EXPEAGLE MATERIALS INC
Cement, Hydraulic
- Revenue
- $2.3B
- 2.1% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $5.7B
- Employees
- 2,800
- $825K revenue each
- Net debt / EBITDA
- —
- $1.5B net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$8M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo145% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo67% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo12% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$825K per employeeBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 12th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.1B | $2.3B | $2.3B | $2.3B | 2.1% |
| Operating income | $552M | $675M | $717M | — | — | |
| Net income | $374M | $462M | $478M | $463M | $424M | 8.5% |
| Operating cash flow | $517M | $542M | $564M | $549M | $614M | 12% |
| Capex | $74M | $110M | $120M | $195M | $417M | 113% |
| Stock-based comp | $14M | $17M | $20M | $19M | $21M | 13% |
| Buybacks | $590M | $388M | $343M | $298M | $382M | 28% |
| Dividends | $31M | $37M | $35M | $34M | $32M | 4.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 20, 2020 | Sachem Head Capital Management LP | SC 13D/A | 4.7% | Passive |
| Oct 2, 2020 | Sachem Head Capital Management LP | SC 13D/A | 5.6% | Passive |
| Jul 31, 2020 | Sachem Head Capital Management LP | SC 13D/A | 7.3% | Passive |
| May 30, 2019 | Sachem Head Capital Management LP | SC 13D/A | 8.3% | Passive |
| May 8, 2019 | Sachem Head Capital Management LP | SC 13D/A | 8.9% | Active |
| Mar 28, 2019 | Sachem Head Capital Management LP | SC 13D | 8.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $208K · 1
- Open-market sells, 12 mo
- $2M · 5
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $10M | $7M | 145 | 165 |
| FY2025 | $10M | $7M | 169 | 149 |
| FY2024 | $8M | $23M | 206 | 152 |
| FY2023 | $8M | $11M | 111 | 98 |
| FY2022 | $7M | $7M | 96 | 103 |