An industry chapter · Building Products

Building Products

37 members, 5201 to ZJK, A to Z by ticker.

Gross profitability: median 29% — gross profit as a share of total assets, each member's median across its readable years; read on 35 of 37 members
Capital intensity: median 2.7% — capital expenditure as a share of revenue, each member's median across its readable years; read on 36 of 37 members
Net cash: 9 of the 37 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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5201 AGC

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2018–2025 ¥67.6B¥48.5B¥81.7B¥160.0B(¥6.8B)(¥985M)¥103.5B¥64.9B

Retained capital Paid out ¥41.8B more than it earned over 2018–2025; annual owner earnings fell ¥10.1B.

Balance sheet Meaningful net debt, ¥332.9B · dividend paid 8 of 8 yrs, cut at least once

5332 TOTO

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥43.6B¥24.1B(¥8.8B)¥33.4B¥34.3B¥19.2B¥3.8B¥42.2B¥36.4B¥34.8B

Retained capital Retained ¥154.5B of earnings over 2017–2026; annual owner earnings grew ¥18.1B, ¥0.12 per ¥1 retained.

Balance sheet Net cash, +¥63.3B · dividend paid 10 of 10 yrs, cut at least once

6367 Daikin Industries

Daikin Industries makes air conditioning and refrigeration equipment — for homes, offices, and industrial sites — and sells it around the world. It also makes the refrigerants and the core parts, such as compressors, that go inside those machines. The money comes from selling the units, and then from the parts, service, and replacement that follow over the years a machine runs.

Owner earnings 2017–2026 ¥208.4B¥157.1B¥164.5B¥204.1B¥269.7B¥131.0B(¥16.2B)¥229.6B¥268.5B¥256.8B

Retained capital Retained ¥1.55T of earnings over 2017–2026; annual owner earnings grew ¥74.9B, ¥0.05 per ¥1 retained.

Balance sheet Modest net debt, ¥388.1B · dividend paid 10 of 10 yrs, never cut

AAON Aaon, Inc.

AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments.

Owner earnings 2016–2025 $51M$43M$37M$75M$103M$31M$26M$112M$130M($79M)

Retained capital Retained $688M of earnings over 2016–2025; annual owner earnings grew $11M, $0.02 per $1 retained.

Balance sheet Modest net debt, $6M · dividend paid 10 of 10 yrs, never cut

ACA Arcosa Inc. Common Stock

Arcosa, Inc. and its consolidated subsidiaries, headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading brands serving construction, engineered structures, and transportation markets in North America.

Owner earnings 2016–2025 $162M$96M$74M$273M$178M$81M$36M$102M$312M$176M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $86M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $1.3B · buybacks at an average near $44.95 · dividend paid 8 of 10 yrs, never cut

AOS A.O. Smith Corporation

Smith and State brands, includes approximately 800 independent wholesale plumbing distributors serving residential and commercial end markets.

Owner earnings 2016–2025 $366M$256M$364M$392M$505M$566M$321M$598M$503M$546M

Retained capital Retained $900K of earnings over 2016–2025; annual owner earnings grew $220M.

Balance sheet Net cash, +$38M · buybacks at an average near $60.74 · dividend paid 10 of 10 yrs, never cut

APOG Apogee Enterprises Inc.

We are a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications.

Owner earnings 2017–2026 $56M$74M$36M$56M$116M$79M$58M$161M$90M$95M

Retained capital Retained $50M of earnings over 2017–2026; annual owner earnings grew $60M.

Balance sheet Meaningful net debt, $187M · buybacks at an average near $40.30 · dividend paid 10 of 10 yrs, never cut

ASPN Aspen Aerogels Inc.

Aspen Aerogels, Inc. is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle markets.

Owner earnings 2016–2025 ($10M)($11M)($12M)($3M)($13M)($28M)($104M)($58M)$23M($5M)

Retained capital not read

Balance sheet Net cash, +$42M

CARR Carrier Global Corporation Common Stock

Carrier Global Corporation is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers.

Owner earnings 2018–2025 $1.8B$1.8B$1.4B$1.9B$1.4B$2.2B$44M$2.1B

Retained capital Retained $10.5B of earnings over 2018–2025; annual owner earnings fell $220M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $9.9B · buybacks at an average near $34.32 · dividend paid 6 of 8 yrs, never cut

CSL Carlisle Cos.

Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings.

Owner earnings 2016–2025 $422M$299M$219M$614M$601M$287M$817M$1.1B$917M$971M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $669M.

Balance sheet Modest net debt, $1.8B · dividend paid 10 of 10 yrs, never cut

CSTE Caesarstone Ltd.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $79M$38M($6M)$59M$28M($11M)($41M)$55M$21M($47M)

Retained capital Paid out $228M more than it earned over 2016–2025; annual owner earnings fell $27M.

Balance sheet Net cash, +$51M · dividend paid 6 of 10 yrs, cut at least once

CSW CSW Industrials Inc.

CSW is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve.

Owner earnings 2017–2026 $32M$38M$52M$58M$57M$53M$108M$148M$152M$132M

Retained capital Retained $240M of earnings over 2017–2026; annual owner earnings grew $103M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $835M · buybacks at an average near $84.43 · dividend paid 7 of 10 yrs, never cut

CSWI CSW Industrials

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Owner earnings 2017–2026 $32M$38M$52M$58M$57M$53M$108M$148M$152M$132M

Retained capital Retained $240M of earnings over 2017–2026; annual owner earnings grew $103M, $0.43 per $1 retained.

Balance sheet Heavy net debt, $835M · buybacks at an average near $84.43 · dividend paid 7 of 10 yrs, never cut

FBIN Fortune Brands

Brands Advantage, allows for us to operate with greater efficiency and agility.

Owner earnings 2016–2025 $501M$435M$454M$505M$675M$475M$320M$799M$475M$367M

Retained capital Retained $382M of earnings over 2016–2025; annual owner earnings grew $83M.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $77.78 · dividend paid 10 of 10 yrs, cut at least once

GFF Griffon Corporation

Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries.

Owner earnings 2016–2025 $34M$14M$8M$55M$66M$33M$17M$389M$342M$318M

Retained capital Paid out $770M more than it earned over 2016–2025; annual owner earnings grew $331M.

Balance sheet Heavy net debt, $1.3B · buybacks at an average near $54.43 · dividend paid 10 of 10 yrs, cut at least once

HLMN Hillman Solutions Corp.

Hillman Solutions Corp. are one of the largest providers of hardware-related products and related merchandising services to retail markets in North America.

Owner earnings 2019–2025 ($5M)$47M($162M)$49M$172M$98M$35M

Retained capital Paid out $129M more than it earned over 2019–2025; annual owner earnings grew $142M.

Balance sheet Heavy net debt, $666M · buybacks at an average near $9.07

IBP Installed Building Products

We are a provider of energy efficiency solutions to our customers through our primary line of business of installing insulation.

Owner earnings 2016–2025 $46M$37M$61M$84M$147M$101M$232M$291M$285M$301M

Retained capital Retained $489M of earnings over 2016–2025; annual owner earnings grew $244M, $0.50 per $1 retained.

Balance sheet Modest net debt, $565M · buybacks at an average near $133 · dividend paid 5 of 10 yrs, never cut

JBI Janus International Group Inc.

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.

Owner earnings 2020–2026 $95M$80M$196M$134M$114M

Retained capital Retained $330M of earnings over 2020–2026; annual owner earnings grew $25M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $359M

JCI Johnson Controls International PLC

Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers around the globe.

Owner earnings 2015–2025 $740M($389M)$875M$1.2B$2.0B$2.0B$750M$1.4B$1.1B$2.1B

Retained capital Paid out $8.1B more than it earned over 2015–2025; annual owner earnings grew $1.1B.

Balance sheet Heavy net debt, $9.8B · dividend paid 10 of 10 yrs, never cut

JHX James Hardie Industries plc.

James Hardie Industries plc is a leading provider of exterior home and outdoor living solutions, serving the new home construction, repair and remodel and outdoor living markets.

Owner earnings 2024–2026 $729M$587M$206M

Retained capital not read

Balance sheet Heavy net debt, $4.3B

LII Lennox Intl

We are a global leader in energy-efficient climate-control solutions.

Owner earnings 2016–2025 $316M$261M$430M$325M$534M$443M$224M$650M$851M$639M

Retained capital Retained $714M of earnings over 2016–2025; annual owner earnings grew $378M, $0.53 per $1 retained.

Balance sheet Modest net debt, $1.4B · dividend paid 10 of 10 yrs, never cut

MAS Masco

Masco Corporation is a global leader in the design, manufacture and distribution of branded home improvement and building products.

Owner earnings 2016–2025 $655M$624M$876M$671M$839M$802M$695M$1.3B$907M$866M

Retained capital Paid out $890M more than it earned over 2016–2025; annual owner earnings grew $294M.

Balance sheet Meaningful net debt, $2.8B · buybacks at an average near $47.56 · dividend paid 10 of 10 yrs, never cut

MBC MasterBrand Inc.

MasterBrand Way enables our associates across all locations and levels of work to operate under common frameworks and a consistent lexicon to effectively develop cross-functional solutions to complex business issues.

Owner earnings 2021–2025 $97M$180M$348M$211M$118M

Retained capital Retained $626M of earnings over 2021–2025; annual owner earnings grew $17M, $0.03 per $1 retained.

Balance sheet Heavy net debt, $802M · buybacks at an average near $12.73

OC Owens Corning Inc Common Stock New

Owens Corning is a building products leader committed to building a sustainable future through material innovation.

Owner earnings 2016–2025 $570M$679M$266M$590M$828M$1.1B$1.3B$1.2B$1.2B$962M

Retained capital Paid out $876M more than it earned over 2016–2025; annual owner earnings grew $628M.

Balance sheet Heavy net debt, $4.4B · dividend paid 10 of 10 yrs, never cut

PRLB Proto Labs Inc.

From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey.

Owner earnings 2016–2025 $60M$63M$96M$85M$74M$21M$40M$45M$69M$60M

Retained capital Retained $6M of earnings over 2016–2025; annual owner earnings fell $15M.

Balance sheet Net cash, +$127M

REZI Resideo Technologies Inc. Common Stock

We are a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions that help homeowners and businesses stay connected and in control of their comfort, security, energy use, and smart living.

Owner earnings 2016–2025 $91M($12M)$398M$174M$252M$67M$335M$364M($1.3B)

Retained capital Retained $507M of earnings over 2016–2025; annual owner earnings fell $344M, $-0.68 per $1 retained.

Balance sheet Heavy net debt, $2.5B

ROCK Gibraltar Industries Inc.

Gibraltar Industries Inc. is a leading manufacturer and provider of products and services for the residential, agtech and infrastructure markets.

Owner earnings 2016–2025 $113M$59M$87M$121M$76M$5M$83M$205M$157M$137M

Retained capital Retained $427M of earnings over 2016–2025; annual owner earnings grew $80M, $0.19 per $1 retained.

Balance sheet Net cash, debt-free, +$116M

SNA Snap-on

Snap-on is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing.

Owner earnings 2015–2026 $323M$502M$527M$674M$575M$943M$591M$1.1B$1.1B$1.0B

Retained capital Retained $2.6B of earnings over 2015–2026; annual owner earnings grew $616M, $0.24 per $1 retained.

Balance sheet Net cash, +$438M · buybacks at an average near $198 · dividend paid 10 of 10 yrs, never cut

SSD Simpson Manufacturing

Simpson Manufacturing markets its products domestically in North America, primarily in the United States and Canada, serving the residential construction, commercial construction, original equipment manufacturer, component manufacturer and national retail markets.

Owner earnings 2016–2025 $71M$85M$131M$173M$175M$108M$337M$338M$253M$369M

Retained capital Retained $1.1B of earnings over 2016–2025; annual owner earnings grew $224M, $0.21 per $1 retained.

Balance sheet Net cash, +$69M · buybacks at an average near $108 · dividend paid 10 of 10 yrs, never cut

SWK Stanley Black & Decker Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2026 $922M$372M$930M$1.1B$1.7B($1.8B)$853M$753M$688M

Retained capital Paid out $775M more than it earned over 2016–2026; annual owner earnings grew $23M.

Balance sheet Meaningful net debt, $5.0B · buybacks at an average near $131 · dividend paid 9 of 9 yrs, never cut

TGLS Tecnoglass Inc.

Tecnoglass is a leading vertically integrated manufacturer, supplier and installer of high-end aluminum and vinyl windows and architectural glass for the global commercial and residential construction markets.

Owner earnings 2016–2025 ($19M)$7M($18M)$712K$53M$96M$122M$117M$144M$99M

Retained capital Retained $716M of earnings over 2016–2025; annual owner earnings grew $130M, $0.18 per $1 retained.

Balance sheet Modest net debt, $110M · dividend paid 10 of 10 yrs, cut at least once

TREX Trex Company, Inc.

Trex Company, Inc. is the world's largest manufacturer of composite decking and railing products, which are marketed under the brand name Trex and manufactured in the United States.

Owner earnings 2016–2025 $71M$87M$122M$142M$169M$222M$172M$339M$89M$295M

Retained capital Retained $804M of earnings over 2016–2025; annual owner earnings grew $148M, $0.18 per $1 retained.

Balance sheet Modest net debt, $83M

TT Trane Technologies plc

We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning, transport refrigeration, and custom refrigeration solutions.

Owner earnings 2016–2025 $1.3B$1.3B$1.1B$1.7B$1.3B$1.4B$1.2B$2.1B$2.8B$2.8B

Retained capital Retained $2.4B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.53 per $1 retained.

Balance sheet Modest net debt, $2.8B · dividend paid 10 of 10 yrs, never cut

VMI Valmont Industries Inc.

Valmont Industries, Inc., along with its subsidiaries, is a diversified manufacturer of products and services for infrastructure and agriculture markets.

Owner earnings 2016–2025 $175M$78M$81M$210M$233M($42M)$233M$210M$493M$368M

Retained capital Retained $597M of earnings over 2016–2025; annual owner earnings grew $246M, $0.41 per $1 retained.

Balance sheet Modest net debt, $609M · buybacks at an average near $206 · dividend paid 10 of 10 yrs, never cut

WMS Advanced Drainage Systems

Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications.

Owner earnings 2017–2026 $58M$95M$108M$239M$373M$126M$541M$534M$369M$569M

Retained capital Retained $743M of earnings over 2017–2026; annual owner earnings grew $404M, $0.54 per $1 retained.

Balance sheet Meaningful net debt, $1.4B · buybacks at an average near $107 · dividend paid 10 of 10 yrs, cut at least once

WOR Worthington

Worthington Business System is rooted in the Worthington Philosophy and designed to drive continuous improvement through use of tools and technologies that help drive results and inform our business decisions by applying lean techniques to streamline costs and reduce waste within manufacturing, commercial, sourcing and supply chain.

Owner earnings 2016–2025 $316M$267M$205M$113M$241M$192M($24M)$539M$206M$159M

Retained capital Retained $900M of earnings over 2016–2025; annual owner earnings grew $39M, $0.04 per $1 retained.

Balance sheet Net debt against an operating loss, $54M · buybacks at an average near $43.64 · dividend paid 10 of 10 yrs, cut at least once

ZJK ZJK Industrial Co. Ltd.

ZJK Industrial Co. Ltd. is a company incorporated outside the mainland China.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.