JELD-WEN Holding, Inc. (NYSE: JELD)

Sector: Industrials Industry: Building Products & Equipment CIK: 0001674335
Market Cap 179.19 Mn
P/B 1.57
P/E -0.28
P/S 0.05
ROIC (Qtr) -46.45
Div Yield % 0.00
Rev 1y % (Qtr) -13.40
Total Debt (Qtr) 1.34 Bn
Debt/Equity (Qtr) 11.75
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About

JELD-WEN Holding, Inc., with its ticker symbol JELD, operates in the building products industry, a sector affected by factors such as new housing starts, residential and non-residential building construction, and repair and remodeling activity. The company is a global manufacturer and distributor of windows, doors, and other building products, with a primary brand name being JELD-WEN. JELD-WEN's main business activities involve the production and distribution of door and window products. The company operates in two reportable segments: North America...

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Investment thesis

Bull case

  • Healthy cash reserves of 108.41M provide 3.89x coverage of short-term debt 27.84M, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust tangible asset base of 2.07B provides 4.38x coverage of working capital 473.43M, indicating strong operational backing.
  • Tangible assets of 2.07B provide robust 6.75x coverage of other current liabilities 307.08M, indicating strong asset backing.
  • Cash reserves of 108.41M provide solid 0.89x coverage of other non-current liabilities 121.36M, indicating strong liquidity.
  • Cash reserves of 108.41M provide comfortable 7.69x coverage of tax obligations 14.10M, showing strong fiscal management.

Bear case

  • Operating cash flow of (9.51M) barely covers its investment activities of (37.35M), with a coverage ratio of 0.25, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • With cash reserves of 108.41M against inventory of 466.85M, the 0.23 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Cash reserves of 108.41M provide limited coverage of acquisition spending of 122.43M, which is 0.89x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • The company's operating cash flow of (9.51M) shows concerning coverage of stock compensation expenses of 14.80M, with a -0.64 ratio indicating potential earnings quality issues.
  • Free cash flow of (151.95M) provides weak coverage of capital expenditures of 142.44M, with a -1.07 ratio suggesting additional external financing needs for growth initiatives.

Segments Breakdown of Revenue (2024)

Geographical 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 0.64 2.00
EV to Cash from Ops. EV/CFO -145.68 13.48
EV to Debt EV to Debt 1.03 10.94
EV to EBIT EV/EBIT -3.22 24.16
EV to EBITDA EV/EBITDA -4.06 -11.14
EV to Free Cash Flow [EV/FCF] EV/FCF -9.12 46.78
EV to Market Cap EV to Market Cap 7.73 1.12
EV to Revenue EV/Rev 0.42 2.81
Price to Book Value [P/B] P/B 1.57 4.24
Price to Earnings [P/E] P/E -0.28 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) -6.38 111.58
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -2.83 -24.93
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -48.21 61.26
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.67
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -718.80 -186.82
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -609.04 -57.93
EBIT Growth (1y) % EBIT 1y % (Qtr) -787.71 -102.26
EBT Growth (1y) % EBT 1y % (Qtr) -351.91 -299.15
EPS Growth (1y) % EPS 1y % (Qtr) -314.75 -598.34
FCF Growth (1y) % FCF 1y % (Qtr) -1,396.59 89.70
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -26.06 -3.62
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 1.52 0.88
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.13
Cash Ratio Cash Ratio (Qtr) 0.17 1.57
Current Ratio Curr Ratio (Qtr) 1.76 3.42
Debt to Equity Ratio Debt/Equity (Qtr) 11.75 0.79
Interest Cover Ratio Int Coverage (Qtr) -6.38 111.58
Times Interest Earned Times Interest Earned (Qtr) -6.38 111.58
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -9.70 3.54
EBIT Margin % EBIT Margin % (Qtr) -13.04 1.23
EBT Margin % EBT Margin % (Qtr) -15.08 -1.76
Gross Margin % Gross Margin % (Qtr) 16.40 28.65
Net Profit Margin % Net Margin % (Qtr) -19.60 -3.80