Construction Partners, Inc. (ROAD) intrinsic value & 10-year financials

Construction Partners, Inc. (ROAD) has a Graham intrinsic value of $59.02 per share. At $82.71 on Oct 17, 2026, the stock trades 40% above that value. Over the last 10 fiscal years revenue grew 22.1% a year to $2.8B, with an average return on invested capital of 11.3%.

Graham intrinsic value
$59.02
Share price (Oct 17, 2026)
$82.71
Price vs Graham value
40% above
Market cap
$4.6B
Revenue (FY2025)
$2.8B
Revenue growth (10-yr CAGR)
22.1%
ROIC (10-yr avg)
11.3%
Free cash flow (FY2025)
$153.4M

ROAD 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $2.8B $101.8M $1.84 $153.4M 8.0% 9.8%
FY2024 $1.8B $68.9M $1.31 $121.1M 6.1% 8.8%
FY2023 $1.6B $49.0M $0.94 $59.3M 5.2% 7.4%
FY2022 $1.3B $21.4M $0.41 -$52.4M 2.7% 3.9%
FY2021 $910.7M $20.2M $0.39 -$7.8M 3.3% 4.7%
FY2020 $785.7M $40.3M $0.78 $52.6M 7.0% 13.0%
FY2019 $783.2M $43.1M $0.84 $12.8M 7.3% 15.0%
FY2018 $680.1M $50.8M $1.11 $23.3M 9.0% 22.9%
FY2017 $568.2M $26.0M $0.63 $22.5M 8.2% 16.4%
FY2016 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Construction Partners, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Construction Partners, Inc. returns on capital have been average, hovering around 11.3% ROIC over the decade.

Construction Partners, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Construction Partners, Inc. is modeled at 14.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $59.02 per share.

ROAD stock: frequently asked questions

What is the intrinsic value of Construction Partners, Inc. (ROAD) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 14.3% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, ROAD's intrinsic value is about $59.02 per share.

Is ROAD stock undervalued?

At $82.71 (close on Oct 17, 2026), ROAD trades 40% above its Graham value of $59.02. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

Does Construction Partners, Inc. generate free cash flow?

Construction Partners, Inc. generated $153.4M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 7 of the last 9 reported years.

What is ROAD's return on invested capital?

Average ROIC over the last 10 fiscal years was 11.3%, and average return on equity was 12.3%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this ROAD data come from?

From Construction Partners, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 7, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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