# Construction Partners, Inc. (ROAD)

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

**Price:** USD 83.93 (-1.19% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 84.94 · day 82.86–85.2 · 52w 79.33–151 · market cap $4.76B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.48B, net income $143M (4.1% margin), free cash flow $176M (SEC filings).
- Valuation: P/E 33.4x (avg 53.8x at the last 3 fiscal year-ends), EV/EBITDA 13.8x, net debt $1.69B.
- 1 of 80 tracked superinvestors hold ROAD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Total return with dividends: 1Y -27.6% vs S&P 500 +14.9%; 5Y +145.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-19, EPS estimate USD 1.37, revenue estimate $1.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $911M | $1.30B | $1.56B | $1.82B | $2.81B | $3.48B |
| Gross profit | $120M | $139M | $196M | $258M | $439M | — |
| Operating income | $30.1M | $35.4M | $81.9M | $111M | $225M | $298M |
| Net income | $20.2M | $21.4M | $49.0M | $68.9M | $102M | $143M |
| EPS (diluted) | $0.39 | $0.41 | $0.94 | $1.31 | $1.84 | — |
| Free cash flow | -$7.8M | -$52.4M | $59.3M | $121M | $153M | $176M |
| Gross margin | 13.2% | 10.7% | 12.6% | 14.2% | 15.6% | — |
| Operating margin | 3.3% | 2.7% | 5.2% | 6.1% | 8.0% | 8.6% |
| Net margin | 2.2% | 1.6% | 3.1% | 3.8% | 3.6% | 4.1% |
| Revenue growth | +15.9% | +42.9% | +20.1% | +16.7% | +54.2% | — |
| Cash + short-term investments | $57.3M | $35.5M | $48.2M | $74.7M | $156M | — |
| Total debt | $218M | $377M | $376M | $515M | $1.63B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 33.4x · P/S 1.4x · EV/EBITDA 13.8x · EV/Sales 1.9x · P/FCF 27.1x · P/B 4.6x · FCF yield 3.69% · Earnings yield 2.99% · Buyback yield (TTM) 0.68% · Net debt $1.69B · EV $6.46B
P/E at fiscal year-ends: Sep 2025 69.1x, Sep 2024 53.2x, Sep 2023 39.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ROAD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.6M | Reduced -15.3% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Raymond James | Target lowered | Strong Buy | $150 → $145 |
| 2026-08-10 | Baird | Target lowered | Outperform | $145 → $141 |
| 2026-07-15 | Raymond James | Target lowered | Strong Buy | $161 → $150 |
| 2026-07-01 | Baird | Target lowered | Outperform | $169 → $145 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -27.6% | +145.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.7% | +19.6% |
| Volatility (annualized) | 51.3% | 45.0% |
| Max drawdown | -42.5% (May 2026→Oct 2026) | -52.8% (Nov 2021→Jun 2022) |

## Peers (Engineering & Construction)
GVA (Granite Construction Incorporat) USD 107.45 -2.08% · AGX (Argan, Inc.) USD 330.3 -4.50% · ECG (Everus Construction Group, Inc.) USD 97.05 -8.44% · KBR (KBR, Inc.) USD 39.53 +5.95% · TPC (Tutor Perini Corporation) USD 76.88 -4.09% · FLR (Fluor Corporation) USD 43.42 -6.44%

## More
Full page: https://nexqual.com/ROAD · 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

## Customer concentration

Period ended 2026-06-30: 44.7%, 10.5% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Company outlook (8-K filed 2026-08-07)

- "Demand for both public infrastructure and commercial construction projects remained healthy throughout our markets, driving backlog to a record $3.36 billion and providing continued visibility into future growth." Revenues were $999.4 million in the third quarter of fiscal 2026, an increase of 28.2% compared to $779.3 million in the same quarter last year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.37 | $1.35 | +1.6% | $1.09B | 6 |
| Next quarter (ends 2026-12-31) | $0.54 | $0.54 | -0.4% | $918.2M | 5 |
| Current fiscal year (ends 2026-09-30) | $3.05 | $2.97 | +2.8% | $3.67B | 6 |
| Next fiscal year (ends 2027-09-30) | $3.77 | $3.75 | +0.5% | $4.10B | 6 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-19): ±14.5%; last 8 reports averaged ±8.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 64.1% | ±14.5% |
| 2026-12-18 | 56 | 55.6% | ±17.6% |
| 2027-01-15 | 84 | 51.5% | ±19.9% |
| 2027-04-16 | 175 | 51.2% | ±28.4% |