CI Investments Inc. decreased its position in shares of TopBuild Corp. (NYSE:BLD – Free Report) by 95.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,061 shares of the construction company’s stock after selling 21,938 shares during the period. CI Investments Inc.’s holdings in TopBuild were worth $373,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in BLD. Core Wealth Advisors LLC bought a new position in TopBuild during the 4th quarter valued at $26,000. Advisory Services Network LLC bought a new stake in shares of TopBuild in the 3rd quarter worth $27,000. Parallel Advisors LLC raised its stake in shares of TopBuild by 50.0% in the 4th quarter. Parallel Advisors LLC now owns 75 shares of the construction company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of TopBuild by 310.5% in the 4th quarter. Global Retirement Partners LLC now owns 78 shares of the construction company’s stock worth $33,000 after buying an additional 59 shares in the last quarter. Finally, First Horizon Corp lifted its holdings in shares of TopBuild by 138.9% in the fourth quarter. First Horizon Corp now owns 86 shares of the construction company’s stock valued at $36,000 after buying an additional 50 shares during the period. 95.67% of the stock is currently owned by institutional investors and hedge funds.
TopBuild Stock Performance Shares of BLD opened at $354.53 on Friday. The company has a 50-day moving average of $389.00 and a two-hundred day moving average of $421.02. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 4.80 and a beta of 1.80. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.00 and a quick ratio of 1.41. TopBuild Corp. has a one year low of $321.67 and a one year high of $559.47.
TopBuild (NYSE:BLD – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The construction company reported $3.75 earnings per share for the quarter, topping the consensus estimate of $3.64 by $0.11. TopBuild had a net margin of 8.95% and a return on equity of 23.53%. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the company posted $4.63 EPS. The company’s quarterly revenue was up 17.2% compared to the same quarter last year. On average, equities research analysts expect that TopBuild Corp. will post 18.07 earnings per share for the current year.
Analyst Upgrades and Downgrades BLD has been the subject of several research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $496.00 target price (up from $487.00) on shares of TopBuild in a research note on Tuesday, April 21st. Evercore set a $360.00 price target on shares of TopBuild in a research report on Monday, June 29th. UBS Group set a $440.00 price target on shares of TopBuild in a report on Wednesday, May 6th. Seaport Research Partners restated a “neutral” rating on shares of TopBuild in a research report on Tuesday, April 7th. Finally, Zacks Research raised shares of TopBuild from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $465.00.
Get Our Latest Research Report on BLD
TopBuild Company Profile (Free Report)
TopBuild Corp. (NYSE: BLD) is a leading installer and distributor of insulation and building material products serving primarily the U.S. construction market. Headquartered in Daytona Beach, Florida, the company was formed in 2011 as a spin-off from ABF Freight System and has since grown through a combination of organic expansion and targeted acquisitions. TopBuild’s core mission is to enhance energy efficiency and comfort in new residential and light commercial construction projects by providing comprehensive insulation solutions and related services.
The company operates through two main segments.
Featured Stories Five stocks we like better than TopBuild Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding BLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TopBuild Corp. (NYSE:BLD – Free Report).
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California Public Employees Retirement System decreased its position in TopBuild Corp. (NYSE:BLD – Free Report) by 2.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,728 shares of the construction company’s stock after selling 1,570 shares during the period. California Public Employees Retirement System owned approximately 0.21% of TopBuild worth $20,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors lifted its holdings in shares of TopBuild by 2.8% during the fourth quarter. Capital Research Global Investors now owns 3,594,131 shares of the construction company’s stock worth $1,499,500,000 after purchasing an additional 97,247 shares during the period. Capital International Investors increased its holdings in TopBuild by 71.1% in the 4th quarter. Capital International Investors now owns 1,518,093 shares of the construction company’s stock worth $633,346,000 after buying an additional 630,857 shares during the period. Capital World Investors raised its position in TopBuild by 0.9% during the 4th quarter. Capital World Investors now owns 872,309 shares of the construction company’s stock worth $363,919,000 after buying an additional 7,735 shares during the last quarter. Bank of America Corp DE raised its position in TopBuild by 14.8% during the 2nd quarter. Bank of America Corp DE now owns 847,436 shares of the construction company’s stock worth $274,349,000 after buying an additional 109,572 shares during the last quarter. Finally, Boston Partners lifted its stake in TopBuild by 1.0% during the 3rd quarter. Boston Partners now owns 781,561 shares of the construction company’s stock valued at $305,662,000 after acquiring an additional 7,400 shares during the period. Hedge funds and other institutional investors own 95.67% of the company’s stock.
TopBuild Stock Performance BLD stock opened at $354.53 on Thursday. TopBuild Corp. has a 52-week low of $321.67 and a 52-week high of $559.47. The company has a quick ratio of 1.41, a current ratio of 2.00 and a debt-to-equity ratio of 1.16. The firm has a market cap of $9.94 billion, a P/E ratio of 19.92, a PEG ratio of 4.80 and a beta of 1.80. The company’s 50-day simple moving average is $391.10 and its 200-day simple moving average is $422.03.
TopBuild (NYSE:BLD – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The construction company reported $3.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.64 by $0.11. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.41 billion. TopBuild had a return on equity of 23.53% and a net margin of 8.95%.TopBuild’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.63 earnings per share. As a group, equities analysts forecast that TopBuild Corp. will post 18.07 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth A number of research analysts recently issued reports on BLD shares. Evercore set a $360.00 target price on shares of TopBuild in a research report on Monday, June 29th. DA Davidson reiterated a “neutral” rating and set a $437.00 price objective (down from $465.00) on shares of TopBuild in a research note on Wednesday, May 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $496.00 price objective (up from $487.00) on shares of TopBuild in a report on Tuesday, April 21st. Weiss Ratings restated a “hold (c)” rating on shares of TopBuild in a research note on Tuesday, June 9th. Finally, Loop Capital lowered TopBuild from a “buy” rating to a “hold” rating and set a $485.00 target price on the stock. in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $465.00.
View Our Latest Stock Analysis on BLD
TopBuild Profile (Free Report)
TopBuild Corp. (NYSE: BLD) is a leading installer and distributor of insulation and building material products serving primarily the U.S. construction market. Headquartered in Daytona Beach, Florida, the company was formed in 2011 as a spin-off from ABF Freight System and has since grown through a combination of organic expansion and targeted acquisitions. TopBuild’s core mission is to enhance energy efficiency and comfort in new residential and light commercial construction projects by providing comprehensive insulation solutions and related services.
The company operates through two main segments.
Featured Stories Five stocks we like better than TopBuild Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding BLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TopBuild Corp. (NYSE:BLD – Free Report).
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Ballard Power Systems, Inc. (NASDAQ:BLDP – Get Free Report) (TSE:BLD) has been given a consensus recommendation of “Reduce” by the fifteen brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $3.5250.
BLDP has been the subject of a number of recent research reports. Lake Street Capital upgraded Ballard Power Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $3.00 to $5.00 in a research report on Tuesday, May 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Ballard Power Systems in a report on Friday, July 17th. Raymond James Financial boosted their target price on Ballard Power Systems from $2.40 to $4.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 6th. National Bank Financial set a $4.75 target price on Ballard Power Systems and gave the company a “sector perform” rating in a report on Wednesday, June 24th. Finally, BMO Capital Markets increased their price target on Ballard Power Systems from $1.70 to $2.10 and gave the company an “underperform” rating in a research report on Wednesday, May 6th.
Check Out Our Latest Stock Report on Ballard Power Systems
Institutional Trading of Ballard Power Systems A number of hedge funds have recently bought and sold shares of BLDP. Rockefeller Capital Management L.P. increased its position in shares of Ballard Power Systems by 228.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,000 shares of the technology company’s stock worth $25,000 after acquiring an additional 6,952 shares in the last quarter. Swiss Life Asset Management Ltd purchased a new stake in shares of Ballard Power Systems in the 4th quarter valued at approximately $26,000. Ground Swell Capital LLC acquired a new position in Ballard Power Systems in the 1st quarter worth approximately $26,000. Intesa Sanpaolo S.p.A. acquired a new position in Ballard Power Systems in the 4th quarter worth approximately $28,000. Finally, Cetera Investment Advisers purchased a new position in Ballard Power Systems during the 1st quarter worth approximately $33,000. 28.02% of the stock is owned by hedge funds and other institutional investors.
Ballard Power Systems Stock Up 4.7% NASDAQ BLDP opened at $3.10 on Thursday. Ballard Power Systems has a 12 month low of $1.70 and a 12 month high of $6.57. The company has a market capitalization of $934.59 million, a P/E ratio of -11.48 and a beta of 2.25. The company’s 50 day simple moving average is $4.28 and its 200 day simple moving average is $3.23. The company has a debt-to-equity ratio of 0.03, a current ratio of 10.70 and a quick ratio of 9.90.
Ballard Power Systems (NASDAQ:BLDP – Get Free Report) (TSE:BLD) last issued its earnings results on Tuesday, May 5th. The technology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $18.98 million during the quarter, compared to analysts’ expectations of $19.88 million. Ballard Power Systems had a negative net margin of 78.60% and a negative return on equity of 13.48%. Equities research analysts expect that Ballard Power Systems will post -0.16 earnings per share for the current fiscal year.
Ballard Power Systems Company Profile (Get Free Report)
Ballard Power Systems (NASDAQ:BLDP) is a Canadian technology company specializing in the development and manufacture of proton exchange membrane (PEM) fuel cell products. Headquartered in Vancouver, British Columbia, Ballard designs and sells fuel cell stacks and modules that enable zero-emission power generation for a variety of applications, including heavy-duty motive systems, backup power, material handling equipment, and portable power solutions.
Since its founding in 1979, Ballard has built a strong intellectual property portfolio and a track record of innovation in PEM fuel cell technology.
Further Reading Five stocks we like better than Ballard Power Systems Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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QXO (QXO 3.03%), a roofing and building products distributor, closed at $17.28, down 3.03%. Merger-election results for TopBuild showed most shareholders choosing cash, and investors are watching the expected July 1 close.
Trading volume reached 87.3 million shares, more than five times the three-month average of 16.3 million shares. QXO IPO'd in 2012 and has fallen 28% since going public.
How the markets moved todayThe S&P 500 (^GSPC +0.79%) rose 0.79% to 7,499, while the Nasdaq Composite (^IXIC +1.52%) gained 1.52% to 26,214. Among building-products distribution and roofing, waterproofing and complementary construction materials peers, Builders FirstSource (BLDR 1.14%) fell 1.16% to $89.46.
What this means for investorsEntrepreneur Brad Jacobs founded QXO to unify the $800 billion building products distribution sector while utilizing technology to boost efficiency. Jacobs also established other successful ventures, such as XPO Logistics (XPO 0.47%) , a transportation and logistics firm, and United Rentals (URI +0.91%), an equipment rental company.
Merger-election results were just announced for QXO’s latest acquisition, TopBuild (BLD 1.55%), with shareholders of both companies overwhelmingly approving all proposals required for QXO to complete its acquisition of TopBuild. That is now expected to occur on July 1.
Yet 91% of TopBuild stockholders elected to receive the cash consideration, with just 9% either opting for QXO stock or not delivering a valid election, which will result in the stock consideration.
That led to a decline in QXO shares today, though long-term shareholders should focus on how the company integrates the business and whether its expansion in scale will boost QXO’s reach in the sector.
Howard Smith has positions in QXO. The Motley Fool has positions in and recommends QXO and TopBuild. The Motley Fool recommends XPO. The Motley Fool has a disclosure policy.
1. AVAV Pops 20% On Q4 Revenue Smash AeroVironment (AVAV +0.76%) stock jumped 20% in pre-market trading, after the Rule Breakers recommendation smashed through revenue expectations – fourth-quarter and full-year revenue rose 133% and 141% year over year respectively. For fiscal 2027, management expects revenue of $2.125 billion to $2.225 billion, up from $1.977 billion in fiscal 2026 – which marked "the strongest financial performance in our history," in the words of CEO Wahid Nawabi.
"Fiscal 2026 marked a transformational year": Nawabi spoke of opportunities from global demand for "lethal and non-lethal drones, counter-UAS, space and advanced technologies," as the company reported a $1.2 billion funded backlog and $2.7 billion in bookings. "Important chance for relatively new CFO Sean Woodward to build goodwill with investors in the midst of his company's $89 million goodwill snafu": Fool analyst Tim Beyers had earlier pointed to the company's recently disclosed goodwill impairment error as an "an egregious mistake." Addressing it, Woodward said, "We identified a material weakness in our internal control," adding, "We have implemented enhanced controls and review procedures." 2. Stock Advisor Recs Making Big Moves Monday Corning (GLW +15.65%) climbed 15.7% yesterday, after the high-tech glass and ceramics specialist announced its next dividend date. Demand from institutional investors engaging in Q2 window dressing is also likely behind the Team Rule Breakers recommendation's rise.
Roblox (RBLX +14.57%), also a Team Rule Breakers rec, gained 14.3%, after Arete Research set a new price target of $95 on the stock – which was trading under $55 this morning. Strong call options trading is also helping push the price. TopBuild (BLD 15.80%) slipped 15.5%, despite the Team Hidden Gems rec posting a 17% rise in Q1 revenue yesterday, after shareholders gave their final approval for the company's takeover by QXO (QXO +0.23%).
3. World Cup Lessons for Smart Investors
Are you watching any of the World Cup matches? No? Well, then, you're missing out on some great ... investing lessons.
Joe Wiggins of "Behavioural Investment" blog fame is obviously both a fan of England and a fan of investing, seeing investing lessons everywhere he looks. In his latest entry, he calls out eight different biases that fans of soccer and investing, both, should definitely keep in mind. For example, there's this one:
Momentum matters: Positive or negative progress can become self-perpetuating and an incredibly powerful force.
The wretched hydration breaks and their impact on World Cup games are a great example of how vital momentum is in many walks of life, and how significant interrupting it can be.
For investors, consider Warren Buffett's comment about compounding. "Never interrupt it unnecessarily." This comes back to 'time in the market beating timing the market.' Compounding only gets to work well if you give it time to work. Stopping and starting it (as happens when you buy and sell over and over again) is bad for your overall results, interrupting the years-long compounding average the broad market has of roughly 10% per year.
4. Today's Take: Investing After the Sell
Ask anyone with decades of investing experience about their biggest mistake, and you'll usually hear the same answer: "I sold a big winner too soon." By tracking the returns of stocks you've sold, you may become less inclined to sell.-- Anthony Schiavone
There could be various reasons I sell – need the cash, better opportunities elsewhere, etc. – that may not necessarily reflect my views on the business. There could come a time later when I am able to buy the stock again, and I want to be up to speed on the developments in the business.-- Sanmeet Deo Team Rule Breakers
5. Your Take Happy birthday to us! Today, 33 years ago (in 1993), the first issue of The Motley Fool went into the mail to its first base of subscribers.
Which stock would you confidently buy today and hold for the NEXT 33 years? What makes you believe it'll stand the test of time?
Discuss with friends and family, or become a member to hear what your fellow Fools are saying!
This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends AeroVironment, Corning, QXO, Roblox, and TopBuild. The Motley Fool has a disclosure policy.
GREENWICH, Conn. & DAYTONA BEACH, Fla.--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) (“QXO”) and TopBuild Corp. (NYSE: BLD) (“TopBuild”) today announced the results of TopBuild stockholders’ elections regarding the form of merger consideration (the “Merger Consideration”) to be received in connection with QXO’s acquisition of TopBuild (the “Transaction”). As previously disclosed, the deadline for making an election was 5:00 p.m. Eastern Time on June 29, 2026 (the “Election Deadline”).
The parties expect the Transaction to close on or about July 1, 2026, subject to the satisfaction or waiver of customary closing conditions.
Before the Election Deadline, and as described in the election materials and in the parties’ joint proxy statement/prospectus dated May 29, 2026, each eligible TopBuild stockholder could elect to receive, for each share of TopBuild common stock held before the closing of the Transaction, either (i) $505.00 in cash (the “Cash Consideration”) or (ii) 20.200 shares of QXO common stock (the “Stock Consideration”), in each case subject to the election and proration procedures set forth in the merger agreement and the joint proxy statement/prospectus.
TopBuild stockholders who did not make a valid election by the Election Deadline are deemed to have elected to receive the Stock Consideration. TopBuild stockholders who otherwise would have received a fractional share of QXO common stock will receive cash in lieu of that fractional share.
Based on available information as of the Election Deadline, the results of the Merger Consideration election are as follows:
TopBuild stockholders of record representing approximately 91.0% of the outstanding shares of TopBuild common stock elected to receive the Cash Consideration. In accordance with the proration procedures in the merger agreement, those shares were converted into the right to receive approximately $249.71 in cash and 10.211 shares of QXO common stock for each share of TopBuild common stock, subject to final calculations by the exchange agent; TopBuild stockholders of record representing approximately 1.4% of the outstanding shares of TopBuild common stock elected to receive the Stock Consideration; TopBuild stockholders of record representing approximately 7.6% of the outstanding shares of TopBuild common stock did not make a valid election or did not deliver a valid election by the Election Deadline and are therefore deemed to have elected to receive the Stock Consideration in accordance with the terms of the merger agreement. A more detailed description of the Merger Consideration and the allocation and proration procedures applicable to elections is contained in the joint proxy statement/prospectus.
About QXO
QXO, Inc. is the largest publicly traded distributor of roofing, waterproofing, and related products and the second-largest publicly traded distributor of lumber and building materials in North America. QXO is the fastest growing company in the $800 billion building products distribution industry and plans to become the tech-enabled leader by delivering best-in-class customer satisfaction and outsized returns for its shareholders. The company is targeting $50 billion in annual revenue within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.
About TopBuild
TopBuild Corp. is North America’s largest distributor and installer of insulation and related building products. The company provides installation and distribution services across residential, commercial, and industrial end markets, including insulation used in walls, attics, floors, and roofing assemblies; complementary products such as gutters, fireproofing, and mechanical insulation; and specialized roofing systems for large-scale buildings such as airports, stadiums, and warehouses. TopBuild operates more than 450 locations across the United States and Canada. Visit TopBuild.com for more information.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals, the expected timing of the closing of the proposed acquisition, the anticipated benefits of the proposed acquisition, including synergies, and expected future financial position, total addressable market, positions in building product verticals and results of operations, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the proposed acquisition of TopBuild may not be completed on the anticipated terms in a timely manner or at all; (ii) the failure to satisfy any of the conditions to the consummation of the proposed acquisition; (iii) the effect of the pendency of the proposed acquisition on each of QXO’s and TopBuild’s business relationships with employees, customers, or suppliers, or on operating results or the businesses generally; (iv) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the acquisition agreement for TopBuild, including circumstances that require the payment of a termination fee; (v) the possibility that the proposed acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; (vi) potential litigation and/or regulatory action relating to the proposed acquisition; (vii) the risk that the anticipated benefits of the proposed acquisition may not be fully realized or may take longer to realize than expected; (viii) the impacts of legislative, regulatory, economic, competitive or technological changes; (ix) QXO’s ability to finance the proposed acquisition; (x) unknown liabilities and uncertainties regarding general economic, market sector, competitive, legal, regulatory, tax and geopolitical conditions; and (xi) those risks and uncertainties set forth in QXO’s and TopBuild’s filings with the Securities and Exchange Commission (the “SEC”), including each company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Quarterly Reports on Form 10-Q. Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. Neither QXO nor TopBuild undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
GREENWICH, Conn. & DAYTONA BEACH, Fla.--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) (“QXO”) and TopBuild Corp. (NYSE: BLD) (“TopBuild”) today announced that stockholders of both companies overwhelmingly approved all proposals required for QXO to complete its acquisition of TopBuild at the companies' respective Special Meetings held today. Approximately 99% of the votes cast at QXO's Special Meeting were in favor of approving the issuance of shares of QXO common stock in connection with the transacti.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Affinity Bancshares, Inc. (NASDAQ: AFBI)'s sale to Fidelity BancShares (N.C.), Inc. for $23.00 per share in cash, subject to adjustment based on Affinity's adjusted stockholders' equity at closing. If you are an Affinity shareholder, click here to learn more about your legal rights and options.
TopBuild Corp. (NYSE: BLD)'s sale to QXO, Inc. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held. If you are a TopBuild shareholder, click here to learn more about your rights and options.
National Storage Affiliates Trust (NYSE: NSA)'s sale to Public Storage for 0.14 of a share of Public Storage common stock or partnership units for each National Storage share or unit. If you are a National Storage shareholder, click here to learn more about your legal rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com
Jobs vs. Cook: Apple’s Two Eras Under the Microscope 5:33 pm
AI is driving the market in multiple directions in 2026, and this week’s winner is Intel (INTC +4.60%). Demand is so high that the company is selling chips it once wrote off as worthless. We discuss the dynamics, then turn to the Jobs/Cook era at Apple (AAPL 1.32%) and yet another SaaSpocalypse.
Travis Hoium, Lou Whiteman, and Jason Moser discuss:
The Jobs/Cook era at Apple Intel and AI SaaSpocalypse 3.0 Value or falling knife? 🎧 The Motley Fool Money podcast drops daily after the bell! Listen on Apple Podcasts, Spotify, or other podcast platforms—or check out the Fool's podcast feed.
Closing Bell 4:03 pm
Intel (INTC +4.60%) is doing the heavy lifting today, surging more than 20% after reporting stronger sales and raising guidance on renewed CPU demand. The Nasdaq is up more than 1.5% on the back of that pop; the S&P 500 is up 0.8%, while the Dow is slightly negative.
Powell cleared, Warsh moves closer: The DOJ dropped its criminal probe of Fed Chair Jerome Powell, removing the main obstacle to Kevin Warsh’s confirmation as his successor, a key development for monetary policy watchers. Consumer mood hits a record low: April sentiment data came in at its worst level ever, reflecting anxiety over Middle East tensions that have also kept oil prices choppy and weighed on the broader market. SRAD Moves Up Q1 Earnings 3:50 pm — SRAD +3.53%
By David Meier
Team Rule Breakers
Interesting. Just got a note from an earnings and conference call service I use called Quartr (recommend the free version) that said Sportradar Group’s (SRAD 2.71%) management just moved the Q1 2026 earnings report forward from May 6 to April 28. I look forward to hearing what more management has to say about the short reports in addition to the financial results.
ARM Rides Intel’s CPU Wave 2:31 pm — ARM +14.46%
Arm Holdings (ARM +7.87%) surged ~15% Friday after Intel (INTC +4.60%) crushed earnings expectations, driven by explosive data center CPU demand. The catalyst: agentic AI — autonomous systems that plan and act without human input — appears to favor CPUs over GPUs at scale. Intel’s CFO noted that GPU-to-CPU ratios can actually flip in agentic workloads.
The ripple effect: Advanced Micro Devices (AMD +5.09%) jumped 13%+ alongside ARM, as investors bet that the agentic AI buildout lifts all CPU designers. ARM’s edge: Beyond licensing its architecture to Nvidia (NVDA +0.34%) and cloud hyperscalers, ARM debuted its own custom data center chip last month — potentially opening a new direct revenue stream. Charter’s Subscriber Slide Deepens 2:18 pm — CHTR -21.65%
Charter (CHTR +0.82%) stock plunged more than 20% Friday after the cable and broadband company reported Q1 earnings that missed estimates and dialed back its full-year revenue outlook. Revenue fell 1% to $13.6 billion, and EPS of $9.17 missed the $9.96 analyst consensus. CFO Jessica Fischer said average revenue per user could end the year roughly flat — walking back earlier guidance for positive growth.
The subscriber picture: Internet customers declined 120,000 in Q1 — more than double last year’s losses — as fixed wireless and fiber rivals eat into Charter’s core business. Video subscribers also fell, by 60,000. One bright spot: Mobile subscribers grew by 368,000, and Charter said it expects to close its pending Cox merger this summer, pending California regulatory approval. Alphabet's $40 Billion AI Power Play 1:10 pm -- GOOG +1.3%
Alphabet (GOOG +0.64%) is doubling down on the generative AI arms race with a massive commitment to invest up to $40 billion in Anthropic. The deal includes an immediate $10 billion cash injection at a $350 billion valuation, following a similar $25 billion move by Amazon (AMZN 2.00%). Anthropic has become a dominant enterprise force, with its annual run-rate revenue ballooning from $9 billion to over $30 billion in just four months. As the creator of the Claude models hunts for massive computing capacity, this partnership secures Alphabet’s position as a primary infrastructure provider while deepening the integration between Anthropic’s specialized coding models and Google’s global data centers.
Explosive Fiscal Velocity: Anthropic's revenue surged over 230% since late 2025, driven by enterprise adoption of its Claude models for complex software development and reasoning tasks. Infrastructure Synergy: The startup is diversifying its compute needs through high-capacity deals with Broadcom (AVGO 1.05%) and CoreWeave to support its goal of hitting 1 gigawatt of power by year-end. Intel's Back: Data Center Soars, Stock Surges 1:20 pm -- INTC +19.8%
By Tim Green
Team Hidden Gems
★ INTC is recommended in Stock Advisor (Team HG)
CPUs are hot again thanks to agentic AI. Intel (INTC +4.60%) has largely sat out the AI boom so far, but no more. Data center revenue soared 22% in the first quarter, and Intel's guidance blasted past expectations. The CPU industry is supply constrained, so not only is Intel going to ship more server CPUs this year, but pricing should be extremely strong. This is a big reason why the stock surged around 20% on Friday.
The other reason is the foundry. There's not much external revenue yet, but the pieces are falling into place. Yields are improving for the Intel 18A process, and CEO Lip-Bu Tan said he expects commitments from customers for the upcoming Intel 14A process this year. Intel 14A will also be used by Terafab, Elon Musk's semiconductor initiative. The good news keeps piling up for Intel.
The Fear Gauge Is Breaking Its Own Rules 12:35 pm
Wall Street’s "fear gauge," the Cboe Volatility Index (INDEX: VIX), is defying traditional logic by rising alongside the S&P 500. While the two usually move inversely, the VIX remains stubbornly near 20 even as stocks hit record highs. This anomaly suggests investors are aggressively hedging against geopolitical instability and crude oil spikes. Conversely, massive demand for upside call options in leaders like the VanEck Semiconductor ETF (SMH +1.35%) is keeping option premiums — and thus the VIX — inflated. Historically, when volatility and prices climb together for an extended period, it often precedes a near-term market correction as realized volatility "catches up" to the index.
High-Stakes Chip Bets: Bullish sentiment is so high that one trader recently spent $2.4 million on Marvell Technology (MRVL 1.04%) calls, betting the stock will climb another 10% despite already doubling since last month. Skewed Protection: Total call premium in the semiconductor sector now outweighs put premium by 25%, indicating that "fear" in the VIX might actually be a byproduct of FOMO-driven buying rather than pure panic.
Taiwan Semiconductor Manufacturing Co. (TSM +0.30%) shares surged 5% to a record high Friday following a landmark decision by Taiwan's Financial Supervisory Commission to loosen single-stock investment caps. Domestic funds can now allocate up to 25% of their assets to TSMC, up from the long-standing 10% limit. As the only company holding over a 40% weighting on the Taiwan Stock Exchange, TSMC is the sole beneficiary of this change, which aims to narrow the price gap between local shares and U.S.-listed ADRs. This policy tailwind coincides with explosive 58% profit growth in the first quarter, fueled by relentless demand from AI leader Nvidia (NVDA +0.34%) and Apple (AAPL 1.32%) for cutting-edge processors.
Asia’s Valuation King: TSMC’s record profit — reaching 572.48 billion New Taiwanese dollars — marks its fourth consecutive quarter of peak earnings as AI infrastructure spending shows no sign of cooling. Passive Inflow Catalyst: With Taiwan’s benchmark index now the seventh-largest globally, the expanded 25% cap allows local actively managed ETFs to chase the semiconductor boom without the previous regulatory "handcuffs." Is Nvidia Losing Its Grip on China? 11:20 am -- NIO -1.0%
NIO (NIO 0.19%) is pivoting toward in-house semiconductor development to erode its dependence on Nvidia (NVDA +0.34%) and bolster long-term profitability. CEO William Li stated Friday that custom silicon better aligns with the company's proprietary algorithms for advanced driver-assistance systems compared to off-the-shelf hardware. While research costs are substantial, Li argues that avoiding Nvidia’s "high gross margins" will eventually lift the automaker's bottom line. The strategy centers on the newly independent Shenji chip unit and a native operating system, which NIO believes are vital to redefining the global luxury electric vehicle market and securing a competitive edge against both domestic rivals and Western incumbents.
Open-Market Ambitions: By spinning off the Shenji unit, NIO intends to supply its high-performance automotive chips to external manufacturers, potentially creating a secondary revenue stream. Algorithm Synergy: Specialized nanometer-scale chips allow for a tighter integration with NIO’s sensor layouts, reducing the latency and power consumption typical of general-purpose AI processors. The Fear Gauge Is Breaking Its Own Rules 12:35 pm
Wall Street’s "fear gauge," the Cboe Volatility Index (INDEX: VIX), is defying traditional logic by rising alongside the S&P 500. While the two usually move inversely, the VIX remains stubbornly near 20 even as stocks hit record highs. This anomaly suggests investors are aggressively hedging against geopolitical instability and crude oil spikes. Conversely, massive demand for upside call options in leaders like the VanEck Semiconductor ETF (SMH +1.35%) is keeping option premiums — and thus the VIX — inflated. Historically, when volatility and prices climb together for an extended period, it often precedes a near-term market correction as realized volatility "catches up" to the index.
High-Stakes Chip Bets: Bullish sentiment is so high that one trader recently spent $2.4 million on Marvell Technology (MRVL 1.04%) calls, betting the stock will climb another 10% despite already doubling since last month. Skewed Protection: Total call premium in the semiconductor sector now outweighs put premium by 25%, indicating that "fear" in the VIX might actually be a byproduct of FOMO-driven buying rather than pure panic.
Is Nvidia Losing Its Grip on China? 11:20 am -- NIO -1.0%
NIO (NIO 0.19%) is pivoting toward in-house semiconductor development to erode its dependence on Nvidia (NVDA +0.34%) and bolster long-term profitability. CEO William Li stated Friday that custom silicon better aligns with the company's proprietary algorithms for advanced driver-assistance systems compared to off-the-shelf hardware. While research costs are substantial, Li argues that avoiding Nvidia’s "high gross margins" will eventually lift the automaker's bottom line. The strategy centers on the newly independent Shenji chip unit and a native operating system, which NIO believes are vital to redefining the global luxury electric vehicle market and securing a competitive edge against both domestic rivals and Western incumbents.
Open-Market Ambitions: By spinning off the Shenji unit, NIO intends to supply its high-performance automotive chips to external manufacturers, potentially creating a secondary revenue stream. Algorithm Synergy: Specialized nanometer-scale chips allow for a tighter integration with NIO’s sensor layouts, reducing the latency and power consumption typical of general-purpose AI processors. AMD Hits Record High on AI Pivot 10:15 am -- AMD +13.9%
Advanced Micro Devices (AMD +5.09%) shares surged 10% to all-time highs Friday following a bullish upgrade from D.A. Davidson. The shift from Neutral to Buy comes as rival Intel (INTC +4.60%) reported explosive results, signaling a "CPU renaissance" where general-purpose processors are becoming the bedrock for AI agents. Analysts suggest that as "agentic" workloads move beyond specialized GPUs, AMD’s CPU franchise is poised for a massive expansion. With the market pivoting toward more versatile compute needs, AMD is capturing record-breaking momentum, proving that the AI era isn't solely reserved for graphics chips.
Bot-Driven Demand: The rise of autonomous AI agents is shifting technical requirements, favoring the high-throughput reasoning capabilities found in the latest Zen architecture. Symbiotic Rally: Intel's optimistic forecast acted as a sector-wide catalyst, convincing institutional investors that the broader semiconductor cycle is entering a new, durable growth phase.
Today's Change
(
5.09
%) $
24.85
Current Price
$
513.30
Meta Strikes Massive Chip Deal With AWS 10:05 am -- META +0.8%
Meta (META 0.68%) is deepening its infrastructure splurge, inkng a three-year deal to deploy hundreds of thousands of Amazon (AMZN 2.00%) Web Services Graviton chips. This agreement follows $48 billion in recent commitments to Nebius (NBIS +6.54%) and CoreWeave for Nvidia (NVDA +0.34%) hardware. By adopting these Arm-based (ARM +7.87%) processors, Meta aims to optimize "agentic AI" and post-training refinements with 60% better energy efficiency than traditional setups. While CEO Mark Zuckerberg counterbalances this spend with a fresh 10% workforce reduction, the pivot to custom silicon highlights a desperate race to secure compute capacity as competitors like Alphabet (GOOG +0.64%) and Microsoft (MSFT 1.65%) scale their own internal hardware.
The CPU Renaissance: Intel (INTC +4.60%) leadership recently noted that central processors are re-emerging as the "indispensable foundation" for AI, as seen by Meta selecting Graviton over specialized accelerators for intensive agent workloads. Economic Trade-off: Meta’s massive infrastructure investment coincides with 8,000 fresh layoffs, signaling a permanent shift in capital allocation from human headcount to high-performance silicon.
Today's Change
(
-0.68
%) $
-3.86
Current Price
$
564.57
Top of the Morning 9:45 am -- LUV +2.2%
By Alicia Alfiere
Team Rule Breakers
Southwest (LUV 0.02%) built its brand on being a low-cost carrier, also known as an LCC in the airlines biz. But now, the company is undergoing a massive transformation to make it ... well, like most other airlines.
In January, the airline began a new practice of offering assigned seating and extra legroom. That's not a small change -- it caused the airline to retrofit aircraft to accommodate its strategy shift. The company also signed strategic partnerships with other airlines. That's important because it allows customers to book longer, international trips with Southwest flying part of the route. And, it means customers can earn and use miles for flights on more than just Southwest. That's kind of a big deal for business fliers and certain leisure travelers too.
6:45 am
By Morning Show host Jim Mueller, CFA
Team Rule Breakers
Have you run into the prediction markets recently?
If you’ve tried to log into your broker, it’s quite possible. I know as I log into my Interactive Broker account, I see a chance to make an "investment" on some prediction. Will the Fed raise interest rates at its next meeting? Yes or No?
I say "yes" (just for example) and put some money on the line. Maybe $0.60 for a single contract. If I’m right and the Fed does raise interest rates, I’ll make $0.40 as I get my investment back plus the cost paid from someone saying the opposite who lost (less a fee paid to the provider of that market).
The price I pay depends on how many others of the total are saying the same thing. The more people who say "yes", the more expensive the investment becomes and the less the return is if you’re right. That’s how the odds are set. The companies offering this stand to make a lot of money. Recently, Kalshi and Polymarket together handled over $5 billion in weekly prediction market investments recently. Say they take a 2% cut. That’s $100 million in a week. There’s a lot of money involved.
Yet, this isn’t gambling. It’s a futures market. At least according to a recent ruling by a federal appeals court in New Jersey. And that has huge implications. If it holds, this kind of thing will be legal in all 50 states and the District of Columbia.
There are some troublesome aspects about this, though.
4:00 am — MEDP -0.75% in pre-market trading
By Morning Show host Jim Gillies
When Medpace Holdings (MEDP 0.65%) reported Q1-26 results after market close on Wednesday I knew that my topic for today was going to be discussing earnings. Let's get to the results first before discussing some implications.
Results? Actually pretty good.
Revenue was up 26.5% year-over-year, EBITDA up 25.9%, and Net income up 8.1%. That last one might seem disappointing, but last year saw an ultra-low effective tax rate (3%) while this year returned to a more normal level (upper teens). Despite those tax rate "variabilities", earnings per share (EPS) were up 16.4% year-over-year, mainly because of the aggressive share buybacks Medpace did between Q4-24 and Q2-25 that shrank share count by 7.2% year-over-year. Also working against EPS growth pacing revenue growth is that revenue attributable to "reimbursed pass-through expenses" was elevated versus last year as expected. This quarter 44.2% of revenue was "reimbursed costs" versus 36.2% last year. Free cash flow of $145 million was up 25% versus last year, the cash pile on the debt-free balance sheet reaching nearly $653 million. New business awards were up nearly 24% year-over-year to $618.4 million. Management reaffirmed full-year guidance. So – that all looks pretty great, why then did the stock price get obliterated by as much as 27% yesterday?
I believe the answer can be found on two fronts. First, and of the most importance is the "book-to-bill" ratio – new business awards divided by reported revenue. All else equal a book-to-bill above 1.0 foreshadows future growth and is greeted with much rejoicing by the market. A book-to-bill below 1.0 heralds future (near-term) revenue decline.
Opening Bell 9:35 am -- INTC +25.0%
The S&P 500 edged higher Friday as optimism regarding imminent U.S.-Iran negotiations in Pakistan countered a week of broad market declines. While geopolitical tension persists in the Strait of Hormuz, investors are refocusing on a stellar semiconductor sector. Intel (INTC +4.60%) shares surged 24% after a dominant first-quarter beat and optimistic guidance, fueling a record-breaking 17-day winning streak for the iShares Semiconductor ETF (SOXX +1.41%). Despite the tech boost, the Dow remains on track for a losing week as traders weigh "super normal" chip growth against the risks of a naval standoff.
Crude Volatility Cooling: Oil prices retreated as West Texas Intermediate dipped toward $95 per barrel, signaling that energy markets are pricing in a potential diplomatic breakthrough in Islamabad. Narrowing Market Leadership: NewEdge Wealth analysts warn that the rally is becoming dangerously reliant on cyclical semiconductors, which are projected to deliver 100% earnings growth this year. Market indexes
S&P 500
0.23%
Nasdaq
0.67%
Dow
-0.32%
Which Eggs Should Go in Which Baskets 8:00 am
By Robert Brokamp, CFP®
Team Hidden Gems
In his 1605 novel Don Quixote, Cervantes wrote, "It is the part of a wise man to keep himself today for tomorrow, and not to venture all his eggs in one basket."
More than four centuries later, the phrase is still used to represent the value of diversification: Don't put all your money in one investment or type of investment.
A modern spin on the phrase could go this way: Buy all kinds of eggs (investments) and have a few different types of baskets (accounts).
We at the Fool have recommended that investors own at least 25 stocks, and co-founder and CEO Tom Gardner recently increased that number to 50. Personally, I believe a diversified portfolio of low-cost index funds is also a good diversifying complement to a portfolio of individual stocks.
Deciding which investments to own is crucial. But another important consideration is in which types of accounts to own them.
This Morning's Breakfast News 7:30 am -- INTC +26.67% in pre-market trading
Intel (INTC +4.60%) soared 25% ahead of the market open after CEO Lip-Bu Tan praised the Team Hidden Gems recommendation's ongoing pivot to AI, saying "this is a fundamentally different company today," with results beating expectations and the financial outlook upgraded.
"Focused on maximizing our factory network to improve available supply and meet our customers' needs": CFO David Zinsner explained high demand in areas such as data center processors means Intel is striving to quickly increase capacity to avoid disappointment. "The backbone of AI computing in production remains a CPU anchored architecture": CEO Tan flagged "great news for Intel" for the future as more companies are deploying Intel's CPUs as AI systems become more complex. This is one factor contributing to increasing next quarter's revenue guidance from $13 billion to between $13.8 billion and $14.8 billion.
Rocket Lab Unveils Deep-Space Star Tracker 6:00 am -- RKLB +1.30% in pre-market trading
Rocket Lab (RKLB 8.34%) is doubling down on its vertical integration strategy, unveiling a next-generation High-Performance Star Tracker (ST-HP) designed for extreme deep-space environments. The new sensor achieves pointing accuracy better than 1 arcsecond and features radiation hardening capable of withstanding 50 kRad, making it ideal for the long-duration missions increasingly demanded by defense and commercial constellations. The launch follows a "rapid-fire" week for the company, which saw its stock climb over 30% in April to roughly $85.70 after completing back-to-back missions for JAXA and closing its $155 million acquisition of laser-comms firm Mynaric.
The Margin Multiplier: By manufacturing the ST-HP in-house alongside its reaction wheels and flight software, Rocket Lab aims to capture more "satellite real estate" and improve margins compared to pure-play launch rivals. Operational Velocity: The announcement coincided with the company's eighth successful launch of 2026, keeping it on track for 20% year-over-year growth as it prepares for the debut of its larger Neutron rocket.
Today's Change
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-8.34
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-9.57
Current Price
$
105.21
ICYMI: Thursday's Scoreboard 5:15 am -- BLD unchanged in pre-market trading
TopBuild (BLD +0.48%) was the subject of the latest Scoreboard video.
Before the Opening Bell 5:00 am
Stock futures showed mixed momentum Friday after President Trump announced a three-week extension of the Israel-Lebanon ceasefire, providing a rare pocket of stability as the U.S.-Iran standoff continues. While the regional peace progress offered hope for stalled negotiations, the tech sector remained the primary engine for gains. Intel (INTC +4.60%) shares climbed after the chipmaker delivered its sixth consecutive earnings beat, with CEO Lip-Bu Tan highlighting a massive surge in demand for AI-centric CPUs. The upbeat mood followed a historic rally in Texas Instruments (TXN +1.14%), which saw its biggest jump in 25 years after crushing estimates, signaling that the "AI trade" is finally lifting legacy semiconductor names.
Foundry and AI Focus: Intel's Q1 revenue reached $13.6 billion, outperforming its own guidance by $1.4 billion as it scales "agentic AI" infrastructure to meet unprecedented silicon demand. Blue-Chip Friday: Investors are now parsing pre-market results from Procter & Gamble (PG +0.44%), which expects a volume recovery in beauty and home care, alongside healthcare giant HCA Healthcare (HCA +0.91%) and Norfolk Southern (NSC +0.66%). Cannabis Stocks Slide Post-DOJ Order 4:30 am -- TLRY -0.88%, CGC +0.82% in pre-market trading
The U.S. Department of Justice has officially reclassified cannabis to a less dangerous drug, a major shift in the country's policy and a move that saw sharp volatility in related stocks including Tilray Brands (TLRY 1.76%) and Canopy Growth (CGC +0.49%).
The move doesn't legalise cannabis at a federal level: Cannabis will now be obtainable with a prescription, providing a boost for the $47 billion industry as access to funding and other benefits become obtainable, with more legal progress likely further down the line. Sector reaction is telling: After initially spiking on the news, marijuana stocks closed Thursday lower, with Tilray and Canopy Growth down over 11%, with a mix of "buy-the-rumor, sell-the-news" action, along with a realization of a lengthy regulatory road still ahead.
QXO (QXO +0.54%) did exactly what investors expected this week. The building products distribution company started by entrepreneur Brad Jacobs announced another acquisition.
Investors may wonder why QXO stock was down about 14% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence. The company just announced its third major acquisition, and second this year. Here's what some investors might be wary about.
Image source: The Motley Fool.
Bet on the jockey QXO announced this week that it was buying TopBuild Corp (BLD +0.48%). for about $17 billion. TopBuild is the leading distributor and installer of insulation and related construction products in North America. QXO has already closed acquisitions of Beacon Roofing Supply and Kodiak Building Partners in the last year, totaling about $13.25 billion.
QXO was founded by Brad Jacobs with the goal of consolidating the $800 billion building products distribution industry and leveraging technology to enhance efficiency. Jacobs was also the founder of other successful businesses, including the transportation and logistics company XPO Logistics and equipment rental company United Rentals.
Today's Change
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0.54
%) $
0.09
Current Price
$
16.67
QXO stock was always a bet on Jacobs. While the $17 billion price tag for TopBuild may be scaring some investors away, Jacobs hasn't altered his vision for QXO. The latest combination is also expected to immediately and materially boost QXO's earnings. Those positive results would be even stronger if the construction and housing markets strengthen. That's why I'm holding onto my QXO shares.
Howard Smith has positions in QXO. The Motley Fool has positions in and recommends QXO and TopBuild. The Motley Fool recommends XPO. The Motley Fool has a disclosure policy.
AEGON ASSET MANAGEMENT UK Plc trimmed its holdings in shares of TopBuild Corp. (NYSE:BLD – Free Report) by 12.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 82,057 shares of the construction company’s stock after selling 11,813 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.29% of TopBuild worth $34,233,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Inscription Capital LLC lifted its position in TopBuild by 104.6% during the third quarter. Inscription Capital LLC now owns 2,949 shares of the construction company’s stock valued at $1,153,000 after purchasing an additional 1,508 shares in the last quarter. Calamos Advisors LLC purchased a new position in TopBuild during the third quarter valued at $997,000. WCM Investment Management LLC purchased a new position in TopBuild during the third quarter valued at $17,734,000. Campbell & CO Investment Adviser LLC lifted its position in TopBuild by 697.8% during the third quarter. Campbell & CO Investment Adviser LLC now owns 7,906 shares of the construction company’s stock valued at $3,090,000 after purchasing an additional 6,915 shares in the last quarter. Finally, Citigroup Inc. lifted its position in TopBuild by 20.7% during the third quarter. Citigroup Inc. now owns 34,992 shares of the construction company’s stock valued at $13,677,000 after purchasing an additional 5,991 shares in the last quarter. 95.67% of the stock is owned by institutional investors.
Analyst Ratings Changes Several equities analysts recently weighed in on BLD shares. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $496.00 target price (up from $487.00) on shares of TopBuild in a research report on Tuesday, April 21st. DA Davidson reiterated a “buy” rating and set a $465.00 target price on shares of TopBuild in a research report on Monday, April 20th. Seaport Research Partners reiterated a “neutral” rating on shares of TopBuild in a research report on Tuesday, April 7th. Weiss Ratings downgraded TopBuild from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 27th. Finally, Wells Fargo & Company lowered their price objective on TopBuild from $525.00 to $475.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $447.21.
View Our Latest Analysis on BLD
TopBuild Trading Down 2.5% Shares of BLD stock opened at $453.79 on Friday. TopBuild Corp. has a 12-month low of $273.87 and a 12-month high of $559.47. The company has a current ratio of 1.94, a quick ratio of 1.34 and a debt-to-equity ratio of 1.21. The stock’s 50-day moving average price is $411.15 and its 200-day moving average price is $436.39. The stock has a market capitalization of $12.77 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 5.84 and a beta of 1.78.
TopBuild (NYSE:BLD – Get Free Report) last issued its earnings results on Thursday, February 26th. The construction company reported $4.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.11. TopBuild had a return on equity of 25.66% and a net margin of 9.65%.The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm posted $5.13 earnings per share. The business’s revenue was up 13.2% compared to the same quarter last year. Equities research analysts predict that TopBuild Corp. will post 18.12 EPS for the current fiscal year.
TopBuild Profile (Free Report)
TopBuild Corp. (NYSE: BLD) is a leading installer and distributor of insulation and building material products serving primarily the U.S. construction market. Headquartered in Daytona Beach, Florida, the company was formed in 2011 as a spin-off from ABF Freight System and has since grown through a combination of organic expansion and targeted acquisitions. TopBuild’s core mission is to enhance energy efficiency and comfort in new residential and light commercial construction projects by providing comprehensive insulation solutions and related services.
The company operates through two main segments.
Further Reading Five stocks we like better than TopBuild Want to see what other hedge funds are holding BLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TopBuild Corp. (NYSE:BLD – Free Report).
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DAYTONA BEACH, Fla., May 05, 2026 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE:BLD), a leading installer of insulation and commercial roofing and a specialty distributor of insulation and related building products to the construction industry in the United States and Canada, today reported results for the first quarter ended March 31, 2026.
“Our first quarter performance was in line with our expectations as we continue our focus on delivering compounding shareholder returns, driving operational excellence, and executing our long-term strategy,” said Robert Buck, CEO of TopBuild.
“In the first quarter, sales grew 17.2%, driven by the 2025 acquisitions of SPI and Progressive Roofing, offsetting the macro challenges in residential and light commercial new construction. While the residential market faces ongoing uncertainty, the heavy commercial and industrial end markets are healthy and our results are solid. We are also making excellent progress on the SPI integration and are on track to meet or exceed our original synergy targets,” Mr. Buck continued.
“M&A continues to be a priority given our strong free cash flow and robust pipeline of acquisitions across our installation and specialty distribution segments. To date in 2026, we’re pleased to have completed four acquisitions which together add more than $80 million in annual revenue, further diversify our end-market exposure and continue to position us for long-term growth.
“We are excited about our future in joining QXO, as was announced on April 19. By combining the TopBuild business with QXO, we are confident in our opportunities to accelerate our cross-selling initiatives, capitalize on procurement opportunities and leverage digital technology in a manner that will benefit our customers, employees and all stakeholders,” Mr. Buck concluded.
Financial Highlights
(comparisons are to the three months ended March 31, 2025)
Reported Adjusted ($ in thousands) 2026 2025 2026 2025 Sales$1,445,860 $1,233,278 $1,445,860 $1,233,278 Gross Profit$400,253 $351,473 $400,273 $364,976 Gross Margin 27.7% 28.5% 27.7% 29.6% SG&A$225,210 $173,984 $222,578 $170,829 SG&A as % of Sales 15.6% 14.1% 15.4% 13.9% Operating Profit$175,043 $177,489 $177,695 $194,147 Operating Margin 12.1% 14.4% 12.3% 15.7% Net Income$104,813 $123,385 $105,375 $135,147 Net Income per diluted share$3.73 $4.23 $3.75 $4.63 EBITDA $238,619 $234,759 EBITDA Margin 16.5% 19.0% Sales Drivers
(comparisons are to the three months ended March 31, 2025)
Three Months Ended March 31, 2026 Installation
Services
Specialty
Distribution
TopBuild,
net of
eliminations
Sales (in millions) $777 $737 $1,446 Sales Drivers Volume (9.8%) 0.3% (5.5%)Price (2.9%) 0.3% (1.6%)M&A 16.9% 31.1% 24.3%Total Sales Change 4.3% 31.7% 17.2% Segment Profitability
(comparisons are to the three months ended March 31, 2025)
CompanyAnnual Revenue Month Closed($ in millions) Upstate Spray Foam Insulation and Applied Coatings (I)$19.6 FebruaryJohnson Roofing (I) 29.2 AprilEnergy Pros (I) 4.0 MayClaremont (D) 31.0 MayTotal$ 83.8 I = Installation Services, D = Specialty Distribution In addition to the acquisitions completed as listed above, TopBuild has signed a definitive agreement to acquire Comfort Pro, an insulation installation company based in Little Suamico, Wisc. with approximately $6 million in annual sales. The transaction is expected to close in the second quarter.
About TopBuild
TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and is also a specialty distributor of insulation and related building products to the construction industry in the United States and Canada. We provide insulation and commercial roofing installation services nationwide through our Installation Services segment which has over 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories, and other building products for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 250 branches across the United States and Canada. To learn more about TopBuild please visit our website at www.topbuild.com.
Use of Non-GAAP Financial Measures
Adjusted EBITDA, incremental EBITDA margin, adjusted EBITDA margin, the “adjusted” financial measures presented above, and figures presented on a “same branch basis” are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that these non-GAAP financial measures, which are used in managing the business, may provide users of this financial information with additional meaningful comparisons between current results and results in prior periods. We define same branch sales as sales from branches in operation for at least 12 full calendar months. Such non-GAAP financial measures are reconciled to their closest GAAP financial measures in tables contained in this press release. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under GAAP. Additional information may be found in the Company’s filings with the Securities and Exchange Commission which are available on TopBuild’s website under “SEC Filings” at www.topbuild.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, and our plan to repurchase our common stock under stock repurchase transactions. These forward-looking statements can be identified by words such as “will,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “may,” “project,” “estimate” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including those described in the risk factors contained in our filings with the Securities and Exchange Commission, may cause our actual results to differ from those expressed in forward-looking statements. Although TopBuild believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be achieved and it undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.
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TopBuild Corp. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per common share amounts) Three Months Ended March 31, 2026 2025 Net sales $1,445,860 $1,233,278 Cost of sales 1,045,607 881,805 Gross profit 400,253 351,473 Selling, general, and administrative expense 225,210 173,984 Operating profit 175,043 177,489 Other income (expense), net: Interest expense (36,623) (16,602)Other, net 1,327 5,086 Other expense, net (35,296) (11,516)Income before income taxes 139,747 165,973 Income tax expense (34,934) (42,588)Net income $104,813 $123,385 Net income per common share: Basic $3.75 $4.25 Diluted $3.73 $4.23 Weighted average shares outstanding: Basic 27,976,514 29,028,234 Diluted 28,130,208 29,174,892 TopBuild Corp. Condensed Consolidated Statements of Comprehensive Income (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025Net income $104,813 $123,385Other comprehensive (loss) income: Foreign currency translation adjustment (4,342) 229Comprehensive income $100,471 $123,614 TopBuild Corp. Condensed Consolidated Balance Sheets and Other Financial Data (Unaudited) (dollars in thousands) As of March 31, December 31, 2026 2025 ASSETS Current assets: Cash and cash equivalents $268,847 $184,742 Receivables, net of an allowance for credit losses of $29,680 at March 31, 2026, and $29,081 at December 31, 2025 930,521 894,408 Inventories 515,143 505,167 Prepaid expenses and other current assets 42,148 50,478 Total current assets 1,756,659 1,634,795 Right of use assets 261,536 271,396 Property and equipment, net 286,525 291,556 Goodwill 3,070,940 3,045,227 Other intangible assets, net 1,325,038 1,351,612 Other assets 10,465 10,726 Total assets $6,711,163 $6,605,312 LIABILITIES Current liabilities: Accounts payable $471,217 $440,214 Current portion of long-term debt 62,500 62,500 Accrued liabilities 251,991 249,361 Short-term operating lease liabilities 87,302 86,170 Short-term finance lease liabilities 6,611 6,571 Total current liabilities 879,621 844,816 Long-term debt 2,769,888 2,784,197 Deferred tax liabilities, net 395,765 387,594 Long-term portion of insurance reserves 58,645 58,681 Long-term operating lease liabilities 190,086 200,729 Long-term finance lease liabilities 11,014 11,020 Other liabilities 1,782 2,115 Total liabilities 4,306,801 4,289,152 EQUITY 2,404,362 2,316,160 Total liabilities and equity $6,711,163 $6,605,312 As of March 31, 2026 2025 Other Financial Data Receivables, net plus inventories less accounts payable $974,447 $731,997 Net sales, acquisition adjusted † $6,154,730 $5,329,105 Receivables, net plus inventories less accounts payable as a percent of sales (TTM) † 15.8% 13.7% † Trailing 12 months sales have been adjusted for the pro forma effect of acquired branches TopBuild Corp. Condensed Consolidated Statement of Cash Flows (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025 Cash Flows Provided by (Used in) Operating Activities: Net income $104,813 $123,385 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 56,295 35,791 Share-based compensation 4,629 5,042 Loss on sale of assets 327 829 Amortization of debt issuance costs 1,216 720 Provision for bad debt expense 3,412 3,666 Provision for inventory obsolescence 2,284 2,820 Impairment losses — 9,868 Deferred income taxes, net (20) (1,822)Change in certain assets and liabilities, net of effects of businesses acquired: Receivables, net (38,542) (1,118)Inventories (18,336) (2,215)Prepaid expenses and other current assets 8,198 9,646 Accounts payable 31,464 (32,342)Accrued liabilities 4,739 (1,050)Other, net 257 (631)Net cash provided by operating activities 160,736 152,589 Cash Flows Provided by (Used in) Investing Activities: Purchases of property and equipment (13,999) (13,395)Acquisition of businesses, net of cash acquired (27,888) 294 Proceeds from sale of assets 394 248 Net cash used in investing activities (41,493) (12,853) Cash Flows Provided by (Used in) Financing Activities: Repayment of long-term debt (15,625) (11,250)Proceeds from revolving credit facility 65,000 — Repayment of revolving credit facility (65,000) — Principal payments on finance lease obligations (1,861) — Taxes withheld and paid on employees' equity awards (18,293) (4,466)Exercise of stock options 1,394 — Repurchase of shares of common stock — (215,628)Net cash used in financing activities (34,385) (231,344)Impact of exchange rate changes on cash (753) 101 Net increase (decrease) in cash and cash equivalents 84,105 (91,507)Cash and cash equivalents - Beginning of period 184,742 400,318 Cash and cash equivalents - End of period $268,847 $308,811 Supplemental disclosure of noncash activities: Leased assets obtained in exchange for new operating lease liabilities $12,987 $17,547 Leased assets obtained in exchange for new finance lease liabilities 1,831 — Accruals for property and equipment 685 444 Excise taxes capitalized to treasury stock — 2,156 TopBuild Corp. Segment Data (Unaudited) (dollars in thousands) Three Months Ended March 31, 2026 2025 ChangeInstallation Services Sales $777,329 $745,533 4.3% Operating profit, as reported $119,191 $129,616 Operating margin, as reported 15.3% 17.4% Rationalization charges — 8,281 Acquisition related costs 358 143 Operating profit, as adjusted $119,549 $138,040 Operating margin, as adjusted 15.4% 18.5% Share-based compensation 428 349 Depreciation and amortization 29,191 19,167 EBITDA, as adjusted $149,168 $157,556 (5.3)%EBITDA margin, as adjusted 19.2% 21.1% Specialty Distribution Sales $737,080 $559,804 31.7% Operating profit, as reported $80,008 $69,059 Operating margin, as reported 10.9% 12.3% Rationalization charges — 6,868 Acquisition related costs 257 37 Operating profit, as adjusted $80,265 $75,964 Operating margin, as adjusted 10.9% 13.6% Share-based compensation 843 463 Depreciation and amortization 25,420 14,939 EBITDA, as adjusted $106,528 $91,366 16.6%EBITDA margin, as adjusted 14.5% 16.3% TopBuild Corp. Adjusted EBITDA (Unaudited) (dollars in thousands) Three Months Ended March 31, 2026 2025 Change Total net sales Sales before eliminations $1,514,409 $1,305,337 Intercompany eliminations (68,549) (72,059) Net sales after eliminations $1,445,860 $1,233,278 17.2% Operating profit, as reported - segments $199,199 $198,675 General corporate expense, net (10,674) (9,259) Intercompany eliminations (13,482) (11,927) Operating profit, as reported $175,043 $177,489 Operating margin, as reported 12.1% 14.4% Rationalization charges — 15,358 Acquisition related costs † 2,652 1,300 Operating profit, as adjusted $177,695 $194,147 Operating margin, as adjusted 12.3% 15.7% Share-based compensation 4,629 5,042 Depreciation and amortization 56,295 35,570 EBITDA, as adjusted $238,619 $234,759 1.6%EBITDA margin, as adjusted 16.5% 19.0% Sales change period over period 212,582 EBITDA, as adjusted, change period over period 3,860 Incremental EBITDA, as adjusted, as a percentage of change in sales 1.8% † Acquisition related costs include corporate level adjustments as well as segment operating adjustments. TopBuild Corp. Same Branch and Acquisition Metrics (Unaudited) (dollars in thousands) Three Months Ended March 31, 2026 2025 Net sales Same branch: Installation Services $651,097 $745,533 Specialty Distribution 562,934 559,804 Eliminations (68,315) (72,059)Total same branch $1,145,716 $1,233,278 Acquisitions (a): Installation Services $126,232 $— Specialty Distribution 174,146 — Eliminations (234) — Total acquisitions 300,144 — Total net sales $1,445,860 $1,233,278 EBITDA, as adjusted Same branch: Installation Services $126,695 $157,557 Specialty Distribution 86,071 91,367 Eliminations (17,077) (14,165)Total same branch $195,689 $234,759 Acquisitions (a): Installation Services $22,473 $— Specialty Distribution 20,457 — Total acquisitions 42,930 — Total EBITDA, as adjusted $238,619 $234,759 EBITDA, as adjusted, as a percentage of sales Same branch (b) 17.1% Acquisitions (c) 14.3% Total (d) 16.5% 19.0 As Adjusted (Decremental)/Incremental EBITDA, as a percentage of change in sales Same branch (e) (44.6)% Acquisitions (c) 14.3% Total (f) 1.8% (a) Represents current year impact of acquisitions in their first twelve months (b) Same branch metric, as adjusted, as a percentage of same branch sales (c) Acquired metric, as adjusted, as a percentage of acquired sales (d) Total EBITDA, as adjusted, as a percentage of total sales (e) Change in same branch EBITDA, as adjusted, as a percentage of change in same branch sales (f) Change in total EBITDA, as adjusted, as a percentage of change in total sales TopBuild Corp. Same Branch Revenue by Line of Business (Unaudited) (dollars in thousands) Three Months Ended March 31, 2026 2025 ChangeResidential: Same branch $685,972 $769,751 (10.9)%Acquisitions (a) 23,127 — Total Residential sales 709,099 769,751 (7.9)% Commercial/Industrial: Same branch $459,744 $463,527 (0.8)%Acquisitions (a) 277,017 — Total Commercial/Industrial sales 736,761 463,527 58.9 %Total net sales $1,445,860 $1,233,278 17.2 % (a) Represents current year impact of acquisitions in their first twelve months TopBuild Corp. Non-GAAP Reconciliations (Unaudited) (in thousands, except share and per common share amounts) Three Months Ended March 31, 2026 2025 Gross Profit Reconciliation Net Sales $1,445,860 $1,233,278 Gross profit, as reported $400,253 $351,473 Acquisition related costs 20 — Rationalization charges — 13,503 Gross profit, as adjusted $400,273 $364,976 Gross margin, as reported 27.7% 28.5%Gross margin, as adjusted 27.7% 29.6% Selling, General and Administrative Expense Reconciliation Selling, general, and administrative expense, as reported $225,210 $173,984 Rationalization charges — 1,855 Acquisition related costs 2,632 1,300 Selling, general, and administrative expense, as adjusted $222,578 $170,829 Operating Profit Reconciliation Operating profit, as reported $175,043 $177,489 Rationalization charges — 15,358 Acquisition related costs 2,652 1,300 Operating profit, as adjusted $177,695 $194,147 Operating margin, as reported 12.1% 14.4%Operating margin, as adjusted 12.3% 15.7% Income Per Common Share Reconciliation Income before income taxes, as reported $139,747 $165,973 Rationalization charges — 15,358 Acquisition related costs 2,652 1,300 Income before income taxes, as adjusted 142,399 182,631 Tax rate at 26.0% (37,024) (47,484)Income, as adjusted $105,375 $135,147 Income per common share, as adjusted $3.75 $4.63 Weighted average diluted common shares outstanding 28,130,208 29,174,892 TopBuild Corp. Reconciliation of Adjusted EBITDA to Net Income (Unaudited) (in thousands) Three Months Ended March 31, 2026 2025Net income, as reported $104,813 $123,385Adjustments to arrive at EBITDA, as adjusted: Interest expense and other, net 35,296 11,516Income tax expense 34,934 42,588Depreciation and amortization 56,295 35,570Share-based compensation 4,629 5,042Rationalization charges — 15,358Acquisition related costs 2,652 1,300EBITDA, as adjusted $238,619 $234,759 TopBuild Corp. Acquisition Adjusted Net Sales (Unaudited) (in thousands) 2025 2026 Trailing Twelve Months Ended Q2 Q3 Q4 Q1 March 31, 2026Net sales$1,297,403 $1,393,158 $1,485,247 $1,445,860 $5,621,668Acquisitions pro forma adjustment † 313,828 199,550 18,046 1,638 533,062Net sales, acquisition adjusted$1,611,231 $1,592,708 $1,503,293 $1,447,498 $6,154,730 † Sales have been adjusted for the pro forma effect of acquired branches
TopBuild (BLD - Free Report) came out with quarterly earnings of $3.75 per share, beating the Zacks Consensus Estimate of $3.64 per share. This compares to earnings of $4.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.99%. A quarter ago, it was expected that this insulation products company would post earnings of $4.39 per share when it actually produced earnings of $4.5, delivering a surprise of +2.51%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
TopBuild, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $1.45 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.06%. This compares to year-ago revenues of $1.23 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
TopBuild shares have added about 3.2% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for TopBuild?While TopBuild has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for TopBuild was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.72 on $1.54 billion in revenues for the coming quarter and $18.12 on $6.09 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Miscellaneous is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Quanex Building Products (NX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended April 2026.
This housing materials maker is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of -36.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Quanex Building Products' revenues are expected to be $458.4 million, up 1.3% from the year-ago quarter.
TopBuild (BLD - Free Report) reported $1.45 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 17.2%. EPS of $3.75 for the same period compares to $4.63 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.42 billion, representing a surprise of +2.06%. The company delivered an EPS surprise of +2.99%, with the consensus EPS estimate being $3.64.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how TopBuild performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Specialty Distribution: $737.08 million compared to the $696.84 million average estimate based on three analysts. The reported number represents a change of +36.2% year over year.Net Sales- Installation Services: $777.33 million compared to the $771.12 million average estimate based on three analysts. The reported number represents a change of +6.4% year over year.Net Sales- Intercompany eliminations: $-68.55 million versus the two-analyst average estimate of $-82.88 million. The reported number represents a year-over-year change of -4.9%.Operating profit, as reported- General corporate expense, net: $-10.67 million versus $-13.15 million estimated by two analysts on average.View all Key Company Metrics for TopBuild here>>>
Shares of TopBuild have returned +19.4% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
BALA CYNWYD, Pa. , May 05, 2026 (GLOBE NEWSWIRE) -- Brodsky and Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith. com) or Marc Ackerman (mackerman@brodskysmith. com) at 855-576-4847.
Pre-Market Stock Futures: Futures are trading higher on Wednesday as news of an impending end to the Iran war is sending oil prices dramatically lower. This news comes after a bounce-back Tuesday that benefited from lower oil prices, some strong earnings, and solid buying from retail investors. At the same time, hedge funds continue to sell into any market strength. In fact, BTIG reported that the 2nd-largest hedge fund selling of technology stocks in a decade matches the 3rd-largest retail fund flows into the QQQ ETF. With that in mind, the Nasdaq soared to yet another all-time high on Tuesday, closing the day up 1.03% at 25,326, while the S&P 500 also closed at an all-time high on Tuesday, up 0.81% at 7,259. The Dow Jones Industrials checked in with a gain of 0.73% to close at 49,298. The big winner on the day was the small-cap-heavy Russell 2000, which has been the leading index this year, closing up 1.64% at 2,841, and that also was another all-time high.
Treasury Bonds: After hitting some high yields Monday, not seen in months, yields were lower across the Treasury curve as buyers jumped in, especially on longer-dated U.S. debt. While concerns over the potential for inflation to continue to edge higher and the possibility of no interest rate cuts until 2027 continue to hover over the market, 5%+ yields on the 20- and 30-year bonds were too much to ignore. The 30-year long bond finished trading Tuesday at 4.99%, while the benchmark 10-year note was last seen at 4.42%.
Oil and Gas: Some selling across the energy complex was a major positive on Tuesday, as both major benchmarks finished the day lower. The lack of negative news about Iran and the passage of some ships escorted by the U.S. Navy safely through the Strait of Hormuz contributed to lower prices. Brent Crude finished the day at $110.30, down 3.64%, while West Texas Intermediate closed the session at $102.80, down 342%. The last trade for Natural gas was reported at $2.76, down 3.59%.
Gold: As has been the rule lately, when stock prices go higher, Gold and Silver often follow along in tandem, and that was the case on Tuesday. Gold closed the day higher by 0.76% at $4,556, while Silver was last seen at $72,74, higher by 0.18%. This comes after it was reported that Central Banks from around the world were net sellers of gold in March, with a stunning 30 tonnes of outflows.
Crypto:
The cryptocurrency market surged, with Bitcoin (BTC) breaking above $80,000 for the first time in three months and reaching $81,500. The rally was powered by more than $500 million in fresh inflows into spot Bitcoin ETFs, robust institutional buying, and growing investor appetite for higher-risk altcoins. The bullish momentum held steady despite persistent geopolitical tensions in the Middle East. At 8 AM EDT, Bitcoin traded at $82,490, while Ethereum was quoted at $2,411.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday, May 6, 2026.
Upgrades: Advanced Micro Devices (NASDAQ: AMD | AMD Price Prediction) was upgraded to Buy from Neutral at Goldman Sachs, which launched the target price for the chip giant to $450 from $240. American Eagle Outfitters (NYSE: AEO) was upgraded to Equal Weight from Underweight at Barclays, with a $19 target price. LCI Industries (NYSE: LCII) was raised to Buy from Neutral at Roth Capital, which has a $164 target price for the shares. GlobalFoundries (NYSE: GFS) was raised to Positive from Neutral at Susquehanna, which doubled the target price for the shares to $100 from $50. Palantir Technologies (NASDAQ: PLTR) was raised to Buy from Hold at Argus, which has a $190 target price objective. Downgrades: Abercrombie & Fitch (NYSE: ANF) was downgraded to Underweight from Equal Weight at Barclays, which cut the target price for the retailer to $76 from $95. Coupang (NYSE: CPNG) was downgraded to Neutral from Buy at Citigroup, which trimmed the target price for the stock to $22.20 from $23. IAC (NYSE: IAC) was downgraded to Hold from Buy at Jefferies, which stays with a $44 target price for the company. Reddit (NYSE: RDDT) was downgraded to Accumulate from Buy at Phillip Securities, which dropped the target price for the stock to $200 from $240. TopBuild (NYSE: BLD) was cut to Hold from Buy at Loop Capital, which kept a $485 target price for the shares. Initiations: Celsius Holdings (NASDAQ: CELH) was initiated with a Neutral rating at Rothschild & Co Redburn, which has a $47 target price for the company. Dakota Gold (NYSE: DC) was initiated with an Outperform rating at CIBC, with an $11 target price.
Kymera Therapeutics (NASDAQ: KYMR) was started with a Buy rating at Canaccord, with a $106 target price. Merck & Co (NYSE: MRK) was reinstated with a Neutral rating at Citigroup, which has a $125 target price for the pharmaceutical giant.
Explore the exciting world of TopBuild (BLD +0.48%) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities!
*Stock prices used were the prices of March 11, 2026. The video was published on May 7, 2026.
Anand Chokkavelu has no position in any of the stocks mentioned. Jason Hall has no position in any of the stocks mentioned. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends TopBuild. The Motley Fool has a disclosure policy.
BALA CYNWYD, Pa. , May 18, 2026 (GLOBE NEWSWIRE) -- Brodsky and Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky@brodskysmith. com) or Marc Ackerman (mackerman@brodskysmith. com) at 855-576-4847.
On May 20, 2026, TopBuild Corp BLD shares rose 3.6% to a current price of $412.64. This movement comes amid a challenging month where the stock has dropped 15.8%. Over the past year, however, BLD has seen significant growth of 41.7%, with its shares ranging from a 52-week high of $559.47 to a low of $273.87.
GF Value™ verdict: Current price of $412.64 is 7.7% below the GF Value™ of $447.10.GF Score™ of 95/100 indicates a strong overall performance.Notable signal: The momentum rank of 8/10 suggests positive price movement trends. Is BLD Overvalued or Undervalued? With a current price of $412.64 and a GF Value™ of $447.10, TopBuild Corp is considered 7.7% undervalued. This margin of safety presents an opportunity for potential investors to acquire shares at a price below their calculated intrinsic value. The GF Valuation label indicates that the stock is fairly valued, suggesting that while there is room for appreciation, caution is warranted, especially in light of recent price volatility.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current market dynamics, the undervaluation signals an opportunity, yet investors should consider the broader economic environment and any potential risks that may affect future performance.
How Does BLD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 23.2x 18.9x Forward P/E 22.6x N/A The current P/E ratio of 23.2x is notably above its 5-year median of 18.9x, indicating that the stock is trading at a higher valuation compared to its historical levels. This trend aligns with the GF Value™ assessment, suggesting that while the stock may be undervalued based on intrinsic metrics, the higher P/E ratio raises questions about its sustainability and suggests a potential overvaluation in the market's eyes.
What Does BLD's GF Score™ Tell Us? Metric Rating GF Score™ 95 Financial Strength 5/10 Profitability 9/10 Growth 10/10 Valuation 10/10 Momentum 8/10 TopBuild Corp's GF Score™ of 95/100 reflects a robust overall performance, particularly highlighted by its perfect Growth and Valuation ranks of 10/10. However, the Financial Strength rank of 5/10 suggests that there are areas for improvement, indicating that while the company has strong profit margins and growth potential, it may not be as resilient in terms of financial stability. The momentum rank of 8/10 indicates a positive trend in stock performance, complementing the strong fundamentals.
What Are Insiders Doing with BLD Stock? There have been no insider transactions in the last 3 months for TopBuild Corp, suggesting that insiders may be maintaining their current positions amidst recent price fluctuations. This lack of activity can indicate a neutral stance from management, possibly reflecting confidence in the company's long-term prospects or a wait-and-see approach in light of market conditions.
What This Means for Investors Based on the GF Value™ assessment, TopBuild Corp BLD is currently undervalued, presenting a potential opportunity for investors looking for stocks trading below their intrinsic value. However, the elevated P/E ratio and the absence of insider transactions suggest that potential investors should proceed with caution, considering both the inherent risks and the broader market context.
For the complete analysis, visit the TopBuild Corp BLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is BLD's GF Score™?
TopBuild Corp has a GF Score™ of 95/100, indicating a strong overall performance based on key financial metrics.
Is BLD overvalued or undervalued?
BLD is currently undervalued, with a GF Value™ of $447.10 compared to its current price of $412.64, suggesting a margin of safety.
What is BLD's P/E ratio?
BLD's P/E (TTM) is 23.2x, which is above its 5-year median of 18.9x, indicating a higher valuation compared to its historical levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
$HAREHOLDER ALERT: The M&A Class Action Firm Continues to Investigate the Merger--CCRN, EEX, BLD, and QXO PR Newswire
NEW YORK, May 20, 2026
, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating
Cross Country Healthcare, Inc. (NASDAQ: CCRN) related to its sale to KL Criss Cross Intermediate, LLC. Under the terms of the proposed transaction Cross Country shareholders are expected to receive $13.25 per share in cash.Click here for more information https://monteverdelaw.com/case/cross-country-healthcare-inc/. It is free and there is no cost or obligation to you.
Emerald Holding, Inc. (NYSE: EEX) related to its sale to affiliates of Apollo Global Management, Inc. Under the terms of the proposed transaction Emerald shareholders are expected to receive $5.03 per share in cash.Click here for more information https://monteverdelaw.com/case/emerald-holding-inc/. It is free and there is no cost or obligation to you.
TopBuild Corp. (NYSE: BLD) related to its sale to QXO, Inc. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held.Click here for more information https://monteverdelaw.com/case/topbuild-corp/. It is free and there is no cost or obligation to you.
QXO, Inc. (NYSE: QXO) related to its merger with TopBuild, Corp. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held.Click here for more info https://monteverdelaw.com/case/qxo-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hareholder-alert-the-ma-class-action-firm-continues-to-investigate-the-mergerccrn-eex-bld-and-qxo-302778283.html
Are KORE, SEM, BLD, QXO Obtaining Fair Deals for their Shareholders? PR Newswire
NEW YORK, May 25, 2026
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
KORE Group Holdings, Inc. (NYSE: KORE)'s sale to Searchlight Capital Partners, L.P. and Abry Partners for $9.25 per share. If you are a KORE shareholder, click here to learn more about your rights and options.
Select Medical Holdings Corporation (NYSE: SEM)'s sale to a consortium led by Select Medical executives and directors for $16.50 in cash per share. If you are a Select Medical shareholder, click here to learn more about your rights and options.
TopBuild Corp. (NYSE: BLD)'s sale to QXO, Inc. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held. If you are a TopBuild shareholder, click here to learn more about your rights and options.
QXO, Inc. (NYSE: QXO)'s merger with TopBuild Corp. If you are a QXO shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060 [email protected] [email protected]
https://www.halpersadeh.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/are-kore-sem-bld-qxo-obtaining-fair-deals-for-their-shareholders-302781223.html
QXO Building Products QXO is pushing ahead with the financing machinery behind its planned purchase of TopBuild BLD , as a Wells Fargo-led group of banks launched a $3 billion leveraged loan sale tied to the roughly $17 billion acquisition.
The loan is being marketed at about 2.25 percentage points above the benchmark rate, with a discounted price of 99 to 99.5 cents on the dollar, according to the source article. A lender call is scheduled for Monday at 11 a.m. New York time, while commitments are due Thursday at 5 p.m.
For investors, this is where the deal starts to move from headline ambition into balance-sheet reality. The broader financing package includes a $3 billion senior secured term loan facility and a $3 billion bridge loan, while a junk-bond offering could possibly follow to replace the bridge, split into two bonds of about $1.5 billion each. The rest of the acquisition will be funded with cash, preferred equity and common stock, and the deal would make QXO the second-largest publicly traded building products distributor in North America.
$HAREHOLDER ALERT: The M&A Class Action Launches Legal Inquiry for the Merger--AFBI, QXO, BLD, and AVNS PR Newswire
NEW YORK, June 1, 2026
, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating
Affinity Bancshares, Inc. (NASDAQ: AFBI) related to its sale to Fidelity Bancshares (N.C.), Inc. Under the terms of the proposed transaction, Affinity shareholders are expected to receive $23.00 per share in cash.ACT NOW. The Shareholder Vote is scheduled for July 7, 2026.
Click here for more information https://monteverdelaw.com/case/affinity-bancshares-inc-2/https://monteverdelaw.com/case/first-foundation-inc/https://monteverdelaw.com/case/compass-inc/https://monteverdelaw.com/case/verint-systems-inc/https://monteverdelaw.com/case/wk-kellogg-co/https://monteverdelaw.com/case/dnow-inc/. It is free and there is no cost or obligation to you.
QXO, Inc. (NYSE: QXO) related to its merger with TopBuild, Corp. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held.ACT NOW. The Shareholder Vote is scheduled for June 29, 2026.
Click here for more information https://monteverdelaw.com/case/qxo-inc/https://monteverdelaw.com/case/dennys-corporation/. It is free and there is no cost or obligation to you.
TopBuild Corp. (NYSE: BLD) related to its sale to QXO, Inc. Under the terms of the proposed transaction, TopBuild shareholders will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock for each TopBuild share held.ACT NOW. The Shareholder Vote is scheduled for June 29, 2026.
Click here for more information https://monteverdelaw.com/case/topbuild-corp/https://monteverdelaw.com/case/waters-corporation/https://monteverdelaw.com/case/guaranty-bancshares-inc/. It is free and there is no cost or obligation to you.
Avanos Medical, Inc. (NYSE: AVNS) related to its sale to affiliates of American Industrial Partners. Under the terms of the proposed transaction, Avanos shareholders will receive $25.00 per share in cash.Click here for more info https://monteverdelaw.com/case/avanos-medical-inc/https://monteverdelaw.com/case/sila-realty-trust-inc/https://monteverdelaw.com/case/sila-realty-trust-inc/https://monteverdelaw.com/case/tri-pointe-homes-inc/https://monteverdelaw.com/case/applied-therapeutics-inc/https://monteverdelaw.com/case/first-savings-financial-group-inc/https://monteverdelaw.com/case/sketchers-u-s-a-inc/https://monteverdelaw.com/case/aimei-health-technology-co-ltd/https://monteverdelaw.com/case/gms-inc/. It is free and there is no cost or obligation to you.
NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:
Do you file class actions and go to Court?When was the last time you recovered money for shareholders?What cases did you recover money in and how much?About Monteverde & Associates PC
Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.
No company, director or officer is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.
Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America [email protected]
Tel: (212) 971-1341
Attorney Advertising. (C) 2026 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hareholder-alert-the-ma-class-action-launches-legal-inquiry-for-the-mergerafbi-qxo-bld-and-avns-302787424.html
It has been about a month since the last earnings report for TopBuild (BLD - Free Report) . Shares have lost about 6.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is TopBuild due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
TopBuild Q1 Earnings Beat Estimates on Acquisition-Led Sales GrowthTopBuild delivered a first-quarter 2026 earnings beat as acquisition-led growth more than offset softer residential demand and pricing pressure. Earnings of $3.75 per share beat the Zacks Consensus Estimate of $3.64 by 3% and declined 11.8% year over year.
Net sales climbed 17.2% year over year to $1.45 billion and topped the consensus mark of $1.41 billion by 2.5%. A key operating signal this quarter was the sales bridge; acquisitions added 24.3% to growth, while volume and price were down 5.5% and 1.6%, respectively.
BLD’s Sales Growth Powered by M&AManagement specifically cited the 2025 acquisitions of SPI and Progressive Roofing as the main drivers, helping the company push through a challenging backdrop in residential and light commercial new construction.
The revenue mix also tilted toward heavier commercial activity. Sales in Commercial/Industrial markets increased to $736.8 million compared with $463.5 million in the prior-year quarter, while Residential sales fell to $709.1 million from $769.8 million. That shift matters because it underscores how much of the quarter’s growth came from acquisitions and market exposure changes, not organic volume.
TopBuild’s Margin Profile Softer on Volume and PricingTopBuild’s gross profit was $400.3 million, up from $351.5 million a year ago, but gross margin contracted 80 basis points to 27.7%. The company attributed the decline primarily to lower sales volume and lower customer pricing.
SG&A expenses rose to $225.2 million from $174.0 million, pushing SG&A as a percentage of sales up to 15.6% from 14.1%. The higher cost burden reflected incremental expenses from acquisitions, including intangible amortization, which also weighed on year-over-year profitability.
BLD’s Segment Picture Showed a Clear SplitBy segment, Installation Services sales increased 4.3% year over year to $777.3 million. The company noted that acquisitions added 16.9% to the segment’s growth, but this was more than offset by a 9.8% decline in volume and a 2.9% impact from lower selling prices.
Specialty Distribution was the growth engine. Segment sales jumped 31.7% to $737.1 million, driven by a 31.1% lift from acquisitions, with modest contributions from price (up 0.3%) and volume (up 0.3%). Even with the strong sales print, segment operating margin slipped to 10.9% from 12.3%, largely due to acquisition-related SG&A and amortization.
BLD’s Cash Flow, Liquidity, and Capital PrioritiesBLD generated $160.7 million in operating cash flow, up from $152.6 million in the prior-year quarter, supported by working-capital benefits (notably accounts payable), partially offset by lower net income. Investing cash outflows rose to $41.5 million, driven by $27.9 million of acquisition spending and $14.0 million of capital expenditures.
As of March 31, 2026, TopBuild had $268.8 million in cash and cash equivalents and $934.1 million of availability under its revolving facility, for total liquidity of about $1.20 billion. Management also reiterated that M&A remains a priority and said it completed four acquisitions to date in 2026 that collectively add more than $80 million in annual revenues, while highlighting progress on SPI integration and synergy targets.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
VGM ScoresCurrently, TopBuild has a average Growth Score of C, a score with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, TopBuild has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
GREENWICH, Conn. & DAYTONA BEACH, Fla.--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) (“QXO”) and TopBuild Corp. (NYSE: BLD) (“TopBuild”) today announced that the deadline for TopBuild stockholders of record to elect the form of consideration that they wish to receive in connection with the acquisition of TopBuild by QXO (the “Mergers”) is 5:00 p.m., Eastern Time on June 29, 2026 (such deadline, as it may be extended, the “Election Deadline”). As further described in the election materials and in the.
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of TopBuild Corp. (NYSE: BLD) to QXO, Inc. (NYSE: QXO). Under the terms of the proposed transaction, shareholders of TopBuild will have the right to elect to receive $505.00 in cash or 20.2 shares of QXO common stock (subject to proration), for each share of TopBuild that they own. KSF is seeking to de.