Construction Partners, Inc.ROAD
NasdaqGS•Industrials•Engineering & Construction
Construction Partners, Inc., a civil infrastructure company, constructs and maintains roadways in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee, and Texas. The company provides various products and services to public and private infrastructure projects, such as highways, roads, bridges, airports, and commercial and residential developments. It also engages in manufacturing and distributing hot mix asphalt (HMA) for internal use and sales to third parties in connection with construction projects; and paving activities, including the construction of roadway base layers and application of asphalt pavement. In addition, the company is involved in site development, including the installation of utility and drainage systems; mining aggregates, such as sand, gravel, and construction stones that are used as raw materials in the production of HMA; and distributing liquid asphalt cement for internal use and sales to third parties in connection with HMA production. The company was formerly known as SunTx CPI Growth Company, Inc. and changed its name to Construction Partners, Inc. in September 2017. Construction Partners, Inc. was incorporated in 2007 and is headquartered in Dothan, Alabama.
Construction Partners, Inc. (ROAD) reported trailing twelve months revenue of $3.26B as of March 2026, a 48.8% increase year-over-year. Quarterly revenue reached $769.20M, reflecting continued top-line momentum.
Construction Partners, Inc. generated $127.00M in TTM net income, with quarterly EBITDA of $81.58M. The operating margin expanded from 4.8% to 4.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (4.9%) and net margin (1.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 0.7% a year ago, signaling stronger bottom-line efficiency.
ROAD trades at a P/E of 52.9x (a premium multiple) and a P/S of 2.1x. The price-to-book ratio of 6.9x indicates a significant premium over book value.
The company generated $18.95M in free cash flow over the trailing twelve months, a 33.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $3.44B in total assets with $1.71B in long-term debt against $979.38M in stockholders equity for a debt-to-equity ratio of 1.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~10.6% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~85.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~8.2% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 1.7 — conservative capital structure with low financial risk.
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 outstanding increased 7.7% — significant dilution, likely from stock compensation or capital raises.