Detailed financial statements for Eagle Materials Inc. (EXP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Eagle Materials Inc., operating through its subsidiaries across the United States, stands as a key producer and supplier of both heavy construction and light building materials. The company's diverse operations are organized into distinct segments: Cement; Concrete and Aggregates; Gypsum Wallboard; and Recycled Paperboard.
Analysis Summary
Eagle Materials Inc. reported revenue of $2.31B in the most recent fiscal year, growing at a 5-year CAGR of 7.3%. Net income reached $423.8M, with a 4.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 27.0%, operating margin 23.1%, net margin 17.3%. Free cash flow grew at -19.6% CAGR over 5 years.
At $183.64 (closing price, October 30, 2026), EXP trades at a P/E of 14.52 and an ROE of 26.87%. Market capitalisation stands at $5.6B.
Balance sheet quality for EXP: current ratio of 3.7, net debt of $1.50B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $197.4M represents 47% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.39B | $1.39B | $1.45B | $1.62B | $1.86B | $2.15B | $2.26B | $2.26B | $2.31B |
| Cost of Revenue | $899.2M | $1.05B | $1.07B | $1.12B | $1.21B | $1.34B | $1.51B | $1.57B | $1.59B | $1.66B |
| Gross Profit | $312.0M | $338.8M | $326.6M | $331.3M | $408.4M | $519.6M | $639.3M | $685.3M | $673.1M | $652.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $33.9M | $41.2M | $37.4M | $65.4M | $49.5M | $46.8M | $53.6M | $59.8M | $73.9M | $89.2M |
| Operating Expenses | $31.8M | $41.2M | $37.4M | $65.4M | $49.5M | $46.8M | $53.6M | $59.8M | $73.9M | $91.7M |
| Operating Income | $263.2M | $297.6M | $289.2M | $277.3M | $358.8M | $472.8M | $585.6M | $625.5M | $599.2M | $560.9M |
| EBITDA | $409.0M | $413.6M | $230.8M | $407.7M | $597.7M | $634.8M | $762.7M | $811.1M | $792.6M | $764.2M |
| Interest Expense | $22.6M | $27.6M | $28.4M | $38.4M | $44.4M | $30.9M | $35.6M | $43.3M | $42.2M | $59.0M |
| Pre-tax Income | $294.5M | $272.0M | $79.7M | $45.7M | $424.1M | $475.1M | $588.6M | $617.9M | $591.5M | $542.0M |
| Income Tax | $96.3M | $15.3M | $10.9M | -$25.2M | $89.9M | $100.8M | $127.1M | $140.3M | $128.1M | $118.2M |
| Net Income | $198.2M | $256.6M | $68.9M | $70.9M | $339.4M | $374.2M | $461.5M | $477.6M | $463.4M | $423.8M |
| EPS | $4.14 | $5.33 | $1.48 | $1.69 | $7.95 | $9.23 | $12.54 | $13.72 | $13.88 | $13.20 |
| EPS (Diluted) | $4.10 | $5.28 | $1.47 | $1.68 | $7.89 | $9.14 | $12.46 | $13.61 | $13.77 | $13.12 |
| Shares Outstanding (Diluted) | 48.4 M | 48.6 M | 46.9 M | 42.3 M | 41.8 M | 40.9 M | 37.1 M | 35.1 M | 33.6 M | 31.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $638.9M | $556.0M | $479.1M | $651.0M |
| Gross Profit | $199.7M | $160.9M | $106.3M | $161.2M |
| Operating Income | $178.4M | $136.9M | $80.8M | $141.0M |
| EBITDA | $251.4M | $184.6M | $117.8M | $187.8M |
| Net Income | $137.4M | $102.9M | $60.2M | $102.1M |
| EPS | $4.25 | $3.23 | $1.94 | $3.30 |
| EPS (Diluted) | $4.23 | $3.22 | $1.91 | $3.29 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.6M | $9.3M | $8.6M | $118.6M | $263.5M | $19.4M | $15.2M | $34.9M | $20.4M | $297.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $136.3M | $147.4M | $134.2M | $274.2M | $150.0M | $183.5M | $211.3M | $212.9M | $222.4M | $236.1M |
| Inventory | $252.8M | $258.2M | $275.2M | $272.5M | $235.7M | $236.7M | $291.9M | $373.9M | $415.2M | $408.4M |
| Total Current Assets | $400.6M | $458.7M | $427.6M | $678.2M | $661.7M | $442.7M | $521.5M | $627.7M | $668.7M | $950.9M |
| Property, Plant & Equipment | $1.55B | $1.60B | $1.43B | $1.79B | $1.68B | $1.64B | $1.68B | $1.70B | $1.82B | $2.09B |
| Goodwill | $198.4M | $205.2M | $198.4M | $331.6M | $329.1M | $329.1M | $380.7M | $392.6M | $469.9M | $470.7M |
| Intangible Assets | $37.1M | $34.1M | $30.7M | $64.9M | $63.2M | $58.8M | $85.3M | $93.5M | $125.9M | $114.8M |
| Total Assets | $2.25B | $2.37B | $2.17B | $2.96B | $2.84B | $2.58B | $2.78B | $2.95B | $3.26B | $3.84B |
| Accounts Payable | $92.2M | $73.5M | $80.9M | $84.2M | $84.2M | $113.7M | $110.4M | $127.2M | $129.9M | $138.9M |
| Short-term Debt | $81.2M | 0 | $36.5M | 0 | 0 | $7.1M | $10.0M | $10.0M | $15.0M | $15.0M |
| Total Current Liabilities | $229.5M | $179.3M | $179.3M | $169.7M | $169.4M | $207.6M | $212.9M | $239.4M | $245.0M | $260.2M |
| Long-term Debt | $605.3M | $620.9M | $655.1M | $1.57B | $1.01B | $938.3M | $1.08B | $1.08B | $1.22B | $1.75B |
| Total Liabilities | $1.04B | $950.3M | $959.7M | $1.99B | $1.48B | $1.45B | $1.60B | $1.64B | $1.81B | $2.37B |
| Retained Earnings | $1.06B | $1.30B | $1.21B | $960.1M | $1.30B | $1.14B | $1.19B | $1.31B | $1.46B | $1.48B |
| Total Equity | $1.20B | $1.42B | $1.21B | $967.8M | $1.36B | $1.13B | $1.19B | $1.31B | $1.46B | $1.47B |
| Total Debt | $686.5M | $620.9M | $691.6M | $1.61B | $1.05B | $974.6M | $1.12B | $1.12B | $1.28B | $1.80B |
| Net Debt | $679.9M | $611.6M | $683.0M | $1.50B | $785.9M | $955.2M | $1.10B | $1.09B | $1.26B | $1.50B |
| Working Capital | $171.1M | $279.4M | $248.3M | $508.5M | $492.3M | $235.2M | $308.6M | $388.3M | $423.7M | $690.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $35.0M | $419.0M | $297.9M | $233.5M |
| Total Assets | $3.41B | $3.84B | $3.84B | $3.91B |
| Total Liabilities | $1.87B | $2.35B | $2.37B | $2.42B |
| Total Equity | $1.54B | $1.49B | $1.47B | $1.49B |
| Total Debt | $1.33B | $1.80B | $1.80B | $1.80B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $198.2M | $256.6M | $68.9M | $70.9M | $339.4M | $374.2M | $461.5M | $477.6M | $463.4M | $423.8M |
| Depreciation & Amortization | $91.8M | $114.0M | $122.5M | $113.5M | $129.1M | $128.8M | $138.6M | $149.8M | $158.9M | $164.7M |
| Stock-based Compensation | $12.1M | $14.1M | $15.1M | $19.8M | $15.3M | $14.3M | $17.2M | $19.9M | $18.7M | $21.3M |
| Change in Working Capital | $30.3M | $14.2M | -$43.8M | -$96.1M | $162.6M | -$7.4M | -$71.5M | -$66.8M | -$61.3M | $1.6M |
| Operating Cash Flow | $331.6M | $337.7M | $350.3M | $399.3M | $643.1M | $517.2M | $541.7M | $563.9M | $548.5M | $614.2M |
| Capital Expenditure | -$56.9M | -$132.0M | -$168.9M | -$132.1M | -$53.9M | -$74.1M | -$110.1M | -$120.3M | -$195.3M | -$416.7M |
| Acquisitions | -$400.5M | -$36.8M | 0 | -$699.4M | $91.0M | 0 | -$158.5M | -$55.1M | -$174.8M | -$15.0M |
| Stock Repurchased | -$64.5M | -$66.1M | -$276.3M | -$317.9M | -$4.2M | -$595.0M | -$393.8M | -$353.7M | -$304.2M | -$390.4M |
| Dividends Paid | -$19.3M | -$19.4M | -$18.9M | -$17.1M | -$4.2M | -$30.8M | -$37.5M | -$35.3M | -$33.7M | -$32.4M |
| Free Cash Flow | $274.7M | $205.7M | $181.4M | $267.2M | $589.1M | $443.1M | $431.6M | $443.6M | $353.3M | $197.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $204.6M | $170.8M | $102.1M | $154.4M |
| Capital Expenditure | -$108.5M | -$110.0M | -$122.1M | -$120.8M |
| Free Cash Flow | $96.1M | $60.8M | -$19.9M | $33.6M |
| Dividends Paid | -$8.4M | -$7.8M | -$7.9M | -$8.0M |
| Stock-based Compensation | $5.5M | $5.5M | $5.5M | $4.7M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.5% | +0.5% | +4.1% | +11.8% | +14.7% | +15.4% | +5.2% | +0.1% | +2.1% | |
| Net Income Growth (YoY) | +29.5% | -73.2% | +3.0% | +378.8% | +10.3% | +23.3% | +3.5% | -3.0% | -8.5% | |
| EPS Growth (YoY) | +28.7% | -72.2% | +14.2% | +370.4% | +16.1% | +35.9% | +9.4% | +1.2% | -4.9% | |
| Shares Change (YoY) | +0.6% | -3.5% | -9.9% | -1.1% | -2.1% | -9.5% | -5.3% | -4.1% | -6.4% | |
| FCF Growth (YoY) | -25.1% | -11.8% | +47.3% | +120.5% | -24.8% | -2.6% | +2.8% | -20.4% | -44.1% | |
| Gross Margin | 25.8% | 24.4% | 23.4% | 22.8% | 25.2% | 27.9% | 29.8% | 30.3% | 29.8% | 28.3% |
| Operating Margin | 21.7% | 21.5% | 20.8% | 19.1% | 22.1% | 25.4% | 27.3% | 27.7% | 26.5% | 24.3% |
| EBITDA Margin | 33.8% | 29.8% | 16.6% | 28.1% | 36.8% | 34.1% | 35.5% | 35.9% | 35.1% | 33.1% |
| Net Margin | 16.4% | 18.5% | 4.9% | 4.9% | 20.9% | 20.1% | 21.5% | 21.1% | 20.5% | 18.4% |
| FCF Margin | 22.7% | 14.8% | 13.0% | 18.4% | 36.3% | 23.8% | 20.1% | 19.6% | 15.6% | 8.6% |
| Effective Tax Rate | 32.7% | 5.6% | 13.6% | -55.0% | 21.2% | 21.2% | 21.6% | 22.7% | 21.7% | 21.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.68 | $4.23 | $3.87 | $6.32 | $14.09 | $10.82 | $11.65 | $12.64 | $10.50 | $6.27 |
| Dividends Per Share | $0.40 | $0.40 | $0.40 | $0.41 | $0.10 | $0.75 | $1.01 | $1.01 | $1.00 | $1.03 |
| Shares Outstanding (Basic) | 47.9 M | 48.1 M | 46.6 M | 42.0 M | 41.5 M | 40.5 M | 36.8 M | 34.8 M | 33.4 M | 31.3 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 26.87% |
| Return on Invested Capital | 11.52% |
| Return on Assets | 10.30% |
| Gross Margin | 27.02% |
| Operating Margin | 23.10% |
| Net Margin | 17.32% |
Financial Health
| Debt / Equity | 1.21 |
| Current Ratio | 3.23 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.34 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.46 | 19.33 | 56.56 | 34.57 | 16.91 | 13.91 | 11.70 | 19.67 | 15.99 | 14.35 |
| P/B | 3.87 | 3.50 | 3.23 | 2.54 | 4.11 | 4.59 | 4.55 | 7.18 | 5.09 | 4.02 |
| P/S | 3.84 | 3.58 | 2.80 | 1.69 | 3.44 | 2.80 | 2.51 | 4.16 | 3.28 | 2.57 |
| Gross Margin | 25.8% | 24.4% | 23.4% | 22.8% | 25.2% | 27.9% | 29.8% | 30.3% | 29.8% | 28.3% |
| Operating Margin | 21.7% | 21.5% | 20.8% | 19.1% | 22.1% | 25.4% | 27.3% | 27.7% | 26.5% | 24.3% |
| Net Margin | 16.4% | 18.5% | 4.9% | 4.9% | 20.9% | 20.1% | 21.5% | 21.1% | 20.5% | 18.4% |
Related companies: IAG · HBM · ESI · GGB · EMN · TX · CMC · AXTA
Explore sector: Basic Materials · Construction Materials
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