Record Full-Year Revenue
Total revenues for FY2025 reached a record $983.6 million, up 10.5% year-over-year, demonstrating broad-based strength across single-family residential and multifamily/commercial segments.
Record Backlog and Strong Book-to-Bill
Backlog closed the year at a record $1.3 billion, up 16% year-over-year, with a book-to-bill of 1.1x in Q4 and 20 consecutive quarters above 1.1x, indicating durable demand and future revenue visibility.
Single-Family Residential at All-Time High
Single-family residential revenue reached an all-time high of $403 million (from $372 million in 2024), driven by dealer network expansion, geographic diversification and progress in vinyl product sales (roughly $10 million in 2025).
Strong Cash Generation and Capital Returns
Operating cash flow for FY2025 was $135.8 million. The company returned approximately $146 million to shareholders via dividends and share repurchases (repurchased $118 million in 2025, including $87.6 million in Q4) and expanded buyback authorization to $250 million (about $110 million remaining).
Solid Balance Sheet and Liquidity
Year-end liquidity of approximately $465 million (cash ~$100.9 million and ~$365 million available revolver/credit lines). Net debt to LTM adjusted EBITDA was low at 0.24x and the credit facility was refinanced to $500 million with extended maturity to 2030.
Adjusted EBITDA and Gross Margin Resilience (Full Year)
Full-year adjusted EBITDA was $291.3 million representing a 29.6% margin, and full-year gross margin was essentially stable at 42.8% versus 42.7% in the prior year, reflecting pricing discipline and cost controls that offset several headwinds.
Growth Outlook and Strategic Initiatives
2026 guidance: revenues $1.06B–$1.13B (≈11% growth at midpoint) and adjusted EBITDA $265M–$305M. Continued vinyl ramp (expected 2.5x–3x growth in 2026 from ~$10M in 2025), showroom expansion (6th showroom opening in LA), integration of Continental Glass Systems, and evaluation of a largely automated U.S. facility (potential land purchase $20M–$25M).