Loading financials from SEC filings…
Engineering & construction · Industrials · Fiscal year ends Sep 30
Construction Partners reported revenue of $2.8B in the fiscal year ended Sep 2025, up 54.2% from the year before. Operating income was $225M, an operating margin of 8.0%, and net income was $102M. Operating cash flow of $291M less capital expenditure of $138M left free cash flow of $153M. Net debt was $1.5B.
Ranks among the 23 engineering & construction companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 911 | 1,302 | 1,564 | 1,824 | 2,812 |
| Cost of revenue | 791 | 1,162 | 1,367 | 1,566 | 2,373 |
| Gross profit | 120 | 139 | 196 | 258 | 439 |
| Operating income | 30.1 | 35.4 | 81.9 | 111 | 225 |
| Net interest incomeBanks | −2.4 | −7.7 | −17.3 | – | – |
| Interest expense | 1.3 | – | 17.3 | 19.1 | 90.4 |
| Pre-tax income | 28.5 | 28.3 | 65.4 | 92.1 | 135 |
| Income tax | 8.3 | 6.9 | 16.4 | 23.2 | 32.7 |
| Net income | 20.2 | 21.4 | 49.0 | 68.9 | 102 |
| Diluted EPS | 0.39 | 0.41 | 0.94 | 1.31 | 1.84 |
| Diluted shares | 51.8 | 52.0 | 52.3 | 52.6 | 55.4 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 57.3 | 35.5 | 48.2 | 74.7 | 156 |
| Inventory | 53.8 | 74.2 | 84.0 | 107 | 155 |
| Current assets | 300 | 417 | 473 | 585 | 935 |
| Net PP&E | 405 | 481 | 505 | 630 | 1,153 |
| Goodwill | 85.4 | 129 | 159 | 232 | 943 |
| Total assets | 807 | 1,096 | 1,220 | 1,542 | 3,239 |
| Payables | 86.4 | 130 | 151 | 183 | 284 |
| Deferred revenue | 33.7 | 52.5 | 78.9 | 120 | 129 |
| Current liabilities | 158 | 226 | 279 | 380 | 582 |
| Short-term debt | 10.0 | 12.5 | 15.0 | 26.6 | 38.5 |
| Long-term debt | 206 | 363 | 361 | 487 | 1,574 |
| Total liabilities | 398 | 640 | 703 | 968 | 2,327 |
| Shareholders' equity | 409 | 456 | 517 | 574 | 912 |
| Backlog (remaining obligations) | 726 | 1,028 | 1,280 | 1,480 | 2,190 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 48.5 | 16.5 | 157 | 209 | 291 |
| Capital expenditure | 56.3 | 68.9 | 97.8 | 87.9 | 138 |
| Free cash flow | −7.8 | −52.4 | 59.3 | 121 | 153 |
| Depreciation & amortisation | 49.8 | 65.7 | 68.9 | 80.0 | 144 |
| Stock-based compensation | 3.5 | 8.0 | 10.8 | 14.4 | 37.0 |
| Acquisitions | 211 | 129 | 91.8 | 232 | 1,155 |
| Share buybacks | 0.0 | 0.0 | 0.1 | 11.3 | 23.5 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 42.9% | 20.1% | 16.7% | 54.2% |
| Operating income growth (YoY) | – | 17.6% | 131.2% | 35.9% | 102.1% |
| EPS growth (YoY) | – | 5.1% | 129.3% | 39.4% | 40.5% |
| Gross margin | 13.2% | 10.7% | 12.6% | 14.2% | 15.6% |
| Operating margin | 3.3% | 2.7% | 5.2% | 6.1% | 8.0% |
| Net margin | 2.2% | 1.6% | 3.1% | 3.8% | 3.6% |
| Return on equityBlank when equity is negative | 4.9% | 4.7% | 9.5% | 12.0% | 11.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 4.1% | 8.7% | 9.6% | 8.5% |
| Free cash flow margin | −0.9% | −4.0% | 3.8% | 6.6% | 5.5% |
| Cash conversion (CFO ÷ net income) | 2.40x | 0.77x | 3.21x | 3.03x | 2.86x |
| Inventory days | 25 | 23 | 22 | 25 | 24 |
| Payable days | 40 | 41 | 40 | 43 | 44 |
| Interest cover | 23.2x | – | 4.72x | 5.83x | 2.49x |
| Debt ÷ equity | 0.53x | 0.82x | 0.73x | 0.90x | 1.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 159 | 340 | 327 | 439 | 1,456 |
| Current ratio | 1.90x | 1.84x | 1.70x | 1.54x | 1.61x |
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.