EAGLE MATERIALS INC.
EXP · Materials · $6.3B mkt cap · FY2026 filings · Narrow moat ·
Wonderful & reasonably priced
The five investor questions
2009–2026: revenue 598580000.00 to 2308658000.00, increasing; diluted EPS 0.95 to 13.16, increasing.
Median gross margin 27.2% over 10y, stable.
Median ROIC 17.3%, above the 12% hurdle in 88% of years.
Insufficient leverage/coverage inputs to score the balance sheet.
Owner earnings +6.9%/yr, share count shrinking (buybacks).
The balanceSheet component abstained: Insufficient leverage/coverage inputs to score the balance sheet. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- $463.4M
- Value range / share
- $164.89–$267.12
- Conservative high estimate / share
- $267.12
- Recent price
- $201.77
- Price vs. high estimate
- 24% below high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
EAGLE MATERIALS INC. booked $2.3B of revenue in FY2026 in the Materials sector and kept 28.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 18.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $598.6M (FY2009) to $2.3B (FY2026) — about 8.3% a year compounded over 17 years.
It earned 23.4% on invested capital in FY2024, with a median of 13.0% across 16 filed years. The Returns on Capital filter above scores it 84/100.
The balance sheet carried $1.8B of total debt in FY2026 against $423.8M of owner earnings — roughly 4.2 years of owner earnings to retire it all.
The share count fell 28.8% between FY2010 and FY2026 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 82/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in EXP’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How EAGLE MATERIALS INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored EXP on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, EXP did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Materials context
#16 of 304 scored Materials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #14WWW WOLVERINE WORLD WIDE, INC.75.4 out of 100, Narrow moatNarrow moat
- #15PPG PPG INDUSTRIES INC74.6 out of 100, Narrow moatNarrow moat
- #17BCPC Balchem Corp74.4 out of 100, Narrow moatNarrow moat
- #18CL COLGATE-PALMOLIVE COMPANY74.1 out of 100, Narrow moatNarrow moat
Compare EXP with its nearest peers →All Materials companies on the Index →
Common questions about EXP
- Does EAGLE MATERIALS INC. have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores EAGLE MATERIALS INC. (EXP) 74.5 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 89, pricing power 43, returns on capital 84, balance-sheet safety not measurable from the filings, capital discipline 82.
- Is EXP trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $164.89–$267.12 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 4% growth, capped at 4% and 18×. Versus a recent price of $201.77, that is 24% below high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has EXP's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 74.5 out of 100 (narrow moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.