olivLaw · US equity research
Owens Corning OC
Abrasive, Asbestos & Misc Nonmetallic Mineral Prods · SIC 3290 · Vertical: Stone, clay, glass and concrete (SIC 32xx)
Owens Corning is a building products leader with roofing, insulation and doors segments, now focused on residential markets in North America and Europe after selling its glass reinforcements business. Net sales in 2025 were 10.1 billion USD, and in the second quarter of 2026 the adjusted EBITDA margin was 24%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Owens Corning (OC) stock was 127.80 USD (+8.53% on the day), with market capitalisation 9.9 bn USD, dividend yield 2.47%, beta 1.32, 52-week range 98.28–158.96 USD. Latest reported quarter (Q3 2026): revenue of 2.5 bn USD (−7.3% YoY), net income of -250.0 m USD, diluted EPS -3.18 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)
- 60.3
- strong (55–70)
- Bollinger (20, 2)
- 106.70 – 125.27
- above the upper band · %B 1.14 · band width 16.0%
- SMA 50 / 200
- 122.86 / 126.09
- mixed trend
- MACD (12, 26, 9)
- 0.24 / -1.71
- 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 | +8.8% | −1.1% | +9.9 pp | — |
| 3 months | −16.2% | −0.5% | −15.7 pp | — |
| 6 months | +3.9% | +4.4% | −0.5 pp | — |
| Year to date | +14.2% | +12.3% | +1.9 pp | — |
| 1 year | +4.1% | +13.5% | −9.4 pp | −12.7% |
| 3 years | +4.2% | +76.4% | −72.2 pp | +9.5% |
| 5 years | +34.0% | +63.7% | −29.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 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 | 2.6 bn | 2.5 bn | 2.7 bn | 2.7 bn | 2.1 bn | 2.3 bn | 2.8 bn | 2.5 bn |
| Cost of revenue | 1.8 bn | 1.8 bn | 1.9 bn | 1.9 bn | 1.6 bn | 1.8 bn | 2.0 bn | 1.9 bn |
| Gross profit | 749.0 m | 725.0 m | 858.0 m | 757.0 m | 498.0 m | 510.0 m | 793.0 m | 615.0 m |
| Research & development | 40.0 m | 35.0 m | 37.0 m | 39.0 m | 39.0 m | 37.0 m | 35.0 m | 35.0 m |
| SG&A | 282.0 m | 261.0 m | 263.0 m | 240.0 m | 250.0 m | 258.0 m | 252.0 m | 239.0 m |
| Operating income | 216.0 m | 407.0 m | 505.0 m | -327.0 m | -225.0 m | 120.0 m | 482.0 m | -152.0 m |
| Depreciation & amortisation | 194.0 m | 159.0 m | 172.0 m ≈ | 182.0 m ≈ | 181.0 m | 174.0 m | 175.0 m ≈ | 173.0 m ≈ |
| Interest expense | 356.0 m | 64.0 m | 63.0 m | 65.0 m | 64.0 m | 66.0 m | 69.0 m | 62.0 m |
| Pre-tax income | 156.0 m | 343.0 m | 442.0 m | -393.0 m | -288.0 m | 54.0 m | 413.0 m | -214.0 m |
| Income tax | 32.0 m | 88.0 m | 110.0 m | 102.0 m | -7.0 m | 15.0 m | 102.0 m | 33.0 m |
| Net income | -258.0 m | -93.0 m | 363.0 m | -494.0 m | -298.0 m | -105.0 m | 226.0 m | -250.0 m |
| Diluted EPS | -2.96 ≈ | -1.08 | 4.25 | -5.92 | -3.72 ≈ | -1.29 | 2.80 | -3.18 |
| Operating cash flow | 676.0 m | -49.0 m | 327.0 m ≈ | 918.0 m ≈ | 590.0 m | -154.0 m | 398.0 m ≈ | 813.0 m ≈ |
| Capex | 197.0 m | 203.0 m | 198.0 m ≈ | 166.0 m ≈ | 257.0 m | 233.0 m | 199.0 m ≈ | 191.0 m ≈ |
| Dividends paid | 52.0 m | 59.0 m | 59.0 m ≈ | 58.0 m ≈ | 56.0 m | 63.0 m | 64.0 m ≈ | 62.0 m ≈ |
| Share repurchases | 103.0 m | 136.0 m | 227.0 m ≈ | 220.0 m ≈ | 232.0 m | 22.0 m | 208.0 m ≈ | 276.0 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 7.2 bn | 7.1 bn | 8.5 bn | 9.8 bn | 8.4 bn | 9.9 bn | 10.1 bn |
| Revenue YoY | +10.5% | +1.5% | −1.5% | +20.5% | +14.9% | −14.2% | +17.7% | +2.6% |
| Net income | 545.0 m | 405.0 m | -383.0 m | 995.0 m | 1.2 bn | 1.2 bn | 647.0 m | -522.0 m |
| Net income YoY | +88.6% | −25.7% | −194.6% | unavailable | +24.7% | −3.6% | −45.9% | −180.7% |
| Diluted EPS | 4.89 | 3.68 | -3.53 | 9.54 | 12.70 | 13.14 | 7.37 | -6.22 |
| Diluted EPS YoY | +91.8% | −24.7% | −195.9% | unavailable | +33.1% | +3.5% | −43.9% | −184.4% |
| net % | 7.7% | 5.7% | -5.4% | 11.7% | 12.7% | 14.3% | 6.6% | -5.2% |
| Free cash flow | 266.0 m | 590.0 m | 828.0 m | 1.1 bn | 1.3 bn | 1.2 bn | 1.2 bn | 962.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 345.0 m USD
- Financial debt
- 4.7 bn USD
- Net debt
- 4.4 bn USD
- Equity
- 3.9 bn USD
- Total assets
- 13.0 bn USD
- Debt / equity
- 1.22x
- Current ratio
- 1.26x
- ROE
- -11.6%
- ROA
- -3.9%
- FCF margin
- 9.5%
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 | 7.1 bn | 8.5 bn | 9.8 bn | 8.4 bn | 9.9 bn | 10.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 5.4 bn | 6.3 bn | 7.1 bn | 5.9 bn | 6.8 bn | 7.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 1.6 bn | 2.2 bn | 2.6 bn | 2.4 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 82.0 m | 91.0 m | 106.0 m | 110.0 m | 131.0 m | 150.0 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | — | — | — | 748.0 m | 959.0 m | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -138.0 m | 1.4 bn | 1.7 bn | 1.6 bn | 1.5 bn | 360.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 493.0 m | 502.0 m | 531.0 m | 609.0 m | 677.0 m | 694.0 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 355.0 m ≈ | 1.9 bn ≈ | 2.2 bn ≈ | 2.2 bn ≈ | 2.2 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 132.0 m | 126.0 m | 109.0 m | 74.0 m | 208.0 m | 256.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | -256.0 m | 1.3 bn | 1.6 bn | 1.4 bn | 1.3 bn | 104.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 129.0 m | 319.0 m | 373.0 m | 364.0 m | 334.0 m | 293.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -383.0 m | 995.0 m | 1.2 bn | 1.2 bn | 647.0 m | -522.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -3.53 | 9.54 | 12.70 | 13.14 | 7.37 | -6.22 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 108.6 m | 104.3 m | 97.7 m | 91.0 m | 87.8 m | 84.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.98 | 1.13 | 1.57 | 2.16 | 2.49 | 2.86 | SEC (XBRL)· 25 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 | 717.0 m | 959.0 m | 1.1 bn | 1.6 bn | 321.0 m | 345.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 855.0 m | 1.1 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 2.6 bn | 3.1 bn | 3.6 bn | 3.9 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 3.8 bn | 3.9 bn | 3.7 bn | 3.8 bn | 3.8 bn | 4.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 989.0 m | 990.0 m | 1.4 bn | 1.4 bn | 2.7 bn | 1.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.7 bn | 1.6 bn | 1.6 bn | 1.5 bn | 2.7 bn | 2.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 9.5 bn | 10.0 bn | 10.8 bn | 11.2 bn | 14.1 bn | 13.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 875.0 m | 1.1 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 1.0 m | 6.0 m | 1.0 m | 1.0 m | 1.0 m | 50.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 3.1 bn | 3.0 bn | 3.0 bn | 2.6 bn | 5.1 bn | 4.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 1.4 bn | 1.7 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | — | 5.7 bn | 6.1 bn | 6.0 bn | 9.0 bn | 9.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 3.9 bn | 4.4 bn | 4.6 bn | 5.2 bn | 5.1 bn | 3.9 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.5 bn | 1.8 bn | 1.7 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 307.0 m | 416.0 m | 446.0 m | 526.0 m | 647.0 m | 824.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 828.0 m ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.2 bn ≈ | 1.2 bn ≈ | 962.0 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -205.0 m | -377.0 m | -623.0 m | -356.0 m | -3.4 bn | -765.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -358.0 m | -881.0 m | -974.0 m | -877.0 m | 334.0 m | -1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 104.0 m | 108.0 m | 136.0 m | 188.0 m | 208.0 m | 232.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 318.0 m | 570.0 m | 795.0 m | 657.0 m | 491.0 m | 815.0 m | SEC (XBRL)· 25 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: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet13
- Growth10
- Quality29
- Returns100
- Valuation59
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: 37.58 – 258.13 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)130.60 – 258.13 (Mid 177.05)WACC 8.0% · starting FCFF 986.2 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -8.7%
- Peers: EV/EBITDA51.28 – 72.73 (Mid 70.78)5 companies used · median multiple 10.4x · quartiles 8.8x – 10.5xAMRZ, APOG, CRH, OI, TGLS
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)37.58 – 50.54 (Mid 43.11)
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 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.3% | 33 (vs peers) | 14% |
| Net margin · Quality | -4.4% | 21 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.2% | 10 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.5x | 14 (vs peers) | 14% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 15.1x | 29 (vs peers) | 14% |
| FCF yield · Valuation | 7.8% | 97 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 10.0% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 31.9% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 3/3 factors with a value
- Growth· partial10/100 · 1/2 factors with a value
- Quality29/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation59/100 · 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
Owens Corning (OC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 10.1 bn USD in 2025; YoY growth 2.6%; net margin -4.4%; ROE -11.3%; net debt/EBITDA 4.5x.
The estimated value range is 51.28–72.73 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 70.78 USD, the price of 127.80 USD leaves a potential of -44.6% (value / price − 1) and a margin of safety of -80.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 7.8%
- Shareholder yield (distributions): 10.0%
- Payout ratio (FCF): 31.9%
What contradicts it
- Net margin: -4.4%
- Revenue CAGR 3Y: 1.2%
- Net debt / EBITDA: 4.5x
- Interest coverage: 0.9x
- Current ratio: 1.1x
- EV/EBITDA: 15.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Stone, clay, glass and concrete (SIC 32xx) · same major group (2-digit SIC) · compared with 14 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 | |
|---|---|---|---|---|---|---|
| CXCemex Sab De Cv | 158.6 bn | 513.1 | 7.8% | 5.8% | −2.1% | +1% / +58% |
| CRHCRH public limited company | 65.7 bn | 18.6 | 14.8% | 9.2% | +5.3% | −18% / +57% |
| AMRZAmrize Ltd | 23.5 bn | 19.5 | 9.8% | 10.2% | +0.9% | −14% / unavailable |
| JHXJAMES HARDIE INDUSTRIES plc | 17.1 bn | 117.6 | 3.3% | 2.7% | +24.7% | +49% / −8% |
| OCOwens Corning | 9.9 bn | — | -11.3% | -4.4% | +2.6% | +4% / +4% |
| EXPEagle Materials Inc. | 6.0 bn | 16.4 | 24.5% | 16.1% | +2.1% | −11% / +9% |
| TGLSTecnoglass Holdings Inc. | 1.9 bn | 15.1 | 17.0% | 12.4% | +10.5% | −14% / +23% |
| APOGApogee Enterprises, Inc. | 1.0 bn | 15.2 | 13.1% | 4.7% | +3.2% | +32% / +6% |
| OIO-I Glass, Inc. | 843.6 m | — | -119.2% | -18.9% | −1.6% | −59% / −63% |
| RETOReTo Eco-Solutions, Inc. | 172.7 m | — | -48.3% | -366.1% | +84.3% | −98% / −100% |
| SMIDSmith-Midland Corporation | 130.9 m | 21.4 | 14.5% | 8.6% | +19.0% | −29% / −19% |
| CPSHCps Technologies Corp. | 74.6 m | — | -0.1% | -0.1% | +54.3% | +12% / +65% |
| CSTECaesarstone Ltd. | 56.7 m | — | -66.9% | -34.6% | −10.4% | +9% / −60% |
| CPACHolcim Ltd | — | — | 16.6% | 10.1% | +1.4% | +90% / +170% |
| LOMALoma Negra Compania Industrialargentina Sociedad Anonima | — | — | 21.5% | 22.0% | −23.9% | −29% / +37% |
1- and 3-year price returns: for OC 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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Owens Corning is a building products leader with roofing, insulation and doors segments, now focused on residential markets in North America and Europe after selling its glass reinforcements business. Net sales in 2025 were 10.1 billion USD 1, and in the second quarter of 2026 the adjusted EBITDA margin was 24% 3.
SWOT
Strengths
- The company holds leading positions in several product categories and recognized brands such as PINK, which support its commercial strength 1.
- The integrated three-segment structure and cost reduction efforts give a stronger operating base after the reshaping of the company 3.
- The company maintained a high level of operating cash flow and returned substantial cash to shareholders through dividends and repurchases 3.
Weaknesses
- The company reported a net loss from continuing operations in 2025, influenced by the goodwill impairment of the Doors segment 1.
- Sales can fall quickly because many customer volume commitments are short-term, and a few large customers account for a significant share of revenue 1.
- Interest expense has risen, and higher debt levels put pressure on profitability 1.
Opportunities
- Completing the sale of the glass reinforcements business could let the company focus capital on residential products with more stable margins 23.
- If the housing market improves, demand for repair and remodeling could return to higher levels 13.
- Cost reduction programs in the Doors segment could add further value if fully delivered 3.
Threats
- Trade tariffs and retaliation by other countries could raise costs and reduce demand for the company's products 12.
- High interest rates and economic uncertainty could limit new construction and remodeling activity 1.
- Competitors with greater resources or lower costs could pressure prices and the company's market share 1.
Risks
- Construction demandhigh
A decline in residential and non-residential construction could reduce revenue and profitability, particularly if interest rates remain high 1.
- Goodwill impairmenthigh
Goodwill remaining for the Doors segment could be impaired again if performance weakens, producing further non-cash charges 1.
- Tariffs and international tradehigh
New tariffs or changes in trade policy could raise costs and disrupt supply chains, and the company cannot guarantee that its offsetting measures will succeed 12.
- Energy and raw material costsmedium
Higher prices for asphalt, energy or transport could reduce margins if they cannot be passed on to customers 1.
- Customer concentrationmedium
Loss of a major customer or consolidation among customers could significantly reduce revenue and put pressure on contract terms 1.
Investment thesis
What would need to be true (bull case)
- If the housing market recovers, the company could benefit from its leading position and strong brands across several product categories 13.
- A simpler structure after the sale of the glass reinforcements business could support better margins and cash flows over the long term 23.
- Programs returning capital to shareholders and cost reductions could support shareholder value 3.
What would break the thesis
- If interest rates stay high, demand for remodeling and new construction could remain weak for longer than the company expects 13.
- The earlier impairment of the Doors segment shows that performance expectations can be corrected with a large cost 1.
- Tariffs and trade uncertainty could affect margins more than the company's offsetting measures can compensate for 12.
What to watch
- Final post-closing adjustments to the proceeds from the sale of the glass reinforcements businessQ3 2026
- Revenue and adjusted EBITDA margin guidance for the third quarterQ3 2026
- Trend in residential repair, remodeling and new construction demand in the United States2027
- Final impact of tariffs and any refunds, as presented in the next annual reportnext 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.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Owens Corning is a building products company headquartered in Toledo, Ohio, founded in 1938, with approximately 25,000 employees in 31 countries 1. It now operates three reportable segments: Roofing, Insulation and Doors, after classifying the glass reinforcements business as discontinued operations effective January 1, 2025 1. The sale of that business was completed on April 30, 2026, and the strategy is to focus on building products in North America and Europe 23.
The Masonite acquisition, completed in May 2024, added the Doors segment as a new growth platform and strengthened the company's position in residential building products 1. The company describes its products as durable and energy-efficient solutions, sold under recognized brands such as PINK 1. It reported cost synergies in the Doors segment that exceeded its original commitment 3.
The integrated structure allows commercial coordination across the three divisions, which management presents as a competitive advantage 3. Residential repair and remodeling plays a central role in the company's revenue, and it sells largely through distributors, home centers and lumberyards 1.
Segments
Roofing
The Roofing segment mainly sells laminate asphalt roofing shingles, with main channels being distributors and home centers in the United States 1. The segment accounted for approximately 43% of reportable segment net sales in 2025 1. In the second quarter of 2026 it generated net sales of 1,313 million USD and EBITDA of 441 million USD 3.
Insulation
The Insulation segment produces fiberglass and foam insulation, with operations in the United States, Canada, Europe and Latin America 1. The segment accounted for approximately 36% of reportable segment net sales in 2025 1. The company describes itself as North America's largest producer of residential, commercial and industrial fiberglass insulation 1.
Doors
The Doors segment produces interior and exterior doors for residential markets in the United States, Canada and the United Kingdom 1. The segment accounted for approximately 21% of reportable segment net sales in 2025 1. The company recorded a goodwill impairment for this segment, and in the second quarter of 2026 its EBITDA declined year over year 13.
Market context
The company's markets are tied to new residential construction, residential repair and remodeling, and non-residential construction 1. Demand for Roofing products is also influenced by severe storms, which can increase demand sharply 1. The company expects discretionary remodeling and new residential construction to remain under some pressure in the third quarter of 2026 3.
The market is competitive, with manufacturers and distributors both inside and outside the United States, and prices can be pressured by lower-cost competitors 1. The company says non-residential construction in North America is expected to remain stable, and conditions in Europe could gradually improve 3.
Trends
- Mortgage rates and housing affordabilityheadwind
High interest rates reduce the affordability of mortgages and increase the cost of home improvement projects, which could lower demand for the company's products 1. The company says it cannot predict when interest rates will stabilize 1.
- Trade tariffsmixed
Tariffs imposed by the U.S. government and retaliatory measures by other countries could raise raw material costs and reduce demand, although the company is partly offsetting the impact 12. The company could recover part of the tariffs paid following the Supreme Court decision 2.
- Energy and raw material costsheadwind
Asphalt, resins, energy and transport affect the company's costs, and natural gas is the primary energy source for its European operations 1. The company announced incremental costs tied to inflation from the Iran conflict in the third quarter of 2026 3.
- Building codes and energy efficiencytailwind
Increasingly stringent building codes and the need for energy efficiency support demand for the company's insulation and other products 1. The company says low-carbon building products are becoming increasingly important to customers 1.
Competitive position
The Roofing segment competes mainly with asphalt shingle manufacturers in the United States, and the company describes itself as the second largest producer in that category 1. The Insulation segment competes with fiberglass insulation manufacturers, and Doors competes with several North American door producers 1.
The company says some competitors have superior financial, technical and marketing resources, while others produce at lower costs outside the United States 1. Competition could limit price increases or lead to loss of market share 1.
- U.S. asphalt shingle manufacturers
Competitors of the Roofing segment, not named individually in the source.
- U.S. fiberglass insulation manufacturers
Competitors of the Insulation segment, not named individually in the source.
- North American interior and exterior door producers
Competitors of the Doors segment, not named individually in the source.
- Lower-cost foreign manufacturers
Competitors in countries able to produce similar products at lower cost, without a name in the source.
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
- Owens Corning Insider Sells 900 Shares for $130,000Yahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 04 Nov 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
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report16 Sept 2026Departure or appointment of officers
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Departure or appointment of officers
- Current report01 May 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Owens Corning · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Owens Corning · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Owens Corning · 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.