stockrowJames Hardie Industries PLC.
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James Hardie Industries PLC.’s revenue for fiscal 2026 (year ended March 2026) was $4.8 billion, up 24.7% from fiscal 2025.
- Revenue
- +63.9%
- EPS
- +20.0%
- Free cash flow
- +145.1%
- Total debt
- +73.2%
Quarter to June 2026, against a year earlier
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James Hardie Industries PLC. (JHX) Beneish M-score
James Hardie Industries PLC.'s Beneish M-score for fiscal 2026 is −1.87; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.87 | 0.90 |
| FY2025 | −2.77 | 0.23 |
| FY2024 | −3.00 | (0.32) |
| FY2023 | −2.68 | (0.04) |
| FY2022 | −2.64 | 0.46 |
| FY2021 | −3.10 | (0.66) |
| FY2020 | −2.44 | (0.64) |
| FY2019 | −1.80 | 1.07 |
| FY2018 | −2.86 | (0.32) |
| FY2017 | −2.54 | (0.17) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.05 | — | 0.97 | |
| Gross margin index | 1.09 | — | 0.57 | |
| Asset quality index | 2.47 | — | 1.00 | |
| Sales growth index | 1.25 | — | 1.11 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 1.27 | — | −0.22 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.14 | — | −0.37 | |
| Beneish M-score | Elevated | −1.87 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AMRZ Amrize Ltd compare | −3.4× |
| USLM United States Lime & Minerals, Inc. compare | −2.8× |
| EXP Eagle Materials Inc compare | −2.8× |
| MLM Martin Marietta Materials, Inc. compare | −2.7× |
| VMC Vulcan Materials Company compare | −2.7× |
| CX Cemex S.A.B. de C.V. compare | −2.6× |
| CRH CRH PLC compare | −2.6× |
| KNF Knife River Corporation compare | −2.5× |
| JHX James Hardie Industries PLC. | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI