Janus International Group, Inc. (NYSE: JBI)

Sector: Industrials Industry: Building Products & Equipment CIK: 0001839839
Market Cap 946.71 Mn
P/B 1.69
P/E 20.14
P/S 1.07
ROIC (Qtr) 7.03
Div Yield % 0.00
Rev 1y % (Qtr) -4.69
Total Debt (Qtr) 549.00 Mn
Debt/Equity (Qtr) 0.98
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About

Janus International Group, Inc., often referred to as Janus, operates in the manufacturing and supplying industry, with a specific focus on turn-key self-storage, commercial, and industrial building solutions. The company's headquarters are located in Temple, Georgia, and it boasts a significant presence in the market, with ten domestic and three international manufacturing facilities. Janus is a publicly traded company, listed on the New York Stock Exchange (NYSE) under the ticker symbol JBI. Janus is a versatile company that offers a wide range...

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Investment thesis

Bull case

  • Healthy cash reserves of 178.90M provide 20.56x coverage of short-term debt 8.70M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of 166.10M provides strong 10.79x coverage of stock compensation 15.40M, indicating sustainable incentive practices.
  • Tangible assets of 566.70M provide exceptional 36.80x coverage of deferred revenue 15.40M, showing strong service capability backing.
  • Operating cash flow of 166.10M provides strong 10.79x coverage of deferred revenue 15.40M, indicating service delivery capability.
  • Robust free cash flow of 149M exceeds capital expenditure of 17.10M by 8.71x, indicating strong organic growth funding capability.

Bear case

  • Operating cash flow of 166.10M barely covers its investment activities of (17.20M), with a coverage ratio of -9.66, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 178.90M provide limited coverage of acquisition spending of (100000), which is -1789x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating earnings of 109.40M show weak coverage of depreciation charges of 53.10M, with a 2.06 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of 149M represents just -3.12x of debt issuance (47.80M), suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of 166.10M is outpaced by equity issuance of (27.80M) (-5.97 ratio), indicating concerning reliance on equity markets for funding operations.

Product and Service Breakdown of Revenue (2024)

Consolidation Items Breakdown of Revenue (2024)

Peer comparison

Companies in the Building Products & Equipment
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 TT Trane Technologies plc 104.89 Bn 35.94 4.92 4.62 Bn
2 JCI Johnson Controls International plc 91.64 Bn 26.98 3.82 9.71 Bn
3 CARR CARRIER GLOBAL Corp 56.66 Bn 38.18 2.61 12.25 Bn
4 LII Lennox International Inc 19.91 Bn 24.71 3.83 1.77 Bn
5 CSL Carlisle Companies Inc 17.50 Bn 23.63 3.49 2.88 Bn
6 MAS Masco Corp /De/ 15.94 Bn 19.68 2.11 3.17 Bn
7 OC Owens Corning 13.83 Bn 13.90 1.63 5.61 Bn
8 WMS Advanced Drainage Systems, Inc. 13.26 Bn 28.18 4.44 1.45 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.02 2.00
EV to Cash from Ops. EV/CFO 7.97 13.48
EV to Debt EV to Debt 2.41 10.94
EV to EBIT EV/EBIT 12.10 24.16
EV to EBITDA EV/EBITDA 8.19 -11.14
EV to Free Cash Flow [EV/FCF] EV/FCF 8.88 46.78
EV to Market Cap EV to Market Cap 1.40 1.12
EV to Revenue EV/Rev 1.49 2.81
Price to Book Value [P/B] P/B 1.69 4.24
Price to Earnings [P/E] P/E 20.14 47.40
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 0.80
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 11.22
Dividend per Basic Share Div per Share (Qtr) 0.00 0.71
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.90
Interest Coverage Int. cover (Qtr) 2.83 111.58
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 12.31 -24.93
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 75.22 61.26
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.67
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -50.07 -186.82
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -34.76 -57.93
EBIT Growth (1y) % EBIT 1y % (Qtr) -44.24 -102.26
EBT Growth (1y) % EBT 1y % (Qtr) -50.39 -299.15
EPS Growth (1y) % EPS 1y % (Qtr) -51.39 -598.34
FCF Growth (1y) % FCF 1y % (Qtr) -1.72 89.70
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -18.12 -3.62
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.68 0.88
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.13
Cash Ratio Cash Ratio (Qtr) 1.31 1.57
Current Ratio Curr Ratio (Qtr) 3.03 3.42
Debt to Equity Ratio Debt/Equity (Qtr) 0.98 0.79
Interest Cover Ratio Int Coverage (Qtr) 2.83 111.58
Times Interest Earned Times Interest Earned (Qtr) 2.83 111.58
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 18.30 3.54
EBIT Margin % EBIT Margin % (Qtr) 12.31 1.23
EBT Margin % EBT Margin % (Qtr) 7.96 -1.76
Gross Margin % Gross Margin % (Qtr) 39.20 28.65
Net Profit Margin % Net Margin % (Qtr) 5.30 -3.80