Griffon

GFF · NYSE · Industrials · Financials, fiscal 2016 to 2025

GFF · Last close · November 6, 2026

$101.03

Griffon's revenue fell 4.0% to $2.5 billion in fiscal 2025. Its operating margin was 8.2%, down from 15.2% a year earlier. Free cash flow was $305 million, down 2.1%. It paid out $223 million in dividends and buybacks, 73% of free cash flow. The diluted share count fell 6.0%.

GRIFFON CORPORATION Latest fiscal year ended September 30, 2025 10-K filed November 19, 2025 · 0001628280-25-053242 Updated November 5, 2026

Revenue

$2.5B

4.0%

Operating margin

8.2%

7.0 pts

Net income

$51M

75.7%

Free cash flow

$305M

2.1%

Return on capital

6.8%

10.2 pts

Market cap

$4.6B

Nov 6 close

P/E

25.9x

On $3.90 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Griffon's fiscal 2025 revenue is as reported in its 10-K (US$2,520 million); the four quarters first reported add up to US$2,709 million because a later filing restated some of them.

Charts show fiscal years, from the 10-K filings.

What Griffon does

Griffon is a diversified holding company, founded in 1959 and based in New York, that runs its businesses through wholly owned subsidiaries. It has two reportable segments. Home and Building Products is Clopay, which makes residential and commercial garage doors and commercial rolling steel doors and grilles. Consumer and Professional Products sells tools, fans, and home storage and organization products under brands such as AMES (lawn and garden tools and watering products), Hunter fans, True Temper and ClosetMaid.

Clopay sells through professional dealers and home center chains, and it is the exclusive garage door supplier to Home Depot and Menards in North America. It says most of its sales come from home remodeling and renovation, with the rest from commercial construction and new housing. Consumer and Professional Products sells in North America, Australia and the United Kingdom, including through home centers.

Griffon says it spreads its business across products, brands, sales channels and countries to reduce the swings caused by market cycles, seasons and weather. It sold its specialty plastics business in 2018 and its defense electronics business in 2022. In 2024 it finished moving much of its U.S. tool and storage production to outside suppliers, closing four factories and four wood mills.

Its biggest risks, as it describes them

Weaker construction and renovation activity and the wider economy, which drive demand for its products.
Losing large customers, such as the home center chains.
Relying on outside suppliers and factories, including in China, and facing raw material and tariff costs.
Strong competition in its markets.
Debt agreements that limit what it can do, and acquisitions that may not work out.

From Griffon's annual report on Form 10-K, filed November 19, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 5.4% a year and net income 6.1% a year, as new shares raised the share count by 6% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	249	120	103	114	99
Debt incl. finance leases	1,062	1,588	1,470	1,524	1,413
Net debt (negative means net cash)	814	1,468	1,367	1,410	1,314
Net debt to EBITDA	3.6x	—	5.7x	3.2x	5.3x
Debt to equity	1.3x	3.3x	4.7x	6.8x	—
Interest coverage	2.7x	−2.2x	1.9x	3.8x	2.1x
Current ratio	2.6x	2.9x	2.7x	2.7x	2.7x
Quick ratio	1.7x	1.3x	1.3x	1.4x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Griffon's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Griffon's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $79,990 of Griffon shares on the open market, and 10 insiders sold $37.5 million, $23.5 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 5, 2026	Robert F MehmelPresident and COO	Sold plan	7,743	$107.62	$833,307	Form 4
Aug 13, 2026	Kevin F SullivanDirector	Sold	3,500	$105.59	$369,565	Form 4
Aug 13, 2026	Cheryl L TurnbullDirector	Sold	3,000	$106.12	$318,360	Form 4
Aug 11, 2026	Robert F MehmelPresident and COO	Sold plan	3,240	$107.16	$347,198	Form 4
Aug 10, 2026	Robert F MehmelPresident and COO	Sold plan	6,639	$104.34	$692,718	Form 4
Aug 7, 2026	Robert F MehmelPresident and COO	Sold plan	15,928	$107.35	$1.7 million	Form 4
Aug 7, 2026	Brian G HarrisEVP, Chief Financial Officer	Sold plan	5,267	$107.11	$564,148	Form 4
Aug 6, 2026	Robert F MehmelPresident and COO	Sold plan	14,852	$105.18	$1.6 million	Form 4
Aug 5, 2026	Ronald J KramerChairman of the Board and CEO, Director	Sold plan	100,000	$102.42	$10.2 million	Form 4
Aug 5, 2026	Robert F MehmelPresident and COO	Sold plan	22,209	$102.08	$2.3 million	Form 4
Aug 5, 2026	Brian G HarrisEVP, Chief Financial Officer	Sold plan	11,050	$103.27	$1.1 million	Form 4
Jun 30, 2026	Brian G HarrisEVP, Chief Financial Officer	Sold plan	6,183	$98.01	$605,996	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	7 of 9	5 of 9
Rule of 40	8.0%	9.6%	8.2%
Altman Z''	2.77	3.48	3.24
Accruals ratio	−13.5%	−7.1%	−13.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Fail
F-score	6 of 9	7 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Griffon side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Griffon	FY25	−4.0%	8.2%	12.1%	6.8%	5.3x	5
Watts Water Technologies	FY25	8.3%	18.4%	14.6%	20.5%	−0.4x	8	Compare
Louisiana-Pacific	FY25	−7.9%	7.7%	3.4%	9.0%	0.2x	5	Compare
Simpson Manufacturing	FY25	4.5%	19.6%	12.8%	17.5%	−0.1x	8	Compare
MasterBrand	FY25	1.3%	4.3%	4.3%	3.2%	3.7x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,477	1,525	1,978	1,874	2,066	2,271	2,848	2,685	2,624	2,520
Revenue growth	−0.4%	3.2%	29.7%	−5.2%	10.3%	9.9%	25.4%	−5.7%	−2.3%	−4.0%
Gross profit	401	408	511	517	584	641	937	949	1,020	1,058
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	82	67	93	108	140	171	−189	197	398	206
Net income	30	15	126	37	53	79	−192	78	210	51
Diluted EPS (US$)	0.68	0.35	2.96	0.87	1.19	1.48	−3.71	1.42	4.23	1.09
Diluted shares (millions)	44	43	42	43	45	53	52	55	50	47
Cash flow
Cash from operations	80	49	58	90	107	70	59	432	380	357
Capital expenditure	59	35	50	35	41	37	42	64	68	52
Free cash flow	21	14	8	55	66	33	17	368	312	305
Dividends paid	9	10	50	14	14	17	127	134	36	40
Share buybacks	65	16	46	2	8	3	11	164	310	183
Acquisitions	4	35	431	9	10	2	852	0	15	0
Stock-based compensation	10	8	20	16	18	20	33	41	27	26
Balance sheet at fiscal year end
Cash and short-term investments	73	48	70	72	218	249	120	103	114	99
Debt incl. finance leases	911	979	1,121	1,104	1,066	1,062	1,588	1,470	1,524	1,413
Total assets	1,782	1,874	2,085	2,075	2,449	2,605	2,816	2,419	2,371	2,064
Total liabilities	1,371	1,475	1,610	1,597	1,748	1,798	2,339	2,104	2,146	1,990
Shareholders' equity	411	399	474	478	700	807	478	315	225	74
Margins and ratios
Gross margin	27.1%	26.8%	25.9%	27.6%	28.3%	28.2%	32.9%	35.3%	38.9%	42.0%
Operating margin	5.6%	4.4%	4.7%	5.8%	6.8%	7.5%	−6.6%	7.3%	15.2%	8.2%
Net margin	2.0%	1.0%	6.3%	2.0%	2.6%	3.5%	−6.7%	2.9%	8.0%	2.0%
Free cash flow margin	1.4%	0.9%	0.4%	3.0%	3.2%	1.4%	0.6%	13.7%	11.9%	12.1%
Rule of 40 (growth + FCF margin)	1.0%	4.2%	30.1%	−2.3%	13.4%	11.3%	26.0%	8.0%	9.6%	8.2%
Return on capital	4.1%	5.2%	6.4%	3.9%	5.6%	6.9%	−8.4%	7.5%	17.0%	6.8%
Return on equity	7.1%	3.7%	28.8%	7.8%	9.1%	10.5%	−29.8%	19.6%	77.7%	34.2%
Return on assets	1.7%	0.8%	6.3%	1.8%	2.4%	3.1%	−7.1%	3.0%	8.8%	2.3%
Net debt to EBITDA	6.5x	8.1x	7.1x	6.5x	4.4x	3.6x	—	5.7x	3.2x	5.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Griffon's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Griffon.