QXO shares fell 23% in July after acquiring TopBuild
QXO closed on the $17 billion acquisition of TopBuild on July 1, its largest purchase to date.
The company has been executing a roll-up strategy to consolidate the building-products distribution business.
Prior acquisitions include Beacon Roofing for $11 billion in 2025 and Kodiak Building Partners for $2.25 billion in early 2026.
Investors may be wary of the TopBuild buy due to QXO’s potential debt load or dilution.