Detailed financial statements for Installed Building Products, Inc. (IBP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Installed Building Products, Inc. (IBP) is a leading U.S. firm specializing in the provision and installation of a wide range of construction materials for both residential and commercial developers. The company's operations are divided into three core segments: Installation, Distribution, and Manufacturing. IBP's primary business involves the installation of various insulation types, including fiberglass, cellulose, and spray foam materials.
Analysis Summary
Installed Building Products, Inc. reported revenue of $2.97B in the most recent fiscal year, growing at a 5-year CAGR of 12.4%. Net income reached $265.4M, with a 22.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 33.6%, operating margin 12.4%, net margin 8.5%. Free cash flow grew at 15.4% CAGR over 5 years.
At $213.35 (closing price, October 30, 2026), IBP trades at a P/E of 22.97 and an ROE of 37.20%. Market capitalisation stands at $5.7B.
Balance sheet quality for IBP: current ratio of 3.0, net debt of $731.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $300.8M represents 113% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $863.0M | $1.13B | $1.34B | $1.51B | $1.65B | $1.97B | $2.67B | $2.78B | $2.94B | $2.97B |
| Cost of Revenue | $610.5M | $808.9M | $964.8M | $1.08B | $1.14B | $1.38B | $1.84B | $1.85B | $1.95B | $1.96B |
| Gross Profit | $252.4M | $324.0M | $371.6M | $434.8M | $510.0M | $589.5M | $827.8M | $930.7M | $994.5M | $1.01B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $175.1M | $219.0M | $250.3M | $289.1M | $319.6M | $364.4M | $454.7M | $515.0M | $564.6M | $581.8M |
| Operating Expenses | $186.4M | $249.8M | $278.4M | $313.7M | $348.1M | $401.6M | $482.4M | $561.6M | $612.0M | $622.9M |
| Operating Income | $66.0M | $74.3M | $93.2M | $121.2M | $161.9M | $187.9M | $345.4M | $369.1M | $382.5M | $386.4M |
| EBITDA | $100.6M | $128.3M | $151.4M | $199.8M | $249.5M | $288.1M | $462.6M | $495.8M | $517.8M | $533.6M |
| Interest Expense | $6.2M | $17.4M | $20.5M | $28.1M | $30.3M | $32.8M | $41.6M | $37.0M | $36.9M | $31.7M |
| Pre-tax Income | $59.6M | $55.8M | $72.2M | $92.6M | $131.2M | $155.5M | $303.3M | $333.1M | $346.4M | $357.0M |
| Income Tax | $21.2M | $14.7M | $17.4M | $24.4M | $33.9M | $36.7M | $79.9M | $89.4M | $89.8M | $91.6M |
| Net Income | $38.4M | $41.1M | $54.7M | $68.2M | $97.2M | $118.8M | $223.4M | $243.7M | $256.6M | $265.4M |
| EPS | $1.23 | $1.30 | $1.76 | $2.29 | $3.30 | $4.04 | $7.78 | $8.65 | $9.15 | $9.76 |
| EPS (Diluted) | $1.23 | $1.30 | $1.75 | $2.28 | $3.27 | $4.01 | $7.74 | $8.61 | $9.10 | $9.71 |
| Shares Outstanding (Diluted) | 31.4 M | 31.8 M | 31.2 M | 29.9 M | 29.7 M | 29.6 M | 28.9 M | 28.3 M | 28.2 M | 27.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $778.2M | $747.5M | $660.5M | $777.8M |
| Gross Profit | $264.2M | $261.5M | $212.3M | $258.9M |
| Operating Income | $106.8M | $108.8M | $57.6M | $94.6M |
| EBITDA | $143.1M | $148.4M | $95.1M | $134.0M |
| Net Income | $74.4M | $76.6M | $34.8M | $64.9M |
| EPS | $2.75 | $2.85 | $1.30 | $2.44 |
| EPS (Diluted) | $2.74 | $2.83 | $1.29 | $2.43 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.5M | $62.5M | $90.4M | $177.9M | $231.5M | $333.5M | $229.6M | $386.5M | $327.6M | $321.9M |
| Short-term Investments | 0 | $30.1M | $10.1M | $38.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $128.5M | $180.7M | $214.1M | $244.5M | $266.6M | $312.8M | $397.2M | $455.0M | $433.9M | $444.1M |
| Inventory | $40.2M | $48.3M | $61.2M | $74.6M | $77.2M | $143.0M | $176.6M | $162.8M | $194.6M | $203.0M |
| Total Current Assets | $192.4M | $354.9M | $411.5M | $581.9M | $623.9M | $859.3M | $884.4M | $1.07B | $1.05B | $1.04B |
| Property, Plant & Equipment | $67.8M | $81.1M | $90.1M | $152.1M | $157.8M | $175.8M | $195.0M | $215.3M | $270.4M | $282.0M |
| Goodwill | $107.1M | $155.5M | $173.0M | $195.7M | $216.9M | $322.5M | $373.6M | $398.8M | $432.6M | $450.4M |
| Intangible Assets | $86.3M | $138.0M | $149.8M | $153.6M | $171.4M | $264.4M | $283.4M | $268.7M | $270.5M | $261.5M |
| Total Assets | $462.1M | $738.7M | $834.7M | $1.10B | $1.19B | $1.65B | $1.78B | $1.98B | $2.06B | $2.07B |
| Accounts Payable | $67.9M | $87.4M | $96.9M | $98.9M | $101.5M | $132.7M | $149.2M | $158.6M | $146.6M | $119.0M |
| Short-term Debt | $17.2M | $16.6M | $22.6M | $24.2M | $23.4M | $30.8M | $31.0M | $32.2M | $32.4M | $76.3M |
| Total Current Liabilities | $130.1M | $159.8M | $181.7M | $214.1M | $236.5M | $307.6M | $328.1M | $346.4M | $359.0M | $344.2M |
| Long-term Debt | $134.2M | $330.9M | $432.2M | $545.0M | $542.0M | $832.2M | $830.2M | $835.1M | $842.4M | $911.4M |
| Total Liabilities | $308.1M | $528.2M | $652.2M | $849.4M | $868.5M | $1.24B | $1.29B | $1.31B | $1.35B | $1.36B |
| Retained Earnings | $7.3M | $48.4M | $105.2M | $173.4M | $269.4M | $352.5M | $513.1M | $693.8M | $865.5M | $1.04B |
| Total Equity | $154.0M | $210.5M | $182.5M | $250.0M | $319.2M | $416.8M | $493.5M | $670.3M | $705.3M | $709.9M |
| Total Debt | $166.7M | $359.7M | $463.5M | $620.8M | $623.0M | $937.4M | $946.0M | $954.8M | $978.3M | $1.05B |
| Net Debt | $152.2M | $267.2M | $363.0M | $404.9M | $391.5M | $603.9M | $716.4M | $568.3M | $650.7M | $731.2M |
| Working Capital | $62.3M | $195.1M | $229.9M | $367.8M | $387.5M | $551.7M | $556.3M | $723.6M | $695.9M | $698.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $333.3M | $321.9M | $474.3M | $394.5M |
| Total Assets | $2.05B | $2.07B | $2.23B | $2.25B |
| Total Liabilities | $1.37B | $1.36B | $1.56B | $1.61B |
| Total Equity | $678.6M | $709.9M | $667.5M | $639.5M |
| Total Debt | $985.3M | $1.05B | $1.18B | $1.20B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $38.4M | $41.1M | $54.7M | $68.2M | $97.2M | $118.8M | $223.4M | $243.7M | $256.6M | $265.4M |
| Depreciation & Amortization | $34.8M | $55.1M | $58.7M | $79.1M | $88.0M | $103.0M | $117.7M | $125.7M | $134.5M | $144.9M |
| Stock-based Compensation | $1.9M | $6.6M | $7.8M | $8.7M | $10.8M | $13.8M | $13.8M | $15.9M | $19.4M | $21.5M |
| Change in Working Capital | -$4.6M | -$33.5M | -$29.0M | -$47.3M | -$13.1M | -$103.4M | -$72.5M | -$40.6M | -$71.2M | -$60.0M |
| Operating Cash Flow | $73.3M | $68.8M | $96.6M | $123.1M | $180.8M | $138.3M | $277.9M | $340.2M | $340.0M | $371.4M |
| Capital Expenditure | -$27.0M | -$31.7M | -$35.2M | -$50.2M | -$33.6M | -$37.0M | -$45.6M | -$61.6M | -$88.6M | -$70.6M |
| Acquisitions | -$53.3M | -$137.1M | -$57.7M | -$51.7M | -$76.4M | -$241.3M | -$113.5M | -$59.6M | -$88.6M | -$51.5M |
| Stock Repurchased | -$836,000 | -$562,000 | -$89.4M | -$2.3M | -$34.9M | -$5.6M | -$137.6M | -$6.3M | -$145.3M | -$172.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$35.3M | -$62.7M | -$63.1M | -$84.7M | -$87.6M |
| Free Cash Flow | $46.3M | $37.1M | $61.4M | $72.9M | $147.2M | $101.3M | $232.3M | $278.6M | $251.4M | $300.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$182.5M | $64.9M | $102.3M | $68.8M |
| Capital Expenditure | $35.8M | -$15.6M | -$16.6M | -$16.9M |
| Free Cash Flow | -$146.7M | $49.3M | $85.7M | $51.9M |
| Dividends Paid | -$10.0M | -$9.9M | -$58.7M | -$11.1M |
| Stock-based Compensation | -$11.2M | $38.6M | $5.7M | $6.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +31.3% | +18.0% | +13.1% | +9.4% | +19.1% | +35.6% | +4.1% | +5.9% | +1.0% | |
| Net Income Growth (YoY) | +7.0% | +33.1% | +24.5% | +42.7% | +22.2% | +88.0% | +9.1% | +5.3% | +3.4% | |
| EPS Growth (YoY) | +5.7% | +35.4% | +30.1% | +44.1% | +22.4% | +92.6% | +11.2% | +5.8% | +6.7% | |
| Shares Change (YoY) | +1.3% | -1.7% | -4.3% | -0.5% | -0.3% | -2.6% | -2.0% | -0.4% | -4.1% | |
| FCF Growth (YoY) | -19.8% | +65.5% | +18.7% | +101.9% | -31.2% | +129.3% | +20.0% | -9.8% | +19.6% | |
| Gross Margin | 29.3% | 28.6% | 27.8% | 28.8% | 30.8% | 29.9% | 31.0% | 33.5% | 33.8% | 34.0% |
| Operating Margin | 7.7% | 6.6% | 7.0% | 8.0% | 9.8% | 9.5% | 12.9% | 13.3% | 13.0% | 13.0% |
| EBITDA Margin | 11.7% | 11.3% | 11.3% | 13.2% | 15.1% | 14.6% | 17.3% | 17.8% | 17.6% | 18.0% |
| Net Margin | 4.5% | 3.6% | 4.1% | 4.5% | 5.9% | 6.0% | 8.4% | 8.8% | 8.7% | 8.9% |
| FCF Margin | 5.4% | 3.3% | 4.6% | 4.8% | 8.9% | 5.1% | 8.7% | 10.0% | 8.5% | 10.1% |
| Effective Tax Rate | 35.5% | 26.3% | 24.2% | 26.4% | 25.9% | 23.6% | 26.3% | 26.8% | 25.9% | 25.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.47 | $1.17 | $1.97 | $2.44 | $4.95 | $3.42 | $8.05 | $9.84 | $8.92 | $11.12 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.19 | $2.17 | $2.23 | $3.00 | $3.24 |
| Shares Outstanding (Basic) | 31.3 M | 31.6 M | 31.1 M | 29.8 M | 29.5 M | 29.4 M | 28.7 M | 28.2 M | 28.0 M | 26.9 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 37.20% |
| Return on Invested Capital | 14.17% |
| Return on Assets | 11.14% |
| Gross Margin | 33.63% |
| Operating Margin | 12.41% |
| Net Margin | 8.46% |
Financial Health
| Debt / Equity | 1.88 |
| Current Ratio | 2.98 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 6.25 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 33.58 | 58.42 | 19.14 | 30.07 | 30.89 | 34.58 | 11.00 | 21.14 | 19.15 | 26.58 |
| P/B | 8.40 | 11.41 | 5.74 | 8.20 | 9.42 | 9.84 | 4.98 | 7.68 | 6.96 | 9.83 |
| P/S | 1.50 | 2.12 | 0.78 | 1.36 | 1.82 | 2.08 | 0.92 | 1.85 | 1.67 | 2.35 |
| Gross Margin | 29.3% | 28.6% | 27.8% | 28.8% | 30.8% | 29.9% | 31.0% | 33.5% | 33.8% | 34.0% |
| Operating Margin | 7.7% | 6.6% | 7.0% | 8.0% | 9.8% | 9.5% | 12.9% | 13.3% | 13.0% | 13.0% |
| Net Margin | 4.5% | 3.6% | 4.1% | 4.5% | 5.9% | 6.0% | 8.4% | 8.8% | 8.7% | 8.9% |
Related companies: CHDN · ALSN · KMX · BYD · MHK · FND · MNSO
Explore sector: Consumer Cyclical · Residential Construction
More sections of IBP: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks