# Eagle Materials Inc. (EXP)

> Source: Nexqual · https://nexqual.com/EXP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Eagle Materials Inc. (EXP), nexqual.com/EXP" · informational, not investment advice.

**Price:** USD 178.74 (+3.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 173.39 · day 170.36–178.8 · 52w 160.02–245.53 · market cap $5.48B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.32B, net income $403M (17.3% margin), free cash flow $171M (SEC filings).
- Valuation: P/E 13.6x (avg 16.8x at the last 3 fiscal year-ends), net debt $1.52B.
- 2 of 80 tracked superinvestors hold EXP (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Total return with dividends: 1Y -23.2% vs S&P 500 +14.9%; 5Y +30.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 3.87, revenue estimate $632M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.86B | $2.15B | $2.26B | $2.26B | $2.31B | $2.32B |
| Gross profit | $520M | $639M | $685M | $673M | $653M | — |
| Operating income | $552M | $675M | $717M | — | — | — |
| Net income | $374M | $462M | $478M | $463M | $424M | $403M |
| EPS (diluted) | $9.14 | $12.46 | $13.61 | $13.77 | $13.16 | — |
| Free cash flow | $443M | $432M | $444M | $353M | $197M | $171M |
| Gross margin | 27.9% | 29.8% | 30.3% | 29.8% | 28.3% | — |
| Operating margin | 29.7% | 31.4% | 31.7% | — | — | — |
| Net margin | 20.1% | 21.5% | 21.1% | 20.5% | 18.4% | 17.3% |
| Revenue growth | +14.7% | +15.4% | +5.2% | +0.1% | +2.1% | — |
| Cash + short-term investments | $19.4M | $15.2M | $34.9M | $20.4M | $298M | — |
| Total debt | $1.11B | $1.10B | $1.10B | $1.25B | $1.78B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.6x · P/S 2.4x · EV/Sales 3.0x · P/FCF 32.2x · P/B 3.7x · FCF yield 3.11% · Earnings yield 7.34% · Dividend yield (paid, TTM) 0.59% · Buyback yield (TTM) 7.06% · Net debt $1.52B · EV $7.01B
P/E at fiscal year-ends: Mar 2026 14.4x, Mar 2025 16.1x, Mar 2024 20.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold EXP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Seth Klarman | Baupost Group | 2.21% | $119M | Reduced -40.5% |
| Thomas Gayner | Markel Group | 0.03% | $3.3M | Unchanged |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target lowered | Neutral | $225 → $200 |
| 2026-10-09 | RBC Capital | Target lowered | Sector Perform | $219 → $170 |
| 2026-10-08 | Truist Securities | Target lowered | Hold | $210 → $165 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $196 → $188 |
| 2026-10-02 | Citigroup | Target lowered | Neutral | $232 → $190 |
| 2026-09-14 | DA Davidson | Target lowered | Neutral | $220 → $207 |
| 2026-09-09 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $231 → $196 |
| 2026-08-25 | DA Davidson | Initiated | Neutral | $220 |
| 2026-08-10 | Citigroup | Target lowered | Neutral | $240 → $232 |
| 2026-07-30 | Stephens & Co. | Target raised | Equal-Weight | $225 → $230 |
| 2026-07-30 | Wells Fargo | Target lowered | Overweight | $240 → $231 |
| 2026-07-08 | Citigroup | Target raised | Neutral | $217 → $240 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.2% | +30.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.3% | +5.4% |
| Volatility (annualized) | 34.2% | 33.1% |
| Max drawdown | -31.8% (Jan 2026→Oct 2026) | -47.1% (Nov 2024→Oct 2026) |

## Peers (Building Materials)
USLM (United States Lime & Minerals, ) USD 111.5 +4.61% · KNF (Knife Riv Holding Co.) USD 53.85 +2.69% · TTAM (Titan America SA) USD 13.77 +1.77% · CX (Cemex, S.A.B. de C.V. Sponsored) USD 10.11 -2.69% · JHX (James Hardie Industries plc.) USD 26.54 +0.91% · TGLS (Tecnoglass Holdings Inc.) USD 38.72 +2.73%

## More
Full page: https://nexqual.com/EXP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EXP's own 10-K filed 2026-05-19 (https://www.sec.gov/Archives/edgar/data/918646/000119312526230979/exp-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Oklahoma | "While the Company's markets include most of the United States, except the Northeast, approximately 65% of our total revenue, including our proportional share from our joint venture, is generated in 10 states: Colorado, I…" |
| Partner | Texas Lehigh Cement Company | "We conduct one of our cement operations through a Joint Venture, Texas Lehigh Cement Company LP, which is located in Buda, Texas." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Cement | $377.9M | 58.1% | +8.7% | $73.6M | 19.5% |
| Gypsum Wallboard | $204.7M | 31.5% | -7.6% | — | — |
| Concrete & Aggregates | $80.7M | 12.4% | +4.1% | — | — |
| Recycled Paperboard | $55.4M | 8.5% | +8.4% | — | — |
| Total revenue | $651.0M | 100% | — | — | — |
The lines above cover 110.4% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Our Cement sales volume increased 8%, driven by sustained strength in public construction activity and large private non-residential projects."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.87 | $4.24 | -8.7% | $632.5M | 8 |
| Next quarter (ends 2026-12-31) | $3.04 | $3.39 | -10.5% | $554.8M | 7 |
| Current fiscal year (ends 2027-03-31) | $12.13 | $12.90 | -6.0% | $2.32B | 9 |
| Next fiscal year (ends 2028-03-31) | $13.36 | $14.58 | -8.3% | $2.39B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.2%; last 8 reports averaged ±5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 40.6% | ±9.2% |
| 2026-12-18 | 56 | 36.6% | ±11.6% |
| 2027-01-15 | 84 | 34.8% | ±13.5% |
| 2027-04-16 | 175 | 34.6% | ±19.1% |