olivLaw · US equity research
QXO, Inc. QXO
Wholesale-Lumber & Other Construction Materials · SIC 5030 · Vertical: Wholesale-Lumber & Other Construction Materials (SIC 5030)
QXO, Inc. is the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America. It moved from software to distribution through the Beacon acquisition and, in 2026, through Kodiak and TopBuild, in a building products market of about 800 billion dollars with a target of 50 billion dollars in annual revenue via acquisitions and organic growth.
At the close of 04 Nov 2026, QXO, Inc. (QXO) stock was 12.66 USD (+8.11% on the day), with market capitalisation 13.1 bn USD, dividend yield 0.00%, beta 1.59, 52-week range 10.14–27.07 USD. Latest reported quarter (Q4 2025): revenue of 2.2 bn USD (+14,725.0% YoY), net income of -90.2 m USD (−898.2% YoY), diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 9.79 – 12.10
- above the upper band · %B 1.24 · band width 21.1%
- SMA 50 / 200
- 11.83 / 17.10
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.28
- MACD above 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 | +6.6% | −1.1% | +7.7 pp | — |
| 3 months | −20.4% | −0.5% | −19.9 pp | — |
| 6 months | −35.9% | +4.4% | −40.3 pp | — |
| Year to date | −34.4% | +12.3% | −46.7 pp | — |
| 1 year | −25.0% | +13.5% | −38.5 pp | +25.7% |
| 3 years | −53.6% | +76.4% | −130.0 pp | −70.6% |
| 5 years | −74.0% | +63.7% | −137.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2025 · 31 Dec 2025
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.7 m | 14.4 m | 14.5 m | 13.1 m | 14.8 m | 1.9 bn | 2.7 bn | 2.2 bn |
| Cost of revenue | 9.0 m | 8.8 m | 8.7 m | 7.7 m | 8.7 m | 1.5 bn | 2.1 bn | 1.7 bn |
| Gross profit | 5.7 m | 5.7 m | 5.8 m | 5.5 m | 6.1 m | 401.0 m | 635.8 m | 529.9 m |
| SG&A | 5.1 m | 5.2 m | 9.8 m | 39.0 m | 39.0 m | 457.0 m | 452.5 m | 441.1 m |
| Operating income | 422.0 k | 228.0 k | -4.3 m | -33.7 m | -33.2 m | -163.0 m | 25.8 m | -69.5 m |
| Depreciation & amortisation | 220.0 k | 240.0 k | 100.0 k | 0 | 0 | 27.0 m | 39.7 m | 41.4 m |
| Interest expense | 13.3 k | 20.1 k | 0 | 0 | 0 | 52.0 m | 62.3 m | 58.7 m |
| Pre-tax income | 408.2 k | 208.0 k | -800.0 k | 23.3 m | 28.2 m | -237.0 m | -10.5 m | -107.5 m |
| Income tax | -11.0 k | 70.0 k | -200.0 k | 6.1 m | 16.9 m | -178.0 m | 128.9 m | -17.3 m |
| Net income | 419.0 k | 138.0 k | -600.0 k | 17.2 m | 11.3 m | -59.0 m | -139.4 m | -90.2 m |
| Diluted EPS | 0.64 ≈ | 0.21 | -9.93 | -0.01 | 0.03 ≈ | -0.15 | -0.24 | -0.13 ≈ |
| Operating cash flow | -234.0 k | 365.0 k | -1.1 m ≈ | 31.6 m ≈ | 53.9 m | — | 212.8 m ≈ | 186.6 m |
| Capex | 46.0 k | 61.0 k | 1.0 k ≈ | 2.0 k ≈ | 38.0 k | — | 29.8 m ≈ | 28.4 m |
| Dividends paid | 0 | — | — | 0 ≈ | 0 | — | 0 ≈ | 0 |
≈ 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.1 m | 38.5 m | 41.2 m | 41.7 m | 45.0 m | 54.5 m | 56.9 m | 6.8 bn |
| Revenue YoY | +3.6% | +6.6% | +7.1% | +1.2% | +7.9% | +21.2% | +4.4% | +11,925.0% |
| Net income | 262.4 k | 6.8 m | 175.6 k | -134.4 k | -282.2 k | -1.1 m | 28.0 m | -279.4 m |
| Net income YoY | unavailable | +2,488.9% | −97.4% | −176.5% | unavailable | unavailable | unavailable | −1,097.9% |
| Diluted EPS | 0.06 | 1.51 | 0.04 | -0.03 | -0.05 | -1.63 | -0.11 | -0.63 |
| Diluted EPS YoY | unavailable | +2,416.7% | −97.4% | −175.0% | unavailable | unavailable | unavailable | unavailable |
| net % | 0.7% | 17.6% | 0.4% | -0.3% | -0.6% | -2.0% | 49.2% | -4.1% |
| Free cash flow | 1.1 m | unavailable | 1.6 m | 111.3 k | 2.0 m | 463.0 k | 84.7 m | 183.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn USD
- Financial debt
- 3.1 bn USD
- Net debt
- 695.0 m USD
- Equity
- 9.7 bn USD
- Total assets
- 15.9 bn USD
- Debt / equity
- 0.31x
- Current ratio
- 3.58x
- ROE
- -3.8%
- ROA
- -2.7%
- FCF margin
- 2.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 41.2 m | 41.7 m | 45.0 m | 54.5 m | 56.9 m | 6.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 24.6 m | 24.5 m | 27.0 m | 32.9 m | 33.9 m | 5.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 16.6 m | 17.2 m | 18.0 m | 21.6 m | 23.1 m | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | — | — | — | 22.1 m | 93.0 m | 1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 223.4 k | -231.0 k | -385.4 k | -1.3 m | -71.0 m | -245.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 314.4 k | 346.2 k | 386.8 k | 828.0 k | 200.0 k | 108.4 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 537.8 k ≈ | 115.2 k ≈ | 1.5 k ≈ | -483.0 k ≈ | -70.8 m ≈ | -136.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | — | 46.8 k | 89.0 k | 55.7 k | 100.0 k | 173.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 223.0 k | 43.6 k | -474.4 k | -1.4 m | 50.8 m | -337.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 47.4 k | 178.0 k | -192.2 k | -297.0 k | 22.8 m | -57.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 175.6 k | -134.4 k | -282.2 k | -1.1 m | 28.0 m | -279.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.04 | -0.03 | -0.05 | -1.63 | -0.11 | -0.63 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 4.5 m | 5.0 m | 5.2 m | 657.0 k | 204.0 m | 613.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.6 m | 6.8 m | 8.0 m | 6.1 m | 5.1 bn | 2.4 bn | SEC (XBRL)· 14 Aug 2026verified |
| Receivables | 1.6 m | 1.9 m | 2.2 m | 3.0 m | 2.7 m | 1.1 bn | SEC (XBRL)· 14 Aug 2026verified |
| Inventories | — | — | — | — | 0 | 1.5 bn | SEC (XBRL)· 14 Aug 2026verified |
| Current assets | 8.6 m | 10.7 m | 13.7 m | 11.8 m | 5.1 bn | 5.5 bn | SEC (XBRL)· 14 Aug 2026verified |
| Property, plant & equipment, net | 523.0 k | 636.9 k | 711.3 k | 503.3 k | — | — | SEC (XBRL)· 14 Mar 2024verified |
| Goodwill | 1.0 m | 1.0 m | 1.1 m | 1.1 m | 1.2 m | 5.1 bn | SEC (XBRL)· 14 Aug 2026verified |
| Intangibles (excl. goodwill) | 3.1 m | 3.5 m | 4.3 m | 4.9 m | 4.0 m | 3.8 bn | SEC (XBRL)· 14 Aug 2026verified |
| Total assets | 15.9 m | 18.0 m | 21.4 m | 20.5 m | 5.1 bn | 15.9 bn | SEC (XBRL)· 14 Aug 2026verified |
| Accounts payable | 1.9 m | 2.0 m | 3.3 m | 4.6 m | 6.2 m | 819.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 545.0 k | 402.0 k | 783.5 k | 701.7 k | 2.9 m | — | SEC (XBRL)· 08 May 2025verified |
| Long-term debt | 290.9 k | 463.6 k | 671.0 k | 994.0 k | 0 | 3.1 bn | SEC (XBRL)· 14 Aug 2026verified |
| Current liabilities | 6.7 m | 7.4 m | 10.8 m | 11.5 m | 45.1 m | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 8.6 m | 8.6 m | 11.9 m | 13.0 m | 45.4 m | 6.2 bn | SEC (XBRL)· 14 Aug 2026verified |
| Equity | 7.3 m | 9.4 m | 9.6 m | 7.5 m | 5.1 bn † | 9.7 bn † | SEC (XBRL)· 14 Aug 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.7 m | 226.0 k | 2.0 m | 584.0 k | 84.8 m | 261.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 124.8 k | 114.8 k | 38.7 k | 121.0 k | 102.0 k | 78.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.6 m ≈ | 111.3 k ≈ | 2.0 m ≈ | 463.0 k ≈ | 84.7 m ≈ | 183.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 839.8 k | -510.5 k | -188.7 k | -400.0 k | -100.0 k | -10.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -4.6 m | 503.1 k | -655.1 k | -2.1 m | 5.0 bn | 7.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 4.1 m | 3.1 m | 0 | 1.1 m | 17.4 m | 0 | SEC (XBRL)· 27 Feb 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
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 13.1 bn USD
Key indicators
Coverage and freshness
Score by group
54% · 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: 3.11 – 7.55 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)3.11 – 7.55 (Mid 4.72)WACC 8.0% · starting FCFF 328.9 m USD · terminal value share of EV 78%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 · input data missing
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: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.7% | 0 (on a fixed band) | 19% |
| Net margin · Quality | -4.1% | 80 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 433.8% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.4x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.4% | 17 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality30/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial17/100 · 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
QXO, INC. (QXO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.8 bn USD in 2025; YoY growth 11,925.0%; net margin -4.1%; ROE -2.8%.
The estimated value range is 3.11–7.55 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.72 USD, the price of 12.66 USD leaves a potential of -62.7% (value / price − 1) and a margin of safety of -168.0% (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 (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: -4.1%
- Revenue CAGR 3Y: 433.8%
- Current ratio: 4.1x
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: -1.7%
- Interest coverage: -1.4x
- FCF yield: 1.4%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
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% | −25% / −54% |
| 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% | +127% / −87% |
| 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 QXO 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
QXO, Inc. is the largest publicly traded distributor of roofing, waterproofing and complementary building products in North America. It moved from software to distribution through the Beacon acquisition and, in 2026, through Kodiak and TopBuild, in a building products market of about 800 billion dollars with a target of 50 billion dollars in annual revenue via acquisitions and organic growth.
SWOT
Strengths
- A leading position in roofing and complementary distribution, with a branch network and a fleet for last-mile delivery, gives negotiating power and fast service 1.
- Access to capital through equity and preferred issuance enabled large acquisitions in 2026 2.
- The private label brand TRI-BUILT offers higher margins and brand exclusivity in some categories 1.
Weaknesses
- The company reported net losses in 2025 and in the first half of 2026, while integration and amortization costs remained high 12.
- Reliance on a few large suppliers means supply disruptions could significantly affect results 1.
- Integrating several large acquisitions with different systems creates operational and management risks 12.
Opportunities
- Consolidation of a fragmented market, where a large share of roofing distribution remains with local dealers, offers acquisition opportunities 1.
- Technology and digital sales could improve service and margins if transformation programs succeed 13.
- The complementary segment, including waterproofing and insulation, could grow faster than the roofing market 1.
Threats
- A fall in new construction or repair activity would reduce sales, especially if interest rates or consumer confidence weaken 1.
- Tariffs and raw material price volatility could hurt margins if they cannot be passed on to customers 1.
- Extreme weather and natural disasters could disrupt deliveries and damage facilities and inventory 1.
Risks
- Supplier concentrationhigh
A small number of suppliers account for a large share of purchases, so a disruption could affect revenue and customer relationships 1.
- Acquisition integrationhigh
Multiple acquisitions might not deliver the expected benefits or might take longer to realize than planned 12.
- Indebtednesshigh
The company has taken on significant debt for the Beacon and TopBuild acquisitions, and interest costs could weigh on profitability 2.
- Cyclicality and seasonalitymedium
Demand depends on economic conditions and weather, and winter quarters are typically weaker 1.
- Cybersecurity and ITmedium
Disruptions to information systems or cyberattacks could affect inventory, collections and customer service 1.
Investment thesis
What would need to be true (bull case)
- If integration succeeds and technology improves margins, revenue growth could be supported by a large and fragmented market 13.
- A leading roofing position and growth in the complementary segment could support market share and negotiating power with suppliers 12.
- The housing shortage and ageing building stock could sustain repair and new-build demand over the long term 1.
What would break the thesis
- Repeated net losses and integration costs could continue to limit profitability if acquisition benefits are delayed 12.
- High debt and interest costs could constrain financial flexibility if markets or credit conditions worsen 2.
- Construction cyclicality and tariffs could reduce demand and margins faster than technology can offset them 1.
What to watch
- Trend in gross margin and adjusted EBITDA after the TopBuild acquisitionQ3 2026
- Effect of the Kodiak and TopBuild integration on sales and costsQ4 2026
- Progress of the technology transformation programme and the goal to double EBITDA2027
- Debt level and financing cost after the notes issuance and incremental term loannext 10-K
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
QXO was created to build a tech-forward leader in building products distribution, a market of about 800 billion dollars 1. Until the Beacon Roofing Supply acquisition in April 2025, the company was mainly a provider of software and professional services to small and mid-size firms. After the acquisition, Beacon became QXO Building Products, serving professional contractors, builders and building owners in the United States and Canada 1. Figures to June 30, 2026 show net sales rising sharply, largely due to acquisitions, while the company still reports a net loss for the first half 2.
The business model rests on the idea that larger distributors have greater purchasing power, can pass savings to customers and can invest in technology, creating a virtuous cycle of share gains 1. The strategy combines operational improvements in acquired businesses, commercial excellence and greenfield branch openings, and acquisitions in complementary categories such as insulation, siding and waterproofing 1. The company says it aims to grow faster than industry rates 1.
In 2026 QXO completed the Kodiak Building Partners acquisition on April 1 and the TopBuild acquisition on July 1, which according to its release makes it the second-largest publicly traded building products distributor in North America 23. Financing relied on common stock issuance, Series C preferred stock and senior notes, particularly for TopBuild 2. Management has said it plans to more than double EBITDA by 2030 3.
Segments
Market context
The building products distribution industry is about 800 billion dollars in annual revenue, split roughly equally between North America and Western Europe 1. The roofing and complementary products market in the US and Canada is estimated at about 65 billion dollars, and the company expects complementary products to grow faster than roofing 1. Demand is supported mainly by repair and re-roofing, which make up about 80% of industry revenue 1.
The industry is highly fragmented, with over 7,000 distributors in North America and about 13,000 in Europe 1. The company sees consolidation opportunities, but the market remains competitive and sensitive to construction cycles and economic conditions 1.
Trends
- Housing shortagetailwind
The company estimates a shortage of about four million homes in the US, which could support long-term demand for new construction 1. The effect depends on the pace of building and on financing conditions.
- Ageing buildings and repairstailwind
The average existing single-family home is over 40 years old and the average non-residential structure is over 50 years old, which creates ongoing repair demand 1. This supports recurring R&R revenue.
- Severe weather eventsmixed
The company notes that severe weather events have quadrupled in frequency over the last 20 years and doubled in economic impact 1. Such events can lift repair demand but can also disrupt deliveries and branches 1.
- Raw material and tariff costsheadwind
Asphalt prices, linked to oil, and plywood and OSB prices are volatile, and steel tariffs can raise supplier costs 1. If increases cannot be passed on to customers, margins could fall 1.
Competitive position
Competition comes from national, regional and local specialty distributors, as well as big box retailers 1. The company describes itself as the largest publicly traded distributor of roofing and complementary products in North America, but the market remains fragmented, and key factors include product availability, technical expertise, delivery, digital capabilities, pricing and access to credit 1.
Beyond direct rivals, the company notes that current and potential competitors are also making acquisitions, which could narrow its inorganic growth options 1. Purchasing power and access to financing are decisive in bidding for acquisition targets 1.
- Owens CorningOC
Major roofing material supplier named by the company as one of its largest suppliers rather than a direct distributor 1.
- GAF
Major roofing materials manufacturer named in the company's supplier base 1.
- National and regional distributors
The company compares itself with a small number of large distributors and many small privately owned ones 1.
- Big box retailers
Big box retailers form part of the competitive set described in the filing 1.
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
No news in our archive over the last 180 days.
SEC filings
- Current report24 Aug 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report09 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report30 Jun 2026Other events · Financial statements and exhibits
- Current report29 Jun 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Jun 2026Other events
- Current report17 Jun 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / QXO, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / QXO, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / QXO, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.