Builders FirstSource

Balance sheet is sound with flexibility. As of September 30, 2025, liquidity was about 2.1 billion consisting of ~1.8 billion ABL availability and ~0.3 billion cash, with no outstanding ABL borrowings; net leverage near 2.3x LTM adjusted EBITDA.

The company issued 750 million 6.75% senior notes due 2035 and upsized/extended its ABL to 2.2 billion maturing 2030, spreading maturities and maintaining access. TTM free cash flow of roughly 1.06 billion supports deleveraging and capital returns through cycles.

Risks include higher fixed interest burden as net debt rose versus 2023, and potential ERP execution risk.