Stock Analysis on Net
Stock Analysis on Net

Builders FirstSource Inc. (NYSE:BLDR)

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

Debt to Equity
since 2005

Microsoft Excel

Calculation

Builders FirstSource Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Long-term debt, including current maturities1 ÷ Stockholders’ equity1
Dec 31, 2022 0.60 = 2,984,197 ÷ 4,962,566
Dec 31, 2021 0.61 = 2,929,782 ÷ 4,802,481
Dec 31, 2020 1.41 = 1,624,240 ÷ 1,152,783
Dec 31, 2019 1.57 = 1,291,273 ÷ 824,953
Dec 31, 2018 2.62 = 1,561,294 ÷ 596,338
Dec 31, 2017 4.74 = 1,784,420 ÷ 376,209
Dec 31, 2016 5.82 = 1,802,052 ÷ 309,620
Dec 31, 2015 13.08 = 1,951,671 ÷ 149,195
Dec 31, 2014 9.55 = 383,904 ÷ 40,200
Dec 31, 2013 23.03 = 353,971 ÷ 15,368
Dec 31, 2012 7.50 = 360,955 ÷ 48,096
Dec 31, 2011 2.94 = 297,509 ÷ 101,224
Dec 31, 2010 1.06 = 169,102 ÷ 159,505
Dec 31, 2009 6.37 = 299,183 ÷ 46,947
Dec 31, 2008 3.12 = 319,226 ÷ 102,474
Dec 31, 2007 1.16 = 279,266 ÷ 241,547
Dec 31, 2006 1.24 = 319,200 ÷ 256,864
Dec 31, 2005 1.84 = 315,000 ÷ 171,135

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in thousands

The financial structure of the organization underwent three distinct phases between 2005 and 2022, transitioning from moderate leverage to extreme volatility and eventually to a significantly strengthened equity position.

Period of Financial Instability and Peak Leverage
Between 2008 and 2014, the debt-to-equity ratio exhibited extreme volatility. Stockholders' equity declined sharply from US$ 102.47 million in 2008 to a low of US$ 15.37 million in 2013. This erosion of equity, while long-term debt remained relatively stable, caused the debt-to-equity ratio to spike, reaching a peak of 23.03 in 2013. This suggests a period of severe financial distress and highly leveraged operations.
Equity Recovery and Deleveraging Trend
Starting in 2015, a trend of capital restructuring became evident. Although long-term debt increased substantially to US$ 1.95 billion in 2015, stockholders' equity began a consistent upward trajectory, growing to US$ 824.95 million by 2019. As equity grew more rapidly than debt, the debt-to-equity ratio declined steadily from 13.08 in 2015 to 1.57 in 2019, indicating a move toward a more sustainable capital structure.
Recent Balance Sheet Strengthening
From 2020 to 2022, the organization experienced a rapid expansion of its equity base, which grew from US$ 1.15 billion to US$ 4.96 billion. While long-term debt also rose to US$ 2.98 billion by the end of 2022, the magnitude of the equity growth far outweighed the increase in borrowing. This resulted in the debt-to-equity ratio dropping to 0.60, the lowest level recorded in the analyzed period, reflecting a significantly reduced reliance on debt relative to equity.

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Comparison to Competitors

Builders FirstSource Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Builders FirstSource Inc. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2022 0.60 — 2.33 0.51 0.89 1.17 1.68 0.44
Dec 31, 2021 0.61 — 2.29 0.52 0.87 1.06 1.07 0.43
Dec 31, 2020 1.41 — 2.42 0.54 2.11 1.28 2.02 0.44
Dec 31, 2019 1.57 — 2.58 0.52 3.21 0.87 4.05 1.04
Dec 31, 2018 2.62 40.85 2.60 0.47 3.55 0.89 9.04 1.18
Dec 31, 2017 4.74 31.32 2.55 0.45 2.09 1.04 — 0.93
Dec 31, 2016 5.82 12.18 2.80 0.56 1.80 0.81 9.45 0.87
Dec 31, 2015 13.08 1.57 2.57 0.56 2.02 0.66 4.62 0.75
Dec 31, 2014 9.55 1.05 2.35 0.57 2.85 0.49 1.81 0.63
Dec 31, 2013 23.03 0.65 1.81 0.57 2.93 0.51 1.25 0.64
Dec 31, 2012 7.50 1.77 2.29 0.72 3.37 0.58 157.90 0.90
Dec 31, 2011 2.94 3.52 2.69 0.51 3.89 0.70 6.45 0.47
Dec 31, 2010 1.06 4.49 2.63 0.47 4.02 0.62 1.35 0.48
Dec 31, 2009 6.37 6.07 3.62 0.51 4.35 0.86 1.22 0.49
Dec 31, 2008 3.12 — 5.84 0.68 5.00 1.17 1.24 0.72
Dec 31, 2007 1.16 0.91 3.20 0.66 4.45 0.83 0.44 0.43
Dec 31, 2006 1.24 2.01 3.98 0.63 3.85 0.52 0.64 0.46
Dec 31, 2005 1.84 0.97 3.05 0.65 3.39 0.45 0.61 0.48

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Capital Goods)

Builders FirstSource Inc., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Builders FirstSource Inc. Capital Goods
Dec 31, 2022 0.60 1.33
Dec 31, 2021 0.61 1.26
Dec 31, 2020 1.41 1.75
Dec 31, 2019 1.57 2.08
Dec 31, 2018 2.62 2.03
Dec 31, 2017 4.74 1.74
Dec 31, 2016 5.82 1.60
Dec 31, 2015 13.08 1.64
Dec 31, 2014 9.55 2.06
Dec 31, 2013 23.03 2.00
Dec 31, 2012 7.50 2.56
Dec 31, 2011 2.94 3.04
Dec 31, 2010 1.06 3.10
Dec 31, 2009 6.37 3.46
Dec 31, 2008 3.12 4.19
Dec 31, 2007 1.16 3.21
Dec 31, 2006 1.24 3.02
Dec 31, 2005 1.84 2.53

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Builders FirstSource Inc., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Builders FirstSource Inc. Industrials
Dec 31, 2022 0.60 1.42
Dec 31, 2021 0.61 1.37
Dec 31, 2020 1.41 1.82
Dec 31, 2019 1.57 1.82
Dec 31, 2018 2.62 1.85
Dec 31, 2017 4.74 1.65
Dec 31, 2016 5.82 1.54
Dec 31, 2015 13.08 1.51
Dec 31, 2014 9.55 1.89
Dec 31, 2013 23.03 1.79
Dec 31, 2012 7.50 2.29
Dec 31, 2011 2.94 2.60
Dec 31, 2010 1.06 2.68
Dec 31, 2009 6.37 3.01
Dec 31, 2008 3.12 3.54
Dec 31, 2007 1.16 2.73
Dec 31, 2006 1.24 2.49
Dec 31, 2005 1.84 2.42

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).