Public Companies in Building Materials: HVAC Tops Category Performance in First Half of 2025
Principia’s industry analyst team tracks over 50 publicly traded companies operating in building materials manufacturing and distribution. In aggregate, these companies represent about $450 billion in annual revenue. Aggregate revenue growth across product categories was flat year-over-year for the first half of 2025. A few additional takeaways from year-over-year analysis include:
- Public companies in HVAC, roofing, and flooring outperformed other product categories. The tracked HVAC public companies reported 9% aggregated revenue growth for the first half of the year while roofing and flooring came in with low single digit growth. Collectively, public companies in siding, trim, windows, and doors were down mid-single digits.
- Growth ranged widely by company. Tecnoglass, Carrier, and LP Building Solutions reported leading growth while Caesarstone, JELD-WEN, and Tarkett reported revenue declines.
- Growth tended to be strongest in commercial markets. This contributed to relative strength in roofing & HVAC company performance. Strength in multifamily new construction also supported above average growth for some companies.
The table below shows public company revenue by product category. Principia scopes down global public company revenues to reflect United States building product sales. For instance, for the HVAC companies, revenues from services were excluded. In some cases, revenues were adjusted to account for divestitures/acquisitions. Some revenues shown might include categories outside those for which Principia estimates demand.

The first half of 2025 saw flat revenue growth, reflecting the challenges of a volatile demand environment. To help manufacturers navigate this uncertainty, Dodge Construction Network provides forecasts for both residential and commercial starts. These insights, combined with Principia’s product-level forecasting and lifecycle analysis of replacement demand, deliver a clear view of where growth opportunities lie in the years ahead. Reach out to learn more about Principia’s demand assessment products and services and how they can help you plan for the coming year.