TopBuild is the largest installer of insulation and a leading specialty distributor of insulation and other building products in the U.S. and Canada. The company operates through two segments: Installation Services (~59% of revenue) and Specialty Distribution (~41% of revenue). In Installation Services, TopBuild physically installs insulation and commercial roofing across residential, commercial, and industrial end markets, operating through more than 200 branches. In Specialty Distribution, TopBuild sells and distributes insulation products and accessories to contractors through more than 250 distribution centers under two main brands: Service Partners (residential) and Distribution International (commercial and industrial). TopBuild's customers include national homebuilders, general contractors, and industrial end-users across data centers, oil and gas, healthcare, and other verticals. The business model in installation is a bundled labor-and-materials service, while distribution earns a margin between manufacturer purchase prices and contractor selling prices. A key recurring dynamic is the price/cost relationship: TopBuild buys primarily from four large fiberglass manufacturers and must manage the spread between input costs and selling prices, which compresses when supply is loose. TopBuild has grown commercial and industrial exposure from roughly 15% of sales at its 2015 spin to approximately 48% today through acquisitions, reducing reliance on residential construction. Acquisitions are the top capital allocation priority, with 44+ deals completed since the spin, most recently Progressive Roofing and SPI in 2025.