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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Ranked against 8 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CRH | $60.3B | 16.4× | 9.6× | 1.6× | 5.3% | 36.1% | 10.0% | 15.6% | 9.2% | 1.6× | 3 |
| AMRZ | $22.8B | 19.4× | 9.8× | 1.9× | 0.9% | 25.7% | 10.0% | 9.0% | 6.4% | 1.3× | 78 |
| JHX | $15.6B | 141.8× | 21.1× | 3.2× | 24.7% | 35.8% | 2.2% | 1.6% | 0.9% | 4.5× | — |
| OC | $9.6B | — | 13.3× | 0.9× | 2.6% | 28.1% | -5.2% | -13.5% | -6.1% | 4.2× | 159 |
| EXP | $5.6B | 13.8× | 10.0× | 2.4× | 2.1% | 28.3% | 18.4% | 28.7% | 13.1% | 2.1× | 110 |
| TGLS | $1.7B | 11.2× | 6.8× | 1.7× | 10.5% | 42.8% | 16.2% | 22.4% | 18.0% | 0.3× | 1 |
| APOG | $957M | 18.2× | 8.6× | 0.7× | 3.2% | 22.7% | 3.9% | 10.6% | 7.3% | 1.4× | 40 |
| OI | $813M | — | 11.7× | 0.1× | -1.6% | 17.3% | -2.0% | -10.0% | -2.1% | 9.8× | 61 |
| SMID | $119M | 9.5× | 6.0× | 1.3× | 19.0% | 27.9% | 13.4% | 23.0% | 23.0% | 0.0× | 8 |
Peers = companies sharing JHX's sector (Concrete Products, Except Block & Brick) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2024, FY2025, FY2026). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $27.24 today, the market must believe free cash flow compounds 22.5%/yr for a decade (off $350.5M on the 3-yr avg basis).
On the basis ($320.7M) the requirement is 23.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 22.5% is more optimistic than its 8-yr track record.
Default is 10.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.58B shares (market data) · net debt $4.27B
mean 373.5% · volatility σ 1053% · implied rate exceeded in 2/7 yrs
Central path = implied 22.5%/yr growth; shaded band = ±1σ (1053%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $205.9M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2026
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.84B 100.0% | $3.88B 100.0% | $3.94B 100.0% | $3.78B 100.0% | $3.61B 100.0% | $2.91B 100.0% | $2.61B 100.0% | $2.51B 100.0% | $2.05B 100.0% | $1.92B 100.0% |
| Cost of Revenue | $3.11B 64.2% | $2.37B 61.2% | $2.35B 59.6% | $2.47B 65.3% | $2.30B 63.7% | $1.86B 63.8% | $1.67B 64.2% | $1.68B 66.8% | $1.32B 64.5% | $1.25B 64.9% |
| Cost of Products | — | — | — | — | — | — | — | — | $1.32B 64.5% | $1.25B 64.9% |
| Gross Profit | $1.73B 35.8% | $1.50B 38.8% | $1.59B 40.4% | $1.31B 34.7% | $1.31B 36.3% | $1.05B 36.2% | $933.7M 35.8% | $831.0M 33.2% | $730.2M 35.5% | $674.7M 35.1% |
| Research & Development | $60.7M 1.3% | $48.5M 1.3% | $47.0M 1.2% | $39.6M 1.0% | $38.0M 1.1% | $34.3M 1.2% | $32.8M 1.3% | $37.9M 1.5% | $33.3M 1.6% | $30.3M 1.6% |
| Selling, General & Admin | $946.4M 19.6% | $596.2M 15.4% | $602.2M 15.3% | $494.0M 13.1% | $461.2M 12.8% | $389.6M 13.4% | $415.8M 16.0% | $403.6M 16.1% | $311.3M 15.2% | $291.6M 15.2% |
| Operating Income | $447.6M 9.3% | $655.9M 16.9% | $767.4M 19.5% | $741.4M 19.6% | $682.6M 18.9% | $472.8M 16.3% | $342.5M 13.1% | $351.6M 14.0% | $229.2M 11.2% | $393.2M 20.5% |
| Interest Expense | $231.1M 4.8% | $10.3M 0.3% | $15.3M 0.4% | $30.7M 0.8% | $39.3M 1.1% | — | $57.5M 2.2% | $54.2M 2.2% | $32.9M 1.6% | $28.5M 1.5% |
| Interest & Investment Income | — | — | — | — | — | — | $3.1M 0.1% | $4.1M 0.2% | $3.4M 0.2% | $1.0M 0.1% |
| Other Income (Expense), net | -$9.8M -0.2% | -$200K -0.0% | $2.7M 0.1% | $12.8M 0.3% | -$200K -0.0% | $100K 0.0% | -$100K -0.0% | $100K 0.0% | $700K 0.0% | $1.3M 0.1% |
| Pretax Income | $206.7M 4.3% | $645.4M 16.6% | $754.8M 19.2% | $723.5M 19.2% | $643.1M 17.8% | $412.0M 14.2% | $288.0M 11.0% | $300.6M 12.0% | $174.3M 8.5% | $367.0M 19.1% |
| Income Tax Expense | $102.7M 2.1% | $221.4M 5.7% | $244.6M 6.2% | $211.5M 5.6% | $184.0M 5.1% | $149.2M 5.1% | $46.5M 1.8% | $71.8M 2.9% | $28.2M 1.4% | $90.5M 4.7% |
| Net Income | $104.0M 2.2% | $424.0M 10.9% | $510.2M 13.0% | $512.0M 13.6% | $459.1M 12.7% | $262.8M 9.0% | $241.5M 9.3% | $228.8M 9.1% | $146.1M 7.1% | $276.5M 14.4% |
| Per Share | ||||||||||
| EPS (Basic) | $0.19 | $0.98 | $1.16 | $1.15 | $1.03 | $0.59 | $0.55 | $0.52 | $0.33 | $0.62 |
| EPS (Diluted) | $0.19 | $0.98 | $1.16 | $1.15 | $1.03 | $0.59 | $0.54 | $0.52 | $0.33 | $0.62 |
| Weighted Avg Shares (Basic) | 541.8M | 430.8M | 438.4M | 445.1M | 444.9M | 443.7M | 442.6M | 441.9M | 441.2M | 442.7M |
| Weighted Avg Shares (Diluted) | 545.5M | 432.1M | 439.6M | 445.6M | 445.9M | 445.4M | 444.1M | 443.0M | 442.3M | 443.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $269.2M covers the $43.8M due within a year 6.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.1% on $4.54B of debt.
Cash of $269.2M fully covers short-term debt of $43.8M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 64th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 1% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 66.8 | 64.2 | 63.8 | 63.7 | 65.3 | 59.6 | 61.2 | 64.2 |
| Gross Profit | 33.2 | 35.8 | 36.2 | 36.3 | 34.7 | 40.4 | 38.8 | 35.8 |
| R&D | 1.5 | 1.3 | 1.2 | 1.1 | 1.0 | 1.2 | 1.3 | 1.3 |
| SG&A | 16.1 | 16.0 | 13.4 | 12.8 | 13.1 | 15.3 | 15.4 | 19.6 |
| Operating Income | 14.0 | 13.1 | 16.3 | 18.9 | 19.6 | 19.5 | 16.9 | 9.3 |
| Income Tax | 2.9 | 1.8 | 5.1 | 5.1 | 5.6 | 6.2 | 5.7 | 2.1 |
| Net Income | 9.1 | 9.3 | 9.0 | 12.7 | 13.6 | 13.0 | 10.9 | 2.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on JHX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
The spread has compressed 4 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2020 | 10.2% | 10.2% (today's — no rate published for this year) | -0.0pts |
| FY2021 | 18.1% | 10.2% (today's — no rate published for this year) | 7.9pts |
| FY2022 | 21.4% | 7.0% | 14.4pts |
| FY2023 | 19.1% | 7.7% | 11.5pts |
| FY2024 | 19.3% | 8.8% | 10.5pts |
| FY2025 | 15.9% | 9.4% | 6.6pts |
| FY2026 | 2.8% | 9.6% | -6.7pts |
| Now | 0.9% | 10.2% | -9.2pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 35.1% | 20.5% | 14.4% |
| FY2018 | 35.5% | 11.2% | 7.1% |
| FY2019 | 33.2% | 14.0% | 9.1% |
| FY2020 | 35.8% | 13.1% | 9.3% |
| FY2021 | 36.2% | 16.3% | 9.0% |
| FY2022 | 36.3% | 18.9% | 12.7% |
| FY2023 | 34.7% | 19.6% | 13.6% |
| FY2024 | 40.4% | 19.5% | 13.0% |
| FY2025 | 38.8% | 16.9% | 10.9% |
| FY2026 | 35.8% | 9.3% | 2.2% |
Return on equity (2%) and return on invested capital (1%) are within a couple of points in FY2026, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
The spread is 0.83pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.98x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $206M; after share-based compensation it is $168M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 1.4x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.94x |
| 5% | 1.84x |
| 10% | 1.74x |
| 15% | 1.65x |
| 20% | 1.55x |
| 25% | 1.45x |
| 30% | 1.36x |
| 35% | 1.26x |
| 40% | 1.16x |
| 45% | 1.07x |
| 50% | 0.97x |
| 55% | 0.87x |
| 60% | 0.77x |
Ladder as of 2026-03-31 (10-K); cash from the 2026-03-31 balance sheet; FCF from FY2026.
Balance sheet at 2026-03-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 4.8x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $26.94, free cash flow must compound 22.58%/yr for 10 years. It has done -3.65%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 162.7% | 22.6% |
| FY2022 | −26.1% | 22.6% |
| FY2023 | −96.7% | 22.6% |
| FY2024 | 2752.1% | 22.6% |
| FY2025 | −18.1% | 22.6% |
| FY2026 | −45.9% | 22.6% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $104M | $104M |
| Share-based comp | $38M | $142M |
| Other non-cash & working capital | $448M | $590M |
| Operating cash flow | $590M | $590M |
| Capex | −$384M | $206M |
| Free cash flow | $206M | $206M |
| FCF after SBC | $168M | $168M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 11.6% | not reported | not reported |
| FY2022 | 24.3% | not reported | not reported |
| FY2023 | 4.5% | not reported | not reported |
| FY2024 | 4.2% | not reported | not reported |
| FY2025 | -1.5% | not reported | not reported |
| FY2026 | 24.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | -5.2 percent |
| FY2021 | -12.8 percent |
| FY2022 | -7.0 percent |
| FY2023 | -2.1 percent |
| FY2024 | -8.2 percent |
| FY2025 | -7.2 percent |
| FY2026 | -3.5 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 1 year to the latest.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2026) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.