Janus International Group, Inc. (JBI) valuation at a glance
- Price
- $4.36
- Forward P/E
- 6.8×
- Market cap
- $595M
- P/S (TTM)
- 0.7×
CompaniesJBI
JBI
Janus International Group, Inc.
Industrialsself-storagebuilding productsleveredbuyback
Overview
$4.36-2.0%
Market Cap
$595M
SEC filings
P/E (TTM)
17.9×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
35.9%
SEC filings
FCF Yield
13.9%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
3/5Cash-generative self-storage door maker near 52-week lows, but Q2 2026 growth was acquired while organic revenue and margin fell.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 70/100
Value4/4
Future1/1
Past4/4
Health2/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Janus International Group manufactures and installs roll-up and swing doors, hallway systems, steel buildings, relocatable storage units and the Noke smart entry platform, reported in two geographic segments, Janus North America and Janus International. It screens as deep value because the shares closed at 4.36 USD on 2026-09-16 against a 52-week high of 10.51 (Yahoo chart), roughly 595M USD of market value on 456.2M USD of H1 2026 revenue and 55.0M USD of H1 free cash flow as disclosed in the Q2 2026 release, with 63.1M USD still available under a 175.0M USD repurchase authorization as of 2026-07-04. The strongest counter-evidence is that the apparent turn is bought, not organic: the Kiwi II Construction acquisition added 19.2M USD to Q2 revenue that rose only 5.4M USD in total, FY2026 guidance of 925-945M USD explicitly contains 80-90M USD of inorganic revenue, Q2 gross margin fell to 34.4% from 40.9%, Q2 Adjusted EBITDA fell 18.0% to 40.2M USD and H1 operating cash flow fell to 60.6M USD from 99.7M USD. Confirmation would be a Q3 2026 print showing organic self-storage revenue growth alongside a recovery in gross margin and operating cash conversion.
Bull Case
End marketQ2 2026 total self-storage revenue rose 15.4% year over year, with new construction up 20.3% and R3 restore-rebuild-replace up 6.6%, per the earnings release furnished on 8-K dated 2026-08-11.
Capital returnThe board's repurchase authorization totals 175.0M USD (100.0M in 2024 plus a 75.0M increase in 2025) with 63.1M USD remaining at 2026-07-04, and 3,229,776 shares were repurchased in H1 2026 for 17.6M USD including excise taxes (10-Q, Note 16).
Debt termsAmendment No. 8 on 2026-02-02 cut the First Lien Term Loan margin by 50 basis points to SOFR plus 2.00%, leaving a 5.62% rate at 2026-07-04, quarterly amortization of 0.25% of principal and a maturity of 2030-08-03 with no prepayment penalty (10-Q, Notes Payable).
Bear Case
Organic growthQ2 2026 revenue rose 5.4M USD to 233.5M USD while the Kiwi II Construction acquisition alone contributed 19.2M USD, and commercial and other revenue fell 21.2%, so the underlying base shrank.
MarginH1 2026 gross profit fell to 155.5M USD from 175.1M USD on higher revenue, operating income fell to 33.7M USD from 61.3M USD, and Q2 Adjusted EBITDA margin was 17.2%, about 430 basis points lower year over year.
Cash and leverageH1 2026 operating cash flow fell to 60.6M USD from 99.7M USD, cash fell from 194.4M to 127.0M USD after 98.8M USD paid for the acquisition, against 550.8M USD of gross debt and finance leases at 2026-07-04.
Key Metrics
Market Cap
$595M
SEC filings
Enterprise Value
$1.02B
Calculated from SEC filings
Revenue (TTM)
$902M
SEC filings
P/E (TTM)
17.9×
SEC filings
Forward P/E
6.8×
yfinance
P/S (TTM)
0.7×
SEC filings
P/B
1.0×
SEC filings
EV/EBITDA
7.4×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
35.9%
SEC filings
Operating Margin
9.3%
SEC filings
Net Margin
3.7%
SEC filings
Free Cash Flow
$83M
SEC filings
FCF Yield
13.9%
Calculated from SEC filings
Debt / Equity
1.1×
SEC filings
Current Ratio
2.9×
SEC filings
Short Interest
5.3%
SEC filings
Institutional Own.
–
SEC filings
Insider Own.
4.8%
SEC filings
Shares Out.
136.4M
SEC filings
Float
130.0M
SEC filings
Valuation
Price vs Fair Value
Now $4.36
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| JBI | $604M | 18.5× | 0.7× | 7.5× | +2.0% | 36.0% | 4.0% |
| ROCK | $1.36B | 22.6× | 0.9× | 13.3× | +65.0% | 25.0% | -10.0% |
| APOG | $799M | 12.0× | 0.6× | 6.4× | -1.0% | 23.0% | 5.0% |
| NX | $973M | 21.9× | 0.5× | 8.2× | +1.0% | 27.0% | 2.0% |
| AWI | $6.89B | 22.3× | 4.1× | 16.0× | +11.0% | 40.0% | 19.0% |
| IIIN | $592M | 16.3× | 0.8× | 8.8× | +10.0% | 12.0% | 5.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 1,020 | 1,066 | 963.8 | 884.2 |
| Cost of Revenue | 654.6 | 616.7 | 566.0 | 541.2 |
| Gross Profit | 364.9 | 449.7 | 397.8 | 343.0 |
| Operating Income | 187.5 | 245.7 | 158.6 | 112.2 |
| EBITDA | 224.9 | 281.9 | 193.9 | 159.3 |
| Net Income | 107.7 | 135.7 | 70.4 | 53.8 |
| Diluted EPS | 0.73 | 0.92 | 0.49 | 0.38 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 78.4 | 171.7 | 149.3 | 194.4 |
| Total Assets | 1,271 | 1,350 | 1,301 | 1,305 |
| Total Debt | 713.5 | 620.4 | 597.4 | 552.0 |
| Total Liabilities | 895.3 | 830.4 | 782.5 | 732.5 |
| Shareholders' Equity | 375.3 | 519.6 | 518.8 | 572.5 |
| Shares Out. (M) | 146.7 | 146.9 | 140.0 | 138.9 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 88.5 | 215.0 | 154.0 | 139.5 |
| Capital Expenditure | (8.8) | (19.0) | (20.1) | (25.5) |
| Free Cash Flow | 79.7 | 196.0 | 133.9 | 114.0 |
| Investing Cash Flow | (8.7) | (19.9) | (73.1) | (25.6) |
| Financing Cash Flow | (14.7) | (102.4) | (103.0) | (69.4) |
Figures normalized from Janus International Group, Inc.'s SEC 10-K filed 2026-03-04. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-04 ↗
Catalysts
Q3 fiscal 2026 results
Earningshigh relevance
Q3 2026 revenue, margin and organic split
No date has been announced in any filing; the prior-year Q3 was reported on 2025-11-06, so this timing is an estimate. The test is whether self-storage growth persists once the Kiwi II contribution is separated and whether gross margin recovers from the 34.4% Q2 level.
FY2026 guidance update
Corporatehigh relevance
925-945M USD revenue and 150-170M USD Adjusted EBITDA guidance
The 2026-08-11 release set full-year revenue guidance of 925-945M USD including 80-90M USD of inorganic revenue, and Adjusted EBITDA of 150-170M USD, down 4.9% at the midpoint. A further revision in either direction would reset the multiple.
Repurchase pace
Corporate
Use of the remaining 63.1M USD authorization
Repurchases slowed sharply from 2,862,680 shares in Q1 2026 to 367,096 shares for 1.9M USD in Q2 2026 while the shares fell. The remaining authorization is roughly 11% of the 2026-09-16 market value, so the quarterly repurchase table in the next 10-Q is a direct read on management's capital priorities.
FY2026 10-K
Earnings
Full-year results and goodwill testing
Goodwill rose to 428.2M USD and net intangibles to 357.1M USD at 2026-07-04 after the acquisition, together about 60% of total assets, so the annual impairment test in the FY2026 10-K is material. The FY2025 10-K was filed 2026-03-04.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Self-storage development capex cycle stays soft and new construction orders roll over | Market/Macro | High | Medium | Self-storage new construction is the only sales channel growing; a pause by developers would remove the growth line and leave the shrinking commercial and other channel, which already fell 21.2% year over year in Q2 2026. |
| Financial leverage against a cyclical and falling EBITDA | Financial | High | Medium | Gross debt and finance leases of 550.8M USD versus 127.0M USD of cash at 2026-07-04, with company-guided FY2026 Adjusted EBITDA of 150-170M USD implying roughly 2.5-2.8x net leverage on the company measure and about 3.0x on a constructed GAAP-based measure. Cash interest was 17.2M USD in H1 2026. |
| Gross margin compression proves structural rather than mix or tariff related | Operational | High | Medium | Product cost of revenues rose to 254.3M USD in H1 2026 from 213.3M USD while product revenue rose only 20.1M USD. If pricing cannot recover this, the guided Adjusted EBITDA decline continues into 2027 even on higher revenue. |
| Acquisition accounting and integration risk from Kiwi II Construction | Operational | Medium | Medium | 98.8M USD of cash left the balance sheet, goodwill rose 44.3M USD and intangibles rose 16.0M USD. H1 2026 intangible amortization was already 24.0M USD versus 16.5M USD a year earlier, which is more than twice H1 net income of 10.9M USD. |
| Institutional holders reducing through the 5% line | Market/Macro | Medium | High | Cooke & Bieler L.P. reported 7,549,000 shares (5.54%) in the 2026 proxy and 5,099,757 shares (3.7%) as of 2026-06-30 in the 13G/A filed 2026-08-05, a roughly 32% reduction. Median daily dollar volume of about 7.6M USD means large exits move the price. |
Technical Snapshot
52-Week Range
–$4.36–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
The register is institutional, with no private-equity sponsor block and no Schedule 13D in the recent EDGAR index. The DEF 14A filed 2026-04-24 lists FMR LLC at 18,120,407 shares (13.29%), The Vanguard Group at 13,461,835 (9.87%), BlackRock, Inc. at 10,251,026 (7.52%) and Cooke & Bieler L.P. at 7,549,000 (5.54%); all 16 current directors and executive officers as a group are reported at 6,461,924 shares, 4.72%. More recent 13G filings show FMR LLC at 20,828,711 shares (15.0%) as of 2026-03-31 (filed 2026-05-05), Vanguard Capital Management at 6,887,889 shares (5.05%) filed 2026-07-31, and Cooke & Bieler down to 5,099,757 shares (3.7%) as of 2026-06-30. On Form 4s, the trailing ninety days to 2026-09-10 contain no open-market purchases under transaction code P and no open-market sales under code S; the only transactions are three code F tax-withholding events totalling 4,030 shares at 5.11 USD on 2026-08-15 and one code G gift of 38,379 shares, with director code A grants dated 2026-06-09 just outside that window.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| JBI | $604M | 18.5× | 0.7× | 7.5× | +2.0% | 36.0% | 4.0% |
| ROCK | $1.36B | 22.6× | 0.9× | 13.3× | +65.0% | 25.0% | -10.0% |
| APOG | $799M | 12.0× | 0.6× | 6.4× | -1.0% | 23.0% | 5.0% |
| NX | $973M | 21.9× | 0.5× | 8.2× | +1.0% | 27.0% | 2.0% |
| AWI | $6.89B | 22.3× | 4.1× | 16.0× | +11.0% | 40.0% | 19.0% |
| IIIN | $592M | 16.3× | 0.8× | 8.8× | +10.0% | 12.0% | 5.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 8-K
Q2 2026: reported growth is inorganic and margin fell
The release furnished with the 8-K dated 2026-08-11 reports Q2 2026 revenue of 233.5M USD, up 2.4%, net income of 10.7M USD or 0.08 USD diluted, and Adjusted EBITDA of 40.2M USD, down 18.0%, at a 17.2% margin. The Kiwi II Construction acquisition contributed 19.2M USD to the new construction channel, more than the 5.4M USD of total revenue growth. Full-year 2026 guidance is 925-945M USD of revenue including 80-90M USD of inorganic revenue, with Adjusted EBITDA of 150-170M USD, down 4.9% at the midpoint.
2026-09-17SEC 10-Q
Balance sheet and repurchase status at 2026-07-04
The 10-Q filed 2026-08-11 shows cash of 127.0M USD against 194.4M USD at fiscal year end, gross debt and finance leases of 550.8M USD, stockholders' equity implied by total assets of 1,311.0M USD, goodwill of 428.2M USD and net intangibles of 357.1M USD. The First Lien Term Loan carried a 5.62% rate at 2026-07-04 and matures 2030-08-03, and a separate 125.0M USD ABL revolver matures 2028-08-03. Note 16 reports 63.1M USD remaining under the 175.0M USD repurchase authorization, which has no expiration date.
2026-09-17Research
Price context and the constructed-TTM caveat
The Yahoo chart endpoint shows a 4.36 USD close on 2026-09-16 against a 52-week range of 4.26 to 10.51, so the shares sit near the low of the range. Trailing-twelve-month figures carried over from the source research file, including roughly 901.8M USD of revenue and 138.8M USD of EBITDA to 2026-07-04, are arithmetic constructions over XBRL period facts rather than company-reported trailing lines, and the EBITDA construction is operating income plus depreciation and amortization, not the company's Adjusted EBITDA.
Sources
Janus International Group, Inc. valuation questions
What is Janus International Group, Inc.'s forward P/E ratio?
Janus International Group, Inc. (JBI) trades at a forward P/E of 6.8×, and 0.7× trailing sales.
What is Janus International Group, Inc.'s market cap?
Janus International Group, Inc. (JBI) has a market capitalization (its market value, often searched as "net worth") of $595M, and an enterprise value of $1.02B.