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TopBuild Corp. (NYSE: BLD) | Company Profile, History, Competitors

 

TopBuild Corp. (NYSE: BLD) is the largest distributor of insulation products in the United States. As of 2017, TopBuild has 175 branches in the United States. It was founded as a spin-off of Masco in 2015 and headquartered in Daytona Beach, FL.

In 2015, TopBuild was spunoff from Masco, which decided to focus on repair & modelling rather than installation businesses like insulation.

TopBuild is focused on insulation through its TruTeam, which provides nationwide installation of insulation, and Service Partners, which distributes insulation products to small contractors, lumber yards and retailers.

Business Overview

TopBuild operates in two main segments:
  • Installation (64% of 2017 Revenues): Also known as TruTeam, BLD provides nationwide installation of insulation.
  • Distribution (36% of 2017 Revenues): Also known as Service Partners, BLD distribution insulation and other products.

Installation/TruTeam Segment

TruTeam provides nationwide installation of insulation products across its branches. TruTeam provides contractor services to homebuilders for the installation of insulation. TruTeam procures, schedules and installs fiberglass, cellulose, spray foam, rain gutters, garage doors, and shower enclosures.TruTeam is the largest installer of insulation in the United States.[1]

Distribution/Service Partners Segment

BLD's Service Partners through its 70 branches distributes insulation products to small contractors, lumber yards and retailers. This segment services the needs of small contractors who cannot purchase directly from manufacturers. Service Partners distributes products like rain gutter, fireplaces, closet shelving and roofing materials.

History

TopBuild was spunoff from Masco in 2015. Masco separated the businesses because it wanted to focus on repair & modelling rather than installation businesses.

Competitors

BLD's main competitors are IDI, RIS (owned by Beacon Roofing Supply) and Appalachian Insulation Supply.

Management

Jerry Volas (CEO): Jerry Volas serves as CEO since the spin-off from Masco in 2015. Prior, he served in various roles at Masco including Group President North America and Group President Plumbing & Heating.

John S. Peterson (CFO): John Peterson serves as CFO since the spin-off from Masco in 2015. Prior, he served as CFO Masco Contractor Services and Masco's Retail Cabinet Group. Prior, he was VP FInance IT at BioLab, a subsidiary of Chemtura, and Director Financial Planning at Honeywell. He has also worked at Lockheed Martin, General Eletric and RCA Corporation.

Financials

 $ USD in millions     2014  2015  2016  2017
 Revenues $1,512 
$1,617 
$1,743 
$1,906 
 Gross Profit $332 
 $353 
 $400 
 $461 
 Operating Profit $41 
 $84 
 $123 
 $137 
 Net Income $9 
$79 
 $73 
 $158 
 EPS $0.25 
$2.09 
$1.92 
$4.32 

References

TopBuild Corp.
 
  Ticker     NYSE: BLD
  Industry Homebuilding
  Founded 2015
  Headquarters Daytona Beach, FL
  Locations 175
  Revenues
$1.9bn (2017)
  Employees 8,400 (2017)
  Website topbuild.com