vs
Side-by-side financial comparison of TopBuild Corp (BLD) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
TopBuild Corp is the larger business by last-quarter revenue ($1.5B vs $1.0B, roughly 1.5× Liberty Energy Inc.). TopBuild Corp runs the higher net margin — 7.0% vs 2.2%, a 4.8% gap on every dollar of revenue. On growth, TopBuild Corp posted the faster year-over-year revenue change (13.2% vs 4.5%). Over the past eight quarters, TopBuild Corp's revenue compounded faster (7.8% CAGR vs -6.2%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
BLD vs LBRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.0B |
| Net Profit | $104.5M | $22.6M |
| Gross Margin | 27.2% | — |
| Operating Margin | 12.1% | 2.2% |
| Net Margin | 7.0% | 2.2% |
| Revenue YoY | 13.2% | 4.5% |
| Net Profit YoY | -30.6% | — |
| EPS (diluted) | $3.69 | $0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $947.4M | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.2B | $977.5M | ||
| Q4 24 | $1.3B | $943.6M | ||
| Q3 24 | $1.4B | $1.1B | ||
| Q2 24 | $1.4B | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $104.5M | $13.7M | ||
| Q3 25 | $142.2M | $43.1M | ||
| Q2 25 | $151.6M | $71.0M | ||
| Q1 25 | $123.4M | $20.1M | ||
| Q4 24 | $150.5M | $51.9M | ||
| Q3 24 | $169.0M | $73.8M | ||
| Q2 24 | $150.7M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 27.2% | 20.6% | ||
| Q3 25 | 30.1% | 18.7% | ||
| Q2 25 | 30.4% | 22.1% | ||
| Q1 25 | 28.5% | 22.1% | ||
| Q4 24 | 29.9% | 21.4% | ||
| Q3 24 | 30.7% | 26.2% | ||
| Q2 24 | 31.0% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 12.1% | 1.9% | ||
| Q3 25 | 15.4% | -0.3% | ||
| Q2 25 | 16.9% | 3.6% | ||
| Q1 25 | 14.4% | 1.9% | ||
| Q4 24 | 16.6% | 2.6% | ||
| Q3 24 | 17.8% | 9.4% | ||
| Q2 24 | 15.4% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 7.0% | 1.3% | ||
| Q3 25 | 10.2% | 4.5% | ||
| Q2 25 | 11.7% | 6.8% | ||
| Q1 25 | 10.0% | 2.1% | ||
| Q4 24 | 11.5% | 5.5% | ||
| Q3 24 | 12.3% | 6.5% | ||
| Q2 24 | 11.0% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $3.69 | $0.08 | ||
| Q3 25 | $5.04 | $0.26 | ||
| Q2 25 | $5.32 | $0.43 | ||
| Q1 25 | $4.23 | $0.12 | ||
| Q4 24 | $5.07 | $0.31 | ||
| Q3 24 | $5.65 | $0.44 | ||
| Q2 24 | $4.78 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.7M | $699.1M |
| Total DebtLower is stronger | $2.8B | $7.1M |
| Stockholders' EquityBook value | $2.3B | $1.9B |
| Total Assets | $6.6B | $4.4B |
| Debt / EquityLower = less leverage | 1.23× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $184.7M | $27.6M | ||
| Q3 25 | $1.1B | $13.5M | ||
| Q2 25 | $842.5M | $19.6M | ||
| Q1 25 | $308.8M | $24.1M | ||
| Q4 24 | $400.3M | $20.0M | ||
| Q3 24 | $257.3M | $23.0M | ||
| Q2 24 | $463.2M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $2.8B | $246.6M | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $190.5M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.3B | $2.1B | ||
| Q3 25 | $2.2B | $2.1B | ||
| Q2 25 | $2.1B | $2.0B | ||
| Q1 25 | $2.1B | $2.0B | ||
| Q4 24 | $2.2B | $2.0B | ||
| Q3 24 | $2.1B | $2.0B | ||
| Q2 24 | $2.4B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $6.6B | $3.6B | ||
| Q3 25 | $6.4B | $3.5B | ||
| Q2 25 | $5.1B | $3.4B | ||
| Q1 25 | $4.6B | $3.4B | ||
| Q4 24 | $4.7B | $3.3B | ||
| Q3 24 | $4.7B | $3.3B | ||
| Q2 24 | $4.9B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 1.23× | 0.12× | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | 0.10× | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $176.7M | — |
| Free Cash FlowOCF − Capex | $159.4M | — |
| FCF MarginFCF / Revenue | 10.7% | — |
| Capex IntensityCapex / Revenue | 1.2% | 13.1% |
| Cash ConversionOCF / Net Profit | 1.69× | — |
| TTM Free Cash FlowTrailing 4 quarters | $696.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $176.7M | $195.4M | ||
| Q3 25 | $233.3M | $51.5M | ||
| Q2 25 | $193.7M | $170.6M | ||
| Q1 25 | $152.6M | $192.1M | ||
| Q4 24 | $266.2M | $177.3M | ||
| Q3 24 | $240.7M | $244.5M | ||
| Q2 24 | $90.4M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $159.4M | $-10.0M | ||
| Q3 25 | $216.2M | $-67.2M | ||
| Q2 25 | $182.2M | $33.1M | ||
| Q1 25 | $139.2M | $58.2M | ||
| Q4 24 | $253.7M | $-26.2M | ||
| Q3 24 | $219.8M | $77.9M | ||
| Q2 24 | $74.3M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | -1.0% | ||
| Q3 25 | 15.5% | -7.1% | ||
| Q2 25 | 14.0% | 3.2% | ||
| Q1 25 | 11.3% | 6.0% | ||
| Q4 24 | 19.3% | -2.8% | ||
| Q3 24 | 16.0% | 6.8% | ||
| Q2 24 | 5.4% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 1.2% | 19.8% | ||
| Q3 25 | 1.2% | 12.5% | ||
| Q2 25 | 0.9% | 13.2% | ||
| Q1 25 | 1.1% | 13.7% | ||
| Q4 24 | 1.0% | 21.6% | ||
| Q3 24 | 1.5% | 14.6% | ||
| Q2 24 | 1.2% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.69× | 14.28× | ||
| Q3 25 | 1.64× | 1.20× | ||
| Q2 25 | 1.28× | 2.40× | ||
| Q1 25 | 1.24× | 9.55× | ||
| Q4 24 | 1.77× | 3.42× | ||
| Q3 24 | 1.42× | 3.31× | ||
| Q2 24 | 0.60× | 2.29× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
LBRT
Segment breakdown not available.
