Track market-moving stories before they get noisy

Bank of New York Mellon Corp bought a new stake in shares of Installed Building Products, Inc. (NYSE:IBP – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 164,338 shares of the construction company’s stock, valued at approximately $37,771,000. Bank of New York Mellon Corp owned about 0.61% of Installed Building Products as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Danske Bank A S bought a new position in shares of Installed Building Products in the 3rd quarter valued at about $25,000. NewEdge Advisors LLC increased its stake in Installed Building Products by 5,000.0% during the third quarter. NewEdge Advisors LLC now owns 102 shares of the construction company’s stock worth $25,000 after acquiring an additional 100 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Installed Building Products during the first quarter valued at approximately $30,000. Northwestern Mutual Wealth Management Co. raised its position in Installed Building Products by 700.0% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 152 shares of the construction company’s stock valued at $37,000 after purchasing an additional 133 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Installed Building Products by 446.7% in the 1st quarter. Parallel Advisors LLC now owns 164 shares of the construction company’s stock valued at $44,000 after purchasing an additional 134 shares during the last quarter. Institutional investors own 99.61% of the company’s stock.

Insider Buying and Selling at Installed Building Products In other news, CFO Michael Thomas Miller purchased 990 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $200.62 per share, with a total value of $198,613.80. Following the transaction, the chief financial officer owned 34,209 shares of the company’s stock, valued at $6,863,009.58. This represents a 2.98% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 13.80% of the company’s stock.

Analyst Ratings Changes A number of brokerages recently issued reports on IBP. Stephens lowered their price target on Installed Building Products from $300.00 to $240.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Truist Financial reduced their target price on shares of Installed Building Products from $250.00 to $200.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. Zacks Research upgraded shares of Installed Building Products from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. DA Davidson lifted their price target on shares of Installed Building Products from $242.00 to $250.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, Wells Fargo & Company dropped their price target on shares of Installed Building Products from $285.00 to $250.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Installed Building Products currently has a consensus rating of “Hold” and an average price target of $249.30. Check Out Our Latest Stock Analysis on Installed Building Products

Installed Building Products Price Performance Shares of IBP stock opened at $246.12 on Friday. The company has a market capitalization of $6.54 billion, a P/E ratio of 26.49, a P/E/G ratio of 4.52 and a beta of 1.70. The company’s 50-day simple moving average is $232.34 and its two-hundred day simple moving average is $254.77. Installed Building Products, Inc. has a one year low of $193.11 and a one year high of $349.00. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.98 and a quick ratio of 2.41.

Installed Building Products (NYSE:IBP – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The construction company reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.36. The firm had revenue of $777.80 million during the quarter, compared to the consensus estimate of $743.33 million. Installed Building Products had a net margin of 8.46% and a return on equity of 42.12%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.95 earnings per share. As a group, equities analysts anticipate that Installed Building Products, Inc. will post 9.82 EPS for the current year.

Installed Building Products Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 15th. Installed Building Products’s dividend payout ratio is currently 16.79%.

(Free Report)

Installed Building Products, Inc (NYSE: IBP) is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.

Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.

Featured Articles Five stocks we like better than Installed Building Products 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude? Okta Stock Surges 29%—Is $200 the Next Stop? Want to see what other hedge funds are holding IBP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Installed Building Products, Inc. (NYSE:IBP – Free Report).

Receive News & Ratings for Installed Building Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Installed Building Products and related companies with MarketBeat.com's FREE daily email newsletter.

Installed Building Products remains rated Hold as residential recovery is unclear and valuation is not compelling. Q2 showed commercial strength, especially from data center demand, and multifamily trends improved, but core residential volume continues to decline. IBP trades at ~22.5x forward PE, reflecting multifamily improvement, but lacks a clear catalyst for further upside without residential recovery.

E. Ohman J or Asset Management AB boosted its position in Installed Building Products, Inc. (NYSE: IBP) by 27.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,711 shares of the construction company's stock after acquiring an additional 3,365 shares during the

Installed Building Products, Inc. (IBP) Q2 2026 Earnings Call August 6, 2026 10:00 AM EDT

Company Participants

Ryan Ricketts - Director of Investor Relations & Financial Planning
Jeffrey Edwards - Chairman, CEO & President
Michael Miller - CFO, Executive VP of Finance & Director
Brad Wheeler - Chief Operating Officer

Conference Call Participants

Susan Maklari - Goldman Sachs Group, Inc., Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Philip Ng - Jefferies LLC, Research Division
Keith Hughes - Truist Securities, Inc., Research Division
Ethan Roberts - Stephens Inc., Research Division
Kenneth Zener - Seaport Research Partners
Michael Dahl - RBC Capital Markets, Research Division
Adam Baumgarten - Vertical Research Partners, LLC
Kurt Yinger - D.A. Davidson & Co., Research Division

Presentation

Operator

Greetings. Welcome to the Installed Building Products Second Quarter 2026 Financial Results Conference Call.

[Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Ryan Ricketts, Managing Director, Investor Relations. Thank you, Ryan. You may begin.

Ryan Ricketts
Director of Investor Relations & Financial Planning

Good morning, and welcome to Installed Building Products second quarter 2026 earnings conference call.

Earlier today, we issued a press release on our financial results for the 2026 second quarter, which can be found in the Investor Relations section of our website.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based on management's current beliefs and expectations and are subject to factors that could cause actual results to differ materially from those described today. Please refer to our SEC filings for cautionary statements and risk factors. We undertake no duty or obligation to update any forward-looking statement as a result of new information or future events, except as required by federal

COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the "Company" or "IBP") (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights (Comparisons are to Prior Year Period)

Net revenue increased 2.3% to a record second quarter of $777.8 million Installation revenue decreased 0.7% to $710.7 million, including sales from IBP's recent acquisitions Other revenue, net of eliminations, which includes IBP’s manufacturing and distribution operations, increased 50.4% to $67.1 million Net income of $64.9 million Adjusted EBITDA* of $130.9 million Net income per diluted share of $2.43 Adjusted net income* was $77.8 million, or $2.91 per diluted share At June 30, 2026, IBP had $394.5 million in cash and cash equivalents Repurchased approximately 365 thousand shares of common stock at a total cost of approximately $76.2 million Declared second quarter dividend of $0.39 per share that was paid to shareholders on June 30, 2026 Recent Developments

IBP’s Board of Directors declared the third quarter regular cash dividend of $0.39 per share, representing more than a 5% increase to the Company's regular dividend in the prior year period “Our team continued to execute well during the second quarter, working closely with our customers to navigate a challenging residential housing backdrop, while maintaining the high level of service they expect from IBP. We delivered positive consolidated revenue growth, supported by the contribution from recent acquisitions and growth within our heavy and light commercial business. These results demonstrate the value of our diversified operating platform and the multiple avenues available to support growth across varying market conditions. We also continued to deploy capital in a disciplined manner to support returns to shareholders, while advancing our growth-oriented acquisition strategy. Although we expect affordability and consumer confidence to continue to weigh on the U.S. residential housing market, we remain focused on controlling what we can control, serving our customers, and positioning IBP for continued long-term growth,” stated Jeff Edwards, Chairman and Chief Executive Officer.

Acquisition Update

During the 2026 second quarter and July 2026, IBP completed the following acquisitions and two bolt-ons, which added approximately $30 million of annual revenue:

Close

Date

Acquisition

Core

End Market (1)

Primary Product Category

Approximate

Annual Sales

May 2026

Diamond Energy Systems, Inc.

Com. + Ind.

Mechanical insulation

$12 million

Jul. 2026

Harkraft, Inc.

Res.

Shower doors, shelving, mirrors, and accessories

$7 million

Jul. 2026

Builders Hardware of South Carolina, Inc.

Res.

Door, bath, and fencing hardware

$7 million

Year to date we have acquired approximately $59 million in revenue and continue to believe we will acquire at least $100 million in revenue in 2026.

2026 Third Quarter Regular Cash Dividend

IBP’s Board of Directors has approved the Company’s quarterly cash dividend of $0.39 per share, payable on September 30, 2026, to stockholders of record on September 15, 2026. The third quarter regular cash dividend represents an over 5% increase from last year's third quarter cash dividend payment.

Share Repurchases

During the three months ended June 30, 2026, IBP repurchased approximately 365 thousand shares of its common stock at a total cost of $76.2 million. At June 30, 2026, the Company had $398 million available under its stock repurchase program, which expires March 1, 2027.

Second Quarter 2026 Results Overview

For the second quarter of 2026, net revenue was $777.8 million, an increase of 2.3% from $760.3 million for the second quarter of 2025. On a consolidated same branch basis, net revenue decreased 0.6% from the prior year quarter. Residential same branch sales within the Company's Installation segment were down 6.1% in the quarter while commercial same branch sales within the Installation segment were up 10.4% from the prior year quarter.

Our price/mix results increased 0.7% during the second quarter and job volumes were down 5.2% relative to the same period last year. It is important to note that the results of our heavy commercial end market and the Other segment results are not included in that price/mix and volume disclosure. Including the heavy commercial installation sales, but still excluding the Other segment results, price mix increased 2.5% while job volume was down 4.9% during the 2026 second quarter.

Gross profit decreased 0.4% to $258.9 million in the second quarter of 2026 from $259.9 million in the prior year quarter. As a percent of net revenue, gross profit was 33.3% and adjusted gross profit* was 33.3%, compared to 34.2% in the same period last year. Adjusted gross profit primarily adjusts for the Company's share-based compensation expense. Gross profit margin was reduced by the higher relative mix of the Other segment compared to the Installation segment. Gross margin in the second quarter of 2026 was 36.5% in the Installation segment and 24.7% in the Other segment. Additionally, higher fuel expense as a percent of net revenue served as a notable headwind to our second quarter 2026 adjusted gross profit margin* performance relative to the prior year period.

Selling and administrative expense, as a percent of total revenue, was 19.8% in the second quarter of 2026 and 19.6% in the prior year period. Adjusted selling and administrative expense*, as a percent of net revenue, was 18.9% compared to 18.8% in the prior year quarter. Administrative expense as a percent of net revenue was primarily impacted by higher medical insurance relative to the prior year.

Net income was $64.9 million, or $2.43 per diluted share, compared to $69.0 million, or $2.52 per diluted share in the prior year quarter. Net profit margin for the second quarter was 8.3% compared to 9.1% in the prior year quarter. Adjusted net income* was $77.8 million, or $2.91 per diluted share, compared to $80.8 million, or $2.95 per diluted share in the prior year quarter. Adjusted net profit margin* for the second quarter was 10.0% compared to 10.6% in the prior year quarter. Adjusted net income accounts for the impact of non-core items in both periods, including an addback for non-cash amortization expense related to acquisitions.

EBITDA* in the second quarter of 2026 was $124.0 million, a 3.3% decrease from $128.2 million in the prior year quarter. Adjusted EBITDA* was $130.9 million, a 2.3% decrease from the prior year quarter, representing an adjusted EBITDA margin* of 16.9%. In the prior year quarter, adjusted EBITDA* was $134.0 million, representing an adjusted EBITDA margin* of 17.6%.

Conference Call and Webcast

The Company will host a conference call and webcast on August 6, 2026 at 10:00 a.m. Eastern Time to discuss these results. To participate in the call, please dial 877-407-0792 (domestic) or 201-689-8263 (international). The live webcast will be available at www.installedbuildingproducts.com in the investor relations section. A replay of the conference call will be available through August 20, 2026 by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 13760723.

Alternatively, participants can register for the call 15 minutes prior to the event by using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

About Installed Building Products

Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 250 branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the housing market and the commercial market, our operations, industry and economic conditions, our financial and business model, payment of dividends, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions and the expected amount of acquired revenue, our ability to improve sales and profitability, and expectations for demand for our services and our earnings. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the material price and supply environment; increased tariffs; federal government shutdowns and uncertainty regarding the federal government's policy changes; geopolitical conflicts; the timing of increases in our selling prices; the risk that the Company may reduce, suspend or eliminate dividend payments in the future; and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. In addition, any future declaration of dividends will be subject to the final determination of our Board of Directors. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.

*Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by net revenue), Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit and Adjusted Selling and Administrative expense. The reasons for the use of these measures, reconciliations of EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Adjusted Gross Profit, and Adjusted Selling and Administrative expense to the most directly comparable GAAP measures and other information relating to these measures are included below following the unaudited condensed consolidated financial statements. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for IBP’s financial results prepared in accordance with GAAP.

INSTALLED BUILDING PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(unaudited, in millions, except share and per share amounts)

  Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net revenue

$

777.8

$

760.3

$

1,438.3

$

1,445.1

Cost of sales

518.9

500.4

967.1

961.5

Gross profit

258.9

259.9

471.2

483.6

Operating expenses

Selling

36.6

35.7

70.6

71.1

Administrative

117.2

113.1

227.4

221.5

Amortization

10.5

10.1

21.0

20.2

Operating income

94.6

101.0

152.2

170.8

Other expense, net

Interest expense, net

10.5

8.3

20.8

16.6

Other (income)

(1.0

)

(0.7

)

(0.8

)

(0.5

)

Income before income taxes

85.1

93.4

132.2

154.7

Income tax provision

20.2

24.4

32.5

40.3

Net income

$

64.9

$

69.0

$

99.7

$

114.4

Other comprehensive income (loss), net of tax:

Net change on cash flow hedges, net of tax (provision) benefit of $(0.3) and $1.4 for the three months ended June 30, 2026 and 2025, respectively, $(0.5) and $3.2 for the six months ended June 30, 2026 and 2025, respectively.

1.0

(4.1

)

1.3

(9.4

)

Comprehensive income

$

65.9

$

64.9

$

101.0

$

105.0

Earnings Per Share:

Basic

$

2.44

$

2.53

$

3.73

$

4.17

Diluted

$

2.43

$

2.52

$

3.71

$

4.15

Weighted average shares outstanding:

Basic

26,634,628

27,323,118

26,716,160

27,420,268

Diluted

26,711,418

27,403,669

26,837,923

27,549,791

Cash dividends declared per share

$

0.39

$

0.37

$

2.58

$

2.44

INSTALLED BUILDING PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited, in millions, except share and per share amounts)

  June 30,

December 31,

2026

2025

ASSETS

Current assets

Cash and cash equivalents

$

394.5

$

321.9

Accounts receivable (less allowance for credit losses of $15.1 and $13.9 at June 30, 2026 and December 31, 2025, respectively)

469.6

444.1

Inventories

223.5

203.0

Prepaid expenses and other current assets

68.2

73.6

Total current assets

1,155.8

1,042.6

Property and equipment, net

196.4

183.3

Operating lease right-of-use assets

117.3

98.7

Goodwill

469.8

450.4

Customer relationships, net

175.4

172.2

Other intangibles, net

92.8

89.3

Other non-current assets

43.7

31.5

Total assets

$

2,251.2

$

2,068.0

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Current maturities of long-term debt

$

34.7

$

36.6

Current maturities of operating lease obligations

42.0

37.0

Current maturities of finance lease obligations

4.3

2.7

Accounts payable

151.7

119.0

Accrued compensation

65.4

69.5

Other current liabilities

89.3

79.4

Total current liabilities

387.4

344.2

Long-term debt

1,027.5

850.0

Operating lease obligations

82.3

61.4

Finance lease obligations

6.4

4.0

Deferred income taxes

24.6

24.7

Other long-term liabilities

83.5

73.8

Total liabilities

1,611.7

1,358.1

Commitments and contingencies

Stockholders’ equity

Preferred Stock; $0.01 par value: 5,000,000 authorized and 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

—

—

Common stock; $0.01 par value: 100,000,000 authorized, 33,941,274 and 33,837,379 issued and 26,579,168 and 26,975,227 shares outstanding at June 30, 2026 and December 31, 2025, respectively

0.3

0.3

Additional paid in capital

297.8

284.1

Retained earnings

1,073.5

1,043.4

Treasury stock; at cost: 7,362,106 and 6,862,152 shares at June 30, 2026 and December 31, 2025, respectively

(755.5

)

(640.0

)

Accumulated other comprehensive income

23.4

22.1

Total stockholders’ equity

639.5

709.9

Total liabilities and stockholders’ equity

$

2,251.2

$

2,068.0

INSTALLED BUILDING PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

  Six months ended June 30,

2026

2025

Cash flows from operating activities

Net income

$

99.7

$

114.4

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization of property and equipment

35.3

32.7

Amortization of operating lease right-of-use assets

19.8

17.9

Amortization of intangibles

21.0

20.2

Amortization of deferred financing costs and debt discount

0.9

0.8

Provision for credit losses

3.9

4.0

Write-off of debt issuance costs

1.2

—

Gain on sale of property and equipment

(0.2

)

(0.7

)

Non-cash stock compensation

11.9

11.2

Other, net

(3.5

)

(5.6

)

Changes in assets and liabilities, excluding effects of acquisitions

Accounts receivable

(24.1

)

(16.4

)

Inventories

(19.5

)

3.0

Other assets

0.4

13.1

Accounts payable

30.4

4.5

Income taxes receivable/payable

3.4

—

Other liabilities

(9.5

)

(16.6

)

Net cash provided by operating activities

171.1

182.5

Cash flows from investing activities

Purchases of property and equipment

(33.5

)

(35.8

)

Acquisitions of businesses, net of cash acquired of $- in 2026 and 2025, respectively

(47.7

)

(11.3

)

Proceeds from sale of property and equipment

0.8

1.2

Settlements with interest rate swap counterparties

—

6.9

Other

(2.4

)

(4.2

)

Net cash used in investing activities

$

(82.8

)

$

(43.2

)

Six months ended June 30,

2026

2025

Cash flows from financing activities

Proceeds from Senior Notes

$

500.0

$

—

Payments on Senior Notes

(300.0

)

—

Payments on Term Loan

(2.5

)

(2.5

)

Proceeds from vehicle and equipment notes payable

—

18.1

Debt issuance costs

(9.1

)

—

Principal payments on long-term debt

(16.3

)

(14.8

)

Principal payments on finance lease obligations

(1.9

)

(1.4

)

Dividends paid

(69.8

)

(67.7

)

Acquisition-related obligations

(1.3

)

(1.5

)

Repurchase of common stock

(101.7

)

(83.5

)

Surrender of common stock awards by employees

(13.1

)

(8.4

)

Net cash used in financing activities

(15.7

)

(161.7

)

Net change in cash and cash equivalents

72.6

(22.4

)

Cash and cash equivalents at beginning of period

321.9

327.6

Cash and cash equivalents at end of period

$

394.5

$

305.2

Supplemental disclosures of cash flow information

Net cash paid during the period for:

Interest

$

24.4

$

20.5

Income taxes, net of refunds (1)

36.5

36.6

Supplemental disclosures of non-cash activities

Right-of-use assets and leasehold improvements obtained in exchange for operating lease obligations

$

43.3

$

22.9

Property and equipment obtained in exchange for finance lease obligations

6.0

0.3

Seller obligations in connection with acquisition of businesses

5.0

1.7

Unpaid purchases of property and equipment included in accounts payable

2.6

4.2

Accrued excise tax on common stock repurchases

0.8

0.6

INSTALLED BUILDING PRODUCTS, INC.

SEGMENT INFORMATION

(unaudited, in millions)

Information on Segments

Our Company has three operating segments consisting of Installation, Distribution and Manufacturing. The Other category reported below reflects the operations of our Distribution and Manufacturing operating segments. The following tables represent our segment information for the three and six months ended June 30, 2026 and 2025 (in millions):

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Installation segment revenue

$

710.7

$

715.6

$

1,320.5

$

1,362.8

Installation segment cost of sales (1)

451.2

450.1

844.7

867.8

Installation segment gross profit

$

259.5

$

265.5

$

475.8

$

495.0

Installation segment gross profit percentage

36.5

%

37.1

%

36.0

%

36.3

%

Other gross profit percentage

24.7

%

23.0

%

25.2

%

24.2

%

Total consolidated gross percentage, as reported

33.3

%

34.2

%

32.8

%

33.5

%

The reconciliation of Installation revenue and segment gross profit for each period as shown in the table above to consolidated net revenue and income before income taxes is as follows (in millions):

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Reconciliation of revenue:

Installation segment revenue

$

710.7

$

715.6

$

1,320.5

$

1,362.8

Other revenue (1)

90.2

56.7

158.6

100.6

Elimination of inter-segment revenue

(23.1

)

(12.0

)

(40.8

)

(18.3

)

Total consolidated net revenue

$

777.8

$

760.3

$

1,438.3

$

1,445.1

Reconciliation of segment gross profit:

Installation segment gross profit

$

259.5

$

265.5

$

475.8

$

495.0

Other gross profit (1)

22.3

13.0

40.0

24.3

Elimination of inter-segment gross profit

(6.4

)

(3.4

)

(11.8

)

(5.3

)

Less:

Depreciation and amortization

16.5

15.2

32.8

30.4

Total consolidated gross profit, as reported

258.9

259.9

471.2

483.6

Operating expenses

164.3

158.9

319.0

312.8

Operating income

94.6

101.0

152.2

170.8

Other expense, net

9.5

7.6

20.0

16.1

Income before income taxes

$

85.1

$

93.4

$

132.2

$

154.7

INSTALLED BUILDING PRODUCTS, INC.

REVENUE BY END MARKET

(unaudited, in millions)

  Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Installation

Residential new construction

$

522.6

67

%

$

548.8

72

%

$

965.9

67

%

$

1,043.2

72

%

Repair and remodel

47.1

6

%

43.2

6

%

88.2

6

%

85.6

6

%

Commercial

141.0

18

%

123.6

16

%

266.4

19

%

234.0

16

%

Net revenue - Installation

$

710.7

91

%

$

715.6

94

%

1,320.5

92

%

1,362.8

94

%

Other

67.1

9

%

44.7

6

%

117.8

8

%

82.3

6

%

Net revenue, as reported

$

777.8

100

%

$

760.3

100

%

$

1,438.3

100

%

$

1,445.1

100

%

Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Gross Profit and Adjusted Selling and Administrative Expense measure performance by adjusting GAAP net income, EBITDA, gross profit and selling and administrative expense, respectively, for certain income or expense items that are not considered part of our core operations. We believe that the presentation of these measures provides useful information to investors regarding our results of operations because it assists both investors and us in analyzing and benchmarking the performance and value of our business.

We believe the Adjusted EBITDA measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of our capital structure (primarily interest expense), asset base (primarily depreciation and amortization), items outside our control (primarily income taxes) and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. In addition, we use various EBITDA-based measures in determining the achievement of awards under certain of our incentive compensation programs. Other companies may define Adjusted EBITDA differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted EBITDA may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

Although we use the Adjusted EBITDA measure to assess the performance of our business, the use of the measure is limited because it does not include certain material expenses, such as interest and taxes, necessary to operate our business. Adjusted EBITDA should be considered in addition to, and not as a substitute for, GAAP net income as a measure of performance. Our presentation of this measure should not be construed as an indication that our future results will be unaffected by unusual or non-recurring items. This measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, this measure is not intended as an alternative to net income as an indicator of our operating performance, as an alternative to any other measure of performance in conformity with GAAP or as an alternative to cash flow provided by operating activities as a measure of liquidity. You should therefore not place undue reliance on this measure or ratios calculated using this measure.

We also believe the Adjusted Net Income measure is useful to investors and us as a measure of comparative operating performance from period to period as it measures our changes in pricing decisions, cost controls and other factors that impact operating performance, and removes the effect of certain non-core items such as discontinued operations, acquisition related expenses, amortization expense, the tax impact of these certain non-core items, and the volatility related to the timing and extent of other activities such as asset impairments and non-core income and expenses. To make the financial presentation more consistent with other public building products companies, beginning in the fourth quarter 2016 we included an addback for non-cash amortization expense related to acquisitions. Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other companies may define Adjusted Net Income differently and, as a result, our measure may not be directly comparable to measures of other companies. In addition, Adjusted Net Income may be defined differently for purposes of covenants contained in our revolving credit facility or any future facility.

INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED NET INCOME CALCULATIONS

(unaudited, in millions, except share and per share amounts)

The tables below reconcile Adjusted Net Income to the most directly comparable GAAP financial measure, net income, for the periods presented therein. We have included Adjusted Net Income in this press release because it is a key measure used by our management team to understand the operating performance and profitability of our business.

Per share figures may reflect rounding adjustments and consequently totals may not appear to sum.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income, as reported

$

64.9

$

69.0

$

99.7

$

114.4

Adjustments for adjusted net income

Share-based compensation expense

6.2

5.3

11.9

11.2

Acquisition related expenses

0.7

0.5

1.7

1.0

Amortization expense (1)

10.5

10.1

21.0

20.2

Loan refinancing expenses (2)

—

—

1.2

—

Tax impact of adjusted items at a normalized tax rate (3)

(4.5

)

(4.1

)

(9.3

)

(8.4

)

Adjusted net income

$

77.8

$

80.8

$

126.2

$

138.4

Weighted average shares outstanding (diluted)

26,711,418

27,403,669

26,837,923

27,549,791

Diluted net income per share, as reported

$

2.43

$

2.52

$

3.71

$

4.15

Adjustments for diluted adjusted net income, net of tax impact, per share (4)

0.48

0.43

0.99

0.87

Diluted adjusted net income per share

$

2.91

$

2.95

$

4.70

$

5.02

(1)

Addback of all non-cash amortization resulting from business combinations.

  (2)

Includes $1.2 million of non-cash write-off of capitalized loan expense in connection with loan refinancing for the six months ended June 30, 2026.

  (3)

Normalized effective tax rate of 26.0% applied to periods presented.

  (4)

Includes adjustments related to the items noted above, net of tax.

INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED GROSS PROFIT CALCULATIONS

(unaudited, in millions)

The table below reconciles Adjusted Gross Profit to the most directly comparable GAAP financial measure, gross profit, for the periods presented therein.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Gross profit

$

258.9

$

259.9

$

471.2

$

483.6

Share-based compensation expense

0.3

0.3

0.6

0.6

Adjusted gross profit

$

259.2

$

260.2

$

471.8

$

484.2

Gross profit margin

33.3

%

34.2

%

32.8

%

33.5

%

Adjusted gross profit margin

33.3

%

34.2

%

32.8

%

33.5

%

INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

ADJUSTED SELLING AND ADMINISTRATIVE EXPENSE CALCULATIONS

(unaudited, in millions)

The table below reconciles Adjusted Selling and Administrative expense to the most directly comparable GAAP financial measure, selling and administrative expense, for the periods presented therein.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Selling expense

$

36.6

$

35.7

$

70.6

$

71.1

Administrative expense

117.2

113.1

227.4

221.5

Selling and Administrative expense, as reported

153.8

148.8

298.0

292.6

Share-based compensation expense

5.9

5.0

11.3

10.6

Acquisition related expenses

0.7

0.5

1.7

1.0

Adjusted Selling and Administrative expense

$

147.2

$

143.3

$

285.0

$

281.0

Selling and Administrative expense - % Net revenue

19.8

%

19.6

%

20.7

%

20.2

%

Adjusted Selling and Administrative expense - % Net revenue

18.9

%

18.8

%

19.8

%

19.4

%

INSTALLED BUILDING PRODUCTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

EBITDA AND ADJUSTED EBITDA CALCULATIONS

(unaudited, in millions)

The tables below reconcile EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income, for the periods presented therein.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income, as reported

$

64.9

$

69.0

$

99.7

$

114.4

Interest expense

10.5

8.3

20.8

16.6

Provision for income tax

20.2

24.4

32.5

40.3

Depreciation and amortization

28.4

26.5

56.4

52.9

EBITDA

124.0

128.2

209.4

224.2

Acquisition related expenses

0.7

0.5

1.7

1.0

Share-based compensation expense

6.2

5.3

11.9

11.2

Adjusted EBITDA

$

130.9

$

134.0

$

223.0

$

236.4

Net profit margin

8.3

%

9.1

%

6.9

%

7.9

%

EBITDA margin

15.9

%

16.9

%

14.6

%

15.5

%

Adjusted EBITDA margin

16.9

%

17.6

%

15.5

%

16.4

%

INSTALLED BUILDING PRODUCTS, INC.

SUPPLEMENTARY TABLE

(unaudited)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Period-over-period Growth

Consolidated Sales Growth

2.3

%

3.1

%

(0.5

)%

1.0

%

Consolidated Same Branch Sales Growth(1)

(0.6

)%

0.7

%

(3.1

)%

(1.7

)%

Installation Segment Sales Growth(2)

Sales Growth

(0.7

)%

2.6

%

(3.1

)%

0.7

%

Residential Sales Growth

(4.8

)%

1.2

%

(7.4

)%

(0.2

)%

Single-Family Sales Growth

(5.7

)%

2.6

%

(7.8

)%

0.9

%

Multi-Family Sales Growth

(1.3

)%

(3.9

)%

(6.0

)%

(4.0

)%

Commercial Sales Growth

14.1

%

10.0

%

13.8

%

3.8

%

Installation Segment Same Branch Sales Growth(1)(2)

Same Branch Sales Growth

(2.3

)%

0.6

%

(4.5

)%

(1.5

)%

Volume Growth, Including Heavy Commercial(3)(4)

(4.9

)%

(2.6

)%

(7.3

)%

(4.3

)%

Price/Mix Growth, Including Heavy Commercial(3)(5)

2.5

%

3.3

%

2.7

%

2.8

%

Volume Growth, Excluding Heavy Commercial(3)(4)

(5.2

)%

(1.1

)%

(7.5

)%

(3.3

)%

Price/Mix Growth, Excluding Heavy Commercial(3)(5)

0.7

%

0.8

%

0.3

%

1.1

%

Residential Same Branch Sales Growth

(6.1

)%

(1.1

)%

(8.5

)%

(2.8

)%

Single-Family Same Branch Sales Growth

(7.2

)%

(0.4

)%

(9.1

)%

(2.3

)%

Multi-Family Same Branch Sales Growth

(1.4

)%

(4.0

)%

(6.2

)%

(4.5

)%

Commercial Same Branch Sales Growth

10.4

%

9.3

%

10.5

%

3.3

%

Other Sales Growth (Net of Eliminations)(6)(7)

Sales Growth

50.4

%

10.8

%

43.2

%

6.4

%

Same Branch Sales Growth (1)

27.7

%

1.5

%

21.2

%

(5.2

)%

U.S. Housing Market Growth(8)

Total Completions Growth

(4.9

)%

(13.1

)%

(9.5

)%

(6.5

)%

Single-Family Completions Growth

(5.8

)%

(9.8

)%

(9.3

)%

(3.4

)%

Multi-Family Completions Growth

(2.8

)%

(19.7

)%

(10.2

)%

(12.2

)%

(1)

Same-branch basis represents period-over-period change in sales for branch locations owned greater than 12 months as of each financial statement date.

(2)

Calculated based on period-over-period change in sales within our Installation segment and its end markets.

(3)

The heavy commercial end market, a subset of our total commercial end market, comprises projects that are much larger than our average installation job. As such, per-job revenue is much larger than the average job in all other end markets.

(4)

Calculated as period-over-period change in the number of completed same-branch jobs within our Installation segment for all markets.

(5)

Defined as change in the mix of products sold and related pricing changes and calculated as the change in period-over-period average selling price per same-branch jobs within our Installation segment for all markets we serve, multiplied by total current year jobs. The mix of end customer and product would have an impact on the year-over-year price per job.

(6)

Calculated based on period-over-period gross sales change, excluding intercompany transactions, in our Other category which consists of our Manufacturing and Distribution operating segments.

(7)

We revised this calculation to exclude certain intercompany sales. Percentages in all periods presented conform to this revised method.

(8)

U.S. Census Bureau data, as revised.

INSTALLED BUILDING PRODUCTS, INC.

INCREMENTAL REVENUE AND ADJUSTED EBITDA MARGINS

(unaudited, in millions)

Revenue Increase

Three months ended June 30,

Six months ended June 30,

2026

% Total

2025

% Total

2026

% Total

2025

% Total

Same Branch

$

(4.5

)

(25.7

)%

$

5.0

22.0

%

$

(44.6

)

NMF

$

(24.0

)

(163.3

)%

Acquired

22.0

125.7

%

17.7

78.0

%

37.8

NMF

38.7

263.3

%

Total

$

17.5

100.0

%

$

22.7

100.0

%

$

(6.8

)

NMF

$

14.7

100.0

%

Adjusted EBITDA Margin Contributions

Three months ended June 30,

Six months ended June 30,

2026

% Margin

2025

% Margin

2026

% Margin*

2025

% Margin

Same Branch (1)

$

(6.3

)

(140.0

)%

$

0.8

16.0

%

$

(18.6

)

(41.7

)%

$

(17.4

)

(72.5

)%

Acquired

3.2

14.5

%

3.3

18.6

%

5.2

13.8

%

6.7

17.3

%

Total

$

(3.1

)

NMF

$

4.1

18.1

%

$

(13.4

)

NMF

$

(10.7

)

NMF

More News From Installed Building Products, Inc.

The market expects Installed Building Products (IBP - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis residential insulation installer is expected to post quarterly earnings of $2.57 per share in its upcoming report, which represents a year-over-year change of -12.9%.

Revenues are expected to be $740.43 million, down 2.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.71% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Installed Building Products?For Installed Building Products, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.39%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that Installed Building Products will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Installed Building Products would post earnings of $2.09 per share when it actually produced earnings of $1.79, delivering a surprise of -14.35%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Installed Building Products doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsKnife River (KNF - Free Report) , another stock in the Zacks Building Products - Miscellaneous industry, is expected to report earnings per share of $1.11 for the quarter ended June 2026. This estimate points to a year-over-year change of +24.7%. Revenues for the quarter are expected to be $923.71 million, up 10.8% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Knife River has been revised 3.1% up to the current level. Nevertheless, the company now has an Earnings ESP of +1.57%, reflecting a higher Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Knife River will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the “Company”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today that the Company will release its second quarter 2026 financial results on August 6, 2026. A webcast and conference call will be held that same day at 10:00 a.m. (Eastern Time) to review the Company's results. Webcast: The conference call will be available on the investor relations section of the Company'.

Investors interested in Building Products - Miscellaneous stocks are likely familiar with Titan America (TTAM - Free Report) and Installed Building Products (IBP - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Titan America and Installed Building Products are sporting Zacks Ranks of #2 (Buy) and #5 (Strong Sell), respectively, right now. This means that TTAM's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

TTAM currently has a forward P/E ratio of 16.93, while IBP has a forward P/E of 22.10. We also note that TTAM has a PEG ratio of 1.18. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. IBP currently has a PEG ratio of 5.25.

Another notable valuation metric for TTAM is its P/B ratio of 3.2. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, IBP has a P/B of 9.11.

These metrics, and several others, help TTAM earn a Value grade of B, while IBP has been given a Value grade of D.

TTAM is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that TTAM is likely the superior value option right now.

On June 18, 2026, Installed Building Products Inc (IBP) shares rose 3.3% to a current price of $218.25. This move comes in the context of a 52-week range betwee

Shares of Installed Building Products, Inc. (NYSE: IBP - Get Free Report) have earned a consensus recommendation of "Reduce" from the thirteen research firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating on

Investors interested in stocks from the Building Products - Miscellaneous sector have probably already heard of Holcim Ltd Unsponsored ADR (HCMLY - Free Report) and Installed Building Products (IBP - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Holcim Ltd Unsponsored ADR has a Zacks Rank of #2 (Buy), while Installed Building Products has a Zacks Rank of #4 (Sell) right now. Investors should feel comfortable knowing that HCMLY likely has seen a stronger improvement to its earnings outlook than IBP has recently. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

HCMLY currently has a forward P/E ratio of 18.12, while IBP has a forward P/E of 23.67. We also note that HCMLY has a PEG ratio of 0.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. IBP currently has a PEG ratio of 3.54.

Another notable valuation metric for HCMLY is its P/B ratio of 2.52. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, IBP has a P/B of 10.23.

These metrics, and several others, help HCMLY earn a Value grade of B, while IBP has been given a Value grade of D.

HCMLY sticks out from IBP in both our Zacks Rank and Style Scores models, so value investors will likely feel that HCMLY is the better option right now.

Investors interested in stocks from the Building Products - Miscellaneous sector have probably already heard of Arcosa (ACA) and Installed Building Products (IBP). But which of these two stocks offers value investors a better bang for their buck right now?

Posted by Defense World Staff on Apr 24th, 2026

Hillman Solutions (NASDAQ:HLMN – Get Free Report) and Installed Building Products (NYSE:IBP – Get Free Report) are both construction companies, but which is the better business? We will compare the two companies based on the strength of their analyst recommendations, institutional ownership, valuation, earnings, risk, dividends and profitability.

Profitability This table compares Hillman Solutions and Installed Building Products’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Hillman Solutions 2.60% 9.57% 4.91% Installed Building Products 8.93% 43.71% 14.58% Earnings & Valuation This table compares Hillman Solutions and Installed Building Products”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Hillman Solutions $1.55 billion 1.13 $40.31 million $0.21 42.52 Installed Building Products $2.97 billion 2.80 $265.40 million $9.73 31.74 Installed Building Products has higher revenue and earnings than Hillman Solutions. Installed Building Products is trading at a lower price-to-earnings ratio than Hillman Solutions, indicating that it is currently the more affordable of the two stocks.

Volatility and Risk Hillman Solutions has a beta of 1.63, suggesting that its share price is 63% more volatile than the S&P 500. Comparatively, Installed Building Products has a beta of 1.97, suggesting that its share price is 97% more volatile than the S&P 500.

Analyst Ratings This is a breakdown of recent ratings and target prices for Hillman Solutions and Installed Building Products, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Hillman Solutions 0 3 4 0 2.57 Installed Building Products 2 9 1 0 1.92 Hillman Solutions presently has a consensus price target of $11.33, suggesting a potential upside of 26.91%. Installed Building Products has a consensus price target of $259.70, suggesting a potential downside of 15.91%. Given Hillman Solutions’ stronger consensus rating and higher probable upside, analysts plainly believe Hillman Solutions is more favorable than Installed Building Products.

Institutional and Insider Ownership 98.1% of Hillman Solutions shares are owned by institutional investors. Comparatively, 99.6% of Installed Building Products shares are owned by institutional investors. 4.9% of Hillman Solutions shares are owned by company insiders. Comparatively, 16.2% of Installed Building Products shares are owned by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company is poised for long-term growth.

Summary Installed Building Products beats Hillman Solutions on 10 of the 14 factors compared between the two stocks.

About Hillman Solutions (Get Free Report)

Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading North American provider of complete hardware solutions, delivered with industry best customer service to over 40,000 locations. Hillman designs innovative product and merchandising solutions for complex categories that deliver an outstanding customer experience to home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and OEM & Industrial customers. Leveraging a world-class distribution and sales network, Hillman delivers a “small business” experience with “big business” efficiency.

About Installed Building Products (Get Free Report)

Installed Building Products, Inc., together with its subsidiaries, engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products in the United States. It operates through Installation, Distribution, and Manufacturing operation segments. The company offers a range of insulation materials, such as fiberglass and cellulose, and spray foam insulation materials. It is also involved in the installation of insulation and sealant materials in various areas of a structure, which includes basement and crawl space, building envelope, attic, and acoustical applications. In addition, the company installs a range of caulk and sealant products that control air infiltration in residential and commercial buildings; and waterproofing options, including sheet and hot applied waterproofing membranes, as well as deck coating, bentonite, and air and vapor systems. Further, it distributes spray foam insulation, metal building insulation, residential insulation, and mechanical and fabricated Styrofoam insulation, as well as accessories and equipment used in the insulation installation process; and manufactures cellulose insulation and specialty industrial fibers. It serves homebuilders, multi-family and commercial and agricultural construction firms, individual homeowners, and repair and remodeling contractors. The company was formerly known as CCIB Holdco, Inc. Installed Building Products, Inc. was founded in 1977 and is based in Columbus, Ohio.

Receive News & Ratings for Hillman Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hillman Solutions and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINECritical Analysis: Franklin Street Properties (NYSE:FSP) vs. Jernigan Capital (NASDAQ:JCAP)

NEXT HEADLINE »Crawford & Company (CRD.A) versus Its Peers Head-To-Head Survey

Installed Building Products (IBP - Free Report) came out with quarterly earnings of $1.79 per share, missing the Zacks Consensus Estimate of $2.09 per share. This compares to earnings of $2.08 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -14.25%. A quarter ago, it was expected that this residential insulation installer would post earnings of $2.8 per share when it actually produced earnings of $3.24, delivering a surprise of +15.71%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Installed Building Products, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $660.5 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.04%. This compares to year-ago revenues of $684.8 million. The company has topped consensus revenue estimates three 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.

Installed Building Products shares have added about 15.5% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Installed Building Products?While Installed Building Products has outperformed 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 Installed Building Products 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 $3.00 on $760.04 million in revenues for the coming quarter and $11.48 on $2.99 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 19% 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.

Southland Holdings (SLND - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 12.

This infrastructure construction company is expected to post quarterly loss of $0.45 per share in its upcoming report, which represents a year-over-year change of -462.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Southland Holdings' revenues are expected to be $175 million, down 26.9% from the year-ago quarter.

Installed Building Products, Inc. (IBP) Q1 2026 Earnings Call Transcript

COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, today announced the acquisition of Diamond Energy Systems, Inc. (“DESI”). With headquarters in St. Joseph, MN, DESI specializes in mechanical insulation with the majority of its sales derived from retrofit work between industrial and commercial applications. “DESI adds approximately $12 million of annual revenue.

On June 10, 2026, Installed Building Products Inc IBP shares fell 5.0% to $195.65, continuing a trend that has seen the stock decline 24.0% year-to-date. Over the past year, the stock has experienced a high of $349.00 and a low of $162.56.

GF Value™ verdict: Current price of $195.65 is 13.2% below GF Value™ of $225.50.GF Score™ of 96/100 indicates a strong overall performance and potential for long-term returns.Insider activity shows that insiders bought $0.8M worth of shares in the last three months, suggesting confidence in the company's future. Is IBP Overvalued or Undervalued? With a current price of $195.65 and a GF Value™ estimate of $225.50, Installed Building Products Inc appears to be undervalued by approximately 13.2%. This margin of safety suggests a potential opportunity for investors, particularly in a market where many stocks are trading at inflated valuations. The GF Valuation label indicates that the stock is considered "Modestly Undervalued," implying that while it is not a bargain, it presents a favorable risk-reward scenario.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current share price is significantly lower than the GF Value™, it may present an opportunity for long-term investors; however, it is essential to consider market conditions and company performance moving forward.

How Does IBP's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)20.9x22.3x Forward P/E19.1xN/A The current P/E ratio of 20.9x is 6% below its 5-year median P/E of 22.3x, indicating that the stock is trading at a lower valuation compared to its historical average. This P/E analysis agrees with the GF Value™ verdict of being undervalued, further supporting the notion that IBP may be a more attractive investment at its current price.

What Does IBP's GF Score™ Tell Us? MetricRating GF Score™96/100 Financial Strength7/10 Profitability10/10 Growth9/10 Valuation10/10 Momentum7/10 The GF Score™ of 96/100 reflects a strong overall performance, particularly in the areas of Profitability (10/10) and Valuation (10/10), indicating that IBP has robust profit margins and is attractively priced. However, the Financial Strength score of 7/10 suggests there may be some areas for improvement, though it is still a solid rating. Overall, the combination of high scores in key areas positions IBP favorably for long-term investors.

What Are Insiders Doing with IBP Stock? Insider activity for Installed Building Products Inc has shown a positive trend, with insiders purchasing $0.8 million worth of shares over the past three months. This buying activity indicates that those closest to the company have confidence in its future performance and prospects, which can often be a bullish signal for potential investors. There has been no selling activity reported, further reinforcing the positive outlook from insiders.

What This Means for Investors Based on the analysis of GF Value™, Installed Building Products Inc appears to be undervalued at its current price of $195.65. With a strong GF Score™ and positive insider activity, there may be favorable conditions for potential growth in the stock. However, investors should remain aware of market fluctuations and the overall economic environment.

For the complete analysis, visit the Installed Building Products Inc IBP 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 IBP's GF Score™?

IBP's GF Score™ is 96/100, indicating a strong overall performance and potential for higher long-term returns based on various performance metrics.

Is IBP overvalued or undervalued?

IBP is currently undervalued, with a GF Value™ of $225.50 compared to its current price of $195.65, suggesting a margin of safety.

What is IBP's P/E ratio?

IBP's P/E (TTM) is 20.9x, which is 6% below its 5-year median P/E of 22.3x, indicating the stock is trading at a lower valuation compared to its historical average.

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].

As the building landscape evolves in 2026, investors are weighing the stability of infrastructure and housing. Choosing between Concrete Pumping (BBCP +4.21%) and Installed Building Products (IBP +6.06%) requires a look at their specific niches.

Concrete Pumping provides essential heavy equipment and waste management services for large-scale projects, while Installed Building Products focuses on the interior finishes of residential and commercial structures. Both companies benefit from construction activity but serve different phases of the building cycle.

The case for Concrete PumpingConcrete Pumping operates a large fleet of specialized equipment across the United States and the United Kingdom. It provides essential pumping services for commercial and infrastructure projects and offers waste management solutions through its Eco-Pan brand. The company maintains a highly diversified customer base, as its top 10 clients account for less than 10% of total revenue. It is a significant player among construction stocks due to its wide geographic reach and specialized equipment.

During FY 2025, the company reported revenue of nearly $392.9 million, a decrease of approximately 7.7% from the previous year. This decline contributed to a net income of about $6.4 million. The resulting net margin, which measures how much profit a company keeps from every dollar of sales, was approximately 1.6%.

Based on the October 2025 balance sheet, the debt-to-equity ratio is approximately 1.5x, calculated as total debt divided by shareholders’ equity. The current ratio, which compares short-term assets to short-term liabilities, is roughly 2.2x. During the same period, the company generated free cash flow of nearly $17.5 million, the cash remaining after operating costs and equipment upgrades.

Installed Building Products functions as a leading contractor for the installation of insulation and other building products for residential and commercial builders. The company manages more than 250 locations across the country and employs over 10,000 workers. Its customer base includes many national and regional homebuilders, with the top 10 customers accounting for approximately 14% of its total revenue. Customer concentration like this adds a layer of risk to the business.

In FY 2025, the company achieved revenue of approximately $3 billion, reflecting slight growth of approximately 1% over the prior year. Net income for the period reached nearly $265.4 million. This resulted in a net margin of roughly 8.9%, indicating the percentage of revenue that remains as profit after all expenses are paid.

According to the December 2025 balance sheet, the debt-to-equity ratio is approximately 1.5x. The current ratio is roughly 3.0x, suggesting a strong ability to cover immediate financial obligations. Free cash flow for the year was nearly $300.8 million, which helps the company fund its ongoing acquisition strategy and return capital to shareholders.

Risk profile comparisonThe business for Concrete Pumping faces risks from the cyclical nature of construction, where spending on infrastructure and commercial projects can fluctuate significantly. High levels of debt, totaling nearly $425 million, may also limit financial flexibility during economic downturns. Additionally, the company relies on a small number of equipment manufacturers and faces currency risks from its operations in the United Kingdom.

Demand for Installed Building Products is heavily dependent on new residential housing starts, making the company vulnerable to shifts in mortgage rates or housing affordability. The company also faces supplier concentration risks, as it buys a significant portion of its fiberglass materials from just three large manufacturers. Furthermore, a large portion of the balance sheet consists of goodwill and intangible assets, which could lead to non-cash charges if the value of acquired businesses declines.

Valuation comparisonInstalled Building Products appears more attractively priced because it trades at a lower Forward P/E relative to its future earnings estimates than Concrete Pumping.

MetricConcrete PumpingInstalled Building ProductsSector BenchmarkForward P/E63.0x20.2x29.8xP/S ratio1.4x1.9xSector benchmark uses the SPDR XLI sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?The outlook for the construction industry in the U.S. is cautiously optimistic for 2026, stemming largely from growth in data center and renewable energy projects.

However, the single-family construction market is facing significant headwinds in the U.S. this year, as inflation and a generally poor consumer outlook among most Americans are tempering the sector. Multifamily housing starts are a positive, however.

For Installed Building Products, that combination of factors, along with poor weather, led to the business missing out on opportunities and seeing a revenue decline of about 4% in the first quarter compared to the same period in 2025.

Concrete Pumping Holdings is less reliant on the housing market. The business also has significant exposure to infrastructure projects, which acted as a tailwind as it started 2026. In its most recently reported quarter, sales increased 14% to nearly $107 million thanks to a robust pipeline of infrastructure projects in the U.S., including roads and bridges. The U.K. market, however, is challenging, given the country’s economic malaise.

Concrete Pumping is the largest player in the U.S. and U.K. in concrete supply, and it has been aggressive in acquiring competitors to expand its footprint. The company has made 16 acquisitions in the past 10 years. Another positive, Concrete Pumping owns its global fleet of concrete delivery equipment, insulating it from rental price hikes.

The forward price-to-earnings ratio for Concrete Pumping is much higher than that of Integrated Building Products, but Concrete Pumping gets the nod for management’s continued focus on growing revenue while maintaining discipline over costs. Given the weak U.S. housing market, Industrial Building Products is likely to face an uphill climb this year.

Even without anticipating a rebound in the U.S. residential building market, Concrete Pumping management says it can inch net income higher in 2026. Wall Street analysts expect net income to rise 30% to a still-modest $8.5 millon for the fiscal year.