $20,180
Accruals for property and equipment 353 277
Excise taxes capitalized to treasury stock 3,516 5,202
TopBuild Corp.
Segment Data (Unaudited)
(dollars in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 Change 2025 2024 Change
Installation
Sales $780,678 $850,983 (8.3)%$1,526,211 $1,649,726 (7.5)%
Operating profit, as reported $155,441 $170,718 $285,057 $327,475
Operating margin, as reported 19.9 % 20.1% 18.7% 19.9 %
Rationalization charges (933) - 7,348 -
Acquisition related costs 33 288 176 333
Operating profit, as adjusted $154,541 $171,006 $292,581 $327,808
Operating margin, as adjusted 19.8 % 20.1% 19.2% 19.9 %
Share-based compensation 274 318 623 648
Depreciation and amortization 19,247 18,712 38,414 36,979
EBITDA, as adjusted $174,062 $190,036 (8.4)%$331,618 $365,435 (9.3)%
EBITDA margin, as adjusted 22.3 % 22.3% 21.7% 22.2 %
Specialty Distribution
Sales $599,184 $592,826 1.1 %$1,158,987 $1,138,620 1.8 %
Operating profit, as reported $87,482 $89,373 $156,541 $166,951
Operating margin, as reported 14.6 % 15.1% 13.5% 14.7 %
Rationalization charges (67) - 6,801 (750)
Acquisition related costs 14 10 51 10
Operating profit, as adjusted $87,429 $89,383 $163,393 $166,211
Operating margin, as adjusted 14.6 % 15.1% 14.1% 14.6 %
Share-based compensation 421 380 884 813
Depreciation and amortization 15,096 15,047 30,036 29,883
EBITDA, as adjusted $102,946 $104,810 (1.8)%$194,313 $196,907 (1.3)%
EBITDA margin, as adjusted 17.2 % 17.7% 16.8% 17.3 %
TopBuild Corp.
Adjusted EBITDA (Unaudited)
(dollars in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 Change 2025 2024 Change
Total net sales
Sales before eliminations $1,379,862 $1,443,809 $2,685,198 $2,788,346
Intercompany eliminations (82,459) (78,197) (154,517) (144,017)
Net sales after eliminations $1,297,403 $1,365,612 (5.0)% $2,530,681 $2,644,329 (4.3)%
Operating profit, as reported - segments $242,923 $260,091 $441,598 $494,426
General corporate expense, net (9,502) (36,859) (18,762) (45,926)
Intercompany eliminations (13,632) (12,840) (25,559) (23,600)
Operating profit, as reported $219,789 $210,392 $397,277 $424,900
Operating margin, as reported 16.9 % 15.4 % 15.7 % 16.1 %
Rationalization charges (1,021) 258 14,337 (492)
Refinancing costs 226 - 226 -
Acquisition related costs † 1,657 4,379 2,957 5,055
Acquisition termination fee - 23,000 - 23,000
Operating profit, as adjusted $220,651 $238,029 $414,797 $452,463
Operating margin, as adjusted 17.0 % 17.4 % 16.4 % 17.1 %
Share-based compensation 4,765 4,632 9,806 9,759
Depreciation and amortization 35,886 35,033 71,457 69,291
EBITDA, as adjusted $261,302 $277,694 (5.9)% $496,060 $531,513 (6.7)%
EBITDA margin, as adjusted 20.1 % 20.3 % 19.6 % 20.1 %
Sales change period over period (68,209) (113,648)
EBITDA, as adjusted, change period over period (16,392) (35,453)
Decremental EBITDA, as adjusted, as a percentage of change in sales (24.0)% (31.2)%
† Acquisition related costs include corporate level adjustments as well as segment operating adjustments
TopBuild Corp.
Same Branch and Acquisition Metrics (Unaudited)
(dollars in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net sales
Same branch:
Installation $768,717 $850,983 $1,499,542 $1,649,726
Specialty Distribution 585,611 592,826 1,126,868 1,138,620
Eliminations (82,459) (78,197) (154,517) (144,017)
Total same branch $1,271,869 $1,365,612 $2,471,893 $2,644,329
Acquisitions (a):
Installation $11,961 $- $26,669 $-
Specialty Distribution 13,573 - 32,119 -
Total acquisitions 25,534 - 58,788 -
Total net sales $1,297,403 $1,365,612 $2,530,681 $2,644,329
EBITDA, as adjusted
Same branch $255,946 $277,694 $485,860 $531,513
Acquisitions (a) 5,356 - 10,200 -
Total $261,302 $277,694 $496,060 $531,513
EBITDA, as adjusted, as a percentage of sales
Same branch (b) 20.1 % 19.7 %
Acquisitions (c) 21.0 % 17.4 %
Total (d) 20.1 % 20.3 %19.6 % 20.1 %
As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales
Same branch (e) (23.2)% (26.5)%
Acquisitions (c) 21.0 % 17.4 %
Total (f) (24.0)% (31.2)%
(a) Represents current year impact of acquisitions in their first twelve months
(b) Same branch metric, as adjusted, as a percentage of same branch sales
(c) Acquired metric, as adjusted, as a percentage of acquired sales
(d) Total EBITDA, as adjusted, as a percentage of total sales
(e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales
(f) Change in total EBITDA, as adjusted, as a percentage of change in total sales
TopBuild Corp.
Same Branch Revenue by Line of Business (Unaudited)
(dollars in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 Change 2025 2024 Change
Residential:
Same branch (a) $801,031 $884,100 (9.4)%$1,555,856 $1,718,943 (9.5)%
Acquisitions 8,469 - 23,396 -
Total Residential sales 809,500 884,100 (8.4)% 1,579,252 1,718,943 (8.1)%
Commercial/Industrial:
Same branch (a) $470,838 $481,512 (2.2)%$916,037 $925,386 (1.0)%
Acquisitions 17,065 - 35,392 -
Total Commercial/Industrial sales 487,903 481,512 1.3 % 951,429 925,386 2.8 %
Total net sales $1,297,403 $1,365,612 (5.0)%$2,530,681 $2,644,329 (4.3)%
(a) Represents current year impact of acquisitions in their first twelve months
TopBuild Corp.
Non-GAAP Reconciliations (Unaudited)
(in thousands, except share and per common share amounts)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Gross Profit Reconciliation
Net sales $1,297,403 $1,365,612 $2,530,681 $2,644,329
Gross profit, as reported $394,043 $423,922 $745,516 $811,072
Rationalization charges (1,100) - 12,403 -
Gross profit, as adjusted $392,943 $423,922 $757,919 $811,072
Gross margin, as reported 30.4 %31.0 %29.5 %30.7 %
Gross margin, as adjusted 30.3 %31.0 %29.9 %30.7 %
Selling, General and Administrative Expense Reconciliation
Selling, general, and administrative expense, as reported $174,254 $213,530 $348,239 $386,172
Rationalization charges 79 258 1,934 (492)
Refinancing costs 226 - 226 -
Acquisition related costs 1,657 4,379 2,957 5,055
Acquisition termination fee - 23,000 - 23,000
Selling, general, and administrative expense, as adjusted $172,292 $185,893 $343,122 $358,609
Operating Profit Reconciliation
Operating profit, as reported $219,789 $210,392 $397,277 $424,900
Rationalization charges (1,021) 258 14,337 (492)
Refinancing costs 226 - 226 -
Acquisition related costs 1,657 4,379 2,957 5,055
Acquisition termination fee - 23,000 - 23,000
Operating profit, as adjusted $220,651 $238,029 $414,797 $452,463
Operating margin, as reported 16.9 %15.4 %15.7 %16.1 %
Operating margin, as adjusted 17.0 %17.4 %16.4 %17.1 %
Income Per Common Share Reconciliation
Income before income taxes, as reported $203,592 $203,174 $369,564 $410,169
Rationalization charges (1,021) 258 14,337 (492)
Refinancing costs 226 - 226 -
Acquisition related costs 1,657 4,379 2,957 5,055
Acquisition termination fee - 23,000 - 23,000
Income before income taxes, as adjusted 204,454 230,811 387,084 437,732
Tax rate at 26.0% (53,158) (60,011) (100,642) (113,810)
Income, as adjusted $151,296 $170,800 $286,442 $323,922
Income per common share, as adjusted $5.31 $5.42 $9.93 $10.22
Weighted average diluted common shares outstanding 28,515,554 31,524,063 28,858,719 31,693,524
TopBuild Corp.
Reconciliation of Adjusted EBITDA to Net Income (Unaudited)
(in thousands)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income, as reported $151,602 $150,723 $274,986 $303,104
Adjustments to arrive at EBITDA, as adjusted:
Interest expense and other, net 16,197 7,218 27,713 14,731
Income tax expense 51,990 52,451 94,578 107,065
Depreciation and amortization 35,886 35,033 71,457 69,291
Share-based compensation 4,765 4,632 9,806 9,759
Rationalization charges (1,021) 258 14,337 (492)
Refinancing costs 226 - 226 -
Acquisition related costs 1,657 4,379 2,957 5,055
Acquisition termination fee - 23,000 - 23,000
EBITDA, as adjusted $261,302 $277,694 $496,060 $531,513
TopBuild Corp.
Acquisition Adjusted Net Sales (Unaudited)
(in thousands)
2024 2025 Trailing Twelve Months Ended
Q3 Q4 Q1 Q2 June 30, 2025
Net sales$1,373,268 $1,312,206 $1,233,278 $1,297,403 $5,216,155
Acquisitions proforma adjustment † 16,695 12,058 3,297 210 32,260
Net sales, acquisition adjusted$1,389,963 $1,324,264 $1,236,575 $1,297,613 $5,248,415
† Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches
TopBuild Corp.
2025 Estimated Adjusted EBITDA Range (Unaudited)
(in millions)
Twelve Months Ending December 31, 2025
Low High
Estimated net income, as reported$499.0 $584.0
Adjustments to arrive at estimated EBITDA, as adjusted:
Interest expense and other, net 82.0 78.0
Income tax expense 175.0 205.0
Depreciation and amortization 163.0 155.0
Share-based compensation 19.0 18.0
Rationalization charges 15.0 15.0
Acquisition related costs 17.0 15.0
Estimated EBITDA, as adjusted$970.0 $1,070.0

This press release was published by a CLEAR® Verified individual.


© 2025 GlobeNewswire (Europe)
Hensoldt, Renk & Rheinmetall teuer
Rheinmetall, Renk und Hensoldt haben den Rüstungsboom der letzten Jahre dominiert, doch inzwischen sind diese Titel fundamental heillos überbewertet. KGVs jenseits der 60, KUVs über 4, und das in einem politisch fragilen Umfeld mit wackelnder Haushaltsdisziplin. Für späteinsteigende Anleger kann das teuer werden.

Doch es gibt Alternativen, die bislang unter dem Radar fliegen; solide bewertet, operativ stark und mit Nachholpotenzial.

In unserem kostenlosen Report zeigen wir dir, welche 3 Rüstungsunternehmen noch Potenzial haben und wie du von der zweiten Welle der Zeitenwende profitieren kannst, ohne sich an überhitzten Highflyer zu verbrennen.

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Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.