James Hardie Industries
JHX · NYSEConcrete Products, Except Block & Brick · Fiscal year ends Mar 31
James Hardie Industries reported revenue of $4.8B in the fiscal year ended Mar 2026, up 24.7% from the year before. Operating income was $448M, an operating margin of 9.3%, and net income was $104M. Operating cash flow of $590M less capital expenditure of $384M left free cash flow of $206M. Net debt was $4.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | $3.6B | $3.8B | $3.9B | $3.9B | $4.8B |
| Cost of revenue | $2.3B | $2.5B | $2.3B | $2.4B | $3.1B |
| Gross profit | $1.3B | $1.3B | $1.6B | $1.5B | $1.7B |
| Research & development | $38M | $40M | $47M | $49M | $61M |
| Selling, general & admin | $461M | $494M | $602M | $596M | $946M |
| Operating income | $683M | $741M | $767M | $656M | $448M |
| Interest expense | $39M | $31M | $15M | $10M | $231M |
| Pre-tax income | $643M | $724M | $755M | $645M | $207M |
| Income tax | $184M | $212M | $245M | $221M | $103M |
| Net income | $459M | $512M | $510M | $424M | $104M |
| Diluted EPS | 1.03 | 1.15 | 1.16 | 0.98 | 0.19 |
| Diluted shares | 446M | 446M | 440M | 432M | 546M |
Balance sheet
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $125M | $113M | $365M | $563M | $269M |
| Inventory | $280M | $344M | $338M | $347M | $636M |
| Current assets | $1.1B | $1.1B | $1.4B | $1.7B | $1.8B |
| Net PP&E | $1.5B | $1.8B | $2B | $2.2B | $3.1B |
| Goodwill | $200M | $195M | $193M | $194M | $4.8B |
| Total assets | $4.2B | $4.5B | $4.9B | $5.2B | $13.7B |
| Current liabilities | $770M | $697M | $798M | $810M | $1.2B |
| Short-term debt | – | $0 | $8M | $9M | $44M |
| Long-term debt | $877M | $1.1B | $1.1B | $1.1B | $4.5B |
| Total liabilities | $2.9B | $2.9B | $3.1B | $3.1B | $7.3B |
| Shareholders' equity | $1.3B | $1.6B | $1.9B | $2.2B | $6.4B |
Cash flow
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $757M | $608M | $914M | $803M | $590M |
| Capital expenditure | $258M | $591M | $449M | $422M | $384M |
| Free cash flow | $499M | $16M | $465M | $381M | $206M |
| Depreciation & amortisation | $162M | $173M | $185M | $216M | $494M |
| Stock-based compensation | $9M | $16M | $28M | $23M | $38M |
| Acquisitions | – | – | $0 | $0 | $3.9B |
| Share buybacks | $0 | $78M | $271M | $150M | $0 |
| Dividends paid | $484M | $130M | $0 | $0 | – |
Key ratios
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 4.5% | 4.2% | −1.5% | 24.7% |
| Operating income growth (YoY) | – | 8.6% | 3.5% | −14.5% | −31.8% |
| EPS growth (YoY) | – | 11.7% | 0.9% | −15.5% | −80.6% |
| Gross margin | 36.3% | 34.7% | 40.4% | 38.8% | 35.8% |
| Operating margin | 18.9% | 19.6% | 19.5% | 16.9% | 9.3% |
| Net margin | 12.7% | 13.6% | 13.0% | 10.9% | 2.2% |
| Return on equityBlank when equity is negative | 34.4% | 31.8% | 27.4% | 19.6% | 1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.7% | 19.6% | 18.6% | 14.8% | 3.6% |
| Free cash flow margin | 13.8% | 0.4% | 11.8% | 9.8% | 4.3% |
| Cash conversion (CFO ÷ net income) | 1.65x | 1.19x | 1.79x | 1.89x | 5.67x |
| Inventory days | 44 | 51 | 53 | 53 | 75 |
| Interest cover | 17.4x | 24.1x | 50.2x | 63.7x | 1.94x |
| Debt ÷ equity | 0.66x | 0.66x | 0.60x | 0.52x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $752M | $946M | $758M | $557M | $4.3B |
| Current ratio | 1.46x | 1.54x | 1.79x | 2.10x | 1.58x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.