Arcosa
Arcosa's revenue rose 12.2% to $2.9 billion in fiscal 2025. Its operating margin was 11.9%, up from 7.7% a year earlier. Free cash flow was $176 million, down 43.8%. It paid out $10 million in dividends and buybacks, 6% of free cash flow. The diluted share count rose 0.4%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What Arcosa does
Arcosa, based in Dallas, Texas, makes and sells infrastructure-related products for construction, engineered structures and transportation markets in North America.
It reports three segments. Construction Products produces natural and recycled aggregates (crushed stone, sand and gravel), specialty materials, asphalt mix, and construction site support equipment such as trench shields. Its largest geographic exposure for natural aggregates is Texas and New Jersey. Engineered Structures makes steel and concrete structures, including utility structures for power lines, wind towers, and traffic, lighting and telecommunication structures. Transportation Products makes inland barges, fiberglass barge covers, winches and marine hardware.
It earns money by selling these products to public and private customers. It says demand ties to replacing aging transportation infrastructure, connecting renewable power to the grid, and building data centers. In August 2024 it sold its steel components business, and in February 2026 it announced an agreement to sell its inland barge and marine components business. It also says it plans to grow by buying businesses in fragmented industries.
Its biggest risks, as it describes them
- Weather and seasonal swings that can delay work and cut sales.
- Delays in construction projects and trouble managing inventory.
- Strong competition that could cost it market position.
- Late delivery of its backlog of orders could hurt revenue and customer relationships.
- Price and supply swings in raw materials, and limits on its aggregates reserves.
Income statement
From fiscal 2016 to 2025, earnings per share grew 6.0% a year and net income 6.0% a year, with the share count about the same.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 73 | 160 | 105 | 187 | 215 |
| Debt incl. finance leases | 686 | 556 | 573 | 1,707 | 1,538 |
| Net debt (negative means net cash) | 613 | 396 | 468 | 1,520 | 1,324 |
| Net debt to EBITDA | 2.4x | 0.8x | 1.2x | 3.9x | 2.3x |
| Debt to equity | 0.3x | 0.2x | 0.2x | 0.7x | 0.6x |
| Interest coverage | 4.6x | 11.3x | 7.7x | 2.8x | 3.1x |
| Current ratio | 2.1x | 2.3x | 2.1x | 1.9x | 2.2x |
| Quick ratio | 1.2x | 1.5x | 1.2x | 1.1x | 1.4x |
Cash flow
Projections
Project Arcosa's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Arcosa reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 5 of 9 | 5 of 9 | 7 of 9 |
| Rule of 40 | 5.4% | 23.5% | 18.3% |
| Altman Z'' | 3.86 | 2.38 | 3.06 |
| Accruals ratio | −2.9% | −9.6% | −2.7% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Fail | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Fail | Pass |
| Current ratio rose | Fail | Fail | Pass |
| Share count didn't rise | Fail | Fail | Fail |
| Gross margin rose | Pass | Pass | Pass |
| Revenue rose relative to assets | Fail | Pass | Fail |
| F-score | 5 of 9 | 5 of 9 | 7 of 9 |
Compare
Put Arcosa side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| Arcosa | FY25 | 12.2% | 11.9% | 6.1% | 7.5% | 2.3x | 7 | |
| Construction Partners | FY25 | 54.2% | 8.0% | 5.5% | 10.0% | 4.0x | 7 | Compare |
| Sterling Infrastructure | FY25 | 17.7% | 16.3% | 14.6% | 40.8% | −0.2x | 7 | Compare |
| IES | FY25 | 16.9% | 11.4% | 6.5% | 50.5% | −0.5x | 6 | Compare |
| MYR Group | FY25 | 8.8% | 4.6% | 6.3% | 19.7% | −0.4x | 8 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 1,704 | 1,462 | 1,460 | 1,737 | 1,936 | 2,036 | 2,243 | 2,308 | 2,570 | 2,883 |
| Revenue growth | — | −14.2% | −0.1% | 18.9% | 11.4% | 5.2% | 10.1% | 2.9% | 11.3% | 12.2% |
| Gross profit | 348 | 295 | 272 | 332 | 382 | 356 | 411 | 444 | 515 | 647 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 201 | 132 | 95 | 153 | 152 | 107 | 349 | 217 | 198 | 342 |
| Net income | 123 | 90 | 76 | 113 | 107 | 70 | 246 | 159 | 94 | 208 |
| Diluted EPS (US$) | 2.52 | 1.84 | 1.54 | 2.32 | 2.18 | 1.42 | 5.05 | 3.26 | 1.91 | 4.24 |
| Diluted shares (millions) | 49 | 49 | 49 | 48 | 48 | 49 | 48 | 49 | 49 | 49 |
| Cash flow | ||||||||||
| Cash from operations | 228 | 162 | 118 | 359 | 260 | 166 | 174 | 261 | 502 | 341 |
| Capital expenditure | 85 | 82 | 45 | 85 | 82 | 85 | 138 | 204 | 190 | 166 |
| Free cash flow | 143 | 80 | 74 | 273 | 178 | 81 | 36 | 58 | 312 | 176 |
| Dividends paid | 0 | 0 | 2 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Share buybacks | 0 | 0 | 3 | 11 | 8 | 9 | 15 | 14 | 0 | 0 |
| Acquisitions | 0 | 48 | 333 | 33 | 456 | 523 | 75 | 121 | 1,424 | 18 |
| Stock-based compensation | 10 | 9 | 10 | 15 | 20 | 18 | 19 | 24 | 24 | 26 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 14 | 7 | 99 | 240 | 96 | 73 | 160 | 105 | 187 | 215 |
| Debt incl. finance leases | — | 0 | 186 | 107 | 255 | 686 | 556 | 573 | 1,707 | 1,538 |
| Total assets | 1,526 | 1,602 | 2,172 | 2,302 | 2,647 | 3,188 | 3,341 | 3,578 | 4,916 | 4,985 |
| Total liabilities | — | 195 | 488 | 512 | 754 | 1,235 | 1,156 | 1,246 | 2,487 | 2,344 |
| Shareholders' equity | 1,342 | 1,408 | 1,684 | 1,790 | 1,892 | 1,953 | 2,184 | 2,332 | 2,428 | 2,641 |
| Margins and ratios | ||||||||||
| Gross margin | 20.4% | 20.1% | 18.6% | 19.1% | 19.7% | 17.5% | 18.3% | 19.2% | 20.1% | 22.4% |
| Operating margin | 11.8% | 9.0% | 6.5% | 8.8% | 7.8% | 5.3% | 15.6% | 9.4% | 7.7% | 11.9% |
| Net margin | 7.2% | 6.1% | 5.2% | 6.5% | 5.5% | 3.4% | 11.0% | 6.9% | 3.6% | 7.2% |
| Free cash flow margin | 8.4% | 5.4% | 5.0% | 15.7% | 9.2% | 4.0% | 1.6% | 2.5% | 12.2% | 6.1% |
| Rule of 40 (growth + FCF margin) | — | −8.7% | 4.9% | 34.7% | 20.6% | 9.2% | 11.8% | 5.4% | 23.5% | 18.3% |
| Return on capital | — | — | 4.8% | 6.9% | 6.3% | 3.9% | 10.5% | 6.6% | 4.2% | 7.5% |
| Return on equity | — | 6.5% | 4.9% | 6.5% | 5.8% | 3.6% | 11.9% | 7.0% | 3.9% | 8.2% |
| Return on assets | — | 5.7% | 4.0% | 5.1% | 4.3% | 2.4% | 7.5% | 4.6% | 2.2% | 4.2% |
| Net debt to EBITDA | — | −0.0x | 0.5x | −0.6x | 0.6x | 2.4x | 0.8x | 1.2x | 3.9x | 2.3x |