Carlisle Companies Incorporated (CSL) Business Profile

What it does

Carlisle Companies makes and supplies products that protect buildings from weather and help them use energy more efficiently. Founded in 1917 and headquartered in Charlotte, it is led by Chair, President and CEO D. Christian Koch.

The company operates through two businesses. Carlisle Construction Materials, or CCM, sells roofing membranes, insulation and related systems, mainly for commercial buildings. Its products can be used on new buildings or to repair and replace existing roofs. Customers can buy membranes and insulation together as a warranted system or separately without a system warranty.

Carlisle Weatherproofing Technologies, or CWT, sells products used across the building envelope—the roof and outer parts of a building that protect its interior from the elements. These include waterproofing, barriers against air and moisture, spray foam, coatings and insulation. CWT serves commercial and residential applications.

Carlisle generally reaches buyers through distributors, sales representatives and retail outlets rather than selling every product directly to a building owner. Its customers and end users include contractors, building owners and home builders. The company also offers warranties and customer service alongside products; some extended roofing warranties are priced separately.

Carlisle had approximately 5,900 employees at December 31, 2025.

How it makes money

Carlisle earns revenue by selling roofing and weatherproofing materials and systems. In FY2025, CCM revenue was $3.7 billion and CWT revenue was $1.3 billion; company-wide revenue in the third quarter of 2026 was $1.5 billion.

CCM made up 74.1% of FY2025 revenue. Its range includes single-ply roofing membranes, insulation, architectural metal and roof garden systems. Single-ply membranes are sheets used as a roof’s weatherproof covering. Carlisle sells some membranes and insulation as warranted systems and others individually. It also sells extended warranties separately on certain products, including installed single-ply systems, subject to exclusions.

Replacement work is an important source of demand: Carlisle says re-roofing represents approximately 70% of its commercial roofing business. Roofs eventually need replacement, although the timing of a particular project can vary. New construction also generates sales. In the third quarter of 2026, Carlisle said CCM re-roofing demand grew mid-single digits while new construction declined mid-single digits.

CWT made up 25.9% of FY2025 revenue. It sells waterproofing and moisture-protection products, air and vapor barriers, spray foam, roof coatings and insulation for commercial and residential buildings. The business seeks to sell products together as systems or bundles. Carlisle said residential applications accounted for roughly 45% of CWT revenue in the third quarter of 2026.

Both businesses price their products in competitive markets. During 2026, Carlisle implemented price increases and freight surcharges in response to higher costs. It said price realization had historically lagged cost increases because it honors existing quotes and firm orders.

Customers and how it sells

Carlisle serves building owners, contractors and home builders through products used in commercial and residential construction, repair and replacement. CCM’s roofing demand comes primarily from replacing older roofs on non-residential buildings, with new construction contributing to a lesser extent. CWT’s products are used in both commercial and residential markets.

Customer concentration is material. In FY2025, Beacon Roofing Supply, Inc. accounted for 16.7% of company revenue and ABC Supply Co. accounted for 16.3%. Carlisle says the loss of either of CCM’s two largest customers could materially affect consolidated revenue and operating income. Their business is covered by a number of independent local agreements.

Most CCM products are sold through authorized sales representatives and distributors in North America and Europe. CWT sells mainly through distribution and retail outlets in North America. In 2026, Carlisle said Home Depot carried its Henry UltraTouch recycled denim insulation in over half its stores.

The United States generated $4.5 billion, or 89.6%, of FY2025 revenue. Europe generated $250.7 million. CCM manufactures in the United States and several European countries; CWT has manufacturing and distribution locations across the United States and Canada.

Suppliers and costs

Carlisle manufactures its products using chemicals, polymers, metals and other commodities. CCM’s key inputs include MDI and polyol, used in insulation, as well as roofing polymers, carbon black and coated steel. CWT uses materials including MDI, silicone polymer, asphalt, glass mat, styrene and expanded polystyrene insulation bead.

These raw materials generally have at least two vendor sources. For key materials that are single-sourced, Carlisle says the vendor typically has multiple processing facilities. The company does not name those suppliers. CCM operates plants across the United States and in Germany, the Netherlands, the United Kingdom and Romania; CWT operates manufacturing and distribution locations in the United States and Canada.

Raw materials, including inbound freight, accounted for approximately 66% of cost of goods sold in 2025. Carlisle says material price increases may not be fully recovered through higher selling prices. In 2026, it said petroleum-based material, diesel and freight costs rose above its expectations. It also said supplier force majeure declarations affecting MDI and polyols had begun to lift, and expected MDI pricing to ease as it exited the year.

Competitive position

Carlisle identifies GAF and Amarize as competitors. CCM competes with manufacturers of roofing systems for commercial and other buildings; competition varies by product line and region. Carlisle describes CCM as one of four major manufacturers in the single-ply industry. CWT faces numerous competitors, often local or regional businesses that sell only part of the range of weatherproofing products CWT offers.

Both segments compete on price, products, warranties and customer service. CCM sells separately priced extended warranties on certain products, including installed single-ply roofing systems. Carlisle also trains employees and customers and uses sales representatives and distributors to reach the market. In the third quarter of 2026, the company said new entrants had not yet had a meaningful impact on its volumes.

Our reading: Warranties, service and established distributor relationships provide some competitive protection because they connect the product sale to installation and ongoing roof maintenance. Our reading: The breadth of CWT’s product range can help it sell related products together, although local and regional rivals compete in individual categories. Our reading: These advantages are not absolute: both segments face pricing competition, and Carlisle’s largest roofing customers have purchasing power.

Growth opportunities

Carlisle’s Vision 2030 plan emphasizes product development, operating improvements, acquisitions and capital deployment. The company seeks growth from demand for energy-efficient buildings, labor-saving products and the replacement of existing roofs. It also plans to broaden its architectural metal offerings and pursue building-envelope acquisitions that expand its product range.

At CWT, Carlisle is seeking repair and energy-efficiency upgrade work in residential and non-residential buildings. It is also developing integrated systems and expanding into areas including retail and air, water and vapor barriers. The company says its operating system applies lean and continuous-improvement principles across activities including production, engineering and supply chains.

Carlisle has introduced products designed to reduce installation steps. It says Blue Skin SA HPX for commercial walls can be applied without primer year-round, while Vapor Seal TR Plus for roofing requires no primer on approved surfaces. It also says its TPO roofing products and manufacturing capacity are serving data center customers while PVC supply remains constrained.

For the third quarter of 2026, Carlisle reported revenue growth of 9% to $1.5 billion. Its outlook did not assume a near-term recovery in new construction. The company continues to target $40 of adjusted EPS and ROIC above 25% under Vision 2030; these are company goals, not guaranteed outcomes.

Structural risks

• Customer concentration: A significant reduction in purchases by a large customer, or pricing pressure from customers with purchasing power, could hurt results. Some customers could also bring production in-house or use alternative suppliers.
• Construction cycles and weather: Both segments are exposed to commercial construction downturns, while CWT is also exposed to residential construction. Weak repair and replacement activity or adverse weather can reduce demand for roofing materials.
• Raw materials and freight: Chemicals, resins and other commodities are significant costs. Price increases may not be recovered through selling prices, while shortages, supply-chain disruption or tariffs can affect availability and costs.
• Manufacturing disruption: Many products are made at a limited number of locations. Natural disasters, equipment failures, cyber incidents or other disruptions could damage facilities or reduce operating capacity.
• Acquisitions and integration: Carlisle’s growth strategy depends partly on finding and integrating acquisitions. It may not realize expected revenue growth or cost savings, and acquisitions can divert management attention or increase debt.
• Product and environmental liabilities: Defective-product claims could exceed insurance coverage. Environmental laws and the company’s industrial activities could also result in material liabilities or additional compliance costs.

Bottom line

Our reading

Carlisle is a building-products manufacturer whose commercial roofing business depends heavily on replacement demand, while its weatherproofing business also serves residential construction. Its product systems, warranties and distribution relationships support the business, but concentrated customers and competitive pricing limit its leverage. Raw-material inflation, construction cycles and acquisition execution remain important exposures.