Name: Builders FirstSource Inc. (NYSE:BLDR) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Builders FirstSource Inc., current enterprise value calculation

Current share price (P)	$117.47
No. shares of common stock outstanding	123,346,775
US$ in thousands
Common equity (market value)¹	14,489,546)
Add: Preferred stock, $0.01 par value; zero shares issued and outstanding (per books)	—)
Total equity	14,489,546)
Add: Current maturities of long-term debt (per books)	6,355)
Add: Long-term debt, net of current maturities, discounts and issuance costs (per books)	2,977,842)
Total equity and debt	17,473,743)
Less: Cash and cash equivalents	80,445)
Enterprise value (EV)	17,393,298)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 117.47 × 123,346,775

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Builders FirstSource Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$84.78	$73.05	$43.27	$26.69	$14.03
No. shares of common stock outstanding¹	138,012,302	176,772,541	206,431,681	116,130,284	115,359,616
US$ in thousands
Common equity (market value)³	11,700,683)	12,913,234)	8,932,299)	3,099,517)	1,618,495)
Add: Preferred stock, $0.01 par value; zero shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	11,700,683)	12,913,234)	8,932,299)	3,099,517)	1,618,495)
Add: Current maturities of long-term debt (book value)	6,355)	3,660)	27,335)	13,875)	15,565)
Add: Long-term debt, net of current maturities, discounts and issuance costs (book value)	2,977,842)	2,926,122)	1,596,905)	1,277,398)	1,545,729)
Total equity and debt	14,684,880)	15,843,016)	10,556,539)	4,390,790)	3,179,789)
Less: Cash and cash equivalents	80,445)	42,603)	423,806)	14,096)	10,127)
Enterprise value (EV)	14,604,435)	15,800,413)	10,132,733)	4,376,694)	3,169,662)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Builders FirstSource Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.78 × 138,012,302

A consistent upward trend in valuation is observed from 2018 through 2021, followed by a moderate correction in 2022. The Enterprise Value (EV) expanded significantly, growing from 3,169,662 thousand US$ in 2018 to a peak of 15,800,413 thousand US$ in 2021, representing a nearly five-fold increase over the four-year period.

Market Valuation of Equity: Common equity market value demonstrated aggressive growth, particularly between 2019 and 2020, where value surged from 3,099,517 thousand US$ to 8,932,299 thousand US$. This growth culminated in a peak of 12,913,234 thousand US$ in 2021 before declining to 11,700,683 thousand US$ by the end of 2022.
Capitalization Trends: Total equity and debt mirrored the trajectory of the equity market value, scaling from 3,179,789 thousand US$ in 2018 to a maximum of 15,843,016 thousand US$ in 2021. The close alignment between total equity and debt and the Enterprise Value suggests that cash and cash equivalents held by the entity remained relatively proportional to the overall capital structure.
Enterprise Value Dynamics: The most substantial year-over-year expansion occurred between 2019 and 2020, during which the Enterprise Value increased by approximately 131%. The subsequent reduction to 14,604,435 thousand US$ in 2022 indicates a valuation contraction, aligning with the decrease observed in the market value of common equity for the same period.

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Builders FirstSource Inc. (NYSE:BLDR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)