At a glance
Arcosa Inc is worth $7.32B, about 35 times its fiscal 2025 earnings. Revenue grew 12.2% to $2.88B in fiscal 2025, with 7.2% kept as profit; over 5 years it has grown 8.3% a year. It pays a 0.13% dividend yield, and returned $87.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +60.5% over the past year with dividends reinvested and +23.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.9% in the 2020 crash (S&P 500: 33.7%) and 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and within a month after the lows.
The business in plain English
Dallas-based Arcosa sells products used to build and maintain North American infrastructure. In 2025, revenue was about $2.88 billion from three segments: Construction Products (45%), Engineered Structures (41%) and Transportation Products (13%).
Construction Products mines and sells aggregates: sand, gravel and crushed stone for concrete, asphalt and road bases. Arcosa says it is the largest U.S. producer of recycled aggregates, made by crushing concrete from demolished highways and buildings. It also sells specialty materials, asphalt mix and trench shields that protect workers laying water, sewer and utility lines. Customers include contractors, concrete and asphalt producers, and state and local governments. Arcosa estimates about 45% of segment sales go to infrastructure, 25% to commercial and industrial building and 20% to housing. Texas and New Jersey supplied about 35% and 20% of 2025 segment revenue; the $1.2 billion Stavola purchase in October 2024 brought Arcosa into the New York-New Jersey metro area. Stone is costly to haul, so a quarry near customers is hard for newcomers to challenge.
Arcosa's products also include wind towers and inland barges, and it links its growth to aging transportation infrastructure, grid upgrades, renewable power and data centers. It sold its steel components business in August 2024 and in February 2026 agreed to sell its inland barge and marine components business.
Price history
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ACA +60.5% over the year to Oct 23, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Construction Products | $1.31B | 45.4% |
| Engineered Structures | $1.19B | 41.3% |
| Transportation Products | $383.3M | 13.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $658.7M, up 1.7% from a year earlier, and net income was $328.5M (+450.3%).
- For fiscal 2025, revenue was $2.88B (+12.2% year over year; +8.3% a year from FY2020 to FY2025) with a 7.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.3% good |
|---|---|
| Operating margin | 11.9% watch |
| Free cash flow margin | 6.1% watch |
| Return on equity (FY2025) | 7.9% weak |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-1.02B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.94B | $106.6M | $177.8M |
| FY2021 | $2.04B | $69.6M | $81.4M |
| FY2022 | $2.24B | $245.8M | $36.3M |
| FY2023 | $2.31B | $159.2M | $57.5M |
| FY2024 | $2.57B | $93.7M | $312.3M |
| FY2025 | $2.88B | $208.4M | $175.5M |
Valuation snapshot
| Market value | $7.32B |
|---|---|
| P/E ratio | 35.2 |
| Dividend yield | 0.13% |
Rank among 1514 US companies
Market value at each year end
Arcosa’s market value went from $1.35B at the end of 2018 to $7.32B on Oct 23, 2026, about 5.4 times as much; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 23, 2026 | $7.32B | +40.5% |
| 2025 | $5.21B | +10.5% |
| 2024 | $4.72B | +17.1% |
| 2023 | $4.03B | +53.4% |
| 2022 | $2.63B | +3.2% |
| 2021 | $2.55B | -3.9% |
| 2020 | $2.65B | +23.0% |
| 2019 | $2.16B | +59.6% |
| 2018 | $1.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACA price data to Oct 23, 2026 | +40.5% | +60.5% | +29.8% | +23.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.5% |
| 2025 | +10.2% |
| 2024 | +17.3% |
| 2023 | +52.5% |
| 2022 | +3.5% |
| 2021 | -3.7% |
| 2020 | +23.9% |
| 2019 | +61.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32% over that stretch · deepest drop along the way 33.9%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.7% over that stretch · deepest drop along the way 23.3%, back to its old high 0.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.88% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.9% | Jun 30, 2025 |
| Neuberger Berman Group LLC | 3.2% | Jun 30, 2026 |
ETFs with the most weight in ACA
| CTEX ProShares S&P Kensho Cleantech ETF | 3.27% |
| PWER Macquarie Energy Transition ETF | 3.15% |
| CNRG SPDR S&P Kensho Clean Power ETF | 2.94% |
| LOPP Gabelli Love Our Planet & People ETF | 2.68% |
| PSCI Invesco S&P SmallCap Industrials ETF | 1.75% |
| OSCV Opus Small Cap Value ETF | 1.6% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.38% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.83% |
What could go wrong
- Reliance on government road funding. About 45% of Construction Products sales feed infrastructure work, much of it government-funded. The federal Infrastructure Investment and Jobs Act covers highway programs only through 2026, so Congress must renew or extend it.
- Cyclical demand concentrated in two states. Arcosa's markets swing with the economy and interest rates. Texas housing permits fell about 8% in 2025. Texas and New Jersey supplied about 35% and 20% of 2025 Construction Products revenue.
- Weather and seasons drive sales. Construction work slows in heavy rain, cold and storms, so sales swing by season. Long bad-weather stretches can delay projects, and natural disasters can damage Arcosa's plants and quarries.
- Growth through acquisitions has pitfalls. Arcosa grows partly by acquiring businesses in the U.S. aggregates industry, which has more than 5,000 producers. Deals like the $1.2 billion Stavola purchase in 2024 can bring integration problems or hidden liabilities.
- Steel, asphalt and energy costs. Higher steel prices can weigh on orders for new barges and wind towers, and liquid asphalt costs affect Arcosa's paving business. Tariffs, energy costs and reliance on a few suppliers can squeeze profits.
- Debt limits flexibility. As of June 30, 2026, Arcosa had about $1.45 billion of debt against $432 million of cash and investments. Its loan terms restrict some actions, and the debt leaves less room in a downturn.
Recent events
- Major agreement ended; Acquisition or sale of assets completed; Listing notice from the exchange; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed
- Shareholder vote results
- Quarterly results released
- Item 1.04
- Major agreement signed; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released; Executive or board change
For income and retirement investors
Arcosa pays a small dividend that has not grown. It paid $0.20 per share every year from 2020 through 2025, with no increases. In 2025 dividends cost about $10 million, roughly 5% of earnings and 6% of free cash flow (cash left after running the business and paying for equipment). The yield was 0.13% as of October 23, 2026, so returns depend almost entirely on the share price. Buybacks totaled about $38 million from 2021 to 2025, with none in 2024 or 2025, and the share count rose 1.6% between October 2021 and July 2026.
Arcosa was incorporated in 2018, so its shares have no record from the 2008 crisis. In the 2020 COVID crash they fell about 34% and recovered within five months. In the 2022 market downturn they fell about 23% at worst, recovered within a month, and ended the market's January-to-October slide up about 10%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Arcosa make money?
Arcosa makes money selling materials and equipment for North American infrastructure. Of about $2.88 billion in 2025 revenue, Construction Products brought in 45% by selling aggregates (sand, gravel and crushed stone), recycled aggregates, specialty materials, asphalt mix and trench shields. Engineered Structures supplied 41% and Transportation Products 13%, and Arcosa's products include wind towers and inland barges. Net income in 2025 was about $208 million, or $4.24 per share. Texas and New Jersey are its largest construction markets.
Does Arcosa raise its dividend every year?
No. Arcosa paid $0.20 per share in each year from 2020 through 2025, with no increases. In 2025 the dividend cost about $10 million, roughly 5% of earnings, so it is easily covered but adds little income: the yield (yearly dividend divided by share price) was 0.13% as of October 23, 2026. Arcosa's annual report says it cannot guarantee the timing, amount or payment of dividends.
Has Arcosa been acquired?
Its SEC filings point that way. On October 23, 2026, Arcosa reported a change in control, a completed acquisition or sale of assets, a notice from the exchange about its listing, and changes to shareholder rights, bylaws and its board or executives. That combination typically marks a completed takeover, after which the shares usually stop trading on the exchange. Arcosa disclosed a major agreement on June 22, 2026, and shareholder vote results on September 4, 2026. Details are in the October filing on the SEC's EDGAR website.
How much debt does Arcosa have?
About $1.45 billion as of June 30, 2026, against $432 million of cash and investments, so debt exceeded cash by roughly $1.02 billion. Shareholders' equity (assets minus liabilities) was about $2.98 billion. Arcosa's annual report warns that its debt restricts some operations and could limit how it responds to changes in its business, especially during a downturn in construction or its other markets.
How has Arcosa stock performed?
The shares have risen sharply, with big swings. As of October 23, 2026, the price-based return was about 60.5% over one year and about 23.3% a year over five years. Calendar-year returns ranged from a 3.7% loss in 2021 to a 61.9% gain in 2019. The deepest drop from a peak in the prior three years was about 37%. On that date the shares traded at 35.2 times 2025 earnings per share. Past returns don't predict future ones.