olivLaw · US equity research
Capstone Holding Corp. CAPS
Wholesale-Lumber & Other Construction Materials · SIC 5030 · Vertical: Wholesale-Lumber & Other Construction Materials (SIC 5030)
Capstone Holding Corp. (CAPS) is a national building products distributor that sells and installs stone veneer, natural stone and masonry through three subsidiaries in the U.S. and Canada. It grew through acquisitions in 2025 but reported a net loss of $21.2 million, and in summer 2026 it showed 7.6% organic revenue growth for July-August.
At the close of 04 Nov 2026, Capstone Holding Corp. (CAPS) stock was 2.07 USD (−3.27% on the day), with market capitalisation 42.6 m USD, beta 0.41, 52-week range 0.09–2.83 USD. Latest reported quarter (Q2 2026): revenue of 21.5 m USD (+67.1% YoY), net income of -1.4 m USD, diluted EPS -0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- -0.65 – 3.99
- in the upper half of the band · %B 0.59 · band width 277.1%
- SMA 50 / 200
- 0.79 / 0.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.51 / 0.55
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1,378.6% | −2.0% | +1,380.6 pp | — |
| 3 months | +728.0% | −2.2% | +730.2 pp | — |
| 6 months | +430.8% | +4.3% | +426.5 pp | — |
| Year to date | +183.6% | +10.6% | +173.0 pp | — |
| 1 year | +109.1% | +10.5% | +98.6 pp | −15.1% |
| 3 years | unavailable | +73.7% | unavailable | −55.7% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.3 m | 10.3 m | 7.9 m | 12.9 m | 13.7 m | 12.5 m | 12.6 m | 21.5 m |
| Cost of revenue | 9.3 m | 8.2 m | 6.6 m | 9.7 m | 10.4 m | 9.4 m | 9.7 m | 15.5 m |
| Gross profit | 3.0 m | 2.1 m | 1.3 m | 3.1 m | 3.3 m | 3.1 m | 3.0 m | 6.0 m |
| SG&A | 2.6 m | 2.4 m | 2.8 m | 3.4 m | 3.4 m | 4.9 m | 4.5 m | 5.5 m |
| Operating income | 413.0 k | -348.0 k | -1.4 m | -260.0 k | -768.0 k | -8.5 m | -1.5 m | 432.0 k |
| Depreciation & amortisation | 125.0 k | -56.0 k | 116.0 k | 114.0 k | 118.0 k | 43.0 k | 161.0 k | 163.0 k |
| Interest expense | 374.0 k | 335.0 k | 300.0 k | 440.0 k | 594.0 k | 2.6 m | 892.0 k | 2.0 m |
| Pre-tax income | 39.0 k | -683.0 k | -1.7 m | -700.0 k | -2.0 m | -9.6 m | -1.9 m | -1.4 m |
| Income tax | 5.0 k | 420.0 k | 0 | 0 | 0 | 7.2 m | 2.0 k | 3.0 k |
| Net income | 34.0 k | -1.1 m | -1.7 m | -700.0 k | -2.0 m | -16.8 m | -1.9 m | -1.4 m |
| Diluted EPS | -6.33 | -7.00 ≈ | -0.47 | -0.13 | -0.35 | — | -0.21 | -0.11 |
| Operating cash flow | 2.2 m ≈ | 2.7 m | -2.3 m | -1.7 m ≈ | 0 ≈ | -420.0 k | -2.8 m | -390.0 k ≈ |
| Capex | -20.0 k ≈ | 19.0 k | 17.0 k | -15.0 k ≈ | 0 ≈ | 120.0 k | 29.0 k | 64.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2014 | 2015 | 2016 | 2017 | 2018 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 0 | -2.0 m | 48.4 m | 44.9 m | 46.9 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −7.2% | +4.5% |
| Net income | -4.2 m | -2.8 m | -663.0 k | 1.8 m | 380.0 k | -3.8 m | -2.6 m | -21.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −78.3% | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | -36.39 | -34.87 | -4.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -19.0% | -7.9% | -5.7% | -45.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | 1.4 m | 3.7 m | -4.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 727.0 k USD
- Financial debt
- 13.1 m USD
- Net debt
- 12.3 m USD
- Equity
- 12.5 m USD
- Total assets
- 51.4 m USD
- Debt / equity
- 1.05x
- Current ratio
- 0.99x
- ROE
- unavailable
- ROA
- -43.1%
- FCF margin
- -9.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2016 | 2017 | 2018 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 0 | -2.0 m | 48.4 m | 44.9 m | 46.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Cost of revenue | — | — | — | 38.7 m | 35.3 m | 36.1 m | SEC (XBRL)· 16 Apr 2026verified |
| Gross profit | — | — | — | 9.6 m | 9.6 m | 10.8 m | SEC (XBRL)· 16 Apr 2026verified |
| Research & development | — | — | 52.0 k | — | — | — | SEC (XBRL)· 22 Mar 2019verified |
| SG&A | — | — | — | 10.9 m | 10.2 m | 14.4 m | SEC (XBRL)· 16 Apr 2026verified |
| Operating income | — | 1.7 m | 181.0 k | -1.3 m | -638.0 k | -11.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Depreciation & amortisation | 179.0 k | — | — | 461.0 k | 310.0 k | 391.0 k | SEC (XBRL)· 16 Apr 2026verified |
| EBITDA | — | — | — | -795.0 k ≈ | -328.0 k ≈ | -10.6 m ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Interest expense | — | — | — | 1.7 m | 1.5 m | 3.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Pre-tax income | -1.7 m | 1.8 m | 432.0 k | -3.6 m | -2.1 m | -14.1 m | SEC (XBRL)· 16 Apr 2026verified |
| Income tax | -56.0 k | 36.0 k | 52.0 k | 234.0 k | 442.0 k | 7.2 m | SEC (XBRL)· 16 Apr 2026verified |
| Net income | -663.0 k | 1.8 m | 380.0 k | -3.8 m | -2.6 m | -21.2 m | SEC (XBRL)· 16 Apr 2026verified |
| Diluted EPS | — | — | — | -36.39 | -34.87 | -4.12 | SEC (XBRL)· 16 Apr 2026verified |
| Weighted average diluted shares | — | — | — | 157.6 k | 157.6 k | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2016 | 2017 | 2018 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 698.0 k | 1.3 m | 1.3 m | 52.0 k | 11.0 k | 727.0 k | SEC (XBRL)· 16 Apr 2026verified |
| Receivables | — | — | — | 2.6 m | 2.8 m | 4.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Inventories | — | — | — | 13.8 m | 9.6 m | 17.1 m | SEC (XBRL)· 16 Apr 2026verified |
| Current assets | 829.0 k | 1.4 m | 1.4 m | 17.1 m | 12.8 m | 23.0 m | SEC (XBRL)· 16 Apr 2026verified |
| Property, plant & equipment, net | 0 | 0 | 0 | 1.8 m | 1.6 m | 2.1 m | SEC (XBRL)· 16 Apr 2026verified |
| Goodwill | — | — | — | 23.3 m | 23.3 m | 18.5 m | SEC (XBRL)· 16 Apr 2026verified |
| Intangibles (excl. goodwill) | 353.0 k | 196.0 k | 39.0 k | — | 48.0 k | 1.8 m | SEC (XBRL)· 16 Apr 2026verified |
| Total assets | 1.2 m | 1.6 m | 1.5 m | 52.7 m | 47.2 m | 51.4 m | SEC (XBRL)· 16 Apr 2026verified |
| Accounts payable | 249.0 k | 197.0 k | 245.0 k | 2.6 m | 3.3 m | — | SEC (XBRL)· 31 Mar 2025verified |
| Short-term debt | — | — | — | 3.6 m | 1.9 m | 4.0 m | SEC (XBRL)· 12 Aug 2026verified |
| Long-term debt | 1.0 m | 2.2 m | 2.5 m | 5.1 m | 6.3 m | 9.0 m | SEC (XBRL)· 12 Aug 2026verified |
| Current liabilities | 304.0 k | 199.0 k | 246.0 k | 16.0 m | 12.6 m | 23.2 m | SEC (XBRL)· 12 Aug 2026verified |
| Total liabilities | — | — | — | 23.6 m | 20.7 m | 38.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Equity | -122.0 k | -879.0 k | -1.2 m | 2.4 m † | -3.1 m † | 12.5 m † | SEC (XBRL)· 16 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2016 | 2017 | 2018 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.3 m | -1.6 m | 66.0 k | 1.7 m | 3.8 m | -4.4 m | SEC (XBRL)· 16 Apr 2026verified |
| Capex | — | — | — | 208.0 k | 120.0 k | 122.0 k | SEC (XBRL)· 16 Apr 2026verified |
| Free cash flow | — | — | — | 1.4 m ≈ | 3.7 m ≈ | -4.5 m ≈ | SEC (XBRL)· 16 Apr 2026derived |
| Investing cash flow | 0 | 0 | 0 | -208.0 k | -120.0 k | -6.9 m | SEC (XBRL)· 16 Apr 2026verified |
| Financing cash flow | 946.0 k | 2.1 m | 0 | -1.4 m | -3.7 m | 12.1 m | SEC (XBRL)· 16 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 42.6 m USD
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.28 – 0.84 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.28 – 0.84 (Mid 0.49)WACC 8.3% · starting FCFF 1.2 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -29.4% | 0 (on a fixed band) | 29% |
| Net margin · Quality | -36.7% | 40 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.7x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.9% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Capstone Holding Corp. (CAPS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 46.9 m USD in 2025; YoY growth 4.5%; net margin -36.7%; ROE -114.2%.
The estimated value range is 0.28–0.84 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.49 USD, the price of 2.07 USD leaves a potential of -76.5% (value / price − 1) and a margin of safety of -325.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -29.4%
- Interest coverage: -1.7x
- Current ratio: 1.0x
- FCF yield: -8.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Wholesale-Lumber & Other Construction Materials (SIC 5030) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| QXOQxo, Inc. | 13.1 bn | — | -2.8% | -4.1% | +11,925.0% | −32% / −57% |
| BCCBoise Cascade Company | 2.7 bn | 22.9 | 5.7% | 1.8% | −4.8% | +2% / −29% |
| ASPNAspen Aerogels, Inc. | 398.3 m | — | -50.4% | -62.4% | −40.1% | +49% / −54% |
| CAPSCapstone Holding Corp. | 42.6 m | — | -114.2% | -36.7% | +4.5% | +109% / unavailable |
| OLOXOlenox Industries Inc. | 1.2 m | — | -89.9% | -427.9% | −40.7% | −98% / −100% |
| SMJFSMJ International Holdings Inc. | — | — | -4.9% | -5.3% | unavailable | unavailable / unavailable |
1- and 3-year price returns: for CAPS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Capstone Holding Corp. (CAPS) is a national building products distributor that sells and installs stone veneer, natural stone and masonry through three subsidiaries in the U.S. and Canada. It grew through acquisitions in 2025 but reported a net loss of $21.2 million, and in summer 2026 it showed 7.6% organic revenue growth for July-August.
SWOT
Strengths
- Very broad product range with over 3,000 SKUs and owned or controlled brands, allowing dealers to consolidate purchasing with one supplier.
- Distribution network across many U.S. states and Canadian provinces, with strategically placed warehouses for fast delivery.
- Gross margin improved in 2025, supported by a more favorable product mix and by acquisitions with higher margins.
Weaknesses
- Large net loss in 2025, driven by impairment, a full valuation allowance against deferred tax assets and high financing costs.
- Dependence on new residential construction and renovation demand, which is sensitive to interest rates.
- Debt from senior secured convertible notes, with significant discounts that will weigh on future earnings.
Opportunities
- Expanding the Pacific Northwest warehouse into a full distribution operation with new product lines.
- Diversifying Carolina Stone into siding, using existing customer relationships.
- Launching new products through the distribution platform, such as the Eldorado Stone range, could generate growth without a proportionate cost increase.
Threats
- The housing market remains weak, and a slow recovery in renovation could weigh on sales.
- Competitive pressure from larger distributors consolidating through acquisitions.
- Financing and covenant compliance risks could raise doubts about going concern if maturing debt is not resolved.
Risks
- Liquidity and refinancinghigh
The convertible notes and seller notes have maturities approaching. If the company cannot refinance its debt or obtain covenant waivers, serious doubts about going concern could arise.
- Goodwill impairmentmedium
The 2025 goodwill impairment shows that acquisition values could be reassessed if the Instone segment does not improve.
- Construction cyclicalityhigh
Activity depends on interest rates, consumer confidence and mortgage credit. A further slowdown in renovation could directly reduce demand.
- Acquisition integrationmedium
The businesses acquired in 2025 are new to the group, and integrating them, including the Canadian and California operations, could bring unforeseen costs.
- Raw material and freight costsmedium
Volatility in stone and energy prices could compress margins if they cannot be passed on to customers, and forward hedging is only partial.
Investment thesis
What would need to be true (bull case)
- Organic revenue and gross profit growth in July-August 2026 suggest the platform can expand even in a weak market if operations grow without proportionate costs.
- The 2025 acquisitions extended product range and geographic coverage, which could bring synergies if integration goes well.
- A recovery in renovation, supported by the housing shortage and lower interest rates, could accelerate sales growth.
What would break the thesis
- The large 2025 net loss and the full valuation allowance on deferred tax assets show that profitability is still fragile.
- Convertible notes and seller notes with near maturities could strain liquidity and dilute shareholders if converted.
- If renovation demand does not recover within the expected period, organic growth could remain modest.
What to watch
- Third-quarter results and whether organic sales growth continues beyond AugustQ3 2026
- Status of the refinancing of the convertible notes and seller notes, and of any covenant waivers2027
- Whether gross margin keeps growing faster than sales and whether integration costs fall2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Capstone is a technology-enabled building products distribution and installation platform operating through Instone (the largest wholesale distributor of thin veneer masonry products in the U.S.), Canadian Stone Industries (distribution in Canada) and Carolina Stone (distribution and installation in the southeastern U.S.). It serves 38 U.S. states and two Canadian provinces with over 3,000 SKUs from nine warehouse and distribution locations.
The operating model combines wholesale distribution to about 7,000 dealers with an online portal that lets them buy small quantities across many product lines from one supplier. On the installation side, Carolina Stone provides turnkey masonry work for contractors, builders and developers.
In 2025 the company completed two acquisitions, Carolina Stone (August) and Canadian Stone Industries (December), extending its geographic reach and product range. The stated strategy relies on organic growth and on integrating well-timed acquisitions, with Instone remaining the main sales engine.
Segments
TotalStone (Instone)
The TotalStone segment, which includes Instone and Canadian Stone Industries, generated almost all sales in 2025 but recorded a $6.2 million goodwill impairment. Organic sales of this segment declined modestly in 2025, while total growth came from the new acquisitions.
Carolina Stone
The Carolina Stone segment combines distribution with professional stone veneer installation for residential, commercial and multi-family projects in North Carolina. The acquisition closed in August 2025, so its contribution to annual sales was limited to a few months.
Market context
The U.S. stone distribution market is highly fragmented, with national distributors, regional players and many small local suppliers. Demand in new residential construction has softened because of high interest rates, and Zonda forecasts only 1.0% growth in residential building products spending for 2026, with 3.6% growth in repair and remodel spending. The global natural stone market could grow at roughly 4-5% a year through 2031.
Consolidation is under way, with larger companies buying smaller distributors to widen reach and product ranges. Recovery in renovation, supported by the national housing shortage and an aging housing stock, is the main support, if interest rates ease.
Trends
- Deferred renovation spendingheadwind
The residential building products market went through a prolonged period of deferred projects because of high interest rates. The cited analysis suggests the recovery could be more muted than in earlier cycles, which could limit sales growth.
- National housing shortfalltailwind
A persistent housing shortage and a large aging housing stock support demand for repair and remodeling, which could offset weakness in new construction.
- Distribution consolidationmixed
Larger distributors are buying smaller competitors to gain scale, which could increase competitive pressure on mid-sized companies.
- Raw material and energy costsheadwind
Limestone and natural stone prices have been volatile, and freight costs can rise with energy. The company partly hedges these risks through fixed forward positions, which limits but does not remove the impact.
Competitive position
Capstone operates in a fragmented market where it competes with national distributors, regional players and local suppliers. The company says it holds a leading position through its broad product range, distribution network and customer relationships, but the filings do not give a precise market share.
Its stated advantage is offering dealers one supplier for many product lines, something most privately held dealers cannot do efficiently on their own. Larger competitors could expand their ranges or distribution faster, which could reduce this advantage.
- National building materials distributors
Larger companies expanding their reach and range through acquisitions, competing for the same dealer and contractor channels.
- Regional stone distributors
Firms with regional coverage that compete in local markets where Capstone is expanding its presence.
- Small local suppliers
Numerous independent distributors, some since acquired by larger companies, that serve the fragmented base of dealers.
- Stone manufacturers and quarries
Upstream suppliers whose prices and capacity shape distributor margins and who can compete directly through direct sales.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- NASA calls time on CAPSTONE after four years of lunar orbit lessonsThe Register · 07 Jul 2026 · RO
- Capstone – multi-platform, multi-architecture disassembly frameworkHacker News · 03 Jun 2026 · EN
The latest news item in our archive is from 07 Jul 2026; the newest SEC filing is from 21 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report21 Oct 2026Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Oct 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report01 Oct 2026Results of operations · Financial statements and exhibits
- Current report29 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report27 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Non-reliance on financial statements · Financial statements and exhibits
- Current report03 Aug 2026Material agreement · Financial statements and exhibits
- Current report09 Jul 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Capstone Holding Corp. · 16 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Capstone Holding Corp. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Capstone Holding Corp. · 01 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.