Eagle Materials Inc. is a leading U.S.-based manufacturer of heavy construction products and light building materials, supporting various infrastructure and construction projects across the United States.

# Eagle Materials Inc. - Company Summary

## Business Overview
Eagle Materials Inc. is a leading U.S.-based manufacturer specializing in heavy construction products and light building materials. The company supports infrastructure development, residential, commercial, and industrial construction across the United States.

## Core Products
- **Portland Cement & Portland Limestone Cement**  
  Used as the primary bonding agent in concrete; essential for roads, highways, buildings, and infrastructure.
  
- **Gypsum Wallboard**  
  Used for interior finishing in residential, commercial, and industrial structures.

- **Light and Recycled Materials**  
  - **Recycled Paperboard** (manufactured from recycled paper) for gypsum liner production.
  - **Aggregates** (crushed stone, sand, gravel) for construction applications.
  - **Readymix Concrete** produced from cement, sand, gravel, water, and other materials.

## Operations
- **Facilities**: Over 70 manufacturing and distribution facilities across 21 states.
- **Employees**: Approximately 2,500 employees (about 700 salaried and 1,800 hourly).
  - Around 600 hourly employees are covered under collective bargaining agreements.
- **Customers**: Numerous, with no single customer accounting for more than 10% of segment sales.
- **Revenue**: Fiscal 2025 revenue was approximately **$2.26 billion**.
- **Net Income**: Fiscal 2025 net earnings were approximately **$463.4 million**.
- **Stock**: Publicly traded on NYSE under the ticker **EXP** with about 32.7 million shares outstanding as of May 16, 2025.
- **Market Capitalization**: Approximately **$9.5 billion** as of September 30, 2024.

## Strategic Focus
- Maintain a low-cost, highly efficient plant network positioned near raw materials and high-growth markets.
- Geographic diversification across the U.S. to mitigate regional construction cycle risks.
- Growth via acquisitions (e.g., aggregates businesses in Kentucky and Pennsylvania) and organic development.
- Environmental and social responsibility with ongoing sustainability efforts and safety priorities.
- Strong balance sheet and disciplined capital allocation focusing on growth, maintenance, and shareholder returns via buybacks and dividends.

## Financial Highlights
- Record revenue in FY2025, with slight increase over previous year.
- Diverse product portfolio with cyclical demand tied to construction activity.
- Focused on operational efficiency, raw material reserves ownership, and strategic expansion.
- Continues to modernize and expand key facilities, including a new slag-cement plant and expansion of gypsum wallboard capacity.
- Maintains a substantial market value and shareholder base, with robust stock buyback programs.

Eagle Materials Inc. is a prominent U.S. manufacturer of heavy and light construction materials, primarily engaged in producing portland cement and gypsum wallboard.

# Eagle Materials Inc. Overview

Eagle Materials Inc. is a leading manufacturer of heavy construction materials and light building materials in the United States, focusing primarily on **portland cement** and **gypsum wallboard**. The company operates through various subsidiaries and is organized into two main sectors: **Heavy Materials** and **Light Materials**.

### Business Segments

1. **Heavy Materials:**
   - *Cement:* The primary product, essential in residential, commercial, and public infrastructure construction.
   - *Concrete and Aggregates:* Provides ready-mix concrete and aggregates such as sand, gravel, and crushed stone.
   
2. **Light Materials:**
   - *Gypsum Wallboard:* Used for interior wall and ceiling finishes in construction.
   - *Recycled Paperboard:* Produces liner products primarily for gypsum wallboard.

### Company Highlights

- **Founded:** 1963 (originally as a subsidiary of Centex Corporation).
- **Public Trading:** Became public on January 30, 2004, under the name Eagle Materials Inc. (NYSE: EXP).
- **Headquarters:** Dallas, Texas.
  
### Operational Footprint

- **Employees:** Approximately **2,500** total employees, including about **700 salaried** and **1,800 hourly**. Around **700 hourly employees** are under collective bargaining agreements.
- **Facilities:** Operates **eight cement plants** and numerous quarries, distribution terminals, and concrete plants across the U.S., primarily concentrated in high-growth regions, excluding the Northeast.
  
### Financial Performance (Fiscal 2024)

- **Revenue:** **$2.3 billion**, up **5%** from the previous year.
- **Net Earnings:** **$477.6 million**, representing a **3%** increase year-over-year.
- **Gross Profit Margin:** Expanded by **50 basis points** to **30.3%**.
- **Diluted Earnings Per Share (EPS):** Increased by **9%** to **$13.61**.
- **Share Repurchases:** Approximately **1.9 million shares** repurchased for **$343.3 million**.

### Market Presence

- **Customer Base:** Serves a broad range of customers, primarily in the construction industry, including contractors, builders, and resellers. No single customer accounted for more than **10%** of sales during fiscal 2024.
  
### Competitive Advantages

- **Strategic Plant Locations:** Positioned close to raw material reserves and major construction markets, enhancing logistics and reducing transportation costs.
- **Low-Cost Production:** Focus on maintaining a low-cost producer position through modern production lines, efficient operations, and a conservative balance sheet.
- **Sustainable Practices:** Committed to reducing carbon intensity and operating in an environmentally responsible manner, integrating sustainable materials in production processes.

### Future Growth Strategies

- Focus on organic growth through innovation and efficiency improvements in production.
- Targeted acquisitions to expand geographic and operational footprint, ensuring robust revenue growth aligning with population trends in key U.S. states.

### Summary

Eagle Materials Inc. is positioned as a significant player in the U.S. construction materials industry, leveraging a diverse product portfolio, a strategic operational footprint, and a commitment to sustainability. With strong financial performance in fiscal 2024, the company is focused on growth, efficiency, and responsiveness to market demands. The average industry experience of management exceeding **20 years** contributes to its resilience and adaptability in the cyclical construction sector.

EAGLE MATERIALS INC

10-K / May 20, 2025

10-K / May 22, 2024

10-K / May 20, 2025

Eagle Materials Inc. - Company Summary

Business Overview

Core Products

Operations

Strategic Focus

Financial Highlights