James Hardie Industries

JHX · NYSE · Industrials · Financials, fiscal 2017 to 2026

JHX · Last close · October 26, 2026

$26.02

James Hardie Industries' revenue rose 24.7% to $4.8 billion in fiscal 2026. Its operating margin was 9.3%, down from 16.9% a year earlier. Free cash flow was $206 million, down 45.9%. The diluted share count rose 26.2%.

JAMES HARDIE INDUSTRIES plc Latest fiscal year ended March 31, 2026 10-K filed May 19, 2026 · 0001159152-26-000045 Updated October 24, 2026

Revenue

$4.8B

24.7%

Operating margin

9.3%

7.7 pts

Net income

$104M

75.5%

Free cash flow

$206M

45.9%

Return on capital

3.3%

12.8 pts

Market cap

$15.2B

Oct 26 close

P/E

136.9x

On $0.19 EPS, FY26

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.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share fell 12.3% a year and net income 10.3% a year, as new shares raised the share count by 23% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value James Hardie Industries yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from James Hardie Industries' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from James Hardie Industries' fiscal 2026 free cash flow of $206M, net cash of −$4.4B at March 31, 2026 and 546 million diluted shares, from its filings. The scenarios are fitted to James Hardie Industries: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Building Products); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means James Hardie Industries' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to James Hardie Industries's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 10% discount rate. Base: growth of 8.5% then 5.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 13% then 8% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $26.02
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from James Hardie Industries' earnings per share of $0.19 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of James Hardie Industries' own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Lennox International, Fortune Brands Innovations, Allegion, A. O. Smith.

Earnings growth in the years ahead (% a year) Starts at James Hardie Industries' revenue growth over the last 3 years, 8.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $26.02
Value at this multiple, against the last close: —
James Hardie Industries' P/E at the last close: 136.9×

Company	Last close	Earnings per share	P/E today
James Hardie IndustriesJHX	$26.02	$0.19	136.9×
Fortune Brands InnovationsFBIN	$43.03	$1.24	34.7×
AllegionALLE	$178.22	$8.04	22.2×
A. O. SmithAOS	$61.91	$3.60	17.2×
Lennox InternationalLII	$365.64	$22.51	16.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	125	113	365	563	269
Debt incl. finance leases	880	1,061	1,126	1,122	4,638
Net debt (negative means net cash)	755	948	761	560	4,369
Net debt to EBITDA	0.9x	1.0x	0.8x	0.6x	4.6x
Debt to equity	0.7x	0.7x	0.6x	0.5x	0.7x
Interest coverage	17.4x	24.1x	50.2x	63.7x	1.9x
Current ratio	1.5x	1.5x	1.8x	2.1x	1.6x
Quick ratio	1.1x	1.1x	1.4x	1.7x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $68,730 of James Hardie Industries shares on the open market, and 2 insiders sold $28.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 25, 2026	Jonathan SkellyPres. James Hardie NA	Sold	65,000	$30.46	$2.0 million	Form 4
Aug 24, 2026	Jesse G SinghDirector	Sold	385,100	$30.18	$11.6 million	Form 4
Aug 21, 2026	Jesse G SinghDirector	Sold	486,457	$30.23	$14.7 million	Form 4
Jun 2, 2026	Suzanne B RowlandDirector	Bought	3,000	$22.91	$68,730	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	7 of 9	6 of 9	4 of 9
Accruals ratio	−8.6%	−7.5%	−5.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put James Hardie Industries 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
James Hardie Industries	FY26	24.7%	9.3%	4.3%	3.3%	4.6x	4
Lennox International	FY25	−2.7%	20.1%	12.3%	40.0%	1.2x	5	Compare
Fortune Brands Innovations	FY25	−3.2%	11.6%	8.2%	7.7%	3.2x	6	Compare
Allegion	FY25	7.8%	21.1%	16.9%	21.5%	1.6x	8	Compare
A. O. Smith	FY25	0.3%	19.0%	14.3%	30.7%	−0.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,922	2,054	2,507	2,607	2,909	3,615	3,777	3,936	3,878	4,836
Revenue growth	11.2%	6.9%	22.0%	4.0%	11.6%	24.3%	4.5%	4.2%	−1.5%	24.7%
Gross profit	675	730	831	934	1,052	1,314	1,312	1,588	1,505	1,730
Research and development	30	33	38	33	34	38	40	47	48	61
Operating income	393	229	352	342	473	683	741	767	656	448
Net income	276	146	229	242	263	459	512	510	424	104
Diluted EPS (US$)	0.62	0.33	0.52	0.54	0.59	1.03	1.15	1.16	0.98	0.19
Diluted shares (millions)	444	442	443	444	445	446	446	440	432	546
Cash flow
Cash from operations	382	308	304	451	787	757	608	914	803	590
Capital expenditure	102	210	318	194	111	258	591	449	422	384
Free cash flow	281	98	−14	257	676	499	16	465	381	206
Dividends paid	177	178	172	159	0	484	130	0	0	0
Share buybacks	100	0	0	0	0	0	78	271	150	0
Acquisitions	0	0	559	0	0	0	0	0	0	3,920
Stock-based compensation	9	11	12	10	18	9	16	28	23	38
Balance sheet at fiscal year end
Cash and short-term investments	79	282	79	144	208	125	113	365	563	269
Debt incl. finance leases	564	884	1,380	1,357	862	880	1,061	1,126	1,122	4,638
Total assets	2,013	2,351	4,033	4,028	4,089	4,243	4,479	4,913	5,230	13,689
Total liabilities	2,225	2,572	3,058	2,993	3,028	2,910	2,868	3,054	3,068	7,263
Shareholders' equity	−212	−222	974	1,035	1,061	1,333	1,611	1,859	2,162	6,426
Margins and ratios
Gross margin	35.1%	35.5%	33.1%	35.8%	36.2%	36.3%	34.7%	40.4%	38.8%	35.8%
Operating margin	20.5%	11.2%	14.0%	13.1%	16.2%	18.9%	19.6%	19.5%	16.9%	9.3%
Net margin	14.4%	7.1%	9.1%	9.3%	9.0%	12.7%	13.6%	13.0%	10.9%	2.1%
Free cash flow margin	14.6%	4.8%	−0.5%	9.9%	23.2%	13.8%	0.4%	11.8%	9.8%	4.3%
Return on capital	133.8%	58.7%	20.1%	12.7%	15.2%	25.6%	22.6%	20.0%	16.1%	3.3%
Return on equity	—	—	60.8%	24.0%	25.1%	38.4%	34.8%	29.4%	21.1%	2.4%
Return on assets	13.7%	6.7%	7.2%	6.0%	6.5%	11.0%	11.7%	10.9%	8.4%	1.1%
Net debt to EBITDA	1.0x	1.9x	2.8x	2.6x	1.1x	0.9x	1.0x	0.8x	0.6x	4.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: James Hardie Industries' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with James Hardie Industries.