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The term fiscal year refers to our fiscal year ended March 31 of such year; the term $ refers to US dollars; the term A$ refers to Australian dollars; and the term refers to Euros. General James Hardie Industries plc is a leading provider of exterior home and outdoor living solutions, serving the new home construction, repair and remodel and outdoor living markets.
Operating margin is thin at 9.26%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 24.7%, still solid. Margins contracted 7.7pp, which offsets some of the top-line progress.
Free cash flow declined 46% versus the prior year, cash generation momentum has weakened. ROIC dropped from 13.51% to 4.73%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.84B
▲ +24.7% YoY
Net Income (TTM)
$104M
▼ -75.5% YoY
Op. Margin
9.26%
▼ -7.7pp YoY
ROIC
4.73%
▼ -8.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$206M
▼ -45.9% YoY
Op. Cash Flow (TTM)
$590M
▼ -26.5% YoY
Net Debt
$4.52B
Cash & Equiv.
$269M
5Y CAGR: +10.7%
5Y CAGR: -21.2%
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