olivLaw · US equity research
Eagle Materials Inc. EXP
Cement, Hydraulic · SIC 3241 · Vertical: Cement, Hydraulic (SIC 3241)
Eagle Materials is a U.S. maker of cement and gypsum wallboard, with a network of more than 70 facilities across 21 states. It posted solid results in the first quarter of fiscal 2027, but higher delivery costs and weak residential demand are weighing on profitability, which makes margin trends worth following in coming periods.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Eagle Materials Inc. (EXP) stock was 189.24 USD (−4.52% on the day), with market capitalisation 5.8 bn USD, P/E 15.7 on diluted EPS of 12.05 USD over the last 12 months, dividend yield 0.53%, beta 1.07, 52-week range 163.34–240.24 USD. Latest reported quarter (Q2 2027): revenue of 652.7 m USD (+2.2% YoY), net income of 111.5 m USD (−18.8% YoY), diluted EPS 3.63 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 155.72 – 197.18
- in the upper half of the band · %B 0.81 · band width 23.5%
- SMA 50 / 200
- 179.51 / 201.78
- mixed trend
- MACD (12, 26, 9)
- 4.03 / 1.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.3% | −1.1% | +11.4 pp | — |
| 3 months | −10.5% | −0.5% | −10.0 pp | — |
| 6 months | −10.6% | +4.4% | −15.0 pp | — |
| Year to date | −8.4% | +12.3% | −20.8 pp | — |
| 1 year | −8.7% | +13.5% | −22.2 pp | −14.3% |
| 3 years | +14.8% | +76.4% | −61.6 pp | +56.2% |
| 5 years | +21.6% | +63.7% | −42.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 558.0 m | 470.2 m | 634.7 m | 638.9 m | 556.0 m | 479.1 m | 651.0 m | 652.7 m |
| Cost of revenue | 380.2 m | 365.6 m | 449.1 m | 439.2 m | 395.1 m | 372.8 m | 489.7 m | 478.0 m |
| Gross profit | 177.8 m | 104.6 m | 185.6 m | 199.7 m | 160.9 m | 106.3 m | 161.2 m | 174.7 m |
| Operating income | 182.8 m | — | — | — | — | — | — | — |
| Depreciation & amortisation | 39.2 m ≈ | 42.2 m | 40.6 m | 42.0 m ≈ | 41.6 m ≈ | 40.5 m | 41.2 m | 41.8 m ≈ |
| Interest expense | 9.1 m | 10.1 m | 11.7 m | 9.4 m | 13.7 m | 11.7 m | 12.9 m | 11.9 m |
| Income tax | 34.7 m | 14.5 m | 34.5 m | 39.1 m | 26.3 m | 18.2 m | 29.6 m | 32.0 m |
| Net income | 119.6 m | 66.5 m | 123.4 m | 137.4 m | 102.9 m | 60.2 m | 102.1 m | 111.5 m |
| Diluted EPS | 3.56 | 2.00 ≈ | 3.76 | 4.23 | 3.22 | 1.91 ≈ | 3.29 | 3.63 |
| Operating cash flow | 119.9 m ≈ | 62.8 m | 136.6 m | 204.6 m ≈ | 170.8 m ≈ | 102.1 m | 154.4 m | 209.9 m ≈ |
| Capex | 47.4 m ≈ | 48.3 m | 76.1 m | 108.5 m ≈ | 110.0 m ≈ | 122.1 m | 120.8 m | 128.9 m ≈ |
| Dividends paid | 8.4 m ≈ | 8.3 m | 8.3 m | 8.4 m ≈ | 7.8 m ≈ | 7.9 m | 8.0 m | 7.6 m ≈ |
| Share repurchases | 55.1 m ≈ | 97.0 m | 78.6 m | 89.1 m ≈ | 142.6 m ≈ | 71.5 m | 83.8 m | 62.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 41 percentile of its own 39-quarter history (min 9.8, median 17.2, max 104.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.4 bn | 1.6 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn |
| Revenue YoY | −5.5% | +7.2% | +15.6% | +14.7% | +15.4% | +5.2% | +0.1% | +2.1% |
| Net income | 68.9 m | 70.9 m | 339.4 m | 374.2 m | 461.5 m | 477.6 m | 463.4 m | 423.8 m |
| Net income YoY | −73.2% | +3.0% | +378.8% | +10.3% | +23.3% | +3.5% | −3.0% | −8.5% |
| Diluted EPS | 1.47 | 1.68 | 8.12 | 9.14 | 12.46 | 13.61 | 13.77 | 13.16 |
| Diluted EPS YoY | −72.2% | +14.3% | +383.3% | +12.6% | +36.3% | +9.2% | +1.2% | −4.4% |
| net % | 5.3% | 5.0% | 20.9% | 20.1% | 21.5% | 21.1% | 20.5% | 18.4% |
| Free cash flow | 181.4 m | 267.2 m | 589.1 m | 443.1 m | 431.6 m | 443.6 m | 353.3 m | 197.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 297.9 m USD
- Financial debt
- 1.8 bn USD
- Net debt
- 1.5 bn USD
- Equity
- 1.5 bn USD
- Total assets
- 3.8 bn USD
- Debt / equity
- 1.19x
- Current ratio
- 3.66x
- ROE
- 28.9%
- ROA
- 11.9%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 19 May 2026verified |
| Cost of revenue | 1.2 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 19 May 2026verified |
| Gross profit | 408.4 m | 519.6 m | 639.3 m | 685.3 m | 673.1 m | 652.5 m | SEC (XBRL)· 19 May 2026verified |
| SG&A | 105.8 m | 103.4 m | 119.1 m | 134.8 m | 148.7 m | 167.1 m | SEC (XBRL)· 19 May 2026verified |
| Operating income | 445.8 m | 552.1 m | 674.7 m | 716.9 m | — | — | SEC (XBRL)· 22 May 2024verified |
| Depreciation & amortisation | 129.1 m | 128.8 m | 138.6 m | 149.8 m | 158.9 m | 164.7 m | SEC (XBRL)· 19 May 2026verified |
| EBITDA | 574.9 m ≈ | 680.9 m ≈ | 813.3 m ≈ | 866.7 m ≈ | — | — | SEC (XBRL)· 22 May 2024derived |
| Interest expense | 44.4 m | 30.9 m | 35.2 m | 42.3 m | 40.5 m | 46.5 m | SEC (XBRL)· 19 May 2026verified |
| Pre-tax income | — | — | — | 617.9 m | 591.5 m | 542.0 m | SEC (XBRL)· 19 May 2026verified |
| Income tax | 89.9 m | 100.8 m | 127.1 m | 140.3 m | 128.1 m | 118.2 m | SEC (XBRL)· 19 May 2026verified |
| Net income | 339.4 m | 374.2 m | 461.5 m | 477.6 m | 463.4 m | 423.8 m | SEC (XBRL)· 19 May 2026verified |
| Diluted EPS | 8.12 | 9.14 | 12.46 | 13.61 | 13.77 | 13.16 | SEC (XBRL)· 19 May 2026verified |
| Weighted average diluted shares | 41.8 m | 40.9 m | 37.1 m | 35.1 m | 33.6 m | 32.2 m | SEC (XBRL)· 19 May 2026verified |
| Dividend per share | 0.10 | 0.75 | 1.00 | 1.00 | 1.00 | 1.00 | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 263.5 m | 19.4 m | 15.2 m | 34.9 m | 20.4 m | 297.9 m | SEC (XBRL)· 19 May 2026verified |
| Receivables | 147.1 m | 176.3 m | 195.1 m | 203.0 m | 212.3 m | 228.6 m | SEC (XBRL)· 19 May 2026verified |
| Inventories | 235.7 m | 236.7 m | 291.9 m | 373.9 m | 415.2 m | 408.4 m | SEC (XBRL)· 19 May 2026verified |
| Current assets | 661.7 m | 442.7 m | 521.5 m | 627.7 m | 668.7 m | 950.9 m | SEC (XBRL)· 19 May 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 19 May 2026verified |
| Goodwill | 329.1 m | 329.1 m | 380.7 m | 392.6 m | 469.9 m | 470.7 m | SEC (XBRL)· 19 May 2026verified |
| Total assets | 2.8 bn | 2.6 bn | 2.8 bn | 2.9 bn | 3.3 bn | 3.8 bn | SEC (XBRL)· 19 May 2026verified |
| Accounts payable | 84.2 m | 113.7 m | 110.4 m | 127.2 m | 129.9 m | 138.9 m | SEC (XBRL)· 19 May 2026verified |
| Short-term debt | — | 0 | 10.0 m | 10.0 m | 15.0 m | 15.0 m | SEC (XBRL)· 19 May 2026verified |
| Long-term debt | 1.0 bn | 938.3 m | 1.1 bn | 1.1 bn | 1.2 bn | 1.7 bn | SEC (XBRL)· 19 May 2026verified |
| Current liabilities | 169.4 m | 207.6 m | 212.9 m | 239.4 m | 245.0 m | 260.2 m | SEC (XBRL)· 19 May 2026verified |
| Total liabilities | 1.5 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.4 bn | SEC (XBRL)· 19 May 2026verified |
| Equity | 1.4 bn † | 1.1 bn † | 1.2 bn † | 1.3 bn † | 1.5 bn † | 1.5 bn † | SEC (XBRL)· 19 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 643.1 m | 517.2 m | 541.7 m | 563.9 m | 548.5 m | 614.2 m | SEC (XBRL)· 19 May 2026verified |
| Capex | 53.9 m | 74.1 m | 110.1 m | 120.3 m | 195.3 m | 416.7 m | SEC (XBRL)· 19 May 2026verified |
| Free cash flow | 589.1 m ≈ | 443.1 m ≈ | 431.6 m ≈ | 443.6 m ≈ | 353.3 m ≈ | 197.4 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Investing cash flow | 37.1 m | -74.1 m | -268.6 m | -175.4 m | -370.1 m | -431.7 m | SEC (XBRL)· 19 May 2026verified |
| Financing cash flow | -530.3 m | -692.2 m | -277.3 m | -368.9 m | -192.9 m | 95.1 m | SEC (XBRL)· 19 May 2026verified |
| Dividends paid | 4.2 m | 30.8 m | 37.5 m | 35.3 m | 33.7 m | 32.4 m | SEC (XBRL)· 19 May 2026verified |
| Share repurchases | 0 | 589.7 m | 387.7 m | 343.3 m | 298.3 m | 381.8 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation51
- Quality48
- Growth16
- Returns98
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.67 – 102.56 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)42.67 – 102.56 (Mid 64.85)WACC 8.3% · starting FCFF 195.9 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 37.9%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)outside the aggregate13.14 – 17.67 (Mid 15.07)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.1% | 80 (vs peers) | 10% |
| FCF conversion · Quality | 41.3% | 16 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 2.4% | 20 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 1.8% | 12 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 15.7x | 65 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.7% | 34 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 20.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth16/100 · 2/2 factors with a value
- Quality48/100 · 2/3 factors with a value
- Returns98/100 · 2/2 factors with a value
- Valuation51/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EAGLE MATERIALS INC. (EXP). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2026; YoY growth 2.1%; net margin 16.1%; ROE 24.5%.
The estimated value range is 42.67–102.56 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 64.85 USD, the price of 189.24 USD leaves a potential of -65.7% (value / price − 1) and a margin of safety of -191.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.1%
- Current ratio: 3.3x
- Shareholder yield (distributions): 6.8%
- Payout ratio (FCF): 20.2%
What contradicts it
- FCF conversion: 41.3%
- Revenue CAGR 3Y: 2.4%
- EPS CAGR 3Y: 1.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Cement, Hydraulic (SIC 3241) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CXCemex Sab De Cv | 155.4 bn | 502.8 | 7.8% | 5.8% | −2.1% | −1% / +55% |
| CRHCRH public limited company | 65.7 bn | 18.6 | 14.8% | 9.2% | +5.3% | −18% / +57% |
| AMRZAmrize Ltd | 23.5 bn | 19.5 | 9.8% | 10.2% | +0.9% | −14% / unavailable |
| EXPEagle Materials Inc. | 5.8 bn | 15.7 | 24.5% | 16.1% | +2.1% | −9% / +15% |
| CPACHolcim Ltd | — | — | 16.6% | 10.1% | +1.4% | +90% / +170% |
| LOMALoma Negra Compania Industrialargentina Sociedad Anonima | — | — | 21.5% | 22.0% | −23.9% | −29% / +35% |
1- and 3-year price returns: for EXP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 112.64 Total return -40% · Per year -40% | 199.33 Total return 6% · Per year 6% | 300.53 Total return 59% · Per year 59% |
| 3 years | 104.82 Total return -43% · Per year -17% | 209.15 Total return 12% · Per year 4% | 346.86 Total return 85% · Per year 23% |
| 5 years | 97.54 Total return -47% · Per year -12% | 219.45 Total return 19% · Per year 4% | 400.34 Total return 115% · Per year 17% |
- Exit P/E± 52.29
- Net margin± 36.60
- Annual revenue growth± 30.65
- Annual dilution± 3.08
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Eagle Materials is a U.S. maker of cement and gypsum wallboard, with a network of more than 70 facilities across 21 states. It posted solid results in the first quarter of fiscal 2027, but higher delivery costs and weak residential demand are weighing on profitability, which makes margin trends worth following in coming periods.
SWOT
Strengths
- Long-term owned raw material reserves, a low-cost producer position and an integrated plant network.
- Solid balance sheet with net leverage of 2.1x and rising operating cash flow in the first quarter of fiscal 2027.
- Management team with long industry experience across several economic cycles.
Weaknesses
- Dependence on seasonal demand and weather, which can weigh most on peak quarters.
- Exposure to commodity pricing, driven by supply and demand and capable of sharp swings.
- Higher cement operating costs in the first quarter, including an unexpected equipment failure at Mountain Cement.
Opportunities
- Modernization of the Laramie and Duke plants could lower costs and add capacity in the coming years.
- Infrastructure demand backed by federal and state funding, plus large private projects such as data centers.
- Growth in fast-expanding Sun Belt and heartland states, where market conditions could turn more favorable.
Threats
- A prolonged slump in residential construction if mortgage rates stay high.
- Competitive pressure from imports and alternative products that could reduce prices.
- Stricter environmental and climate rules that could raise compliance costs and required investment.
Risks
- Dependence on public fundinghigh
A significant share of revenue comes from government-funded projects, and delays in appropriations could reduce demand.
- Exposure to residential constructionmedium
Wallboard sales are tied to a residential market that remains weak because of high mortgage rates.
- Energy and freight costsmedium
Higher diesel and natural gas prices could compress margins, especially in segments that ship by truck.
- Operational interruptionsmedium
Unexpected equipment failures, such as the one at Mountain Cement, can hit production and costs in a given quarter.
- Environmental regulationlow
Emission and greenhouse gas rules could require additional plant investment and operating costs.
Investment thesis
What would need to be true (bull case)
- If federally funded infrastructure stays strong, cement demand could remain solid over the medium term.
- The Laramie and Duke modernizations could lower costs and add capacity, which could support long-term margins.
- A moderately leveraged balance sheet and active share buybacks could support shareholder returns.
What would break the thesis
- If the residential market stays weak, wallboard sales could keep declining.
- Pressure from transport and fuel costs could limit margin recovery if prices do not adjust enough.
- Imports and alternative products could push down prices and volumes for U.S. producers.
What to watch
- Completion of the Mountain Cement modernization in Laramie and return to full productionlate calendar 2026
- Trend in wallboard sales volume and mortgage ratesQ2 2027
- Development of freight and diesel costs in the Cement segmentQ2 2027
- Completion of the Duke, Oklahoma wallboard plant modernization2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Eagle Materials Inc., headquartered in Dallas, Texas, manufactures heavy construction products and light building materials, mainly cement and gypsum wallboard, through its subsidiaries. Its products serve roads, highways and residential, commercial and industrial structures. The company runs two sectors: Heavy Materials, covering Cement and Concrete and Aggregates, and Light Materials, covering Gypsum Wallboard and Recycled Paperboard. Demand is cyclical and seasonal and depends on economic and geographic conditions. In fiscal 2026, revenue was 2.3 billion USD and net earnings were 423.8 million USD 1.
Two modernization projects matter for the period ahead. The Mountain Cement plant in Laramie, Wyoming, is expanding its capacity by 50% and could cut manufacturing costs by 25%, with start-up expected in late calendar 2026 1. The Oklahoma gypsum wallboard plant in Duke is being modernized with a 330.0 million USD investment and completion expected in the second half of calendar 2027 1.
Segments
Cement
Cement is the largest revenue contributor in the Heavy Materials sector. In fiscal 2026 segment revenue was 1144.0 million USD, and including the joint venture it reached 1299.4 million USD 1. Operating earnings rose to 328.3 million USD and sales volume grew 8% 1.
Gypsum Wallboard and Recycled Paperboard
Wallboard is tied to residential construction, which stayed weak. In the first quarter of fiscal 2027, wallboard sales volume fell 2% and net prices declined on higher freight costs 3. Recycled Paperboard reached a record volume, up 2%, and its price rose in line with long-term sales contracts 3.
Concrete and Aggregates
Concrete and Aggregates grew in fiscal 2026 thanks to the acquisitions in northern Kentucky and western Pennsylvania, which lifted aggregates volume sharply 1. Operating earnings remained modest and fell in the first quarter of fiscal 2027 on lower concrete volume and higher operating costs 3.
Market context
The company expects cement demand to stay steady in the near term, supported by public infrastructure funding under the Infrastructure Investment and Jobs Act, of which a significant share is still to be spent 2. Imports covered nearly 23% of U.S. cement sales, and national consumption was 112.3 million short tons in calendar 2025 1.
The residential market remains difficult because of elevated mortgage rates and housing affordability. Eagle believes its footprint in the U.S. heartland and the Sun Belt positions it to benefit when the market recovers, but the timing of that recovery is uncertain 2.
Trends
- Public infrastructure fundingtailwind
Federal and state funding for roads and highways remains high, supporting cement and aggregates demand over the medium term. The risk is that annual appropriations could be cut or delayed, and budget impasses could push projects back.
- Weak residential constructionheadwind
High mortgage rates and a large stock of new homes are slowing residential building, which hurts wallboard sales. If rates fall, demand could recover, but the timing is unclear.
- Transport and fuel costsheadwind
High diesel prices raised delivery costs for cement and wallboard, and the company expects freight costs to rise further in fiscal 2027. Price adjustment clauses in customer contracts offset these costs only partly.
- Recycled fiber pricesmixed
OCC prices have risen recently, raising the raw material cost for paperboard and wallboard liner. Customer contracts include price adjustments, but with a lag, which could compress margins in the short term.
Competitive position
The company operates in markets with many competitors, some larger and with more resources than Eagle. Price is the main basis of competition because most products are commodities. Competition also comes from alternative products, cement substitutes, recycled concrete and cement imports from jurisdictions with lower production costs 1.
Excess nameplate capacity in U.S. gypsum wallboard and rising cement imports could pressure prices. If new capacity arrives faster than demand, margins could decline 1.
- Heidelberg Materials
Partner in the Buda, Texas joint venture and a competitor in U.S. cement; named in the sources as a partner, not as a U.S.-listed company.
- Cement importers
Importers from jurisdictions with lower costs compete directly with domestic production and affect prices in port regions.
- Producers of cement substitutes
Competitors promoting silicate minerals and calcined clay as cement substitutes could reduce demand for the traditional product.
- Recycled concrete producers
Recycled concrete can replace new products in certain applications and competes with the Concrete and Aggregates segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Un căpitan rus, condamnat la închisoare după ce nava sa a distrus două cabluri submarine. Ce au descoperit anchetatoriiMediafax · 05 Nov 2026 · RO
- 🇮🇷 🇺🇸 ⚡️ — The IRGC has announced that it shot down two U.S. military drones, an…Telegram — Intel Slava Z (pro-RU OSINT EN) · 04 Nov 2026 · EN
- Injured Eagle in Greece Learns to Walk Again With Bionic LegTo Vima International (GR, EN) · 04 Nov 2026 · EN
- Wallowa County topping voter turnout in Oregon | Blue Mountain EagleSurge — GDELT DOC · 04 Nov 2026 · RO
- This gold miner is a cash machine. Why I think the sell-off is an opportunityCNBC — Top News · 03 Nov 2026 · EN
- Exhibition in Kosovo Capital Asks What Antifascism Means TodayPrishtina Insight — BIRN (XK, EN) · 02 Nov 2026 · EN
- 'Consolidation of power': Bulgaria elects Iliana Iotova as first woman presidentFrance24 — Europe · 02 Nov 2026 · EN
- From Expertise to Intelligence: NISCO Deploys World's First Swarm-Intelligence Steel Model at ScaleThe Register · 02 Nov 2026 · EN
- Luxury Train from Venice Arriving in BiH Again: The Cheapest Ticket Is 23, 600 EurosSarajevo Times (BA, EN) · 01 Nov 2026 · EN
- Inexpensive things to do in Alaska on a cruiseThe Points Guy · 31 Oct 2026 · EN
- Chocolate Caterpillar or Chocolate Teapot? Top up the disk space for Windows 10 to find outThe Register · 31 Oct 2026 · EN
- New tactical comms system for US ground troops aims to break network silosDefense News (US, EN) · 29 Oct 2026 · EN
- Agnico Eagle (AEM) Flags Diesel Risk to Gold Output Costs Next YearBloomberg Markets · 29 Oct 2026 · EN
- Eight of England’s nine water companies still failing on environment, report findsThe Guardian World · 29 Oct 2026 · EN
- Best grocery store loyalty programs in the U.S.The Points Guy · 28 Oct 2026 · EN
- How a grocery merger could expand a surveillance networkThe Verge · 28 Oct 2026 · EN
- Polymathic AI and Princeton Researchers Release FlashMap, a Flow Map Drafter for 6.14x Faster LLM DecodingMarkTechPost (Asia AI) · 28 Oct 2026 · EN
- Russian TV production designer dies in Moscow hospital after arrest on treason chargesMeduza English (independent RU/exile) · 26 Oct 2026 · EN
- ► GA-ASI partenring with Spirit Defence for FQ-42 CCA productionEuropean Defence Review · 26 Oct 2026 · RO
- The Debate Over the Maldives’ Deal with Eagle HillsThe Diplomat (Asia geopolitics) · 26 Oct 2026 · EN
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement15 Jun 2026
- Current report28 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report19 May 2026
- Current report19 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Eagle Materials Inc. · 19 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Eagle Materials Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Eagle Materials Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.