Griffon Corp

Industrials
Building Products
www.griffon.com

Earnings Score
Moat Score
Safety Score

Market Cap $3.87B
PE 18
Debt $1.55B
Cash $114.44M
EV $5.30B
FCF $311.64M

Earnings

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Sales & Net Margins

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Earnings	$209.90M
EBIT	$398.30M
ROE	93%
ROA	17%
FCF	$311.64M
Equity	$224.89M
Growth Stability	-338%
PE	18.44
PEG	1.04
PB	17.22
P/FCF	12.42
P/S	1.48
Price/Cash	0.03
Debt/Equity	6.88
Debt/FCF	4.97
Net Margins	8%
Gross Margins	39%
Op. Margins	15%
Earnings CAGR	10%
Sales Growth YoY	3%
Sales Growth QoQ	2%
Sales CAGR	6%
FCF CAGR	22%
Equity CAGR	-1%
Earnings Stability	0.21
Earnings Growth YoY	49%
Earnings Growth QoQ	52%
Earnings CAGR 5Y	18%

Sales CAGR 5Y	4%
FCF CAGR 5Y	42%
Equity CAGR 5Y	-21%
Earnings CAGR 3Y	3%
Sales CAGR 3Y	3%
FCF CAGR 3Y	145%
Equity CAGR 3Y	-44%
Market Cap	$3.87B
Revenue	$2.62B
Dividend Yield	1%
Payout Ratio	17%
Assets	$2.37B
Total Debt	$1.55B
Cash	$114.44M
Shares Outstanding	47.57M
EV	5.3B
Earnings Score	11%
Moat Score	94%
Safety Score	39%
Final Score	48%
Working Capital	580.49M
Current Ratio	2.66
Gross Profit	$1.02B
Shares Growth 3y	-3%
Equity Growth QoQ	1%
Equity Growth YoY	-29%

Assets & ROA

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Stockholders Equity & ROE

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Griffon Corp manufactures and markets residential, commercial and industrial garage doors to professional installing dealers and home center retail chains. It also provides non-powered landscaping products for homeowners and professionals. Its operating segments include Consumer and Professional Products, Home and Building Products, and Defense Electronics. The company generates a majority of its revenue from the Home and Building Products segment.

SEC Filings

Direct access to Griffon Corp (GFF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Griffon Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Griffon Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 10%

Stability 21%

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Griffon Corp Discounted Cash Flow

Fully customizable DCF calculator online for Griffon Corp.

Years

Calculation mode

= $15B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$312M	$382M	$468M	$573M	$702M	$860M	$1.1B	$1.3B	$1.6B	$1.9B	$2.4B	$24B
DCF		$347M	$386M	$430M	$479M	$534M	$594M	$662M	$737M	$821M	$914M	$9.1B
Value	$15B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	03/2018	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	2%	2%	1%	-	6%	2%	2%	3%	-7%	3%	8%	8%
ROA	-	6%	4%	-	5%	7%	6%	7%	-7%	8%	17%	17%
ROE	-	7%	4%	-	26%	8%	8%	10%	-40%	25%	93%	93%

Net Margins (8%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	03/2018	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	64.27	70.6	-	70.38	16.4	12.2	31.48	96	4.07	4.97	4.97
Debt over Equity	2.04	2.37	2.52	-	2.42	2.35	1.53	1.33	3.37	4.76	6.88	6.88
Growth Stability	-	-	-	-	100%	53%	66%	100%	-338%	-	-	-338%

Bad Debt/FCF ratio (4.97)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (6.88)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-338%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	03/2018	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	-3%	-22%	-	-	12%	9%	-6%	25%	-6%	-2%	4%
Earnings YoY growth	-	-12%	-50%	-	-	-70%	43%	48%	-342%	-141%	170%	18%
Equity YoY growth	-	-5%	-3%	-	-	1%	47%	15%	-41%	-34%	-29%	-21%
FCF YoY growth	-	503%	-6%	-	-	321%	28%	-61%	-51%	2K%	-15%	42%