James Hardie Industries plc (JHX)

Price$30.35Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market value assumes meaningful cash improvement, but not a flawless acquisition outcome.

At the observed market value, James Hardie is worth about $17.7 billion, or roughly $21.7 billion after adding net debt, meaning debt minus cash. First-quarter free cash flow—cash left after running and investing in the business—was $254 million; if repeated for four quarters, that implies about 17 times cash flow. At exactly management’s $500 million full-year minimum, the figure is about 35 times. Company-adjusted earnings, which exclude selected acquisition and non-cash costs, imply about 21 times, while reported earnings imply more than 40 times. That range supports a Fair-priced verdict.

Big pictureThe larger company is growing again, but much of the leap came from the acquisition.

Fiscal 2026 revenue rose 25% to $4.84 billion, yet operating income fell 32% and net income dropped to $104 million as acquisition-related costs and other charges weighed on results. The latest quarter improved sharply: revenue reached $1.47 billion, while company-reported pro forma sales rose 12%, meaning the comparison treats the acquired business as if it had been owned earlier. North American fiber-cement sales grew 20% excluding acquisition effects. The bull case is share gains and cross-selling; the bear case is a housing-sensitive business carrying integration risk through a cyclical market.

Business strengthCash generation is improving, but heavy debt and more shares leave investors less protected.

First-quarter operating cash flow rose to $344 million from $207 million, while capital spending fell to $90 million, leaving $254 million of free cash flow. That is encouraging, but debt was still $4.28 billion against only $290 million of cash. Shares outstanding reached about 580 million, up roughly 35% from 430 million before the acquisition, so each old shareholder owns less of the company. Earlier buybacks were outweighed by acquisition dilution; the new $250 million authorization would retire only about 1.4% of shares at the observed price.

What could change the storyFaster debt reduction and stronger cash flow could support gains; weaker housing demand could disappoint.

The clearest upside test is whether fiscal 2027 free cash flow moves well beyond the company’s $500 million minimum while adjusted EBITDA—a profit measure before interest, taxes, depreciation and amortization—stays near its $1.54-$1.63 billion outlook. The planned European sale should provide about $980 million of cash, with roughly $600 million earmarked for debt repayment, helping the target of net debt below twice annual adjusted EBITDA by September 2027. If cash flow settles near $500 million, the current value looks demanding; durable cash nearer $800 million-$1 billion would make it more comfortable.

AI: News

First-quarter outlook raisedFirst-quarter results beat prior expectations, lifting growth guidance and showing early acquisition benefits.

On August 6, James Hardie reported $1.475 billion of quarterly sales and $422 million of adjusted EBITDA, above its prior $354-$375 million guidance range. It raised fiscal 2027 sales guidance to $5.56-$5.72 billion and adjusted EBITDA guidance to $1.54-$1.63 billion, while keeping free cash flow at at least $500 million. The next regular U.S. session rose about 8% on heavy volume. The timing is consistent with a positive earnings reaction, although daily price moves can have several causes.

Europe sale and share buybackSelling Europe should lower debt and sharpen focus, while buying back shares partly offsets the larger share count.

On August 20, James Hardie agreed to sell Fermacell to Holcim for €840 million, about $980 million, and said it also intends to close its European fiber-cement business. About $600 million of proceeds is earmarked for debt repayment, and the board authorized a $250 million buyback. Europe contributed $156 million of first-quarter sales and $30 million of EBITDA, so the transaction also removes earnings. The next regular U.S. session gained about 1.3%; linking that move solely to the deal would be uncertain.

Loading local price history

Revenue

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Net income

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2008

2009

2010

2011

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2011	2010	2009	2008
Revenue	$4.84B	$3.88B	$3.94B	$3.78B	$3.61B	$2.91B	$2.61B	$2.51B	$2.05B	$1.92B	$1.73B	$1.66B	$1.49B	$1.32B	$1.24B	$1.17B	$1.12B	$1.20B
Gross profit	$1.73B	$1.50B	$1.59B	$1.31B	$1.31B	$1.05B	$933.7M	$831.0M	$730.2M	$674.7M	$632.2M	$578.8M	$506.4M	$419.3M	$407.0M	$391.9M	$416.1M	$388.8M
Gross margin	35.77%	38.81%	40.35%	34.74%	36.34%	36.16%	35.82%	33.15%	35.54%	35.11%	36.58%	34.93%	33.90%	31.73%	32.89%	33.58%	37.00%	32.33%
Research & development	$60.7M	$48.5M	$47.0M	$39.6M	$38.0M	$34.3M	$32.8M	$37.9M	$33.3M	$30.3M	$29.5M	$31.7M	$33.1M	$37.2M	$30.4M	$28.0M	$27.1M	$23.8M
Operating expenses	$1.28B	$849.1M	$821.0M	$570.6M	$630.9M	$578.9M	$591.2M	$479.4M	$501.0M	$281.5M	$278.2M	$243.8M	$453.3M	$389.8M	$251.5M	$287.2M	$437.1M	$215.2M
Operating income	$447.6M	$655.9M	$767.4M	$741.4M	$682.6M	$472.8M	$342.5M	$351.6M	$229.2M	$393.2M	$354.0M	$335.0M	$53.1M	$29.5M	$155.5M	$104.7M	−$21.0M	$173.6M
Operating margin	9.26%	16.92%	19.50%	19.63%	18.88%	16.25%	13.14%	14.03%	11.16%	20.46%	20.48%	20.22%	3.55%	2.23%	12.57%	8.97%	−1.87%	14.44%
EBITDA	$941.1M	$872.1M	$952.4M	$914.0M	$844.4M	$607.8M	$474.0M	$471.0M	$321.2M	$476.4M	$433.8M	$405.9M	$114.5M	$90.7M	$220.7M	$167.6M	$40.7M	$230.0M
EBITDA margin	19.46%	22.49%	24.20%	24.20%	23.36%	20.90%	18.18%	18.79%	15.63%	24.79%	25.10%	24.50%	7.67%	6.86%	17.83%	14.36%	3.62%	19.13%
Net income	$104.0M	$424.0M	$510.2M	$512.0M	$459.1M	$262.8M	$241.5M	$228.8M	$146.1M	$276.5M	$244.4M	$291.3M	$99.5M	$45.5M	$604.3M	−$347.0M	−$84.9M	$136.3M
Net profit margin	2.15%	10.93%	12.96%	13.56%	12.70%	9.03%	9.26%	9.13%	7.11%	14.39%	14.14%	17.58%	6.66%	3.44%	48.83%	−29.73%	−7.55%	11.33%
Basic EPSper basic share	$0.19	$0.98	$1.16	$1.15	$1.03	$0.59	$0.55	$0.52	$0.33	$0.62	$0.55	$0.65	$0.22	$0.10	$1.39	-$0.80	-$0.20	$0.32
Diluted EPSper diluted share	$0.19	$0.98	$1.16	$1.15	$1.03	$0.59	$0.54	$0.52	$0.33	$0.62	$0.55	$0.65	$0.22	$0.10	$1.38	-$0.80	-$0.20	$0.31

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.04%of listed shares

WELLINGTON MANAGEMENT GROUP LLP40.84M shares · Jun 30, 2026

View holders

Top 20 reported holders of JHX
Holder	% owned
WELLINGTON MANAGEMENT GROUP LLP	7.04%40.84M shares
FMR LLC	6.51%37.79M shares
D1 Capital Partners L.P.	4.75%27.55M shares
MILLENNIUM MANAGEMENT LLC	2.43%14.09M shares
Invesco Ltd.	2.05%11.91M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.85%10.73M shares
Alyeska Investment Group, L.P.	1.51%8.74M shares
JPMORGAN CHASE & CO	1.07%6.21M shares
Slate Path Capital LP	1.04%6.02M shares
Hill City Capital, LP	0.99%5.72M shares
BlackRock, Inc.	0.83%4.84M shares
Point72 Asset Management, L.P.	0.76%4.42M shares
Qube Research & Technologies Ltd	0.75%4.36M shares
Palestra Capital Management LLC	0.71%4.13M shares
RDST Capital LLC	0.69%4.02M shares
GOLDMAN SACHS GROUP INC	0.69%4M shares
MARSHALL WACE, LLP	0.69%3.99M shares
Capital Research Global Investors	0.62%3.61M shares
UBS Group AG	0.55%3.21M shares
Capital World Investors	0.55%3.2M shares