BLDRBuilders FirstSource, Inc.

Retail-Lumber & Other Building Materials Dealers

Revenue: $15.2B; 7.4% YoY
Operating margin: 5.2%; 47% YoY
EBITDA: $1.4B; 36% YoY
Market cap: $7.0B
Employees: 28,000; $543K revenue each
Net debt / EBITDA: 3.3×; $4.6B net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
279% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
34% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
37% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$543K per employee
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$19.9B	$22.7B	$17.1B	$16.4B	$15.2B	7.4%
Operating income	$2.4B	$3.8B	$2.2B	$1.6B	$786M	51%
Net income	$1.7B	$2.7B	$1.5B	$1.1B	$435M	60%
Operating cash flow	$1.7B	$3.6B	$2.3B	$1.9B	$1.2B	35%
Capex	$228M	$340M	$476M	$381M	$363M	4.7%
Stock-based comp	$31M	$31M	$49M	$63M	$54M	15%
Buybacks	$1.7B	$2.6B	$1.8B	$1.5B	$414M	73%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $4M · 1
Open-market sells, 12 mo: $391K · 1
Net: $4M

Pay vs performance

No pay-versus-performance disclosure yet.