Topbuild Corp Financials
Topbuild Corp (BLD) reported $5.4B in revenue for fiscal year 2025, up 1.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
TopBuild's cash-generative, low-capex model still works, but acquisition-heavy expansion left FY2025 less asset-efficient and more leveraged.
Across the last two years, revenue rose only4.1% while debt-to-equity more than doubled to 1.2x. Meanwhile return on assets fell from11.9% to7.9% , which means the larger asset base and heavier financing load did not produce proportionate profit; cash stayed solid, but each dollar invested in the business worked less hard.
Cash conversion stayed better than reported earnings: FY2025 operating cash flow was
Margin pressure in FY2025 came from multiple layers, not just product cost: revenue grew only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Topbuild Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Topbuild Corp has an operating margin of 14.6%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is down from 16.6% the prior year.
Topbuild Corp's revenue grew a modest 1.5% year-over-year to $5.4B. This slow but positive growth earns a score of 39/100.
Topbuild Corp has elevated debt relative to equity (D/E of 1.20), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 23/100, reflecting increased financial risk.
Topbuild Corp's current ratio of 1.94 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.
Topbuild Corp converts 12.9% of revenue into free cash flow ($696.9M). This strong cash generation earns a score of 76/100.
Topbuild Corp earns a strong 22.5% return on equity (ROE), meaning it generates $23 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 84/100. This is down from 28.2% the prior year.
Topbuild Corp scores 3.48, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Topbuild Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Topbuild Corp generates $1.45 in operating cash flow ($756.3M OCF vs $521.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Topbuild Corp earns $7.63 in operating income for every $1 of interest expense ($791.9M vs $103.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Topbuild Corp generated $5.4B in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Topbuild Corp's EBITDA was $961.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.4% from the prior year.
Topbuild Corp reported $521.7M in net income in fiscal year 2025. This represents a decrease of 16.2% from the prior year.
Topbuild Corp earned $18.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.9% from the prior year.
Cash & Balance Sheet
Topbuild Corp generated $696.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1.4% from the prior year.
Topbuild Corp held $184.7M in cash against $2.8B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Topbuild Corp's gross margin was 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
Topbuild Corp's operating margin was 14.6% in fiscal year 2025, reflecting core business profitability. This is down 2.0 percentage points from the prior year.
Topbuild Corp's net profit margin was 9.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.
Topbuild Corp's ROE was 22.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.6 percentage points from the prior year.
Capital Allocation
Topbuild Corp spent $434.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 55.1% from the prior year.
Topbuild Corp invested $59.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 14.3% from the prior year.
Not reported for fiscal year 2025.
BLD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6B | $5.4B+1.5% | $5.3B+2.6% | $5.2B+3.7% | $5.0B+43.7% | $3.5B+28.3% | $2.7B+3.6% | $2.6B+10.1% | $2.4B+25.1% | $1.9B+9.4% | $1.7B+7.8% | $1.6B+6.9% | $1.5B+7.1% | $1.4B |
| Cost of Revenue | $4.0B | $3.8B+3.6% | $3.7B+3.2% | $3.6B+2.0% | $3.5B+40.2% | $2.5B+27.4% | $2.0B+1.5% | $1.9B+7.5% | $1.8B+25.1% | $1.4B+7.6% | $1.3B+6.7% | $1.3B+6.6% | $1.2B+6.5% | $1.1B |
| Gross Profit | $1.6B | $1.6B-3.4% | $1.6B+1.3% | $1.6B+7.9% | $1.5B+52.6% | $974.4M+30.6% | $746.4M+9.6% | $681.3M+18.2% | $576.2M+24.9% | $461.1M+15.2% | $400.3M+11.8% | $358.0M+7.9% | $331.7M+9.6% | $302.7M |
| SG&A Expenses | $828.3M | $777.1M+5.2% | $738.6M+1.9% | $725.0M+5.1% | $689.6M+38.5% | $498.0M+27.3% | $391.3M-0.1% | $391.7M+6.7% | $367.2M+24.8% | $294.2M+5.6% | $278.7M+1.5% | $274.5M-5.7% | $291.0M+4.4% | $278.6M |
| Operating Income | $789.5M | $791.9M-10.7% | $886.3M+0.9% | $878.8M+10.2% | $797.2M+67.3% | $476.4M+34.2% | $355.0M+22.6% | $289.5M+38.6% | $209.0M+52.7% | $136.9M+12.5% | $121.6M+45.6% | $83.5M+105.2% | $40.7M+68.9% | $24.1M |
| Interest Expense | $123.8M | $103.8M+42.0% | $73.1M-2.0% | $74.6M+31.6% | $56.7M+94.6% | $29.1M-10.2% | $32.5M-14.2% | $37.8M+31.8% | $28.7M+257.7% | $8.0M+43.0% | $5.6M-40.8% | $9.5M-23.7% | $12.4M-7.2% | $13.4M |
| Income Tax | $174.2M | $181.9M-16.7% | $218.2M+3.3% | $211.2M+13.5% | $186.1M+70.1% | $109.4M+43.9% | $76.1M+21.2% | $62.8M+36.3% | $46.1M+253.1% | -$30.1M-168.9% | $43.7M+971.9% | -$5.0M-128.1% | $17.8M-20.1% | $22.3M |
| Net Income | $503.2M | $521.7M-16.2% | $622.6M+1.4% | $614.3M+10.5% | $556.0M+71.6% | $324.0M+31.2% | $247.0M+29.3% | $191.0M+41.7% | $134.8M-14.8% | $158.1M+117.8% | $72.6M-8.1% | $79.0M+739.8% | $9.4M+173.8% | -$12.7M |
| EPS (Diluted) | — | $18.28-9.9% | $20.29+5.0% | $19.33+12.8% | $17.14+75.3% | $9.78+31.8% | $7.42+33.5% | $5.56+47.1% | $3.78-12.5% | $4.32+125.0% | $1.92-8.1% | $2.09+736.0% | $0.25+173.5% | -$0.34 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BLD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.6B+39.5% | $4.7B-8.3% | $5.2B+12.1% | $4.6B+8.2% | $4.3B+51.3% | $2.8B+8.1% | $2.6B+6.1% | $2.5B+40.3% | $1.7B+3.5% | $1.7B+2.9% | $1.6B+11.2% | $1.5B | N/A |
| Current Assets | $1.6B+2.2% | $1.6B-22.0% | $2.0B+32.3% | $1.5B+30.4% | $1.2B+26.8% | $936.4M+20.1% | $779.8M+10.7% | $704.7M+37.7% | $511.6M-2.8% | $526.6M+9.6% | $480.4M+43.3% | $335.2M | N/A |
| Cash & Equivalents | $184.7M-53.9% | $400.3M-52.8% | $848.6M+253.5% | $240.1M+71.7% | $139.8M-57.6% | $330.0M+78.6% | $184.8M+83.1% | $100.9M+78.6% | $56.5M-57.9% | $134.4M+19.1% | $112.8M+3706.0% | $3.0M-1.9% | $3.0M |
| Inventory | $505.2M+24.2% | $406.7M+11.5% | $364.7M-16.9% | $438.6M+24.3% | $352.8M+118.6% | $161.4M+8.2% | $149.1M-11.8% | $169.0M+28.7% | $131.3M+13.0% | $116.2M-2.1% | $118.7M+11.0% | $107.0M | N/A |
| Accounts Receivable | $894.4M+19.0% | $751.6M-5.9% | $799.0M-4.4% | $836.1M+25.1% | $668.4M+56.4% | $427.3M-0.4% | $428.8M+5.3% | $407.1M+32.0% | $308.5M+22.1% | $252.6M+7.2% | $235.5M+7.0% | $220.2M | N/A |
| Goodwill | $3.0B+44.2% | $2.1B+3.4% | $2.0B+3.8% | $2.0B+0.9% | $1.9B+38.2% | $1.4B+3.1% | $1.4B+0.3% | $1.4B+26.6% | $1.1B+3.1% | $1.0B+0.1% | $1.0B0.0% | $1.0B | N/A |
| Total Liabilities | $4.3B+69.8% | $2.5B-2.8% | $2.6B-2.9% | $2.7B+2.1% | $2.6B+78.8% | $1.5B+1.1% | $1.5B+5.0% | $1.4B+83.6% | $753.0M+4.9% | $717.6M-1.2% | $726.5M+38.6% | $524.1M | N/A |
| Current Liabilities | $844.8M+10.1% | $767.2M-0.6% | $771.5M-2.3% | $789.6M+7.7% | $733.4M+47.7% | $496.5M+4.1% | $476.8M+7.3% | $444.3M+26.4% | $351.4M+7.8% | $325.9M-0.2% | $326.7M+8.4% | $301.5M | N/A |
| Long-Term Debt | $2.8B+109.8% | $1.3B-3.3% | $1.4B-3.1% | $1.4B-2.6% | $1.5B+112.8% | $683.4M-2.1% | $698.0M-2.6% | $716.6M+212.4% | $229.4M+44.5% | $158.8M-11.0% | $178.5M | N/A | N/A |
| Total Equity | $2.3B+4.8% | $2.2B-13.8% | $2.6B+32.9% | $1.9B+17.9% | $1.6B+21.3% | $1.3B+17.0% | $1.2B+7.5% | $1.1B+7.6% | $996.5M+2.5% | $972.5M+6.2% | $915.7M-3.8% | $952.3M-5.0% | $1.0B |
| Retained Earnings | $3.5B+17.4% | $3.0B+26.3% | $2.4B+35.0% | $1.8B+46.3% | $1.2B+37.0% | $876.7M+38.5% | $632.9M+43.2% | $441.9M+43.9% | $307.1M+106.1% | $149.0M+95.1% | $76.4M | N/A | N/A |
BLD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $764.5M | $756.3M-2.5% | $776.0M-8.6% | $849.4M+71.3% | $495.8M+23.0% | $403.0M+12.6% | $357.9M+31.7% | $271.8M+62.6% | $167.2M+47.7% | $113.2M+47.4% | $76.8M+37.1% | $56.0M-22.1% | $71.9M+191.3% | $24.7M |
| Capital Expenditures | $60.0M | $59.4M-14.3% | $69.3M+8.4% | $64.0M-16.2% | $76.4M+37.5% | $55.5M+35.7% | $40.9M-10.1% | $45.5M-13.3% | $52.5M+107.5% | $25.3M+78.8% | $14.2M+3.8% | $13.6M+3.8% | $13.1M-6.2% | $14.0M |
| Free Cash Flow | $704.4M | $696.9M-1.4% | $706.7M-10.0% | $785.4M+87.3% | $419.4M+20.7% | $347.5M+9.6% | $316.9M+40.1% | $226.2M+97.3% | $114.7M+30.5% | $87.9M+40.3% | $62.6M+47.8% | $42.4M-27.8% | $58.7M+450.6% | $10.7M |
| Investing Cash Flow | -$2.0B | -$2.0B-878.0% | -$203.5M-2.7% | -$198.2M-111.0% | -$93.9M+92.9% | -$1.3B-984.8% | -$121.9M-143.1% | -$50.1M+90.9% | -$551.8M-408.1% | -$108.6M-546.4% | -$16.8M-37.6% | -$12.2M | N/A | N/A |
| Financing Cash Flow | $1.2B | $1.0B+200.0% | -$1.0B-2218.4% | -$43.8M+85.4% | -$300.1M-141.2% | $729.0M+902.9% | -$90.8M+34.1% | -$137.8M-132.1% | $429.1M+620.4% | -$82.5M-114.4% | -$38.5M-158.2% | $66.1M | N/A | N/A |
| Share Buybacks | N/A | $434.2M-55.1% | $966.4M | N/A | $250.1M+603.3% | $35.6M-27.7% | $49.2M-55.7% | $110.9M+70.6% | $65.0M-53.3% | $139.3M+524.7% | $22.3M | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BLD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.0%-1.5pp | 30.5%-0.4pp | 30.9%+1.2pp | 29.7%+1.7pp | 28.0%+0.5pp | 27.5%+1.5pp | 26.0%+1.8pp | 24.2%0.0pp | 24.2%+1.2pp | 23.0%+0.8pp | 22.1%+0.2pp | 21.9%+0.5pp | 21.4% |
| Operating Margin | 14.6%-2.0pp | 16.6%-0.3pp | 16.9%+1.0pp | 15.9%+2.3pp | 13.7%+0.6pp | 13.1%+2.0pp | 11.0%+2.3pp | 8.8%+1.6pp | 7.2%+0.2pp | 7.0%+1.8pp | 5.2%+2.5pp | 2.7%+1.0pp | 1.7% |
| Net Margin | 9.7%-2.0pp | 11.7%-0.1pp | 11.8%+0.7pp | 11.1%+1.8pp | 9.3%+0.2pp | 9.1%+1.8pp | 7.3%+1.6pp | 5.7%-2.7pp | 8.3%+4.1pp | 4.2%-0.7pp | 4.9%+4.3pp | 0.6%+1.5pp | -0.9% |
| Return on Equity | 22.5%-5.6pp | 28.2%+4.2pp | 24.0%-4.9pp | 28.8%+9.0pp | 19.8%+1.5pp | 18.3%+1.7pp | 16.6%+4.0pp | 12.6%-3.3pp | 15.9%+8.4pp | 7.5%-1.1pp | 8.6%+7.6pp | 1.0%+2.3pp | -1.3% |
| Return on Assets | 7.9%-5.3pp | 13.2%+1.3pp | 11.9%-0.2pp | 12.1%+4.5pp | 7.6%-1.2pp | 8.8%+1.4pp | 7.3%+1.8pp | 5.5%-3.5pp | 9.0%+4.7pp | 4.3%-0.5pp | 4.8%+4.2pp | 0.6% | N/A |
| Current Ratio | 1.94-0.1x | 2.08-0.6x | 2.66+0.7x | 1.96+0.3x | 1.62-0.3x | 1.89+0.3x | 1.640.0x | 1.59+0.1x | 1.46-0.2x | 1.62+0.1x | 1.47+0.4x | 1.11 | N/A |
| Debt-to-Equity | 1.20+0.6x | 0.60+0.1x | 0.54-0.2x | 0.73-0.2x | 0.89+0.4x | 0.51-0.1x | 0.61-0.1x | 0.67+0.4x | 0.23+0.1x | 0.160.0x | 0.19-0.4x | 0.55 | N/A |
| FCF Margin | 12.9%-0.4pp | 13.3%-1.9pp | 15.1%+6.8pp | 8.4%-1.6pp | 10.0%-1.7pp | 11.7%+3.0pp | 8.6%+3.8pp | 4.8%+0.2pp | 4.6%+1.0pp | 3.6%+1.0pp | 2.6%-1.3pp | 3.9%+3.1pp | 0.8% |
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Where Topbuild Corp Ranks
Frequently Asked Questions
What is Topbuild Corp's annual revenue?
Topbuild Corp (BLD) reported $5.4B in total revenue for fiscal year 2025. This represents a 1.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Topbuild Corp's revenue growing?
Topbuild Corp (BLD) revenue grew by 1.5% year-over-year, from $5.3B to $5.4B in fiscal year 2025.
Is Topbuild Corp profitable?
Yes, Topbuild Corp (BLD) reported a net income of $521.7M in fiscal year 2025, with a net profit margin of 9.7%.
What is Topbuild Corp's EBITDA?
Topbuild Corp (BLD) had EBITDA of $961.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Topbuild Corp have?
As of fiscal year 2025, Topbuild Corp (BLD) had $184.7M in cash and equivalents against $2.8B in long-term debt.
What is Topbuild Corp's gross margin?
Topbuild Corp (BLD) had a gross margin of 29.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Topbuild Corp's operating margin?
Topbuild Corp (BLD) had an operating margin of 14.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Topbuild Corp's net profit margin?
Topbuild Corp (BLD) had a net profit margin of 9.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Topbuild Corp's return on equity (ROE)?
Topbuild Corp (BLD) has a return on equity of 22.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Topbuild Corp's free cash flow?
Topbuild Corp (BLD) generated $696.9M in free cash flow during fiscal year 2025. This represents a -1.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Topbuild Corp's operating cash flow?
Topbuild Corp (BLD) generated $756.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Topbuild Corp's total assets?
Topbuild Corp (BLD) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Topbuild Corp's capital expenditures?
Topbuild Corp (BLD) invested $59.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Topbuild Corp's current ratio?
Topbuild Corp (BLD) had a current ratio of 1.94 as of fiscal year 2025, which is generally considered healthy.
What is Topbuild Corp's debt-to-equity ratio?
Topbuild Corp (BLD) had a debt-to-equity ratio of 1.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Topbuild Corp's return on assets (ROA)?
Topbuild Corp (BLD) had a return on assets of 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Topbuild Corp's Altman Z-Score?
Topbuild Corp (BLD) has an Altman Z-Score of 3.48, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Topbuild Corp's Piotroski F-Score?
Topbuild Corp (BLD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Topbuild Corp's earnings high quality?
Topbuild Corp (BLD) has an earnings quality ratio of 1.45x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Topbuild Corp cover its interest payments?
Topbuild Corp (BLD) has an interest coverage ratio of 7.63x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Topbuild Corp?
Topbuild Corp (BLD) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.