ROADConstruction Partners, Inc.

Heavy Construction Other Than Bldg Const - Contractors

Revenue: $2.8B; 54% YoY
Operating margin: 8.0%; 31% YoY
EBITDA: $369M; 93% YoY
Market cap: $1.7B
Employees: 4,773; $589K revenue each
Net debt / EBITDA: 4.2×; $1.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
286% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$589K · 75th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$230K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$911M	$1.3B	$1.6B	$1.8B	$2.8B	54%
Operating income	$30M	$35M	$82M	$111M	$225M	102%
Net income	$20M	$21M	$49M	$69M	$102M	48%
Operating cash flow	$49M	$16M	$157M	$209M	$291M	39%
Capex	$56M	$69M	$98M	$88M	$138M	57%
Stock-based comp	$4M	$8M	$11M	$14M	$37M	157%
Buybacks	$0	$39K	$139K	$11M	$24M	108%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 8, 2025	Fleming Ned N. IV	SCHEDULE 13D/A	1.1%	Passive
Oct 22, 2024	Fleming Ned N. IV	SC 13D/A	1.1%	Passive
May 24, 2024	Fleming Ned N. IV	SC 13D/A	1.1%	Passive
Aug 11, 2023	Fleming Ned N. IV	SC 13D	0.8%	Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.