At a glance
Eagle Materials Inc is worth $5.33B, about 13 times its fiscal 2026 earnings. Revenue grew 2.1% to $2.31B in fiscal 2026, with 18.4% kept as profit; over 5 years it has grown 7.3% a year. It pays a 0.58% dividend yield, and returned $2.17B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −24.3% over the past year with dividends reinvested and +3.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.3% in the 2020 crash (S&P 500: 33.7%) and 37.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 8 months after the lows.
The business in plain English
Eagle Materials makes the basic materials used to build and repair roads, highways, homes, offices and factories. Its two main products are cement, the binding powder in concrete, and gypsum wallboard, the panels often called drywall. Its business is split into Heavy Materials (cement, concrete and aggregates, meaning crushed stone, sand and gravel) and Light Materials (wallboard and recycled paperboard). Based in Dallas, it runs more than 70 facilities in 21 states.
Its customers are mainly in construction. A significant portion of revenue comes from roads and other projects paid for by federal, state and local governments. These products are basic necessities sold largely on price, so Eagle aims to be the low-cost producer in each market. Its plants sit close to customers, cutting freight costs, and near raw materials it owns or controls: at least 25 years' supply for each cement and wallboard plant. Sales peak from April through November, when weather favors building.
Eagle sells across most of the U.S. except the Northeast. About 65% of revenue, including its share of a joint venture (a business co-owned with partners), comes from 10 states: Colorado, Illinois, Kansas, Kentucky, Missouri, Nevada, North Carolina, Ohio, Oklahoma and Texas. In fiscal 2026, which ended March 31, 2026, revenue was a record $2.3 billion, up 2%.
Price history
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EXP -24.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $651.0M, up 2.6% from a year earlier, and net income was $102.1M (-17.2%).
- For fiscal 2026, revenue was $2.31B (+2.1% year over year; +7.3% a year from FY2021 to FY2026) with a 18.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +7.3% good |
|---|---|
| Free cash flow margin | 8.6% watch |
| Return on equity (FY2026) | 28.7% good |
| Return on assets (FY2026) | 11% good |
| Net cash (cash minus debt) | $-1.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.62B | $339.4M | $589.1M |
| FY2022 | $1.86B | $374.2M | $443.1M |
| FY2023 | $2.15B | $461.5M | $431.6M |
| FY2024 | $2.26B | $477.6M | $443.6M |
| FY2025 | $2.26B | $463.4M | $353.3M |
| FY2026 | $2.31B | $423.8M | $197.4M |
Valuation snapshot
| Market value | $5.33B |
|---|---|
| P/E ratio | 13.2 |
| Dividend yield | 0.58% |
Rank among 1514 US companies
Market value at each year end
Eagle Materials’s market value went from $4.75B at the end of 2016 to $5.33B on Oct 28, 2026, up 12%; since the end of 2025 it is down 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.33B | -19.6% |
| 2025 | $6.63B | -19.9% |
| 2024 | $8.28B | +17.0% |
| 2023 | $7.08B | +44.6% |
| 2022 | $4.89B | -27.7% |
| 2021 | $6.77B | +59.7% |
| 2020 | $4.24B | +12.3% |
| 2019 | $3.77B | +31.9% |
| 2018 | $2.86B | -48.1% |
| 2017 | $5.51B | +15.9% |
| 2016 | $4.75B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EXP price data to Oct 28, 2026 | -15.6% | -24.3% | +6.0% | +3.7% | +8.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.6% |
| 2025 | -15.9% |
| 2024 | +22.1% |
| 2023 | +53.6% |
| 2022 | -19.6% |
| 2021 | +65.1% |
| 2020 | +12.0% |
| 2019 | +49.2% |
| 2018 | -45.9% |
| 2017 | +15.4% |
| 2016 | +63.9% |
| 2015 | -20.1% |
| 2014 | -1.4% |
| 2013 | +33.1% |
| 2012 | +130.2% |
| 2011 | -7.6% |
| 2010 | +10.1% |
| 2009 | +43.8% |
| 2008 | -46.6% |
| 2007 | -16.4% |
| 2006 | +7.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.8% over that stretch · deepest drop along the way 63.6%, back to its old high 44 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.3% over that stretch · deepest drop along the way 52.3%, back to its old high 6.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.8% over that stretch · deepest drop along the way 37.8%, back to its old high 7.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($1.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 24, 2026 | Tony Thompson Senior Vice President | sell | $627K |
| Jul 31, 2026 | Margot Lebenberg Carter Director | sell | $512K |
| Jul 31, 2026 | Margot Lebenberg Carter Director | sell | $339K |
| Aug 3, 2026 | Margot Lebenberg Carter Director | sell | $119K |
| Jul 31, 2026 | Margot Lebenberg Carter Director | sell | $98K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 11.6% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 6.2% | Mar 31, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
ETFs with the most weight in EXP
| PKB Invesco Building & Construction ETF | 2.83% |
| MGMT Ballast Small/Mid Cap ETF | 2.52% |
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.41% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 1.37% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.14% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.09% |
| SURE AdvisorShares Insider Advantage ETF | 0.91% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.81% |
What could go wrong
- Two big plant upgrades must pay off. Eagle is spending over $400 million on its Laramie, Wyoming cement plant and $330 million on its Oklahoma wallboard plant. Delays could push back, or shrink, the expected gains in capacity and lower costs.
- Profits swing sharply with cement volumes. Cement plants cost a lot to build and run, and many costs stay fixed even when output drops. So when sales volumes fall, profits can shrink much faster than revenue.
- Commodity products sold mostly on price. Cement and wallboard are commodities, interchangeable goods whose prices rise and fall with supply and demand. Many competitors and alternative products can squeeze prices and margins in weaker markets.
- Reliance on government road and highway funding. A significant portion of revenue comes from publicly funded projects like highways. Federal highway funding is reviewed each year, so budget standoffs, government shutdowns or spending cuts could reduce demand.
- A sizable debt load with loan conditions. As of June 30, 2026, Eagle had about $1.76 billion of debt and $234 million of cash and investments. Its debt agreements require it to pass financial-ratio tests, and failing one could trigger a default.
- Building cycles, interest rates and weather. Demand follows home and commercial building, which slows when interest rates rise or credit tightens. Regional slowdowns and bad weather in the April-to-November peak season can also hit results hard.
Recent events
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
For income and retirement investors
Eagle pays a small dividend, so most of an investor's return depends on the share price. It paid $1.00 per share in fiscal 2026, unchanged since fiscal 2023, so there is no ongoing streak of increases. The yield was 0.58% as of October 28, 2026. That dividend used 7.6% of earnings and 16.4% of free cash flow (cash left after running and investing in the business). Buybacks are the main payout: about $2.0 billion from fiscal 2022 to 2026, versus $170 million in dividends, and the share count fell 26.8% between July 2021 and July 2026. In fiscal 2026, buybacks of $381.8 million were nearly double free cash flow of $197.4 million.
The stock has fallen hard in downturns: 63.6% in the 2008 financial crisis, taking 44 months to recover; 52.3% in the 2020 COVID crash and 37.8% in the 2022 bear market, each regained within eight months. Any single stock carries more risk than a diversified fund.
Questions investors ask
How does Eagle Materials make money?
Eagle Materials makes money selling cement and gypsum wallboard, plus concrete, aggregates and recycled paperboard, to the construction industry. Its products go into roads, highways, homes and commercial and industrial buildings, and a significant portion of revenue comes from government-funded projects. Because these basic products compete largely on price, Eagle aims to be the low-cost producer in each market, using plants placed near customers and raw material reserves it owns or controls. Revenue was a record $2.3 billion in fiscal 2026, which ended March 31, 2026.
Does Eagle Materials raise its dividend every year?
No. Eagle paid $1.00 per share in each fiscal year from 2023 through 2026, up from $0.10 in fiscal 2021 and $0.75 in fiscal 2022. Its fiscal year ends March 31. The yield was 0.58% as of October 28, 2026. The dividend is small relative to profits, taking 7.6% of fiscal 2026 earnings. The company returns far more cash through share buybacks, which totaled $381.8 million in fiscal 2026.
How has Eagle Materials stock performed?
Unevenly. As of October 28, 2026, the share price was down 24.3% over one year and 15.6% for 2026 to date, but up about 8.5% a year over 10 years, or 126% in total. Calendar-year swings are large: the stock lost about 46% in 2018 and gained 65.1% in 2021. Profits have also softened, with net earnings down 9% in fiscal 2026 and 17.2% lower year over year in the quarter ended June 30, 2026.
How much debt does Eagle Materials have?
About $1.76 billion as of June 30, 2026, against $234 million of cash and investments, for net debt (debt minus cash) of about $1.52 billion. In fiscal 2026, Eagle sold $750 million of 10-year bonds paying 5.000% interest, pushing out when its debt comes due and adding cash. Management describes its balance sheet approach as conservative, but its debt agreements include financial-ratio tests, and failing them could trigger a default.
Which ETFs hold Eagle Materials stock?
Eagle Materials appears in 105 ETFs. Its largest weights are in Invesco Building & Construction ETF (PKB), at 2.83% of assets, Ballast Small/Mid Cap ETF (MGMT) at 2.52%, Neuberger Berman Small-Mid Cap ETF (NBSM) at 2.41% and Fidelity Fundamental Small-Mid Cap ETF (FFSM) at 1.37%. Even in these funds it is a small slice, so owning one of them gives far less exposure to Eagle than owning the shares directly. Fund weights shift over time.