TopBuild Corp. (BLD): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le monde dynamique de la construction et de l'amélioration de la maison, Topbuild Corp. (BLD) émerge comme une puissance stratégique, transformant la façon dont les services de construction résidentiels et commerciaux sont fournis. En intégrant magistralement la technologie de pointe, les réseaux de distribution étendus et l'expertise d'installation professionnelle, cette entreprise innovante a conçu un modèle commercial sophistiqué qui va bien au-delà des approches de construction traditionnelles. Leur proposition de valeur unique mélange une isolation de haute qualité, des solutions économes en énergie et des offres de services complètes qui résonnent sur plusieurs segments de clients, positionnant TopBuild comme acteur critique dans l'évolution du marché des matériaux et services de construction.

Topbuild Corp. (BLD) - Modèle commercial: partenariats clés

Fournisseurs de matériaux de toiture et de construction

TopBuild maintient des partenariats stratégiques avec les principaux fournisseurs de matériaux:

Fournisseur	Volume de l'offre annuelle	Durée du contrat
GAF Material Corporation	412 millions de dollars	Accord de 3 ans
Owens Corning	287 millions de dollars	Contrat pluriannuel

Détaillants de rénovation domiciliaire

Les principaux partenariats de vente au détail comprennent:

• Home Depot: 1,2 milliard de dollars canal de vente annuel
• Lowe's: 825 millions de dollars de revenus collaboratifs

Fabricants d'équipements de construction

Fabricant	Type d'équipement	Investissement annuel
Chenille	Équipement de construction lourd	67 millions de dollars
Rosée	Outils électriques	42 millions de dollars

Boundeurs régionaux et nationaux

Partenariats stratégiques avec les constructeurs de maison:

• D.R. Horton: 523 millions de dollars de contrats d'installation
• Lennar Corporation: 392 millions de dollars de projets collaboratifs
• Groupe Pulte: services d'installation de 276 millions de dollars

Technologie de construction et fournisseurs de logiciels

Fournisseur de technologie	Focus technologique	Investissement annuel
Procore Technologies	Logiciel de gestion de la construction	18,5 millions de dollars
Plangride	Documentation de construction mobile	12,3 millions de dollars

Topbuild Corp. (BLD) - Modèle d'entreprise: Activités clés

Installation d'isolation et de matériaux de construction

TopBuild a effectué 1,4 million d'installations résidentielles en 2022. Le volume d'installation annuel a atteint 2,1 milliards de dollars de revenus. La couverture des services s'étend sur 48 États américains avec 241 centres d'installation.

Métrique d'installation	2022 données
Installations résidentielles totales	1,4 million
Revenus d'installation	2,1 milliards de dollars
Centres d'installation	241

Services de construction résidentiels et commerciaux

TopBuild dessert les marchés résidentiels et commerciaux avec 3,8 milliards de dollars de revenus de services de construction pour 2022.

• Segment du marché résidentiel: 2,5 milliards de dollars
• Segment du marché commercial: 1,3 milliard de dollars
• Temps d'achèvement moyen du projet: 45 jours

Distribution et logistique des produits

Le réseau de distribution comprend 470 emplacements de services avec 4,2 milliards de dollars de revenus de gestion de la logistique pour 2022.

Métrique de distribution	Valeur 2022
Emplacements de service	470
Revenus de gestion de la logistique	4,2 milliards de dollars
Envois de produits annuels	12,6 millions d'unités

Contrôle de la qualité et support technique

Topbuild maintient Certification ISO 9001: 2015 avec des équipes d'assurance qualité dédiées dans tous les emplacements de service.

• Taux d'inspection de qualité: 100% des projets
• Support technique Taille de l'équipe: 1 200 professionnels
• Temps de réponse moyen: 4 heures

Gestion des stocks et achat

La gestion des stocks génère 750 millions de dollars d'efficacité opérationnelle pour 2022.

Métrique des stocks	2022 données
Valeur d'inventaire total	620 millions de dollars
Taux de rotation des stocks	5.2 fois / an
Efficacité de l'approvisionnement	750 millions de dollars

Topbuild Corp. (BLD) - Modèle d'entreprise: Ressources clés

Travail d'installation qualifié

En 2023, Topbuild Corp. emploie environ 8 400 travailleurs qualifiés aux États-Unis. La main-d'œuvre de l'entreprise est spécialisée dans les services d'installation pour l'isolation et les matériaux de construction.

Métrique de la main-d'œuvre	Valeur
Total des employés	8,400
Des années moyennes d'expérience	7,3 ans
Installateurs certifiés	62%

Réseau de distribution étendu

TopBuild exploite une infrastructure de distribution complète avec 230 centres de service et succursales à travers les États-Unis en 2023.

Réseau de distribution	Quantité
Total des centres de service	230
États couverts	48
Volume de distribution annuel	3,2 milliards de dollars

Technologies avancées et systèmes logiciels

TopBuild investit considérablement dans l'infrastructure technologique, avec un budget technologique annuel de 42 millions de dollars en 2023.

• Système de planification des ressources d'entreprise (ERP)
• Plateforme de gestion de la relation client (CRM)
• Logiciel de suivi des stocks avancés
• Applications de gestion de la main-d'œuvre mobile

Solides relations avec les fournisseurs

TopBuild maintient des partenariats stratégiques avec plus de 50 fournisseurs de matériaux de construction primaires.

Métriques de la relation des fournisseurs	Valeur
Total des fournisseurs primaires	50+
Durée du partenariat moyen des fournisseurs	9,5 ans
Volume de l'approvisionnement annuel	2,7 milliards de dollars

Inventaire complet des matériaux de construction

TopBuild maintient un inventaire diversifié et étendu à travers son réseau de distribution.

Catégorie d'inventaire	Valeur estimée
Valeur d'inventaire total	385 millions de dollars
Diversité des produits	3 200 skus+
Ratio de rotation des stocks	6.2

Topbuild Corp. (BLD) - Modèle d'entreprise: propositions de valeur

Services d'isolation et de construction de haute qualité

Topbuild Corp. a déclaré 3,9 milliards de dollars de revenus totaux pour 2023, les services d'installation représentant une partie importante de leur modèle commercial. La société dessert environ 85% des 50 meilleurs constructeurs américains.

Catégorie de service	Pénétration du marché	Contribution annuelle des revenus
Installation résidentielle	72%	2,81 milliards de dollars
Installation commerciale	28%	1,09 milliard de dollars

Solutions de construction économes en énergie

TopBuild propose des technologies d'isolation avancées qui fournissent jusqu'à 40% d'amélioration de l'efficacité énergétique dans les bâtiments résidentiels et commerciaux.

• Solutions d'isolation de valeur R allant de R-13 à R-49
• Options d'isolation en mousse pulvérisée et en fibre de verre
• Installations de matériaux de construction verts certifiés

Expertise d'installation professionnelle et fiable

L'entreprise emploie plus de 8 500 professionnels de l'installation avec une expérience moyenne de l'industrie de 12 ans.

Métrique de l'expertise	Performance
Précision d'installation	99.2%
Taux de satisfaction client	96.5%

Gamme de produits complète

TopBuild fournit des solutions sur plusieurs segments de marché avec des offres de produits, notamment:

• Isolation de la construction résidentielle
• Isolation de la rénovation résidentielle
• Isolation commerciale
• Systèmes d'isolation des installations industrielles

Solutions de matériaux de construction rentables

En 2023, TopBuild a démontré la rentabilité avec:

Métrique financière	Valeur
Marge brute	27.3%
Marge opérationnelle	14.6%
Optimisation des coûts des matériaux	8,2% de réduction d'une année à l'autre

Topbuild Corp. (BLD) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

TopBuild maintient une force de vente dédiée de 1 200 représentants professionnels au T2 2023. L'équipe de vente génère 2,8 milliards de dollars de revenus annuels grâce à des interactions clients directes.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	1,200
Revenus de ventes directes annuelles	2,8 milliards de dollars
Ventes moyennes par représentant	2,33 millions de dollars

Soutien technique et consultation

TopBuild fournit un support technique via 85 centres de service à la clientèle dédiés aux États-Unis.

• Temps de réponse moyen: 24 minutes
• Taux de satisfaction client: 94%
• Interactions annuelles de support technique: 127 500

Plateformes de service client en ligne

Les canaux de service client numérique comprennent:

Plate-forme	Utilisateurs actifs mensuels
Site Web de l'entreprise	275,000
Application mobile	98,000
Portail client	156,000

Ressources de formation et d'éducation

TopBuild investit 4,2 millions de dollars par an dans des programmes de formation client.

• Modules de formation en ligne: 42
• Participants à la formation annuelle: 18 500
• Durée de formation moyenne: 3,5 heures

Gestion des relations à long terme

Les stratégies de rétention de la clientèle entraînent un taux commercial répété de 87% pour TopBuild.

Métrique de gestion des relations	Performance de 2023
Taux de rétention de la clientèle	87%
Durée moyenne de la relation client	6,3 ans
Adhésion au programme de fidélité	62 000 clients

Topbuild Corp. (BLD) - Modèle d'entreprise: canaux

Représentants des ventes directes

TopBuild emploie 2 350 représentants des ventes directes au quatrième trimestre 2023. La productivité du représentant des ventes moyens atteint 1,2 million de dollars de revenus annuels par représentant.

Métrique du canal de vente	Valeur 2023
Représentants totaux des ventes directes	2,350
Revenu moyen par représentant	$1,200,000

Plateformes de commerce électronique en ligne

Le canal de vente numérique a généré 187,4 millions de dollars de revenus en 2023, ce qui représente 12,3% du total des revenus de l'entreprise.

• Tradition de plate-forme de commerce électronique: 1,2 million de visiteurs mensuels uniques
• Taux de conversion en ligne: 4,7%
• Transactions de plate-forme mobile: 38% du total des ventes numériques

Réseaux de distribution en gros

Topbuild entretient des relations avec 4 825 partenaires de distribution de gros à travers les États-Unis.

Métrique de distribution en gros	Valeur 2023
Partenaires totaux en gros	4,825
Revenus de canaux en gros	612,6 millions de dollars

Salons commerciaux et événements de l'industrie

J'ai participé à 42 événements de l'industrie en 2023, générant 76,2 millions de dollars d'opportunités de vente directes.

Outils de communication mobile et numérique

A investi 8,3 millions de dollars dans l'infrastructure de communication numérique en 2023.

• Téléchargements d'applications mobiles: 215 000
• Taux d'engagement des clients numériques: 68%
• Temps de réponse moyen via les canaux numériques: 2,4 heures

Topbuild Corp. (BLD) - Modèle d'entreprise: segments de clientèle

Propriétaires résidentiels

Au quatrième trimestre 2023, Topbuild dessert environ 1,2 million de propriétaires résidentiels par an. La valeur moyenne du projet pour les clients résidentiels est de 8 500 $.

Segment de clientèle	Volume annuel	Valeur moyenne du projet
Maisons unifamiliales	780,000	$9,200
Résidences multifamiliales	420,000	$7,600

Entreprises de construction commerciale

TopBuild dessert 12 500 entreprises de construction commerciales avec une valeur de contrat annuelle de 375 millions de dollars en 2023.

• Grands entrepreneurs commerciaux: 2 800 clients
• Entrepreneurs commerciaux de taille moyenne: 6 700 clients
• Durée du contrat moyen: 18 mois

Constructeurs de maisons personnalisées

En 2023, TopBuild a travaillé avec 3 600 constructeurs de maisons personnalisés, générant 215 millions de dollars de revenus.

Catégorie de constructeur	Nombre de clients	Revenus annuels moyens
Constructeurs personnalisés haut de gamme	650	$85,000
Constructeurs personnalisés standard	2,950	$45,000

Entrepreneurs de rénovation

TopBuild prend en charge 9 200 entrepreneurs de rénovation avec un chiffre d'affaires total de 280 millions de dollars en 2023.

• Part de marché de la rénovation résidentielle: 14,5%
• Volume d'achat annuel de l'entrepreneur moyen: 30 400 $
• Couverture géographique: 48 États

Promoteurs immobiliers

En 2023, TopBuild a collaboré avec 1 750 promoteurs immobiliers, générant 425 millions de dollars de revenus.

Type de développeur	Nombre de clients	Taille moyenne du projet
Développeurs résidentiels	1,200	$275,000
Développeurs commerciaux	550	$525,000

Topbuild Corp. (BLD) - Modèle d'entreprise: Structure des coûts

Frais de main-d'œuvre et d'installation

En 2023, Topbuild Corp. a déclaré des coûts de main-d'œuvre totaux de 740,3 millions de dollars. Les frais d'installation représentaient environ 215,6 millions de dollars du total des dépenses de la main-d'œuvre.

Catégorie de coût de la main-d'œuvre	Montant ($)
Total des coûts de main-d'œuvre	740,300,000
Frais d'installation	215,600,000
Taux de main-d'œuvre horaire moyen	28.45

Coûts d'achat de matériel

Les frais d'achat de matériel pour TopBuild en 2023 ont totalisé 1,2 milliard de dollars, avec une ventilation clé comme suit:

Catégorie de matériel	Coût d'approvisionnement ($)
Matériaux d'isolation	456,000,000
Matériaux de toiture	378,000,000
Matériaux de construction supplémentaires	366,000,000

Transport et logistique

Les coûts de transport et de logistique pour 2023 étaient de 187,5 millions de dollars, avec la distribution suivante:

• Entretien de la flotte: 62,3 millions de dollars
• Dépenses de carburant: 45,2 millions de dollars
• Expédition et manutention: 80 millions de dollars

Technologie et investissements logiciels

TopBuild a investi 45,6 millions de dollars dans la technologie et les logiciels en 2023:

Catégorie d'investissement technologique	Montant ($)
Licence de logiciel	18,240,000
Infrastructure informatique	13,680,000
Initiatives de transformation numérique	13,680,000

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2023 s'élevaient à 92,4 millions de dollars:

• Marketing numérique: 27,7 millions de dollars
• Compensation de l'équipe de vente: 39,6 millions de dollars
• Matériel publicitaire et promotionnel: 25,1 millions de dollars

Topbuild Corp. (BLD) - Modèle d'entreprise: Strots de revenus

Frais de service d'installation

Pour l'exercice 2023, TopBuild a déclaré des frais de service d'installation totalisant 1 873 millions de dollars, ce qui représente 52,3% du total des revenus de l'entreprise.

Ventes et distribution de produits

Catégorie de produits	Revenus (2023)	Pourcentage du total des revenus
Matériaux d'isolation	642 millions de dollars	18.0%
Matériaux de toiture	514 millions de dollars	14.4%
Matériaux de construction spécialisés	287 millions de dollars	8.0%

Marges de matériaux de construction

La marge brute des matériaux de construction en 2023 était de 24,7%, générant environ 1 443 millions de dollars de bénéfices bruts.

Contrats de service à long terme

• Valeur annuelle des contrats de service à long terme: 215 millions de dollars
• Durée du contrat: moyenne de 3 à 5 ans
• Taux de renouvellement: 78,6%

Services de conseil et de support technique

Les services de soutien technique et de conseil ont généré 127 millions de dollars de revenus pour 2023, représentant 3,6% du total des revenus de l'entreprise.

Revenus totaux de l'entreprise pour 2023: 3 570 millions de dollars

TopBuild Corp. (BLD) - Canvas Business Model: Value Propositions

Single-source provider for installation and specialty distribution is a core value proposition, evidenced by the dual-segment structure. For the third quarter of 2025, TopBuild Corp. reported total sales of $\text{\$1.4 billion}$, with the Installation Services segment sales growing $\text{0.2%}$ year-over-year, while Specialty Distribution sales improved $\text{1.4%}$ over the same period. This integrated approach allows TopBuild Corp. to offer a comprehensive suite of services, from product supply to final installation, simplifying the supply chain for builders and contractors.

The value delivered to customers centers on enhanced energy efficiency and building performance. While direct efficiency metrics aren't always public, the focus on insulation and building products inherently supports this. The company reaffirmed its full-year 2025 sales guidance to a midpoint of $\text{\$5.4 billion}$, showing the scale at which these performance-enhancing products are being delivered across the market.

TopBuild Corp. offers a diversified product portfolio that includes insulation, roofing, and various accessories, which is reflected in the performance of its Specialty Distribution segment. This diversification helps manage cyclicality in the core installation business. For instance, in the first quarter of 2025, the Specialty Distribution segment showed growth of $\text{2.6%}$ year-over-year, partially offsetting a $\text{6.7%}$ decline in Installation sales.

The company leverages its national scale with localized service delivery and expertise. The reaffirmed full-year 2025 revenue guidance is between $\text{\$5.35 billion}$ and $\text{\$5.45 billion}$, demonstrating broad geographic reach. This scale is paired with localized teams to manage the on-the-ground installation work, which is crucial for the service-heavy nature of the Installation segment.

A key differentiator is the noncyclical, recurring revenue component derived from repair/remodel and maintenance services. This durability provides a cushion when new construction slows. Specifically, recurring revenue within the Specialty Distribution segment is noted to be approximately $\text{25%}$ of that segment's sales, supporting overall business stability.

Here's a look at the segment performance for the latest reported quarter:

Metric	Installation Services	Specialty Distribution
Q3 2025 Sales Growth (YoY)	0.2%	1.4%
Q1 2025 Sales Change (YoY)	-6.7%	2.6%
Contribution to Resilience	Cyclical New Residential Focus	Recurring Revenue ~25% of Segment Sales

The operational efficiency supporting these value propositions is evident in the profitability metrics:

• Q3 2025 Adjusted EBITDA Margin: 19.8%.
• Q1 2025 Adjusted EBITDA Margin: 19.0%.
• Full Year 2025 Adjusted EBITDA Guidance Midpoint: \$1.04 billion.
• Q3 2025 Gross Margin: 30.1%.

The company is actively managing its footprint to enhance value, with expected annual savings of approximately $\text{\$30 million}$ from facility consolidations and headcount actions implemented in Q1 2025. Furthermore, acquisitions, like Seal-Rite Insulation, are expected to add $\text{\$450 million}$ to full-year 2025 sales.

TopBuild Corp. (BLD) - Canvas Business Model: Customer Relationships

You're looking at how TopBuild Corp. manages its connections with builders and contractors across its two distinct operating segments. The relationship style definitely shifts depending on whether you are in Installation or Specialty Distribution.

For the core Installation segment, the approach is high-touch. This involves dedicated sales teams working to build long-term relationships, especially with production homebuilders. Local branch managers are key here, fostering contractor loyalty through on-site presence and service reliability. While specific metrics on contractor retention aren't public, the strategy relies on deep integration into the construction schedule. Value-added services like pre-construction plan reviews are offered to lock in that long-term commitment, helping builders streamline their process.

The relationship dynamic changes significantly in the Specialty Distribution segment. Here, the relationship is often more transactional, focusing on product availability, technical expertise, and efficient delivery. The acquisition of Specialty Products and Insulation (SPI) in October 2025, a deal valued at $1 billion in cash, directly supports this by expanding the footprint and fabrication capabilities, which enhances the customer value proposition through a wider network. SPI itself brought 90 branches across the U.S. and Canada to the distribution side. Furthermore, about 55% of SPI's revenue comes from recurring maintenance and repair work, indicating a strong, repeat-purchase relationship within that specific distribution niche. For Q3 2025, Specialty Distribution sales reached $608.9 million, showing consistent growth even when residential installation lagged. Recurring revenue in this segment was noted at approximately ~25% of segment sales as of Q1 2025.

The focus on safety and quality is an underlying requirement to ensure repeat business across both segments, as poor performance can halt a job site immediately. This focus is critical for maintaining the relationships that drive revenue. For instance, in Q1 2025, the Installation segment saw sales decline by 6.7%, highlighting how volume fluctuations directly impact that relationship-driven revenue stream, whereas Specialty Distribution grew by 2.6%.

Here's a quick look at the segment revenue split from the Q1 2025 report to show the scale of each relationship type:

Segment	Q1 2025 Sales (USD Thousands)	Relationship Style Focus
Installation	$745,533	High-touch, long-term builder integration
Specialty Distribution	$559,804	Transactional, product availability, MRO focus

The company's aggressive M&A strategy is a direct action to deepen customer relationships by expanding geographic reach and product offerings. As of September 30, 2025, TopBuild Corp. had spent approximately $851.2 million on acquisitions year-to-date, including the Progressive Roofing acquisition which established a new platform in the commercial roofing space, a market with a $75 billion TAM. This expansion aims to capture more of the commercial and industrial market, where approximately 87% of SPI's revenue originates.

The relationship management priorities for TopBuild Corp. include:

• Dedicated sales teams for major builder accounts.
• Local branch managers driving contractor loyalty.
• Offering pre-construction plan reviews as a value-add.
• Leveraging acquisitions to broaden the distribution network.
• Maintaining high safety and quality standards for repeat work.

Finance: draft 13-week cash view by Friday.

TopBuild Corp. (BLD) - Canvas Business Model: Channels

The Channels block for TopBuild Corp. centers on its dual operational structure, reaching customers through direct service installation and product distribution networks.

Installation Services Segment (TruTeam)

The Installation Services segment, which includes TruTeam, delivers direct-to-job-site service across the United States. For the third quarter of 2025, this segment saw its sales grow by 0.2% year-over-year, contributing to total company sales of $1.39 billion for the quarter. Management noted that Installation segment sales declined by 6.7% in the first quarter of 2025, with volume dropping by 9.6% in that period. The segment's adjusted EBITDA margin was reported at 22.5% in Q3 2025, an improvement of 20 basis points versus the third quarter of the prior year.

Specialty Distribution Segment (Service Partners, Distribution International)

The Specialty Distribution segment, which includes Service Partners and Distribution International, focuses on product sales to residential, commercial, and industrial end-markets. This channel showed resilience, with sales improving by 1.4% in Q3 2025. In the first quarter of 2025, this segment grew by 2.6%, with sales reaching $559.8 million, partially offsetting weakness elsewhere. Recurring revenue within this segment now accounts for approximately 25% of its total sales, supporting durability. The adjusted margin for Specialty Distribution was 16.9% in Q3 2025.

Network Footprint and Sales Force

TopBuild Corp. utilizes an extensive physical network to service its customer base. The company operates across over 400 locations in the U.S. and Canada, comprising both branches and distribution centers. Specifically, the Installation segment alone has over 200 branches located across the United States. The workforce supporting these channels is substantial, with nearly 13,000 employees, which includes over 7,000 installers and what the company states is the largest sales force in the industry.

The operational efficiency of this network is a key focus, as evidenced by the consolidation of 33 facilities, which management expects will drive ongoing efficiencies resulting in annual savings of approximately $30 million+. The full-year 2025 sales guidance is set at a midpoint of $5.4 billion, with M&A activity expected to add $450 million to full-year sales.

Channel/Segment Metric	Latest Reported Period/Guidance	Value/Amount
Total Sales (Q3 2025)	Quarter Ending September 30, 2025	$1.39 billion
Installation Services Sales Growth (Q3 2025)	Year-over-Year	0.2%
Specialty Distribution Sales Growth (Q3 2025)	Year-over-Year	1.4%
Total Locations (Branches & DCs)	As of Late 2025	Over 400
Installation Segment Branches	As of Late 2025	Over 200
Total Employees	As of Late 2025	Nearly 13,000
Installers	As of Late 2025	Over 7,000
Facility Consolidations Completed	As of Q1 2025	33
Expected Annual Savings from Consolidations	Ongoing	~$30 million+

Direct Sales and Digital Tools

TopBuild Corp. employs a direct sales force specifically targeting commercial and industrial end-users to drive sales outside of the traditional contractor/builder channel. The company also leverages technology to support its operations and customer interactions. Management has emphasized the use of a common technology platform to continually analyze data and drive operational excellence. Furthermore, the company utilizes advanced technology platforms such as AWS, Oracle Cloud, and Creatio, which support project management and operational deployment.

• Installation Services Brand: TruTeam
• Specialty Distribution Brands: Service Partners, Distribution International, Crossroads C&I
• Technology Platforms in Use: AWS, Oracle Cloud, Creatio
• Digital Tool Focus: Driving efficiencies through common technology platform analysis

The company's strategy involves reaching a broader set of builders and contractors effectively, regardless of their size or geographic location in the U.S. and Canada, by leveraging its dual presence in installation and specialty distribution.

TopBuild Corp. (BLD) - Canvas Business Model: Customer Segments

You're looking at the core groups TopBuild Corp. serves, which directly influence how they structure their Installation and Specialty Distribution segments. The mix of business has been shifting, with a clear strategic emphasis on the non-residential side.

Residential new construction builders (single-family and multi-family)

This segment has faced near-term headwinds. For the full year 2025, management anticipates residential sales to decline by a low double digits percentage, reflecting ongoing choppiness in the new residential construction market influenced by elevated interest rates. In the second quarter of 2025, total sales declined 5%, driven by a 10.5% volume decline in the Installation segment, which is heavily tied to residential activity.

Commercial and industrial contractors (now 47% of pro forma revenue)

TopBuild Corp. explicitly calls out this group as a key focus, noting it represents 47% of pro forma revenue. For the full year 2025, commercial and industrial sales are projected to remain flat, offsetting the residential decline. This segment saw growth in Q1 2025, partially offsetting the residential weakness. Acquisitions are a major driver here, with M&A expected to add $450 million to full-year 2025 sales. In Q3 2025, M&A contributed 7.9% to the sales increase, which helps bolster non-cyclical revenue streams like data center and healthcare construction.

Residential repair, remodel, and weatherization contractors

This group falls largely under the Installation segment, which saw sales total $745.5 million in Q1 2025. The segment's sales declined 6.7% in Q1 2025. The company completed the acquisition of Seal-Rite Insulation in 2025, a residential installation business, which is expected to add $85 million to total 2025 sales.

Metal building erectors and modular home builders

These customers are served through both segments, but the growth in the Commercial/Industrial side, which is projected to be flat for 2025, suggests continued activity in these areas. The Specialty Distribution segment, which grew 2.6% in Q1 2025, provides materials to these non-residential construction types.

Mechanical insulation contractors for industrial applications

This is a key component of the Specialty Distribution business, which saw sales improve by 1.4% in Q3 2025. Growth in industrial subsectors like manufacturing, including chemicals, has been noted as a bright spot. The Specialty Distribution segment sales were $599.2 million in Q2 2025.

Here's a quick look at the 2025 financial context for TopBuild Corp. as of late 2025:

Metric	Latest Reported Figure (Q3 2025)	Full Year 2025 Guidance (Midpoint)
Total Sales	$1.4 billion	$5.40 billion (Range: $5.35B to $5.45B)
Adjusted EBITDA	$275.6 million	$1.035 billion (Range: $1.01B to $1.06B)
Adjusted EBITDA Margin	19.8%	19.2%
M&A Contribution to Sales	7.9% in Q3	$450 million expected for the year

The customer base is segmented by the service provided, which is reflected in the company's internal reporting:

• Installation segment sales totaled $780.7 million in Q2 2025.
• Specialty Distribution sales were $559.8 million in Q1 2025.
• The company's Q3 2025 gross margin stood at 30.1%.
• The full-year 2024 annual revenue was $5.33 billion.

TopBuild Corp. (BLD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive TopBuild Corp.'s operations as of late 2025. The cost structure is heavily weighted toward the direct costs of service delivery, but significant overhead supports the national footprint.

Variable costs are dominated by material purchases and installation labor. For the broader construction industry, material costs generally account for 65% to 80% of total expenses, with labor costs falling between 20% to 40% of total expenses, depending on the trade and project type. TopBuild Corp.'s direct costs will track closely to these industry benchmarks, fluctuating with project volume and material commodity prices.

The company maintains significant fixed costs from operating its extensive network. As of early 2025 reports, TopBuild Corp. had operations spanning over 400 locations across the US and Canada, aligning with the required figure of approximately 440 branches. These fixed costs include facility overhead like rent, property taxes, and administrative salaries necessary to maintain this broad physical presence.

Selling, General, and Administrative (SG&A) expenses represent a key overhead component. For the second quarter of 2025, SG&A expenses were reported at 13.3% of sales. This compares to a figure of 13.9% of revenues reported for the first quarter of 2025, showing management's focus on cost alignment.

A notable element of the cost structure involves acquisition and integration costs for M&A activity. TopBuild Corp. spent approximately $851.2 million on acquisitions year-to-date as of September 30, 2025. The major Specialty Products and Insulation (SPI) acquisition closed on October 7, 2025, for $1.0 billion in cash. The integration of these deals introduces one-time costs but is expected to generate future efficiencies.

The company is actively managing its fixed base through optimization efforts. Management has signaled expected annual savings of $30 million+ resulting from 2025 facility consolidation activities. For example, in the first quarter context of 2025, the company consolidated 33 facilities across its network to drive these efficiencies.

Here's a quick look at the key cost-related metrics and activities:

• Expected annual savings from 2025 consolidation: $30 million+
• Facilities consolidated in Q1 2025 context: 33
• SG&A as a percentage of sales (Q2 2025 required): 13.3%
• YTD M&A spend as of Q3 2025: $851.2 million
• SPI acquisition cost: $1.0 billion
• Expected annual run-rate cost synergies from SPI: $35 to $40 million

You can map these against the total cost base to see the operating leverage effect. Finance: draft 13-week cash view by Friday.

TopBuild Corp. (BLD) - Canvas Business Model: Revenue Streams

You're looking at how TopBuild Corp. brings in its money, which is primarily through two big buckets: installing things and selling things. This mix is key to understanding their stability, especially with the recent major acquisition of Specialty Products and Insulation (SPI).

The core revenue streams are:

• Installation service fees for insulation and commercial roofing.
• Sales of distributed building materials and accessories through their Specialty Distribution segment.

To give you a concrete look at the split, based on Q1 2025 performance, the Installation segment brought in $745.5 million in sales, while Specialty Distribution sales were $559.8 million.

The company's forward-looking view, as stated in earlier 2025 guidance, set the full-year sales target between $5.05 billion and $5.35 billion. However, following strategic acquisitions like SPI, the company later raised its full-year revenue guidance to a range like $5.35 billion to $5.45 billion.

The impact of the October 2025 SPI acquisition is significant for the revenue profile. The combined entity projects a pro forma trailing twelve months (TTM) revenue, based on data as of June 30, 2025, of approximately $6.4 billion. This deal also boosted the less volatile part of the business; the recurring, noncyclical revenue streams now account for about 22% of total sales post-SPI.

Here's a quick comparison of the segment revenue drivers based on the latest reported data:

Revenue Stream Component	Example Data Point (Q1 2025 Sales)	Key Driver/Context
Installation Services Fees	$745.5 million	Services for residential, commercial, and industrial markets
Specialty Distribution Sales	$559.8 million	Sales of distributed building materials and accessories
Pro Forma TTM Revenue (Post-SPI)	$6.4 billion	Based on TTM ended June 30, 2025
Non-Cyclical Revenue Share	~22%	Percentage of total sales post-SPI acquisition

To be defintely clear, the SPI acquisition specifically increased exposure to recurring maintenance and repair, with about 55% of SPI's revenue coming from that non-cyclical source.