On this page of StockholderLetter.com we present the latest annual shareholder letter from GRIFFON CORP — ticker symbol GFF. Reading current and past GFF letters to shareholders can bring important insights into the investment thesis.

 •  1/9/2026 Letter Continued (Full PDF)
 •  1/29/2024 GFF Stockholder Letter
 •  1/27/2025 GFF Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  GFF Benford's Law Stock Score = 98

GFF Shareholder/Stockholder Letter Transcript:

Annual Report 2025


I am pleased to report that Griffon delivered another strong
performance
in
fiscal
2025
despite
a
Total Shareholder Return (%)
challenging
375%
macroeconomic environment. Our results continue to
highlight the strength of our portfolio, the resilience of our
businesses, and the disciplined execution of our strategy.
184%
Our fiscal year 2025 results were once again highlighted
profitability driven primarily by the performance of our
Home and Building Products (HBP) segment, which
10% 11% 4%
1-year
3-year
GFF
generated EBITDA margin exceeding 30%. The Consumer
and Professional Products (CPP) segment increased profit
73% 83%
53% 43%
by robust free cash flow generation and operating
Russell 2000
5-year
S&P 600
Data from Bloomberg as of 9/30/2025. Total Shareholder Return
assumes reinvestment of all dividends.
and margin, despite lower volume, as the segment
continues to realize the benefits of the global sourcing
expansion initiative completed in September 2024.
We continue to invest in technology, innovation and
productivity
across
our
businesses
and
see
these
investments as a catalyst for our long-term growth. In
Griffon   s 2025 adjusted EBITDA1 was $580 million (before
2025, HBP was recognized internationally with prestigious
unallocated expenses), representing a 23.0% EBITDA
awards from peers for product innovation in the building
margin
products industry and for being an exceptional customer
and
a
improvement
in
100+
basis
profitability.
point
This
year-over-year
strong
operating
partner. Similarly, CPP has innovated by entering exciting
performance drove $323 million of free cash flow2, of
new product categories and strategically expanding product
which $174 million was returned to Griffon shareholders in
offerings. These actions will enhance our operating margins
the form of share repurchases and dividends. We
in both segments in the near term and will drive growth and
simultaneously strengthened our balance sheet by paying
margin expansion in the longer term, as consumer, housing
down $116 million in debt and reducing our year-over-year
and commercial construction markets improve.
leverage by 0.2x to 2.4 times net debt to EBITDA.3 Our
continued commitment to returning value to shareholders is
reflected in Griffon   s Total Shareholder Return (TSR), which
compares favorably to the returns of the Russell 2000 and
S&P 600. The cumulative return chart over the last one,
three, and five fiscal years illustrates this excellent
performance.
1

HOME AND BUILDING PRODUCTS
This innovative vertically stacking door, previously launched
in the commercial space, reimagines the conventional
The Home and Building Products segment conducts its
operations through Clopay Corporation (Clopay), the
preeminent
manufacturer
and
marketer
of
sectional
garage door, offering a clean, modern design that
eliminates cumbersome overhead tracks and exposed
hinges.
residential, and commercial, garage doors and rolling
steel doors in North America. Clopay   s products are sold
Cornell    and Cookson   , Clopay   s industry-leading rolling
under the Clopay   , Cornell   , Cookson   , Ideal Door    and
steel brands, earned industry recognition for leadership in
Holmes    brands. Clopay leverages its extensive design,
advanced security, life safety, and sustainable designs. A
manufacturing and logistics capabilities, including its 57
key product introduction was the Thermiser Max        Low U
North American distribution centers, to serve a diverse
door, the industry   s only thermally broken rolling slat design,
customer portfolio spanning a network of over 3,000
which set a new standard for thermal efficiency while
professional dealers and retail partners.
meeting evolving building code requirements for challenging
applications including data centers and other conditioned
Despite continued challenges in the residential and
commercial construction markets, HBP generated fiscal
2025 revenue of $1.6 billion and adjusted EBITDA1 of $495
million. These results demonstrate the resilience and
spaces. Fiscal 2025 also saw a significant adoption of the
new space-saving, counter fire door design and the industry
leading Ultra    powder coat finish     the only finish on the
market that provides a warranty against wear.
strength of Clopay   s business model, the dedication of its
team, and its commitment to the success of its customers.
Clopay continues to expand the appeal of its best-selling
residential products with enhancements to its Canyon
Ridge   , Bridgeport   , and Modern Steel    product lines.
Innovation
Homeowners have been highly receptive to the four new
Fiscal 2025 was yet another landmark year for Clopay
Modern Steel    Ultra-Grain    Plank designs, which are
innovation as it continues to be the market leader in
driving
redefining the garage door industry. Clopay   s new product
palettes, wood designs and window options, Clopay offers
development pipeline continued to expand, providing
the broadest residential product portfolio in the industry.
increased
demand.
With
ever-growing
color
exciting new products and features for evolving customer
needs in design, functionality, and connectivity. Clopay
Infrastructure and Technology
remains committed to providing the best products to
architects,
designers,
facility
owners,
homeowners,
remodelers, and homebuilders alike.
As an industry leader, Clopay continually invests in cuttingedge technologies. These investments directly improve the
customer buying experience, streamline manufacturing
This year   s product headlines were highlighted by the
extraordinary achievements of the VertiStack    Avante   
door. At the 2025 International Builders Show, this
processes, ensure high quality, accelerate new product
development, and enhance enterprise efficiency and
security.
revolutionary stacking design received unprecedented
recognition by winning the top award in the Door and
Window category as well as the overall Best in Show award.
2
In
2024,
Clopay   s
national
multimedia
advertising
campaign contributed to driving the most leads in the

company   s history and was recognized as the best in the
Looking Ahead
industry by the Door and Access Systems Manufacturer   s
Association (DASMA). This year, Clopay built upon that
success, making significant Artificial Intelligence (AI)
enhancements
to
its
EZDoor
visualizer
tool
which
increases homeowner engagement and facilitates the
purchasing process. Clopay also invested in dealer-facing
tools such as MyDoor   , its powerful, innovative and one-ofa-kind garage door sales application, to enhance the level
of service provided to dealers and drive dealer loyalty.
Clopay is well-positioned for continued growth and
profitability. In 2025, garage doors were again ranked as
the best home improvement project in terms of return on
investment, generating more than a 2.5x return at resale,
according to the Zonda 2025 Cost vs. Value Report.
Clopay   s growth strategy is focused on a clear set of
priorities: developing innovative new products, expanding
distribution, and delivering exceptional customer service.
We are optimistic about the future, given the promising
opportunities the company has created and its trajectory
Giving Back to the Community
for continued success.
Clopay maintains a strong commitment to the communities
in which it operates, guided by the core belief that its longterm success is directly related to the health and well-being
of its communities. This belief has fueled a meaningful
partnership with Habitat for Humanity, which began in 2020,
to provide safe and beautiful housing for first-time home
buyers. In 2025 this collaboration completed its fourth
home build. This initiative is a source of immense pride for
Clopay associates, powerfully underscoring the company   s
commitment to building stronger communities
3



 1/9/2026 Letter Continued (Full PDF)