olivLaw · US equity research
CRH PLC CRH
Cement, Hydraulic · SIC 3241 · Vertical: Cement, Hydraulic (SIC 3241)
CRH is the largest building materials provider in North America, with operations also in Europe and Australia. In 2025 it reported total revenues of $37.4 billion and Adjusted EBITDA of $7.7 billion. In the first half of 2026 growth continued and 2026 guidance was reaffirmed, while an agreement to acquire Arcosa at an enterprise value of about $8.5 billion was signed.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CRH PLC (CRH) stock was 98.80 USD (+5.63% on the day), with market capitalisation 65.7 bn USD, P/E 18.6 on diluted EPS of 5.32 USD over the last 12 months, dividend yield 1.56%, beta 1.26, 52-week range 79.20–131.38 USD. Latest reported quarter (Q3 2026): revenue of 11.4 bn USD (+3.0% YoY), net income of 1.2 bn USD (−17.2% YoY), diluted EPS 1.86 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)
- 72.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 75.71 – 96.65
- above the upper band · %B 1.10 · band width 24.3%
- SMA 50 / 200
- 87.22 / 103.71
- mixed trend
- MACD (12, 26, 9)
- 2.42 / 0.70
- 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 | +19.5% | −1.1% | +20.6 pp | — |
| 3 months | −1.2% | −0.5% | −0.7 pp | — |
| 6 months | −14.0% | +4.4% | −18.4 pp | — |
| Year to date | −20.8% | +12.3% | −33.1 pp | — |
| 1 year | −15.8% | +13.5% | −29.3 pp | −14.3% |
| 3 years | +73.7% | +76.4% | −2.7 pp | +45.1% |
| 5 years | +99.7% | +63.7% | +36.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.9 bn | 6.8 bn | 10.2 bn | 11.1 bn | 9.4 bn | 7.4 bn | 10.8 bn | 11.4 bn |
| Cost of revenue | 5.7 bn | 4.9 bn | 6.2 bn | 6.8 bn | 6.1 bn | 5.3 bn | 6.5 bn | 7.0 bn |
| Gross profit | 3.2 bn | 1.8 bn | 4.0 bn | 4.3 bn | 3.4 bn | 2.0 bn | 4.3 bn | 4.4 bn |
| SG&A | 1.9 bn | 1.8 bn | 2.1 bn | 2.3 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.4 bn |
| Operating income | 1.1 bn | 18.0 m | 1.9 bn | 2.1 bn | 1.4 bn | -38.0 m | 2.1 bn | 1.9 bn |
| Depreciation & amortisation | 510.0 m | 477.0 m | 528.0 m | 561.0 m | 590.0 m | 576.0 m | 548.0 m | 555.0 m |
| Interest expense | 160.0 m | 181.0 m | 200.0 m | 209.0 m | 220.0 m | 203.0 m | 220.0 m | 209.0 m |
| Pre-tax income | 987.0 m | -146.0 m | 1.8 bn | 1.9 bn | 1.3 bn | -224.0 m | 2.2 bn | 1.7 bn |
| Income tax | 143.0 m | -58.0 m | 425.0 m | 428.0 m | 246.0 m | -55.0 m | 661.0 m | 494.0 m |
| Net income | 703.0 m | -94.0 m | 1.3 bn | 1.5 bn | 1.0 bn | -176.0 m | 1.5 bn | 1.2 bn |
| Diluted EPS | 1.02 ≈ | -0.15 | 1.94 | 2.21 | 1.52 ≈ | -0.27 | 2.21 | 1.86 |
| Operating cash flow | 2.7 bn | -659.0 m | 1.4 bn ≈ | 2.0 bn ≈ | 2.9 bn | -616.0 m | 1.1 bn ≈ | 1.8 bn ≈ |
| Capex | 943.0 m | 645.0 m | 655.0 m ≈ | 592.0 m ≈ | 821.0 m | 601.0 m | 639.0 m ≈ | 585.0 m ≈ |
| Share repurchases | 258.0 m | 310.0 m | 334.0 m ≈ | 286.0 m ≈ | 251.0 m | 332.0 m | 275.0 m ≈ | 86.0 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 42 percentile of its own 12-quarter history (min 15.5, median 18.7, max 23.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.4 bn | 28.1 bn | 25.9 bn | 29.2 bn | 32.7 bn | 34.9 bn | 35.6 bn | 37.4 bn |
| Revenue YoY | unavailable | +2.5% | −8.0% | +12.8% | +12.0% | +6.8% | +1.8% | +5.3% |
| Net income | 2.9 bn | 1.7 bn | 1.1 bn | 2.6 bn | 3.9 bn | 3.2 bn | 3.5 bn | 3.8 bn |
| Net income YoY | unavailable | −40.5% | −34.7% | +134.4% | +46.8% | −17.7% | +9.9% | +7.5% |
| Diluted EPS | 344.70 | 2.13 | 1.42 | 3.32 | 5.11 | 4.33 | 5.02 | 5.51 |
| Diluted EPS YoY | unavailable | −99.4% | −33.2% | +133.8% | +53.9% | −15.3% | +15.9% | +9.8% |
| net % | 10.5% | 6.1% | 4.3% | 9.0% | 11.8% | 9.1% | 9.8% | 10.0% |
| Free cash flow | 922.0 m | 2.5 bn | 2.9 bn | 2.4 bn | 2.3 bn | 3.2 bn | 2.4 bn | 2.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.1 bn USD
- Financial debt
- 17.7 bn USD
- Net debt
- 13.6 bn USD
- Equity
- 25.0 bn USD
- Total assets
- 58.3 bn USD
- Debt / equity
- 0.70x
- Current ratio
- 1.74x
- ROE
- 15.8%
- ROA
- 6.9%
- FCF margin
- 7.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 25.9 bn | 29.2 bn | 32.7 bn | 34.9 bn | 35.6 bn | 37.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 17.3 bn | 19.4 bn | 21.9 bn | 23.0 bn | 22.9 bn | 23.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 8.6 bn | 9.8 bn | 10.8 bn | 12.0 bn | 12.7 bn | 13.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | — | 6.5 bn | 7.1 bn | 7.5 bn | 7.9 bn | 8.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 2.0 bn | 3.3 bn | 3.8 bn | 4.2 bn | 4.9 bn | 5.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | — | 1.6 bn | 1.6 bn | 1.6 bn | 1.8 bn | 2.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | — | 4.9 bn ≈ | 5.4 bn ≈ | 5.8 bn ≈ | 6.7 bn ≈ | 7.6 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 438.0 m | 315.0 m | 344.0 m | 376.0 m | 612.0 m | 810.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 1.5 bn | 3.1 bn | 3.5 bn | 4.0 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 445.0 m | 650.0 m | 762.0 m | 925.0 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 1.1 bn | 2.6 bn | 3.9 bn | 3.2 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 1.42 | 3.32 | 5.11 | 4.33 | 5.02 | 5.51 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 791.1 m | 786.8 m | 764.1 m | 729.2 m | 689.5 m | 677.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.91 | 1.21 | 1.27 | 1.33 | 1.40 | 1.48 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.7 bn | 5.8 bn | 5.9 bn | 6.3 bn | 3.7 bn | 4.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 4.1 bn | 4.6 bn | 4.6 bn | — | — | — | SEC (XBRL)· 10 Mar 2023verified |
| Inventories | 3.1 bn | 3.6 bn | 4.2 bn | 4.3 bn | 4.8 bn | 5.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 15.0 bn | 14.0 bn | 14.8 bn | 16.9 bn | 14.1 bn | 15.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 19.3 bn | 19.5 bn | 17.8 bn | 17.8 bn | 21.5 bn | 24.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 9.0 bn | 9.5 bn | 9.2 bn | 9.2 bn | 11.1 bn | 13.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 1.1 bn | 1.0 bn | 1.2 bn | 2.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 44.9 bn | 44.7 bn | 45.3 bn | 47.5 bn | 50.6 bn | 58.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 4.8 bn | 5.7 bn | 2.9 bn | 3.1 bn | 3.2 bn | 3.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | — | 1.5 bn | 1.9 bn | 3.0 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 11.0 bn | 9.9 bn | 8.1 bn | 9.8 bn | 11.0 bn | 16.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 7.5 bn | 7.6 bn | 8.0 bn | 10.0 bn | 10.3 bn | 8.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 24.6 bn | 23.8 bn | 22.3 bn | 25.8 bn | 27.8 bn | 32.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 20.4 bn | 21.2 bn | 22.7 bn | 21.3 bn | 22.5 bn | 25.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Shares outstanding at year end | 795.1 m | 774.1 m | 752.1 m | 690.4 m | — | — | SEC (XBRL)· 15 Mar 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.9 bn | 4.0 bn | 3.8 bn | 5.0 bn | 5.0 bn | 5.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 996.0 m | 1.6 bn | 1.5 bn | 1.8 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 2.9 bn ≈ | 2.4 bn ≈ | 2.3 bn ≈ | 3.2 bn ≈ | 2.4 bn ≈ | 2.9 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -1.1 bn | -2.5 bn | -917.0 m | -2.4 bn | -6.3 bn | -6.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 287.0 m | -3.1 bn | -2.5 bn | -2.4 bn | -1.2 bn | 596.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 722.0 m | 938.0 m | 930.0 m | — | — | — | SEC (XBRL)· 10 Mar 2023verified |
| Share repurchases | 249.0 m | 896.0 m | 1.2 bn | 3.1 bn | 1.5 bn | 1.2 bn | SEC (XBRL)· 18 Feb 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: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 65.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet63
- Growth28
- Quality49
- Returns21
- Valuation47
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: 19.45 – 98.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)50.63 – 98.77 (Mid 68.36)WACC 8.2% · starting FCFF 3.2 bn USD · terminal value share of EV 77%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): 17.9%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)19.45 – 26.16 (Mid 22.31)
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 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.8% | 60 (on a fixed band) | 11% |
| Net margin · Quality | 9.2% | 20 (vs peers) | 7% |
| FCF conversion · Quality | 70.9% | 58 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 4.6% | 38 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 2.5% | 17 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.9x | 60 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 6.3x | 73 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 18.6x | 52 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 10.5x | 41 (on a fixed band) | 11% |
| FCF yield · Valuation | 3.9% | 48 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.4% | 21 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality49/100 · 3/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation47/100 · 3/3 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
CRH public limited company (CRH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 37.4 bn USD in 2025; YoY growth 5.3%; net margin 9.2%; ROE 14.8%; net debt/EBITDA 1.9x.
The estimated value range is 35.04–62.46 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 45.33 USD, the price of 98.80 USD leaves a potential of -54.1% (value / price − 1) and a margin of safety of -117.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 6.3x
What contradicts it
- Net margin: 9.2%
- EPS CAGR 3Y: 2.5%
- Shareholder yield (distributions): 1.4%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Cement, Hydraulic (SIC 3241) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger 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% | −16% / +74% |
| 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% | −15% / +5% |
| 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 CRH 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.
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 | 59.11 Total return -39% · Per year -39% | 104.50 Total return 7% · Per year 7% | 157.40 Total return 61% · Per year 61% |
| 3 years | 57.48 Total return -38% · Per year -15% | 114.33 Total return 21% · Per year 7% | 189.06 Total return 98% · Per year 26% |
| 5 years | 55.90 Total return -37% · Per year -9% | 125.08 Total return 36% · Per year 6% | 227.09 Total return 142% · Per year 19% |
- Exit P/E± 28.58
- Net margin± 20.01
- Annual revenue growth± 16.41
- Annual dilution± 1.68
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
CRH is the largest building materials provider in North America, with operations also in Europe and Australia. In 2025 it reported total revenues of $37.4 billion and Adjusted EBITDA of $7.7 billion 1. In the first half of 2026 growth continued and 2026 guidance was reaffirmed, while an agreement to acquire Arcosa at an enterprise value of about $8.5 billion was signed 23.
SWOT
Strengths
- Leading position in infrastructure materials, with large scale and a connected portfolio linking aggregates, concrete and building products 1. The company has a long record of integrated acquisitions and a balance sheet management describes as robust 3.
- Geographic diversification across North America, Europe and Australia reduces reliance on any single market 1. A large share of infrastructure and repair work gives relatively stable demand 1.
- Capacity to return capital to shareholders through dividends and buybacks, alongside strategic disposals of non-core assets 2.
Weaknesses
- Dependence on a cyclical construction sector that is sensitive to interest rates and local economic conditions 1. Many products cannot be transported economically over long distances, which limits accessible markets 1.
- Net debt rose in 2026 compared with the end of 2025 as acquisitions and shareholder returns were funded 3. Exposure to energy and labour costs can squeeze margins.
- The new-build residential segment is weak, and international exposure to that area is significant 1. Workplace safety and regulatory risks can generate unforeseen costs 1.
Opportunities
- Federal infrastructure funding in the US and EU programmes can support volumes over several years 1. Projects in water, energy and data centres open chances for higher-value products 12.
- The Arcosa acquisition could broaden the US aggregates and energy infrastructure position if the deal closes on the expected timetable 23.
- Demand for supplementary cementitious materials and lower-carbon solutions could grow, supported by the Eco Material acquisition and sustainability innovation 1.
Threats
- Cuts or delays in public infrastructure spending could directly reduce demand for the company's products 1. Geopolitical and macroeconomic uncertainty, noted by management, remains a risk 3.
- Climate policies and carbon costs could raise operating costs, especially for high-emission operations 1. Physical risks from extreme weather can interrupt production and construction 1.
- Competition for acquisitions and the integration of acquired businesses could create operational difficulties or pricing pressure 1.
Risks
- Construction cyclicalityhigh
Demand depends on construction activity, which is shaped by the economy, interest rates, consumer confidence and weather 1. A weak economic cycle could reduce volumes and margins.
- Reliance on public spendinghigh
A significant share of demand comes from public projects, so changes in policy or budgets could have material effects 1.
- Geopolitical and Ukraine exposuremedium
Operations and people in several countries, including Ukraine and neighbouring states, face security, trade and regulatory risks 1.
- Mineral reserves and permitsmedium
Continuity of production depends on reserves and permits, which are becoming harder to secure, and reserve estimates can prove wrong 1.
- Acquisition integration riskmedium
The Arcosa transaction is subject to shareholder and regulatory approvals, and integrating large acquisitions can prove difficult 23.
Investment thesis
What would need to be true (bull case)
- A leading aggregates position in North America, combined with long-term public funding, could support growth over several years, particularly if 2026 guidance is met 3.
- The acquisition model and connected portfolio could amplify earnings over time if integration remains effective, as 2025 and the first half of 2026 suggest 12.
- Geographic diversification and the weight of repair and remodel work could dampen the effect of new-build cycles if infrastructure demand stays firm 1.
What would break the thesis
- The new-build residential segment remains weak, and a delay in rate cuts could prolong pressure on volumes 1.
- Higher net debt and the large Arcosa transaction could reduce financial flexibility if results fall short of expectations 3.
- Climate policy, energy and labour costs could compress margins, and reliance on public projects could become a vulnerability if budgets shrink 1.
What to watch
- Closing of the Arcosa acquisition and its effect on net debtQ1 2027
- Delivery against 2026 guidance for net income, Adjusted EBITDA and diluted EPS2026
- Trends in North American and European new-build residential demand2027
- Resumption of the share buyback programme after the Arcosa transactionnext 10-K
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 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
CRH describes its model as a connected portfolio of building materials, including aggregates, cementitious materials, concrete, asphalt and building products, serving transportation, water and reindustrialization projects 1. At the end of 2025 it had 83,032 people across 3,961 locations 1. Acquisitions are central: over 1,250 deals in its history and 38 acquisitions in 2025 for $4.1 billion 1. Shares are listed on the NYSE and LSE under the symbol CRH 1.
Segments
Americas Materials Solutions
The segment produces aggregates, cementitious materials, readymixed concrete and asphalt, and provides paving services. It generated 45% of total revenues and 52% of Adjusted EBITDA in 2025 1. The Eco Material acquisition, a North American supplier of supplementary cementitious materials, sits in this segment 1.
Americas Building Solutions
The segment makes value-added products for critical infrastructure (transport, water, energy, telecoms) and outdoor living solutions, accounting for 19% of total revenues in 2025 1. In Q2 2026 revenues dipped slightly due to divestitures and weak residential demand, partly offset by energy and data centre demand 2.
Market context
The company notes that about 75% of 2025 net income was generated in North America, where infrastructure demand is supported by federal funding: the IIJA could provide about $350 billion of federal highway funding 1. New-build residential demand is described as subdued, while repair and remodel activity remains resilient 13.
Trends
- Public infrastructure investmenttailwind
Public funding for roads, bridges and water supports long-term volumes, especially in North America and the EU. If government budgets shrink or projects are delayed, demand for CRH products could fall.
- Reindustrialization and data centrestailwind
Manufacturing, semiconductor and data centre projects support non-residential demand, particularly in North America. The company reported stronger data centre activity in Q2 2026 2.
- New-build residential constructionheadwind
Housing affordability, persistent inflation and mortgage rates are holding back the new-build residential segment. If interest rates fall, the European segment could recover earlier, according to management's view.
- Energy and labour costsmixed
Fuel and energy costs were about 10% of total revenues in 2025, and labour costs rose in the same year 1. Inflationary pressure can weigh on margins, although positive pricing partly offset it in Q2 2026 2.
Competitive position
The building materials market is fragmented locally, because aggregates are costly to transport over long distances, and market position depends on reserves and quarries near cities 1. The company competes with regional and global producers of cement, aggregates and concrete, where competitiveness rests on scale, reserves and vertical integration 1.
- Vulcan Materials CompanyVMC
A US aggregates and concrete producer active in the same US infrastructure markets, a direct competitor in aggregates 1.
- Martin Marietta MaterialsMLM
A US supplier of aggregates and cementitious materials present in similar North American markets, especially road construction 1.
- Holcim
A European cement and aggregates group with operations in Europe and North America, competing with CRH in cementitious materials 1.
- Heidelberg Materials
A German cement and aggregates producer active in Europe, North America and Australia, where it competes with CRH's international division 1.
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
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report23 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jul 2026Other events
- Current report22 Jun 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report16 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CRH PLC · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CRH PLC · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CRH PLC · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.