Share count
140Mpeak FY2023
← All companies ← JBHT Manual JBL → ← IBP Building Products JCI →
JBI, Janus International Group Inc.
Building Products capital-intensive
We are highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the restoration, rebuilding, and replacement of self-storage facilities.
We serve the market for exterior and interior building solutions through both institutional REITs and non-institutional operators.
REITs comprise approximately 35 to 40% of the overall self-storage market by square footage, and have grown significantly over the past decade and at a higher rate than the non-institutional market.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2026
$884M
−8.3% YoY · 13% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $896M 5-yr avg $897M
Revenue $223M +5.8% vs yr-ago qtr
Operating margin 5.9% yr-ago 12.0%
Net income $200K yr-ago $11M
Net margin 0.1% yr-ago 5.1%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Products (78%) and Services (22%).
- What moves the needle
- Gross margin has run about 39% and operating margin about 17% through the cycle, a solid spread between what it charges and what the product costs to make. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 13%). By owner earnings: roughly 14% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Products is 78% of revenue, with Services the other meaningful line at 22%.
Revenue by product line, FY2026
- Products78%$687M
- Services22%$197M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2020–2026
realized figures from each filing · older years to the left| 2020’20 | 2022’22 | 2023’23 | 2024’24 | 2026’26 | TTMTTMApr 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $549M | $1.0B | $1.1B | $964M | $884M | $896M | RevenueRevenue |
| 37% | 36% | 42% | 41% | 39% | 38% | Gross marginGross mgn |
| 14% | 12% | 13% | 18% | 18% | 19% | SG&A / revenueSG&A/rev |
| $95M | $188M | $246M | $147M | $112M | $99M | Operating incomeOp. inc. |
| 17.2% | 18.4% | 23.0% | 15.2% | 12.6% | 11.1% | Operating marginOp. mgn |
| $57M | $108M | $136M | $70M | $54M | $43M | Net incomeNet inc. |
| 4% | 26% | 26% | 30% | 30% | 32% | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| $101M | $89M | $215M | $154M | $140M | $127M | Operating cash flowOp. cash |
| $6M | $38M | $39M | $44M | $46M | $51M | DepreciationDeprec. |
| $38M | ($61M) | $33M | $29M | $23M | $17M | Working capital & otherWC & other |
| $6M | $9M | $19M | $20M | $26M | $22M | CapexCapex |
| 1.2% | 0.9% | 1.8% | 2.1% | 2.9% | 2.4% | Capex / revenueCapex/rev |
| $95M | $80M | $196M | $134M | $114M | $106M | Owner earningsOwner earn. |
| 17.2% | 7.8% | 18.4% | 13.9% | 12.9% | 11.8% | Owner earnings marginOE mgn |
| $95M | $80M | $196M | $134M | $114M | $106M | Free cash flowFCF |
| 17.2% | 7.8% | 18.4% | 13.9% | 12.9% | 11.8% | Free cash flow marginFCF mgn |
| $4M | $0 | $1M | $59M | $100K | $97M | AcquisitionsAcquis. |
| — | $0 | $0 | $79M | $16M | — | BuybacksBuybacks |
| 13% | 13% | 19% | 11% | 8% | 7% | ROICROIC |
| 40% | 29% | 26% | 14% | 9% | 8% | Return on equityROE |
| 40% | 29% | 26% | 14% | 9% | 8% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $45M | $13M | $172M | $149M | $194M | $112M | Cash & investmentsCash+inv |
| $75M | $155M | $174M | $137M | $108M | $111M | ReceivablesReceiv. |
| $25M | $68M | $48M | $53M | $59M | $61M | InventoryInvent. |
| $30M | $52M | $60M | $54M | $41M | $56M | Accounts payablePayables |
| $71M | $171M | $163M | $136M | $126M | $117M | Operating working capitalOper. WC |
| $168M | $363M | $463M | $386M | $422M | $355M | Current assetsCur. assets |
| $95M | $153M | $174M | $137M | $119M | $134M | Current liabilitiesCur. liab. |
| 1.8× | 2.4× | 2.7× | 2.8× | 3.5× | 2.6× | Current ratioCurr. ratio |
| $259M | $368M | $369M | $383M | $384M | $428M | GoodwillGoodwill |
| $873M | $1.3B | $1.4B | $1.3B | $1.3B | $1.3B | Total assetsAssets |
| $624M | $715M | $627M | $602M | $553M | $553M | Total debtDebt |
| $579M | $702M | $455M | $453M | $359M | $441M | Net debt / (cash)Net debt |
| 2.6× | 5.7× | 4.1× | 3.0× | 3.0× | 2.9× | Interest coverageInt. cov. |
| $141M | $375M | $520M | $519M | $573M | $560M | Shareholders’ equityEquity |
| 0.0% | 0.4% | 0.7% | 1.1% | 1.8% | 1.9% | Stock comp / revenueSBC/rev |
| Per share | ||||||
| 65.8M | 147M | 147M | 145M | 140M | 139M | Shares out (diluted)Shares |
| $8.34 | $6.95 | $7.26 | $6.66 | $6.33 | $6.46 | Revenue / shareRev/sh |
| $0.86 | $0.73 | $0.92 | $0.49 | $0.38 | $0.31 | EPS (diluted)EPS |
| $1.44 | $0.54 | $1.33 | $0.92 | $0.82 | $0.76 | Owner earnings / shareOE/sh |
| $1.44 | $0.54 | $1.33 | $0.92 | $0.82 | $0.76 | Free cash flow / shareFCF/sh |
| $0.10 | $0.06 | $0.13 | $0.14 | $0.18 | $0.16 | Cap. spending / shareCapex/sh |
| $2.14 | $2.56 | $3.54 | $3.58 | $4.10 | $4.04 | Book value / shareBVPS |
The diluted share count moved ×2.23 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | −4.5%/yr | −2.3%/yr (4-yr) |
| Owner earnings / share | −9.0%/yr | +10.7%/yr (4-yr) |
| EPS | −12.6%/yr | −14.9%/yr (4-yr) |
| Capital spending / share | +11.2%/yr | +32.1%/yr (4-yr) |
| Book value / share | +11.4%/yr | +12.5%/yr (4-yr) |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenue-8.3%
“Total revenues decreased by $79.6 or 8.3% for the year ended January 3, 2026 compared to the year ended December 28, 2024, as a result of the continuation of the volume decline associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn.”
✓ figure matches the filed record
The record, charted
FY2020–2026Each measure over its full record; the current point and the worst year marked.
ROIC
8%low FY2026
Gross margin
39%low FY2022
Net debt ÷ owner earnings
3.1×peak FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$114Mowner earningsvs.$54Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2020FY2026
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2026 the business turned $54M of profit into $114M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | $54M | $70M | $136M | $108M | $57M |
| Depreciation & amortizationnon-cash charge added back | +$46M | +$44M | +$39M | +$38M | +$6M |
| Stock-based compensationreal costnon-cash, but a real cost | +$16M | +$11M | +$7M | +$4M | +$171K |
| Working capital & othertiming of cash in and out, other non-cash items | +$23M | +$29M | +$33M | −$61M | +$38M |
| Cash from operations | $140M | $154M | $215M | $89M | $101M |
| Capital expenditurecash put back in to keep running and to grow | −$26M | −$20M | −$19M | −$9M | −$6M |
| Owner earnings | $114M | $134M | $196M | $80M | $95M |
| Owner-earnings marginowner earnings ÷ revenue | 13% | 14% | 18% | 8% | 17% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $16M), owner earnings is nearer $98M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2026 10-K · source on SEC EDGAR →
Will it survive?
- AdequateOperating income $112M ÷ interest expense $37M
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- How heavy is the debt, net of cash? $359M · 3.2× operating profitMeaningful net debtCash $194M − debt $553M
What this means
Netting $194M of cash and short-term investments against $553M of debt leaves $359M owed, about 3.2× a year's operating profit (5.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 45 + DIO 40 − DPO 27 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Solid through the cycle5-yr median, range 8%–19%; 8% latest = NOPAT $79M ÷ invested capital $931MIndustry peers: median 7%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 8% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle5-yr median margin, range 8%–18%; latest $114M = operating cash $140M − maintenance capex $26MIndustry peers: median 8%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 14% median across 5 years. Treating stock comp as the real expense it is (less $16M of SBC) leaves $98M.
- Cash-backedCash from ops $140M ÷ net income $54M
In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $16M ÷ Owner Earnings $114M
What this means
Of $114M Owner Earnings, $16M (14%) went back to shareholders, $0 dividends, $16M buybacks. But the buybacks barely exceed stock issued to employees ($16M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 0.55×HarvestingCapex $26M ÷ depreciation $46M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $884M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 3.54×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $553M vs $303M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability PassA profit every year (5-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.64/share (latest year $0.39), the averaged base the calculator's gate runs on, and book value is $4.20/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2020–2026
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 5 of 5
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Return on capital ≥ 15% 1 of 5 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 18% → 14% (2-yr avg ends)
In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.
What this means
Through the cycle the operating margin slipped — about 18% early to 14% lately, median 17% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +6%/yr
What this means
Owner earnings grew about 6% a year over the record.
- Worst year 2026 · 12.6% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Apr 4, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$355M
- Cash & short-term investments$112M
- Receivables$111M
- Inventory$61M
- Other current assets$71M
Current liabilities$134M
- Debt due within a year$6M
- Accounts payable$56M
- Other current liabilities$72M
Current ratio2.65×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.19×stricter: inventory excluded
Cash ratio0.84×strictest: cash alone against what's due
Working capital$221Mthe cushion left after near-term bills
Debt due this year vs. cash$6M due · $112M cash
covered by cash on hand, no refinancing forced · both figures from the Apr 4, 2026 balance sheet
Revenue, latest quarter vs. a year ago+5.8%the freshest read on whether the business is still growing
Current ratio, recent quarters2.8× → 2.6×
Deeper floors
Tangible book value($237M)equity stripped of goodwill & intangibles
Net current asset value($394M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$625M$78M of it operating leases
Deferred revenue$16Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year.
Due in the next 12 months$7Mthe first rung: what must be repaid or rolled over within the year
Within two years$14Mthe near wall, the part most exposed to today’s credit conditions
Biggest single year$527Min 2030the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$553Mthe near slice; the balance sheet carries $553M of debt in all
Against what the business has and earns
Cash & short-term investments, Apr 4, 2026$112M
One year of owner earnings (FY2026)$114M
Together, against $7M due next year32.8×
Cash on hand as of Apr 4, 2026 plus a year’s owner earnings comes to $226M against the $7M due in the twelve months after the Jan 3, 2026 schedule: 33 times it.
Maturity schedule extracted from the company’s Jan 3, 2026 annual report and reconciled to the balance-sheet debt.
How the cash was used, 2020–2026
Over the record, the business generated $698M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.
- Reinvested$80M · 11%
- Buybacks$95M · 14%
- Retained (debt / cash)$523M · 75%
- Returned to owners$95M
15% of the owner earnings the business produced over the span, $0 as dividends and $95M as buybacks.
- Average price paid for buybacks—
Buybacks ran $95M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count110.8%
The diluted count rose from 66M to 139M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
- Return on what it retained7%
Of the earnings it kept rather than paid out ($330M over the span), annual owner earnings (first three years vs last three) grew $25M, so each retained $1 added about 0.07 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 5-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$725M56% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity67%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$65Mover 5 years buying other businesses, against $80M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 5-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Ramey Jackson | $962k | $962k | — |
| 2022 | Ramey Jackson | $3.6M | $5.0M | $80M |
| 2023 | Ramey Jackson | $4.8M | $6.6M | $196M |
| 2024 | Ramey Jackson | $6.4M | $449k | $134M |
| 2026 | Ramey Jackson | $4.2M | $2.8M | $114M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership4.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio87:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$16M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 15% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why Janus International Group Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2020–2026.
1 of the 6 tests turned up something to look into; the other 5 came back clean.
- Look hereDid the share count rise anyway?110.8%
Diluted shares grew 110.8% over 2020–2026, even as the company spent $95M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
And these came back clean
- Is it less profitable than it was?
- Did debt outgrow the business?
- Did reported profit become cash?
- Did receivables and inventory outpace sales?
- Are "one-time" charges a yearly habit?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2026
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Building Products
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| GFFGriffon Corporation | $2.5B | 28% | 6.3% | 6% | 3% |
| MWAMueller Water Products | $1.4B | 33% | 12.6% | 11% | 8% |
| JBIJanus International Group Inc. | $884M | 39% | 17.2% | 13% | 14% |
| HLIOHelios Technologies Inc. | $839M | 37% | 15.2% | 8% | 12% |
| TRSTriMas Corporation | $646M | 24% | 9.4% | 5% | 8% |
| BWBabcock & Wilcox Enterprises Inc. | $588M | 24% | -2.3% | -18% | -15% |
| RGRSturm Ruger & Company Inc. | $546M | 28% | 14.1% | 26% | 9% |
| PRLBProto Labs Inc. | $533M | 48% | 11.0% | 7% | 15% |
| Group median | — | 31% | 11.8% | 7% | 9% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Janus International Group Inc. has delivered.
$
Through the cycle, Janus International Group Inc. earns about $123M on its 13.9% median owner-earnings margin. This year’s 12.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’20→’26+6%/yr
Owner-earnings growth · ’20→’26+6%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’26)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $106M on 136M shares outstanding, per the 10-Q cover, as of 2026-05-08; net debt $441M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Janus International Group Inc. (JBI), the owner's record," https://ownerscorecard.com/c/JBI, data as of 2026-07-09.
Manual order: ← JBHT its page in the Manual JBL →
Industry order: ← IBP the Building Products chapter JCI →