Installed Building Products vs Champion Homes
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The short version
- Installed Building Products is the larger business, with $3.0B of revenue in fiscal 2025 against $2.7B for Champion Homes.
- Champion Homes grew revenue faster (7.3%, against 1.0%).
- Installed Building Products kept more of each dollar of sales as operating profit (13.0% operating margin, against 9.5%).
- Installed Building Products earned a higher return on the capital invested in it (22.6%, against 20.8%).
- Investors pay more for each dollar of Champion Homes’s earnings: a P/E of 23.0x against 21.5x for Installed Building Products.
| Latest fiscal year | IBP · FY25 | SKY · FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $4.4B |
| Revenue | $3.0B | $2.7B |
| Free cash flow | $301M | $270M |
| Net income | $265M | $207M |
| Growth | ||
| Revenue growth | 1.0% | 7.3% |
| 5-year growth | 12.4% | 13.4% |
| Share count change | −3.1% | −2.7% |
| Profitability | ||
| Gross margin | 34.0% | 26.4% |
| Operating margin | 13.0% | 9.5% |
| Net margin | 8.9% | 7.8% |
| FCF margin | 10.1% | 10.1% |
| Return on capital | 22.6% | 20.8% |
| Return on equity | 37.5% | 13.3% |
| Balance sheet | ||
| Net debt | $571M | −$615M |
| Net debt / EBITDA | 1.3x | −2.1x |
| Dividends and buybacks | $260M | $200M |
| Valuation & quality | ||
| P/E | 21.5x | 23.0x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
IBP $1.1B
SKY $237M
FY18
IBP $1.3B
SKY —
FY19
IBP $1.5B
SKY $1.4B
FY20
IBP $1.7B
SKY $1.4B
FY21
IBP $2.0B
SKY $1.4B
FY22
IBP $2.7B
SKY $2.2B
FY23
IBP $2.8B
SKY $2.6B
FY24
IBP $2.9B
SKY $2.0B
FY25
IBP $3.0B
SKY $2.5B
FY26
IBP —
SKY $2.7B
IBP
SKY
Operating margin
FY17
IBP 6.6%
SKY 0.2%
FY18
IBP 7.0%
SKY —
FY19
IBP 8.0%
SKY −2.2%
FY20
IBP 9.8%
SKY 6.3%
FY21
IBP 9.5%
SKY 7.7%
FY22
IBP 12.9%
SKY 15.1%
FY23
IBP 13.3%
SKY 19.9%
FY24
IBP 13.0%
SKY 8.7%
FY25
IBP 13.0%
SKY 9.5%
FY26
IBP —
SKY 9.5%
IBP
SKY
Free cash flow
FY17
IBP $37.1M
SKY $1.5M
FY18
IBP $61.4M
SKY —
FY19
IBP $72.9M
SKY $53.1M
FY20
IBP $147M
SKY $61.4M
FY21
IBP $101M
SKY $146M
FY22
IBP $232M
SKY $193M
FY23
IBP $279M
SKY $364M
FY24
IBP $251M
SKY $170M
FY25
IBP $301M
SKY $190M
FY26
IBP —
SKY $270M
IBP
SKY
Return on capital
FY17
IBP 14.5%
SKY —
FY18
IBP 14.0%
SKY —
FY19
IBP 15.4%
SKY —
FY20
IBP 18.9%
SKY 17.3%
FY21
IBP 17.9%
SKY 24.1%
FY22
IBP 24.4%
SKY 66.9%
FY23
IBP 23.5%
SKY 86.7%
FY24
IBP 23.4%
SKY 18.5%
FY25
IBP 22.6%
SKY 19.6%
FY26
IBP —
SKY 20.8%
IBP
SKY
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.