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Friday 6 November 2026 Export JHX’s income statement to Excel — free account

James Hardie Industries PLC.

JHX Basic Materials Building Materials

Revenue
+63.9%
EPS
+20.0%
Free cash flow
+145.1%
Total debt
+73.2%

Quarter to June 2026, against a year earlier

27.73 0.93 −3.24%
Market cap
$16.6B
P/E
115×
Fwd P/E
23.7×
Dividend yield
—
F-score
3/9
Altman Z
1.55
Beneish M
−1.87
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
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James Hardie Industries PLC. (JHX) valuation and DCF model

What the price implies · reverse DCF

At $27.73 the price implies free cash flow after share-based pay growing 16.9% a year for ten years.

Free cash flow after share-based pay grew 6.2% a year over the last ten years, −13.8% over the last five. The price asks for about three times its ten-year rate. The industry’s median company is priced for 17.3%.

In March 2017 the price assumed 11.7% a year; James Hardie Industries PLC. went on to grow free cash flow after share-based pay 4.8% a year to FY2026.

Price implies
16.9%
Last 5 years, reported
−13.8%
Last 10 years, reported
6.2%
Industry median implies
17.3%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
16.9% a year for ten years
$27.73
today’s price
Its base case
6.2% a year for five years, then 3.7%
$7.47
73.1% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record James Hardie Industries PLC.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to June 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 16.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against James Hardie Industries PLC.’s own cost of capital: risk-free 4.3% + beta 1.79 × equity premium 4.5% = 12.4% cost of equity; weighted, 12.4%.

Use 12.4%
Equity value $4.28b ▼ below market cap $15.87b
Base case value per share $7.47 equity value ÷ 572.58m shares
Current price $27.73 market price per share
Below today’s price 73.1% downside at the base case’s assumptions

How we got there$3.55b 10 years of cash to equity+$4.56b terminal value−$3.84b net debt=$4.28b equity value÷572.58m shares=$7.47 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Building Materials).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 115.20× 55.69× 45.97× 151% above 18.55× 521% above
P/FCF 35.97× 89.95× 63.48× 43% below 32.17× 12% above
P/B 2.56× 4.86× 6.46× 60% below 2.40× 6% above
EV/EBITDA 18.15× 15.16× 17.17× 6% above 10.02× 81% above
EV/Sales 3.80× 3.36× 3.50× 8% above 2.00× 90% above
P/E P/FCF P/B EV/EBITDA EV/Sales
27.79×54.41×81.03×107.65×10Y avg 45.97×2018201920202021202220232024202520262026

JHX trades at 115.20× P/E, against a 10-year average of 45.97× (range 18.83×–115.20×). That is dearer than 100% of the last 9 year-end readings; re-rating to the average implies $11.06 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.