Current EV
Historical EV

Builders FirstSource Inc., current enterprise value calculation

Current share price (P)	$117.47
No. shares of common stock outstanding	123,346,775
US$ in thousands
Common equity (market value)¹	14,489,546)
Add: Preferred stock, $0.01 par value; zero shares issued and outstanding (per books)	—)
Total equity	14,489,546)
Add: Current maturities of long-term debt (per books)	6,355)
Add: Long-term debt, net of current maturities, discounts and issuance costs (per books)	2,977,842)
Total equity and debt	17,473,743)
Less: Cash and cash equivalents	80,445)
Enterprise value (EV)	17,393,298)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 117.47 × 123,346,775

Builders FirstSource Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$84.78	$73.05	$43.27	$26.69	$14.03
No. shares of common stock outstanding¹	138,012,302	176,772,541	206,431,681	116,130,284	115,359,616
US$ in thousands
Common equity (market value)³	11,700,683)	12,913,234)	8,932,299)	3,099,517)	1,618,495)
Add: Preferred stock, $0.01 par value; zero shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	11,700,683)	12,913,234)	8,932,299)	3,099,517)	1,618,495)
Add: Current maturities of long-term debt (book value)	6,355)	3,660)	27,335)	13,875)	15,565)
Add: Long-term debt, net of current maturities, discounts and issuance costs (book value)	2,977,842)	2,926,122)	1,596,905)	1,277,398)	1,545,729)
Total equity and debt	14,684,880)	15,843,016)	10,556,539)	4,390,790)	3,179,789)
Less: Cash and cash equivalents	80,445)	42,603)	423,806)	14,096)	10,127)
Enterprise value (EV)	14,604,435)	15,800,413)	10,132,733)	4,376,694)	3,169,662)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Builders FirstSource Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 84.78 × 138,012,302

Equity Trends: The common equity and total equity, which are reported as the same values, show a consistent upward trend over the observed five-year period from 2018 to 2021, increasing from approximately 1.62 billion US dollars in 2018 to over 12.9 billion US dollars in 2021. However, in 2022 there is a noticeable decline in equity to approximately 11.7 billion US dollars, indicating a reduction after several years of growth.
Total Equity and Debt: Total equity and debt combined also exhibit significant growth from 2018 through 2021, rising from around 3.18 billion US dollars in 2018 to over 15.8 billion US dollars by the end of 2021. Similar to equity alone, this figure decreases in 2022 to approximately 14.7 billion US dollars, suggesting a contraction in the overall capital structure or a repayment/reduction of liabilities.
Enterprise Value (EV): Enterprise value mirrors the pattern observed in total equity and debt, with growth from about 3.17 billion US dollars in 2018 to over 15.8 billion US dollars in 2021. A decline in 2022 to nearly 14.6 billion US dollars is noted, which could reflect market capitalization changes, shifts in debt levels, or adjustments in the company's valuation by investors.
General Observations: The data reveals a strong growth phase from 2018 to 2021 across all capitalization and valuation metrics. The downturn in 2022 across equity, total capital, and enterprise value suggests either a market correction, changes in company financial strategy, or external economic factors affecting valuation and capital structure. This recent decline warrants further investigation into operational performance, market conditions, or financing activities in 2022.

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Builders FirstSource Inc. (NYSE:BLDR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)