Construction Partners, Inc.
ROAD Industrials Engineering & Construction
Construction Partners, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.8 billion, up 54.2% from fiscal 2024. In the quarter to June 2026, revenue grew 28.3%, EPS grew 33.8%, free cash flow fell 19.7% and total debt rose 24.8%, each against the same quarter a year earlier. Revenue growth for ten consecutive years, operating cash flow growth for three.
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Construction Partners, Inc. (ROAD) Piotroski F-score
Construction Partners, Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 0.00 |
| FY2024 | 5 | (1.00) |
| FY2023 | 6 | 3.00 |
| FY2022 | 3 | 0.00 |
| FY2021 | 3 | (2.00) |
| FY2020 | 5 | (1.00) |
| FY2019 | 6 | 0.00 |
| FY2018 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.26% | 4.99% | Pass | 1 |
| Positive operating cash flow | 291.30m | 209.08m | Pass | 1 |
| Rising return on assets | 4.26% | 4.99% | Fail | 0 |
| Cash flow above net income | 189.52m | 140.14m | Pass | 1 |
| Falling long-term leverage | 0.66 | 0.35 | Fail | 0 |
| Rising current ratio | 1.61 | 1.54 | Pass | 1 |
| No new shares issued | 54,942,000 | 51,884,000 | Fail | 0 |
| Rising gross margin | 15.61% | 14.16% | Pass | 1 |
| Rising asset turnover | 1.18 | 1.32 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| KBR KBR, Inc. compare | 8 |
| MYRG MYR Group, Inc. compare | 8 |
| TPC Tutor Perini Corporation compare | 7 |
| PRIM Primoris Services Corporation compare | 6 |
| ECG Everus Construction Group, Inc. compare | 6 |
| GVA Granite Construction Incorporated compare | 6 |
| AGX Argan, Inc. compare | 6 |
| ROAD Construction Partners, Inc. | 5 |
| LGN Legence Corp. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover