Builders FirstSource, Inc. (BLDR) is a leading supplier and manufacturer of building materials, manufactured components, and construction services, primarily serving professional contractors, sub-contractors, and consumers across the United States . The company operates approximately 570 locations in 43 states, organized into three geographical divisions: East, Central, and West, which are aggregated into one reportable segment due to their similar economic characteristics, products, and services . BLDR's product offerings are categorized into four main groups: Lumber and Lumber Sheet Goods, Manufactured Products, Windows, Doors and Millwork, and Specialty Building Products and Services .
- Manufactured Products - Produces wood floor and roof trusses, wall panels, and engineered wood.
- Windows, Doors and Millwork - Involves the manufacturing and distribution of windows and doors, as well as custom millwork.
- Lumber and Lumber Sheet Goods - Supplies dimensional lumber and plywood.
- Specialty Building Products and Services - Offers a variety of products such as siding, roofing, and insulation, along with services like turn-key framing and professional installation.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Peter M. Jackson ExecutiveBoard | President & Chief Executive Officer | None | Peter M. Jackson became CEO in November 2024 after serving as CFO since 2021. He has extensive experience in financial leadership roles at Lennox International and SPX Corporation. | View Report → |
Amy B. Messersmith Executive | Chief People Officer | Member of SMU CHRO Advisory Board, SMU Cox School Mentorship Board, Dallas CHRO Advisory Board, Dallas Executive Women’s Roundtable, National HR Masterminds Group | Amy Messersmith joined BLDR in March 2022. She oversees HR strategies and has held senior HR roles at U.S. Anesthesia Partners, TDIndustries, and PepsiCo. | |
Matt Trester Executive | Principal Accounting Officer | None | Matt Trester became Principal Accounting Officer in November 2024. He previously served as VP and Controller and has extensive experience in accounting and controls at BLDR. | |
Michael A. Farmer Executive | President – Commercial Operations | Leader of NC Triangle Area Leukemia & Lymphoma Society | Michael Farmer joined BLDR in January 2021. He leads commercial efforts, including sales and marketing, and previously held leadership roles at BMC Stock Holdings. | |
Michael Hiller Executive | President – Central Division | None | Michael Hiller joined BLDR in January 2021 as President – Central Division. He previously held leadership roles at BMC Stock Holdings, including Division VP – Intermountain. | |
Mike McCrobie Executive | President – East Division | None | Mike McCrobie became President – East Division in April 2023. He joined BLDR in 2017 and previously served as SVP – Northeast Region. | |
Pete Beckmann Executive | Executive Vice President & Chief Financial Officer | None | Pete Beckmann was promoted to CFO in November 2024. He has been with BLDR since 1999, holding various finance roles, including SVP of FP&A, and played a key role in major mergers. | |
Scott L. Robins Executive | President – West Division | None | Scott L. Robins has been with BLDR since 2015 and became President – West Division in 2021. He has over three decades of experience in the building products industry. | |
Stephen J. Herron Executive | Chief Operating Officer | None | Stephen J. Herron has been COO since February 2023. He joined BLDR in 2015 and has over 40 years of experience in the building products industry, including leadership roles at Home Depot and HD Supply. | |
Cleveland A. Christophe Board | Director | None | Cleveland A. Christophe has been a director since 2005. He has extensive financial and management expertise from his career in investment and banking. | |
Cory J. Boydston Board | Director | Director at The New Home Company, Director at Roseburg Forest Products, Co-founder of Women’s Housing Leadership Group, Georgia Advisory Board Member at Trust for Public Land | Cory J. Boydston has been a director since 2021. She has over 30 years of experience in public company accounting and finance, primarily in the homebuilding industry. | |
Craig A. Steinke Board | Director | CEO of Service Logic LLC | Craig A. Steinke has been a director since 2006. He is also the CEO of Service Logic LLC and has significant executive experience in private equity and corporate leadership. | |
Dirkson R. Charles Board | Director | Chairman of Doncasters Group Limited | Dirkson R. Charles has been a director since 2022. He is the CEO of Loar Group, Inc. and Chairman of Doncasters Group Limited, with extensive aerospace industry experience. | |
James O’Leary Board | Director | Chairman of Kinematics Manufacturing Company, Director at Sentient Science, Director at ProSource Plumbing Supply, Director at DMC Global, Inc. | James O’Leary has been a director since 2021. He has extensive experience as a CEO and CPA and serves on multiple boards. | |
Mark A. Alexander Board | Director | Founder, Chairman & CEO of Landmark Property Group; Board Member at W.P. Carey Inc. | Mark A. Alexander has been a director since 2021. He has significant financial and executive experience and serves on other boards. | |
Paul S. Levy Board | Chairman of the Board | Founder & Managing Director of JLL Partners, Director at Loar Group, Inc. | Paul S. Levy has been a director since 1998 and Chairman of the Board for an extended period. He is the founder of JLL Partners, a private equity firm. | |
W. Bradley Hayes Board | Director | Director at Indaptus Therapeutics, Inc. | W. Bradley Hayes has been a director since 2019. He is the Chair of the Audit Committee and has extensive financial expertise from his roles at LabCorp and KPMG. |
- Given that you've reduced your 2024 incremental sales expectations from $200 million to approximately $110 million due to market headwinds, what specific factors led to this shortfall, and how confident are you in achieving your $1 billion incremental sales target by 2026?
- Multifamily has been a significant headwind, with manufactured products in that segment down nearly 45% to 50%; what actions are you taking to mitigate the impact on your margins and overall business, and when do you anticipate this segment stabilizing?
- With the upcoming CEO and CFO transitions, how do you plan to ensure strategic continuity and what changes, if any, should we expect in your approach to capital allocation, particularly regarding M&A and share repurchases?
- Your base business adjusted EBITDA guidance for 2024 is approximately $2.3 billion at a margin of 14%, despite lower single-family starts; what are the key drivers supporting this guidance, and how sustainable is this performance given the current market conditions?
- As you shift towards offering lower-cost products to help builders address affordability challenges, how is this impacting your gross profit margins, and what measures are you implementing to preserve profitability while meeting customer needs?
Research analysts who have asked questions during Builders FirstSource earnings calls.
Matthew Bouley
Barclays PLC
4 questions for BLDR
Philip Ng
Jefferies
4 questions for BLDR
Brian Biros
Stephens Inc.
3 questions for BLDR
Charles Perron-Piché
Goldman Sachs
3 questions for BLDR
David Manthey
Robert W. Baird & Co. Incorporated
3 questions for BLDR
Jeffrey Stevenson
Loop Capital Markets LLC
3 questions for BLDR
John Lovallo
UBS Group AG
3 questions for BLDR
Keith Hughes
Truist Financial Corporation
3 questions for BLDR
Ketan Mamtora
BMO Capital Markets
3 questions for BLDR
Michael Dahl
RBC Capital Markets
3 questions for BLDR
Rafe Jadrosich
Bank of America
3 questions for BLDR
Trey Grooms
Stephens Inc.
3 questions for BLDR
Adam Baumgarten
Zelman & Associates
2 questions for BLDR
Collin Verron
Deutsche Bank
2 questions for BLDR
Jay McCanless
Wedbush Securities
2 questions for BLDR
Alexander Rygiel
B. Riley Securities
1 question for BLDR
Alex Rygiel
Texas Capital Securities
1 question for BLDR
James McCanless
Wedbush Securities
1 question for BLDR
Mike Dahl
RBC Capital Markets
1 question for BLDR
Ray Singh
Bank of America
1 question for BLDR
Reuben Garner
Stifel
1 question for BLDR
Steven Ramsey
Thompson Research Group
1 question for BLDR
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
U.S. LBM | This competitor is one of the large national dealers that focus on the Pro Segment, competing directly in the fragmented building products supply industry. |
84 Lumber | This competitor is another large national dealer targeting the Pro Segment, contributing to the competitive landscape in the building materials market. |
Carter Lumber | This competitor is a large national dealer in the Pro Segment, adding to the competitive pressures faced by the company. |
This competitor is a component manufacturer that competes in the building products supply industry, particularly in the manufacturing of structural components. | |
Stark Truss | This competitor is a component manufacturer that operates in the same industry, focusing on structural components. |
American Cedar and Millwork | This competitor is a millwork operator that competes in the building products supply industry, particularly in the millwork segment. |
Western Pacific | This competitor is another millwork operator in the industry, contributing to the competitive environment in the millwork segment. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
D.R. Horton, Inc. | Provides structural and related building products | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Dream Finders Homes, Inc. | Manufacturing, supply, and installation of building products | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Lennar Corporation | Integrated solutions for large-scale projects | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Pulte Homes, Inc. | Structural components, millwork, and customized services | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Meritage Homes | Structural and related building products | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Taylor Morrison Home Corp. | Supply of professional-grade products and installation services | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Toll Brothers Inc. | Manufacturing, supply, and installation of building materials | All | Contributed a portion of the 15% of net sales from top 10 customers. |
Largest Customer (unnamed) | N/A | All | Contributed 4% of net sales. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Alpine Lumber Company | 2025 | The acquisition was completed on January 2, 2025, adding the largest independently operated supplier of building materials in Colorado and northern New Mexico with 21 operating locations and a broad product mix. |
O.C. Cluss Lumber | 2025 | Completed on February 3, 2025, this deal expands the market footprint in southwestern Pennsylvania, western Maryland, and northern West Virginia to enhance value‐added product categories, although accounting for the combination was pending at filing. |
Quality Door & Millwork, Inc. | 2024 | Completed in Q1 2024 as part of a combined transaction with Hanson Truss Components for approximately $59.0 million, this acquisition strengthens millwork distribution in Boise and Idaho Falls, Idaho, funded by cash and Builders FirstSource’s $1.8 billion revolving credit facility. |
Hanson Truss Components, Inc. | 2024 | Acquired within the first three months of 2024 as part of the same $59.0 million deal, Hanson Truss enhances the company’s presence in northern California and western Nevada and is funded under the $1.8 billion revolving credit facility. |
RPM Wood Products, Inc. | 2024 | Completed during the first nine months of 2024, this acquisition—part of a group deal totaling approximately $265.4 million, net of cash acquired—boosts capabilities to serve high-end custom builders in Northeast Florida. |
Schoeneman Bros. Company | 2024 | Acquired in the first nine months of 2024 as part of the same group of deals valued at approximately $265.4 million, net of cash acquired, Schoeneman Bros. expands truss manufacturing and building material distribution in eastern South Dakota and western Iowa, with purchase price allocation leading to recorded goodwill. |
TRSMI, LLC | 2024 | Acquired in the first six months of 2024 as part of a group deal totaling $132.9 million, net of cash acquired, TRSMI, a Detroit-based manufacturer and distributor of trusses, brings strategic market expansion while noting that its recognized goodwill is not tax-deductible. |
Western Truss & Components | 2024 | Completed in 2024 as part of the series of acquisitions valued at approximately $265.4 million, net of cash acquired, Western Truss manufactures roof and floor trusses serving central Arizona, with specific financial details not separately disclosed. |
CRi SoCal | 2024 | Finalized in July 2024, CRi SoCal, a dealer and installer of high-end windows and doors in Southern California (particularly Orange County), was integrated using the acquisition method and forms part of the $265.4 million group transaction. |
Wyoming Millwork Co. | 2024 | Acquired in the first nine months of 2024 as part of the $265.4 million, net of cash acquired group, Wyoming Millwork Co. serves custom and semi-custom builders in Delaware and was funded via cash on hand and the $1.8 billion revolving credit facility. |
Sunrise Wood Designs, LLC | 2024 | Completed in September 2024, this acquisition brings a custom cabinet manufacturer and installer in North Texas into the portfolio as part of the group of deals worth approximately $265.4 million, net of cash acquired. |
Reno Truss, Inc. | 2024 | Acquired during the first nine months of 2024, Reno Truss manufactures and distributes roof and floor trusses in Nevada, and was funded using cash and borrowings under the $1.8 billion revolving credit facility, with its purchase price allocated based on estimated fair values. |
High Mountain Door and Trim, Inc. | 2024 | Completed in the first nine months of 2024, this acquisition of a distributor and installer of doors, windows, and millwork in southern Nevada complements the group acquisition valued at approximately $265.4 million, net of cash acquired. |
Douglas Lumber | 2024 | Acquired subsequent to September 30, 2024, Douglas Lumber, which distributes building materials across Rhode Island, Massachusetts, and Connecticut, had its accounting pending due to the recent acquisition date. |
Noltex Holdings, Inc. and Affiliates | 2023 | Completed on February 1, 2023, Noltex was acquired for approximately $84.6 million with funding from cash and the $1.8 billion revolving credit facility, expanding the company’s truss manufacturing and building components in key Texas markets while recording $38.5 million in goodwill. |
Frank's Cash & Carry (FCC) | 2023 | Finalized in September 2023, FCC is a leading building material distributor with truss manufacturing capabilities in the Florida Panhandle, acquired with funding from cash and the $1.8 billion revolving credit facility as part of a series totaling $156.7 million. |
Church's Lumber | 2023 | Completed during the second quarter of 2023, this acquisition expanded presence in the Detroit market and diversified the value-added product mix, funded by cash and borrowings under the $1.8 billion revolving credit facility. |
Valley Truss Co., Inc. | 2022 | Acquired on April 1, 2022, Valley Truss was purchased for approximately $31.6 million (including $0.4 million of deferred consideration) to expand truss manufacturing capacity in Boise, Idaho, supported by cash and borrowing under a revolving credit facility. |
Odds-N-Ends, Inc., d/b/a HomCo Lumber & Hardware | 2022 | Completed on July 1, 2022, this single-location lumberyard and hardware store in Flagstaff, Arizona, with about $44 million in 2021 sales and nearly 100 employees, was acquired for approximately $30.5 million in cash to enhance regional market presence. |
Trussway, LLC and its Subsidiaries | 2022 | Finalized on September 1, 2022, Trussway was acquired for $274.8 million, net of cash, significantly expanding truss manufacturing capacity with six facilities across the U.S. and serving over 340 customer accounts, supporting high-growth markets in the Southwest and Southeast. |
Fulcrum Building Group Holdings, LLC and its Subsidiaries | 2022 | Also completed on September 1, 2022, Fulcrum was acquired for $122.3 million, net of cash, adding a multi-brand operator of lumberyards and millwork facilities in Florida and Alabama that targets pro-contractor markets in high-growth Gulf Coast regions. |
Pima Door and Supply and Sunrise Carpentry | 2022 | Acquired on October 3, 2022 for $9.5 million in cash, these businesses operating in the Phoenix, Arizona area supply and install pre-hung doors, windows, millwork, and trim, enhancing Builders FirstSource’s millwork capabilities in a high-growth metro area with around $10 million in 2021 sales. |
Recent press releases and 8-K filings for BLDR.
- Builders FirstSource announced the acquisition of Builder’s Door & Trim and Rystin Construction, strengthening its turnkey millwork solutions in the Las Vegas area.
- The deal fills a critical gap in the company’s millwork operations by expanding into a region where it previously had no presence.
- The acquired businesses had $48 million in trailing twelve months sales as of June 30, 2025.
- The company replaced its previous $1,800.0M revolving commitment with a new $2,200.0M facility and extended its maturity date to May 20, 2030, marking a key refinancing move with Bank of America.
- The amended credit agreement introduces updated interest rate benchmarks and fee structures, reflecting significant changes to the company’s borrowing terms.
- Builders FirstSource has priced an offering of $750 million aggregate principal amount of 6.750% Senior Notes due 2035, reflecting a $250 million increase from the previously announced size.
- The offering is expected to close on May 8, 2025, and the net proceeds will be used to repay indebtedness under the company's senior secured ABL facility.
- Offering Announcement: Builders FirstSource, Inc. announced the launch of an offering for $500 million aggregate principal amount of unsecured Senior Notes due 2035, intended to repay outstanding indebtedness under its ABL Facility.
- Offering Conditions: The transaction is subject to market conditions and will be offered only to qualified institutional buyers and non-U.S. persons under an exemption from registration requirements.
- Q1 Performance: Net sales declined 6% to $3.7 billion driven by lower organic sales, fewer selling days, and commodity deflation.
- Profitability Metrics: Reported $369M adjusted EBITDA, diluted adjusted EPS of $1.51, GAAP diluted EPS of $0.84, and net income of $96.3M.
- Operational Initiatives: Achieved $17M in productivity savings, advanced its digital strategy with incremental digital sales of $19M and boosted digital orders to over $1.5 billion while enhancing its value‐added product mix (~48%).
- Acquisitions & Growth: Completed multiple acquisitions – including two with aggregate prior-year sales of roughly $565M and additional activity totaling $828M – and added Truckee Tahoe Lumber.
- Capital Actions: Executed significant share repurchases exceeding $400M and delivered $45M free cash flow, including repurchasing ~0.1M shares at an average of $131.51 for roughly $13M.
- 2025 Guidance: Full-year net sales are expected between $16.05B and $17.05B with adjusted EBITDA projected from $1.7B to $2.1B; estimated tariff cost impacts range from $175M to $250M (excluded).