Watch on earnings:Same-branch sales growth: Organic volume growth excluding acquisitions, indicating market share gains and pricing powerInstallation segment operating margin: Key profitability indicator, typically 14-16% range, sensitive to labor productivity and material cost recoveryAcquisition pipeline and integration progress: Number and size of deals closed, synergy realization timelinesBacklog and job starts: Forward indicator of revenue visibility, typically 30-60 days of installation workFree cash flow conversion: Target 100%+ of net income, driven by working capital efficiency and low capex intensity (~2% of sales)
Key metrics:Monthly housing starts (HOUST) and building permits (PERMIT): Leading indicators with 60-90 day lead time to revenue impact · 30-year fixed mortgage rates (MORTGAGE30US): Primary driver of housing affordability and buyer demand · Homebuilder stock performance (XHB ETF): Real-time indicator of investor sentiment on housing cycle and builder order trends · Lumber futures (LBUSD): Proxy for overall building material cost inflation and construction activity levels
⚠ Acquisition integration execution: Company has completed 50+ acquisitions since 2015, creating integration risk if cultural fit fails or key employees depart. Estimated 20-30% of EBITDA from businesses acquired in past 3 years.
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
140
240↑71.7%
849↑253.5%
400↓52.8%
185↓53.9%
Total Current Assets
1,188
1,549↑30.4%
2,049↑32.3%
1,599↓22.0%
1,635↑2.2%
Total Assets
4,259
4,607↑8.2%
5,163↑12.1%
4,735↓8.3%
6,734↑42.2%
Total Current Liabilities
733
790↑7.7%
772↓2.3%
767↓0.6%
845↑10.1%
Total Liabilities
2,622
2,677↑2.1%
2,599↓2.9%
2,526↓2.8%
4,418↑74.9%
Total Equity
1,636
1,930↑17.9%
2,564↑32.9%
2,210↓13.8%
2,316↑4.8%
Total Debt
1,683
1,677↓0.4%
1,638↓2.3%
1,578↓3.7%
3,151↑99.7%
Net Debt
1,543
1,437↓6.9%
790↓45.1%
1,178↑49.2%
2,966↑151.9%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
403
496↑23.0%
849↑71.3%
776↓8.6%
756↓2.5%
Capital Expenditure
-56
-76↓37.5%
-64↑16.2%
-69↓8.4%
-59↑14.3%
Free Cash Flow
347
419↑20.7%
785↑87.3%
707↓10.0%
697↓1.4%
Stock-Based Comp
11
12↑8.8%
16↑28.7%
17↑4.7%
0
Net Change in Cash
-190
100↑152.7%
608↑506.7%
-448↓173.7%
-216↑51.9%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down