Eagle Materials Inc.EXP
NYSE•Basic Materials•Building Materials
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.
Eagle Materials Inc (EXP) reported trailing twelve months revenue of $2.31B as of March 2026, a 43.0% decline year-over-year. Quarterly revenue reached $479.11M, reflecting a contraction in sales.
Eagle Materials Inc generated $423.81M in TTM net income, with quarterly EBITDA of $201.12M. The operating margin contracted from 25.9% to 16.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.1%) and net margin (12.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 20.5% a year ago, reflecting increased costs or interest expense.
EXP trades at a P/E of 16.1x (in line with broad market averages) and a P/S of 3.0x. The price-to-book ratio of 4.6x reflects a moderate premium to book value.
The company reported negative free cash flow of $-19.92M, indicating cash consumption over the period. The balance sheet shows $3.84B in total assets with $1.75B in long-term debt against $1.47B in stockholders equity for a debt-to-equity ratio of 1.2. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~27.0% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 44.8% suggests a durable competitive advantage and efficient capital allocation.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 26.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg 0.6x) — earnings may be inflated by non-cash items or aggressive accounting.
Debt-to-equity has risen 40.9% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 7.2% — net buybacks are reducing shares outstanding and boosting per-share value.