Eagle Materials Inc. (EXP) intrinsic value & 10-year financials
Eagle Materials Inc. (EXP) has a Graham intrinsic value of $278.17 per share. At $169.63 on Oct 20, 2026, the stock trades 39% below that value. Over the last 10 fiscal years revenue grew 7.4% a year to $2.3B, with an average return on invested capital of 18.1%.
- Graham intrinsic value
- $278.17
- Share price (Oct 20, 2026)
- $169.63
- Price vs Graham value
- 39% below
- Market cap
- $5.5B
- Revenue (FY2026)
- $2.3B
- Revenue growth (10-yr CAGR)
- 7.4%
- ROIC (10-yr avg)
- 18.1%
- Free cash flow (FY2026)
- $197.4M
EXP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $2.3B | $423.8M | $13.16 | $197.4M | — | 14.9% |
| FY2025 | $2.3B | $463.4M | $13.77 | $353.3M | — | 18.2% |
| FY2024 | $2.3B | $477.6M | $13.61 | $443.6M | 31.7% | 23.7% |
| FY2023 | $2.1B | $461.5M | $12.46 | $431.6M | 31.4% | 24.2% |
| FY2022 | $1.9B | $374.2M | $9.14 | $443.1M | 29.7% | 20.6% |
| FY2021 | $1.6B | $339.4M | $8.12 | $589.1M | 27.5% | 15.3% |
| FY2020 | $1.5B | $70.9M | $1.68 | $267.2M | 25.8% | 17.2% |
| FY2019 | $1.4B | $68.9M | $1.47 | $181.4M | 26.2% | 16.1% |
| FY2018 | $1.4B | $256.6M | $5.28 | $205.7M | 27.6% | 18.4% |
| FY2017 | $1.2B | $198.2M | $4.10 | $274.7M | 29.4% | 12.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EAGLE MATERIALS INC has demonstrated mature, steady growth, with revenue compounding at 7.4% annually over the past decade.
EAGLE MATERIALS INC has earned high returns on invested capital, averaging 18.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, EAGLE MATERIALS INC shows that management has aggressively returned capital to shareholders by retiring 33.4% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EAGLE MATERIALS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $278.17 per share.