# Installed Building Products, Inc. (IBP)

> Source: Nexqual · https://nexqual.com/IBP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Installed Building Products, Inc. (IBP), nexqual.com/IBP" · informational, not investment advice.

**Price:** USD 198.13 (+5.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 187.87 · day 185.02–199.37 · 52w 176.15–349 · market cap $5.27B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.96B, net income $251M (8.5% margin), free cash flow $292M (SEC filings).
- Valuation: P/E 21.0x (avg 22.4x at the last 3 fiscal year-ends), EV/EBITDA 13.7x, net debt $668M.
- 2 of 80 tracked superinvestors hold IBP (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $257K; 1 not under a Rule 10b5-1 plan ($257K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $1.0M; 2 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.86 on a 1–5 scale) (14 analysts), mean target USD 213.46 (range 160–257).
- Total return with dividends: 1Y -24.9% vs S&P 500 +14.9%; 5Y +83.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.84, revenue estimate $789M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.97B | $2.67B | $2.78B | $2.94B | $2.97B | $2.96B |
| Gross profit | $590M | $828M | $931M | $995M | $1.01B | — |
| Operating income | $188M | $345M | $369M | $383M | $386M | $368M |
| Net income | $119M | $223M | $244M | $257M | $265M | $251M |
| EPS (diluted) | $4.01 | $7.74 | $8.61 | $9.10 | $9.71 | — |
| Free cash flow | $101M | $232M | $279M | $251M | $301M | $292M |
| Gross margin | 29.9% | 31.0% | 33.5% | 33.8% | 34.0% | — |
| Operating margin | 9.5% | 12.9% | 13.3% | 13.0% | 13.0% | 12.4% |
| Net margin | 6.0% | 8.4% | 8.8% | 8.7% | 8.9% | 8.5% |
| Revenue growth | +19.1% | +35.6% | +4.1% | +5.9% | +1.0% | — |
| Cash + short-term investments | $333M | — | — | $328M | $322M | — |
| Total debt | $863M | $861M | $867M | $875M | $887M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.0x · P/S 1.8x · EV/EBITDA 13.7x · EV/Sales 2.0x · P/FCF 18.1x · P/B 8.2x · FCF yield 5.54% · Earnings yield 4.76% · Dividend yield (paid, TTM) 1.69% · Buyback yield (TTM) 3.62% · Net debt $668M · EV $5.93B
P/E at fiscal year-ends: Dec 2025 26.7x, Dec 2024 19.3x, Dec 2023 21.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold IBP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francois Rochon | Giverny Capital | 3.07% | $91.4M | Reduced -1.5% |
| First Eagle Investment | First Eagle Investment Management | 0.05% | $29.3M | Added +99.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Jackson Janet E. | Director | 1,086 | $257K | 17.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $1.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Miller Michael Thomas | Executive VP & CFO | 990 | $199K | 200.62 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Hilsheimer Lawrence A. | Director | 475 | $98K | 206.22 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Niswonger Jason R | Chief Admin. & Sustainability | 455 | $98K | 214.8 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-11 | Miller Michael Thomas | Executive VP & CFO | 2,400 | $499K | 207.82 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Wheeler Brad A | Chief Operating Officer | 716 | $150K | 209.13 | Too little history (no open-market trades in 2023) |

## Analysts
Consensus Hold (mean 2.86 on a 1–5 scale), 14 analysts; mean target USD 213.46 (low 160, high 257).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Wells Fargo | Target lowered | Equal-Weight | $240 → $195 |
| 2026-10-12 | Goldman Sachs | Target lowered | Buy | $297 → $257 |
| 2026-10-08 | Truist Securities | Target lowered | Hold | $200 → $160 |
| 2026-10-07 | RBC Capital | Target lowered | Sector Perform | $228 → $208 |
| 2026-10-06 | Melius Research | Initiated | Hold | $217 |
| 2026-09-25 | Evercore ISI Group | Target lowered | In-Line | $246 → $222 |
| 2026-09-15 | Stifel | Initiated | Buy | $240 |
| 2026-09-11 | Wells Fargo | Target lowered | Equal-Weight | $245 → $240 |
| 2026-08-10 | DA Davidson | Target raised | Neutral | $242 → $250 |
| 2026-08-07 | Evercore ISI Group | Target raised | In-Line | $226 → $246 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -24.9% | +83.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -25.0% | +12.8% |
| Volatility (annualized) | 54.8% | 45.0% |
| Max drawdown | -47.0% (Feb 2026→Oct 2026) | -45.5% (Feb 2026→Oct 2026) |

## Peers (Residential Construction)
SKY (Champion Homes, Inc.) USD 79.72 +5.27% · CVCO (Cavco Industries, Inc.) USD 547.44 +6.04% · MTH (Meritage Homes Corporation) USD 63.63 +7.27% · MHO (M/I Homes, Inc.) USD 123.3 +8.12% · KBH (KB Home) USD 46.19 +7.39% · GRBK (Green Brick Partners, Inc.) USD 64.94 +7.02%

## More
Full page: https://nexqual.com/IBP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IBP's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1580905/000158090526000004/ibp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | I Homes | "Additionally, M/I Homes, Inc. accounted for a significant portion of our related party sales during the years ended December 31, 2025 and 2024." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Installation | $710.7M | 91.4% | -0.7% |
| Other | $90.2M | 11.6% | +59.1% |
| Total revenue | $777.8M | 100% | — |
The lines above cover 103% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net revenue, Installation | $710.7M | 91.4% | -0.7% |
| — Insulation (part of Net revenue, Installation) | $430.5M | 55.3% | -3.6% |
| — Shower doors, shelving and mirrors (part of Net revenue, Installation) | $55.8M | 7.2% | -1.9% |
| — Other building products (part of Net revenue, Installation) | $50.3M | 6.5% | +6.6% |
| — Waterproofing (part of Net revenue, Installation) | $45.3M | 5.8% | +10.8% |
| — Garage doors (part of Net revenue, Installation) | $43.7M | 5.6% | -1.1% |
| — Fireproofing/firestopping (part of Net revenue, Installation) | $33.4M | 4.3% | +22.8% |
| — Rain gutters (part of Net revenue, Installation) | $32.8M | 4.2% | +2.8% |
| — Window blinds (part of Net revenue, Installation) | $18.9M | 2.4% | -9.1% |
| Other | $67.1M | 8.6% | +50.1% |
| Total revenue | $777.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 91%, 67%, 18%, 6% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 250 branch locations."
- "(3) The heavy commercial end market, a subset of our total commercial end market, comprises projects that are much larger than our average installation job."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.84 | $2.90 | -1.9% | $789.3M | 14 |
| Next quarter (ends 2026-12-31) | $2.80 | $2.87 | -2.4% | $762.3M | 14 |
| Current fiscal year (ends 2026-12-31) | $10.34 | $10.13 | +2.1% | $2.99B | 14 |
| Next fiscal year (ends 2027-12-31) | $10.78 | $11.19 | -3.7% | $3.05B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±13.2%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 58.5% | ±13.2% |
| 2026-12-18 | 56 | 51.6% | ±16.3% |
| 2027-03-19 | 147 | 50.7% | ±25.6% |
| 2027-06-17 | 237 | 50.5% | ±32.0% |