EXP: FQ4 Takeaways: Path to FCF Inflection Requires Patience

研报英文原文证据摘录

EXP: FQ4 Takeaways: Path to FCF Inflection Requires Patience

Equity Research

Earnings Revised — May 19, 2026

Construction Materials

Eagle Materials Inc.

FQ4 Takeaways: Path to FCF Inflection Requires Patience Overweight

Price Target: $246.00

Notable Changes

Our Call $ (Mar) Current Prior % Chg

FQ4 beat, benefiting like peers from strong March qtr volumes but light prices. While EBITDA 773.3 788.4 -1.9%

FY27E capex was revised higher, we can now see a path to capital improvements behind it (MM) 2027

and improving FCF in FY28E. We stay Overweight. EBITDA 840.1 852.8 -1.5%

(MM) 2028

EPS 2027 14.25 14.55 -2.0%

FQ4 beat. Adjusted EBITDA of $136M beat FactSet consensus of $124M, driven by y/y

volume strength, especially in cement, despite softer pricing than we expected. Cement EPS 2028 16.55 17.10 -3.2%

volumes rose 15% y/y, which mgmt attributed to a tough yr-ago period for easy comps,

while prices were flat q/q ahead of announced April price hikes. Meanwhile, wallboard Ticker EXP

volumes fell 4% y/y and prices slipped 5% q/q. Aggregates volumes benefited from Upside/(Downside) to Target 23.1%

acquisitions in the year-ago period. Mgmt touted its energy cost containment. Price (05/19/2026) $199.88

52 Week Range $171.99 - 243.64

Trimming ests. Mgmt provided little guidance on the price outlook, just noting April Market Cap (MM) $6,397

price hikes in cement and continued challenges in wallboard demand. Mgmt noted $2-3/ Enterprise Value (MM) $7,860

t higher wallboard costs from freight and diesel, but a focus on operating efficiently to Average Daily Value (MM) $86

offset these pressures. We lower ests to reflect greater pricing uncertainty, with FQ1E

Dividend Yield 0.5%

EBITDA down to $197M from $207M, still above FactSet consensus of $195M, while