Recent News
June 25, 2026 — James Hardie announced redemption of US$400 million 5.00% senior unsecured notes. August 20, 2026 — the company entered a Share Purchase Agreement with Holcim Ltd. for the sale of specified European operations. August 28, 2026 — the company published its 2026 sustainability report.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): DI+ completed a dip-and-reversal and signals renewed buying pressure while DI- shows an increase that signals concurrent selling pressure; ADX at 18.81 sits below 20 and indicates no established trend, implying short-term directional contention rather than an extended trend supporting a decisive breakout or breakdown.
MACD: MACD registered a dip-and-reversal and has begun rising, indicating momentum recovery; however MACD (0.56) remains below the signal line (0.79), so momentum improvement lacks the confirming signal-line crossover that typically signals broadening bullish momentum.
MRO (Momentum/Regression Oscillator): MRO at 30.95 indicates price currently sits above the modeled target and therefore carries mean-reversion pressure that would tend to limit or retrace recent gains absent stronger confirming momentum.
RSI: RSI at 59.45 completed a dip-and-reversal and sits below overbought territory, which indicates renewed upside momentum without an overbought extreme that would force an immediate pullback.
Price vs moving averages and bands: Last close at $30.39 trades above the 200-day average ($23.19) and the 50-day average ($27.76) and sits near the 20-day average ($29.79) and the upper 1x Bollinger band ($30.50), signaling that price remains in a higher-than-long-term-average posture but faces proximity-driven resistance from short-term volatility bands and the Ichimoku cloud is supportive with price above Tenkan (29.59) and Kijun (28.59).
Fundamental Analysis
Profitability and margins: EBIT stands at $218,800,000 producing an EBIT margin of 14.84%; quarterly change shows a 91.63% increase QoQ and a -20.85% decline YoY. The EBIT margin sits below the industry peer mean (17.362%) and industry peer median (19.142%), but above the industry peer low. Gross margin at 37.21% slightly exceeds the industry peer mean (35.837%).
Revenue and growth: Total revenue reached $1,474,600,000 with reported revenue growth of 5.04%; revenue growth QoQ registered -61.95% while revenue growth YoY is shown as -168.33% (per supplied figures). Those intra-period swings indicate sizable timing or base effects in recent reporting that compress near-term top-line momentum.
Cash generation and valuation drivers: Operating cash flow registered $344,000,000 and free cash flow reached $254,200,000, producing a free cash flow yield of 1.75%, above the industry peer mean of 1.35%. Free cash flow-to-net-income ratio sits at 243.72%, signaling strong cash conversion relative to reported net income. WMDST’s enterprise multiple sits at 48.45 and forward PE at 56.58; those multiples reflect elevated market expectations relative to current earnings.
Leverage and coverage: Net debt totals $3,986,800,000 and debt-to-EBITDA stands at 11.67x, while interest coverage ratio measures 3.56x. High debt-to-EBITDA indicates leverage materially above typical peer operating cash flow coverage, and coverage near 3.6x provides limited cushion against margin compression.
Other structural metrics: Asset turnover at 0.1085 sits below the industry peer mean (0.26356), while cash conversion cycle of 39.30 days tracks below the industry peer mean of 72.41 days. Return on equity reads 1.60% with a YoY decline of -42.50%.
Valuation summary: The current valuation as determined by WMDST: under-valued. That assessment weighs above-mean free cash flow yield, but also elevated valuation multiples (forward PE ~56.6, enterprise multiple ~48.45) and stretched leverage; the valuation gap reflects the market pricing of future growth and execution risk contrasted with present cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-18 |
| NEXT REPORT DATE: | 2026-11-17 |
| CASH FLOW | Begin Period Cash Flow | $ 344.4 M |
| Operating Cash Flow | $ 344.0 M | |
| Capital Expenditures | $ -89.80 M | |
| Change In Working Capital | $ 40.2 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -22.40 M | |
| End Period Cash Flow | $ 322.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.5 B | |
| Forward Revenue | $ 844.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 925.9 M | |
| Depreciation | $ 168.8 M | |
| Depreciation and Amortization | $ 168.8 M | |
| Research and Development | $ 15.4 M | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 548.7 M | |
| EBITDA | $ 387.6 M | |
| EBIT | $ 218.8 M | |
| Operating Income | $ 237.9 M | |
| Interest Income | — | |
| Interest Expense | $ 61.5 M | |
| Net Interest Income | $ -61.50 M | |
| Income Before Tax | $ 157.3 M | |
| Tax Provision | $ 53.0 M | |
| Tax Rate | 33.694 % | |
| Net Income | $ 104.3 M | |
| Net Income From Continuing Operations | $ 104.3 M | |
| EARNINGS | ||
| EPS Estimate | — | |
| EPS Actual | — | |
| EPS Difference | — | |
| EPS Surprise | — | |
| Forward EPS | $ 0.41 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 13.5 B | |
| Intangible Assets | $ 8.0 B | |
| Net Tangible Assets | $ -1.50 B | |
| Total Current Assets | $ 1.8 B | |
| Cash and Short-Term Investments | $ 289.9 M | |
| Cash | $ 289.9 M | |
| Net Receivables | $ 499.6 M | |
| Inventory | $ 612.1 M | |
| Long-Term Investments | $ 70.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 699.6 M | |
| Short-Term Debt | $ 43.8 M | |
| Total Current Liabilities | $ 1.1 B | |
| Net Debt | $ 4.0 B | |
| Total Debt | $ 4.5 B | |
| Total Liabilities | $ 7.0 B | |
| EQUITY | ||
| Total Equity | $ 6.5 B | |
| Retained Earnings | $ 1.9 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.27 | |
| Shares Outstanding | 580.354 M | |
| Revenue Per-Share | $ 2.54 | |
| VALUATION | Market Capitalization | $ 14.5 B |
| Enterprise Value | $ 18.8 B | |
| Enterprise Multiple | 48.446 | |
| Enterprise Multiple QoQ | -20.925 % | |
| Enterprise Multiple YoY | -35.263 % | |
| Enterprise Multiple IPRWA | high: 102.159 median: 69.729 mean: 65.086 JHX: 48.446 low: 18.454 |
|
| EV/R | 12.734 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.063 | |
| Asset To Liability | 1.941 | |
| Debt To Capital | 0.409 | |
| Debt To Assets | 0.335 | |
| Debt To Assets QoQ | -4.142 % | |
| Debt To Assets YoY | -12.858 % | |
| Debt To Assets IPRWA | high: 0.793 JHX: 0.335 mean: 0.291 median: 0.244 low: 0.005 |
|
| Debt To Equity | 0.691 | |
| Debt To Equity QoQ | -7.174 % | |
| Debt To Equity YoY | -40.232 % | |
| Debt To Equity IPRWA | high: 1.784 JHX: 0.691 median: 0.535 mean: 0.5 low: -1.539 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.224 | |
| Price To Book QoQ | 17.81 % | |
| Price To Book YoY | -65.713 % | |
| Price To Book IPRWA | high: 12.015 median: 6.379 mean: 6.283 JHX: 2.224 low: -5.298 |
|
| Price To Earnings (P/E) | — | |
| Price To Earnings QoQ | — | |
| Price To Earnings YoY | — | |
| Price To Earnings IPRWA | — | |
| PE/G Ratio | — | |
| Price To Sales (P/S) | 9.864 | |
| Price To Sales QoQ | 14.17 % | |
| Price To Sales YoY | -39.344 % | |
| Price To Sales IPRWA | high: 16.307 median: 13.003 mean: 11.68 JHX: 9.864 low: 0.155 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 56.575 | |
| Forward PE/G | — | |
| Forward P/S | 17.71 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 20.113 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.108 | |
| Asset Turnover Ratio QoQ | 6.237 % | |
| Asset Turnover Ratio YoY | -27.56 % | |
| Asset Turnover Ratio IPRWA | high: 0.463 median: 0.272 mean: 0.264 JHX: 0.108 low: 0.102 |
|
| Receivables Turnover | 3.135 | |
| Receivables Turnover Ratio QoQ | -16.025 % | |
| Receivables Turnover Ratio YoY | 13.603 % | |
| Receivables Turnover Ratio IPRWA | high: 3.141 JHX: 3.135 median: 1.587 mean: 1.552 low: 0.974 |
|
| Inventory Turnover | 1.484 | |
| Inventory Turnover Ratio QoQ | 9.682 % | |
| Inventory Turnover Ratio YoY | -3.787 % | |
| Inventory Turnover Ratio IPRWA | high: 4.019 mean: 1.735 median: 1.632 JHX: 1.484 low: 0.555 |
|
| Days Sales Outstanding (DSO) | 29.103 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 39.3 | |
| Cash Conversion Cycle Days QoQ | -3.544 % | |
| Cash Conversion Cycle Days YoY | 20.256 % | |
| Cash Conversion Cycle Days IPRWA | high: 179.868 mean: 72.409 median: 52.173 JHX: 39.3 low: 35.679 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.27 | |
| CapEx To Revenue | -0.061 | |
| CapEx To Depreciation | -0.532 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.8 B | |
| Net Invested Capital | $ 10.8 B | |
| Invested Capital | $ 10.8 B | |
| Net Tangible Assets | $ -1.50 B | |
| Net Working Capital | $ 649.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.261 | |
| Current Ratio | 1.586 | |
| Current Ratio QoQ | 0.457 % | |
| Current Ratio YoY | -57.827 % | |
| Current Ratio IPRWA | high: 4.775 mean: 1.641 JHX: 1.586 median: 1.073 low: 0.831 |
|
| Quick Ratio | 1.034 | |
| Quick Ratio QoQ | 0.464 % | |
| Quick Ratio YoY | -68.725 % | |
| Quick Ratio IPRWA | high: 3.756 mean: 1.114 JHX: 1.034 median: 0.827 low: 0.64 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 11.667 | |
| Cost Of Debt | 0.876 % | |
| Interest Coverage Ratio | 3.558 | |
| Interest Coverage Ratio QoQ | 103.907 % | |
| Interest Coverage Ratio YoY | -95.993 % | |
| Interest Coverage Ratio IPRWA | high: 70.864 mean: 19.773 median: 16.81 JHX: 3.558 low: -4.601 |
|
| Operating Cash Flow Ratio | 0.528 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 54.46 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.426 % | |
| Revenue Growth | 5.036 % | |
| Revenue Growth QoQ | -61.952 % | |
| Revenue Growth YoY | -168.331 % | |
| Revenue Growth IPRWA | high: 49.254 % mean: 18.62 % median: 17.507 % JHX: 5.036 % low: -10.041 % |
|
| Earnings Growth | — | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | — | |
| Earnings Growth IPRWA | — | |
| MARGINS | ||
| Gross Margin | 37.21 % | |
| Gross Margin QoQ | -0.193 % | |
| Gross Margin YoY | -0.606 % | |
| Gross Margin IPRWA | high: 51.192 % JHX: 37.21 % mean: 35.837 % median: 35.566 % low: 10.171 % |
|
| EBIT Margin | 14.838 % | |
| EBIT Margin QoQ | 91.631 % | |
| EBIT Margin YoY | -20.851 % | |
| EBIT Margin IPRWA | high: 28.538 % median: 19.142 % mean: 17.362 % JHX: 14.838 % low: -5.595 % |
|
| Return On Sales (ROS) | 16.133 % | |
| Return On Sales QoQ | 4.185 % | |
| Return On Sales YoY | -13.944 % | |
| Return On Sales IPRWA | high: 24.405 % median: 19.27 % mean: 17.855 % JHX: 16.133 % low: -5.595 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 254.2 M | |
| Free Cash Flow Yield | 1.748 % | |
| Free Cash Flow Yield QoQ | 298.178 % | |
| Free Cash Flow Yield YoY | 146.544 % | |
| Free Cash Flow Yield IPRWA | high: 4.675 % JHX: 1.748 % mean: 1.35 % median: 1.03 % low: -2.292 % |
|
| Free Cash Growth | 376.923 % | |
| Free Cash Growth QoQ | -980.435 % | |
| Free Cash Growth YoY | 345.957 % | |
| Free Cash Growth IPRWA | high: 384.722 % JHX: 376.923 % median: 85.05 % mean: -39.203 % low: -743.655 % |
|
| Free Cash To Net Income | 2.437 | |
| Cash Flow Margin | 39.76 % | |
| Cash Flow To Earnings | 5.621 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.767 % | |
| Return On Assets QoQ | 270.531 % | |
| Return On Assets YoY | -26.392 % | |
| Return On Assets IPRWA | high: 6.089 % median: 3.945 % mean: 3.353 % JHX: 0.767 % low: -4.305 % |
|
| Return On Capital Employed (ROCE) | 1.767 % | |
| Return On Equity (ROE) | 0.016 | |
| Return On Equity QoQ | 259.234 % | |
| Return On Equity YoY | -42.502 % | |
| Return On Equity IPRWA | high: 0.207 mean: 0.069 median: 0.06 JHX: 0.016 low: -0.074 |
|
| DuPont ROE | 1.609 % | |
| Return On Invested Capital (ROIC) | 1.341 % | |
| Return On Invested Capital QoQ | 120.197 % | |
| Return On Invested Capital YoY | -45.532 % | |
| Return On Invested Capital IPRWA | high: 12.294 % median: 6.194 % mean: 5.68 % JHX: 1.341 % low: -2.997 % |
|