Installed Building Products
IBP · Homebuilding
$199.12
0.5%LGI Homes
LGIH · Homebuilding
$42.47
0.7%The short version
- Installed Building Products is the larger business, with $3.0B of revenue in fiscal 2025 against $1.7B for LGI Homes, about 1.7 times as much.
- Installed Building Products grew revenue faster (1.0%, against −22.6%).
- Installed Building Products kept more of each dollar of sales as operating profit (13.0% operating margin, against 4.7% operating margin).
- Installed Building Products turned more of its sales into free cash flow (10.1% FCF margin, against −8.3% FCF margin).
- Installed Building Products earned a higher return on the capital invested in it (22.6%, against 1.6%).
- Investors pay more for each dollar of Installed Building Products’s earnings: a P/E of 21.5x against 14.9x for LGI Homes.
| Latest fiscal year | IBP · FY25 | LGIH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $990M |
| Revenue | $3.0B | $1.7B |
| Free cash flow | $301M | −$141M |
| Net income | $265M | $72.6M |
| Growth | ||
| Revenue growth | 1.0% | −22.6% |
| 5-year growth | 12.4% | −6.4% |
| Share count change | −3.1% | −1.5% |
| Profitability | ||
| Gross margin | 34.0% | 20.7% |
| Operating margin | 13.0% | 4.7% |
| Net margin | 8.9% | 4.3% |
| FCF margin | 10.1% | −8.3% |
| Return on capital | 22.6% | 1.6% |
| Return on equity | 37.5% | 3.5% |
| Balance sheet | ||
| Net debt | $571M | $1.6B |
| Net debt / EBITDA | 1.3x | 19.0x |
| Dividends and buybacks | $260M | $23.6M |
| Valuation & quality | ||
| P/E | 21.5x | 14.9x |
| Piotroski F-score | 7 | — |
FY16
IBP $863M
LGIH $838M
FY17
IBP $1.1B
LGIH $1.3B
FY18
IBP $1.3B
LGIH $1.5B
FY19
IBP $1.5B
LGIH $1.8B
FY20
IBP $1.7B
LGIH $2.4B
FY21
IBP $2.0B
LGIH $3.1B
FY22
IBP $2.7B
LGIH $2.3B
FY23
IBP $2.8B
LGIH $2.4B
FY24
IBP $2.9B
LGIH $2.2B
FY25
IBP $3.0B
LGIH $1.7B
IBP
LGIH
FY16
IBP 7.7%
LGIH 13.3%
FY17
IBP 6.6%
LGIH 13.5%
FY18
IBP 7.0%
LGIH 13.3%
FY19
IBP 8.0%
LGIH 12.4%
FY20
IBP 9.8%
LGIH 15.4%
FY21
IBP 9.5%
LGIH 18.0%
FY22
IBP 12.9%
LGIH 16.9%
FY23
IBP 13.3%
LGIH 9.9%
FY24
IBP 13.0%
LGIH 9.6%
FY25
IBP 13.0%
LGIH 4.7%
IBP
LGIH
FY16
IBP $46.3M
LGIH —
FY17
IBP $37.1M
LGIH —
FY18
IBP $61.4M
LGIH —
FY19
IBP $72.9M
LGIH —
FY20
IBP $147M
LGIH —
FY21
IBP $101M
LGIH —
FY22
IBP $232M
LGIH −$372M
FY23
IBP $279M
LGIH −$58.4M
FY24
IBP $251M
LGIH −$146M
FY25
IBP $301M
LGIH −$141M
IBP
LGIH
FY16
IBP 16.3%
LGIH 12.1%
FY17
IBP 14.5%
LGIH 14.0%
FY18
IBP 14.0%
LGIH 14.5%
FY19
IBP 15.4%
LGIH 12.7%
FY20
IBP 18.9%
LGIH 20.5%
FY21
IBP 17.9%
LGIH 22.9%
FY22
IBP 24.4%
LGIH 12.5%
FY23
IBP 23.5%
LGIH 6.1%
FY24
IBP 23.4%
LGIH 4.9%
FY25
IBP 22.6%
LGIH 1.6%
IBP
LGIH
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.