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BLD on NYSE

TopBuild Corp.

America's Premier Insulation Installer and Distributor based in Daytona Beach, founded in 20151

In its 2026 annual report the company says: “We operate in two segments: our Installation Services segment, which accounts for approximately 59% of our sales, and our Specialty Distribution segment, which accounts for approximately 41% of our sales.”6 Its shares trade on NYSE under the symbol BLD.1

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Last updated Oct 21, 2026.

Overview

2015Founded1

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  • TickerBLD on NYSE1
  • IndustryConstruction - Special Trade Contractors1
  • HeadquartersDaytona Beach1
  • Websitewww.topbuild.com
  • Legal formDelaware corporation1
  • Business address475 N. Williamson Blvd., Daytona Beach, Fl 321144
  • Filer categoryLarge accelerated filer4
  • LEI5493007YSKHOL4RWII463
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 56911193

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We operate in two segments: our Installation Services segment, which accounts for approximately 59% of our sales, and our Specialty Distribution segment, which accounts for approximately 41% of our sales.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.0%Gross margin7
14.6%Operating margin7
9.6%Net margin7
1.5%Revenue growth, 20257
22.5%Return on equity7
1.20×Debt to equity7
$696.9MFree cash flow7

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue71¢$3.8B
  • Selling, general and admin14¢$777.1M
  • Other costs2¢$88.3M
  • Income tax3¢$181.9M
  • Profit10¢$521.7M

Out of $5.4B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending8¢$59.4M
  • Share buybacks57¢$434.2M
  • Kept or used elsewhere35¢$262.7M

Out of $756.3M of cash from operations.7

Financial statements

Revenue8910117$5.4B in 2025+106% since 2019
0$2.0B$4.0B$6.0B2019: $2.6B$2.6B20192020: $2.7B$2.7B2020+4%2021: $3.5B$3.5B2021+28%2022: $5.0B$5.0B2022+44%2023: $5.2B$5.2B2023+4%2024: $5.3B$5.3B2024+3%2025: $5.4B$5.4B2025+1%
Gross profit8910117$1.6B in 2025+130% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $681.3M$681.3M20192020: $746.4M$746.4M2020+10%2021: $974.4M$974.4M2021+31%2022: $1.5B$1.5B2022+53%2023: $1.6B$1.6B2023+8%2024: $1.6B$1.6B2024+1%2025: $1.6B$1.6B2025−3%
Operating income8910117$791.9M in 2025+174% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $289.5M$289.5M20192020: $355.0M$355.0M2020+23%2021: $476.4M$476.4M2021+34%2022: $797.2M$797.2M2022+67%2023: $878.8M$878.8M2023+10%2024: $886.3M$886.3M2024+1%2025: $791.9M$791.9M2025−11%
Net income8910117$521.7M in 2025+173% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $191.0M$191.0M20192020: $247.0M$247.0M2020+29%2021: $324.0M$324.0M2021+31%2022: $556.0M$556.0M2022+72%2023: $614.3M$614.3M2023+10%2024: $622.6M$622.6M2024+1%2025: $521.7M$521.7M2025−16%
Fiscal year2019202020212022202320242025
Revenue$2.6B8$2.7B9$3.5B10$5.0B11$5.2B7$5.3B7$5.4B7
Cost of revenue$1.9B8$2.0B9$2.5B10$3.5B11$3.6B7$3.7B7$3.8B7
Gross profit$681.3M8$746.4M9$974.4M10$1.5B11$1.6B7$1.6B7$1.6B7
Selling, general and admin$391.7M8$391.3M9$498.0M10$689.6M11$725.0M7$738.6M7$777.1M7
Operating income$289.5M8$355.0M9$476.4M10$797.2M11$878.8M7$886.3M7$791.9M7
Interest$37.8M8$32.5M9$29.1M10$56.7M10$74.6M10
Income before tax$433.4M10$742.1M11$825.5M7$840.8M7$703.6M7
Income tax$62.8M8$76.1M9$109.4M10$186.1M11$211.2M7$218.2M7$181.9M7
Net income$191.0M8$247.0M9$324.0M10$556.0M11$614.3M7$622.6M7$521.7M7
Earnings per share$5.658$7.509$9.8810$17.2611$19.447$20.417$18.417
Earnings per share (diluted)$5.568$7.429$9.7810$17.1411$19.337$20.297$18.287
Shares (weighted, basic)32.8M shares1032.2M shares1131.6M shares730.5M shares728.3M shares7
Shares (weighted, diluted)33.1M shares1032.4M shares1131.8M shares730.7M shares728.5M shares7

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Corporate structure

TopBuild Corp. sits at the top of its group. 23 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TopBuild Corp.

  • TopBuild Corp. Daytona Beach, Florida, United States
    • American Commercial Insulation, LLC Subsidiary · Delaware, United States
    • American National Insulation, Inc. Subsidiary · Delaware, United States
    • Beldon Enterprises, Inc. Subsidiary · Texas, United States
    • Beldon Roofing & Remodeling Co. Subsidiary · Texas, United States
    • Bellis Australia Pty Ltd. Subsidiary · Australia
    • Belprico, Inc. Subsidiary · Texas, United States
    • Builder Procurement Services, LLC Subsidiary · Delaware, United States
    • Builder Services Group, Inc. Subsidiary · Florida, United States
    • Clark’s Quality Roofing, LLC Subsidiary · Utah, United States
    • Classic Roofing, LLC Subsidiary · Arizona, United States
    • Crossroads C&I Distributors, Inc. Subsidiary · Canada
    • Ideal Products of America Holdings, LLC Subsidiary · Delaware, United States
    • Ideal Products of Canada Ltd. Subsidiary · Alberta, Canada
    • Ideal Products of Hong Kong Limited Subsidiary · Hong Kong
    • Paragon Roofing, LLC Subsidiary · Texas, United States
    • PR Midco LLC Subsidiary · Delaware, United States
    • Progressive Services, Inc. Subsidiary · Arizona, United States
    • Specialty Distribution Group, LLC Subsidiary · Virginia, United States
    • SPI Australia HoldCo Pty, Ltd. Subsidiary · Australia
    • Tomoka Assurance, Inc. Subsidiary · Vermont, United States
    • TopBuild Home Services, Inc. Subsidiary · Delaware, United States
    • TopBuild Support Services, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TopBuild Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$745.1M7 Dec 31, 2025$685.7M7 Dec 31, 2024+8.7%
Accumulated depreciation$470.9M7 Dec 31, 2025$422.5M7 Dec 31, 2024+11.5%
Property and equipment, net$274.2M7 Dec 31, 2025$263.2M7 Dec 31, 2024+4.2%
Finance-lease assets$17.3M7 Dec 31, 2025$3.8M7 Dec 31, 2024+360.0%
Operating-lease assets (leased space)$271.4M7 Dec 31, 2025$189.1M7 Dec 31, 2024+43.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$184.7M7 Dec 31, 2025$400.3M7 Dec 31, 2024−53.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.0B7 Dec 31, 2025$2.1B7 Dec 31, 2024+44.2%
Intangible assets, net (excluding goodwill)$557.7M11 Dec 31, 2024$591.1M11 Dec 31, 2023−5.6%
Finite-lived intangibles, gross$1.8B7 Dec 31, 2025$864.7M7 Dec 31, 2024+103.0%
Accumulated amortization$403.6M7 Dec 31, 2025$307.0M7 Dec 31, 2024+31.5%
Finite-lived intangibles, net$1.4B7 Dec 31, 2025$557.7M7 Dec 31, 2024+142.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$505.2M7 Dec 31, 2025$406.7M7 Dec 31, 2024+24.2%

Properties, in its own words

We operate in more than 200 Installation Services branch locations and more than 250 Specialty Distribution centers in the United States and Canada, most of which are leased. Our 65,700 square foot Branch Support Center is leased and located at 475 North Williamson Boulevard in Daytona Beach, FL 32114. This lease expires in June 2029, assuming no exercise of any options set forth in the lease. We believe that our facilities have sufficient capacity and are adequate for our installation and specialty distribution requirements.

Item 2 of the 10-K filed Feb 26, 2026.6

Leadership

Who has led TopBuild Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gerald Volas2015–2020

President

  1. John G. Sznewajs2015
  2. Steven P. Raia2020–2024
  3. Jeff M. Krestancic2024–2026
  4. John Frank Achille2026–now

Chief financial officer

  1. Robert M. Kuhns2022–now

Chief operating officer

  1. Joey M. Viselli2023–2024
  2. John Frank Achille2025–now
20202025
Board members and other officers (25)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • American Commercial Insulation, LLC Delaware5
  • American National Insulation, Inc. Delaware5
  • Beldon Enterprises, Inc. Texas5
  • Beldon Roofing & Remodeling Co. Texas5
  • Bellis Australia Pty Ltd. Australia5
  • Belprico, Inc. Texas5
  • Builder Procurement Services, LLC Delaware5
  • Builder Services Group, Inc. Florida5
  • Clark’s Quality Roofing, LLC Utah5
  • Classic Roofing, LLC Arizona5
  • Crossroads C&I Distributors, Inc. B.C., Canada5
  • Ideal Products of America Holdings, LLC Delaware5
  • Ideal Products of Canada Ltd. Alberta, Canada5
  • Ideal Products of Hong Kong Limited Hong Kong5
  • PR Midco LLC Delaware5
  • Paragon Roofing, LLC Texas5
  • Progressive Services, Inc. Arizona5
  • SPI Australia HoldCo Pty, Ltd. Australia5
  • Specialty Distribution Group, LLC Virginia5
  • Tomoka Assurance, Inc. Vermont5
  • TopBuild Home Services, Inc. Delaware5
  • TopBuild Support Services, Inc. Delaware5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • TopBuild CorpMar 30, 2015 to Jun 29, 20264
  • Masco SpinCo Corp.Mar 4, 2015 to Mar 4, 20154

Timeline

  1. Jul 1, 20268-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale47
  2. Jun 29, 20268-K Shareholder vote; Regulation FD disclosure48
  3. Jun 22, 20268-K Other events49
  4. Jun 16, 20268-K Financial statements and exhibits50
  5. Jun 12, 20268-K Entered a material agreement51
  6. Jun 4, 20268-K Other events52
  7. May 29, 20268-K Other events53
  8. May 5, 20268-K Results of operations; Regulation FD disclosure54
  9. Apr 28, 20268-K Regulation FD disclosure55
  10. Apr 27, 20268-K Shareholder vote56
  11. Apr 20, 20268-K Entered a material agreement; Other events57
  12. Apr 17, 20268-K Executive or director change58
  13. Jun 24, 2015New chief executive Gerald Volas becomes CEO16
  14. 2015Founded Founded1

Calendar

When it reported results

  1. May 5, 2026Reported quarterly or annual results54
  2. Feb 26, 2026Reported quarterly or annual results59
  3. Nov 4, 2025Reported quarterly or annual results60
  4. Aug 5, 2025Reported quarterly or annual results61
  5. May 6, 2025Reported quarterly or annual results62
  6. Feb 25, 2025Reported quarterly or annual results63
  7. Nov 5, 2024Reported quarterly or annual results64
  8. Aug 6, 2024Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

320 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 162 insider forms, 35 large holders, 45 other. The latest 20:

  1. Aug 14, 2026SCHEDULE 13G EDGAR
  2. Aug 12, 2026SCHEDULE 13G/A EDGAR
  3. Aug 6, 2026SCHEDULE 13G/A EDGAR
  4. Jul 13, 202615-12G EDGAR
  5. Jul 8, 2026SCHEDULE 13G/A EDGAR
  6. Jul 1, 20264 EDGAR
  7. Jul 1, 20264 EDGAR
  8. Jul 1, 20264 EDGAR
  9. Jul 1, 20264 EDGAR
  10. Jul 1, 20264 EDGAR
  11. Jul 1, 20264 EDGAR
  12. Jul 1, 20264 EDGAR
  13. Jul 1, 20264 EDGAR
  14. Jul 1, 20264 EDGAR
  15. Jul 1, 20264 EDGAR
  16. Jul 1, 20264 EDGAR
  17. Jul 1, 20264 EDGAR
  18. Jul 1, 20264 EDGAR
  19. Jul 1, 20264 EDGAR
  20. Jul 1, 2026S-8 POS EDGAR

The 320 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

45 open-market trades by officers, directors and large owners since October 2021: 0 buys and 45 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 11, 2025Buck Robert MCEOSale5,000$453.39$2.3MForm 4
Nov 26, 2025Machado Luis FranciscoVP, Gen. Counsel, Corp Sec.Sale1,000$450.40$450.4KForm 4
Nov 24, 2025BAUTISTA ERNESTO IIIDirectorSale130$432.30$56.2KForm 4
Nov 7, 2025Buck Robert MCEOSale5,000$418.01$2.1MForm 4
Aug 27, 2025Donikowski TinaDirectorSale370$427.89$158.3KForm 4
Aug 22, 2025Kuhns Robert MVice President and CFOSale1,350$437.47$590.6KForm 4
Aug 12, 2025Viselli Joey MVP and Chief Growth OfficerSale467$415.44$194.0KForm 4
Aug 8, 2025Kuhns Robert MVice President and CFOSale2,000$416.10$832.2KForm 4
Aug 7, 2025Buck Robert MCEOSale7,350$415.19$3.1MForm 4
Aug 7, 2025Kuhns Robert MVice President and CFOSale1,600$418.37$669.4KForm 4
Aug 7, 2025KRESTANCIC JEFF MPresident, TruTeamSale373$415.00$154.8KForm 4
Aug 7, 2025Machado Luis FranciscoVP, Gen. Counsel, Corp Sec.Sale990$415.02$410.9KForm 4
Jun 3, 2025TAYLOR NANCY MDirectorSale125$285.77$35.7KForm 4
May 12, 2025Raia Steven PPres, Sp Ops & Exec AdvSale1,738$310.98$540.5KForm 4
Mar 3, 2025Raia Steven PPres, Sp Ops & Exec AdvSale1,779$306.92$546.0KForm 4
Jun 12, 2024Buck Robert MCEOSale2,500$418.05$1.0MForm 4
May 31, 2024TAYLOR NANCY MDirectorSale300$415.81$124.7KForm 4
May 15, 2024Donikowski TinaDirectorSale640$436.11$279.1KForm 4
May 9, 2024Kuhns Robert MVice President and CFOSale540$406.53$219.5KForm 4
May 9, 2024Buck Robert MCEOSale5,000$403.72$2.0MForm 4

All 45 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Robert M. BuckChief Executive Officer56$1.1M$7.9M76
2025Robert M. KuhnsVice President and Chief Financial Officer$570.0K$2.5M76
2025Steven P. RaiaPresident, TopBuild Special Operations and Executive Adviser$566.7K$1.9M76
2025Joseph M. ViselliVice President and Chief Growth Officer$512.5K$1.7M76
2025Luis F. MachadoVice President, General Counsel and Corporate Secretary$483.3K$1.6M76
2024Robert M. BuckChief Executive Officer56$1.0M$7.5M76
2024Robert M. KuhnsVice President and Chief Financial Officer$538.3K$2.4M76
2024Joseph M. ViselliVice President and Chief Growth Officer$495.8K$1.8M76
2024Steven P. RaiaPresident, TopBuild Special Operations and Executive Adviser$544.2K$1.8M76
2024Luis F. MachadoVice President, General Counsel and Corporate Secretary$470.0K$1.6M76
2023Robert M. BuckChief Executive Officer56$970.8K$7.8M76
2023Robert M. KuhnsVice President and Chief Financial Officer$494.2K$2.4M76
2023Joseph M. ViselliVice President and Chief Growth Officer$475.0K$2.0M76
2023Steven P. RaiaPresident, TopBuild Special Operations and Executive Adviser$509.2K$1.9M76
2023Luis F. MachadoVice President, General Counsel and Corporate Secretary$440.0K$1.7M76

SEC filer profile

How TopBuild Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARQXO Insulation, LLC2
  • CIK0001633931
  • Employer ID (EIN)47-30963826
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 312
  • Industry code (SIC)1700 Construction - Special Trade Contractors2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address475 N. Williamson Blvd., Daytona Beach, FL 321142
  • Phone(386) 304-22002
  • Shares outstanding28,142,161 as of Apr 24, 202614
  • Public float$9.1B as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Tampa, Florida PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceMar 4, 20152
  • Filings749 in all: 4 (373), 8-K (123), SC 13G/A (41), 3 (36), 10-Q (33), 144 (21), SC 13G (14), 425 (13)2
    All 31 form types

    10-K (11), 11-K (11), DEF 14A (11), SCHEDULE 13G/A (11), DEFA14A (9), 4/A (7), UPLOAD (6), CORRESP (5), SCHEDULE 13G (4), 10-12B/A (3), CT ORDER (2), PRE 14A (2), S-8 (2), S-8 POS (2), 10-12B (1), 10-Q/A (1), 15-12G (1), 25-NSE (1), 3/A (1), 5 (1), 8-K/A (1), CERTNYS (1), DEFM14A (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) May 5, 2026
    Proxy statement (DEF 14A) Mar 17, 2026
    Latest 8-K (8-K) Jul 1, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.01 per shareBLDNew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks TopBuild Corp. names in Item 1A of its 10-K filed Feb 26, 2026: 41 risks under these headings, as written.6

  • Risks Which May Be Material to Our Business
  • Risks Relating to Products, Services, and Supply Chain
  • Supply chain disruptions may adversely impact our business.
  • We are dependent on third-party suppliers and manufacturers to provide us with an adequate supply of high-quality products, and the loss of a large supplier or manufacturer could negatively affect our operating results.
  • Our profit margins could decrease due to changes in the costs of the products we install and/or distribute.
  • The development of alternatives to distributors in the supply chain could cause a decrease in our sales and operating results and limit our ability to grow our business.
  • New product innovations or new product introductions could negatively impact our business.
  • Issues with product quality or performance could negatively impact our business.
  • We may not be able to identify new products or new product lines and integrate them into our specialty distribution or installation network, which may impact our ability to compete.
  • Our expansion into new markets may present distribution, installation, regulatory, and competitive challenges that differ from current ones.
  • Risks Relating to Events Beyond Our Control
  • A decline in general economic conditions could materially reduce demand for our services or the products that we distribute.
The other 32 risks
  • Weather and Seasonal Disruptions may affect our business.
  • An epidemic, pandemic, or similar serious public health issue (such as COVID-19), and the measures undertaken by government authorities to address it, may cause business and market disruptions, impacting demand for our services or the products we distribute, our ability to provide services, or our results of operations or financial condition.
  • Our business may be adversely affected by economic, political and social conditions and events in North America or other regions where we may not operate.
  • Risks Relating to Human Capital
  • Labor Availability and Workforce Challenges
  • The long-term performance of our businesses relies on our ability to attract, develop, and retain talented personnel while controlling our labor costs.
  • Changes in employment and immigration laws and regulations may adversely affect our business.
  • Union organizing activity and work stoppages could delay or reduce the availability of products that we install and increase our costs.
  • Our business relies significantly on the expertise of our employees and we generally do not have intellectual property that is protected by patents.
  • Risks Relating to Mergers and Acquisitions
  • We may not be successful in identifying and making acquisitions.
  • Acquisition integrations involve risks that could negatively affect our operating results, cash flows, and liquidity.
  • We may not be able to achieve the benefits that we expect to realize as a result of acquisitions. Failure to achieve such benefits could have an adverse effect on our financial condition and results of operations.
  • Risks Relating to Legal and Regulatory Matters
  • We operate our business through highly dispersed locations, and as a result our operations may be materially adversely affected by inconsistent local practices, and the operating results of individual branches and centers may vary.
  • Litigation and Liability Exposure
  • Claims and litigation could be costly.
  • Use of Insurance Captive to Manage Risk
  • Compliance with government regulation and industry standards could impact our operating results.
  • We are subject to environmental regulation and potential exposure to environmental liabilities.
  • Changes in building codes and consumer preferences could affect our ability to market our service offerings and our profitability, and our business, results of operations, financial condition, and cash flow could be adversely affected.
  • Risks Relating to the Industries in Which We Operate
  • Our business relies on residential new construction, commercial construction, and industrial manufacturing activity, and to a lesser extent on residential and commercial repair/remodel, all of which are cyclical.
  • We face significant competition, and increased competitive pressure may adversely affect our business, financial condition, results of operations and cash flows.
  • Our business is seasonal and is susceptible to adverse weather conditions and natural disasters. We also may be adversely affected by any natural or man-made disruptions to our facilities.
  • We are subject to competitive pricing pressure from our customers.
  • Insurance and Bonding Constraints
  • Risks Relating to Our Operations Outside of the United States
  • We face risks relating to our operations outside of the United States.
  • We are exposed to fluctuations in foreign currency exchange rates that may adversely affect our business, financial condition, and operating results.
  • Risks Relating to Information Technology and Cybersecurity
  • We rely on information technology systems, and in the event of a disruption or security incident, we could experience problems operating our business and incur substantial costs to address resulting issues.
  • In the event of a cyber incident, we could experience operational interruptions, incur substantial additional costs, become subject to legal or regulatory proceedings or suffer damage to our reputation.
  • Risks Relating to Liquidity and Our Ability to Finance Our Operations
  • If we are required to take significant non-cash charges, our financial resources could be reduced, and our financial flexibility may be negatively affected.
  • We may have future capital needs and may not be able to obtain additional financing on acceptable terms.
  • Our indebtedness and restrictions in our existing credit facility, senior notes or any other indebtedness we may incur in the future, could adversely affect our business, financial condition, results of operations, ability to make distributions to shareholders, and the value of our common stock.
  • Adverse credit ratings could increase our costs of borrowing money and limit our access to capital markets and commercial credit.
  • In connection with the Separation, Masco indemnified us for certain liabilities, and we indemnified Masco for certain liabilities. If we are required to act under these indemnities to Masco, we may need to divert cash to meet those obligations, which could adversely affect our financial results. Moreover, the Masco indemnity may not be sufficient to compensate us for the full amount of liabilities for which it may be liable, and Masco may not be able to satisfy its indemnification obligations to us in the future.
  • Compliance with and changes in tax laws could adversely affect our performance.
  • Risks Relating to Our Common Stock
  • The price of our common stock may fluctuate substantially, and the value of your investment may decline.
  • Provisions in our certificate of incorporation and bylaws, and certain provisions of Delaware law, could delay or prevent a change in control.
  • Our bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a preferred judicial forum for disputes with us or our directors, officers, or other employees.

Legal proceedings

For information regarding legal proceedings, see Item 8. Financial Statements and Supplementary Data – Note 11. Other Commitments and Contingencies, which we incorporate herein by reference.

The opening of Item 3, Legal Proceedings.6

Sources

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  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
    SEC EDGAROther events
  50. 50
  51. 51
  52. 52
    SEC EDGAROther events
  53. 53
    SEC EDGAROther events
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76