TopBuild Corp. CEO Robert Buck used the company’s 2025 Investor Day last week to emphasize a long-term strategy built on expanding noncyclical revenue, disciplined acquisitions, and operational scale, positioning the building-products installer and distributor to grow through housing market volatility.
Speaking to investors in New York, Buck said the company has deliberately reshaped its business model to reduce exposure to discretionary residential construction while maintaining steady cash generation and acquisition capacity.
“We have strategically and deliberately expanded our total addressable market and shifted our mix toward nondiscretionary, noncyclical revenue streams,” Buck said, describing the shift as a foundational element of TopBuild’s growth strategy.
Since its previous investor day in 2022, TopBuild has increased its estimated total addressable market from about $16 billion to more than $90 billion, driven by acquisitions and entry into adjacent markets. Over that period, the company completed 24 acquisitions, bringing its total to 49 deals over the past eight years.
Buck said acquisitions remain central to TopBuild’s growth model but emphasized repeatability and integration over deal volume. He pointed to the company’s ability to retain acquired owner-operators as evidence of its effectiveness as an acquirer, noting that most sellers from recent transactions continue to run their businesses within TopBuild.
A key focus of the strategy is revenue durability. Buck said TopBuild has doubled the share of revenue coming from nondiscretionary and noncyclical end markets since 2022, increasing that portion of the business from 11% to 22%. The shift is intended to provide greater resilience during downturns in residential construction.
Among the most significant strategic moves discussed was TopBuild’s expansion into commercial roofing. Buck described the sector as a logical adjacency that aligns with the company’s labor-centric, branch-based operating model. The commercial roofing market, he said, is highly fragmented and relationship-driven, with the top 20 contractors accounting for 10% of market share.
Commercial roofing also brings a larger component of repair and maintenance work, which Buck characterized as inherently nondiscretionary. He said overlapping supplier relationships and the ability to bundle building-envelope services give TopBuild a competitive advantage as it builds out the platform through Progressive Roofing.
Buck also highlighted the role of technology and operational discipline across TopBuild’s more than 450 branches in the U.S. and Canada. He said the company’s technology investments are focused on improving operational control, supporting local decision-making, and enhancing customer service, rather than pursuing experimental or short-term initiatives.
Culture and execution were recurring themes throughout Buck’s remarks. He said TopBuild employees visit 20,000 job sites on an average day, most operating without direct supervision, making shared values around safety, and productivity essential to consistent performance.
“In a distributed model like ours, culture directly impacts results,” Buck said.
Buck said TopBuild’s growth in scale reflects the effectiveness of its strategy. The company’s market capitalization has increased from $3.8 billion in 2017 to about $12.5 billion in 2025, alongside expansion to more than 15,000 employees across North America.
Looking ahead, Buck said TopBuild will continue to rely on the same operating playbook that has driven its growth over the past decade: disciplined capital allocation, operational execution, targeted market expansion and continued investment in people and systems.
“We lean into our core competencies,” Buck said. “That’s how we’ve built the business, and that’s how we intend to grow it.”
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