olivLaw · US equity research
Construction Partners, Inc. ROAD
Heavy Construction Other Than Bldg Const - Contractors · SIC 1600 · Vertical: Heavy Construction Other Than Bldg Const - Contractors (SIC 1600)
Construction Partners, Inc. (ROAD) is a vertically integrated civil infrastructure company that builds and maintains roads in eight Sunbelt states. The company reported a contract backlog of 3.0 billion USD, and a plan called ROAD 2030 targets revenues above 6 billion USD. Its relevance grows with public infrastructure funding and its consolidation through acquisitions.
At the close of 04 Nov 2026, Construction Partners, Inc. (ROAD) stock was 99.24 USD (+3.06% on the day), with market capitalisation 1.9 bn USD, P/E 38.9 on diluted EPS of 2.55 USD over the last 12 months, beta 1.51, 52-week range 80.84–140.48 USD. Latest reported quarter (Q3 2026): revenue of 999.4 m USD (+28.2% YoY), net income of 59.6 m USD (+35.2% YoY), diluted EPS 1.06 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)
- 66.1
- strong (55–70)
- Bollinger (20, 2)
- 76.74 – 97.11
- above the upper band · %B 1.10 · band width 23.4%
- SMA 50 / 200
- 93.24 / 110.82
- mixed trend
- MACD (12, 26, 9)
- 0.64 / -1.61
- 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 | +9.7% | −2.0% | +11.6 pp | — |
| 3 months | −5.5% | −2.2% | −3.4 pp | — |
| 6 months | −26.5% | +4.3% | −30.7 pp | — |
| Year to date | −8.6% | +10.6% | −19.1 pp | — |
| 1 year | −11.4% | +10.5% | −21.9 pp | −9.5% |
| 3 years | +149.6% | +73.7% | +75.9 pp | +52.0% |
| 5 years | +139.5% | +61.7% | +77.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 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 | 538.2 m | 561.6 m | 571.7 m | 779.3 m | 899.8 m | 809.5 m | 769.2 m | 999.4 m |
| Cost of revenue | 454.1 m | 485.0 m | 500.3 m | 647.5 m | 740.5 m | 688.0 m | 670.3 m | 831.0 m |
| Gross profit | 84.1 m | 76.6 m | 71.4 m | 131.8 m | 159.4 m | 121.5 m | 98.9 m | 168.4 m |
| Operating income | 45.8 m | 13.8 m | 27.3 m | 82.9 m | 100.8 m | 50.4 m | 37.4 m | 109.4 m |
| Depreciation & amortisation | 12.4 m | — | 36.2 m | 38.2 m | 39.3 m | — | 44.2 m | 41.9 m |
| Interest expense | 6.1 m | 18.1 m | 21.6 m | 25.2 m | 25.4 m | 27.4 m | 25.6 m | 30.3 m |
| Pre-tax income | 39.6 m | -3.9 m | 5.5 m | 58.0 m | 75.0 m | 22.8 m | 12.1 m | 79.1 m |
| Income tax | 10.3 m | -849.0 k | 1.3 m | 13.9 m | 18.4 m | 5.6 m | 2.9 m | 19.6 m |
| Net income | 29.3 m | -3.1 m | 4.2 m | 44.0 m | 56.6 m | 17.2 m | 9.2 m | 59.6 m |
| Diluted EPS | 0.56 ≈ | -0.06 | 0.08 | 0.79 | 1.02 ≈ | 0.31 | 0.16 | 1.06 |
| Operating cash flow | 95.9 m | 40.7 m | 55.6 m ≈ | 83.0 m ≈ | 112.0 m | 82.6 m | 65.2 m ≈ | 93.1 m ≈ |
| Capex | 17.5 m | 26.8 m | 41.4 m ≈ | 36.7 m ≈ | 33.0 m | 35.5 m | 46.3 m ≈ | 62.5 m ≈ |
| Share repurchases | — | 12.1 m | 8.0 m ≈ | 674.0 k ≈ | 2.7 m | 22.4 m | 3.5 m ≈ | 3.8 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 29 percentile of its own 31-quarter history (min 9.3, median 48.8, max 99.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 680.1 m | 783.2 m | 785.7 m | 910.7 m | 1.3 bn | 1.6 bn | 1.8 bn | 2.8 bn |
| Revenue YoY | +19.7% | +15.2% | +0.3% | +15.9% | +42.9% | +20.1% | +16.7% | +54.2% |
| Net income | 50.8 m | 43.1 m | 40.3 m | 20.2 m | 21.4 m | 49.0 m | 68.9 m | 101.8 m |
| Net income YoY | +95.0% | −15.1% | −6.5% | −49.9% | +5.9% | +129.2% | +40.7% | +47.6% |
| Diluted EPS | 1.11 | 0.84 | 0.78 | 0.39 | 0.41 | 0.94 | 1.31 | 1.84 |
| Diluted EPS YoY | +76.2% | −24.3% | −7.1% | −50.0% | +5.1% | +129.3% | +39.4% | +40.5% |
| net % | 7.5% | 5.5% | 5.1% | 2.2% | 1.6% | 3.1% | 3.8% | 3.6% |
| Free cash flow | 23.3 m | 12.8 m | 52.6 m | -7.8 m | -52.4 m | 59.3 m | 121.1 m | 153.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 156.1 m USD
- Financial debt
- 1.6 bn USD
- Net debt
- 1.5 bn USD
- Equity
- 912.0 m USD
- Total assets
- 3.2 bn USD
- Debt / equity
- 1.77x
- Current ratio
- 1.61x
- ROE
- 13.7%
- ROA
- 4.3%
- FCF margin
- 5.5%
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 | 785.7 m | 910.7 m | 1.3 bn | 1.6 bn | 1.8 bn | 2.8 bn | SEC (XBRL)· 25 Nov 2025verified |
| Cost of revenue | 663.5 m | 790.8 m | 1.2 bn | 1.4 bn | 1.6 bn | 2.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Gross profit | 122.2 m | 119.9 m | 139.3 m | 196.4 m | 258.3 m | 439.1 m | SEC (XBRL)· 25 Nov 2025verified |
| Operating income | 55.2 m | 30.1 m | 35.4 m | 81.9 m | 111.2 m | 224.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Depreciation & amortisation | 39.3 m | 49.8 m | 65.7 m | 68.9 m | 80.0 m | 144.0 m | SEC (XBRL)· 25 Nov 2025verified |
| EBITDA | 94.5 m ≈ | 79.9 m ≈ | 101.1 m ≈ | 150.8 m ≈ | 191.2 m ≈ | 368.8 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Interest expense | — | 1.3 m | — | 17.3 m | 19.1 m | 90.4 m | SEC (XBRL)· 25 Nov 2025verified |
| Pre-tax income | 52.5 m | 28.5 m | 28.3 m | 65.4 m | 92.1 m | 134.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Income tax | 12.8 m | 8.3 m | 6.9 m | 16.4 m | 23.2 m | 32.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Net income | 40.3 m | 20.2 m | 21.4 m | 49.0 m | 68.9 m | 101.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Diluted EPS | 0.78 | 0.39 | 0.41 | 0.94 | 1.31 | 1.84 | SEC (XBRL)· 25 Nov 2025verified |
| Weighted average diluted shares | 51.6 m | 51.8 m | 52.0 m | 52.3 m | 52.6 m | 55.4 m | SEC (XBRL)· 25 Nov 2025verified |
≈ 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 | 148.3 m | 57.3 m | 35.5 m | 48.2 m | 74.7 m | 156.1 m | SEC (XBRL)· 25 Nov 2025verified |
| Inventories | 38.6 m | 53.8 m | 74.2 m | 84.0 m | 106.7 m | 155.1 m | SEC (XBRL)· 25 Nov 2025verified |
| Current assets | 331.6 m | 300.0 m | 417.2 m | 473.4 m | 585.0 m | 934.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Property, plant & equipment, net | 237.2 m | 404.8 m | 481.4 m | 505.1 m | 629.9 m | 1.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Goodwill | 46.3 m | 85.4 m | 129.5 m | 159.3 m | 231.7 m | 943.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Intangibles (excl. goodwill) | 3.2 m | 4.2 m | 16.0 m | 19.5 m | 20.5 m | 79.2 m | SEC (XBRL)· 25 Nov 2025verified |
| Total assets | 628.1 m | 806.6 m | 1.1 bn | 1.2 bn | 1.5 bn | 3.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Accounts payable | 64.7 m | 86.4 m | 130.5 m | 151.4 m | 182.6 m | 284.2 m | SEC (XBRL)· 25 Nov 2025verified |
| Short-term debt | 13.0 m | 10.0 m | 12.5 m | 15.0 m | 26.6 m | 38.5 m | SEC (XBRL)· 25 Nov 2025verified |
| Long-term debt | 79.1 m | 206.2 m | 363.1 m | 360.7 m | 487.0 m | 1.6 bn | SEC (XBRL)· 25 Nov 2025verified |
| Current liabilities | 135.8 m | 158.0 m | 226.1 m | 279.2 m | 380.5 m | 582.0 m | SEC (XBRL)· 25 Nov 2025verified |
| Total liabilities | 242.9 m | 397.7 m | 639.6 m | 703.1 m | 968.4 m | 2.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Equity | 400.8 m † | 408.9 m † | 455.9 m † | 516.6 m † | 573.7 m † | 912.0 m † | SEC (XBRL)· 25 Nov 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 105.2 m | 48.5 m | 16.5 m | 157.2 m | 209.1 m | 291.3 m | SEC (XBRL)· 25 Nov 2025verified |
| Capex | 52.6 m | 56.3 m | 68.9 m | 97.8 m | 87.9 m | 137.9 m | SEC (XBRL)· 25 Nov 2025verified |
| Free cash flow | 52.6 m ≈ | -7.8 m ≈ | -52.4 m ≈ | 59.3 m ≈ | 121.1 m ≈ | 153.4 m ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Investing cash flow | -79.4 m | -263.4 m | -197.3 m | -143.4 m | -307.6 m | -1.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Financing cash flow | 41.9 m | 123.8 m | 159.1 m | -264.0 k | 126.1 m | 1.1 bn | SEC (XBRL)· 25 Nov 2025verified |
| Share repurchases | 0 | 0 | 39.0 k | 139.0 k | 11.3 m | 23.5 m | SEC (XBRL)· 25 Nov 2025verified |
≈ 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
Risk
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation64
- Balance sheet27
- Quality69
- Growth100
- Returns24
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: 37.65 – 512.33 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)220.08 – 512.33 (Mid 317.52)WACC 7.0% · starting FCFF 257.5 m USD · terminal value share of EV 82%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): -17.0%
- Peers: EV/EBITDA136.32 – 214.30 (Mid 174.43)4 companies used · median multiple 10.8x · quartiles 9.2x – 12.4xGVA, KBR, ORN, STRL
- Peers: P/E37.65 – 131.82 (Mid 85.14)4 companies used · median multiple 33.4x · quartiles 14.8x – 51.7xJ, KBR, ORN, STRL
- Dividend discount (DDM)unavailable · input data missing
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 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.2% | 50 (vs peers) | 11% |
| Net margin · Quality | 4.1% | 70 (vs peers) | 7% |
| FCF conversion · Quality | 123.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 29.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 64.9% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.6x | 17 (vs peers) | 11% |
| Interest coverage · Balance sheet | 2.7x | 19 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 38.9x | 0 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 7.7x | 100 (vs peers) | 11% |
| FCF yield · Valuation | 9.2% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (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 sheet27/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality69/100 · 3/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation64/100 · 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
Construction Partners, Inc. (ROAD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 54.2%; net margin 4.1%; ROE 15.0%; net debt/EBITDA 3.6x.
The estimated value range is 136.32–214.30 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 174.43 USD, the price of 99.24 USD leaves a potential of 75.8% (value / price − 1) and a margin of safety of 43.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, 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
- Net margin: 4.1%
- FCF conversion: 123.2%
- Revenue CAGR 3Y: 29.3%
- EPS CAGR 3Y: 64.9%
- EV/EBITDA: 7.7x
- FCF yield: 9.2%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 3.6x
- Interest coverage: 2.7x
- P/E (TTM): 38.9x
- Shareholder yield (distributions): 1.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Heavy Construction Other Than Bldg Const - Contractors (SIC 1600) · same industry (4-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| JJacobs Solutions Inc. | 18.7 bn | 54.2 | 9.6% | 2.4% | +4.6% | +19% / +52% |
| STRLSterling Infrastructure, Inc. | 8.7 bn | 15.9 | 43.3% | 12.9% | +17.7% | −18% / +347% |
| FLRFluor Corporation | 6.4 bn | — | -46.2% | -12.8% | −5.0% | +11% / +25% |
| GVAGranite Construction Inc | 5.8 bn | — | -25.2% | -5.0% | +10.4% | +23% / +188% |
| KBRKBR, Inc. | 5.0 bn | 11.4 | 27.4% | 5.7% | +1.0% | −4% / −23% |
| ROADConstruction Partners, Inc. | 1.9 bn | 38.9 | 15.0% | 4.1% | +54.2% | −11% / +150% |
| ORNOrion Group Holdings, Inc. | 318.8 m | 50.9 | 3.5% | 0.6% | +7.0% | −22% / +63% |
| SHIMShimmick Corporation | 98.8 m | — | — | -3.8% | +2.6% | −9% / −61% |
| SLNDSouthland Holdings, Inc. | 40.8 m | — | — | -67.0% | −21.2% | −76% / −86% |
| CDNLCardinal Infrastructure Group Inc | — | — | 7.4% | 2.7% | +44.7% | unavailable / unavailable |
| FERFerrovial N.V. | — | — | 14.8% | 9.2% | +5.2% | −10% / +79% |
1- and 3-year price returns: for ROAD 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 | 189.07 Total return 91% · Per year 91% | 332.74 Total return 235% · Per year 235% | 499.11 Total return 403% · Per year 403% |
| 3 years | 224.27 Total return 126% · Per year 31% | 440.05 Total return 343% · Per year 64% | 718.71 Total return 624% · Per year 93% |
| 5 years | 266.02 Total return 168% · Per year 22% | 581.96 Total return 486% · Per year 42% | 1,034.95 Total return 943% · Per year 60% |
- Exit P/E± 110.01
- Net margin± 77.01
- Annual revenue growth± 57.43
- Annual dilution± 6.47
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
Construction Partners, Inc. (ROAD) is a vertically integrated civil infrastructure company that builds and maintains roads in eight Sunbelt states. The company reported a contract backlog of 3.0 billion USD 1, and a plan called ROAD 2030 targets revenues above 6 billion USD 1. Its relevance grows with public infrastructure funding and its consolidation through acquisitions.
SWOT
Strengths
- Vertical integration, with owned asphalt plants, aggregate facilities and liquid asphalt terminals, gives control over costs and quality.
- The contract backlog has grown over the past year and reached a record level, giving visibility on future revenues.
- Presence in several Sunbelt states with growing markets diversifies the company's geographic risk.
Weaknesses
- Dependence on public funding and state DOT customers exposes the company to changes in government budgets.
- The industry is capital-intensive with high fixed costs, so profitability is sensitive to volume declines.
- Growth through acquisitions brings integration risk and higher indebtedness.
Opportunities
- The ROAD 2030 plan and acquisitions in fast-growing areas could expand revenues and the customer base.
- Growth in commercial construction and data center work in Texas and Oklahoma could diversify revenue sources.
- Federal and state infrastructure programs could generate new long-term contracts.
Threats
- An economic slowdown, especially in the Sunbelt, could reduce demand for infrastructure projects.
- Rising fuel and asphalt costs could reduce margins if prices cannot be passed on to customers.
- Extreme weather and reduced public funding could delay projects or cancel contracts.
Risks
- Reliance on public fundinghigh
About two thirds of revenues come from public projects, so cuts in federal or state funding could directly affect results 1.
- Concentration on state DOTshigh
The largest customers are state DOTs, and losing the ability to bid for or contract with them could have a significant impact 1.
- Cost estimation errorsmedium
Fixed-price contracts can generate losses if actual costs exceed estimates, especially for fuel and asphalt 1.
- Integration of acquisitionsmedium
Many recent acquisitions could create difficulties integrating staff and assets, with effects on margins 12.
- Indebtedness and financing costsmedium
Debt has increased after acquisitions and refinancing, and interest costs could weigh on profitability if credit conditions worsen 2.
Investment thesis
What would need to be true (bull case)
- If the record contract backlog converts into revenue, the company could keep growing, supported by long-term public funding.
- Vertical integration and repeated acquisitions in growing markets could widen margins and scale.
- If the raised fiscal 2026 outlook holds, the company could show that it can grow profitability as well as revenue.
What would break the thesis
- If public funding falls or is delayed, project demand could slow and the backlog may not convert to revenue as quickly.
- Growth through acquisitions could increase debt and operational complexity, which could squeeze margins if integration falls short.
- Rising energy and material costs could reduce profitability if prices in existing contracts cannot be adjusted.
What to watch
- Conversion of the contract backlog into revenueQ4 2026
- Delivery against the raised fiscal 2026 guidance2026
- Integration of recent Oklahoma and Texas acquisitionsnext 10-K
- Progress toward ROAD 2030 objectives2027
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
The company builds and maintains roads through wholly owned subsidiaries in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas 1. Its model is vertically integrated: it manufactures and distributes hot mix asphalt (HMA), performs paving, site development, aggregate mining and distributes liquid asphalt cement 1. Fiscal 2025 revenues were 2812.4 million USD 1, up from 1823.9 million USD the prior year 1.
About 65% of fiscal 2025 revenues came from publicly funded projects and sales to public customers, the rest from private projects 1. The largest customers are state DOTs, which accounted for 43.4% of revenues, with no single customer above 10% 1. Most public contracts are fixed unit price contracts, while private ones are generally fixed total price contracts 1.
In fiscal 2025 the company completed five acquisitions across four states, with aggregate consideration of about 1.5 billion USD 1. In the third quarter of fiscal 2026 acquisitions continued in Texas, Tennessee and Oklahoma 23. The backlog reached 3.36 billion USD at June 30, 2026 3.
Segments
Asphalt paving and HMA production
HMA production and asphalt paving form the core of the business, supported by the company's own HMA plants 1. Recent acquisitions, such as the Houston assets, added eight HMA plants 2.
Sitework and maintenance
The company performs site development, utility and drainage installation and road maintenance 1. The segment serves both public projects and private customers including commercial and residential developers 1.
Aggregates and liquid asphalt
Aggregate mining (sand, gravel, construction stone) supplies raw material for HMA and third-party sales, and liquid asphalt terminals support production 1. This vertical integration reduces reliance on outside suppliers.
Market context
The U.S. road construction market is large and stable, funded by federal, state and local transportation budgets 1. Asphalt is the most used road material because of its cost, durability and lower traffic disruption compared with concrete 1. Federal funds are allocated by state, and each state must match part of them 1.
The market is highly fragmented, with thousands of participants nationwide, many of them local or regional, because transporting materials over long distances is costly 1. Demand in the Sunbelt has stayed healthy, and in August 2026 the company reported that demand for both public infrastructure and commercial construction remained healthy 3.
Trends
- Federal infrastructure fundingtailwind
The IIJA provided additional funding for highways and bridges over five years 1. If annual allocations hold steady, this funding could support demand over the medium term, although project timing remains uncertain 1.
- Inflation Reduction Act programstailwind
The 2022 act funds transportation programs, including incentives for materials with lower embodied emissions 1. Its effect on demand is still to be assessed, since it depends on how states implement the programs.
- Energy and material cost pressureheadwind
Inflation, supply chain disruption, and rising fuel and asphalt costs could raise project costs, especially if prices cannot be passed on to customers 1. The company cited energy cost inflation in the third quarter of fiscal 2026 3.
- Consolidation through acquisitionsmixed
Repeated acquisitions in Texas, Florida, Tennessee and Oklahoma expand the company's scale but carry integration risk 23. The outcome depends on how well acquired staff and assets are integrated.
Competitive position
Competition comes from thousands of operators, many small, family-owned or regional, that compete on bid price, knowledge of local markets and aggregate availability 1. Multinational companies offer a wider range of materials and services, but transport distance limits how far any player can serve 1.
The company states that it is well positioned thanks to its vertical integration and its own HMA plants 1. Named competitors are not identified in the supplied sources, so the analysis is limited to the competitor categories described in the annual report.
- Family-owned and regional asphalt operators
Small or mid-sized firms focused on one material or one local market, described in the annual report as main competitors in local markets.
- Multinational construction materials companies
Large operators offering a broad range of materials, products and paving services, as described in the report's competition section.
- Local aggregate producers
Operators controlling quarries in the areas where the company works, a competitive factor because of aggregate availability.
- Regional road builders
Firms bidding on public contracts in the states where the company operates, where bid price and local experience are decisive.
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
- Construction Partners (ROAD) Doubles Down On Oklahoma’s Asphalt Supply ChainYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 19 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 report19 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report05 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Delisting notice · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Material agreement · Creation of a direct financial obligation
- Current report08 Jun 2026Material agreement · Creation of a direct financial obligation
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Construction Partners, Inc. · 25 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Construction Partners, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Construction Partners, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.