TopBuild Corp. (BLD): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico da construção e melhoria da casa, a Topbuild Corp. (BLD) surge como uma potência estratégica, transformando como os serviços de construção residencial e comercial são prestados. Ao integrar magistralmente tecnologia de ponta, extensas redes de distribuição e experiência em instalação profissional, esta empresa inovadora criou um modelo de negócios sofisticado que vai muito além das abordagens de construção tradicionais. Sua proposta de valor exclusiva combina isolamento de alta qualidade, soluções com eficiência energética e ofertas abrangentes de serviços que ressoam em vários segmentos de clientes, posicionando o Topbuild como um participante crítico no mercado de materiais de construção e serviços em evolução.

TopBuild Corp. (BLD) - Modelo de Negócios: Principais Parcerias

Fornecedores de telhados e materiais de construção

Topbuild mantém parcerias estratégicas com os principais fornecedores de materiais:

Fornecedor	Volume anual de oferta	Duração do contrato
GAF Materials Corporation	US $ 412 milhões	Contrato de 3 anos
Owens Corning	US $ 287 milhões	Contrato de vários anos

Varejistas de melhoria da casa

As principais parcerias de varejo incluem:

• Home Depot: Canal de vendas anual de US $ 1,2 bilhão
• Lowe's: Receita colaborativa de US $ 825 milhões

Fabricantes de equipamentos de construção

Fabricante	Tipo de equipamento	Investimento anual
Lagarta	Equipamento de construção pesada	US $ 67 milhões
Dewalt	Ferramentas elétricas	US $ 42 milhões

Construtores regionais e nacionais

Parcerias estratégicas com construtores de casas:

• D.R. Horton: contratos de instalação de US $ 523 milhões
• Lennar Corporation: Projetos colaborativos de US $ 392 milhões
• Grupo Pulte: Serviços de instalação de US $ 276 milhões

Provedores de tecnologia e software de construção

Provedor de tecnologia	Foco em tecnologia	Investimento anual
Procore Technologies	Software de gerenciamento de construção	US $ 18,5 milhões
Plangrid	Documentação de construção móvel	US $ 12,3 milhões

TopBuild Corp. (BLD) - Modelo de Negócios: Atividades -chave

Instalação de isolamento e materiais de construção

A TopBuild concluiu 1,4 milhão de instalações residenciais em 2022. O volume anual de instalação atingiu US $ 2,1 bilhões em receita. A cobertura do serviço abrange 48 estados dos EUA com 241 centros de instalação.

Métrica de instalação	2022 dados
Total de instalações residenciais	1,4 milhão
Receita de instalação	US $ 2,1 bilhões
Centros de instalação	241

Serviços de construção residencial e comercial

A TopBuild atende aos mercados residenciais e comerciais, com US $ 3,8 bilhões em receita total de serviços de construção em 2022.

• Segmento de mercado residencial: US $ 2,5 bilhões
• Segmento de mercado comercial: US $ 1,3 bilhão
• Tempo médio de conclusão do projeto: 45 dias

Distribuição e logística de produtos

A rede de distribuição inclui 470 locais de serviço com US $ 4,2 bilhões em receita de gerenciamento de logística para 2022.

Métrica de distribuição	2022 Valor
Locais de serviço	470
Receita de gerenciamento de logística	US $ 4,2 bilhões
Remessas anuais de produtos	12,6 milhões de unidades

Controle de qualidade e suporte técnico

Topbuild mantém Certificação ISO 9001: 2015 com equipes dedicadas de garantia de qualidade em todos os locais de serviço.

• Taxa de inspeção de qualidade: 100% dos projetos
• Tamanho da equipe de suporte técnico: 1.200 profissionais
• Tempo médio de resposta: 4 horas

Gerenciamento e compras de inventário

O gerenciamento de estoque gera US $ 750 milhões em eficiência operacional para 2022.

Métrica de inventário	2022 dados
Valor total do inventário	US $ 620 milhões
Taxa de rotatividade de estoque	5,2 vezes/ano
Eficiência de compras	US $ 750 milhões

TopBuild Corp. (BLD) - Modelo de Negócios: Recursos -Principais

Força de trabalho de instalação qualificada

A partir de 2023, a Topbuild Corp. emprega aproximadamente 8.400 trabalhadores qualificados nos Estados Unidos. A força de trabalho da empresa é especializada em serviços de instalação para isolamento e materiais de construção.

Métrica da força de trabalho	Valor
Total de funcionários	8,400
Anos médios de experiência	7,3 anos
Instaladores certificados	62%

Extensa rede de distribuição

A TopBuild opera uma infraestrutura abrangente de distribuição com 230 centros de serviços e filiais nos Estados Unidos a partir de 2023.

Rede de distribuição	Quantidade
TOTAL CENTERS DE SERVIÇO	230
Estados cobertos	48
Volume anual de distribuição	US $ 3,2 bilhões

Sistemas avançados de tecnologia e software

A TopBuild investe significativamente na infraestrutura tecnológica, com um orçamento anual de tecnologia de US $ 42 milhões em 2023.

• Sistema de Planejamento de Recursos da Enterprise (ERP)
• Plataforma de Gerenciamento de Relacionamento ao Cliente (CRM)
• Software de rastreamento de inventário avançado
• Aplicativos de gerenciamento de força de trabalho móvel

Fortes relacionamentos de fornecedores

A TopBuild mantém parcerias estratégicas com mais de 50 fornecedores de materiais de construção primários.

Métricas de relacionamento com fornecedores	Valor
Total de fornecedores primários	50+
Duração média de parceria de fornecedores	9,5 anos
Volume anual de compras	US $ 2,7 bilhões

Inventário abrangente de materiais de construção

A TopBuild mantém um inventário diversificado e extenso em sua rede de distribuição.

Categoria de inventário	Valor estimado
Valor total do inventário	US $ 385 milhões
Diversidade de produtos	3.200 ou mais skus
Taxa de rotatividade de inventário	6.2

TopBuild Corp. (BLD) - Modelo de Negócios: Proposições de Valor

Serviços de isolamento e construção de alta qualidade

A Topbuild Corp. registrou US $ 3,9 bilhões em receita total em 2023, com serviços de instalação representando uma parcela significativa de seu modelo de negócios. A empresa atende a aproximadamente 85% dos 50 principais construtores de casas dos EUA.

Categoria de serviço	Penetração de mercado	Contribuição anual da receita
Instalação residencial	72%	US $ 2,81 bilhões
Instalação comercial	28%	US $ 1,09 bilhão

Soluções de construção com eficiência energética

TopBuild oferece tecnologias avançadas de isolamento que entregam até 40% de melhoria de eficiência energética em edifícios residenciais e comerciais.

• Soluções de isolamento de valor R que variam de R-13 a R-49
• Opções de isolamento de espuma de pulverização e fibra de vidro
• Instalações de materiais de construção verdes certificados

Experiência profissional e confiável de instalação

A empresa emprega mais de 8.500 profissionais de instalação com uma experiência média do setor de 12 anos.

Métrica de experiência	Desempenho
Precisão da instalação	99.2%
Taxa de satisfação do cliente	96.5%

Gama abrangente de produtos

TopBuild fornece soluções em vários segmentos de mercado com ofertas de produtos, incluindo:

• Isolamento de nova construção residencial
• Isolamento de retrofit residencial
• Isolamento de edifícios comerciais
• Sistemas de isolamento de instalações industriais

Soluções de material de construção econômicas

Em 2023, o Topbuild demonstrou eficiência de custos com:

Métrica financeira	Valor
Margem bruta	27.3%
Margem operacional	14.6%
Otimização do custo do material	8,2% de redução ano a ano

TopBuild Corp. (BLD) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A TopBuild mantém uma força de vendas dedicada de 1.200 representantes profissionais a partir do quarto trimestre 2023. A equipe de vendas gera US $ 2,8 bilhões em receita anual por meio de interações diretas dos clientes.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	1,200
Receita anual de vendas direta	US $ 2,8 bilhões
Vendas médias por representante	US $ 2,33 milhões

Suporte técnico e consulta

A TopBuild fornece suporte técnico por meio de 85 centros de atendimento ao cliente dedicados nos Estados Unidos.

• Tempo médio de resposta: 24 minutos
• Taxa de satisfação do cliente: 94%
• Interações anuais de suporte técnico: 127.500

Plataformas de atendimento ao cliente online

Os canais de atendimento ao cliente digital incluem:

Plataforma	Usuários ativos mensais
Site da empresa	275,000
Aplicativo móvel	98,000
Portal do cliente	156,000

Recursos educacionais e de treinamento

A TopBuild investe US $ 4,2 milhões anualmente em programas de treinamento de clientes.

• Módulos de treinamento on -line: 42
• Participantes anuais de treinamento: 18.500
• Duração média do treinamento: 3,5 horas

Gerenciamento de relacionamento de longo prazo

As estratégias de retenção de clientes resultam em uma taxa de negócios repetida de 87% para a Topbuild.

Métrica de Gerenciamento de Relacionamento	2023 desempenho
Taxa de retenção de clientes	87%
Duração média do relacionamento do cliente	6,3 anos
Associação do programa de fidelidade	62.000 clientes

TopBuild Corp. (BLD) - Modelo de Negócios: Canais

Representantes de vendas diretas

A TopBuild emprega 2.350 representantes de vendas diretas a partir do quarto trimestre 2023. A produtividade média representativa de vendas atinge US $ 1,2 milhão em receita anual por representante.

Métrica do canal de vendas	2023 valor
Total de representantes de vendas diretas	2,350
Receita média por representante	$1,200,000

Plataformas online de comércio eletrônico

O canal de vendas digital gerou US $ 187,4 milhões em receita durante 2023, representando 12,3% da receita total da empresa.

• Tráfego da plataforma de comércio eletrônico: 1,2 milhão de visitantes mensais únicos
• Taxa de conversão online: 4,7%
• Transações de plataforma móvel: 38% do total de vendas digitais

Redes de distribuição por atacado

A TopBuild mantém relacionamentos com 4.825 parceiros de distribuição por atacado nos Estados Unidos.

Métrica de distribuição por atacado	2023 valor
Total de parceiros atacadistas	4,825
Receita de canal por atacado	US $ 612,6 milhões

Feiras e eventos da indústria

Participou de 42 eventos do setor durante 2023, gerando US $ 76,2 milhões em oportunidades de vendas diretas.

Ferramentas de comunicação móvel e digital

Investiu US $ 8,3 milhões em infraestrutura de comunicação digital em 2023.

• Downloads de aplicativos móveis: 215.000
• Taxa de engajamento digital do cliente: 68%
• Tempo médio de resposta via canais digitais: 2,4 horas

TopBuild Corp. (BLD) - Modelo de negócios: segmentos de clientes

Proprietários residenciais

A partir do quarto trimestre de 2023, a Topbuild atende aproximadamente 1,2 milhão de imóveis residenciais anualmente. O valor médio do projeto para clientes residenciais é de US $ 8.500.

Segmento de clientes	Volume anual	Valor médio do projeto
Casas unifamiliares	780,000	$9,200
Residências multifamiliares	420,000	$7,600

Empresas de construção comercial

A TopBuild atende 12.500 empresas de construção comercial com um valor anual de contrato de US $ 375 milhões em 2023.

• Grandes contratados comerciais: 2.800 clientes
• Empreiteiros comerciais de médio porte: 6.700 clientes
• Duração média do contrato: 18 meses

Construtores de casas personalizadas

Em 2023, a Topbuild trabalhou com 3.600 construtores de casas personalizadas, gerando US $ 215 milhões em receita.

Categoria construtora	Número de clientes	Receita média anual
Construtores personalizados de ponta	650	$85,000
Construtores personalizados padrão	2,950	$45,000

Contratados de renovação

A TopBuild suporta 9.200 empreiteiros de renovação com receita total de segmento de US $ 280 milhões em 2023.

• Participação de mercado de renovação residencial: 14,5%
• Volume médio de compra anual do contratado: US $ 30.400
• Cobertura geográfica: 48 estados

Promotores de propriedades

Em 2023, a Topbuild colaborou com 1.750 promotores imobiliários, gerando US $ 425 milhões em receita.

Tipo de desenvolvedor	Número de clientes	Tamanho médio do projeto
Desenvolvedores residenciais	1,200	$275,000
Desenvolvedores comerciais	550	$525,000

TopBuild Corp. (BLD) - Modelo de negócios: estrutura de custos

Despesas de mão -de -obra e de instalação

Em 2023, a Topbuild Corp. registrou custos totais de mão -de -obra de US $ 740,3 milhões. As despesas de instalação foram responsáveis ​​por aproximadamente US $ 215,6 milhões do gasto total da força de trabalho.

Categoria de custo de mão -de -obra	Valor ($)
Custos de mão -de -obra totais	740,300,000
Despesas de instalação	215,600,000
Taxa de mão -de -obra média horária	28.45

Custos de aquisição de materiais

As despesas de aquisição de materiais para Topbuild em 2023 totalizaram US $ 1,2 bilhão, com a partida principal da seguinte forma:

Categoria de material	Custo de compras ($)
Materiais de isolamento	456,000,000
Materiais de cobertura	378,000,000
Materiais de construção adicionais	366,000,000

Transporte e logística

Os custos de transporte e logística para 2023 foram de US $ 187,5 milhões, com a seguinte distribuição:

• Manutenção da frota: US $ 62,3 milhões
• Despesas de combustível: US $ 45,2 milhões
• Envio e manuseio: US $ 80 milhões

Investimentos em tecnologia e software

A Topbuild investiu US $ 45,6 milhões em tecnologia e software em 2023:

Categoria de investimento em tecnologia	Valor ($)
Licenciamento de software	18,240,000
Infraestrutura de TI	13,680,000
Iniciativas de transformação digital	13,680,000

Despesas de marketing e vendas

As despesas de marketing e vendas em 2023 totalizaram US $ 92,4 milhões:

• Marketing Digital: US $ 27,7 milhões
• Compensação da equipe de vendas: US $ 39,6 milhões
• Publicidade e materiais promocionais: US $ 25,1 milhões

TopBuild Corp. (BLD) - Modelo de negócios: fluxos de receita

Taxas de serviço de instalação

Para o ano fiscal de 2023, a TopBuild relatou taxas de serviço de instalação, totalizando US $ 1.873 milhões, representando 52,3% da receita total da empresa.

Vendas e distribuição de produtos

Categoria de produto	Receita (2023)	Porcentagem da receita total
Materiais de isolamento	US $ 642 milhões	18.0%
Materiais de cobertura	US $ 514 milhões	14.4%
Materiais de construção especializados	US $ 287 milhões	8.0%

Margens do material de construção

A margem bruta para materiais de construção em 2023 foi de 24,7%, gerando aproximadamente US $ 1.443 milhões em lucro bruto.

Contratos de serviço de longo prazo

• Valor anual de contratos de serviço de longo prazo: US $ 215 milhões
• Duração do contrato: média de 3-5 anos
• Taxa de renovação: 78,6%

Serviços de consultoria e suporte técnico

Os serviços técnicos de suporte e consultoria geraram US $ 127 milhões em receita para 2023, representando 3,6% da receita total da empresa.

Receita total da empresa para 2023: US $ 3.570 milhões

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.