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Janus International Group

JBI
41
Construction Materials · Industrials
Price
$5.40
-0.06 (-1.10%)
Market Cap
$736.5M
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+27.8% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 109.0M (2021) → 139.3M (2026)

Janus International Group makes building products for self-storage facilities and commercial buildings. Its main products include steel doors, hallway systems, and building components used to construct and renovate self-storage units. The company sells to self-storage operators, contractors, and developers across North America, and it is one of the largest suppliers of self-storage building solutions in the United States.

Janus earns money by selling manufactured building products and, increasingly, through its R3 renovation and restoration services, which help existing self-storage facilities upgrade aging infrastructure. The company operates primarily in the United States, with some international presence, and generates roughly $1 billion in annual revenue. Its competitive position comes from deep relationships with major self-storage operators and a broad product portfolio that covers both new construction and retrofits. The key risk is that demand for its products is closely tied to self-storage construction activity, which slows when interest rates are high and real estate development pulls back.

Winston Score History

Score breakdown

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Quality

Gross Margin
32.2%
Modest — 32.2% gross margin
Operating Margin
10.7%
Modest — 10.7% operating margin
ROCE
2.2%
Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-2.5%
Shrinking sales (-2.5% YoY)
EPS YoY
-11.0%
Earnings shrinking (-11.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
295%
Turns 295% of profit into real cash
FCF Margin
11.8%
Modest free cash flow (11.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.96
Moderate — manageable debt (0.96)
Interest Cover
5.56x
Adequate interest coverage (5.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
17.3x
Fair value — P/E 17.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+6.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.3 → 10.3)

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Dividends

Not applicable for this business.
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