Composite Decking Channel Checks Turn More Constructive

研报英文原文证据摘录

Composite Decking Channel Checks Turn More Constructive

June 11, 2026 | 04:00 ET~

Building Products

Composite Decking Channel Checks Turn More Building Products

Constructive Ketan Mamtora Analyst

ketan.mamtora@bmo.com (212) 883-5121

Roshni Athaide, CFA Associate

Bottom Line: roshni.athaide@bmo.com (236) 308-3390

Our latest channel checks on composite decking were incrementally more constructive Legal Entity: BMO Capital Markets Corp.

versus early April, with Q2 underlying sell-through tracking up ~5–6% y/y. Feedback

suggests demand has been better than expected, supporting selective restocking

activity in the channel. Inventory appears below normal at roughly 60–70 days,

reflecting a cautious winter early-buy posture. On pricing, AZEK has recently announced

a MSD increase. While Trex has not yet moved, channel participants generally expect

some form of pricing response. Separately, a potential James Hardie/AZEK bundling

strategy remains in the evaluation phase, with a key focus on balancing any strategic

shift against the need to carefully manage existing channel relationships.

Key Points

BMO recently conducted channel checks across the composite decking market,

engaging with wholesale distributors and pro-dealers serving key U.S. markets and

carrying leading brands. The U.S. composite decking category is dominated by Trex,

Azek (JHX, not covered), Deckorators (UFPI), and Fiberon (FBIN).

Q2 underlying decking sell-through appears encouraging, with channel check tone

improving vs. early April. Feedback from our checks suggests average Q2 sell-through

is tracking up roughly 5–6% y/y, with the Midwest emerging as the strongest region

and one contact indicating double-digit growth. Participants on both the East and