Installed Building Products, Inc.
- Open
- 226.90
- Day high
- 232.79
- Day low
- 224.28
- Prev close
- 229.84
- Volume
- 80K
- Mkt cap
- $6.2B
- P/E (TTM)
- 24.6
- EPS (TTM)
- $9.43
- P/B
- 9.4
- P/S
- 2.1
- Yield
- 1.43%
- Per share
- $3.32
- ▲Insiders net buying $1.0M over the last 3 months (25 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Installed Building Products, Inc. (IBP) is a Consumer Cyclical company listed on NYSE. The stock is up 18% over the past year. Over the trailing 3 months, insiders filed 25 open-market buys and 0 sales (SEC Form 4).
Installed Building Products, Inc. (IBP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IBP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $1.96 | $1.79 | -8.7% | $661M | -1.3% |
| Feb 26, 2026 | $2.80 | $2.83 | +1.1% | $748M | +1.2% |
| Nov 5, 2025 | $2.69 | $3.18 | +18.2% | $778M | +5.3% |
| Aug 7, 2025 | $2.45 | $2.95 | +20.4% | $760M | -1.3% |
| May 8, 2025 | $2.18 | $2.08 | -4.6% | $685M | -5.4% |
| Feb 27, 2025 | $2.91 | $2.90 | -0.3% | $750M | -1.7% |
| Nov 7, 2024 | $3.02 | $2.85 | -5.6% | $761M | +0.4% |
| Aug 1, 2024 | $2.89 | $3.02 | +4.5% | $738M | -3.7% |
| May 9, 2024 | $2.32 | $2.47 | +6.5% | $693M | +1.4% |
| Feb 22, 2024 | $2.45 | $2.72 | +11.0% | $721M | +5.6% |
| Aug 2, 2023 | $2.25 | $2.62 | +16.4% | $692M | +5.5% |
| May 4, 2023 | $2.08 | $2.15 | +3.4% | $659M | -1.9% |
IBP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 133 | $201.91 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 20 | $204.32 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 65 | $195.89 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 278 | $196.95 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 99 | $202.73 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 14 | $198.79 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 145 | $197.55 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 1 | $200.03 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 155 | $206.74 |
| Jun 15, 2026 | Miller Michael Thomasdirector, officer: Executive VP & CFO | Buy | 80 | $205.52 |
| May 20, 2026 | Moore Marchelle Edirector | Grant | 855 | — |
| May 20, 2026 | Carter Margot Lebenbergdirector | Grant | 855 | — |
| May 20, 2026 | Jackson Janet E.director | Grant | 855 | — |
| May 20, 2026 | Hilsheimer Lawrence A.director | Grant | 855 | — |
| May 20, 2026 | THOMAS MICHAEL Hdirector | Grant | 855 | — |
Source: IBP SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full IBP insider & 13F page →Installed Building Products, Inc. company profile
Overview
Installed Building Products, Inc. (NYSE:IBP) is a leading specialty contractor founded in 1977 and headquartered in Columbus, Ohio. The company has grown from a regional insulation installer into a national platform through strategic acquisitions and organic expansion. Since going public in 2014, IBP has established itself as one of the largest installers of insulation and complementary building products for residential and commercial construction in the United States. The company operates through three primary segments: Installation, Distribution, and Manufacturing Operations, serving builders and contractors across diverse geographic markets.
Business
Installed Building Products operates in the specialty construction services industry, specifically focusing on the installation of building envelope products that improve energy efficiency and structural integrity of buildings. The building envelope refers to the physical barrier between the interior and exterior of a building, including insulation, air sealing, and moisture control systems. The company's core business revolves around three main segments: 1. Installation Operations (approximately 85-90% of revenue): This is IBP's primary business, involving the installation of various insulation materials including fiberglass, cellulose, and spray foam insulation in residential and commercial buildings. The company installs these materials in basements, crawl spaces, attics, walls, and other areas to control temperature, air infiltration, and moisture. Beyond insulation, IBP also installs complementary products such as garage doors and openers, rain gutters, waterproofing systems, fire-stopping systems, mirrors, closet shelving, and window treatments like blinds and shutters. 2. Distribution Operations (approximately 5-10% of revenue): IBP distributes insulation products and related materials purchased wholesale from manufacturers to third-party contractors and builders. This includes spray foam insulation, metal building insulation, residential insulation, and mechanical insulation products, along with equipment and services. 3. Manufacturing Operations (approximately 5% of revenue): The company manufactures certain specialized insulation products and building materials, though this represents the smallest portion of their business. The company primarily serves the residential construction market, which includes both single-family and multifamily housing, as well as the commercial construction sector covering light commercial and heavy commercial projects. IBP's services are essential during the construction process, as proper insulation installation is required by building codes and is critical for energy efficiency, comfort, and structural performance of buildings.
Revenue model
IBP generates revenue primarily through service fees charged for installation work, operating on a project-based model where customers pay for completed installations. The company's paying customers are primarily residential and commercial builders, general contractors, and developers who hire IBP to install insulation and complementary building products during the construction process. The company's revenue model includes several streams: 1. Installation service fees: The largest revenue source, where IBP charges builders and contractors for labor and materials to install insulation and other building products. Pricing is typically negotiated on a per-project basis or through longer-term contracts with production builders. 2. Product sales: Revenue from distributing insulation materials and equipment to third-party contractors, operating on traditional wholesale margins. 3. Manufacturing sales: Revenue from producing and selling specialized insulation products. Several factors significantly impact IBP's margins and profitability. Positive margin drivers include housing market strength, which increases demand for installation services; energy efficiency regulations and building code changes that require more sophisticated insulation systems; the company's scale advantages in procurement and logistics; and pricing discipline in maintaining fair compensation for services. The shift toward energy-efficient construction driven by government incentives and environmental concerns also supports premium pricing for advanced installation techniques. Negative margin pressures come from housing market downturns that reduce construction activity; intense competition from local and regional installers that can pressure pricing; material cost inflation, particularly for fiberglass and other insulation materials; labor cost increases and potential shortages of skilled installation workers; and the cyclical nature of construction activity. Additionally, IBP's significant exposure to production builders, who typically negotiate aggressive pricing due to their volume, can limit pricing flexibility compared to working with smaller regional builders. The company's business model benefits from relatively predictable demand patterns tied to construction cycles, recurring relationships with builder customers, and the essential nature of insulation installation in the construction process.
Competitive moat
IBP's competitive moat is moderate but meaningful, built primarily around operational scale, customer relationships, and geographic coverage rather than proprietary technology or unique products. The company's strongest defensive characteristics include its national footprint with local market density, which allows it to serve large production builders across multiple markets while maintaining the local presence that builders value for reliable service delivery. The company benefits from high switching costs for builder customers, who prioritize reliable installation teams that understand their specific processes, quality standards, and scheduling requirements. Builders are generally reluctant to change installers mid-project or mid-development due to the risk of delays and quality issues. IBP's scale also provides advantages in procurement, allowing better material pricing and availability compared to smaller regional competitors. However, IBP's moat faces several challenges. The installation services industry has relatively low barriers to entry at the local level, as skilled installers can start competing businesses with modest capital requirements. The company's services are not particularly differentiated - insulation installation, while requiring skill, does not involve proprietary technology or unique processes that cannot be replicated. Competitive threats come primarily from regional and local installation contractors who can offer more personalized service and potentially lower pricing due to lower overhead costs. Large national competitors like TopBuild Corporation pose threats in major markets, while the fragmented nature of the industry means IBP constantly faces pricing pressure from smaller operators. Additionally, potential backward integration by large builders represents a long-term risk, though the complexity of managing installation operations across multiple trades makes this less likely. The company's moat is best characterized as a scale-based operational advantage rather than a fundamental competitive barrier, making consistent execution and strategic positioning critical for maintaining market leadership.
Risks & safety
IBP demonstrates a solid margin of safety with strong financial fundamentals, though valuation metrics suggest limited upside at current levels. **Financial Strength:** - Strong cash position: $328 million in cash and short-term investments - Healthy current ratio of 2.94x indicating good liquidity - Manageable debt levels with net debt-to-EBITDA ratio of 1.08x - Strong free cash flow generation: $252 million in FY 2024 - No immediate solvency concerns given strong balance sheet **Valuation Metrics:** - P/E ratio of 19.1x (reasonable for cyclical business) - EV/EBITDA of 10.7x (fair valuation for construction services) - Price-to-book ratio of 7.0x (elevated, reflecting goodwill from acquisitions) - Graham number of $72 vs. current price around $170 (overvalued by traditional metrics) **Other Considerations:** - Cyclical business model creates earnings volatility risk - High acquisition activity increases integration execution risk - Exposure to housing market cycles limits downside protection - Strong market position and cash generation provide some cushion
Recent development
Over the past few years, IBP has pursued an aggressive acquisition-driven growth strategy, completing 9 acquisitions in 2024 alone with combined annual revenue exceeding $100 million. The company has committed to acquiring at least $100 million in annual revenue each year, focusing on both core insulation installation businesses and adjacent building product services to expand its comprehensive offering to builders. A significant strategic initiative has been building internal distribution capabilities, which management views as a 3-5 year buildout focused on improving margins and logistics efficiency. This vertical integration effort aims to reduce dependence on third-party suppliers and create additional revenue opportunities by serving external contractors. The company has also expanded its repair and remodel business, which now represents approximately 9% of total revenue, providing some diversification from new construction cycles. This segment offers more stable demand patterns and higher margins compared to new construction work. IBP has maintained a disciplined approach to capital allocation, prioritizing acquisitions while returning substantial capital to shareholders. In 2024, the company increased its quarterly dividend by 6% to $0.37 per share, approved an annual variable dividend of $1.70 per share, and authorized a new $500 million stock buyback program. The company has consistently targeted $15 million in G&A cost reductions to optimize operational efficiency during market downturns. Recent strategic focus has included expanding relationships with national production builders, who provide volume opportunities but typically at lower margins than regional builders. Management has emphasized maintaining pricing discipline and service quality rather than competing solely on price, particularly during periods of market softness.
IBP company profile · for informational purposes only — not investment advice.
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