Builders FirstSource
BLDR on NYSE. Builders FirstSource sells building materials and installation services to builders and remodelers. Market value $6.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.57 of spare cash in the past 12 months. A savings account pays about $4.
You pay 24.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 22 cents a year. Above 10 is good.
Quality score: 95 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.
$56.22 a share, 3% above its 1-year low
Over the past year the price has ranged from $54.75 to $131.50.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $19.9bn | $22.7bn | $17.1bn | $16.4bn | $15.2bn |
| Operating margin | |||||
| Operating margin | 12.0% | 16.6% | 12.7% | 9.7% | 5.2% |
| Debt to equity | |||||
| Debt to equity | 0.62 | 0.60 | 0.67 | 0.87 | 1.03 |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.12bn | 0.12bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt1.03× equity
- Revenue growth, five yearsStrong, 12.2% a year
- Buying back its own sharesYes, 27% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3.9 billion last quarter, down 9% on a year ago.
- A loss of $4 million, after a profit of $185 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, down from 8 cents a year earlier.
- Spare cash over the past 12 months: $639 million, down from $1.2 billion.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $4.5 billion more than cash, down from $4.6 billion a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.2bn |
| December 2024 | $3.8bn |
| March 2025 | $3.7bn |
| June 2025 | $4.2bn |
| September 2025 | $3.9bn |
| December 2025 | $3.4bn |
| March 2026 | $3.3bn |
| June 2026 | $3.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $285m |
| December 2024 | $190m |
| March 2025 | $96m |
| June 2025 | $185m |
| September 2025 | $122m |
| December 2025 | $31m |
| March 2026 | -$47m |
| June 2026 | -$4m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
14 long-term investors we follow own it, up from 13 last quarter. 670 funds in all.
- Brave Warrior AdvisorsGlenn Greenberg
- Value
- $209m
- Share of fund
- 4.6%
- Giverny CapitalFrançois Rochon
- Value
- $8m
- Share of fund
- 0.3%
- Royce & AssociatesChuck Royce
- Value
- $7m
- Share of fund
- <0.1%
- Miller Value PartnersBill Miller IV
- Value
- $2m
- Share of fund
- 0.4%
- LSV Asset ManagementJosef Lakonishok
- Value
- $179,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Brave Warrior AdvisorsGlenn Greenberg | $209m | 4.6% | |
| Diamond Hill Capital ManagementRic Dillon (founder) | $135m | 1.1% | Cut |
| Semper AugustusChristopher Bloomstran | $50m | 5.6% | Added |
| GMOJeremy Grantham | $22m | <0.1% | Cut |
| GoodHaven Capital ManagementLarry Pitkowsky | $20m | 6.5% | Added |
| Gotham Asset ManagementJoel Greenblatt | $20m | <0.1% | Added |
| Giverny CapitalFrançois Rochon | $8m | 0.3% | |
| Royce & AssociatesChuck Royce | $7m | <0.1% | |
| Heartland AdvisorsBill Nasgovitz | $5m | 0.2% | Cut |
| Boston PartnersBoston Partners team | $3m | <0.1% | Cut |
| Tweedy, BrowneTweedy Browne partners | $2m | 0.1% | New |
| Miller Value PartnersBill Miller IV | $2m | 0.4% | |
| LSV Asset ManagementJosef Lakonishok | $179,000 | <0.1% | |
| First Eagle Investment ManagementMatthew McLennan | $29,886 | <0.1% | New |
Sold out this quarter
Largest holders overall
- BlackRock$701mCut
- Vanguard Capital Management$613mCut
- State Street$433mCut
- Vanguard Portfolio Management$372mCut
- Capital International Investors$350mAdded
- Pictet Asset Management Holding SA$340mAdded
- Wellington Management Group LLP$310mCut
- Dimensional Fund Advisors LP$308mAdded
- Invesco$299mAdded
- Geode Capital Management$253m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor12.0%+4.5 ptsSince 30 September 2026
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- FMR LLCPassive investorat least 3.3%−7.0 pts(filed with 1 related holder)Since 28 November 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 12.0%+4.5 pts | 30 September 2026 | |
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
FMR LLC Passive investor | at least 3.3%−7.0 pts (filed with 1 related holder) | 28 November 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $4m of shares on the open market. 1 sold $390,850.
- Rush David EDirectorSold
- Date
- 8 May 2026
- Shares
- 5,000
- Price
- $78.17
- Value
- $390,850
- LEVY PAUL SDirectorBought
- Date
- 13 March 2026
- Shares
- 50,000
- Price
- $87.73
- Value
- $4m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 May 2026 | Rush David E Director | Sold | 5,000 | $78.17 | $390,850 |
| 13 March 2026 | LEVY PAUL S Director | Bought | 50,000 | $87.73 | $4m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.