IBP vs TOL: Installed Building Products and Toll Brothers compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Toll Brothers is the larger company, worth $11.8B, about 2.3 times Installed Building Products.
- Installed Building Products grew revenue faster over the last year (+2.3% vs -9.7%).
- Toll Brothers keeps more of each dollar of revenue as operating profit (13.8% vs 12.4%).
- On earnings, Toll Brothers is the cheaper stock (10.7x vs 20.8x).
- Installed Building Products's price assumes faster free cash flow growth: about 3% a year, against -2% for Toll Brothers (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | IBP | TOL |
|---|---|---|
| Market cap | $5.2B | $11.8B |
| Share price | $185.44 | $133.86 |
| Revenue (last fiscal year) | $3.0B | $11.0B |
| Free cash flow (last fiscal year) | $301M | $1.0B |
| Revenue growth, last year | +2.3% | -9.7% |
| Revenue growth per year, last 5 fiscal years | +10.8% | +5.7% |
| Operating margin | 12.4% | 13.8% |
| Net margin | 8.5% | 11.1% |
| Return on equity | 39.2% | 14.1% |
| P/E (trailing) | 20.8x | 10.7x |
| Price / free cash flow | 17.5x | 11.5x |
| EV / EBITDA | 13.5x | 8.87x |
| FCF growth the price implies | 3.2% | -2.3% |
| Dividend yield | 0.77% | 0.78% |
| Debt / equity | 2.52x | 0.72x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 9 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Installed Building Products
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.0B | $101M | 9.5% |
| 2022 | $2.7B | $232M | 12.9% |
| 2023 | $2.8B | $279M | 13.3% |
| 2024 | $2.9B | $251M | 13.0% |
| 2025 | $3.0B | $301M | 13.0% |
Toll Brothers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.8B | $1.2B | 11.6% |
| 2022 | $10.3B | $915M | 14.7% |
| 2023 | $10.0B | $1.2B | 17.3% |
| 2024 | $10.8B | $937M | 18.8% |
| 2025 | $11.0B | $1.0B | 15.7% |
Where the revenue comes from
Installed Building Products · by segments, 2025
Installation$2.8B91%
Other$259M9%
Toll Brothers · by products, 2025
Home sales$10.8B99%
Land sales and other$125M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open IBP in InvestinglyQuestions
Which is bigger, Installed Building Products or Toll Brothers?
Toll Brothers (TOL), at $11.8B against $5.2B.
Is IBP or TOL cheaper?
By trailing P/E, Toll Brothers (10.7x) is cheaper than Installed Building Products (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, IBP or TOL?
Installed Building Products: revenue grew +2.3% over the last year, against -9.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.