James Hardie Industries

JHX

Construction Materials · Basic Materials

Also trades as: JHX.AX

Price

$30.43

+0.40 (+1.33%)

Market Cap

$17.66B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

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Share count rising — dilution

+22.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 445.9M (2022) → 545.5M (2026)

Winston Score History

The full picture

James Hardie Industries makes fiber cement building products, mainly siding and backer boards used on the outside of homes. Its customers are homebuilders, remodeling contractors, and homeowners across North America, Europe, and Australia. The company is the largest fiber cement siding manufacturer in the United States, and its HardiePlank brand is widely recognized in the residential construction market.

James Hardie earns revenue by selling its building products directly to distributors and big-box retailers, who then supply contractors and builders. North America generates the large majority of its sales, though it also has operations in Australia, New Zealand, and Europe. The company's main competitive advantage is its dominant market share in fiber cement, a material that resists rot, fire, and pests better than traditional wood siding. Its biggest risk is exposure to the US housing market — when new home construction or remodeling activity slows, demand for its products tends to fall with it.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+44.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-50.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$61M/ year

↑ Rising (+25% vs prior year)

1.3% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$564M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

James Hardie Industries grew revenue 45% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

37.2%

Modest — 37.2% gross margin

Profit after running costs

Operating Margin

14.8%

Healthy — 14.8% operating margin

Return on the money invested

ROCE

6512208.1%

Exceptional — 6512208.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+42.9%

Fast-growing sales (+42.9% YoY)

Profit growth

EPS YoY

-67.2%

Earnings shrinking (-67.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

498%

Turns 498% of profit into real cash

Spare cash per sale

FCF Margin

6.5%

Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

3.73x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

120.5x

Expensive — P/E 120.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+100.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (120.5 → 20.0)

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Dividends

Not applicable for this business.

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