EXP
Eagle Materials Inc.
EXP's fundamentals are mixed: it turned 6.6% of its revenue into free cash flow, but its operating margin fell 5 points to 21%. At 15x earnings, it's trading in line with its usual 16x. Analysts expect earnings to decline, though they disagree widely on how much.
EXP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Stable |
EXP's profitability is currently healthy, and its revenue, cash flow and balance sheet are stable.
EXP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $161 | -12% |
| Current | 15x | $182 | — |
| Fair | 16x | $197 | +7.9% |
| Forward | 16x | $182 | — |
| Expensive | 20x | $241 | +32% |
Historical ranges are pointers, not guarantees.
EXP's PE is in its fair range at 15x. Analysts expect earnings to fall, which would put today's price at 16x next year's earnings.
EXP Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect EXP's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
EXP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.36 | -6% |
| Q3 2026 | $12.09 | -11% |
| Q2 2026 | $12.69 | -6.6% |
| Q1 2026 | $13.16 | -4.4% |
| Q4 2025 | $13.22 | -5.5% |
| Q3 2025 | $13.56 | -4.2% |
| Q2 2025 | $13.59 | -4% |
| Q1 2025 | $13.77 | +1.2% |
| Q4 2024 | $13.99 | -1.3% |
EXP earned $12.09 per share over the past year, down 11% from the year before.
EXP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $652.7M | +2.2% |
| Q2 2026 | $651M | +2.6% |
| Q1 2026 | $479.1M | +1.9% |
| Q4 2025 | $556M | -0.4% |
| Q3 2025 | $638.9M | +2.5% |
| Q2 2025 | $634.7M | +4.3% |
| Q1 2025 | $470.2M | -1.4% |
| Q4 2024 | $558M | -0.1% |
EXP's revenue grew through 2023 and has held roughly level since: $653M last quarter, up 2.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | -5.6 points |
| Q2 2026 | 20% | -4.6 points |
| Q1 2026 | 16% | -0.9 points |
| Q4 2025 | 23% | -9.5 points |
| Q3 2025 | 28% | -6.6 points |
| Q2 2025 | 25% | -7.1 points |
| Q1 2025 | 17% | -9.7 points |
| Q4 2024 | 33% | -1.2 points |
EXP's operating margin was 22% last quarter, down 5.6 points from the same quarter a year ago.
EXP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $81M | -16% |
| Q2 2026 | $33.6M | -44% |
| Q1 2026 | -$19.9M | -238% |
| Q4 2025 | $60.8M | -16% |
| Q3 2025 | $96.1M | -42% |
| Q2 2025 | $60.5M | -39% |
| Q1 2025 | $14.5M | -53% |
| Q4 2024 | $72.5M | -56% |
EXP still generates free cash flow, though less than at its 2020 peak: $155M over the past year.
EXP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -334K shares |
| 1 year | -5.3% | -1.7M shares |
| 3 years | -13% | -4.6M shares |
| 5 years | -26% | -10.8M shares |
| Available history | -26% | -10.6M shares |
EXP has 31M diluted shares, down 5.3% from a year ago, with $360M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $62.1M |
| Q2 2026 | $83.8M |
| Q1 2026 | $71.5M |
| Q4 2025 | $142.6M |
| Q3 2025 | $89.1M |
| Q2 2025 | $78.6M |
| Q1 2025 | $97M |
| Q4 2024 | $55.1M |
EXP spent $360M buying back its own shares over the past year, up 13% from the year before.
EXP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.1x | Moderate |
| Q4 2025 | 1.9x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.1x | Healthy |
EXP's net debt is about 2.3 years of its operating earnings (EBITDA), up from 1.6 years a year ago.
EXP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.9 | Neutral |
| Stochastic | 40.1 | Neutral |
EXP's weekly RSI is 44 (neutral) and its Stochastic is 40 (neutral).
EXP PE vs Basic Materials Sector
| Metric | EXP | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 19x | 19% below |
| PE % | 34 | 40 | 6 pts below |
EXP is trading at 15x earnings, a 19% discount to the Basic Materials sector's median of 19x.
EXP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $176.4 | 3.3% above |
| 20 week MA | $192.5 | 5.3% below |
| 50 week MA | $204.3 | 11% below |
| 100 week MA | $215.5 | 15% below |
| 200 week MA | $213.2 | 15% below |
EXP has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 15% below its 200-week average.
EXP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $91.2 | $100.0 | +9.6% |
| 2021 | $100.0 | $163.6 | +64% |
| 2022 | $163.6 | $133.5 | -18% |
| 2023 | $133.5 | $202.8 | +52% |
| 2024 | $202.8 | $249.4 | +23% |
| 2025 | $249.4 | $214.9 | -14% |
| 2026 YTD | $214.9 | $182.3 | -15% |
EXP has finished higher in four of the last six years, two of them by more than 50%. It's down 15% so far in 2026.