Credit and interest ratesmixed · 5 filings
“The increase in 2026 was primarily driven by the increase in cash due to the net borrowings of our 2034 Senior Notes (as defined below).”10-Q · Aug 6, 2026 ↗
Installed Building Products, Inc.
IBP
Market read
Installed Building Products, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
What changed
- Revenue increased 2.3% versus the comparable filing period.
- Operating margin fell 1.1 percentage points.
Company-4.2% todayVolume comparison unavailable
Market group0 of 9 activeEconomic Cyclicals · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- IBP attributed the gross-margin decline to higher labor, vehicle, freight, and shipping costs plus shifts in product and end-market mix.
- Monitor reported interest expense and disclosed net borrowings or outstanding principal related to the January 2026 2034 Senior Notes.
Invalidation: The isolated read changes if IBP's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 2.3% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 1.1 percentage points.
- Gross margin fell 0.9 percentage points.
- Net margin fell 0.7 percentage points.
What would clarify the read
- IBP attributed the gross-margin decline to higher labor, vehicle, freight, and shipping costs plus shifts in product and end-market mix.
- Monitor reported interest expense and disclosed net borrowings or outstanding principal related to the January 2026 2034 Senior Notes.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements135
Verified relationships4
Evidence supporting the case
- Operating cash flow covered net income at 1.40x in the latest annual period.
- Macroeconomic conditions has repeated favorable evidence across 5 filings.
- Restructuring and cost reductions has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Labor availability and costs has repeated adverse evidence across 5 filings.
- Input and raw-material costs has repeated adverse evidence across 3 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
201.746m-28.3%12m-24.2%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$2.0B+19.1%$4.01-0.3%
2022-12-31$2.7B+35.6%$7.74-2.6%
2023-12-31$2.8B+4.1%$8.61-2.0%
2024-12-31$2.9B+5.9%$9.10-0.4%
2025-12-31$3.0B+1.0%$9.71-3.1%
What management says matters
Persistent and emerging business drivers
Labor availability and costsnegative · 5 filings
“During the three months ended March 31, 2026, gross profit as a percentage of net revenue decreased as compared to the same period in 2025, primarily due to higher labor costs and other indirect costs from shifts in product and end market mix, increased vehic…”10-Q · May 7, 2026 ↗
Macroeconomic conditionsmixed · 5 filings
“Administrative expenses increased as a percentage of net revenue for the three and six months ended June 30, 2026 compared to 2025 primarily due to inflationary pressures on insurance costs, partially offset by organizational optimization cost savings and low…”10-Q · Aug 6, 2026 ↗
Input and raw-material costsmixed · 3 filings
“Gross profit percentage was also impacted by higher sales in our Other category which has a lower gross margin than our Installation segment.”10-Q · Aug 6, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
201.74-4.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for IBP. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-06 against the comparable filing from 2025-08-07.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationpremium
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Capital spending YoY
- -6.4%
- Capital spending / revenue
- +2.3%
- Free-cash-flow margin
- +9.6%
- FCF margin change
- -0.6 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 2.3% versus the comparable filing period.
What weakened
- Operating margin fell 1.1 percentage points.
- Gross margin fell 0.9 percentage points.
- Net margin fell 0.7 percentage points.
Filing receipts
“During the three months ended June 30, 2026, gross profit as a percentage of net revenue decreased as compared to the same period in 2025, primarily due to higher labor costs and other indirect costs from shifts in product and end market mix, increased vehicle costs including fuel, depreciation expense and auto insurance, and increased freight and shipping costs from higher Manufacturing and Distribution activity.”
“entage of net revenue decreased as compared to the same period in 2025, primarily due to higher labor costs and other indirect costs from shifts in product and end market mix, increased vehicle costs including fuel, depreciation expense and auto insurance, and increased freight and shipping costs from higher Manufacturing and Distribution activity.”
“Other Expense, Net Other expense, net was as follows (in millions): Three months ended June 30, Six months ended June 30, 2026 Change 2025 2026 Change 2025 Interest expense, net $ 10.5 26.5 % $ 8.3 $ 20.8 25.3 % $ 16.6 Other (income) (1.0) 42.9 % (0.7) (0.8) 60.0 % (0.5) Total other expense, net $ 9.5 $ 7.6 $ 20.0 $ 16.1 Interest expense, net increased during the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher debt levels.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind IBP
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
EWEdwards Lifesciences CorporationinvesteeFeb 26, 2026 ▾
“Installed Building Systems, Inc.”
OCOwens CorningcompetitorFeb 26, 2026 ▾
“The fiberglass insulation manufacturing market is highly consolidated and primarily served by four major manufacturers (Owens Corning, Knauf Insulation, CertainTeed and Johns Manville).”
Depended on by
SIGISelective Insurance Group, Inc.supplierFeb 9, 2026 ▾
“We have also implemented several initiatives at our Branchville office to lower our environmental impact, including: • Enhanced waste management and recycling; • Reducing the use of paper within our business; • Conversion of all Branchville office light bulbs…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
IBP is currently a Participant in the organic co-movement group Economic Cyclicals. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for IBP; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.