Eagle Materials Inc. (EXP) 10-Year Financial Performance & Capital Metrics

EXP • • Industrial / General

Basic MaterialsConstruction MaterialsCement & Concrete ProductsIntegrated Cement Producers

AboutEagle Materials Inc., through its subsidiaries, produces and supplies heavy construction materials and light building materials in the United States. It operates through Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard segments. The company engages in the mining of limestone for the manufacture, production, distribution, and sale of Portland cement; grinding and sale of slag; and mining of gypsum for the manufacture and sale of gypsum wallboards used to finish the interior walls and ceilings in residential, commercial, and industrial structures. It also manufactures and sells recycled paperboard to gypsum wallboard industry and other paperboard converters, as well as containerboard and lightweight packaging grades. In addition, the company engages in the sale of ready-mix concrete; and mining, extracting, production, and sale of aggregates, including crushed stones, sand, and gravel. Its products are used in commercial and residential construction; public construction projects; and projects to build, expand, and repair roads and highways. The company was formerly known as Centex Construction Products, Inc. and changed its name to Eagle Materials, Inc. in January 2004. Eagle Materials Inc. was founded in 1963 and is headquartered in Dallas, Texas.Show more

Revenue $2.26B
EBITDA $758M -2.2%
Net Income $463M -3.0%
EPS (Diluted) 13.77 +1.2%
Gross Margin 29.78% -1.8%
EBITDA Margin 33.54% -2.3%
Operating Margin 26.51% -4.3%
Net Margin 20.5% -3.0%
ROE 33.52% -12.5%
ROIC 17.6% -12.1%
Debt/Equity 0.88 +2.3%
Interest Coverage 14.18 -1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 37.2%
✓Strong 5Y profit CAGR of 45.6%
✓FCF machine: 15.6% free cash flow margin
✓Share count reduced 4.1% through buybacks
✓Healthy 5Y average net margin of 20.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.8%

5Y9.27%

3Y6.69%

TTM1.5%

Profit (Net Income) CAGR

10Y9.51%

5Y45.57%

3Y7.38%

TTM-7.61%

EPS CAGR

10Y14.01%

5Y52.31%

3Y14.64%

TTM-4.31%

ROCE

10Y Avg16.7%

5Y Avg20.05%

3Y Avg22.78%

Latest20.92%

Peer Comparison

Integrated Cement Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CRHCRH plc	81.95B	122.56	24.41	12.01%	9.27%	13.24%	2.89%	0.67
AMRZAmrize Ltd	30.15B	54.52	23.70	0.23%	11.65%	10.68%	5.44%	0.96
CXCEMEX, S.A.B. de C.V.	17.92B	12.35	20.25	-6.83%	8.61%	9.8%	3.34%	0.59
EXPEagle Materials Inc.	7.4B	230.76	16.76	0.05%	19.41%	29.07%	4.77%	0.88

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	1.14B	1.21B	1.39B	1.39B	1.45B	1.62B	1.86B	2.15B	2.26B	2.26B
Revenue Growth %	0.07%	0.06%	0.14%	0%	0.04%	0.12%	0.15%	0.15%	0.05%	0%
Cost of Goods Sold+	911.88M	899.17M	1.05B	1.07B	1.12B	1.21B	1.34B	1.51B	1.57B	1.59B
COGS % of Revenue	0.8%	0.74%	0.76%	0.77%	0.77%	0.75%	0.72%	0.7%	0.7%	0.7%
Gross Profit+	231.62M	312.05M	338.76M	326.57M	331.26M	408.36M	519.61M	639.27M	685.32M	673.14M
Gross Margin %	0.2%	0.26%	0.24%	0.23%	0.23%	0.25%	0.28%	0.3%	0.3%	0.3%
Gross Profit Growth %	-0.09%	0.35%	0.09%	-0.04%	0.01%	0.23%	0.27%	0.23%	0.07%	-0.02%
Operating Expenses+	34.87M	31.8M	41.2M	37.37M	65.41M	49.51M	46.8M	53.63M	59.8M	73.94M
OpEx % of Revenue	0.03%	0.03%	0.03%	0.03%	0.05%	0.03%	0.03%	0.02%	0.03%	0.03%
Selling, General & Admin	37.19M	33.94M	41.2M	37.37M	65.41M	49.51M	46.8M	53.63M	59.8M	73.94M
SG&A % of Revenue	0.03%	0.03%	0.03%	0.03%	0.05%	0.03%	0.03%	0.02%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.33M	-2.14M	0	0	-25K	0	0	0	0	0
Operating Income+	229.42M	263.2M	297.55M	289.2M	277.26M	358.84M	472.81M	585.64M	625.53M	599.2M
Operating Margin %	0.2%	0.22%	0.21%	0.21%	0.19%	0.22%	0.25%	0.27%	0.28%	0.27%
Operating Income Growth %	0.03%	0.15%	0.13%	-0.03%	-0.04%	0.29%	0.32%	0.24%	0.07%	-0.04%
EBITDA+	326.53M	355M	411.57M	411.73M	390.77M	487.93M	601.62M	724.19M	775.36M	758.1M
EBITDA Margin %	0.29%	0.29%	0.3%	0.3%	0.27%	0.3%	0.32%	0.34%	0.34%	0.34%
EBITDA Growth %	0.09%	0.09%	0.16%	0%	-0.05%	0.25%	0.23%	0.2%	0.07%	-0.02%
D&A (Non-Cash Add-back)	97.11M	91.79M	114.02M	122.53M	113.52M	129.09M	128.81M	138.55M	149.83M	158.9M
EBIT	235.84M	317.19M	299.61M	108.23M	294.15M	468.6M	506.01M	624.18M	661.24M	633.73M
Net Interest Income+	-16.58M	-22.63M	-27.64M	-28.37M	-38.42M	-44.42M	-30.87M	-35.17M	-42.26M	-40.53M
Interest Income	0	0	0	0	0	0	39K	421K	1.04M	1.72M
Interest Expense	16.58M	22.63M	27.64M	28.37M	38.42M	44.42M	30.91M	35.59M	43.3M	42.24M
Other Income/Expense	24.83M	16.41M	-25.59M	-209.46M	-21.56M	65.27M	2.28M	2.96M	-7.59M	-7.71M
Pretax Income+	219.25M	294.52M	271.96M	79.73M	45.72M	424.11M	475.09M	588.59M	617.94M	591.49M
Pretax Margin %	0.19%	0.24%	0.2%	0.06%	0.03%	0.26%	0.26%	0.27%	0.27%	0.26%
Income Tax+	66.66M	96.3M	15.33M	10.88M	-25.17M	89.95M	100.85M	127.05M	140.3M	128.07M
Effective Tax Rate %	0.7%	0.67%	0.94%	0.86%	1.55%	0.8%	0.79%	0.78%	0.77%	0.78%
Net Income+	152.59M	198.22M	256.63M	68.86M	70.89M	339.44M	374.25M	461.54M	477.64M	463.42M
Net Margin %	0.13%	0.16%	0.19%	0.05%	0.05%	0.21%	0.2%	0.21%	0.21%	0.21%
Net Income Growth %	-0.18%	0.3%	0.29%	-0.73%	0.03%	3.79%	0.1%	0.23%	0.03%	-0.03%
Net Income (Continuing)	152.59M	198.22M	256.63M	223.51M	231.19M	334.17M	374.25M	461.54M	477.64M	463.42M
Discontinued Operations	0	0	0	0	0	5.28M	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.05	4.10	5.28	1.47	1.68	7.89	9.14	12.46	13.61	13.77
EPS Growth %	-0.18%	0.34%	0.29%	-0.72%	0.14%	3.7%	0.16%	0.36%	0.09%	0.01%
EPS (Basic)	3.08	4.14	5.33	1.48	1.69	7.95	9.23	12.54	13.72	13.88
Diluted Shares Outstanding	50.07M	48.36M	48.65M	46.93M	42.29M	41.83M	40.93M	37.05M	35.1M	33.65M
Basic Shares Outstanding	49.47M	47.93M	48.14M	46.62M	42.02M	41.54M	40.55M	36.8M	34.81M	33.38M
Dividend Payout Ratio	0.13%	0.1%	0.08%	0.27%	0.24%	0.01%	0.08%	0.08%	0.07%	0.07%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	380M	400.62M	458.74M	427.62M	678.22M	661.69M	442.73M	521.5M	627.69M	668.66M
Cash & Short-Term Investments	5.39M	6.56M	9.31M	8.6M	118.65M	263.52M	19.42M	15.24M	34.92M	20.4M
Cash Only	5.39M	6.56M	9.31M	8.6M	118.65M	263.52M	19.42M	15.24M	34.92M	20.4M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	125.84M	136.31M	147.44M	134.2M	274.22M	149.97M	183.48M	211.32M	212.9M	222.35M
Days Sales Outstanding	40.17	41.08	38.81	35.16	68.99	33.73	35.98	35.91	34.39	35.9
Inventory	243.59M	252.85M	258.16M	275.19M	272.51M	235.75M	236.66M	291.88M	373.92M	415.18M
Days Inventory Outstanding	97.5	102.64	89.93	94.17	88.84	70.86	64.37	70.61	86.71	95.47
Other Current Assets	0	4.9M	38.75M	0	7.09M	5M	0	3.06M	5.95M	10.73M
Total Non-Current Assets+	1.5B	1.85B	1.91B	1.74B	2.28B	2.18B	2.14B	2.26B	2.32B	2.6B
Property, Plant & Equipment	1.26B	1.55B	1.6B	1.43B	1.79B	1.68B	1.64B	1.68B	1.7B	1.82B
Fixed Asset Turnover	0.91x	0.78x	0.87x	0.98x	0.81x	0.96x	1.13x	1.28x	1.33x	1.24x
Goodwill	133.88M	198.37M	205.21M	198.37M	331.59M	329.14M	329.14M	380.71M	392.57M	469.89M
Intangible Assets	31.94M	37.13M	34.13M	30.75M	64.87M	63.18M	58.76M	85.33M	93.55M	125.86M
Long-Term Investments	49.47M	48.62M	60.56M	64.87M	73.96M	75.4M	80.64M	89.11M	113.48M	140.09M
Other Non-Current Assets	33.03M	15.54M	14.07M	20.61M	26.48M	24.37M	28M	21.52M	24.14M	37.8M
Total Assets+	1.88B	2.25B	2.37B	2.17B	2.96B	2.84B	2.58B	2.78B	2.95B	3.26B
Asset Turnover	0.61x	0.54x	0.59x	0.64x	0.49x	0.57x	0.72x	0.77x	0.77x	0.69x
Asset Growth %	0%	0.19%	0.05%	-0.08%	0.37%	-0.04%	-0.09%	0.08%	0.06%	0.11%
Total Current Liabilities+	120.59M	229.52M	179.33M	179.33M	169.7M	169.35M	207.55M	212.89M	239.41M	245M
Accounts Payable	66.61M	92.19M	73.46M	80.88M	84.18M	84.17M	113.68M	110.41M	127.18M	129.9M
Days Payables Outstanding	26.66	37.42	25.59	27.68	27.45	25.3	30.92	26.71	29.49	29.87
Short-Term Debt	8M	81.21M	0	36.5M	0	0	0	10M	10M	15M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	8.49M	0	0	0	0	0
Current Ratio	3.15x	1.75x	2.56x	2.38x	4.00x	3.91x	2.13x	2.45x	2.62x	2.73x
Quick Ratio	1.13x	0.64x	1.12x	0.85x	2.39x	2.52x	0.99x	1.08x	1.06x	1.03x
Cash Conversion Cycle	111.01	106.29	103.15	101.65	130.39	79.3	69.43	79.81	91.61	101.5
Total Non-Current Liabilities+	722.51M	814.15M	770.98M	780.34M	1.82B	1.31B	1.24B	1.38B	1.4B	1.56B
Long-Term Debt	499.71M	605.25M	620.92M	655.09M	1.57B	1.01B	938.26M	1.08B	1.08B	1.22B
Capital Lease Obligations	0	0	0	0	40.24M	34.44M	29.21M	24.94M	19.04M	33.6M
Deferred Tax Liabilities	161.68M	166.02M	118.97M	90.76M	166.67M	225.99M	232.37M	236.84M	244.8M	239.94M
Other Non-Current Liabilities	61.12M	42.88M	31.1M	34.49M	49.26M	41.29M	38.7M	41.6M	51.94M	66.03M
Total Liabilities	843.1M	1.04B	950.31M	959.68M	1.99B	1.48B	1.45B	1.6B	1.64B	1.81B
Total Debt+	507.71M	686.47M	620.92M	691.59M	1.61B	1.05B	974.6M	1.12B	1.12B	1.28B
Net Debt	502.32M	679.91M	611.61M	682.99M	1.5B	785.88M	955.18M	1.1B	1.09B	1.26B
Debt / Equity	0.49x	0.57x	0.44x	0.57x	1.67x	0.77x	0.86x	0.94x	0.86x	0.88x
Debt / EBITDA	1.55x	1.93x	1.51x	1.68x	4.13x	2.15x	1.62x	1.55x	1.44x	1.68x
Net Debt / EBITDA	1.54x	1.92x	1.49x	1.66x	3.83x	1.61x	1.59x	1.53x	1.40x	1.66x
Interest Coverage	13.83x	11.63x	10.77x	10.19x	7.22x	8.08x	15.30x	16.45x	14.45x	14.18x
Total Equity+	1.04B	1.2B	1.42B	1.21B	967.84M	1.36B	1.13B	1.19B	1.31B	1.46B
Equity Growth %	0.03%	0.16%	0.18%	-0.15%	-0.2%	0.4%	-0.17%	0.05%	0.1%	0.11%
Book Value per Share	20.78	24.88	29.14	25.77	22.89	32.49	27.70	32.00	37.28	43.29
Total Shareholders' Equity	1.04B	1.2B	1.42B	1.21B	967.84M	1.36B	1.13B	1.19B	1.31B	1.46B
Common Stock	485K	485K	483K	451K	416K	424K	387K	358K	341K	330K
Retained Earnings	882.49M	1.06B	1.3B	1.21B	960.07M	1.3B	1.14B	1.19B	1.31B	1.46B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-11.41M	-7.4M	-4.01M	-3.32M	-3.58M	-3.44M	-3.17M	-3.55M	-3.37M	-3.13M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	265.77M	331.6M	337.67M	350.28M	399.3M	643.07M	517.17M	541.73M	563.94M	548.55M
Operating CF Margin %	0.23%	0.27%	0.24%	0.25%	0.28%	0.4%	0.28%	0.25%	0.25%	0.24%
Operating CF Growth %	0.14%	0.25%	0.02%	0.04%	0.14%	0.61%	-0.2%	0.05%	0.04%	-0.03%
Net Income	152.59M	198.22M	256.63M	68.86M	70.89M	339.44M	374.25M	461.54M	477.64M	463.42M
Depreciation & Amortization	97.11M	91.79M	114.02M	122.53M	113.52M	129.09M	128.81M	138.55M	149.83M	158.9M
Stock-Based Compensation	17.35M	12.07M	14.08M	15.11M	19.82M	15.29M	14.26M	17.16M	19.9M	18.74M
Deferred Taxes	-2.32M	2.2M	-49.35M	-28.37M	75.99M	59.32M	6.38M	4.47M	7.95M	-4.86M
Other Non-Cash Items	27.79M	-2.99M	-11.92M	215.95M	215.18M	-62.64M	863K	-8.47M	-24.58M	-26.4M
Working Capital Changes	-26.74M	30.31M	14.21M	-43.8M	-96.1M	162.57M	-7.4M	-71.52M	-66.81M	-61.26M
Change in Receivables	-4.55M	-14.23M	-2.56M	10.45M	-147.94M	129.49M	-32.35M	-20.74M	7.1M	-8.56M
Change in Inventory	-15.12M	-6.64M	-5.11M	-19.02M	26.73M	30M	-912K	-47.95M	-67.23M	-36.83M
Change in Payables	-7.06M	33.69M	24.17M	-31.95M	17.27M	0	0	0	0	874K
Cash from Investing+	-121.99M	-457.43M	-168.72M	-166.59M	-831.08M	37.09M	-74.12M	-268.59M	-175.36M	-370.13M
Capital Expenditures	-89.56M	-56.94M	-131.96M	-168.87M	-132.12M	-53.93M	-74.12M	-110.14M	-120.31M	-195.28M
CapEx % of Revenue	0.08%	0.05%	0.1%	0.12%	0.09%	0.03%	0.04%	0.05%	0.05%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-32.43M	-400.49M	-36.76M	2.28M	400K	0	0	0	0	0
Cash from Financing+	-145.9M	127M	-127.44M	-223.16M	541.83M	-530.29M	-692.15M	-277.31M	-368.9M	-192.94M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-20.02M	-19.34M	-19.44M	-18.93M	-17.14M	-4.16M	-30.77M	-37.5M	-35.3M	-33.72M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.1M	25.82M	24.26M	2.1M	-4.88M	38.06M	13.38M	4.51M	17.1M	1.22M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	176.2M	274.66M	205.71M	181.41M	267.18M	589.14M	443.05M	431.58M	443.63M	353.27M
FCF Margin %	0.15%	0.23%	0.15%	0.13%	0.18%	0.36%	0.24%	0.2%	0.2%	0.16%
FCF Growth %	0.44%	0.56%	-0.25%	-0.12%	0.47%	1.21%	-0.25%	-0.03%	0.03%	-0.2%
FCF per Share	3.52	5.68	4.23	3.87	6.32	14.09	10.82	11.65	12.64	10.50
FCF Conversion (FCF/Net Income)	1.74x	1.67x	1.32x	5.09x	5.63x	1.89x	1.38x	1.17x	1.18x	1.18x
Interest Paid	0	0	0	0	0	0	21.3M	31.6M	43.66M	42.37M
Taxes Paid	0	0	0	0	0	0	86.41M	131.51M	124.48M	140.79M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.88%	17.67%	19.58%	5.24%	6.51%	29.18%	30.03%	39.8%	38.3%	33.52%
Return on Invested Capital (ROIC)	11.25%	11.52%	11.41%	11.06%	9.55%	11.68%	16.75%	20.06%	20.03%	17.6%
Gross Margin	20.26%	25.76%	24.43%	23.44%	22.83%	25.17%	27.91%	29.76%	30.33%	29.78%
Net Margin	13.34%	16.37%	18.51%	4.94%	4.89%	20.92%	20.1%	21.49%	21.14%	20.5%
Debt / Equity	0.49x	0.57x	0.44x	0.57x	1.67x	0.77x	0.86x	0.94x	0.86x	0.88x
Interest Coverage	13.83x	11.63x	10.77x	10.19x	7.22x	8.08x	15.30x	16.45x	14.45x	14.18x
FCF Conversion	1.74x	1.67x	1.32x	5.09x	5.63x	1.89x	1.38x	1.17x	1.18x	1.18x
Revenue Growth	7.23%	5.92%	14.47%	0.48%	4.13%	11.84%	14.72%	15.39%	5.18%	0.05%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Cement	528.5M	566.32M	651.75M	656.76M	752M	944.56M	22.91M	32.91M	1.23B	1.2B
Cement Growth	-	7.16%	15.08%	0.77%	14.50%	25.61%	-97.57%	43.64%	3624.80%	-2.01%
Gypsum Wallboard	461.46M	473.65M	491.78M	532.71M	508.14M	539.01M	692.15M	872.47M	839.53M	846.5M
Gypsum Wallboard Growth	-	2.64%	3.83%	8.32%	-4.61%	6.07%	28.41%	26.05%	-3.78%	0.83%
Concrete And Aggregates	128.07M	154.59M	157.01M	140.17M	182.78M	168.83M	177.12M	239.52M	252.95M	251.64M
Concrete And Aggregates Growth	-	20.71%	1.57%	-10.73%	30.39%	-7.63%	4.91%	35.23%	5.61%	-0.52%
Paperboard	149.19M	167.06M	181.74M	167.66M	159.96M	163.51M	82.09M	-	184.19M	-
Paperboard Growth	-	11.98%	8.79%	-7.75%	-4.59%	2.22%	-49.80%	-	-	-
Oil And Gas Proppants	57.59M	34.62M	85.5M	82.99M	46.78M	-	-	-	-	-
Oil And Gas Proppants Growth	-	-39.88%	146.93%	-2.93%	-43.63%	-	-	-	-	-
Other	-	-	12.75M	-	-	-	-	-	-	-
Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Eagle Materials Inc. (EXP) has a price-to-earnings (P/E) ratio of 16.8x. This is roughly in line with market averages.

Growth & Financials

Eagle Materials Inc. (EXP) reported $2.30B in revenue for fiscal year 2024. This represents a 365% increase from $495.0M in 2011.

Eagle Materials Inc. (EXP) grew revenue by 0.1% over the past year. Growth has been modest.

Yes, Eagle Materials Inc. (EXP) is profitable, generating $446.8M in net income for fiscal year 2024 (20.5% net margin).

Dividend & Returns

Yes, Eagle Materials Inc. (EXP) pays a dividend with a yield of 0.43%. This makes it attractive for income-focused investors.

Eagle Materials Inc. (EXP) has a return on equity (ROE) of 33.5%. This is excellent, indicating efficient use of shareholder capital.

Eagle Materials Inc. (EXP) generated $243.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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