Latest Ratios: P/E Ratio 16.2x · EV/EBITDA 13.5x · ROE 28.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.6B | $6.0B | $7.5B | $9.5B | $5.4B | $5.3B | $5.6B | $2.5B | $4.0B | $5.0B | $4.7B |
| Enterprise Value | $8.1B | $7.5B | $8.7B | $10.6B | $6.5B | $6.2B | $6.4B | $4.0B | $4.6B | $5.6B | $5.4B |
| P/E Ratio → | 16.24 | 14.44 | 16.12 | 19.97 | 11.78 | 14.04 | 17.04 | 34.77 | 57.35 | 19.52 | 23.69 |
| P/S Ratio | 2.86 | 2.58 | 3.30 | 4.22 | 2.53 | 2.82 | 3.46 | 1.70 | 2.84 | 3.62 | 3.88 |
| P/B Ratio | 4.55 | 4.04 | 5.13 | 7.29 | 4.59 | 4.63 | 4.14 | 2.55 | 3.27 | 3.54 | 3.90 |
| P/FCF | 33.39 | 30.21 | 21.14 | 21.50 | 12.60 | 11.86 | 9.54 | 9.25 | 21.81 | 24.37 | 17.10 |
| P/OCF | 10.73 | 9.71 | 13.61 | 16.91 | 10.04 | 10.16 | 8.74 | 6.19 | 11.29 | 14.85 | 14.17 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.23 | 3.86 | 4.70 | 3.05 | 3.34 | 3.95 | 2.73 | 3.33 | 4.06 | 4.44 |
| EV / EBITDA | 13.50 | 12.45 | 11.51 | 13.70 | 9.03 | 10.32 | 13.13 | 10.15 | 11.27 | 13.67 | 15.15 |
| EV / EBIT | 14.43 | 12.45 | 13.76 | 16.07 | 10.48 | 12.27 | 13.67 | 13.48 | 42.87 | 18.77 | 16.95 |
| EV / FCF | — | 37.80 | 24.69 | 23.95 | 15.16 | 14.01 | 10.88 | 14.84 | 25.57 | 27.34 | 19.58 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.3% | 28.3% | 29.8% | 30.3% | 29.8% | 27.9% | 25.2% | 22.8% | 23.4% | 24.4% | 25.8% |
| Operating Margin | 24.3% | 24.3% | 26.5% | 27.7% | 27.3% | 25.4% | 22.1% | 19.1% | 20.8% | 21.5% | 21.7% |
| Net Profit Margin | 18.4% | 18.4% | 20.5% | 21.1% | 21.5% | 20.1% | 20.9% | 4.9% | 4.9% | 18.5% | 16.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 28.9% | 28.9% | 33.5% | 38.3% | 39.8% | 30.0% | 29.2% | 6.5% | 5.2% | 19.6% | 17.7% |
| ROA | 11.9% | 11.9% | 14.9% | 16.7% | 17.2% | 13.8% | 11.7% | 2.8% | 3.0% | 11.1% | 9.6% |
| ROIC | 14.8% | 14.8% | 17.6% | 20.0% | 20.1% | 16.8% | 11.7% | 9.5% | 11.1% | 11.4% | 11.5% |
| ROCE | 17.0% | 17.0% | 20.9% | 23.7% | 23.7% | 18.8% | 13.1% | 11.6% | 13.8% | 14.1% | 13.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.22 | 1.22 | 0.88 | 0.86 | 0.94 | 0.86 | 0.77 | 1.67 | 0.57 | 0.44 | 0.57 |
| Debt / EBITDA | 3.00 | 3.00 | 1.68 | 1.44 | 1.55 | 1.62 | 2.15 | 4.13 | 1.68 | 1.51 | 1.93 |
| Net Debt / Equity | — | 1.02 | 0.86 | 0.83 | 0.93 | 0.84 | 0.58 | 1.55 | 0.56 | 0.43 | 0.56 |
| Net Debt / EBITDA | 2.50 | 2.50 | 1.66 | 1.40 | 1.53 | 1.59 | 1.61 | 3.83 | 1.66 | 1.49 | 1.92 |
| Debt / FCF | — | 7.59 | 3.55 | 2.45 | 2.56 | 2.16 | 1.33 | 5.60 | 3.76 | 2.97 | 2.48 |
| Interest Coverage | 10.16 | 10.16 | 15.00 | 15.27 | 17.54 | 16.37 | 10.55 | 7.66 | 3.81 | 10.84 | 14.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.66 | 3.66 | 2.73 | 2.62 | 2.45 | 2.13 | 3.91 | 4.00 | 2.38 | 2.56 | 1.75 |
| Quick Ratio | 2.09 | 2.09 | 1.03 | 1.06 | 1.08 | 0.99 | 2.52 | 2.39 | 0.85 | 1.12 | 0.64 |
| Cash Ratio | 1.15 | 1.15 | 0.08 | 0.15 | 0.07 | 0.09 | 1.56 | 0.70 | 0.05 | 0.05 | 0.03 |
| Asset Turnover | — | 0.60 | 0.69 | 0.77 | 0.77 | 0.72 | 0.57 | 0.49 | 0.64 | 0.59 | 0.54 |
| Inventory Turnover | 4.06 | 4.06 | 3.82 | 4.21 | 5.17 | 5.67 | 5.15 | 4.11 | 3.88 | 4.06 | 3.56 |
| Days Sales Outstanding | — | 37.33 | 35.90 | 34.39 | 35.91 | 35.98 | 33.73 | 68.99 | 35.16 | 38.81 | 41.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.5% | 0.5% | 0.4% | 0.7% | 0.6% | 0.1% | 0.7% | 0.5% | 0.4% | 0.4% |
| Payout Ratio | 7.6% | 7.6% | 7.3% | 7.4% | 8.1% | 8.2% | 1.2% | 24.2% | 27.5% | 7.6% | 9.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 6.9% | 6.2% | 5.0% | 8.5% | 7.1% | 5.9% | 2.9% | 1.7% | 5.1% | 4.2% |
| FCF Yield | 3.0% | 3.3% | 4.7% | 4.7% | 7.9% | 8.4% | 10.5% | 10.8% | 4.6% | 4.1% | 5.8% |
| Buyback Yield | 5.9% | 6.5% | 4.1% | 3.7% | 7.2% | 11.3% | 0.1% | 12.9% | 7.0% | 1.3% | 1.4% |
| Total Shareholder Yield | 6.4% | 7.1% | 4.5% | 4.1% | 7.9% | 11.9% | 0.1% | 13.6% | 7.5% | 1.7% | 1.8% |
| Shares Outstanding | — | $31M | $34M | $35M | $37M | $41M | $42M | $42M | $47M | $49M | $48M |
Cyclical Residential Demand Exposure
According to current market data, Eagle Materials trades at a P/E of 17.82, which appears to discount the company's historical earnings power while simultaneously pricing in significant risks related to the ongoing deceleration in residential construction demand across its primary U.S. Heartland and Texas markets.
The forward P/E of 18.10 suggests that investors are bracing for further earnings contraction rather than anticipating a near-term recovery. When compared to peers like Martin Marietta or Vulcan Materials, the lower valuation multiple may indicate that the market views EXP as a more volatile, housing-sensitive hybrid rather than a pure-play infrastructure provider.
Based on reported financial statements, Eagle Materials' ROIC has compressed to 2.1% in 2025Q4 from a peak of 5.7% in 2024Q2, signaling that the company is struggling to generate adequate returns on its heavy capital investments during the current industry downturn.
This downward trajectory in ROIC suggests that the company's high fixed-cost base is becoming a drag on profitability as revenue growth stalls. Investors should monitor whether this decay is a temporary cyclical phenomenon or a structural issue stemming from inefficient capital allocation in the face of rising energy and maintenance costs.
As reported in recent quarterly filings, the company's cash conversion cycle has extended to 107 days in 2025Q4, up from 86 days in 2023Q3, indicating that the firm is facing increased friction in managing its inventory and collecting receivables during this period of market softening.
The rise in days inventory outstanding to 96 days suggests a potential buildup of clinker or wallboard stockpiles that are not moving as quickly as in previous quarters. This inefficiency, combined with the lengthening CCC, implies that the company's operational leverage is currently working against it as demand cools.
Based on the provided balance sheet data, Eagle Materials' debt-to-equity ratio has climbed to 1.22 in 2025Q4, marking a significant departure from the more conservative leverage profiles maintained by the company in previous fiscal years as it navigates a more challenging macroeconomic environment.
While the interest coverage ratio remains at 167.78, the absolute increase in debt levels warrants caution given the volatility in operating cash flows. The company's reliance on debt to fund operations and shareholder returns during a downturn may limit its ability to pursue strategic acquisitions if market conditions deteriorate further.
Investors frequently misapply the P/E ratio to Eagle Materials, failing to account for the significant non-cash depletion and depreciation charges inherent in its mining-heavy business model, which often obscures the company's true cash-generative capacity during different phases of the construction cycle.
A more appropriate metric for this business model would be EV/EBITDA or P/FCF, which better capture the underlying cash flows before the impact of accounting-driven depreciation. Relying solely on P/E risks misinterpreting the company's valuation by ignoring the capital-intensive nature of its cement and wallboard production assets.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXP stock.
Eagle Materials Inc.'s current P/E ratio is 16.2x. The historical average is 25.3x. This places it at the 40th percentile of its historical range.
Eagle Materials Inc.'s current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.3x.
Eagle Materials Inc.'s return on equity (ROE) is 28.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.3%.
Based on historical data, Eagle Materials Inc. is trading at a P/E of 16.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Eagle Materials Inc.'s current dividend yield is 0.48% with a payout ratio of 7.6%.
Eagle Materials Inc. has 28.3% gross margin and 24.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Eagle Materials Inc.'s Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.