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BLD (TopBuild) Piotroski F-Score : 5 (As of Jul. 09, 2025)


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What is TopBuild Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

TopBuild has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for TopBuild's Piotroski F-Score or its related term are showing as below:

BLD' s Piotroski F-Score Range Over the Past 10 Years
Min: 5   Med: 7   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of TopBuild was 9. The lowest was 5. And the median was 7.


TopBuild Piotroski F-Score Historical Data

The historical data trend for TopBuild's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

TopBuild Piotroski F-Score Chart

TopBuild Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 7.00 7.00 7.00 5.00

TopBuild Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 5.00 5.00 5.00

Competitive Comparison of TopBuild's Piotroski F-Score

For the Engineering & Construction subindustry, TopBuild's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


TopBuild's Piotroski F-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, TopBuild's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where TopBuild's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 150.723 + 168.96 + 150.538 + 123.385 = $594 Mil.
Cash Flow from Operations was 90.351 + 240.67 + 266.228 + 152.589 = $750 Mil.
Revenue was 1365.612 + 1373.268 + 1312.206 + 1233.278 = $5,284 Mil.
Gross Profit was 423.922 + 421.813 + 392.033 + 351.473 = $1,589 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(5310.452 + 4902.993 + 4650.517 + 4735.426 + 4596.296) / 5 = $4839.1368 Mil.
Total Assets at the begining of this year (Mar24) was $5,310 Mil.
Long-Term Debt & Capital Lease Obligation was $1,444 Mil.
Total Current Assets was $1,494 Mil.
Total Current Liabilities was $739 Mil.
Net Income was 164.4 + 167.602 + 146.384 + 152.381 = $631 Mil.

Revenue was 1317.262 + 1326.12 + 1286.074 + 1278.717 = $5,208 Mil.
Gross Profit was 421.8 + 420.69 + 391.116 + 387.15 = $1,621 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(4700.914 + 4857.946 + 5014.09 + 5162.851 + 5310.452) / 5 = $5009.2506 Mil.
Total Assets at the begining of last year (Mar23) was $4,701 Mil.
Long-Term Debt & Capital Lease Obligation was $1,509 Mil.
Total Current Assets was $2,202 Mil.
Total Current Liabilities was $784 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

TopBuild's current Net Income (TTM) was 594. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

TopBuild's current Cash Flow from Operations (TTM) was 750. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=593.606/5310.452
=0.11178069

ROA (Last Year)=Net Income/Total Assets (Mar23)
=630.767/4700.914
=0.13417965

TopBuild's return on assets of this year was 0.11178069. TopBuild's return on assets of last year was 0.13417965. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

TopBuild's current Net Income (TTM) was 594. TopBuild's current Cash Flow from Operations (TTM) was 750. ==> 750 > 594 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=1444.434/4839.1368
=0.29849001

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=1508.766/5009.2506
=0.30119595

TopBuild's gearing of this year was 0.29849001. TopBuild's gearing of last year was 0.30119595. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=1494.317/738.507
=2.0234297

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=2202.462/784.365
=2.80795548

TopBuild's current ratio of this year was 2.0234297. TopBuild's current ratio of last year was 2.80795548. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

TopBuild's number of shares in issue this year was 29.175. TopBuild's number of shares in issue last year was 31.844. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1589.241/5284.364
=0.30074404

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1620.756/5208.173
=0.31119473

TopBuild's gross margin of this year was 0.30074404. TopBuild's gross margin of last year was 0.31119473. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=5284.364/5310.452
=0.99508742

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=5208.173/4700.914
=1.10790646

TopBuild's asset turnover of this year was 0.99508742. TopBuild's asset turnover of last year was 1.10790646. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

TopBuild has an F-score of 5 indicating the company's financial situation is typical for a stable company.

TopBuild  (NYSE:BLD) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


TopBuild Piotroski F-Score Related Terms

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TopBuild Business Description

Traded in Other Exchanges
Address
475 North Williamson Boulevard, Daytona Beach, FL, USA, 32114
TopBuild Corp is an installer and distributor of insulation products. Its operating segments involve the Installation and Specialty Distribution segment. The installation segment provides insulation installation services nationwide through contractor services business. Speciality Distribution segment distributes building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets. The majority of revenue is earned from the installation segment. Its main customers are contractors. Other products include gutters, after-paint, garage doors, fireplaces, and fireproofing and stopping. TopBuild operates majorly in the United States.
Executives
Steven P Raia officer: President, TruTeam Operations 475 NORTH WILLIAMSON BLVD, DAYTONA BEACH FL 32114
Robert M Buck officer: President & COO 260 JIMMY ANN DRIVE, DAYTONA BEACH FL 32114
Nancy M Taylor director TREDEGAR CORP, 1100 BOULDERS PARKWAY, RICHMOND VA 23219
Tina Donikowski director 1625 SHARP POINT DRIVE, FORT COLLINS CO 80525
Robert M Kuhns officer: Vice President, Controller C/O TOPBUILD CORP., 475 NORTH WILLIAMSON BLVD., DAYTONA BEACH FL 32114
Robert Jeffrey Franklin officer: President, Service Partners 475 NORTH WILLIAMSON BLVD, DAYTONA BEACH FL 32114
Luis Francisco Machado officer: VP, Gen. Counsel, Corp Sec. 1142 W. BEARDSLEY AVENUE, ELKHART IN 46514
Joey M Viselli officer: Vice President and COO 475 NORTH WILLIAMSON BLVD, DAYTONA BEACH FL 32114
Deirdre Drake director 8410 W. BRYN MAWR AVE, CHICAGO IL 60631
Carrie Gamble Wood officer: Chief Accounting Officer 475 NORTH WILLIAMSON BLVD, DAYTONA BEACH FL 32114
John S. Peterson officer: VP & CFO 260 JIMMY ANN DRIVE, DAYTONA BEACH FL 32114
Ernesto Iii Bautista director 575 N DAIRY ASHFORD, SUITE 300, HOUSTON TX 77079
Mark A Petrarca director A. O. SMITH CORPORATION, 11270 WEST PARK PLACE, MILWAUKEE WI 53224
Carl T Camden director 999 WEST BIG BEAVER ROAD, TROY MI 48084
Alec C Covington director C/O NASH FINCH COMPANY, 7600 FRANCE AVENUE SOUTH, MINNEAPOLIS MN 55435