UFP Industries is a holding company that manufactures and distributes wood-based building products across three segments: Retail, Packaging, and Construction. UFP is the largest converter of solid sawn softwood lumber in North America, processing roughly 6.4% of North American softwood lumber production annually. UFP's core business model is straightforward: buy raw lumber, add value through manufacturing, and sell finished products at a spread above input costs. The key economic driver is the margin between lumber procurement costs and finished product prices. UFP buys roughly $1.7B in lumber annually, and its scale gives it procurement advantages over smaller regional competitors. In Retail, UFP sells pressure-treated lumber (ProWood), composite decking and railing (Deckorators), and exterior siding and trim (UFP Edge) primarily to Home Depot and Lowe's, which together represent roughly 28% of total net sales. In Packaging, UFP designs and manufactures wood pallets (PalletOne), custom structural crates, and protective packaging for industrial, agricultural, and consumer goods customers. In Construction, UFP supplies engineered wood components, trusses, and framing systems to residential builders, factory-built housing manufacturers, and commercial customers. UFP is actively shifting product mix toward higher-margin proprietary products, including its Surestone mineral-based composite decking technology. UFP's growth strategy centers on expanding Deckorators composite decking capacity, bolt-on M&A, and a $1B five-year capital program focused on automation and efficiency.