In short: The $17bn acquisition announced in April 2026 and "the biggest catalyst for QXO". "TopBuild is the largest distributor and installer of insulation and related building products in North America"; the stock is up +444% since 2020 with attractive revenue and EPS growth, and the author discloses prior familiarity — "I used to follow it when I was involved in the daily management of a Climate Fund." Deal terms: +$6.2bn annual revenue, 400+ locations, $300m of expected annual synergies by 2030, making QXO the #2 building-products distributor in North America. The margin arithmetic is the point: QXO's ~8% adjusted EBITDA margin against TopBuild's ~18%, combining to an estimated ~12%.
TopBuild is North America's largest distributor and installer of insulation, and QXO agreed in April 2026 to buy it for $17 billion. The shares are up 444% since 2020.
The deal adds $6.2 billion of annual revenue and more than 400 locations, and management expects $300 million a year of cost savings by 2030 from combined purchasing and logistics.
The most important part is less obvious. QXO's business earns about 8 cents of operating profit per dollar of sales. TopBuild earns about 18 cents. Bolting the two together lifts the combined figure to roughly 12 cents — so QXO has improved its own profitability by buying someone else's, which is much faster than trying to squeeze more out of its existing operations. It also makes QXO the number two building-products distributor in North America overall.
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