MeritValue

TopBuild Corp

BLDdata completeness 100%13 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.49B1$5.01B2$5.19B3$5.33B3$5.41B3
Net income$324M4$556M5$614.3M6$622.6M6$521.7M6
Operating cash flow$403M7$495.8M8$849.4M9$776M9$756.3M9
Capital expenditure$55.5M10$76.4M11$64M12$69.3M12$59.4M12
Free cash flow (derived)$347.5M7$419.4M8$785.4M9$706.7M9$696.9M9
Total debt$2.99B13$2.91B14$2.84B15$2.75B16$5.69B16
Cash & equivalents$139.8M17$240.1M18$848.6M19$400.3M20$184.7M20
Diluted shares33.1M32.4M31.8M30.7M28.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000035%
of the whole company
Your share of last year’s profit
$182.8
Your share of its debt
$1,994.79
Your share of free cash flow
$244.17
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$1,328.55
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$706.7M
DCF · Growth Exit 5Y
$635.51
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$706.7M
Earnings Power Value
$205.27
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$556M
  • growthAssumed0.0%
Graham Number
$182.7
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $635.51

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001999 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001495 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020481 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001999 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001495 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020481 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001999 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001495 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020481 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001999 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001495 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-020481 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-001903 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001999 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001495 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-020481 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-001903 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-001999 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-001495 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-020481 (CashAndCashEquivalentsAtCarryingValue)