Builders Firstsource BLDR

NYSE · Retail-Lumber & Other Building Materials Dealers · $7.5B

$65.50−5.76%Nov 5 close · Databento

Every report since 2023 →

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BLDR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $65.501D −5.76%3M −9.00%SMA20 $57.68SMA50 $59.03RSI(14) 59.5

65.50

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 59.5

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$7.5B

EV / True FCF9.7x

Revenue$15.2B −7.4%

True FCF (ex-SBC)$799.8M −42.8%

Rule of 40-1.8%

ROIC14.4%

True FCF Yield10.7%

EPS, diluted$3.89 −57.1%

Modern Valuation (EOD)

Market Cap$7.5B

Enterprise Value$7.8B

EV / True FCF9.70

EV / FCF9.09

EV / Gross Profit1.68

EV / EBIT9.87

EV / Sales0.51

P / E (GAAP)17.18

P / FCF8.76

P / Oper. CF6.15

P / Book1.72

Owner & Cash Yields

True FCF Yield10.7%

FCF Yield11.4%

Owner Earn. Yield8.2%

Earnings Yield5.8%

Shareholder Yield+4.8%

Buyback Yield5.5%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$7.93

EPS (diluted)$3.89

Compounder & Returns

Rule of 40-1.8%

ROIC14.4%

Cash ROIC (CROIC)18.4%

GP / Assets41.1%

ROE10.0%

ROA3.9%

Gross Margin30.4%

Oper. Margin5.2%

Net Margin2.9%

FCF Margin5.6%

True FCF Margin5.3%

Quality & Dilution

Cash Conversion196%

Accrual Ratio−6.9%

SBC % of FCF6.3%

SBC % of Rev0.4%

Reinvest. Rate30%

Sales Growth Y/Y−7.4%

Sales 3Y CAGR−12.6%

EPS Growth Y/Y−57.1%

FCF Growth Y/Y−42.8%

FCF 3Y CAGR−36.0%

Share Change Y/Y−6.0%

Balance Sheet & Scale

Revenue (FY)$15.2B

Gross Profit (FY)$4.6B

Oper. Income (FY)$786.3M

GAAP Net Income$435.2M

True FCF (ex-SBC)$799.8M

Cash & Equiv$181.8M

Total Debt$463.9M

Net Cash (Debt)$-282.2M

Net Cash % MCap−3.8%

Debt / FCF (yrs)0.5y

Current Ratio1.86107.61M sh

Price & Technicals (EOD)

Perf Week+3.87%

Perf Month+22.32%

Perf Quarter−12.30%

Perf Half Y−17.52%

Perf YTD−28.27%

SMA 20 Dist+13.57%$57.68

SMA 50 Dist+10.97%$59.03

SMA 100 Dist−2.46%$67.15

Window High−28.27%$91.32

Window Low+29.65%$50.52

RSI (14) · Vol59.576%v

Income Distribution & Cash Flow ConversionHow every dollar of BLDR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$10.6B ($69.6 / $100)

SG&A & Other OpEx$3.8B ($25.2 / $100)

Tax & Non-Operating$351.1M ($2.3 / $100)

Net Profit Kept$435.2M ($2.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$435.2M (2.9% margin)

Operating Cash Flow (OCF)$1.2B(8.0% of rev)

Less: Capital Expenditures−$362.6M(2.4% of rev)

Standard Free Cash Flow (FCF)$853.3M(5.6% margin)

Less: Stock-Based Comp (SBC)−$53.5M(6.3% of FCF)

True FCF (Owner Cash ex-SBC)$799.8M(5.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$19.9B	$22.7B	$17.1B	$16.4B	$15.2B	−7.4%	−6.5%
Cost of Revenue (COGS)	$14.0B	$15.0B	$11.1B	$11.0B	$10.6B	−4.0%	−6.8%
Gross Profit	$5.9B	$7.7B	$6.0B	$5.4B	$4.6B	−14.3%	−5.8%
Selling, General & Admin (SG&A)	$3.5B	$4.0B	$3.8B	$3.8B	$3.8B	+1.1%	+2.5%
Total Operating Expenses	$3.5B	$4.0B	$3.8B	$3.8B	$3.8B	+1.1%	+2.5%
Operating Income (EBIT)	$2.4B	$3.8B	$2.2B	$1.6B	$786.3M	−50.7%	−24.2%
Interest Expense	—	—	—	—	$193.2M	—	—
Income Tax Expense	$526.1M	$822.5M	$443.6M	$309.6M	$77.2M	−75.1%	−38.1%
GAAP Net Income	$1.7B	$2.7B	$1.5B	$1.1B	$435.2M	−59.6%	−29.1%
Diluted EPS	$8.48	$16.82	$11.94	$9.06	$3.89	−57.1%	−17.7%
Diluted Shares	203.5M	163.5M	129.0M	119.0M	111.8M	−6.0%	−13.9%
Balance Sheet
Cash & Equivalents	$42.6M	$80.4M	$66.2M	$153.6M	$181.8M	+18.3%	+43.7%
Inventory	$1.6B	$1.4B	$1.2B	$1.2B	$1.1B	−9.7%	−9.4%
Total Current Assets	$4.0B	$3.5B	$3.3B	$3.1B	$2.9B	−6.8%	−7.3%
Total Assets	$10.7B	$10.6B	$10.5B	$10.6B	$11.2B	+6.2%	+1.2%
Total Current Liabilities	$2.1B	$1.8B	$1.9B	$1.8B	$1.6B	−11.4%	−7.3%
Total Debt (Short + Long Term)	$463.9M	$463.9M	$463.9M	$463.9M	$463.9M	+0.0%	+0.0%
Total Liabilities	$5.9B	$5.6B	$5.8B	$6.3B	$6.9B	+9.5%	+3.9%
Stockholders' Equity	$4.8B	$5.0B	$4.7B	$4.3B	$4.4B	+1.3%	−2.4%
Net Cash / (Net Debt)	$-421.3M	$-383.5M	$-397.8M	$-310.3M	$-282.2M	+9.1%	—
Invested Capital	$5.2B	$5.3B	$5.1B	$4.6B	$4.6B	+0.6%	−2.9%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.7B	$3.6B	$2.3B	$1.9B	$1.2B	−35.1%	−8.6%
Depreciation & Amortization (D&A)	$547.4M	$497.1M	$558.3M	$561.9M	$591.4M	+5.3%	+2.0%
Stock-Based Compensation (SBC)	$31.5M	$31.3M	$48.5M	$63.1M	$53.5M	−15.2%	+14.2%
Capital Expenditures (CapEx)	$227.9M	$340.2M	$476.3M	$380.6M	$362.6M	−4.7%	+12.3%
Free Cash Flow (FCF)	$1.5B	$3.3B	$1.8B	$1.5B	$853.3M	−42.8%	−13.4%
True FCF (ex-SBC Owner Cash)	$1.5B	$3.2B	$1.8B	$1.4B	$799.8M	−44.0%	−14.3%
Share Repurchases (Buybacks)	$1.7B	$2.6B	$1.8B	$1.5B	$414.0M	−72.7%	−29.9%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what BLDR did at the next close after each story

Sep 4

Bloom Energy added to S&P 500; Molson Coors, Builders FirstSource, Trade Desk removed

MarketWatch · 5:46 PM ET

—

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 5.88% from the one before, three times BLDR’s median day (1.96%). On 5 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.88%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayBLDRWhat we hold that dayGroup (median of 4) · each

1 Nov 21, 2025+7.14%
Before our storiesgroup +2.9%, did not move with it
1Nov 21, 2025+7.14%
Before our stories
+2.9% did not move with itFND +5.3 · HD +3.3 · LOW +2.6 · JCTC +1.2
2 Nov 25, 2025+8.40%
Before our storiesgroup +4.2%, did not move with it
2Nov 25, 2025+8.40%
Before our stories
+4.2% did not move with itFND +5.7 · HD +4.3 · LOW +4.1 · JCTC +1.2
3 Jan 8, 2026+5.94%
Before our storiesgroup +3.3%, moved with BLDR
3Jan 8, 2026+5.94%
Before our stories
+3.3% moved with BLDRFND +4.1 · LOW +3.7 · HD +3.0 · JCTC +1.2
4 Jan 9, 2026+12.01%
Before our storiesgroup +4.2%, did not move with it
4Jan 9, 2026+12.01%
Before our stories
+4.2% did not move with itFND +8.0 · LOW +4.3 · HD +4.2 · JCTC −2.0
5 Feb 25, 2026−6.43%
Before our storiesgroup −1.9%, did not move with it
5Feb 25, 2026−6.43%
Before our stories
−1.9% did not move with itLOW −5.6 · HD −2.3 · FND −1.6 · JCTC +1.1
6 May 6, 2026+7.34%
Before our storiesgroup +3.0%, did not move with it
6May 6, 2026+7.34%
Before our stories
+3.0% did not move with itFND +5.6 · LOW +3.6 · HD +2.4 · JCTC +1.5
7 May 20, 2026+7.29%
Before our storiesgroup +2.0%, did not move with it
7May 20, 2026+7.29%
Before our stories
+2.0% did not move with itFND +6.4 · HD +2.7 · LOW +1.2 · JCTC 0.0
8 Jun 9, 2026+6.04%
Before our storiesgroup +4.1%, moved with BLDR
8Jun 9, 2026+6.04%
Before our stories
+4.1% moved with BLDRFND +8.3 · LOW +4.5 · HD +3.8 · JCTC −1.5
9 Jun 24, 2026+11.31%
Nothing on BLDRgroup +4.7%, did not move with it
9Jun 24, 2026+11.31%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+4.7% did not move with itFND +10.7 · HD +5.7 · LOW +3.7 · JCTC −8.0
10 Jul 29, 2026−8.03%
Nothing on BLDRgroup −1.5%, did not move with it
10Jul 29, 2026−8.03%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
−1.5% did not move with itFND −1.9 · HD −1.8 · LOW −1.2 · JCTC +1.6
11 Aug 3, 2026+9.09%
Nothing on BLDRgroup +2.1%, did not move with it
11Aug 3, 2026+9.09%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+2.1% did not move with itHD +2.4 · JCTC +2.3 · LOW +2.0 · FND −0.8
12 Aug 19, 2026+7.29%
Nothing on BLDRgroup +2.0%, did not move with it
12Aug 19, 2026+7.29%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+2.0% did not move with itFND +2.4 · HD +2.0 · LOW +2.0 · JCTC −2.0
13 Oct 15, 2026+6.25%
Nothing on BLDRgroup +3.7%, moved with BLDR
13Oct 15, 2026+6.25%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+3.7% moved with BLDRHD +4.3 · LOW +3.9 · FND +3.5 · JCTC 0.0
14 Oct 22, 2026+7.53%
Nothing on BLDRgroup +4.2%, moved with BLDR
14Oct 22, 2026+7.53%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+4.2% moved with BLDRFND +6.8 · HD +4.3 · LOW +4.0 · JCTC −4.9
15 Oct 29, 2026+12.85%
Resultsgroup +4.0%, did not move with it
15Oct 29, 2026+12.85%
ResultsFirst close after the Oct 29 results filing
+4.0% did not move with itFND +5.9 · LOW +4.5 · HD +3.6 · JCTC +2.2
16 Nov 3, 2026−6.21%
Nothing on BLDRgroup −2.1%, did not move with it
16Nov 3, 2026−6.21%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
−2.1% did not move with itHD −2.2 · LOW −2.2 · FND −2.0 · JCTC +1.8
17 Nov 4, 2026+9.26%
Nothing on BLDRgroup +7.0%, moved with BLDR
17Nov 4, 2026+9.26%
Nothing on BLDRNo BLDR story, brief or results filing in our record that day
+7.0% moved with BLDRFND +10.9 · LOW +7.5 · HD +6.5 · JCTC +0.7

A story on the same day is not a cause, and a group move is not proof either. Group: the median of HD, LOW, FND and JCTC that day, the largest companies in BLDR’s SEC industry; “moved with BLDR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). BLDR reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 17, 2026

day 1−0.09%day 6−4.40%

Reported Apr 30, 2026

day 1−5.15%day 6−4.76%

Reported Jul 30, 2026

day 1−2.58%day 6+7.01%

Reported Oct 29, 2026

day 1+12.85%day 6+17.22%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +17.22%. Four reports is a small sample.

Every report since 2023 →

Each line is BLDR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

BLDR against four same-industry peers, a year at 100

BLDR is down 40.1% in a year. Jewett Cameron Trading is up 6.7%, Lowes Companies is down 1.6%, Home Depot 4.2% and Floor & Decor 13.2%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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BLDR −40.1%. Jewett Cameron Trading +6.7%, Lowes Companies −1.6%, Home Depot −4.2%, Floor & Decor −13.2%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in BLDR’s SEC industry (Retail-Lumber & Other Building Materials Dealers) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

HD	Home Depot	$354.4B	—
LOW	Lowes Companies	$128.6B	—
FND	Floor & Decor	$5.7B	—
JCTC	Jewett Cameron Trading	$10M	—