olivLaw · US equity research
James Hardie Industries plc JHX
Concrete Products, Except Block & Brick · SIC 3272 · Vertical: Stone, clay, glass and concrete (SIC 32xx)
James Hardie is a major provider of exterior home and outdoor living solutions, including fiber cement, composite and PVC products. After the AZEK acquisition in July 2025, sales grew sharply and the company raised its fiscal 2027 outlook. Net sales in the first quarter of fiscal 2027 were 1,475 million USD, up 64% from the prior year.
At the close of 05 Nov 2026, James Hardie Industries plc (JHX) stock was 28.66 USD (−2.91% on the day), with market capitalisation 16.6 bn USD, P/E 150.8 on diluted EPS of 0.19 USD over the last 12 months, dividend yield 0.00%, beta 1.30, 52-week range 16.69–31.08 USD. Latest reported quarter (Q1 2027): revenue of 1.5 bn USD (+63.9% YoY), net income of 104.3 m USD (+66.6% YoY), diluted EPS 0.18 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)
- 62.5
- strong (55–70)
- Bollinger (20, 2)
- 23.90 – 28.87
- in the upper half of the band · %B 0.96 · band width 18.8%
- SMA 50 / 200
- 26.86 / 24.44
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.54 / 0.15
- 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 | +12.3% | −1.1% | +13.4 pp | — |
| 3 months | +2.4% | −0.5% | +2.8 pp | — |
| 6 months | +40.0% | +4.4% | +35.6 pp | — |
| Year to date | +38.1% | +12.3% | +25.8 pp | — |
| 1 year | +54.9% | +13.5% | +41.4 pp | −14.5% |
| 3 years | +6.6% | +76.4% | −69.8 pp | +4.5% |
| 5 years | −30.0% | +63.7% | −93.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '16 | Q4 '17 | Q4 '18 | Q4 '20 | Q1 '26 | Q1 '27 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | 899.9 m | 1.5 bn |
| Cost of revenue | — | — | — | — | 563.0 m | 925.9 m |
| Gross profit | — | — | — | — | 336.9 m | 548.7 m |
| Research & development | — | — | — | — | 12.1 m | 15.4 m |
| SG&A | — | — | — | — | 156.1 m | 295.4 m |
| Operating income | — | — | — | — | 138.6 m | 217.7 m |
| Depreciation & amortisation | — | — | — | — | 56.5 m | 168.8 m |
| Interest expense | — | — | — | — | 37.8 m | 61.5 m |
| Pre-tax income | — | — | — | — | 89.7 m | 157.3 m |
| Income tax | — | — | — | -25.5 m | 27.1 m | 53.0 m |
| Net income | — | — | — | — | 62.6 m | 104.3 m |
| Diluted EPS | — | — | — | — | 0.15 | 0.18 |
| Operating cash flow | 260.4 m | 292.1 m | 295.0 m | — | 206.9 m | 344.0 m |
| Capex | — | — | — | — | 103.2 m | 89.8 m |
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 100 percentile of its own 10-quarter history (min 18.8, median 27.4, max 99.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.6 bn | 2.9 bn | 3.6 bn | 3.8 bn | 3.9 bn | 3.9 bn | 4.8 bn |
| Revenue YoY | +22.0% | +4.0% | +11.6% | +24.3% | +4.5% | +4.2% | −1.5% | +24.7% |
| Net income | 228.8 m | 241.5 m | 262.8 m | 459.1 m | 512.0 m | 510.2 m | 424.0 m | 104.0 m |
| Net income YoY | +56.6% | +5.6% | +8.8% | +74.7% | +11.5% | −0.4% | −16.9% | −75.5% |
| Diluted EPS | 0.52 | 0.54 | 0.59 | 1.03 | 1.15 | 1.16 | 0.98 | 0.19 |
| Diluted EPS YoY | +57.6% | +3.8% | +9.3% | +74.6% | +11.7% | +0.9% | −15.5% | −80.6% |
| net % | 9.1% | 9.3% | 9.0% | 12.7% | 13.6% | 13.0% | 10.9% | 2.2% |
| Free cash flow | -13.5 m | 257.4 m | 676.2 m | 499.4 m | 16.3 m | 464.9 m | 380.6 m | 205.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 269.2 m USD
- Financial debt
- 4.5 bn USD
- Net debt
- 4.3 bn USD
- Equity
- 6.4 bn USD
- Total assets
- 13.7 bn USD
- Debt / equity
- 0.71x
- Current ratio
- 1.58x
- ROE
- 2.4%
- ROA
- 1.1%
- FCF margin
- 4.3%
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 | 2.9 bn | 3.6 bn | 3.8 bn | 3.9 bn | 3.9 bn | 4.8 bn | SEC (XBRL)· 19 May 2026verified |
| Cost of revenue | 1.9 bn | 2.3 bn | 2.5 bn | 2.3 bn | 2.4 bn | 3.1 bn | SEC (XBRL)· 19 May 2026verified |
| Gross profit | 1.1 bn | 1.3 bn | 1.3 bn | 1.6 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 19 May 2026verified |
| Research & development | 34.3 m | 38.0 m | 39.6 m | 47.0 m | 48.5 m | 60.7 m | SEC (XBRL)· 19 May 2026verified |
| SG&A | 389.6 m | 461.2 m | 494.0 m | 602.2 m | 596.2 m | 946.4 m | SEC (XBRL)· 19 May 2026verified |
| Operating income | 472.8 m | 682.6 m | 741.4 m | 767.4 m | 655.9 m | 447.6 m | SEC (XBRL)· 19 May 2026verified |
| Depreciation & amortisation | 135.0 m | 161.8 m | 172.6 m | 185.0 m | 216.2 m | 493.5 m | SEC (XBRL)· 19 May 2026verified |
| EBITDA | 607.8 m ≈ | 844.4 m ≈ | 914.0 m ≈ | 952.4 m ≈ | 872.1 m ≈ | 941.1 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Interest expense | — | 39.3 m | 30.7 m | 15.3 m | 10.3 m | 231.1 m | SEC (XBRL)· 19 May 2026verified |
| Pre-tax income | 412.0 m | 643.1 m | 723.5 m | 754.8 m | 645.4 m | 206.7 m | SEC (XBRL)· 19 May 2026verified |
| Income tax | 149.2 m | 184.0 m | 211.5 m | 244.6 m | 221.4 m | 102.7 m | SEC (XBRL)· 19 May 2026verified |
| Net income | 262.8 m | 459.1 m | 512.0 m | 510.2 m | 424.0 m | 104.0 m | SEC (XBRL)· 19 May 2026verified |
| Diluted EPS | 0.59 | 1.03 | 1.15 | 1.16 | 0.98 | 0.19 | SEC (XBRL)· 19 May 2026verified |
| Weighted average diluted shares | 445.4 m | 445.9 m | 445.6 m | 439.6 m | 432.1 m | 545.5 m | SEC (XBRL)· 19 May 2026verified |
| Dividend per share | 0.00 | 1.09 | 0.29 | 0.00 | 0.00 | — | SEC (XBRL)· 20 May 2025derived |
≈ 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 | 208.5 m | 125.0 m | 113.0 m | 365.0 m | 562.7 m | 269.2 m | SEC (XBRL)· 19 May 2026verified |
| Inventories | 218.3 m | 279.7 m | 344.2 m | 337.8 m | 347.1 m | 635.7 m | SEC (XBRL)· 19 May 2026verified |
| Current assets | 943.6 m | 1.1 bn | 1.1 bn | 1.4 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 19 May 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.5 bn | 1.8 bn | 2.0 bn | 2.2 bn | 3.1 bn | SEC (XBRL)· 19 May 2026verified |
| Goodwill | 209.3 m | 199.5 m | 194.9 m | 192.6 m | 193.7 m | 4.8 bn | SEC (XBRL)· 19 May 2026verified |
| Intangibles (excl. goodwill) | 173.9 m | 162.8 m | 155.2 m | 149.2 m | 145.6 m | 3.3 bn | SEC (XBRL)· 19 May 2026verified |
| Total assets | 4.1 bn | 4.2 bn | 4.5 bn | 4.9 bn | 5.2 bn | 13.7 bn | SEC (XBRL)· 19 May 2026verified |
| Accounts payable | 307.0 m | 458.0 m | 387.7 m | 463.3 m | 446.4 m | 712.5 m | SEC (XBRL)· 19 May 2026verified |
| Short-term debt | — | — | 0 | 7.5 m | 9.4 m | 43.8 m | SEC (XBRL)· 19 May 2026verified |
| Long-term debt | 858.6 m | 877.3 m | 1.1 bn | 1.1 bn | 1.1 bn | 4.5 bn | SEC (XBRL)· 19 May 2026verified |
| Current liabilities | 901.1 m | 769.9 m | 697.3 m | 797.7 m | 810.2 m | 1.2 bn | SEC (XBRL)· 19 May 2026verified |
| Total liabilities | 3.0 bn | 2.9 bn | 2.9 bn | 3.1 bn | 3.1 bn | 7.3 bn | SEC (XBRL)· 19 May 2026verified |
| Equity | 1.1 bn † | 1.3 bn † | 1.6 bn † | 1.9 bn † | 2.2 bn † | 6.4 bn † | SEC (XBRL)· 19 May 2026verified |
| Shares outstanding at year end | 444.3 m | 445.3 m | 442.1 m | 433.8 m | 429.8 m | — | SEC (XBRL)· 20 May 2025verified |
† 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 | 786.9 m | 757.2 m | 607.6 m | 914.2 m | 802.8 m | 589.8 m | SEC (XBRL)· 19 May 2026verified |
| Capex | 110.7 m | 257.8 m | 591.3 m | 449.3 m | 422.2 m | 383.9 m | SEC (XBRL)· 19 May 2026verified |
| Free cash flow | 676.2 m ≈ | 499.4 m ≈ | 16.3 m ≈ | 464.9 m ≈ | 380.6 m ≈ | 205.9 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Investing cash flow | -120.4 m | -348.2 m | -660.1 m | -470.5 m | -446.7 m | -4.2 bn | SEC (XBRL)· 19 May 2026verified |
| Financing cash flow | -540.2 m | -449.6 m | -25.4 m | -210.1 m | -165.9 m | 3.4 bn | SEC (XBRL)· 19 May 2026verified |
| Dividends paid | 0 | 484.0 m | 129.6 m | 0 | 0 | — | SEC (XBRL)· 20 May 2025verified |
| Share repurchases | 0 | 0 | 78.4 m | 271.4 m | 149.9 m | 0 | 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: 32 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 16.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet30
- Valuation18
- Quality57
- Growth36
- Returns0
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: 3.95 – 17.36 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)7.49 – 17.36 (Mid 11.09)WACC 8.0% · starting FCFF 491.7 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA11.66 – 16.05 (Mid 13.54)6 companies used · median multiple 10.5x · quartiles 9.5x – 11.7xAMRZ, APOG, CRH, OC, OI, TGLS
- Peers: P/E3.95 – 4.83 (Mid 4.32)6 companies used · median multiple 17.2x · quartiles 15.8x – 19.2xAMRZ, APOG, CRH, EXP, SMID, TGLS
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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
Unattractive profile · Score 32/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 44 (vs peers) | 11% |
| Net margin · Quality | 2.7% | 36 (vs peers) | 7% |
| FCF conversion · Quality | 244.6% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 8.6% | 72 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -45.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.5x | 29 (vs peers) | 11% |
| Interest coverage · Balance sheet | 2.1x | 9 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 114.2x | 14 (vs peers) | 11% |
| EV/EBITDA · Valuation | 18.2x | 14 (vs peers) | 11% |
| FCF yield · Valuation | 2.1% | 27 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (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 sheet30/100 · 3/3 factors with a value
- Growth36/100 · 2/2 factors with a value
- Quality57/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation18/100 · 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
JAMES HARDIE INDUSTRIES plc (JHX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.8 bn USD in 2026; YoY growth 24.7%; net margin 2.7%; ROE 3.3%; net debt/EBITDA 3.5x.
The estimated value range is 7.49–16.05 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 11.09 USD, the price of 28.66 USD leaves a potential of -61.3% (value / price − 1) and a margin of safety of -158.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 32/100, methodological classification: unattractive 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
- FCF conversion: 244.6%
- Revenue CAGR 3Y: 8.6%
What contradicts it
- EPS CAGR 3Y: -45.1%
- Net debt / EBITDA: 3.5x
- Interest coverage: 2.1x
- P/E (TTM): 114.2x
- EV/EBITDA: 18.2x
- FCF yield: 2.1%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Stone, clay, glass and concrete (SIC 32xx) · same major group (2-digit SIC) · compared with 14 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 |
| JHXJAMES HARDIE INDUSTRIES plc | 16.6 bn | 114.2 | 3.3% | 2.7% | +24.7% | +55% / +7% |
| OCOwens Corning | 9.6 bn | — | -11.3% | -4.4% | +2.6% | +10% / −8% |
| EXPEagle Materials Inc. | 5.8 bn | 15.7 | 24.5% | 16.1% | +2.1% | −15% / +5% |
| TGLSTecnoglass Holdings Inc. | 2.0 bn | 15.9 | 17.0% | 12.4% | +10.5% | −9% / +29% |
| APOGApogee Enterprises, Inc. | 959.5 m | 14.5 | 13.1% | 4.7% | +3.2% | +26% / +2% |
| OIO-I Glass, Inc. | 829.8 m | — | -119.2% | -18.9% | −1.6% | −60% / −63% |
| RETOReTo Eco-Solutions, Inc. | 169.3 m | — | -48.3% | -366.1% | +84.3% | −98% / −100% |
| SMIDSmith-Midland Corporation | 134.5 m | 22.0 | 14.5% | 8.6% | +19.0% | −27% / −17% |
| CPSHCps Technologies Corp. | 69.8 m | — | -0.1% | -0.1% | +54.3% | +5% / +55% |
| CSTECaesarstone Ltd. | 44.3 m | — | -66.9% | -34.6% | −10.4% | −15% / −68% |
| 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 JHX 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 | 17.64 Total return -38% · Per year -38% | 31.12 Total return 9% · Per year 9% | 46.80 Total return 63% · Per year 63% |
| 3 years | 18.55 Total return -35% · Per year -13% | 36.69 Total return 28% · Per year 9% | 60.37 Total return 111% · Per year 28% |
| 5 years | 19.51 Total return -32% · Per year -7% | 43.26 Total return 51% · Per year 9% | 77.89 Total return 172% · Per year 22% |
- Exit P/E± 9.17
- Net margin± 6.42
- Annual revenue growth± 5.07
- Annual dilution± 0.54
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.
In brief
James Hardie is a major provider of exterior home and outdoor living solutions, including fiber cement, composite and PVC products. After the AZEK acquisition in July 2025, sales grew sharply and the company raised its fiscal 2027 outlook. Net sales in the first quarter of fiscal 2027 were 1,475 million USD, up 64% from the prior year 23.
SWOT
Strengths
- The company has a strong brand position and a premium exterior product range supported by innovation and research 1.
- Its large-scale manufacturing base and wide distribution network help it hold positions in many regions 1.
- First-quarter fiscal 2027 results exceeded original guidance, showing solid execution 3.
Weaknesses
- Dependence on residential construction makes results sensitive to the housing cycle and to interest rates 1.
- Higher debt after the AZEK acquisition raised interest costs and weighed on net income 12.
- A single supplier provides certain critical capped compounds for decking and railing, with no redundant source in place 1.
Opportunities
Risks
- Dependence on the residential markethigh
Demand relies heavily on new construction and renovation, which the company cannot control. A slowdown could reduce sales and operating income 1.
- Important customersmedium
A customer with a significant share of sales could reduce orders if it switches to competing products, and distribution contracts can be terminated on short notice 1.
- Raw material costsmedium
Prices of resins, cellulose and energy could rise without full pass-through to selling prices, which could hurt gross margin 13.
- Trade policy and tariffsmedium
Tariffs and changes in trade regulation could raise costs and require changes to operations 1.
- Product liability and warrantieslow
Quality problems or product claims could lead to recall costs and damage the brand if reserves prove insufficient 1.
Investment thesis
What would need to be true (bull case)
- If organic growth in fiber cement continues and AZEK synergies are realized, profitability could rise meaningfully from current levels 3.
- The shift from wood to durable materials could support long-term demand, especially in decking and siding 1.
- First-quarter results that beat original guidance suggest execution could support growth above expectations 3.
What would break the thesis
- If the US housing market stays weak, volumes could remain under pressure and limit the benefits of integrating AZEK 3.
- Higher debt and large interest costs could limit financial flexibility if profit does not grow enough 12.
- Reliance on a few large customers and a single supplier for critical components could expose the company to unexpected disruption 1.
What to watch
- Organic sales trend in Siding & Trim and US residential construction demandQ2 FY27
- Progress of cost and revenue synergies after the AZEK integration2027
- Delivery of the free cash flow target above 500 million USD for fiscal 20272027
- Margin trend in Deck, Rail & Accessories as channel inventory normalizesnext 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.
The business
James Hardie Industries plc supplies exterior home and outdoor living solutions, is domiciled in Ireland and has main markets in the United States, Australia and Europe 1. Its portfolio includes fiber cement siding and trim, fiber gypsum interior products and composite and PVC decking and railing, sold under brands such as Hardie, TimberTech and fermacell 1. The strategy centers on material conversion, replacing wood and other less durable materials with high-performance products 1.
The company completed the acquisition of The AZEK Company Inc. on July 1, 2025, expanding its composite and PVC outdoor products with manufacturing and recycling facilities in the United States 1. Since then it has reported four segments: Siding & Trim, Deck, Rail & Accessories, Australia & New Zealand and Europe 12. It presents itself as focused on sustainability, with a circular strategy using recycled material 1.
The business depends largely on new residential construction and repair and remodel activity, factors the company says it cannot control 1. It noted that one customer accounted for approximately 11% of net sales in fiscal 2026, showing reliance on key distributors 1.
Segments
Siding & Trim
The segment manufactures fiber cement and PVC siding and trim in the United States, sold through distributors and specialty dealers. Net sales in the first quarter of fiscal 2027 were 859.8 million USD, with organic growth of 20% in North American fiber cement 3.
Deck, Rail & Accessories
The segment offers decking, railing, pergolas and accessories under the TimberTech brand, made in the United States. Net sales in the first quarter of fiscal 2027 were 305.1 million USD, and management reduced shipments to bring channel inventory to normal levels 3.
Australia & New Zealand
The segment sells fiber cement made in Australia, mainly into the residential market. Net sales in the first quarter of fiscal 2027 were 153.3 million USD, supported by volume growth and a favorable currency effect 3.
Market context
Demand depends on new home construction and renovation, markets that are cyclical and influenced by interest rates, employment and consumer confidence 1. The company said US activity remained weak, though shipments track home completions more closely than starts 3. In Europe, net sales in the first quarter of fiscal 2027 rose 15% in dollars to 156.4 million USD 3.
The market competes with wood, vinyl, stucco, masonry and other exterior materials, and material conversion from wood is the main growth driver the company cites 1. If housing demand recovered more strongly, volumes could benefit across segments, but the company does not assume such a recovery in its outlook 3.
Trends
- Conversion from wood to durable materialstailwind
Customers are shifting from wood and less durable materials to fiber cement, composite and PVC, which supports long-term growth 1. If this trend continues, it could support decking and siding sales 3.
- Weak US residential constructionheadwind
Forward indicators in the US housing market have stayed soft, and the company is not assuming a recovery 3. If weakness persists, fiber cement volumes could remain under pressure 1.
- AZEK acquisition effects on marginsmixed
Integrating AZEK brought significant amortization and acquisition costs that reduced reported operating margin, while adjusted EBITDA margin improved 13. Cost synergies are reported as ahead of schedule, but the net effect depends on execution 3.
- Raw material and energy costsheadwind
Resin, cellulose and transport costs can fluctuate, and geopolitical conflicts can raise transport and energy costs 13. The company reported that higher diesel prices increased freight costs in Europe 3.
Competitive position
In North America the company's products compete with wood, vinyl, engineered wood siding and other fiber cement producers, with competition based on price, performance, durability and distribution relationships 1. In Australia it competes with masonry, render and imported fiber cement, and in Europe with timber products and traditional plaster boards 1.
The company says it can increase share through marketing programs that educate distributors, builders and homeowners, but competition remains intense and larger rivals may have greater financial resources 1. The lack of long-term contracts with customers means that losing a key distributor could quickly affect sales 1.
- Wood and wood product producers
Wood makes up most decking sales and a significant share of siding, making it the main competitor 1.
- Vinyl siding producers
Vinyl competes directly with fiber cement and PVC siding, and the company says it has gained share against this material 13.
- Other fiber cement producers
Other fiber cement manufacturers compete with the company, some with a broader product range 1.
- Composite and PVC decking producers
Wood-alternative decking competitors operate in the same category as TimberTech, where the company says it holds a leading position 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
- James Hardie (JHX) Crushes Guidance and Raises Its Full-Year OutlookYahoo Finance — News · 18 Sept 2026 · EN
- Holcim Said to Acquire Part of James Hardie’s European BusinessBloomberg Markets · 20 Aug 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 01 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report01 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report21 Aug 2026Item 3.03 · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report20 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Proxy statement01 Jul 2026
- Current report26 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 May 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report19 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / James Hardie Industries plc · 19 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / James Hardie Industries plc · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / James Hardie Industries plc · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.