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Back of Napkin

JELD-WEN Holding, Inc. JELD

Three-pass checkedFiled since 2026-08-04

Written 2026-05-19. The company has filed a quarterly or annual report since, on 2026-08-04, so figures here predate its latest disclosure.

JELD-WEN manufactures doors and windows for residential and commercial construction in North America and Europe, with a market cap of $120M against $1.4B of net debt, an adjusted EBITDA margin that dropped to 0.9% in Q1 2026, and a December 2026 debt-maturity event that management has explicitly flagged as a priority to address.

The setup is a near-distressed deep cyclical with an FY guidance raise that is mostly FX-driven, where the equity is functionally a binary option on the next refinancing; the upside is real recovery in residential construction volumes plus deleveraging, the downside is a debt restructuring that wipes out the existing equity stack.

Key data

Sector / industryIndustrials / Construction (residential plus commercial doors and windows)
FYE / countryDecember / US
Price / 52w range$1.42 / $0.93 to $6.98
Position vs MA53% above 52w low; 50d SMA $1.35, 200d SMA $3.15
Market cap / EV≈$0.12B / ≈$1.45B (debt dominates EV entirely)
Revenue (TTM, through Q1 2026)≈$3.15B
EPS (TTM, GAAP)≈$(7.70)
Beta1.88 (highest in this batch)

JELD · price with moving averages

Daily · 6MWeekly · 3Y
$-1$5$11$17$23 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

JELD-WEN manufactures doors and windows for residential and commercial construction in North America and Europe. It is a deep cyclical levered to housing volumes, and the capital structure dominates the story: a $120M market cap against $1.4B of net debt, with EV almost entirely debt.

What changed in Q1 2026, reported May 5: net revenue $722M, down 7% from $776M, with a $30M FX tailwind from a stronger euro partially offsetting the underlying volume decline. North America declined sharply on lower volumes plus the residual impact of the court-ordered Towanda facility divestiture (an antitrust remedy from the Steves & Sons litigation), while Europe was relatively stable. Adjusted EBITDA was $6M, down 72% from $22M, and adjusted EBITDA margin compressed to 0.9% from 2.8%; the price/cost headwind for the year was raised to $40M (freight and commercial cost outpacing pricing), and adjusted EPS of $(0.50) missed the $(0.30) consensus by 20 cents. Net-debt leverage was 11.3x at quarter-end, essentially uninvestable on a covenant basis, and the company drew $40M on its revolver. Management stated intent to address near-term debt maturities before they become current in December 2026, and raised FY26 net revenue guidance to $3.05B-$3.20B (from $2.95B-$3.10B) primarily on FX, with core revenue now expected to decline 3% to 6% (versus prior 5% to 10%).

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03The linchpins
  4. 04Closing
  5. 05Methodology

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