Builders FirstSource Inc "Key takeaways from BLDR management meetings" (Buy)

Research evidence excerpt

Builders FirstSource Inc "Key takeaways from BLDR management meetings" (Buy)

Global Research

14 May 2026ab

Builders FirstSource Inc Equities

United StatesKey takeaways from BLDR management

meetings Home Construction

12-month rating Buy *

12m price target US$122.00BLDR NDR - key takeaways

We hosted Pete Beckmann (Chief Financial Officer), Heather Kos (SVP, Investor Relations)

and Michael Laitkep (Director, Investor Relations) from Builders FirstSource for virtual Price (13 May 2026) US$72.32

investor meetings. The key takeaways from the meetings are below. RIC: BLDR.N BBG: BLDR US

Key takeaways Trading data and key metrics

52-wk range US$149.21-72.32

BLDR believes it captured some market share in 1Q, particularly in Lumber

& Lumber Sheet Goods, as certain competitors that were previously too aggressive Market cap. US$7.95b

reverted and raised prices in certain categories. Shares o/s 110m (COM)

Free float 98%

BLDR anticipates a ~$100mm cost headwind due to higher diesel/fuel prices Avg. daily volume ('000) 667

across inbound & outbound freight. The company noted that inbound freight is Avg. daily value (m) US$59.4

captured within COGS and can be offset with pricing, while outbound freight is

Common s/h equity (12/26E) US$3.98b

captured within SG&A and can be offset with fuel surcharges.

P/BV (12/26E) 1.9x

Fuel surcharges can be difficult to push through in a challenged demand Net debt to EBITDA (12/26E) 3.6x

environment. However, BLDR believes it is well positioned, given its size/scale and

EPS (UBS, diluted) (USD)

successful track record of managing through prior spikes in energy prices.

12/26E

The gross margin spread between BLDR's Value-Added products and Lumber UBS Cons.

& Lumber Sheet Goods is currently 800-1,000bps, but the company expects the Q1 0.27 0.27