Simpson Manufacturing vs Trex
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The short version
- Simpson Manufacturing is the larger business, with $2.3B of revenue in fiscal 2025 against $1.2B for Trex, about 2.0 times as much.
- Simpson Manufacturing grew revenue faster (4.5%, against 2.0%).
- Trex kept more of each dollar of sales as operating profit (22.0% operating margin, against 19.6%).
- Simpson Manufacturing turned more of its sales into free cash flow (12.8% FCF margin, against 11.5%).
- Investors pay more for each dollar of Trex’s earnings: a P/E of 29.8x against 20.1x for Simpson Manufacturing.
| Latest fiscal year | SSD · FY25 | TREX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $5.2B |
| Revenue | $2.3B | $1.2B |
| Free cash flow | $298M | $135M |
| Net income | $345M | $190M |
| Growth | ||
| Revenue growth | 4.5% | 2.0% |
| 5-year growth | 13.0% | 5.9% |
| Share count change | −1.2% | −1.1% |
| Profitability | ||
| Gross margin | 45.9% | 39.2% |
| Operating margin | 19.6% | 22.0% |
| Net margin | 14.8% | 16.2% |
| FCF margin | 12.8% | 11.5% |
| Return on capital | 17.5% | — |
| Return on equity | 18.0% | 19.8% |
| Balance sheet | ||
| Net debt | −$84.1M | — |
| Net debt / EBITDA | −0.2x | — |
| Dividends and buybacks | $168M | $54.5M |
| Valuation & quality | ||
| P/E | 20.1x | 29.8x |
| Piotroski F-score | 8 | — |
Revenue
FY16
SSD $861M
TREX $480M
FY17
SSD $977M
TREX $565M
FY18
SSD $1.1B
TREX $684M
FY19
SSD $1.1B
TREX $745M
FY20
SSD $1.3B
TREX $881M
FY21
SSD $1.6B
TREX $1.2B
FY22
SSD $2.1B
TREX $1.1B
FY23
SSD $2.2B
TREX $1.1B
FY24
SSD $2.2B
TREX $1.2B
FY25
SSD $2.3B
TREX $1.2B
SSD
TREX
Operating margin
FY16
SSD 16.4%
TREX 21.7%
FY17
SSD 14.2%
TREX 25.2%
FY18
SSD 16.0%
TREX 25.8%
FY19
SSD 16.0%
TREX 25.3%
FY20
SSD 19.9%
TREX 26.5%
FY21
SSD 23.4%
TREX 23.0%
FY22
SSD 21.7%
TREX 22.3%
FY23
SSD 21.5%
TREX 25.1%
FY24
SSD 19.3%
TREX 28.0%
FY25
SSD 19.6%
TREX 22.0%
SSD
TREX
Free cash flow
FY16
SSD $57.0M
TREX $70.7M
FY17
SSD $61.0M
TREX $86.8M
FY18
SSD $131M
TREX $104M
FY19
SSD $173M
TREX $89.1M
FY20
SSD $175M
TREX $14.5M
FY21
SSD $108M
TREX $98.7M
FY22
SSD $337M
TREX $40.0M
FY23
SSD $338M
TREX $223M
FY24
SSD $158M
TREX −$88.4M
FY25
SSD $298M
TREX $135M
SSD
TREX
Return on capital
FY16
SSD —
TREX —
FY17
SSD —
TREX —
FY18
SSD 17.9%
TREX —
FY19
SSD —
TREX —
FY20
SSD —
TREX —
FY21
SSD —
TREX —
FY22
SSD —
TREX —
FY23
SSD 22.0%
TREX —
FY24
SSD 17.7%
TREX —
FY25
SSD 17.5%
TREX —
SSD
TREX
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.