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

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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