Trex is the largest U.S. manufacturer of composite decking and railing, and the inventor of the composite decking category. Trex makes wood-alternative deck boards, railing systems, and accessories sold under multiple product lines spanning entry-level to premium price points. The core value proposition versus wood is lower lifetime maintenance — composite boards don't rot, warp, or require sanding, staining, or sealing — at a higher upfront cost. Trex sells through two primary channels: wholesale distributors who supply professional contractors and lumber yards, and directly to Home Depot and Lowe's for retail shelf stock. Three customers, including Home Depot and Lowe's, represent roughly 73% of net sales. Trex's products are made from a proprietary blend of 95% recycled wood fiber and polyethylene film, giving Trex a raw material cost advantage over competitors using virgin materials. The business is highly seasonal, with peak activity in Q2 and Q3. Trex's primary long-term growth drivers are converting wood deck owners to composite and expanding railing market share, where Trex targets growing from roughly 6% to 12% of the railing market over five years. Trex also licenses its brand to third-party manufacturers for outdoor furniture, pergolas, and similar products. Trex is building a new manufacturing campus in Little Rock, Arkansas, expected to support over $2B in annual sales once fully operational, with decking production starting in 2027.