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what it is
It makes cement, wallboard, and aggregates through 8 plants and 30+ delivery hubs.
how it gets paid
Last year Eagle Materials made $2.3B in revenue. Cement was the main engine at $1.0B, or 44% of sales.
why it's growing
Revenue grew 0.1% last year. Federal, state, and local government spending on public infrastructure projects and private nonresidential construction remains elevated, supporting demand for heavy construction materials.
what just happened
Eagle posted $3.22 EPS, missing the $3.48 estimate by 7.47%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
17.0x trailing p/e — the market's not buying it — or you found a deal
0.5% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 69/100 — average
What they do
It makes cement, wallboard, and aggregates through 8 plants and 30+ delivery hubs.
Eagle runs 8 cement plants, 30+ distribution terminals (delivery hubs), and 5 gypsum wallboard plants. It also got 65% of FY2024 revenue from 10 states. If your project depends on 30+ delivery hubs, switching suppliers is painful.
How they make money
$2.3B
annual revenue · their business grew +0.1% last year
Cement
$1.0B
+6.0%
Gypsum wallboard
$0.7B
16.0%
Concrete, aggregates & paperboard
$0.6B
+4.0%
The products that matter
heavy construction materials
Cement, Aggregates, Concrete
revenue up low double-digits last quarter
This is the part of the business still doing the work. Heavy materials posted a low double-digit revenue increase last quarter, helped by higher cement and aggregates sales volume. In plain English: public works and nonresidential demand are still giving Eagle something to lean on.
doing the lifting
light building materials
Gypsum Wallboard & Paperboard
revenue down 16% from last year
This is where the pressure sits. Revenue fell 16% vs. prior year as both volume and pricing moved the wrong way. When both demand and price weaken together, you are not looking at a small mix issue. You are looking at a real cyclical drag.
where it hurts
Key numbers
$265
Target
That is 21% above the $219.15 price. It is the cleanest upside number in the file.
17.0x
Trailing P/E
You pay 17.0 times trailing earnings. That is not cheap for a cyclical stock.
33.5%
Op margin
A 33.5% operating margin means a third of sales becomes operating profit.
$1.7B
Debt
Long-term debt is $1.7B, or 20% of capital. The balance sheet is decent, not spotless.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 60 / 100
- long-term debt $1.7B (20% of capital)
- net profit margin 20.2% — keeps 20 cents of every dollar in revenue
- return on equity 17% — $0.17 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in EXP 3 years ago → it's now worth $15,270.
The index would have given you $14,540.
source: institutional data · total return
What just happened
missed estimates
Eagle posted $3.22 EPS, missing the $3.48 estimate by 7.47%.
Revenue was $556M in the quarter. Gross margin was 29.9%, and light materials stayed weak.
$556M
revenue
$3.22
eps
29.9%
gross margin
the number that mattered
The $3.22 EPS print missed $3.48 by 7.47%. That is the gap the market saw first.
-
fiscal 2025 (ends march 31, 2026) has been a lackluster year for eagle materials.in general, it has been a tale of two cites, with a solid performance from the heavy materials unit offset by a weak showing in the light materials segment.
-
this was on display in the december quarter.the heavy materials unit witnessed a low double-digit increase in revenues, driven by higher cement and aggregates sales volume.
-
this led to a 9% jump in operating profits.federal, state, and local government spending on public infrastructure projects and private nonresidential construction remains elevated, supporting demand for heavy construction materials.
-
on the other hand, the light materials segment continues to struggle, with revenues falling 16% vs. prior year.
-
lower gypsum wallboard and paperboard sales, hurt by lower volume and prices, were the primary culprits.
source: company earnings report, 2026
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What could go wrong
EXP does not need an economic disaster to disappoint you. It just needs wallboard weakness to last longer than investors expect while the stronger heavy materials business loses some of its current momentum.
med
light materials weakness keeps spreading
Gypsum wallboard and paperboard revenue fell 16% from a year ago. If pricing and volume both stay weak, the weakest part of the portfolio becomes a bigger drag on consolidated results.
This matters because company-wide revenue only grew 0.1% last year. There is not much cushion.
med
heavy materials lose their offset
The current thesis depends on cement, aggregates, and concrete staying healthy. That segment posted low double-digit revenue growth and a 9% profit increase last quarter.
If infrastructure work or private nonresidential demand cools, the best-performing segment stops covering for the weakest one. That is when a two-speed story turns into a broad slowdown.
med
margin resilience proves cyclical, not structural
An 18.6% net margin on flat revenue is impressive. It is also the number doing a lot of the work in the equity story.
If margins compress while the stock still trades at 17.0x earnings, valuation support gets thinner fast. You would be left owning a slower cyclical at a less forgiving price.
Wallboard weakness is already real. If heavy materials also cool, the stock stops looking like a resilient operator and starts looking like an ordinary cyclical with less room for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key insight
flat revenue is leaving little room for fresh mistakes
$2.3B in annual revenue grew just 0.1%. If one segment weakens further, consolidated growth likely turns negative and the market will care a lot more about valuation.
margin
18.6% net margin
That margin is the number holding the story together. If it slips, the stock stops looking inexpensive and starts looking merely cyclical.
segment split
heavy materials vs. light materials
Heavy materials grew at a low double-digit rate last quarter while light materials fell 16% from a year ago. That contrast is not a detail. It is the story.
earnings
whether EPS can keep outrunning growth
Q4 EPS was $3.22 and full-year EPS was $14.50. The next few reports need to show this profit durability is repeatable, not just well-managed stagnation.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts think EXP has better-than-average odds of outperforming over the next 12 months.
risk profile
average
stability score 3 — typical stock risk. You are not buying a utility, but you are not buying a science experiment either.
chart momentum
average
technical score 3 — the chart is acting normal. No screaming signal either way.
earnings predictability
90 / 100
Management usually lands close to expectations. That makes the thesis easier for you to track because surprises are rarer.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 157 buyers vs. 192 sellers in 4q2025. total institutional holdings: 31.5M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$167
$363
$219
current price
$265
target midpoint · +21% from current · 3-5yr high: $370 (+70% · 14% ann'l return)
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