Eagle Materials Inc.

Rank #397Hypergrowth

EXP · NYSE · Basic Materials

Eagle Materials Inc. (EXP) — Rank #397 by gross profitability (GP/assets 0.17) · ROE 28.5% · Piotroski F-Score 8 / 9.

As-of 2026-09-15 · CIK 0000918646 · all metrics point-in-time as of the filing date.

About

Eagle Materials Inc., through its subsidiaries, manufactures and sells heavy construction products and light building materials in the United States.

The company operates in four segments: Cement, Concrete and Aggregates, Gypsum Wallboard, and Recycled Paperboard. It engages in the mining of limestone for the manufacture, production, distribution, and sale of portland cement, including Portland limestone 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, as well as well as containerboard and lightweight packaging grades. The company is also involved in the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters; sale of readymix concrete; and mining and sale of aggregates, such as crushed stone, sand, and gravel. Its products are used in commercial and residential construction; public construction projects to build, expand, and repair roads and highways; and repair and remodel activities. 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.

Industry: Building Materials
Sector: Basic Materials
State: DE
Filer Category: Large accelerated filer
Fiscal Year End: March 31
Website: eaglematerials.com

Price History

EXP+23.4% · +4.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$5.60B

P/E (annual)

13.9

P/S (annual)

2.4

P/B

3.8

P/OCF (annual)

9.1

Shareholder Yield

27.8%

Employees

2,800

Industry

Building Materials

Exchange

NYSE

Signal Flags

2 green

Revenue growth acceleratingGrowth rate increasing year over year

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak

Quality Profile

Profitability

1/1 pass

GP / assets

0.17

Return on equity

28.5%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

1.63

Current ratio

3.23×

Net cash

-$1.52B

Cash Flow

2/3 pass

Positive FCF

PASS

Cash-backed earnings

WARN

Accruals healthy

PASS

SBC / revenue

0.9%

Growth

2/2 pass

Revenue growth

399.5%

Piotroski F-Score

8 / 9

Share dilution

-27.2%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

3 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

13.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -27.2% — per-share value needs a total required return of -14.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 2.9%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

8.5%

r = 10% (base)

13.1%

r = 12%

17.1%

Net debt / market cap: 25.9%

Base FCF: $197.4M3Y mean FCF: $29.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

13.3xCheap

13.3xmed 34.3x82.3x

P / S

Price / revenue per share

2.7xFair

1.9xmed 2.8x3.7x

P / B

Price / book value per share

4.4xExpensive

2.7xmed 3.0x4.4x

P / GP

Price / gross profit per share

9.6xCheap

8.4xmed 14.2x35.3x

P / FCF

Price / free cash flow per share

11.3xCheap

10.3xmed 20.0x46.1x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

Gross margin27.9% now vs 7.7%–27.9% 10yr range

1.6σ above average

Operating margin29.7% now vs 13.1%–29.7% 10yr range

1.6σ above average

Net margin20.1% now vs 3.2%–20.9% 10yr range

1.8σ above average

Revenue growth302.8% now vs -1.2%–302.8% 10yr range

1.6σ above average

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.17

Primary signal (Novy-Marx).

Return on equity

28.5%

Gross margin

28.3%

Revenue growth (YoY)

399.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2011	2012	2021	2022
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

7.3%

Earnings CAGR (3Y)

-2.8%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.63

Current ratio

3.23×

Quick ratio

1.83×

Net cash

-$1.52B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$197.43M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.53

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.9%

Stock-based comp intensity.

Dividend safety

Composite score

2.8 / 5

Fair

Payout ratio

7.6%5/5 Strong

FCF coverage

6.10×5/5 Strong

Dividend growth streak

0 yr0/5 Weak

Balance-sheet health

D/E 1.63 · IC N/A1/5 Weak

Piotroski F-Score

F-Score

8 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2009-2011

2012

2021-2022

20092022

Value

Capital Return

Hypergrowth

View full financial statements →