While revenue growth reached 44.5% in 2026Q4, gross margins have trended downward from a 41.0% peak in 2024Q3, suggesting that inflationary pressures are outpacing pricing power.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 |
|---|
| Sales/Revenue | 4.84B | 3.88B | 3.94B | 3.78B | 3.61B | 2.91B | 2.61B | 2.51B | 2.05B | 1.92B | 1.73B | 1.66B | 1.49B | 1.32B | 1.24B | 1.17B | 1.12B | 1.2B | 1.47B | 1.54B | 1.49B | 1.21B | 981.9M | 803.7M | 606.9M | 526.3M |
| Revenue Growth % | 24.71% | -1.49% | 4.21% | 4.49% | 24.27% | 11.58% | 4% | 22.01% | 6.92% | 11.19% | 4.3% | 10.92% | 13.06% | 6.77% | 6.04% | 3.77% | -6.49% | -18.12% | -4.8% | 3.65% | 22.98% | 23.27% | 22.17% | 32.43% | 15.31% | - |
| Cost of Goods Sold | 3.11B | 2.37B | 2.35B | 2.47B | 2.3B | 1.86B | 1.67B | 1.68B | 1.32B | 1.25B | 1.1B | 1.08B | 987.4M | 902M | 830.5M | 775.1M | 708.5M | 813.8M | 938.8M | 969.9M | 937.7M | 784M | 623M | 501.9M | 401.6M | 0 |
| COGS % of Revenue | 64.23% | 61.19% | 59.65% | 65.26% | 63.66% | 63.84% | 64.18% | 66.85% | 64.46% | 64.89% | 63.42% | 65.07% | 66.1% | 68.27% | 67.11% | 66.42% | 63% | 67.67% | 63.92% | 62.86% | 63% | 64.77% | 63.45% | 62.45% | 66.17% | - |
| Gross Profit | 1.73B | 1.5B | 1.59B | 1.31B | 1.31B | 1.05B | 933.7M | 831M | 730.2M | 674.7M | 632.2M | 578.8M | 506.4M | 419.3M | 407M | 391.9M | 416.1M | 388.8M | 530M | 573M | 550.8M | 426.4M | 358.9M | 301.8M | 205.3M | 0 |
| Gross Margin % | 35.77% | 38.81% | 40.35% | 34.74% | 36.34% | 36.16% | 35.82% | 33.15% | 35.54% | 35.11% | 36.58% | 34.93% | 33.9% | 31.73% | 32.89% | 33.58% | 37% | 32.33% | 36.08% | 37.14% | 37% | 35.23% | 36.55% | 37.55% | 33.83% | - |
| Gross Profit Growth % | 14.92% | -5.25% | 21.07% | -0.11% | 24.89% | 12.64% | 12.36% | 13.8% | 8.23% | 6.72% | 9.23% | 14.3% | 20.77% | 3.02% | 3.85% | -5.82% | 7.02% | -26.64% | -7.5% | 4.03% | 29.17% | 18.81% | 18.92% | 47% | - | - |
| Operating Expenses | 1.28B | 849.1M | 821M | 570.6M | 630.9M | 578.9M | 591.2M | 479.4M | 501M | 281.5M | 278.2M | 243.8M | 453.3M | 389.8M | 251.5M | 287.2M | 437.1M | 215.2M | 566.6M | 659.6M | 594.29M | 230.2M | 186.7M | 170.2M | 158.4M | 485.8M |
| OpEx % of Revenue | 26.51% | 21.9% | 20.86% | 15.11% | 17.45% | 19.9% | 22.68% | 19.13% | 24.39% | 14.65% | 16.1% | 14.71% | 30.35% | 29.5% | 20.32% | 24.61% | 38.87% | 17.89% | 38.58% | 42.75% | 39.93% | 19.02% | 19.01% | 21.18% | 26.1% | 92.3% |
| Selling, General & Admin | 946.4M | 596.2M | 602.2M | 494M | 461.2M | 389.6M | 415.8M | 403.6M | 311.3M | 291.6M | 254.2M | 245.5M | 224.4M | 218.6M | 191M | 173.4M | 185.8M | 208.8M | 228.2M | 214.6M | 210.6M | 174.5M | 162M | 153.1M | 116.2M | 0 |
| SG&A % of Revenue | 19.57% | 15.38% | 15.3% | 13.08% | 12.76% | 13.39% | 15.95% | 16.1% | 15.15% | 15.17% | 14.71% | 14.82% | 15.02% | 16.54% | 15.43% | 14.86% | 16.52% | 17.36% | 15.54% | 13.91% | 14.15% | 14.42% | 16.5% | 19.05% | 19.15% | - |
| Research & Development | 60.7M | 48.5M | 47M | 39.6M | 38M | 34.3M | 32.8M | 37.9M | 33.3M | 30.3M | 29.5M | 31.7M | 33.1M | 37.2M | 30.4M | 28M | 27.1M | 23.8M | 27.3M | 25.9M | 28.7M | 21.6M | 22.6M | 18.1M | 14.1M | 0 |
| R&D % of Revenue | 1.26% | 1.25% | 1.19% | 1.05% | 1.05% | 1.18% | 1.26% | 1.51% | 1.62% | 1.58% | 1.71% | 1.91% | 2.22% | 2.82% | 2.46% | 2.4% | 2.41% | 1.98% | 1.86% | 1.68% | 1.93% | 1.78% | 2.3% | 2.25% | 2.32% | - |
| Other Operating Expenses | 274.9M | 204.4M | 171.8M | 37M | 131.7M | 155M | 142.6M | 37.9M | 156.4M | -40.4M | -5.5M | -33.4M | 195.8M | 134M | 30.1M | 85.8M | 224.2M | -17.4M | 311.1M | 419.1M | 354.99M | 34.1M | 2.1M | -1M | 28.1M | 485.8M |
| Operating Income | 447.6M | 655.9M | 767.4M | 741.4M | 682.6M | 472.8M | 342.5M | 351.6M | 229.2M | 393.2M | 354M | 335M | 53.1M | 29.5M | 155.5M | 104.7M | -21M | 173.6M | -36.6M | -86.6M | -43.49M | 196.2M | 172.2M | 131.6M | 46.9M | 40.5M |
| Operating Margin % | 9.26% | 16.92% | 19.5% | 19.63% | 18.88% | 16.25% | 13.14% | 14.03% | 11.16% | 20.46% | 20.48% | 20.22% | 3.55% | 2.23% | 12.57% | 8.97% | -1.87% | 14.44% | -2.49% | -5.61% | -2.92% | 16.21% | 17.54% | 16.37% | 7.73% | 7.7% |
| Operating Income Growth % | -31.76% | -14.53% | 3.51% | 8.61% | 44.37% | 38.04% | -2.59% | 53.4% | -41.71% | 11.07% | 5.67% | 530.89% | 80% | -81.03% | 48.52% | 598.57% | -112.1% | 574.32% | 57.74% | -99.13% | -122.17% | 13.94% | 30.85% | 180.6% | 15.8% | - |
| EBITDA | 678.7M | 872.1M | 952.4M | 914M | 844.4M | 607.8M | 474M | 471M | 321.2M | 476.4M | 433.8M | 405.9M | 114.5M | 90.7M | 220.7M | 167.6M | 40.7M | 230M | 19.9M | -35.9M | 1.81M | 232.5M | 208.6M | 160.3M | 86.8M | 61.1M |
| EBITDA Margin % | 14.03% | 22.49% | 24.2% | 24.2% | 23.36% | 20.9% | 18.18% | 18.79% | 15.63% | 24.79% | 25.1% | 24.5% | 7.66% | 6.86% | 17.83% | 14.36% | 3.62% | 19.13% | 1.35% | -2.33% | 0.12% | 19.21% | 21.24% | 19.95% | 14.3% | 11.61% |
| EBITDA Growth % | -22.18% | -8.43% | 4.2% | 8.24% | 38.93% | 28.23% | 0.64% | 46.64% | -32.58% | 9.82% | 6.87% | 254.5% | 26.24% | -58.9% | 31.68% | 311.79% | -82.3% | 1055.78% | 155.43% | -2083.43% | -99.22% | 11.46% | 30.13% | 84.68% | 42.06% | - |
| D&A (Non-Cash Add-back) | 231.1M | 216.2M | 185M | 172.6M | 161.8M | 135M | 131.5M | 119.4M | 92M | 83.2M | 79.8M | 70.9M | 61.4M | 61.2M | 65.2M | 62.9M | 61.7M | 56.4M | 56.5M | 50.7M | 45.3M | 36.3M | 36.4M | 28.7M | 39.9M | 20.6M |
| EBIT | 447.6M | 686.4M | 791.2M | 760.5M | 682.4M | 459.8M | 342.4M | 350.7M | 207.2M | 395.5M | 357.1M | 332.4M | 59.1M | 39.2M | 162.3M | 105.6M | -11M | 167M | -24.4M | -86.6M | -43.49M | 196.2M | 172.2M | 130.6M | 75M | 40.5M |
| Net Interest Income | -231.1M | -10.3M | -15.3M | -30.7M | -39.3M | -47.8M | -54.4M | -50.1M | -29.5M | -27.5M | -25.6M | -7.5M | -1.1M | 2.4M | -7.4M | -4.4M | -4M | -3M | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 30.7M | 21.1M | 6.3M | 1M | 700K | 3.1M | 4.1M | 3.4M | 1M | 1M | 2.3M | 3.4M | 7.9M | 3.8M | 4.6M | 3.7M | 8.2M | 12.2M | 5.5M | 7M | 2.2M | 0 | 0 | 0 | 0 |
| Interest Expense | 231.1M | 41M | 36.4M | 37M | 40.3M | 48.5M | 57.5M | 54.2M | 32.9M | 28.5M | 26.6M | 9.8M | 4.5M | 5.5M | 11.2M | 9M | 7.7M | 11.2M | 11.1M | 12M | 7.2M | 7.3M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -240.9M | -10.5M | -12.6M | -17.9M | -39.5M | -60.8M | -54.5M | -51M | -54.9M | -26.2M | -23.5M | -12.4M | 1.5M | 4.2M | -4.4M | -8.1M | 2.3M | -17.8M | 1.1M | -6.5M | -391.61M | -6.4M | -6.5M | -19.2M | -16.4M | -11.6M |
| Pretax Income | 206.7M | 645.4M | 754.8M | 723.5M | 643.1M | 412M | 288M | 300.6M | 174.3M | 367M | 330.5M | 322.6M | 54.6M | 33.7M | 151.1M | 96.6M | -18.7M | 155.8M | -35.5M | -93.1M | -435.1M | 189.8M | 165.7M | 112.4M | 30.5M | 28.9M |
| Pretax Margin % | 4.27% | 16.64% | 19.18% | 19.15% | 17.79% | 14.16% | 11.05% | 11.99% | 8.48% | 19.1% | 19.12% | 19.47% | 3.66% | 2.55% | 12.21% | 8.28% | -1.66% | 12.96% | -2.42% | -6.03% | -29.23% | 15.68% | 16.88% | 13.99% | 5.03% | 5.49% |
| Income Tax | 102.7M | 221.4M | 244.6M | 211.5M | 184M | 149.2M | 46.5M | 71.8M | 28.2M | 90.5M | 86.1M | 31.3M | -44.9M | -11.8M | -453.2M | 443.6M | 66.2M | 19.5M | 36.1M | -243.9M | 71.6M | 61.9M | 40.4M | 27M | 3.9M | -600K |
| Effective Tax Rate % | 49.69% | 34.3% | 32.41% | 29.23% | 28.61% | 36.21% | 16.15% | 23.89% | 16.18% | 24.66% | 26.05% | 9.7% | -82.23% | -35.01% | -299.93% | 459.21% | -354.01% | 12.52% | -101.69% | 261.98% | -16.46% | 32.61% | 24.38% | 24.02% | 12.79% | -2.08% |
| Net Income | 104M | 424M | 510.2M | 512M | 459.1M | 262.8M | 241.5M | 228.8M | 146.1M | 276.5M | 244.4M | 291.3M | 99.5M | 45.5M | 604.3M | -347M | -84.9M | 136.3M | -71.6M | 151.7M | -506.7M | 126.9M | 129.6M | 170.5M | 29.3M | 38.6M |
| Net Margin % | 2.15% | 10.93% | 12.96% | 13.56% | 12.7% | 9.04% | 9.26% | 9.13% | 7.11% | 14.39% | 14.14% | 17.58% | 6.66% | 3.44% | 48.83% | -29.73% | -7.55% | 11.33% | -4.87% | 9.83% | -34.04% | 10.48% | 13.2% | 21.21% | 4.83% | 7.33% |
| Net Income Growth % | -75.47% | -16.9% | -0.35% | 11.52% | 74.7% | 8.82% | 5.55% | 56.61% | -47.16% | 13.13% | -16.1% | 192.76% | 118.68% | -92.47% | 274.15% | -308.72% | -162.29% | 290.36% | -147.2% | 129.94% | -499.29% | -2.08% | -23.99% | 481.91% | -24.09% | - |
| Net Income (Continuing) | 104M | 424M | 510.2M | 512M | 459.1M | 262.8M | 241.5M | 228.8M | 146.1M | 276.5M | 244.4M | 291.3M | 99.5M | 45.5M | 604.3M | -347M | -84.9M | 136.3M | -71.6M | 150.8M | -506.7M | 127.9M | 125.3M | 85.4M | 26.6M | 29.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.19 | 0.98 | 1.16 | 1.15 | 1.03 | 0.59 | 0.54 | 0.52 | 0.33 | 0.62 | 0.55 | 0.65 | 0.22 | 0.10 | 1.38 | -0.80 | -0.20 | 0.31 | -0.16 | 0.33 | -1.10 | 0.28 | 0.28 | 0.37 | 0.07 | 0.09 |
| EPS Growth % | -80.61% | -15.52% | 0.87% | 11.65% | 74.58% | 9.26% | 3.85% | 57.58% | -46.77% | 12.73% | -15.38% | 195.45% | 120% | -92.75% | 272.5% | -300% | -164.52% | 293.75% | -148.48% | 130% | -492.86% | 0% | -24.32% | 428.57% | -22.22% | - |
| EPS (Basic) | 0.19 | 0.98 | 1.16 | 1.15 | 1.03 | 0.60 | 0.55 | 0.52 | 0.33 | 0.62 | 0.55 | 0.65 | 0.22 | 0.10 | 1.39 | -0.80 | -0.20 | 0.32 | -0.16 | 0.33 | -1.10 | 0.28 | 0.28 | 0.37 | 0.07 | 0.09 |
| Diluted Shares Outstanding | 545.5M | 432.1M | 439.6M | 445.6M | 445.9M | 445.4M | 444.1M | 443M | 442.3M | 443.9M | 447.2M | 446.4M | 444.6M | 440.6M | 437.9M | 436.39M | 432.7M | 434.5M | 455M | 466.4M | 461.7M | 461M | 461.4M | 459.4M | 440.4M | 409.6M |
| Basic Shares Outstanding | 541.8M | 430.8M | 438.4M | 445.1M | 444.9M | 443.7M | 442.6M | 441.9M | 441.2M | 442.7M | 445.3M | 445M | 442.6M | 439.2M | 436.2M | 436.39M | 432.7M | 432.3M | 455M | 464.6M | 461.7M | 458.9M | 458.1M | 456.7M | 438.4M | 409.6M |
| Dividend Payout Ratio | - | - | - | 25.31% | 105.42% | - | 65.67% | 75.22% | 121.49% | 63.94% | 100.86% | 133.92% | 200.1% | 414.29% | 2.88% | - | - | 25.39% | - | 27.75% | - | 10.8% | 17.67% | 20.12% | 69.28% | - |
Asbestos liability volatility
According to the latest quarterly financial data, JHX achieved a notable 44.5% year-over-year revenue growth in 2026Q4, signaling a significant acceleration in top-line performance that stands in stark contrast to the more stagnant growth profiles observed among broader building materials peers like Masco Corporation.
The recent surge in revenue suggests that the company is successfully leveraging its premium product positioning to capture market share despite broader housing market headwinds. Investors should monitor whether this growth is sustainable or if it reflects temporary inventory stocking patterns by distributors ahead of anticipated price adjustments.
As reported in the company's income statement, gross margins have trended downward from a peak of 41.0% in 2024Q3 to 37.3% in 2026Q4, suggesting that inflationary pressures on raw materials like cellulose pulp are increasingly difficult to fully offset through current pricing strategies.
While the 37.3% gross margin remains competitive within the building materials sector, the consistent erosion over the last two years warrants caution regarding the company's long-term pricing power. This trend may indicate that the firm is reaching a ceiling in its ability to pass through cost increases to price-sensitive residential contractors.
Based on the provided financial figures, the company's net margin of 2.0% in 2026Q4 significantly trails its gross margin of 37.3%, highlighting a substantial disconnect between operational profitability and bottom-line results that is likely driven by non-operating charges related to the Asbestos Injuries Compensation Fund.
The volatility in net income, including a net loss in 2026Q2, suggests that headline earnings are an unreliable metric for assessing the company's core operational health. Analysts should focus on adjusted EBITDA to strip away the impact of these legacy actuarial adjustments and better evaluate the underlying cash-generating capability of the business.
Data from recent filings indicates that SG&A expenses have risen to $289.8M in 2026Q4, representing a significant increase from the $156.3M reported in 2024Q3, which suggests that the company is incurring higher overhead costs to support its current growth trajectory and geographic expansion efforts.
The rapid expansion of the SG&A line item relative to revenue growth may indicate a loss of operating leverage as the company scales its operations. Investors should investigate whether these costs are structural investments in market share or if they represent a lack of expense discipline during a period of top-line volatility.
While the company maintains a strong market position, the 2026Q4 net margin of 2.0% raises concerns about the long-term viability of its premium pricing strategy, especially if competitors like LP Building Solutions continue to gain traction with alternative engineered wood products in a price-sensitive environment.
Short-sellers may focus on the widening gap between gross and net margins as evidence that the company's competitive moat is being eroded by rising operational costs and legacy liabilities. The reliance on high-margin R&R demand may prove insufficient if macroeconomic conditions force a shift toward lower-cost, commoditized siding alternatives.
Quick answers to the most common questions about buying JHX stock.
For fiscal year 2026, James Hardie Industries plc (JHX) reported total revenue of $4.84B. This represents a 818.8% increase compared to $526.3M in 2001.
James Hardie Industries plc (JHX) is profitable, generating $104.0M in net income for the fiscal year ending 2026 with a net profit margin of 2.2%.
James Hardie Industries plc (JHX) reported an operating income of $447.6M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
James Hardie Industries plc (JHX) generated $1.73B in gross profit for the year, representing a gross profit margin of 35.8%. This demonstrates the company's core pricing power and production efficiency.