Builders FirstSource, Inc.

Overview

• Leading provider of building materials and integrated homebuilding solutions for professional builders in the U.S. residential market.
• Business model: manufacture, supply, and install a full range of structural and related building products; offer turn-key and value-added services to improve job-site efficiency.
• Geography and reach: ~585 locations across 43 states; facilities organized into three geographic divisions (East, Central, West).
• Market position: serves production and custom homebuilders, remodeling contractors, and multi-family builders in a highly fragmented Pro segment with a broad product and service offering.

What the company does

• Manufactures and distributes products used in residential construction, including:
  • Manufactured products: wood floor and roof trusses, wall panels, engineered wood, Ready-Frame framing system, and manufactured/modular homes.
  • Windows, doors and millwork: vinyl windows; interior/exterior pre-hung doors; interior millwork and specialty items (Synboard PVC trim, etc.).
  • Specialty building products and services: siding, exterior trim, metal studs, cement, roofing, insulation, wallboard, ceilings, cabinets/hardware; design assistance, professional installation, turn-key framing, and shell construction; Paradigm software for drafting, estimating, and virtual design.
  • Lumber and lumber sheet goods: dimensional lumber, plywood, OSB to support on-site framing needs.
• Services and digital offerings: professional installation, turnkey framing, shell construction, and Paradigm software solutions for retailers, distributors, manufacturers, and homebuilders to improve sales and efficiency.
• Vertical integration and efficiency: a large manufacturing footprint supports higher-margin, value-added products and aims to drive job-site efficiency, reduce cycle times, and improve safety.

Scale and customers

• Top customers: for the year ended December 31, 2025, the top 10 customers accounted for 14% of net sales; the largest single customer accounted for 4% of net sales.
• Customer base is broad and diverse across single-family, multi-family, remodeling, and commercial end markets.

Employees and people

• Approximately 28,000 employees as of December 31, 2025.
• Labor relations: less than 1% of employees covered by collective bargaining agreements.

Facilities and assets

• Owned and leased footprint: about 190 owned facilities and 395 leased facilities; many leases are long-term (five to 15 years) with renewal options; 110 leased facilities are tied to sale-leaseback arrangements accounted as owned assets with offsetting financing obligations.
• Transportation and logistics: fleet of around 19,300 rolling stock units (trucks, forklifts, trailers).
• IT backbone: investments in ERP and digital tools to manage hundreds of price lists, thousands of SKUs, and integrated shop-floor processes.

Financial snapshot (year ended December 31, 2025)

• Total debt: approximately $4.5 billion.
• Revolving credit facility: $2.2 billion (maturity May 2030); as of 12/31/2025, there were no borrowings under the facility, with about $0.1 billion in letters of credit outstanding.
• Leases and debt: about $0.7 billion in obligations under operating leases; sale-leaseback arrangements for 110 facilities.
• Recent debt actions: May 2025 private placement of $750 million of 6.750% senior unsecured notes due 2035; net proceeds used to repay revolver debt; Revolving Facility amended to increase commitments to $2.2 billion (maturity 2030).
• Share repurchases: since 2021, the company has repurchased approximately $8.0 billion of its shares; a $500 million repurchase authorization was approved on April 30, 2025; in Q4 2025, 17,699 shares were tendered for tax withholding (average price $121.92) with no additional shares purchased under the plan in that quarter; the authorization remained in effect with about $500 million remaining as of 12/31/2025.
• Acquisitions: completed multiple acquisitions in 2025 totaling about $1.1 billion in purchase price (including Alpine Lumber, O.C. Cluss, Truckee Tahoe Lumber, St. George Truss, Stately Las Vegas, Rystin Construction, Lengefeld Lumber, Pleasant Valley). On January 2, 2026, completed the acquisition of Premium Building Components (Eastern New York) to expand footprint in value-added products.

Capital structure and listing

• Common shares dual-listed on the NYSE and NYSE Texas under the symbol BLDR; NYSE Texas listing commenced August 12, 2025.
• Long history of share repurchases and a large capital-return program.

Strategic focus and operations

• Core strategy pillars:
  • Grow value-added products and services organically (manufactured components, Ready-Frame, millwork).
  • Use scale and breadth to win larger, strategic projects with homebuilders.
  • Invest in innovation and operational excellence (cost standardization, automation, digital tools, procurement optimization).
  • Build a high-performing culture with a focus on safety, talent development, and corporate social responsibility.
  • Maintain disciplined capital allocation, including acquisitions, deleveraging when appropriate, and opportunistic share repurchases.
• Growth through acquisitions and geographic expansion, integrating acquired operations into a centralized platform to achieve scale and efficiency.
• Digital and supply-chain focus: ongoing ERP modernization with a multi-year deployment, data analytics, Paradigm software for design and quoting, and supply-chain optimizations including just-in-time delivery capabilities.

Summary

Builders FirstSource is an integrated supplier and producer of building materials for professional builders, combining manufacturing, distribution, installation, and digital solutions across a broad product portfolio. The company operates a nationwide footprint, serves a diverse base of professional customers, and pursues growth through organic expansion, acquisitions, and technology-enabled operational improvements. Key metrics include roughly 28,000 employees, ~585 locations, 190 owned and 395 leased facilities, and 14% of net sales from the top 10 customers (largest customer at 4%).