Latest Ratios: P/E Ratio 131.8x · EV/EBITDA 28.0x · ROE 2.4%. (2001–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.5B | $10.3B | $10.2B | $17.8B | $9.6B | $13.4B | $13.6B | $5.3B | $5.7B | $7.9B | $7.0B |
| Enterprise Value | $19.0B | $14.8B | $10.8B | $18.6B | $10.7B | $14.3B | $14.3B | $6.6B | $7.0B | $8.5B | $7.6B |
| P/E Ratio → | 131.84 | 99.68 | 24.04 | 34.88 | 18.83 | 29.27 | 51.83 | 22.19 | 24.75 | 54.18 | 25.48 |
| P/S Ratio | 3.01 | 2.14 | 2.63 | 4.52 | 2.55 | 3.72 | 4.68 | 2.04 | 2.27 | 3.85 | 3.65 |
| P/B Ratio | 2.13 | 1.61 | 4.71 | 9.57 | 5.99 | 10.09 | 12.84 | 5.14 | 5.85 | — | — |
| P/FCF | 70.60 | 50.18 | 26.75 | 38.26 | 591.86 | 26.92 | 20.14 | 20.67 | — | 80.45 | 25.00 |
| P/OCF | 24.65 | 17.52 | 12.68 | 19.46 | 15.88 | 17.75 | 17.31 | 11.79 | 19.82 | 26.81 | 24.01 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 2.79 | 4.73 | 2.83 | 3.95 | 4.93 | 2.53 | 2.79 | 4.14 | 3.93 |
| EV / EBITDA | 27.96 | 21.77 | 12.41 | 19.55 | 11.68 | 16.90 | 23.58 | 13.90 | 14.87 | 26.50 | 15.85 |
| EV / EBIT | 42.40 | 33.01 | 15.77 | 23.54 | 14.03 | 20.92 | 31.18 | 19.24 | 19.97 | 41.08 | 19.09 |
| EV / FCF | — | 71.75 | 28.44 | 40.06 | 654.75 | 28.58 | 21.20 | 25.60 | — | 86.58 | 26.91 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.8% | 35.8% | 38.8% | 40.4% | 34.7% | 36.3% | 36.2% | 35.8% | 33.2% | 35.5% | 35.1% |
| Operating Margin | 9.3% | 9.3% | 16.9% | 19.5% | 19.6% | 18.9% | 16.3% | 13.1% | 14.0% | 11.2% | 20.5% |
| Net Profit Margin | 2.2% | 2.2% | 10.9% | 13.0% | 13.6% | 12.7% | 9.0% | 9.3% | 9.1% | 7.1% | 14.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.4% | 2.4% | 21.1% | 29.4% | 34.8% | 38.4% | 25.1% | 24.0% | 60.8% | — | — |
| ROA | 1.1% | 1.1% | 8.4% | 10.9% | 11.7% | 11.0% | 6.5% | 6.0% | 7.2% | 6.7% | 13.6% |
| ROIC | 4.9% | 4.9% | 17.9% | 21.6% | 23.2% | 26.0% | 17.4% | 11.2% | 19.8% | 48.6% | 108.0% |
| ROCE | 5.3% | 5.3% | 15.4% | 19.4% | 20.4% | 20.5% | 14.1% | 9.7% | 12.8% | 12.9% | 24.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.56 | 0.65 | 0.71 | 0.72 | 0.87 | 1.36 | 1.42 | — | — |
| Debt / EBITDA | 7.05 | 7.05 | 1.38 | 1.26 | 1.25 | 1.13 | 1.52 | 2.98 | 2.93 | 2.75 | 1.29 |
| Net Debt / Equity | — | 0.69 | 0.30 | 0.45 | 0.64 | 0.62 | 0.67 | 1.22 | 1.34 | — | — |
| Net Debt / EBITDA | 6.54 | 6.54 | 0.74 | 0.88 | 1.12 | 0.98 | 1.17 | 2.67 | 2.76 | 1.88 | 1.13 |
| Debt / FCF | — | 21.57 | 1.69 | 1.80 | 62.90 | 1.66 | 1.06 | 4.93 | — | 6.13 | 1.92 |
| Interest Coverage | 1.94 | 1.94 | 16.74 | 21.74 | 20.55 | 16.93 | 9.48 | 5.95 | 6.47 | 6.30 | 13.88 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 2.10 | 1.79 | 1.54 | 1.46 | 1.05 | 1.78 | 1.56 | 2.14 | 1.47 |
| Quick Ratio | 1.03 | 1.03 | 1.67 | 1.37 | 1.05 | 1.10 | 0.80 | 1.18 | 0.90 | 1.49 | 1.00 |
| Cash Ratio | 0.47 | 0.47 | 0.69 | 0.46 | 0.16 | 0.16 | 0.23 | 0.28 | 0.16 | 0.71 | 0.18 |
| Asset Turnover | — | 0.35 | 0.74 | 0.80 | 0.84 | 0.85 | 0.71 | 0.65 | 0.62 | 0.87 | 0.95 |
| Inventory Turnover | 4.89 | 4.89 | 6.84 | 6.95 | 7.16 | 8.23 | 8.51 | 5.48 | 5.28 | 5.18 | 6.15 |
| Days Sales Outstanding | — | 39.31 | 30.96 | 29.00 | 28.86 | 33.63 | 36.47 | 36.96 | 35.33 | 34.75 | 36.77 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.3% | 3.6% | — | 3.0% | 3.0% | 2.2% | 2.5% |
| Payout Ratio | — | — | — | — | 25.3% | 105.4% | — | 65.7% | 75.2% | 121.5% | 63.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 1.0% | 4.2% | 2.9% | 5.3% | 3.4% | 1.9% | 4.5% | 4.0% | 1.8% | 3.9% |
| FCF Yield | 1.4% | 2.0% | 3.7% | 2.6% | 0.2% | 3.7% | 5.0% | 4.8% | — | 1.2% | 4.0% |
| Buyback Yield | 0.0% | 0.0% | 1.5% | 1.5% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.5% | 1.5% | 2.2% | 3.6% | 0.0% | 3.0% | 3.0% | 2.2% | 3.9% |
| Shares Outstanding | — | $546M | $432M | $440M | $446M | $446M | $445M | $444M | $443M | $442M | $444M |
Asbestos liability and leverage
According to current market data, JHX trades at a forward P/E of 24.31, which appears to price in significant long-term growth expectations despite the company's recent net margin compression to 2.15% as reported in the most recent quarterly financial statements.
The elevated P/E multiple suggests that investors are looking past the current cyclical headwinds and legacy liability distortions to focus on the company's dominant market share in fiber cement. However, the disconnect between the forward P/E and the trailing P/E of 140.16 indicates that the market is heavily discounting current earnings volatility, which may leave the stock vulnerable if growth targets are not met.
Based on the provided financial data, JHX's ROIC has trended downward from 6.3% in 2024Q3 to 1.1% in 2026Q4, suggesting that the company's aggressive capital allocation toward capacity expansion is currently failing to generate commensurate returns on invested capital.
This decay in capital efficiency appears to be driven by both the high fixed-cost nature of the manufacturing base and the increasing burden of non-operating liabilities. Investors should monitor whether these returns can recover as new capacity reaches full utilization or if the current asset base is becoming structurally bloated.
As indicated by recent quarterly filings, the company's cash conversion cycle has fluctuated significantly, reaching 23 days in 2026Q4 compared to 13 days in 2024Q3, reflecting increased friction in inventory management and potential shifts in distributor payment terms.
The rise in days inventory outstanding suggests that the company may be struggling to align production volumes with the current cooling demand in the residential housing market. This trend warrants further investigation into whether the company is over-producing to maintain plant utilization at the expense of working capital efficiency.
According to the latest balance sheet, the current ratio has compressed to 1.58 in 2026Q4 from 1.89 in 2024Q3, indicating that the company's short-term liquidity position is becoming more constrained as debt levels rise and operational cash flows remain inconsistent.
While a current ratio of 1.58 remains adequate, the downward trend suggests that the company has less room for error in managing its short-term obligations. Given the non-discretionary nature of the Asbestos Injuries Compensation Fund payments, this tightening liquidity profile may limit the company's flexibility during periods of sector-wide downturns.
The P/E ratio is frequently misapplied to JHX, as it fails to account for the significant non-cash charges and actuarial adjustments related to the Asbestos Injuries Compensation Fund that distort reported net income and mask the company's true operational earning power.
Analysts should instead prioritize EV/EBITDA or adjusted free cash flow metrics to better assess the underlying performance of the fiber cement business. Relying on headline P/E ratios likely leads to an inaccurate assessment of the company's valuation, as it treats legacy legal liabilities as recurring operational costs.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying JHX stock.
James Hardie Industries plc's current P/E ratio is 131.8x. The historical average is 33.6x. This places it at the 100th percentile of its historical range.
James Hardie Industries plc's current EV/EBITDA is 28.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
James Hardie Industries plc's return on equity (ROE) is 2.4%. The historical average is 32.3%.
Based on historical data, James Hardie Industries plc is trading at a P/E of 131.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
James Hardie Industries plc has 35.8% gross margin and 9.3% operating margin.
James Hardie Industries plc's Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.