James Hardie Industries plc (JHX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-88.9%

$3.12

vs $27.96 price

Levered DCF

$7.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.18

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	99.68×	24.04×	34.57×	18.83×	29.27×	50.97×	21.78×	25.1×
P/B	1.6×	4.7×	9.46×	5.98×	10.06×	12.79×	5.12×	5.92×
P/S	2.12×	2.62×	4.47×	2.55×	3.71×	4.66×	2.03×	2.3×
EV / EBITDA	15.79×	11.96×	18.86×	11.43×	16.87×	24.01×	13.86×	15.04×
Gross margin	35.8%	38.8%	40.4%	34.7%	36.3%	36.2%	35.8%	33.2%
Operating margin	9.3%	16.9%	19.5%	19.6%	18.9%	16.3%	13.1%	14.0%
Net margin	2.2%	10.9%	13.0%	13.6%	12.7%	9.0%	9.3%	9.1%
Current ratio	1.58×	2.1×	1.79×	1.54×	1.46×	1.05×	1.78×	1.56×
Debt / equity	0.74×	0.56×	0.65×	0.71×	0.72×	0.87×	1.36×	1.42×
Interest coverage	1.94×	16×	21.08×	20.04×	16.94×	9.75×	5.96×	6.49×
Dividend yield	0.0%	0.0%	0.0%	1.3%	3.6%	2.3%	3.0%	3.0%
Payout ratio	0.0%	0.0%	0.0%	25.3%	105.4%	118.2%	65.7%	75.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.6%	19.6%	27.4%	31.8%	34.4%	24.8%	23.3%	23.5%
Return on invested capital	1.8%	9.7%	12.5%	13.8%	14.0%	9.4%	8.1%	7.5%
Return on assets	0.8%	8.1%	10.4%	11.4%	10.8%	6.4%	6.0%	5.7%
Free cash flow yield	2.0%	3.7%	2.6%	0.2%	3.7%	5.0%	4.9%	-0.2%
Earnings yield	1.0%	4.2%	2.9%	5.3%	3.4%	1.9%	4.6%	4.0%
Enterprise value	$14.7B	$10.8B	$18.4B	$10.7B	$14.2B	$14.3B	$6.6B	$7.1B
Net debt / EBITDA	4.77×	0.71×	0.86×	1.1×	0.98×	1.2×	2.68×	2.77×
Cash conversion cycle (days)	73	49	42	50	35	45	71	73