What smart money is saying about Builders FirstSource
15 funds in our archive have pitched Builders FirstSource, most recently Black Bear Value Fund in September 2026.
Builders FirstSource, Inc. engages in the supply and manufacture of building materials, manufactured components, and construction services to professional homebuilders, sub-contractors, remodelers, and consumers. Its products include factory-built roof and floor trusses, wall panels and stairs, vinyl windows, custom millwork and trim, and engineered wood. The company was founded by Kevin P. O'Meara, Donald F. McAleenan and John D. Roach in March 1998 and is headquartered in Irving, TX.
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Fund signal · last 12 months
10 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 13 fund letters reported a position in Builders FirstSource, with 2 buys (opened or added) and 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 1 | 2 | 2 |
| Q2 2026 | 4 | 0 | 1 | 2 |
| Q1 2026 | 0 | 0 | 0 | 1 |
| Q4 2025 | 1 | 0 | 1 | 3 |
| Q3 2025 | 2 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 1 | 1 | 0 | 3 |
| Q4 2024 | 0 | 0 | 0 | 2 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 6 moves
- September 2026
“Builders FirstSource (BLDR) BLDR declined approximately 36% during the third quarter and was down roughly 45% year to date as housing weakness continued to pressure results.”
Builders FirstSource - September 2026
“Getting out of jail cost money at Builders FirstSource (NYSE:BLDR), the largest distributor of building materials, roof frames, windows and lumber to US home builders. It was the Fund's biggest detractor this quarter. By September, the Fund had sold its remaining shares.”
Builders FirstSource - September 2026
“Within industrials, Builders FirstSource, a leading lumber and building materials distributor, underperformed due to the sharp rise in interest rates, which will likely impact demand for new homes.”
Builders FirstSource - TrimmedDiamond Hill Large Cap FundSeptember 2026
“Shares of the following companies were sold to allocate funds to more attractive opportunities.”
Builders FirstSource - AddedGoodHaven FundJuly 2026
“Our two biggest detractors in this period were our two long-time winners involved in the domestic housing market - Builders FirstSource and Lennar. As we said last period on this topic: “Our biggest detractor in the period was long-time winner Builders FirstSource.”
Builders FirstSource - June 2026
“Top 5 Businesses We Own Builders FirstSource (BLDR) BLDR appreciated approximately 9% during the second quarter but remains down roughly 13% year-to-date amid continued weakness in the housing market.”
Builders FirstSource - June 2026
“During the quarter, we were able to put all portfolio companies through our full investment process for the first time, which led to higher than typical levels of portfolio turnover. This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.”
Builders FirstSource - June 2026
“Housing and building products remain a third opportunity – and one of our core competencies. America's housing shortage is a demographic fact, not a forecast, and the consolidation that reshaped building-products distribution after the financial crisis (Builders FirstSource for example) continues to compound value through the inevitable interim drawdowns. (We are once again witnessing this reset today as Builders FirstSource trades in the 70’s.)”
Builders FirstSource - June 2026
“Builders FirstSource (BLDR): The housing sector continues to battle the affordability crisis driven by high interest rates, impacting BLDR's short-term stock performance.”
Builders FirstSource - TrimmedThe GoodHaven FundDecember 2025
“Our biggest detractor in the period was long-time winner Builders FirstSource.”
Builders FirstSource - HoldsBonhoeffer Capital ManagementSeptember 2025
“Our current construction holdings (Builders First Source in the US and Ferreycorp in Peru) should do well as governments worldwide incentivize infrastructure programs, and new construction continues to replenish the housing deficit in the US and the UK.”
Builders FirstSource - HoldsBlack Bear VPSeptember 2025
“Builders FirstSource (BLDR) There is a structural shortage of housing in the USA.”
Builders FirstSource - New positionParnassus Mid Cap Growth FundMarch 2025
“Bought Builders FirstSource, Inc. BLDR Industrials As the largest building products distributor in the U.S., Builders FirstSource benefits from economies of scale in a fragmented market.”
Builders FirstSource
Also mentioned · 1
These funds discuss Builders FirstSource as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedRoboti Value Investors Robotti & Company Advisors Update LetterJune 2026
“Housing and building products remain a third opportunity – and one of our core competencies. America's housing shortage is a demographic fact, not a forecast, and the consolidation that reshaped building-products distribution after the financial crisis (Builders FirstSource for example) continues to compound value through the inevitable interim drawdowns.”
Builders FirstSource
Fund coverage · 15 theses
- Black Bear Value FundSeptember 2026
Builders FirstSource benefits from its shift toward value-added building products and services, which strengthens its position as U.S. housing demand eventually recovers.
Read the full thesis Builders FirstSource distributes building materials to US home builders and is tied to the housing cycle and interest rates.
Read the full thesis- Black Bear Value Fund, LPJune 2026
Builders FirstSource is a building materials supplier for residential construction with improved margins, stronger capital returns, and attractive long-term cash flow potential from a structurally underbuilt U.S. housing market.
Read the full thesis - Robotti & Company AdvisorsJune 2026
Builders FirstSource is viewed as a consolidator in building-products distribution benefiting from a structural U.S. housing shortage and long-term value compounding through cycles.
Read the full thesis - Black Bear Value FundMarch 2026
Builders FirstSource is a residential building materials supplier with strong free cash flow, a growing value-add mix, and long-term housing shortage tailwinds.
Read the full thesis - Heartland Value Plus FundDecember 2025
Builders FirstSource is the largest building products distributor with value-added components, insider alignment and buybacks, and significant EPS and EBITDA upside in a housing recovery at an attractive sub-11x EBITDA valuation.
Read the full thesis - TapasyaDecember 2025
Builders FirstSource is a high-ROIC, FCF-generative consolidator using buybacks and acquisitions in a fragmented market with tailwinds from a U.S. housing deficit.
Read the full thesis - Black Bear Value PartnersDecember 2025
Builders FirstSource, Inc. is a leading residential building materials supplier benefiting from structural housing shortages, a higher value-add mix, and strong free cash flow yields.
Read the full thesis - Black BearSeptember 2025
Builders FirstSource (BLDR) is well-positioned to benefit from the structural housing shortage in the USA, leveraging its growing value-add business and strong free cash flow to sustain stock buybacks and potential future growth.
Read the full thesis - Black BearJune 2025
Builders FirstSource (BLDR) is well-positioned for growth amid a U.S. housing shortage, leveraging its value-added business model and strong cash flow despite current market headwinds.
Read the full thesis - Giverny CapitalMarch 2025
Builders FirstSource is a leading building products distributor poised for growth due to its efficient services and strong market position, despite current obstacles in the housing market.
Read the full thesis - Diamond Hill Small Mid Cap FundMarch 2025
Builders FirstSource is well-positioned to benefit from increasing demand in the construction sector due to a single-family home deficit, supported by innovative digital solutions and potential for share buybacks and acquisitions to enhance shareholder value.
Read the full thesis - Black BearMarch 2025
Builders FirstSource (BLDR) is a resilient manufacturer and supplier of building materials capitalizing on a structural housing shortage in the USA while enhancing value-add offerings and utilizing free cash flow to reduce share count.
Read the full thesis - Diamond Hill Long Short FundDecember 2024
Builders FirstSource is a high-quality US lumber and building materials distributor that we believe has temporarily faced macroeconomic challenges
Read the full thesis - Black Bear value partnersDecember 2024
BLDR is a building materials manufacturer shifting towards value-added products, benefiting from a structural housing shortage in the USA and generating significant free cash flow while repurchasing over 40% of its stock.
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