One-glance verdict
Undervalued
$8.47 our estimate vs market $4.37
Wall Street consensus: $7.62 (-10.0% lower than our fair-value estimate)
48% below our estimate, below the bear case
Fundamentals snapshot
Janus International Group, Inc.
JBI · NYQ · Industrials · Building Products & Equipment
Current price
$4.37
52-week range
$4.25 - $10.38
Market cap
$596.22M
Balance sheet
Stretched
3.05x Stretched
Net debt $495.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 2.0% last year.
- Reward Returns 6.0% on equity, ahead of 33% of its peers.
- Risk Stock trades 22.5% above its 5-year average P/E.
- Risk Operating margin compressed from 18.4% to 9.5% over 3 years.
What this company does
Janus International Group, Inc.
Janus International makes and sells the key components for self-storage facilities, such as the roll-up metal doors, hallway systems, and electronic access keypads. The company earns money by selling these complete building kits and individual parts to operators building new storage locations or renovating older ones. This is important because Janus's success is tied to the growth and modernization of the self-storage industry.
How the company got here
Founded in 2002, Janus International Group started by making roll-up and swing doors for the self-storage industry. Over the years, it grew by acquiring other companies, which allowed it to offer more products and services. Key purchases included companies that make smart locks (Nokē) and help construct self-storage buildings (BETCO and Kiwi II Construction). This expansion helped Janus become a company that provides complete building solutions from design to construction and security. The company became publicly traded on the New York Stock Exchange in 2021, which means anyone can now buy a small piece of the company, called a share.
What it actually does
Janus International Group makes and installs the physical parts of self-storage facilities and other commercial buildings. Think of the metal roll-up doors on storage units, the hallway walls that separate them, and even the entire steel buildings themselves. Beyond just making the parts, they also provide services like helping to design the layout of a new facility and replacing old doors and systems in existing ones. They also sell high-tech items like smart locks and automatic gate systems that let people open their storage units with a smartphone.
Janus North America
This is the company's largest business segment, making up the majority of its sales. It focuses on selling products and services in the United States, which is its main market. The customers are typically owners and builders of self-storage facilities who buy everything from individual roll-up doors to complete building kits. This part of the business also serves other commercial and industrial buildings that need similar types of doors and wall systems.
Janus International
This segment does the same type of business as the North American one, but operates in other parts of the world, mainly in Europe and Australia. It sells similar products, like doors and hallway systems, to self-storage operators and commercial builders in those regions. While smaller than the North American business, it's an important part of the company's plan to grow in different global markets.
What management is betting on now
The company is focused on a few key areas for growth. One is their 'R3' program, which stands for Restore, Rebuild, and Replace; this service helps older self-storage facilities modernize by installing new doors and technology. They are also heavily promoting their Nokē Smart Entry system, a technology that allows storage unit renters to use their phones as keys, which also helps facility owners automate their operations. Finally, Janus is looking to grow by acquiring other companies and expanding its sales to the broader commercial and industrial building markets, not just self-storage.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q3
$39.30M
FY2025 Q4
$45.30M
FY2026 Q1
$41.90M
FY2026 Q2
$44.60M
FY2026 Q3
$8.30M
FY2026 Q4
$19.20M
FY2027 Q1
$33.40M
FY2027 Q2
$21.60M
Revenue
$233.50M
Net income
$10.70M
Diluted EPS
0.08
Operating cash flow
$24.40M
Free cash flow
$21.60M
Fetching…
Sources
Revenue
$222.70M
Net income
$200.00K
Diluted EPS
0.00
Operating cash flow
$36.20M
Free cash flow
$33.40M
Fetching…
Sources
Revenue
$226.30M
Net income
$7.10M
Diluted EPS
0.04
Operating cash flow
$24.80M
Free cash flow
$19.20M
Fetching…
Sources
Revenue
$219.30M
Net income
$15.20M
Diluted EPS
0.11
Operating cash flow
$15.00M
Free cash flow
$8.30M
Fetching…
Sources
Revenue
$228.10M
Net income
$20.70M
Diluted EPS
0.15
Operating cash flow
$51.40M
Free cash flow
$44.60M
Fetching…
Sources
Revenue
$210.50M
Net income
$10.80M
Diluted EPS
0.08
Operating cash flow
$48.30M
Free cash flow
$41.90M
Fetching…
Sources
Revenue
$230.80M
Net income
$300.00K
Diluted EPS
0.01
Operating cash flow
$51.40M
Free cash flow
$45.30M
Fetching…
Sources
Revenue
$230.10M
Net income
$11.80M
Diluted EPS
0.08
Operating cash flow
$43.00M
Free cash flow
$39.30M
Fetching…
Sources
Is it cheap or expensive?
Fair value $8.47 vs current price $4.37
Wall Street consensus is the average analyst price target: $7.62 (-10.0% lower than our fair-value estimate).
Our most-likely fair value is $8.47 a share — about 93.8% above today's price of $4.37, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $495.4M. Interest coverage 3.0x.
Net debt
$495.40M
Interest coverage
3.05x
Janus International Group, Inc.'s profit covers its interest bill about 3.0 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
JBI
BASELINE
Janus International Group, Inc.
Total debt $622.40M Interest coverage 3.05x This is the baseline the peer rows are being compared against.
Total debt $842.48M Interest coverage 2.12x -30% vs JBI Carries about 1.4x less debt cushion than JBI.
Total debt $288.03M Interest coverage 6.04x +98% vs JBI Carries about 2.0x more debt cushion than JBI.
Total debt $1.37B Interest coverage 40.89x +1,241% vs JBI Carries about 13.4x more debt cushion than JBI.
Total debt $801.02M Interest coverage 2.02x -34% vs JBI Carries about 1.5x less debt cushion than JBI.
Total debt $1.69B Interest coverage 1.81x -41% vs JBI Carries about 1.7x less debt cushion than JBI.
What you should know
The case for and against JBI
3 Rewards
2 Risks
Rewards
-
Revenue grew 2.0% last year.
-
Returns 6.0% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Stock trades 22.5% above its 5-year average P/E.
-
Operating margin compressed from 18.4% to 9.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.21x
Forward P/E
6.67x
P/B
1.04x
P/S
0.66x
EV/EBITDA
7.41x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
35.9%
Operating margin
9.5%
Net margin
3.7%
ROE
6.0%
ROA
4.4%
Health
Liquidity and balance-sheet strength
Debt / equity
1.09x
Current ratio
2.94x
Quick ratio
2.21x
Total debt
$622.40M
Total cash
$127.00M
Growth
How the business has been compounding
Revenue TTM
$901.80M
Revenue 5Y CAGR
4.2%
EPS TTM
0.24
EPS 5Y CAGR
-19.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$100.40M
Free CF TTM
$114.00M
FCF margin
12.6%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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