TopBuild Corp (BLD)

Construction - Special Trade Contractors

Latest Price

$354.53

TTM P/E

19.94

Normalized P/E

20.04

Div Yield

Book Value

85.94

P/B Ratio

4.13

Valuation metrics

EPS: $18.28

Book value / share: $82.52

Formula: √(22.5 × EPS × BVPS)

Graham Number

$184.22

48% downside

Norm. op. income: $792M (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$116.07

67% downside

Base FCF: $697M (median of recent 5yr)

Growth: 15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$805.75

+127% upside

EPS: $18.28

Target P/E: 20×

Formula: EPS × P/E

P/E Fair Value

$365.60

+3% upside

95.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
HBK INVESTMENTS L P	2.63M	$930.0M	9.33%	--	2026-06-30
Capital World Investors	1.58M	$561.0M	5.63%	+100.7K	2026-06-30
Capital Research Global Investors	1.56M	$553.0M	5.55%	-2.53M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	1.27M	$449.0M	4.51%	+9.7K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	1.17M	$415.0M	4.17%	+15.7K	2026-06-30
UBS Group AG	1.16M	$412.0M	4.14%	+901.5K	2026-06-30
ExodusPoint Capital Management, LP	993.2K	$352.0M	3.53%	+976.5K	2026-06-30
STATE STREET CORP	661.9K	$234.0M	2.35%	-337.9K	2026-06-30
BNP PARIBAS FINANCIAL MARKETS	606.6K	$215.0M	2.16%	+590.4K	2026-06-30
BlackRock, Inc.	566.8K	$200.0M	2.01%	-2.35M	2026-06-30