Stock Analysis on Net
Stock Analysis on Net

Builders FirstSource Inc. (NYSE:BLDR)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 1, 2023.

Common-Size Income Statement
Quarterly Data

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Builders FirstSource Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net sales
Cost of sales
Gross margin
Selling, general and administrative expenses
Income from operations
Interest expense, net
Income before income taxes
Income tax expense
Net income

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Cost of Sales
The cost of sales as a percentage of net sales exhibits a general declining trend from approximately 75.8% in early 2018 to around 65% by mid-2023. This indicates an improvement in cost efficiency and a gradual enhancement in gross profitability over the period analyzed. The decline is relatively steady with some minor fluctuations, particularly from 2018 through early 2020, followed by a more pronounced continuous decrease starting in mid-2020.
Gross Margin
Gross margin as a percentage of net sales shows a corresponding upward trend, moving from roughly 24.2% in Q1 2018 to a peak of approximately 35.3% in mid-2023. This increase aligns with the observed decline in the cost of sales ratio, reflecting improved margin management. Notably, sharp improvements take place mainly after 2020, reinforcing the narrative of stronger profitability in recent years.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses relative to net sales demonstrate variation but lack a clear directional trend. Starting at about 21.1% in early 2018, SG&A declines to a low near 15% around mid-2021 and mid-2022, suggesting some efficiency gains. However, toward the end of the period, there is a reversal with expenses rising back above 20%, indicating increased operating expenses or investments possibly linked to growth or market conditions.
Income from Operations
Income from operations shows an overall increasing trend from roughly 3% in early 2018 to levels consistently above 12% after 2020, peaking at 15.2% in multiple quarters between 2021 and 2022. This upward movement reflects strengthened operational profitability, influenced by improved gross margins and relatively controlled SG&A expenses, although operating income experiences some short-term fluctuations throughout the periods.
Interest Expense, Net
Interest expense as a proportion of net sales declines significantly from around 1.6% in early 2018 to about 1.1% by mid-2023. The trend includes a notable dip around 2021, with values falling below 1%, suggesting debt management or refinancing efforts leading to lower net interest costs. This reduction contributes positively to overall profitability.
Income before Income Taxes
The income before income taxes percentage moves in a pattern similar to operating income, rising from about 1.5% in early 2018 to a high near 18.7% in mid-2022 before slightly receding to approximately 13% in late 2023. This pattern reflects the cumulative effects of improved operations and lower interest expenses on pre-tax profitability.
Income Tax Expense
Income tax expense relative to net sales fluctuates but generally increases from near zero to a peak of around 4.5% in 2022, before declining slightly in 2023. The increase in tax expense corresponds to higher pre-tax income, suggesting normalizing tax payments in line with improved profitability. Some quarters experience notably lower tax rates, potentially indicating special tax treatments or timing differences.
Net Income
Net income as a percentage of net sales shows a strong upward trajectory across the period. Beginning at approximately 1.4% in early 2018, it reaches a peak exceeding 14% in 2022, followed by a decrease to around 9-10% in 2023. This trend highlights significant growth in bottom-line profitability, driven by improved gross margins, effective cost control, reduced interest expenses, and consistent operational performance. The decline in 2023 may reflect increased SG&A or tax effects observed in the same period.