At a glance
Installed Building Products Inc is worth $5.31B, about 21 times its fiscal 2025 earnings. Revenue grew 1.0% to $2.97B in fiscal 2025, with 8.9% kept as profit; over 5 years it has grown 12.4% a year. It pays a 1.67% dividend yield, raised every year for at least 5 years, and returned $795.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −24.9% over the past year with dividends reinvested and +11.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.7% in the 2020 crash (S&P 500: 33.7%) and 46.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 12 months after the lows.
The business in plain English
Installed Building Products (IBP) mainly installs insulation for home builders and commercial builders. It also installs shower doors, closet shelving, mirrors, garage doors, rain gutters, window blinds, waterproofing and fire-stopping systems. Its roughly 250 branches cover all 48 continental states and the District of Columbia. The business began in Columbus, Ohio, in 1977 and has grown through more than 200 acquisitions since 1999.
IBP earns money by selling materials and labor as one package. It buys most products directly from national manufacturers, skipping the distributors and wholesalers that local contractors typically buy through. It then handles scheduling, delivery, installation, inspection and waste removal. Timing matters to builders, since some interior work cannot start until insulation passes inspection. Most revenue comes from new home construction. Repair and remodel work and commercial projects are smaller sources of revenue.
In 2025, insulation made up about 58% of IBP's $2.97 billion in net revenue. Fiberglass and cellulose accounted for about 83% of insulation installation sales and spray foam for about 17%. Shower doors, shelving and mirrors added about 7% of revenue, garage doors about 6% and waterproofing about 5%. Gutters, fire-stopping and window blinds each added about 3% to 4%. The installation business produced about 93% of revenue. Small distribution (about 5%) and cellulose manufacturing (about 2%) units sell to other contractors, distributors and retailers.
Price history
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IBP -24.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Insulation | $1.71B | 57.5% |
| Shower doors, shelving and mirrors | $218.8M | 7.4% |
| Other | $207.2M | 7% |
| Other building products | $184.2M | 6.2% |
| Garage doors | $172.9M | 5.8% |
| Waterproofing | $160.7M | 5.4% |
| Rain gutters | $124.9M | 4.2% |
| Fireproofing/firestopping | $116.6M | 3.9% |
| Window blinds | $76.6M | 2.6% |
By business segment
| Installation | $2.76B | 93% |
| Other | $258.6M | 8.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $777.8M, up 2.3% from a year earlier, and net income was $64.9M (-5.9%).
- For fiscal 2025, revenue was $2.97B (+1.0% year over year; +12.4% a year from FY2020 to FY2025) with a 8.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.4% good |
|---|---|
| Operating margin | 13% watch |
| Free cash flow margin | 10.1% good |
| Return on equity (FY2025) | 37.4% good |
| Return on assets (FY2025) | 12.8% good |
| Net cash (cash minus debt) | $-667.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.65B | $97.2M | $147.2M |
| FY2021 | $1.97B | $118.8M | $101.3M |
| FY2022 | $2.67B | $223.4M | $232.3M |
| FY2023 | $2.78B | $243.7M | $278.6M |
| FY2024 | $2.94B | $256.6M | $251.4M |
| FY2025 | $2.97B | $265.4M | $300.8M |
Valuation snapshot
| Market value | $5.31B |
|---|---|
| P/E ratio | 20.6 |
| Dividend yield | 1.67% |
Rank among 1514 US companies
Market value at each year end
Installed Building Products’s market value went from $1.30B at the end of 2016 to $5.31B on Oct 28, 2026, about 4.1 times as much; since the end of 2025 it is down 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.31B | -24.5% |
| 2025 | $7.04B | +42.7% |
| 2024 | $4.93B | -5.0% |
| 2023 | $5.19B | +112.1% |
| 2022 | $2.45B | -41.0% |
| 2021 | $4.15B | +36.6% |
| 2020 | $3.04B | +46.9% |
| 2019 | $2.07B | +96.5% |
| 2018 | $1.05B | -56.5% |
| 2017 | $2.42B | +86.1% |
| 2016 | $1.30B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IBP price data to Oct 28, 2026 | -22.0% | -24.9% | +23.9% | +11.8% | +21.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.0% |
| 2025 | +50.6% |
| 2024 | -3.5% |
| 2023 | +117.5% |
| 2022 | -37.3% |
| 2021 | +38.5% |
| 2020 | +48.0% |
| 2019 | +104.4% |
| 2018 | -55.6% |
| 2017 | +83.9% |
| 2016 | +66.3% |
| 2015 | +39.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.2% over that stretch · deepest drop along the way 61.7%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.3% over that stretch · deepest drop along the way 46.4%, back to its old high 12 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 27 open-market purchases ($1.0M) and 3 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Margot Lebenberg Carter Director | sell | $599K |
| Mar 9, 2026 | Janet E. Jackson Director | sell | $414K |
| Sep 3, 2026 | Janet E. Jackson Director | sell | $257K |
| May 11, 2026 | Michael Thomas Miller Executive VP & CFO, Director | buy | $165K |
| May 11, 2026 | Brad A Wheeler Chief Operating Officer | buy | $150K |
Who owns it
Large shareholders (13G filings)
| Jeffrey W. Edwards | 14.4% | Dec 31, 2025 |
| BlackRock, Inc. | 13.3% | Mar 31, 2025 |
| Kayne Anderson Rudnick Investment Management, LLC | 6.3% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.15% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.3% | Jun 30, 2026 |
ETFs with the most weight in IBP
| XHB SPDR S&P Homebuilders ETF | 3.54% |
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 2.62% |
| XSHQ Invesco S&P SmallCap Quality ETF | 1.91% |
| ITB iShares U.S. Home Construction ETF | 1.57% |
| FSGS First Trust SMID Growth Strength ETF | 1.01% |
| SMOG VanEck Low Carbon Energy ETF | 0.91% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.75% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 0.7% |
What could go wrong
- Tied closely to new home construction. Most revenue comes from installing products in new homes. Higher mortgage rates or weaker affordability can cut building. Housing starts were about 1.36 million in 2025; Fannie Mae forecast 1.31 million for 2026.
- Growth depends on buying other companies. IBP has completed over 200 acquisitions since 1999. It may not find suitable deals, may struggle to integrate them or realize expected benefits, and can face claims dating from before it bought them.
- Material costs and supplier dependence. IBP buys most materials directly from national manufacturers. Shortages, losing a key supplier, or price increases it cannot pass on to builders quickly enough could squeeze profit margins.
- Finding and keeping enough trained installers. Installation depends on trained crews. Results hinge on attracting and keeping workers while controlling wage and benefit costs, and changes in immigration or employment laws could make staffing harder or costlier.
- Sizable debt and interest costs. Total debt was about $1.06 billion against $395 million of cash and investments as of June 30, 2026. Loan terms limit some actions, and higher interest rates could raise borrowing costs.
- Competition and builders buying materials directly. The industry is split among many competitors, and increased competition could hurt results. Customers could also buy materials directly from manufacturers or other sources rather than through IBP.
Recent events
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
IBP pays a growing but modest dividend. Regular payments began in 2021 at $1.20 per share and rose every year to $3.18 in 2025. That 2025 total used 33% of earnings and 29% of free cash flow (cash left after running and investing in the business). The dividend yield (yearly dividends as a share of the price) was 1.67% as of October 28, 2026, so the dividend alone provides limited income. Buybacks were larger: $462 million from 2021 through 2025, versus $333 million in dividends. Shares outstanding fell about 10.5% from October 2021 to July 2026.
The share price has fallen hard in downturns. It dropped about 62% in the 2020 COVID crash but recovered within about four months. In the 2022 bear market it fell about 46% and took about a year to recover. As of October 28, 2026, it was down about 25% over one year. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Installed Building Products make money?
Mostly by installing insulation, largely in newly built homes. Builders pay IBP for both the materials and the labor, and IBP buys most materials directly from national manufacturers. Insulation made up about 58% of the $2.97 billion in net revenue for 2025. The rest came from installing products such as shower doors, garage doors, waterproofing, rain gutters, fire-stopping and window blinds, plus small distribution and cellulose manufacturing businesses.
Does Installed Building Products raise its dividend every year?
Yes, every year since regular payments began in 2021. IBP paid $1.20 per share that year and raised the annual total each year, reaching $3.18 per share in 2025. That payout used about 33% of 2025 earnings, and the yield was 1.67% as of October 28, 2026. The company's 10-K warns that it may reduce, suspend or eliminate dividends in the future, so past increases are no guarantee.
How much debt does Installed Building Products have?
About $1.06 billion as of June 30, 2026, against roughly $395 million in cash and investments. That leaves net debt (debt minus cash) of about $668 million. Shareholders' equity was about $640 million. The 10-K notes that its credit facilities and senior notes (a type of bond) restrict some actions, and that higher interest rates could raise interest costs. On October 27, 2026, IBP reported a new major agreement and a new debt obligation, which came after those June figures.
Is Installed Building Products stock volatile?
Yes. Its largest peak-to-trough drop was about 62%, during the 2020 COVID crash, though it recovered within about four months. In the 2022 bear market it fell about 46% and took about a year to recover. As of October 28, 2026, it was down about 25% over one year and had fallen as much as 47% from a peak during that time. Its one-year beta (a gauge of how much a stock moves with the market) was 1.25, meaning it tended to swing more than the market.
Who owns the most Installed Building Products stock?
Jeffrey W. Edwards is the largest holder in SEC ownership filings, with about 14.4% as of December 31, 2025. BlackRock reported about 13.3% as of March 31, 2025, Kayne Anderson Rudnick about 6.3% as of September 30, 2025, and Vanguard about 5.15% as of March 31, 2026. The 10-K lists this concentrated stake as a risk, since Edwards's interests may conflict with those of other shareholders.