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Arphra AIPlain-English read on TopBuild Corp.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $3.49B | $5.01B | $5.19B | $5.33B | $5.41B | $6.07B | $6.32B | $6.74B |
| Cost of revenue | $2.51B | $3.52B | $3.59B | $3.7B | $3.84B | $4.21B | $4.28B | $4.62B |
| Gross profit | $974.39M | $1.49B | $1.6B | $1.62B | $1.57B | $1.84B | $1.92B | $1.97B |
| Gross margin | +27.95% | +29.68% | +30.87% | +30.49% | +29.01% | +30.35% | +30.45% | +29.31% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $497.97M | $689.56M | $725M | $710.68M | $777.07M | $846.74M | $866.95M | $917.34M |
| Total operating expenses | $497.97M | $689.56M | $725M | $738.58M | $777.07M | $847.88M | $868.48M | $920.92M |
| Operating income | $476.42M | $797.16M | $878.83M | $886.34M | $791.93M | $997.08M | $1.02B | $1.07B |
| Operating margin | +13.67% | +15.92% | +16.92% | +16.63% | +14.64% | +16.42% | +16.13% | +15.91% |
| EBITDA | $541.98M | $922.19M | $1.03B | $1.05B | $1.08B | $1.19B | $1.22B | $1.34B |
| EBIT | $462.59M | $798.85M | $900.1M | $913.88M | $914.85M | $1.07B | $1.08B | $1.17B |
| Below the line | ||||||||
| Interest expense | $29.14M | $56.72M | $74.61M | $73.09M | $211.27M | $132.2M | $142.46M | $147.91M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$42.98M | -$55.03M | -$53.34M | -$45.56M | -$88.35M | — | — | — |
| Pre-tax income | $433.44M | $742.14M | $825.48M | $840.79M | $703.58M | $896.98M | $965.68M | $1.03B |
| Income tax expense | $109.43M | $186.15M | $211.23M | $218.19M | $181.86M | $239.51M | $247.96M | $264.35M |
| Earnings | ||||||||
| Net income | $324.02M | $555.99M | $614.25M | $622.6M | $521.73M | $677M | $708.77M | $725.51M |
| Net income · continuing ops | $324.02M | $555.99M | $614.25M | $622.6M | $521.73M | $654.07M | $696.38M | $747.05M |
| Net margin | +9.29% | +11.10% | +11.82% | +11.68% | +9.65% | +11.15% | +11.22% | +10.77% |
| EPS · basic | $9.88 | $17.26 | $19.44 | $20.41 | $18.39 | $18.43 | $20.98 | $23.87 |
| EPS · diluted | $9.78 | $17.14 | $19.33 | $20.29 | $18.27 | $18.20 | $20.92 | $23.77 |
| EPS · low estimate | — | — | — | — | — | $17.59 | $19.31 | $23.16 |
| EPS · high estimate | — | — | — | — | — | $18.69 | $22.58 | $24.37 |
| Shares · basic | 32.8M | 32.21M | 31.58M | 30.5M | 27.93M | 27.93M | 27.91M | 27.66M |
| Shares · diluted | 33.15M | 32.44M | 31.58M | 30.68M | 28.14M | 28.39M | 27.92M | 28.05M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 10 | 2 |
| Analysts (EPS) | — | — | — | — | — | 7 | 8 | 7 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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