James Hardie Financials

JHX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2025 Currency USD FYE March

Financial Health Signals

Financial Profile 65/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

James Hardie has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 85/100, reflecting efficient cost management and pricing power. This is down from 19.5% the prior year.

Growth

James Hardie's revenue declined 1.5% year-over-year, from $3.9B to $3.9B. This contraction results in a growth score of 24/100.

Leverage

James Hardie carries a low D/E ratio of 0.51, meaning only $0.51 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

James Hardie's current ratio of 2.10 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

James Hardie has a free cash flow margin of 9.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

James Hardie earns a strong 19.6% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 27.5% the prior year.

Altman Z-Score Safe

4.76

James Hardie scores 4.76, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($15.0B) relative to total liabilities ($3.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

James Hardie passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.89x

For every $1 of reported earnings, James Hardie generates $1.89 in operating cash flow ($802.8M OCF vs $424.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

63.7x

James Hardie earns $63.7 in operating income for every $1 of interest expense ($655.9M vs $10.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

This page shows James Hardie (JHX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.9B

YoY-1.5%

5Y CAGR+8.3%

10Y CAGR+8.9%

James Hardie generated $3.9B in revenue in fiscal year 2025. This represents a decrease of 1.5% from the prior year.

EBITDA

$872.1M

YoY-8.4%

5Y CAGR+13.0%

10Y CAGR+7.9%

James Hardie's EBITDA was $872.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.4% from the prior year.

Free Cash Flow

$380.6M

YoY-18.1%

5Y CAGR+8.1%

James Hardie generated $380.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.1% from the prior year.

Net Income

$424.0M

YoY-16.9%

5Y CAGR+11.9%

10Y CAGR+3.8%

James Hardie reported $424.0M in net income in fiscal year 2025. This represents a decrease of 16.9% from the prior year.

EPS (Diluted)

$0.98

YoY-15.5%

5Y CAGR+12.7%

10Y CAGR+4.2%

James Hardie earned $0.98 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.5% from the prior year.

Cash & Debt

$562.7M

YoY+54.2%

5Y CAGR+31.3%

10Y CAGR+23.7%

James Hardie held $562.7M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

430M

YoY-0.9%

5Y CAGR-0.6%

10Y CAGR-0.4%

James Hardie had 430M shares outstanding in fiscal year 2025. This represents a decrease of 0.9% from the prior year.

Gross Margin

38.8%

YoY-1.5pp

5Y CAGR+3.0pp

10Y CAGR+3.9pp

James Hardie's gross margin was 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.

Operating Margin

16.9%

YoY-2.6pp

5Y CAGR+3.8pp

10Y CAGR-3.3pp

James Hardie's operating margin was 16.9% in fiscal year 2025, reflecting core business profitability. This is down 2.6 percentage points from the prior year.

Net Margin

10.9%

YoY-2.0pp

5Y CAGR+1.7pp

10Y CAGR-6.7pp

James Hardie's net profit margin was 10.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.0 percentage points from the prior year.

Return on Equity

19.6%

YoY-7.8pp

5Y CAGR-3.7pp

James Hardie's ROE was 19.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.8 percentage points from the prior year.

R&D Spending

$48.5M

YoY+3.2%

5Y CAGR+8.1%

10Y CAGR+4.3%

James Hardie invested $48.5M in research and development in fiscal year 2025. This represents an increase of 3.2% from the prior year.

Share Buybacks

$149.9M

YoY-44.8%

10Y CAGR+32.3%

James Hardie spent $149.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 44.8% from the prior year.

Capital Expenditures

$422.2M

YoY-6.0%

5Y CAGR+16.9%

10Y CAGR+4.3%

James Hardie invested $422.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 6.0% from the prior year.

JHX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.9B-1.5%	$3.9B+4.2%	$3.8B+4.5%	$3.6B+24.3%	$2.9B+11.6%	$2.6B
Cost of Revenue	$2.4B+1.0%	$2.3B-4.8%	$2.5B+7.1%	$2.3B+23.9%	$1.9B+11.0%	$1.7B
Gross Profit	$1.5B-5.3%	$1.6B+21.1%	$1.3B-0.1%	$1.3B+24.9%	$1.1B+12.6%	$933.7M
R&D Expenses	$48.5M+3.2%	$47.0M+18.7%	$39.6M+4.2%	$38.0M+10.8%	$34.3M+4.6%	$32.8M
SG&A Expenses	$596.2M-1.0%	$602.2M+21.9%	$494.0M+7.1%	$461.2M+18.4%	$389.6M-6.3%	$415.8M
Operating Income	$655.9M-14.5%	$767.4M+3.5%	$741.4M+8.6%	$682.6M+44.4%	$472.8M+38.0%	$342.5M
Interest Expense	$10.3M-32.7%	$15.3M-50.2%	$30.7M-21.9%	$39.3M	N/A	$57.5M
Income Tax	$221.4M-9.5%	$244.6M+15.7%	$211.5M+14.9%	$184.0M+23.3%	$149.2M+220.9%	$46.5M
Net Income	$424.0M-16.9%	$510.2M-0.4%	$512.0M+11.5%	$459.1M+74.7%	$262.8M+8.8%	$241.5M
EPS (Diluted)	$0.98-15.5%	$1.16+0.9%	$1.15+11.7%	$1.03+74.6%	$0.59+9.3%	$0.54

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	-$25.5M	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

JHX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.2B+6.5%	$4.9B+9.7%	$4.5B+5.6%	$4.2B+3.8%	$4.1B+1.5%	$4.0B
Current Assets	$1.7B+19.1%	$1.4B+32.9%	$1.1B-4.4%	$1.1B+19.1%	$943.6M+3.9%	$908.4M
Cash & Equivalents	$562.7M+54.2%	$365.0M+223.0%	$113.0M-9.6%	$125.0M-40.0%	$208.5M+44.4%	$144.4M
Inventory	$347.1M+2.8%	$337.8M-1.9%	$344.2M+23.1%	$279.7M+28.1%	$218.3M-28.4%	$305.1M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$193.7M+0.6%	$192.6M-1.2%	$194.9M-2.3%	$199.5M-4.7%	$209.3M+6.3%	$196.9M
Total Liabilities	$3.1B+0.5%	$3.1B+6.5%	$2.9B-1.5%	$2.9B-3.9%	$3.0B+1.2%	$3.0B
Current Liabilities	$810.2M+1.6%	$797.7M+14.4%	$697.3M-9.4%	$769.9M-14.6%	$901.1M+76.7%	$510.0M
Long-Term Debt	$1.1B-0.4%	$1.1B+5.3%	$1.1B+20.7%	$877.3M+2.2%	$858.6M-36.6%	$1.4B
Total Equity	$2.2B+16.3%	$1.9B+15.4%	$1.6B+20.9%	$1.3B+25.7%	$1.1B+2.5%	$1.0B
Retained Earnings	$1.7B+19.3%	$1.4B+20.8%	$1.2B+34.1%	$892.4M+46.0%	$611.4M-7.3%	$659.5M

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Total Assets	$5.2B+6.5%	$4.9B+9.7%	$4.5B+5.6%	$4.2B+3.8%	$4.1B+1.5%	$4.0B-0.1%	$4.0B+71.5%	$2.4B
Current Assets	$1.7B+19.1%	$1.4B+32.9%	$1.1B-4.4%	$1.1B+19.1%	$943.6M+3.9%	$908.4M+20.5%	$754.1M-10.5%	$842.6M
Cash & Equivalents	$562.7M+54.2%	$365.0M+223.0%	$113.0M-9.6%	$125.0M-40.0%	$208.5M+44.4%	$144.4M+83.5%	$78.7M-72.1%	$281.6M
Inventory	$347.1M+2.8%	$337.8M-1.9%	$344.2M+23.1%	$279.7M+28.1%	$218.3M-28.4%	$305.1M-3.9%	$317.4M+24.1%	$255.7M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$193.7M+0.6%	$192.6M-1.2%	$194.9M-2.3%	$199.5M-4.7%	$209.3M+6.3%	$196.9M-2.1%	$201.1M+4004.1%	$4.9M
Total Liabilities	$3.1B+0.5%	$3.1B+6.5%	$2.9B-1.5%	$2.9B-3.9%	$3.0B+1.2%	$3.0B-2.1%	$3.1B+18.9%	$2.6B
Current Liabilities	$810.2M+1.6%	$797.7M+14.4%	$697.3M-9.4%	$769.9M-14.6%	$901.1M+76.7%	$510.0M+5.6%	$483.0M+22.4%	$394.6M
Long-Term Debt	$1.1B-0.4%	$1.1B+5.3%	$1.1B+20.7%	$877.3M+2.2%	$858.6M-36.6%	$1.4B-1.9%	$1.4B+56.1%	$884.4M
Total Equity	$2.2B+16.3%	$1.9B+15.4%	$1.6B+20.9%	$1.3B+25.7%	$1.1B+2.5%	$1.0B+6.3%	$974.4M+539.9%	-$221.5M
Retained Earnings	$1.7B+19.3%	$1.4B+20.8%	$1.2B+34.1%	$892.4M+46.0%	$611.4M-7.3%	$659.5M+14.3%	$577.1M+190.8%	-$635.3M

JHX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$802.8M-12.2%	$914.2M+50.5%	$607.6M-19.8%	$757.2M-3.8%	$786.9M+74.4%	$451.2M
Capital Expenditures	$422.2M-6.0%	$449.3M-24.0%	$591.3M+129.4%	$257.8M+132.9%	$110.7M-42.9%	$193.8M
Free Cash Flow	$380.6M-18.1%	$464.9M+2752.1%	$16.3M-96.7%	$499.4M-26.1%	$676.2M+162.7%	$257.4M
Investing Cash Flow	-$446.7M+5.1%	-$470.5M+28.7%	-$660.1M-89.6%	-$348.2M-189.2%	-$120.4M+40.9%	-$203.8M
Financing Cash Flow	-$165.9M+21.0%	-$210.1M-727.2%	-$25.4M+94.4%	-$449.6M+16.8%	-$540.2M-201.8%	-$179.0M
Dividends Paid	$0	$0-100.0%	$129.6M-73.2%	$484.0M	$0-100.0%	$158.6M
Share Buybacks	$149.9M-44.8%	$271.4M+246.2%	$78.4M	$0	$0	N/A

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$295.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

JHX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	38.8%-1.5pp	40.4%+5.6pp	34.7%-1.6pp	36.3%+0.2pp	36.2%+0.3pp	35.8%
Operating Margin	16.9%-2.6pp	19.5%-0.1pp	19.6%+0.8pp	18.9%+2.6pp	16.3%+3.1pp	13.1%
Net Margin	10.9%-2.0pp	13.0%-0.6pp	13.6%+0.9pp	12.7%+3.7pp	9.0%-0.2pp	9.3%
Return on Equity	19.6%-7.8pp	27.5%-4.3pp	31.8%-2.7pp	34.4%+9.7pp	24.8%+1.4pp	23.3%
Return on Assets	8.1%-2.3pp	10.4%-1.0pp	11.4%+0.6pp	10.8%+4.4pp	6.4%+0.4pp	6.0%
Current Ratio	2.10+0.3	1.79+0.2	1.54+0.1	1.46+0.4	1.05-0.7	1.78
Debt-to-Equity	0.51-0.1	0.60-0.1	0.660.0	0.66-0.2	0.81-0.5	1.31
FCF Margin	9.8%-2.0pp	11.8%+11.4pp	0.4%-13.4pp	13.8%-9.4pp	23.3%+13.4pp	9.9%

Metric	Q1'25	Q1'24	Q1'23	Q1'22	Q1'21	Q1'20	Q1'19	Q1'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.10+0.3	1.79+0.2	1.54+0.1	1.46+0.4	1.05-0.7	1.78+0.2	1.56-0.6	2.14
Debt-to-Equity	0.51-0.1	0.60-0.1	0.660.0	0.66-0.2	0.81-0.5	1.31-0.1	1.42+5.4	-3.99
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is James Hardie's annual revenue?

James Hardie (JHX) reported $3.9B in total revenue for fiscal year 2025. This represents a -1.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is James Hardie's revenue growing?

James Hardie (JHX) revenue declined by 1.5% year-over-year, from $3.9B to $3.9B in fiscal year 2025.

Is James Hardie profitable?

Yes, James Hardie (JHX) reported a net income of $424.0M in fiscal year 2025, with a net profit margin of 10.9%.

What is James Hardie's earnings per share (EPS)?

James Hardie (JHX) reported diluted earnings per share of $0.98 for fiscal year 2025. This represents a -15.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is James Hardie's EBITDA?

James Hardie (JHX) had EBITDA of $872.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does James Hardie have?

As of fiscal year 2025, James Hardie (JHX) had $562.7M in cash and equivalents against $1.1B in long-term debt.

What is James Hardie's gross margin?

James Hardie (JHX) had a gross margin of 38.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is James Hardie's operating margin?

James Hardie (JHX) had an operating margin of 16.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is James Hardie's net profit margin?

James Hardie (JHX) had a net profit margin of 10.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is James Hardie's return on equity (ROE)?

James Hardie (JHX) has a return on equity of 19.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is James Hardie's free cash flow?

James Hardie (JHX) generated $380.6M in free cash flow during fiscal year 2025. This represents a -18.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is James Hardie's operating cash flow?

James Hardie (JHX) generated $802.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are James Hardie's total assets?

James Hardie (JHX) had $5.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are James Hardie's capital expenditures?

James Hardie (JHX) invested $422.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does James Hardie spend on research and development?

James Hardie (JHX) invested $48.5M in research and development during fiscal year 2025.

Does James Hardie buy back shares?

Yes, James Hardie (JHX) spent $149.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does James Hardie have outstanding?

James Hardie (JHX) had 430M shares outstanding as of fiscal year 2025.

What is James Hardie's current ratio?

James Hardie (JHX) had a current ratio of 2.10 as of fiscal year 2025, which is generally considered healthy.

What is James Hardie's debt-to-equity ratio?

James Hardie (JHX) had a debt-to-equity ratio of 0.51 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is James Hardie's return on assets (ROA)?

James Hardie (JHX) had a return on assets of 8.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is James Hardie's Altman Z-Score?

James Hardie (JHX) has an Altman Z-Score of 4.76, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is James Hardie's Piotroski F-Score?

James Hardie (JHX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are James Hardie's earnings high quality?

James Hardie (JHX) has an earnings quality ratio of 1.89x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can James Hardie cover its interest payments?

James Hardie (JHX) has an interest coverage ratio of 63.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is James Hardie?

James Hardie (JHX) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.