At a glance
Owens Corning Inc is worth $9.17B. Revenue grew 2.6% to $10.10B in fiscal 2025, at a loss. It pays a 2.73% dividend yield, raised every year for at least 9 years, and returned $4.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −6.3% over the past year with dividends reinvested and +6.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.3% in the 2020 crash (S&P 500: 33.7%) and 26.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 7 months after the lows.
The business in plain English
Owens Corning makes building materials, mostly for houses: roofing shingles, insulation and doors. Founded in 1938 and based in Toledo, Ohio, it had about 25,000 employees in 31 countries and net sales of $10.1 billion in 2025. Its products reach customers mainly through distributors, home centers, lumberyards and installers. Demand comes from repair and remodeling, new home building and commercial projects. About 89% of 2025 revenue came from North America and 11% from Europe.
Roofing was the largest of its three segments (business units), at about 43% of segment sales in 2025. The company estimates it is the second-largest US maker of asphalt shingles. Storm damage can lift roofing demand sharply. Insulation, about 36%, includes the PINK fiberglass brand, and the company calls itself North America's largest fiberglass insulation producer. Doors, about 21%, came from the 2024 purchase of door maker Masonite and serves the US, Canada and the UK.
The company is narrowing its focus to building products in North America and Europe. In February 2025 it agreed to a roughly $436 million sale of its glass reinforcements business, which makes glass fiber for wind energy and industrial uses. The estimated price was $474 million as of December 31, 2025. Its annual report (10-K), filed February 25, 2026, expected the deal to close in early 2026.
Price history
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OC -6.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Roofing | $4.44B | 43.9% |
| Insulation | $3.70B | 36.6% |
| Doors | $2.13B | 21% |
By geography
| North America | $9.01B | 89.2% |
| Europe | $1.16B | 11.4% |
| Rest of World | $30.0M | 0.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.76B, up 0.3% from a year earlier, and net income was $226.0M (-37.7%).
- For fiscal 2025, revenue was $10.10B (+2.6% year over year) with a -5.2% net margin.
Financial health check
| Operating margin | 3.6% weak |
|---|---|
| Free cash flow margin | 9.5% watch |
| Return on equity (FY2025) | -13.5% weak |
| Return on assets (FY2025) | -4% weak |
| Net cash (cash minus debt) | $-4.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.05B | $-383.0M | $828.0M |
| FY2021 | $8.50B | $995.0M | $1.09B |
| FY2022 | $9.76B | $1.24B | $1.31B |
| FY2023 | $8.37B | $1.20B | $1.19B |
| FY2024 | $9.85B | $647.0M | $1.25B |
| FY2025 | $10.10B | $-522.0M | $962.0M |
Valuation snapshot
| Market value | $9.17B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.73% |
Rank among 1514 US companies
Market value at each year end
Owens Corning’s market value went from $5.84B at the end of 2016 to $9.17B on Oct 28, 2026, up 57%; since the end of 2025 it is down 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.17B | -0.4% |
| 2025 | $9.20B | -37.0% |
| 2024 | $14.61B | +10.9% |
| 2023 | $13.17B | +65.3% |
| 2022 | $7.97B | -12.3% |
| 2021 | $9.09B | +10.9% |
| 2020 | $8.20B | +15.7% |
| 2019 | $7.08B | +47.3% |
| 2018 | $4.81B | -53.0% |
| 2017 | $10.23B | +75.0% |
| 2016 | $5.84B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OC price data to Oct 28, 2026 | +6.4% | -6.3% | +3.4% | +6.4% | +10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.5% |
| 2025 | -33.0% |
| 2024 | +16.6% |
| 2023 | +77.2% |
| 2022 | -4.2% |
| 2021 | +20.9% |
| 2020 | +18.2% |
| 2019 | +50.6% |
| 2018 | -51.7% |
| 2017 | +80.3% |
| 2016 | +11.2% |
| 2015 | +33.4% |
| 2014 | -10.5% |
| 2013 | +10.1% |
| 2012 | +28.8% |
| 2011 | -7.8% |
| 2010 | +21.5% |
| 2009 | +48.2% |
| 2008 | -14.4% |
| 2007 | -32.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79.8% over that stretch · deepest drop along the way 81.1%, back to its old high 13.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.4% over that stretch · deepest drop along the way 53.3%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.7% over that stretch · deepest drop along the way 26%, back to its old high 7.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($447K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Mari Doerfler Vice President and Controller | sell | $233K |
| Aug 28, 2026 | Rachel Barthelemy Marcon President, Doors | sell (plan) | $130K |
| May 28, 2026 | Rachel Barthelemy Marcon President, Doors | sell (plan) | $84K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | May 31, 2026 |
| Vanguard Portfolio Management | 6.88% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
ETFs with the most weight in OC
| XHB SPDR S&P Homebuilders ETF | 3.46% |
| SMOG VanEck Low Carbon Energy ETF | 2.82% |
| SMRI Bushido Capital US Equity ETF | 1.97% |
| DUSA Davis Select U.S. Equity ETF | 1.96% |
| ITB iShares U.S. Home Construction ETF | 1.91% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.84% |
| OSCV Opus Small Cap Value ETF | 1.64% |
| MBOX Freedom Day Dividend ETF | 1.63% |
What could go wrong
- Fewer storms can mean weaker roofing sales. Part of demand comes from repairing storm damage, and Roofing is the largest segment. Years with below-average severe storms reduce demand, so roofing sales don't always follow normal building seasons.
- Asphalt and energy costs can squeeze profits. Asphalt, chemicals, resins and freight costs move with energy prices, and asphalt tracks crude oil. If price increases can't offset them, profits shrink. One key roofing raw material comes from a single supplier.
- Housing and remodeling slowdowns hit demand. A large share of its products goes into new homes, repair projects and commercial buildings. The company says high interest rates and inflation have made mortgages and home projects costlier, likely reducing demand.
- Masonite integration and possible write-downs. Integrating Masonite and finishing the glass reinforcements sale carry risk. Weak results can force write-downs of goodwill (the premium paid for acquisitions). An April 15, 2026 filing disclosed an asset write-down.
- Heavy debt relative to cash. As of June 30, 2026, total debt was about $5.19 billion against $271 million of cash and investments. High debt can limit flexibility, and a credit-rating downgrade could raise borrowing costs.
- Customer concentration and high fixed costs. Some segments rely on a small number of large customers, with no long-term volume agreements. Factories carry high fixed costs, so a drop in orders can hit profits quickly.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Other company announcement
- Shareholder vote results
- Asset impairment; Other company announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Dividends per share rose at least nine years in a row through 2025, from $0.98 in 2020 to $2.86 in 2025, about 24% a year. The yield was 2.73% as of October 28, 2026. With a $522 million net loss in 2025, dividends weren't covered by earnings, but they used about 24% of free cash flow (cash left after capital spending). Dividends are set by the board and aren't guaranteed. Share buybacks were larger: $3.3 billion over 2021–2025 versus $872 million in dividends, and the share count fell about 21% from October 2021 to July 2026.
The stock has fallen hard in downturns. It dropped about 81% in the 2008 financial crisis and didn't regain its peak until April 2010. It fell about 53% in the 2020 COVID crash, recovering by August 2020, and about 26% during 2022. The share price also dropped 33% in 2025. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Owens Corning make money?
Owens Corning earns its revenue from building products, mostly for homes. In 2025, Roofing (mainly asphalt shingles) made up about 43% of segment sales, Insulation about 36% and Doors about 21%, on total net sales of $10.1 billion. Products reach customers through distributors, home centers, lumberyards and installers. Demand depends on repair and remodeling, new home building, commercial construction and storm damage. About 89% of 2025 revenue came from North America.
Does Owens Corning raise its dividend every year?
Yes, it has for at least nine straight years through 2025. Dividends per share climbed from $0.98 in 2020 to $2.86 in 2025, about 24% a year. The yield was 2.73% as of October 28, 2026. The company reported a net loss in 2025, but dividends used about 24% of free cash flow. Its board decides each payment, and the 10-K notes that dividends are not guaranteed.
Is Owens Corning profitable?
Not in 2025 as a whole. It reported a net loss of $522 million, or $6.22 per diluted share, on revenue of $10.1 billion. Operating income (profit from the core business before interest and taxes) was $360 million, and free cash flow was $962 million. It was profitable in the quarter ended June 30, 2026, earning $226 million on revenue of $2.76 billion, though that was 37.7% below the same quarter a year earlier.
How much debt does Owens Corning have?
Owens Corning had about $5.19 billion in total debt as of June 30, 2026, against $271 million of cash and investments. That left net debt (debt minus cash) of about $4.92 billion. Shareholders' equity was $3.77 billion on the same date, and the stock market valued the company at about $9.17 billion as of October 28, 2026. The 10-K lists its debt level and possible credit-rating downgrades as risks.
How has Owens Corning stock performed over the long run?
Gains over 10 years were sizable, but the ride has been rough. As of October 28, 2026, the share price had returned about 10.9% a year over 10 years (182% in total) and 6.4% a year over five years, but was down 6.3% over one year. The stock fell 33% in 2025 and dropped as much as 52.5% from a peak within the past three years. Its one-year beta was 1.42, meaning it tended to move about 1.4 times as much as the overall market.