MeritValue

QXO Insulation, LLC

BLDdata completeness 100%13 fiscal years on file
The thesis, from the filings

QXO Insulation, LLC earns about 11% on invested capital, and has bought back 14% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

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
Net assets behind them
$811.51
your share of equity
Profit it earned you last year
$182.8
Free cash flow it threw off
$244.17
Debt you’d be carrying
$1,994.79

10 shares is a claim on $811.51 of net worth that earned you $182.8 and generated $244.17 of cash last year, against $1,994.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 8%FY22 13%FY23 15%FY24 14%FY25 7%

It earned an average 11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 91% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

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)