olivLaw · US equity research
UFP Industries, Inc. UFPI
Sawmills & Planting Mills, General · SIC 2421 · Vertical: Lumber and wood products (SIC 24xx)
UFP Industries, Inc. is a Grand Rapids, Michigan company that makes wood and composite products for retail, packaging and construction customers. Second-quarter 2026 sales rose slightly, but margins were pressured by higher transportation costs, which makes the trend in housing demand relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, UFP Industries, Inc. (UFPI) stock was 82.97 USD (−3.87% on the day), with market capitalisation 4.5 bn USD, P/E 20.1 on diluted EPS of 4.12 USD over the last 12 months, dividend yield 1.72%, beta 0.79, 52-week range 74.21–115.62 USD. Latest reported quarter (Q3 2026): revenue of 1.7 bn USD (+11.1% YoY), net income of 58.0 m USD (−23.1% YoY), diluted EPS 1.05 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)
- 54.9
- neutral
- Bollinger (20, 2)
- 73.75 – 85.90
- in the upper half of the band · %B 0.76 · band width 15.2%
- SMA 50 / 200
- 80.36 / 88.99
- mixed trend
- MACD (12, 26, 9)
- 0.97 / 0.35
- 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 | +5.0% | −1.1% | +6.1 pp | — |
| 3 months | −9.7% | −0.5% | −9.2 pp | — |
| 6 months | −1.1% | +4.4% | −5.5 pp | — |
| Year to date | −8.9% | +12.3% | −21.2 pp | — |
| 1 year | −9.4% | +13.5% | −22.9 pp | +8.3% |
| 3 years | −18.6% | +76.4% | −95.1 pp | −8.4% |
| 5 years | −5.0% | +63.7% | −68.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 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 | 1.5 bn | 1.6 bn | 1.8 bn | 1.6 bn | 1.3 bn | 1.5 bn | 1.9 bn | 1.7 bn |
| Cost of revenue | 1.2 bn | 1.3 bn | 1.5 bn | 1.3 bn | 1.1 bn | 1.2 bn | 1.6 bn | 1.5 bn |
| Gross profit | 239.5 m | 268.2 m | 312.7 m | 262.7 m | 216.5 m | 235.9 m | 290.2 m | 244.9 m |
| SG&A | 156.5 m | 176.3 m | 185.0 m | 170.0 m | 159.7 m | 172.9 m | 185.7 m | 178.1 m |
| Operating income | 79.5 m | 92.3 m | 123.1 m | 89.5 m | 59.1 m | 64.1 m | 103.4 m | 70.2 m |
| Interest expense | 3.5 m | 2.7 m | 2.7 m | 2.8 m | 2.8 m | 2.6 m | 2.0 m | 2.7 m |
| Pre-tax income | 91.0 m | 100.7 m | 131.9 m | 99.1 m | 60.5 m | 66.9 m | 112.9 m | 76.9 m |
| Income tax | 21.2 m | 21.3 m | 31.1 m | 23.6 m | 20.3 m | 15.8 m | 29.7 m | 18.2 m |
| Net income | 68.0 m | 78.8 m | 100.7 m | 75.3 m | 40.0 m | 50.8 m | 82.9 m | 58.0 m |
| Diluted EPS | 1.12 | 1.30 | 1.70 | 1.29 | 0.70 | 0.89 | 1.48 | 1.05 |
| Operating cash flow | 144.9 m | -108.8 m | 221.9 m ≈ | 286.0 m ≈ | 146.6 m | -103.6 m | 164.3 m ≈ | 173.9 m ≈ |
| Capex | 66.8 m | 67.3 m | 62.5 m ≈ | 75.8 m ≈ | 63.9 m | 48.3 m | 38.3 m ≈ | 36.1 m ≈ |
| Dividends paid | 20.1 m | 21.3 m | 20.7 m ≈ | 20.5 m ≈ | 19.9 m | 20.5 m | 19.9 m ≈ | 19.8 m ≈ |
| Share repurchases | -2.0 k | 60.6 m | 191.4 m ≈ | 29.1 m ≈ | 152.0 m | 24.0 m | 116.5 m ≈ | 40.8 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 95 percentile of its own 40-quarter history (min 6.3, median 14.9, max 21.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 4.4 bn | 5.2 bn | 8.6 bn | 9.6 bn | 7.2 bn | 6.7 bn | 6.3 bn |
| Revenue YoY | +13.9% | −1.6% | +16.7% | +67.6% | +11.5% | −25.0% | −7.8% | −5.0% |
| Net income | 148.6 m | 179.7 m | 246.8 m | 535.6 m | 692.7 m | 514.3 m | 414.6 m | 294.8 m |
| Net income YoY | +24.3% | +20.9% | +37.4% | +117.1% | +29.3% | −25.7% | −19.4% | −28.9% |
| Diluted EPS | 2.40 | 2.91 | 4.00 | 8.59 | 10.97 | 8.07 | 6.77 | 5.00 |
| Diluted EPS YoY | +23.7% | +21.3% | +37.5% | +114.8% | +27.7% | −26.4% | −16.1% | −26.1% |
| net % | 3.3% | 4.1% | 4.8% | 6.2% | 7.2% | 7.1% | 6.2% | 4.7% |
| Free cash flow | 20.8 m | 264.4 m | 247.3 m | 361.3 m | 657.4 m | 779.5 m | 410.3 m | 276.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 914.2 m USD
- Financial debt
- 229.8 m USD
- Net debt
- -684.4 m USD
- Equity
- 3.1 bn USD
- Total assets
- 4.0 bn USD
- Debt / equity
- 0.07x
- Current ratio
- 4.59x
- ROE
- 9.3%
- ROA
- 7.2%
- FCF margin
- 4.4%
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 | 5.2 bn | 8.6 bn | 9.6 bn | 7.2 bn | 6.7 bn | 6.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 4.4 bn | 7.2 bn | 7.8 bn | 5.8 bn | 5.4 bn | 5.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 800.3 m | 1.4 bn | 1.8 bn | 1.4 bn | 1.2 bn | 1.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 444.6 m | 682.3 m | 832.1 m | 766.6 m | 735.0 m | 691.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 345.8 m | 737.6 m | 950.2 m | 646.5 m | 492.2 m | 363.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 9.3 m | 13.8 m | 13.9 m | 12.8 m | 12.7 m | 10.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 341.0 m | 726.3 m | 934.8 m | 671.2 m | 540.2 m | 392.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 87.1 m | 174.0 m | 229.9 m | 156.8 m | 121.4 m | 96.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 246.8 m | 535.6 m | 692.7 m | 514.3 m | 414.6 m | 294.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 4.00 | 8.59 | 10.97 | 8.07 | 6.77 | 5.00 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 59.9 m | 60.4 m | 60.7 m | 60.6 m | 58.9 m | 56.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 0.50 | 0.65 | 0.95 | 1.10 | 1.32 | 1.40 | SEC (XBRL)· 25 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 436.5 m | 286.7 m | 559.4 m | 1.1 bn | 1.2 bn | 914.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 470.5 m | 737.8 m | 617.6 m | 549.5 m | 500.9 m | 476.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 567.3 m | 963.3 m | 973.2 m | 727.8 m | 720.8 m | 722.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 1.5 bn | 2.1 bn | 2.3 bn | 2.5 bn | 2.5 bn | 2.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 417.2 m | 589.0 m | 689.0 m | 776.6 m | 890.7 m | 992.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 252.2 m | 315.0 m | 337.3 m | 336.3 m | 339.8 m | 343.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 72.3 m | 109.0 m | 143.9 m | 175.2 m | 152.5 m | 133.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 2.4 bn | 3.2 bn | 3.7 bn | 4.0 bn | 4.2 bn | 4.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 211.5 m | 319.1 m | 206.9 m | 203.1 m | 224.7 m | 205.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 100.0 k | 42.7 m | 2.9 m | 42.9 m | 4.1 m | 899.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 311.6 m | 277.6 m | 275.2 m | 233.5 m | 229.8 m | 228.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 463.7 m | 776.0 m | 611.8 m | 568.0 m | 512.4 m | 494.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 921.7 m | 1.2 bn | 1.1 bn | 967.6 m | 900.9 m | 934.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 1.5 bn | 2.0 bn | 2.6 bn | 3.0 bn | 3.2 bn | 3.1 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 336.5 m | 512.5 m | 831.6 m | 959.9 m | 642.6 m | 545.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 89.2 m | 151.2 m | 174.1 m | 180.4 m | 232.3 m | 269.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 247.3 m ≈ | 361.3 m ≈ | 657.4 m ≈ | 779.5 m ≈ | 410.3 m ≈ | 276.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -154.7 m | -611.2 m | -353.9 m | -240.2 m | -270.8 m | -273.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 85.2 m | -45.0 m | -210.2 m | -162.9 m | -307.1 m | -530.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 30.7 m | 40.2 m | 58.9 m | 68.2 m | 80.8 m | 82.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 29.2 m | — | 95.8 m | 82.1 m | 141.1 m | 433.0 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: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation70
- Returns100
- Quality61
- Balance sheet100
- Growth0
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: 18.40 – 134.04 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)48.27 – 69.70 (Mid 56.55)WACC 9.1% · starting FCFF 202.0 m USD · terminal value share of EV 73%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): 14.2%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E112.44 – 134.04 (Mid 114.11)5 companies used · median multiple 27.7x · quartiles 27.3x – 32.5xCVCO, FBIN, LEGH, SKY, TREX
- Dividend discount (DDM)18.40 – 24.74 (Mid 21.10)
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
Neutral profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.6% | 51 (on a fixed band) | 13% |
| Net margin · Quality | 3.6% | 60 (vs peers) | 8% |
| FCF conversion · Quality | 84.0% | 77 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -13.1% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -23.0% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 29.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.1x | 83 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 54 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 9.1% | 100 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 41.2% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation70/100 · 2/3 factors with a value
Memo
UFP INDUSTRIES, INC. (UFPI). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 6.3 bn USD in 2025; YoY growth -5.0%; net margin 3.6%; ROE 7.5%.
The estimated value range is 48.27–69.70 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 56.55 USD, the price of 82.97 USD leaves a potential of -31.8% (value / price − 1) and a margin of safety of -46.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 84.0%
- Interest coverage: 29.3x
- Current ratio: 3.9x
- P/E (TTM): 20.1x
- Shareholder yield (distributions): 9.1%
- Payout ratio (FCF): 41.2%
What contradicts it
- Revenue CAGR 3Y: -13.1%
- EPS CAGR 3Y: -23.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Lumber and wood products (SIC 24xx) · same major group (2-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| TREXTrex Company, Inc. | 5.6 bn | 32.5 | 17.3% | 13.9% | +2.0% | +60% / −20% |
| FBINFortune Brands Innovations, Inc. | 5.6 bn | 44.2 | 5.5% | 2.9% | −3.2% | −9% / −31% |
| LPXLouisiana-Pacific Corporation | 5.4 bn | 78.9 | 3.9% | 2.7% | −7.9% | −6% / +26% |
| SKYChampion Homes, Inc. | 5.0 bn | 27.7 | 11.8% | 6.8% | +7.3% | +9% / +55% |
| CVCOCavco Industries, Inc. | 4.9 bn | 27.3 | 16.6% | 7.7% | +11.4% | +8% / +128% |
| UFPIUfp Industries, Inc. | 4.5 bn | 20.1 | 7.5% | 3.6% | −5.0% | −9% / −19% |
| KOPKoppers Holdings Inc. | 749.7 m | — | -19.0% | -4.6% | −10.2% | +34% / −12% |
| LEGHLegacy Housing Corporation | 716.1 m | 11.3 | 11.4% | 30.1% | −10.7% | +51% / +34% |
| JELDJELD-WEN Holding, Inc. | 87.6 m | — | -454.4% | -5.3% | −14.9% | −62% / −94% |
| NWGLCL Workshop Group Ltd | 4.4 m | — | -64.0% | -40.5% | −15.4% | −98% / −100% |
| WFGWest Fraser Timber Co. Ltd. | — | — | -14.6% | -17.2% | −11.5% | +13% / −5% |
1- and 3-year price returns: for UFPI 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 | 45.67 Total return -44% · Per year -44% | 81.15 Total return -1% · Per year -1% | 122.79 Total return 50% · Per year 50% |
| 3 years | 36.26 Total return -53% · Per year -22% | 73.24 Total return -7% · Per year -2% | 122.79 Total return 54% · Per year 16% |
| 5 years | 28.79 Total return -60% · Per year -17% | 66.10 Total return -13% · Per year -3% | 122.79 Total return 58% · Per year 10% |
- Exit P/E± 18.31
- Net margin± 12.82
- Annual revenue growth± 11.57
- Annual dilution± 1.08
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 10-Q (04 Nov 2026), 8-K (28 Oct 2026 · results).
In brief
UFP Industries, Inc. is a Grand Rapids, Michigan company that makes wood and composite products for retail, packaging and construction customers. Second-quarter 2026 sales rose slightly, but margins were pressured by higher transportation costs, which makes the trend in housing demand relevant.13
SWOT
Strengths
- Diversification across three segments and many end markets gives a partial hedge against construction cycles.
- The company has a strong position in lumber purchasing and long-standing supplier relationships.
- Liquidity remains solid, and the company has continued its share repurchase programs.
Weaknesses
- Margins declined in 2026, and transportation and lumber costs pressured results.
- Sales are concentrated among a few large retail customers, increasing exposure to their decisions.
- Operating cash flow fell in the first half of 2026 because of seasonal working capital needs.
Opportunities
- Growth in value-added products such as Surestone could improve margins over the long term.
- Acquisitions in packaging and decking could fill portfolio gaps and extend geographic reach.
- A recovery in housing demand could support volumes in the Construction and Retail segments.
Threats
- Tariffs and trade policy on Canadian lumber could change prices and costs.
- Competitive pressure in Site Built and transportation costs could keep margins under pressure.
- Macroeconomic and geopolitical uncertainty could prolong weak demand in end markets.
Risks
- Lumber price volatilityhigh
Lumber prices directly affect sales and margins, especially for products indexed to the market. If prices rise sharply, margins could decline.1
- Customer concentrationhigh
A large share of sales comes from two retail customers. A reduction in their orders could affect results.1
- Tariffs and international trademedium
Tariffs and regulatory changes can raise import costs and reduce export sales.1
- Transportation costshigh
Transportation is a significant share of costs, and higher fuel and freight rates could reduce margins.13
- Acquisition risksmedium
Integrating acquisitions can be difficult and could affect results if expectations are not met.1
Investment thesis
What would need to be true (bull case)
- If Surestone and other value-added products keep growing, the company could improve margins over the long term.
- A gradual recovery in housing demand could support volumes across several segments.
- Solid liquidity could allow investment and acquisitions without immediate pressure on the balance sheet.
What would break the thesis
- If transportation and lumber costs stay high, margins could remain below historical levels.
- Dependence on a few large retail customers could amplify the impact of any order reduction.
- If housing demand stays weak, Construction sales could keep declining.
What to watch
- Trend in transportation costs and adjusted EBITDA marginQ3 2026
- Surestone sales development and backlogQ3 2026
- Delivery of the initial cost reduction program2026
- Release of seasonal working capital and operating cash flowQ4 2026
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 10-Q (04 Nov 2026), 8-K (28 Oct 2026 · results).
The business
UFP Industries is a holding company with subsidiaries in the United States, Mexico, Canada, Spain, India and Australia that design, manufacture and supply products made from wood, wood and non-wood composites and other materials. Its business is organized into three segments: Retail Solutions, Packaging and Construction, plus an International segment and the Ardellis captive insurer, grouped as All Other.1 The company says its diversification across end markets gives an inherent hedge against business cycles.1
The structure by end market lets the company allocate capital and resources by segment, and automation investments are shared across units. The stated goal is stable earnings and cash flows for shareholders even when lumber prices are volatile.1 In the latest reported quarter, UFP completed acquisitions in decking, pallets and packaging, showing continued use of inorganic growth.23
The largest retail customers are The Home Depot and Lowe's, each representing a significant share of net sales in fiscal 2025.1 This concentration makes those relationships central to short-term performance.1
Segments
Retail Solutions
The segment sells pressure-treated lumber, lawn and garden products and Deckorators decking, including Surestone. Surestone sales rose 37 percent in the second quarter of 2026, while ProWood prices and volumes were affected by weak consumer demand.3
Packaging
The segment produces pallets, structural packaging and protective packaging, including labels and corrugate. Sales rose in the second quarter of 2026, but adjusted EBITDA fell because of transportation costs and startup costs at new locations.3
Construction
The segment includes factory-built housing components, site-built framing, commercial interior fixtures and concrete forming. Sales declined in the second quarter of 2026, while the Commercial and Concrete Forming business units grew organically.3
Market context
Softwood lumber prices averaged higher in 2025 than in 2024, even though demand from new housing, repair and remodeling and industrial markets was weak.1 In the first half of 2026, lumber costs were 43.7 percent of net sales, showing continued margin pressure.2
Housing demand remains weak, with lower new construction and tougher competition in Site Built products. Industry players face transportation rates that rose sharply in the second quarter of 2026.3
Trends
- Transportation costsheadwind
Spot freight rates rose over 30 percent in the second quarter of 2026 because of tighter carrier capacity. If these costs stay elevated, margins could come under further pressure.3
- Housing demandheadwind
Sales of Site Built and Factory Built products declined in the second quarter of 2026 because of affordability pressures and economic uncertainty. A recovery in construction could support volumes.3
- Acquisitions and capacitymixed
The company closed three acquisitions in the second quarter of 2026 to expand capacity and geographic reach. Acquisitions can add growth but also carry integration risk.3
Competitive position
The company says it is not aware of any competitor that manufactures, treats and distributes a full line of value-added and commodity products on a national basis.1 In packaging and construction there are many regional and local producers that compete on price and service.1
Competition includes regional packaging, pallet and building component producers, as well as national and regional building products distributors.1 The company points to its scale, vertical integration and ability to offer complete solutions as its key advantages.1
- Regional wood treaters
The sources mention numerous regional and local pressure-treaters without volumes comparable to UFP.
- Regional pallet producers
Local and regional pallet manufacturers are named as competitors in the PalletOne market.
- Regional building component producers
The sources describe national and regional building products dealers that also make wood components.
- Regional structural packaging producers
Regional companies with similar product lines and small single-location competitors are named.
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 report04 Nov 2026Other events · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report02 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report26 Oct 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Oct 2026Item 5.01 · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report30 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / UFP Industries, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / UFP Industries, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / UFP Industries, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.