Latest Ratios: P/E Ratio 137.6x · EV/EBITDA 28.9x · ROE 2.4%. (2001–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.2B | $10.3B | $10.2B | $17.8B | $9.6B | $13.4B | $13.6B | $5.3B | $5.7B | $7.9B | $7.0B |
| Enterprise Value | $19.6B | $14.8B | $10.8B | $18.6B | $10.7B | $14.3B | $14.3B | $6.6B | $7.0B | $8.5B | $7.6B |
| P/E Ratio → | 137.63 | 99.68 | 24.04 | 34.88 | 18.83 | 29.27 | 51.83 | 22.19 | 24.75 | 54.18 | 25.48 |
| P/S Ratio | 3.14 | 2.14 | 2.63 | 4.52 | 2.55 | 3.72 | 4.68 | 2.04 | 2.27 | 3.85 | 3.65 |
| P/B Ratio | 2.22 | 1.61 | 4.71 | 9.57 | 5.99 | 10.09 | 12.84 | 5.14 | 5.85 | — | — |
| P/FCF | 73.70 | 50.18 | 26.75 | 38.26 | 591.86 | 26.92 | 20.14 | 20.67 | — | 80.45 | 25.00 |
| P/OCF | 25.73 | 17.52 | 12.68 | 19.46 | 15.88 | 17.75 | 17.31 | 11.79 | 19.82 | 26.81 | 24.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 2.79 | 4.73 | 2.83 | 3.95 | 4.93 | 2.53 | 2.79 | 4.14 | 3.93 |
| EV / EBITDA | 28.90 | 21.77 | 12.41 | 19.55 | 11.68 | 16.90 | 23.58 | 13.90 | 14.87 | 26.50 | 15.85 |
| EV / EBIT | 43.83 | 33.74 | 15.77 | 23.54 | 14.03 | 20.92 | 31.18 | 19.24 | 19.97 | 41.08 | 19.09 |
| EV / FCF | — | 71.75 | 28.44 | 40.06 | 654.75 | 28.58 | 21.20 | 25.60 | — | 86.58 | 26.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.8% | 35.8% | 38.8% | 40.4% | 34.7% | 36.3% | 36.2% | 35.8% | 33.2% | 35.5% | 35.1% |
| Operating Margin | 9.3% | 9.3% | 16.9% | 19.5% | 19.6% | 18.9% | 16.3% | 13.1% | 14.0% | 11.2% | 20.5% |
| Net Profit Margin | 2.2% | 2.2% | 10.9% | 13.0% | 13.6% | 12.7% | 9.0% | 9.3% | 9.1% | 7.1% | 14.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.4% | 2.4% | 21.1% | 29.4% | 34.8% | 38.4% | 25.1% | 24.0% | 60.8% | — | — |
| ROA | 1.1% | 1.1% | 8.4% | 10.9% | 11.7% | 11.0% | 6.5% | 6.0% | 7.2% | 6.7% | 13.6% |
| ROIC | 4.9% | 4.9% | 17.9% | 21.6% | 23.2% | 26.0% | 17.4% | 11.2% | 19.8% | 48.6% | 108.0% |
| ROCE | 5.3% | 5.3% | 15.4% | 19.4% | 20.4% | 20.5% | 14.1% | 9.7% | 12.8% | 12.9% | 24.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.56 | 0.65 | 0.71 | 0.72 | 0.87 | 1.36 | 1.42 | — | — |
| Debt / EBITDA | 7.05 | 7.05 | 1.38 | 1.26 | 1.25 | 1.13 | 1.52 | 2.98 | 2.93 | 2.75 | 1.29 |
| Net Debt / Equity | — | 0.69 | 0.30 | 0.45 | 0.64 | 0.62 | 0.67 | 1.22 | 1.34 | — | — |
| Net Debt / EBITDA | 6.54 | 6.54 | 0.74 | 0.88 | 1.12 | 0.98 | 1.17 | 2.67 | 2.76 | 1.88 | 1.13 |
| Debt / FCF | — | 21.57 | 1.69 | 1.80 | 62.90 | 1.66 | 1.06 | 4.93 | — | 6.13 | 1.92 |
| Interest Coverage | 1.89 | 1.89 | 16.74 | 21.74 | 20.55 | 16.93 | 9.48 | 5.95 | 6.47 | 6.30 | 13.88 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 2.10 | 1.79 | 1.54 | 1.46 | 1.05 | 1.78 | 1.56 | 2.14 | 1.47 |
| Quick Ratio | 1.03 | 1.03 | 1.67 | 1.37 | 1.05 | 1.10 | 0.80 | 1.18 | 0.90 | 1.49 | 1.00 |
| Cash Ratio | 0.47 | 0.47 | 0.69 | 0.46 | 0.16 | 0.16 | 0.23 | 0.28 | 0.16 | 0.71 | 0.18 |
| Asset Turnover | — | 0.35 | 0.74 | 0.80 | 0.84 | 0.85 | 0.71 | 0.65 | 0.62 | 0.87 | 0.95 |
| Inventory Turnover | 4.89 | 4.89 | 6.84 | 6.95 | 7.16 | 8.23 | 8.51 | 5.48 | 5.28 | 5.18 | 6.15 |
| Days Sales Outstanding | — | 39.31 | 30.96 | 29.00 | 28.86 | 33.63 | 36.47 | 36.96 | 35.33 | 34.75 | 36.77 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.3% | 3.6% | — | 3.0% | 3.0% | 2.2% | 2.5% |
| Payout Ratio | — | — | — | — | 25.3% | 105.4% | — | 65.7% | 75.2% | 121.5% | 63.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 1.0% | 4.2% | 2.9% | 5.3% | 3.4% | 1.9% | 4.5% | 4.0% | 1.8% | 3.9% |
| FCF Yield | 1.4% | 2.0% | 3.7% | 2.6% | 0.2% | 3.7% | 5.0% | 4.8% | — | 1.2% | 4.0% |
| Buyback Yield | 0.0% | 0.0% | 1.5% | 1.5% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.5% | 1.5% | 2.2% | 3.6% | 0.0% | 3.0% | 3.0% | 2.2% | 3.9% |
| Shares Outstanding | — | $546M | $432M | $440M | $446M | $446M | $445M | $444M | $443M | $442M | $444M |
Includes 30+ ratios · 26 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying JHX stock.
James Hardie Industries plc's current P/E ratio is 137.6x. The historical average is 33.6x. This places it at the 100th percentile of its historical range.
James Hardie Industries plc's current EV/EBITDA is 28.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
James Hardie Industries plc's return on equity (ROE) is 2.4%. The historical average is 32.3%.
Based on historical data, James Hardie Industries plc is trading at a P/E of 137.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
James Hardie Industries plc has 35.8% gross margin and 9.3% operating margin.
James Hardie Industries plc's Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and integration risk
Metrics are mathematically derived from official filings.
Premium Pricing on Rebounding Earnings
JHX trades at 160x trailing earnings but only 27.8x forward, per reported multiples, implying the market expects a sharp earnings recovery from the depressed 2026Q2 loss.
The trailing P/E of 160.16 is distorted by the recent trough in earnings, while the forward P/E of 27.78 suggests investors are pricing in a normalization to historical profitability. EV/EBITDA of 32.56 on a trailing basis versus 20.76 forward indicates the market is looking through the current margin compression. Compared to peers like Masco (19.35x P/E) and Trex (27.06x P/E), JHX's forward multiple is in line, but the gap between trailing and forward multiples highlights the market's expectation of a strong rebound, which may already be reflected in the price.
Margin Recovery Still Incomplete
Gross margin slipped to 37.2% in 2027Q1 from 40.9% in 2024Q4, while operating margin at 14.8% remains below the 21.6% peak, based on reported figures.
The 2027Q1 operating margin of 14.8% is a clear improvement from the 6.4% trough in 2025Q4, but it still lags the 21.6% achieved in 2025Q3. Net margin of 7.1% in 2027Q1 is similarly below the 15.7% seen in 2025Q1, suggesting that cost pressures and acquisition-related expenses are weighing on profitability. The gross margin contraction from 40.9% to 37.2% over the period indicates that input cost inflation or product mix shifts are eroding the company's pricing power, and investors should monitor whether this trend reverses as volumes scale.
Returns Compressed by Acquisition
ROIC fell to 3.0% in 2027Q1 from 6.5% in 2025Q1, as reported in financial statements, reflecting the dilutive impact of the $4.0B acquisition on capital efficiency.
The sharp decline in ROIC from 6.5% to 3.0% over the past two years suggests that the acquisition has not yet generated returns commensurate with the capital deployed. ROE similarly dropped from 8.2% to 3.2% over the same period, indicating that shareholder returns are being diluted by the expanded asset base. While the 2027Q1 figures show a sequential improvement from the 1.1% ROIC in 2026Q4, the company is still far from its pre-acquisition return levels, and the integration of the acquired business will be critical to restoring capital efficiency.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 33 days in 2026Q1 from 26 days in 2024Q4, as per quarterly data, driven by higher DSO and DIO, indicating reduced efficiency.
The CCC has widened from 26 days in 2024Q4 to 33 days in 2026Q1, with DSO rising from 28 to 33 days and DIO from 50 to 59 days. This suggests that the company is taking longer to collect receivables and turn inventory, which may be a consequence of the acquisition's larger scale and customer mix. Asset turnover has also declined from 0.21 in 2024Q4 to 0.22 in 2027Q1, but the more telling trend is the persistent working capital drag, which has absorbed $321M cumulatively over ten quarters, as noted in the cash flow analysis. Management's ability to tighten working capital will be key to improving cash generation.
Leverage Elevated but Moderating
Debt-to-equity peaked at 1.16 in 2026Q1 but fell to 0.69 by 2027Q1, while interest coverage improved to 1.77x in 2026Q4, per reported figures.
The acquisition-driven leverage spike is evident, with D/E rising from 0.65 in 2024Q4 to 1.16 in 2026Q1, but the subsequent decline to 0.69 suggests that the company is deleveraging, possibly through earnings retention or asset sales. However, interest coverage of 1.77x in 2026Q4 is thin, indicating that operating income barely covers interest expense, though the 2027Q1 data shows a recovery in operating income. D/EBITDA of 14.51 in 2026Q4 is elevated, but this is distorted by the depressed EBITDA; as earnings normalize, this ratio should improve. Investors should monitor whether the company can continue to reduce leverage without sacrificing growth.
Liquidity Buffer Thins Post-Deal
Current ratio fell from 3.76 in 2026Q1 to 1.59 in 2027Q1, while quick ratio dropped to 1.03, as per financial statements, indicating a reduced cushion.
The current ratio has declined sharply from the pre-acquisition level of 3.76 to 1.59, and the quick ratio of 1.03 suggests that the company is increasingly reliant on inventory to meet short-term obligations. Cash declined to $322M in 2027Q1, which, combined with the elevated debt load, may limit financial flexibility. While the current ratio remains above 1.0, the trend is concerning, and a further deterioration could strain liquidity if earnings falter. The company's ability to generate strong operating cash flow, as seen in 2027Q1, will be crucial to rebuilding its liquidity buffer.
Premium Valuation vs. Peers
JHX's forward P/E of 27.78 is higher than Masco's 19.35 and Trex's 27.06, while its ROE of 3.2% lags peers, based on reported figures.
Despite a lower ROE than peers (Masco 23.3%, Trex 17.4%, IBP 37.2%), JHX commands a premium forward multiple, which may reflect expectations of a strong earnings rebound or strategic positioning. However, the company's net margin of 7.1% is below Trex's 16.2% and Masco's 10.7%, indicating that profitability is not yet at peer levels. The elevated EV/EBITDA of 32.56 versus peers (12-16x) suggests that the market is pricing in significant growth, but the gap may narrow if the company fails to deliver on integration synergies. Investors should assess whether the premium is justified by JHX's unique market position or if it represents over-optimism.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 160x is misleading for JHX due to cyclical earnings troughs; forward P/E or EV/EBITDA better capture normalized profitability, as per reported data.
The most commonly misapplied ratio for JHX is the trailing P/E, which is distorted by the recent earnings trough in 2026Q2 when the company posted a net loss. This makes the trailing multiple appear extremely high, but it does not reflect the company's underlying earning power. Instead, investors should focus on forward P/E or EV/EBITDA, which smooth out cyclicality and provide a more accurate picture of valuation. Additionally, given the significant goodwill on the balance sheet, EV/EBITDA may be more appropriate as it accounts for the company's debt and cash position, offering a clearer view of the enterprise value relative to operating earnings.