olivLaw · US equity research
Griffon Corporation GFF
Metal Doors, Sash, Frames, Moldings & Trim · SIC 3442 · Vertical: Fabricated metal products (SIC 344x)
Griffon is a New York holding company that makes residential and commercial garage doors and rolling steel doors in North America, plus fans and home organization products. After divesting its AMES operations in Australasia, the UK and North America, it is becoming a pure-play building products provider, which makes its profile more focused and easier to track. Revenue in the third quarter of fiscal 2026 rose 7%, driven mainly by price and mix.
At the close of 05 Nov 2026, Griffon Corporation (GFF) stock was 102.40 USD (−4.76% on the day), with market capitalisation 4.6 bn USD, P/E 26.1 on diluted EPS of 3.92 USD over the last 12 months, dividend yield -1.39%, beta 1.22, 52-week range 66.79–107.52 USD. Latest reported quarter (Q3 2026): revenue of 481.4 m USD (+7.0% YoY), net income of 51.6 m USD, diluted EPS 1.14 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)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 87.37 – 107.14
- in the upper half of the band · %B 0.76 · band width 20.3%
- SMA 50 / 200
- 96.20 / 89.74
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.51 / 1.59
- 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 | +8.3% | −5.9% | +14.3 pp | — |
| 3 months | −3.7% | −4.6% | +1.0 pp | — |
| 6 months | +12.9% | +0.2% | +12.7 pp | — |
| Year to date | +39.0% | +7.4% | +31.6 pp | — |
| 1 year | +39.6% | +8.2% | +31.4 pp | −3.9% |
| 3 years | +142.5% | +68.4% | +74.1 pp | +57.8% |
| 5 years | +267.3% | +56.5% | +210.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 659.7 m | 632.4 m | 426.7 m | 449.7 m | 1.2 bn | 649.1 m | 421.9 m | 481.4 m |
| Cost of revenue | 396.2 m | 368.1 m | 228.3 m | 230.9 m | 770.7 m | 382.3 m | 229.9 m | 255.3 m |
| Gross profit | 263.5 m | 264.3 m | 198.3 m | 218.8 m | 429.4 m | 266.8 m | 192.0 m | 226.1 m |
| SG&A | 151.8 m | 152.2 m | 107.5 m | 107.3 m | 286.3 m | 153.4 m | 104.6 m | 110.6 m |
| Operating income | 111.7 m | 112.1 m | 90.9 m | -132.1 m | 143.1 m | 113.4 m | 87.3 m | 115.5 m |
| Depreciation & amortisation | 9.7 m | 9.9 m | 6.0 m | 6.0 m | 11.0 m | 9.8 m | 6.4 m | 6.6 m |
| Interest expense | 25.6 m | 24.9 m | 23.9 m | 24.1 m | 23.2 m | 22.1 m | 21.1 m | 21.1 m |
| Pre-tax income | 86.9 m | 97.4 m | 67.6 m | -155.8 m | 135.7 m | 90.0 m | 65.0 m | 92.0 m |
| Income tax | 24.4 m | 26.6 m | 17.8 m | -47.1 m | 84.9 m | 25.6 m | 18.0 m | 25.7 m |
| Net income | 62.5 m | 70.9 m | 56.8 m | -120.1 m | 43.6 m | 64.4 m | 19.3 m | 51.6 m |
| Diluted EPS | 1.29 ≈ | 1.49 | 1.21 | -2.65 | 0.95 ≈ | 1.41 | 0.42 | 1.14 |
| Capex | 20.6 m | 17.5 m | 8.5 m ≈ | 6.6 m ≈ | 19.9 m | 7.7 m | 10.0 m ≈ | 6.1 m ≈ |
| Dividends paid | 7.0 m | 9.0 m | 14.4 m ≈ | 8.2 m ≈ | 8.1 m | 11.2 m | 10.0 m ≈ | 9.7 m ≈ |
| Share repurchases | 68.4 m | 49.1 m | 72.4 m ≈ | 40.3 m ≈ | 21.6 m | 30.3 m | 34.2 m ≈ | 54.6 m ≈ |
≈ 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.
Today's P/E sits at the 66 percentile of its own 35-quarter history (min 4.3, median 19.4, max 566.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.8 bn | 2.7 bn | 2.6 bn | 2.5 bn |
| Revenue YoY | +29.7% | −5.2% | +10.3% | +9.9% | +25.4% | −5.7% | −2.3% | −3.9% |
| Net income | 125.7 m | 37.3 m | 53.4 m | 79.2 m | -191.6 m | 77.6 m | 209.9 m | 51.1 m |
| Net income YoY | +742.8% | −70.3% | +43.3% | +48.3% | −341.8% | unavailable | +170.4% | −75.6% |
| Diluted EPS | 2.96 | 0.87 | 1.19 | 1.48 | -3.71 | 1.42 | 4.23 | 1.09 |
| Diluted EPS YoY | +745.7% | −70.6% | +36.8% | +24.4% | −350.7% | unavailable | +197.9% | −74.2% |
| net % | 6.4% | 2.0% | 2.6% | 3.5% | -6.7% | 2.9% | 8.0% | 2.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 99.0 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 1.3 bn USD
- Equity
- 74.0 m USD
- Total assets
- 2.1 bn USD
- Debt / equity
- 19.09x
- Current ratio
- 2.79x
- ROE
- 34.2%
- ROA
- 2.3%
- FCF margin
- unavailable
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 | 2.1 bn | 2.3 bn | 2.8 bn | 2.7 bn | 2.6 bn | 2.5 bn | SEC (XBRL)· 19 Nov 2025verified |
| Cost of revenue | 1.5 bn | 1.6 bn | 1.9 bn | 1.7 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 19 Nov 2025verified |
| Gross profit | 584.0 m | 641.1 m | 936.9 m | 948.8 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 19 Nov 2025verified |
| SG&A | 444.5 m | 470.5 m | 608.9 m | 642.7 m | 621.6 m | 608.1 m | SEC (XBRL)· 19 Nov 2025verified |
| Operating income | 139.5 m | 170.6 m | -189.1 m | 196.9 m | 398.3 m | 206.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Depreciation & amortisation | 52.1 m | 52.3 m | 64.7 m | 43.1 m | 37.9 m | 39.7 m | SEC (XBRL)· 19 Nov 2025verified |
| EBITDA | 191.6 m ≈ | 222.9 m ≈ | -124.4 m ≈ | 239.9 m ≈ | 436.2 m ≈ | 246.0 m ≈ | SEC (XBRL)· 19 Nov 2025derived |
| Interest expense | 66.5 m | 63.2 m | 84.4 m | 101.4 m | 104.1 m | 96.0 m | SEC (XBRL)· 19 Nov 2025verified |
| Pre-tax income | 67.5 m | 110.0 m | -270.9 m | 112.7 m | 296.7 m | 127.4 m | SEC (XBRL)· 19 Nov 2025verified |
| Income tax | 26.0 m | 39.7 m | 16.8 m | 35.1 m | 86.8 m | 76.3 m | SEC (XBRL)· 19 Nov 2025verified |
| Net income | 53.4 m | 79.2 m | -191.6 m | 77.6 m | 209.9 m | 51.1 m | SEC (XBRL)· 19 Nov 2025verified |
| Diluted EPS | 1.19 | 1.48 | -3.71 | 1.42 | 4.23 | 1.09 | SEC (XBRL)· 19 Nov 2025verified |
| Weighted average diluted shares | 45.0 m | 53.4 m | 51.7 m | 54.6 m | 49.7 m | 46.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Dividend per share | 0.30 | 0.32 | 0.36 | 0.45 | — | — | SEC (XBRL)· 16 Nov 2023verified |
≈ 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 | 218.1 m | 248.7 m | 120.2 m | 102.9 m | 114.4 m | 99.0 m | SEC (XBRL)· 19 Nov 2025verified |
| Receivables | 278.4 m | 294.8 m | 361.7 m | 312.4 m | 312.8 m | 197.0 m | SEC (XBRL)· 07 May 2026verified |
| Inventories | 320.2 m | 472.8 m | 669.2 m | 507.1 m | 425.5 m | 171.7 m | SEC (XBRL)· 07 May 2026verified |
| Current assets | 1.1 bn | 1.4 bn | 1.2 bn | 980.6 m | 929.5 m | 1.2 bn | SEC (XBRL)· 07 May 2026verified |
| Goodwill | 424.1 m | 426.1 m | 335.8 m | 327.9 m | 329.4 m | 191.3 m | SEC (XBRL)· 07 May 2026verified |
| Intangibles (excl. goodwill) | 354.2 m | 350.0 m | 761.9 m | 635.2 m | 618.8 m | 364.0 m | SEC (XBRL)· 07 May 2026verified |
| Total assets | 2.4 bn | 2.6 bn | 2.8 bn | 2.4 bn | 2.4 bn | 2.1 bn | SEC (XBRL)· 07 May 2026verified |
| Accounts payable | 172.5 m | 260.0 m | 194.8 m | 116.6 m | 119.4 m | 57.7 m | SEC (XBRL)· 07 May 2026verified |
| Short-term debt | 9.9 m | 12.5 m | 12.7 m | 9.6 m | 8.2 m | 8.0 m | SEC (XBRL)· 07 May 2026verified |
| Long-term debt | 1.0 bn | 1.0 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 07 May 2026verified |
| Current liabilities | 441.8 m | 531.6 m | 423.6 m | 359.1 m | 349.0 m | 446.2 m | SEC (XBRL)· 07 May 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 2.3 bn | 2.1 bn | 2.1 bn | 2.0 bn | SEC (XBRL)· 07 May 2026verified |
| Equity | 700.2 m † | 807.2 m † | 477.6 m † | 315.2 m † | 224.9 m † | 74.0 m † | SEC (XBRL)· 19 Nov 2025verified |
† 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) |
|---|---|---|---|---|---|---|---|
| Capex | 41.2 m | 37.0 m | 42.5 m | 63.6 m | 68.4 m | 52.4 m | SEC (XBRL)· 19 Nov 2025verified |
| Financing cash flow | 68.2 m | -28.2 m | 393.3 m | -400.2 m | -298.7 m | -338.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Dividends paid | 14.5 m | 17.1 m | 126.7 m | 133.8 m | 35.8 m | 39.7 m | SEC (XBRL)· 19 Nov 2025verified |
| Share repurchases | 7.5 m | 3.4 m | 10.9 m | 164.0 m | 309.9 m | 183.3 m | SEC (XBRL)· 19 Nov 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality91
- Growth0
- Balance sheet57
- Returns55
- Valuation29
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: 5.91 – 104.05 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)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDA53.89 – 104.05 (Mid 79.90)4 companies used · median multiple 9.7x · quartiles 7.3x – 11.9xACA, JBI, VATE, VMI
- Peers: P/E58.95 – 101.42 (Mid 68.32)4 companies used · median multiple 17.4x · quartiles 15.0x – 25.9xACA, JBI, PRLB, VMI
- Dividend discount (DDM)5.91 – 7.95 (Mid 6.78)
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
Unattractive profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.4% | 100 (on a fixed band) | 14% |
| Net margin · Quality | 6.5% | 75 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.0% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 40 (vs peers) | 14% |
| Interest coverage · Balance sheet | 5.2x | 58 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 26.1x | 18 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | 11.8x | 40 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.9% | 55 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet57/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns· partial55/100 · 1/2 factors with a value
- Valuation29/100 · 2/3 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
GRIFFON CORPORATION (GFF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth -3.9%; net margin 6.5%; ROE 185.4%; net debt/EBITDA 2.3x.
The estimated value range is 53.89–101.42 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 68.32 USD, the price of 102.40 USD leaves a potential of -33.3% (value / price − 1) and a margin of safety of -49.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.4%
- Net margin: 6.5%
- Current ratio: 2.4x
What contradicts it
- Revenue CAGR 3Y: -4.0%
- P/E (TTM): 26.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Fabricated metal products (SIC 344x) · same industry group (3-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| VMIValmont Industries, Inc. | 7.6 bn | 15.1 | 30.8% | 12.1% | +0.7% | −4% / +81% |
| ACAArcosa, Inc. | 7.3 bn | 14.9 | 17.9% | 17.9% | +12.2% | +46% / +116% |
| GFFGriffon Corporation | 4.6 bn | 26.1 | 185.4% | 6.5% | −3.9% | +40% / +143% |
| PRLBProto Labs, Inc. | 1.5 bn | 44.2 | 5.1% | 6.0% | +6.4% | +24% / +74% |
| SMRNuscale Power Corporation | 1.0 bn | — | -13.0% | -6,817.0% | −15.0% | −78% / +58% |
| JBIJanus International Group, Inc. | 650.8 m | 19.8 | 6.0% | 3.7% | unavailable | −23% / −55% |
| IMSRTerrestrial Energy Inc. | 271.7 m | — | -36.8% | — | unavailable | −73% / unavailable |
| VATEInnovate Corp. | 67.8 m | — | — | -1.5% | +12.5% | −4% / −53% |
| TPCSTechprecision Corp | 50.7 m | — | -15.4% | -3.7% | −7.0% | +11% / −17% |
| MTENMingteng International Corporation Inc. | 7.3 m | — | -11.7% | -15.3% | +15.3% | −100% / unavailable |
1- and 3-year price returns: for GFF 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 | 55.82 Total return -45% · Per year -45% | 99.13 Total return -3% · Per year -3% | 149.92 Total return 46% · Per year 46% |
| 3 years | 45.31 Total return -56% · Per year -24% | 91.35 Total return -11% · Per year -4% | 152.92 Total return 49% · Per year 14% |
| 5 years | 36.78 Total return -64% · Per year -19% | 84.18 Total return -18% · Per year -4% | 155.99 Total return 52% · Per year 9% |
- Exit P/E± 22.84
- Net margin± 15.99
- Annual revenue growth± 14.29
- Annual dilution± 1.34
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
Griffon is a New York holding company that makes residential and commercial garage doors and rolling steel doors in North America, plus fans and home organization products. After divesting its AMES operations in Australasia, the UK and North America, it is becoming a pure-play building products provider, which makes its profile more focused and easier to track. Revenue in the third quarter of fiscal 2026 rose 7%, driven mainly by price and mix 3.
SWOT
Strengths
- Griffon holds leading positions in garage doors and rolling steel doors and benefits from well-recognized brands 1.
- The company has reduced debt and returned capital to shareholders, which strengthens the balance sheet 3.
- A diverse portfolio of products and sales channels reduces reliance on a single economic cycle 2.
Weaknesses
Opportunities
- Completing the transformation into a pure-play building products provider could simplify the structure and sharpen the business profile 3.
- If pricing and product mix continue to support revenue, margins could improve 3.
- Lower debt could create room for shareholder returns and selective acquisitions 3.
Risks
- Dependence on large customershigh
A small number of customers account for a substantial share of revenue, and a reduction in orders from one of them could affect results 1.
- Construction and renovation cyclehigh
Revenue depends on US residential and commercial construction, and weak conditions could reduce sales 1.
- Tariffs and supply chainsmedium
Tariffs on imports from China and other countries could raise costs and delay supplier changes 1.
- Raw material costsmedium
Rising steel and other raw material prices can be passed to customers only with a lag and partially 1.
- Completion of strategic transactionslow
Receipt of proceeds and completion of the divestitures depend on market conditions and partner approvals 2.
Investment thesis
What would need to be true (bull case)
- Revenue grew in the third quarter of fiscal 2026 and debt was reduced, which could support results if the trend continues 3.
- A leading position in garage doors and rolling steel doors could support long-term demand 1.
- The transformation into a pure-play building products provider could simplify the portfolio and sharpen operational focus 3.
What would break the thesis
What to watch
- Quarterly results and gross margin trendQ4 2026
- Completion of AMES asset proceeds and transfers2026
- Fiscal 2026 guidance for revenue and adjusted EBITDAnext 10-K
- Net debt level and pace of shareholder returns2027
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
Griffon Corporation is a diversified management and holding company founded in 1959, headquartered in New York and listed on the NYSE under GFF 1. Historically it operated through two reportable segments, Home and Building Products (HBP), through Clopay, the largest manufacturer and marketer of garage doors and rolling steel doors in North America, and Consumer and Professional Products (CPP), with the AMES, Hunter and ClosetMaid brands 1. In 2026 the company announced its transformation into a pure-play building products provider, through a joint venture with ONCAP for AMES North America and the sale of AMES Australasia 23.
Clopay sells through more than 3,000 independent professional installing dealers and major home center chains such as Home Depot and Menards, which are significant customers 1. The company supports sales with a distribution network and proprietary software platforms such as MyClopay 1. Its principal raw material is galvanized steel, and its products are manufactured in Ohio, Pennsylvania and Arizona 1.
After completing the 2026 strategic actions, Griffon will, according to the available filings, operate through a single reportable segment, which changes how revenue and periods are compared 23. Revenue is driven mainly by home renovation and commercial construction, and the company notes that sales of discretionary products depend on macroeconomic conditions 1.
Segments
Home and Building Products (Clopay)
Clopay is the largest manufacturer of garage doors and rolling steel doors in North America. Its sales come mainly from home remodeling, with the balance from commercial construction and new residential housing 1. The segment represented 63% of consolidated revenue in 2025 1.
Consumer and Professional Products (CPP)
CPP supplies tools, fans, storage and home organization products under the AMES, Hunter and ClosetMaid brands 1. The segment represented 37% of consolidated revenue in 2025 and its revenue fell 10% that year 1. AMES assets were later separated through joint ventures 2.
Market context
The North American market for garage doors and commercial rolling steel doors is served by several large national manufacturers and many smaller regional and local producers 1. Demand depends on the construction and renovation cycle, existing home sales and interest rates 1. In the third quarter of fiscal 2026 revenue growth came mainly from price and mix rather than volume 3.
Demand for fans and home products is more sensitive to discretionary spending, and large retail chains hold strong bargaining power 1. Competitive pressure and private-label imports can limit the company's ability to pass costs on to customers 1.
Trends
- Price and mix improvementtailwind
Revenue growth in the third quarter of fiscal 2026 came mainly from price and mix across both residential and commercial 3. If this trend holds, it could support margins, although material costs have risen 2.
- Raw material costsheadwind
Higher material costs reduced gross margin in the nine-month period 2. Steel and other raw materials could be affected by tariffs 3.
- Residential construction cyclemixed
Clopay sales depend on the age of the housing stock, existing home transactions and interest rates, and a weakening of these factors could affect volumes 1.
- Portfolio transformation and debt reductionmixed
The sale of AMES assets and debt reduction have lowered interest costs and a leaner balance sheet 23. However, the divestitures depend on completing transactions and executing them 2.
Competitive position
In garage doors and rolling steel doors, competition is based on service, quality, brand recognition and price, and Clopay states it holds a strong position through an extensive distribution network 1. In fans and home products competition is intense, and larger competitors have greater resources 1.
Large retail chains and e-commerce increase price pressure, especially when they import products directly from low-cost countries 1. The company could lose sales if it cannot respond effectively to these pressures 1.
- Large national garage door manufacturers
The source refers to several large national manufacturers of garage and commercial doors without naming them.
- Regional and local door manufacturers
The market includes numerous smaller regional and local producers competing on price and service.
- Large retail chains
Home Depot and Menards are important customers, but large chains also hold bargaining power and can import private-label goods.
- Private-label importers from low-cost countries
These suppliers compete directly with Griffon brands through private-label products, creating price pressure.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Aug 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report11 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Current report10 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Aug 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Griffon Corporation · 19 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Griffon Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Griffon Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.