# Building Materials — company-by-company sector analysis

> Building Materials: CRH plc owns the largest revenue base; James Hardie Industries plc has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Building Materials has underperformed S&P 500 by 2.4% over 52 weeks and 0.6% over 13 weeks. 4 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself. CRH plc leads with revenue of $38,061 million, based on 10 of 14 comparable companies through Mar 2026.

### Is the Building Materials sector outperforming S&P 500?

Building Materials has underperformed S&P 500 by 2.4% over 52 weeks and 0.6% over 13 weeks. 4 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself.

### Which Building Materials company is largest by revenue?

CRH plc leads with revenue of $38,061 million, based on 10 of 14 comparable companies through Mar 2026.

### Which Building Materials company is growing fastest?

James Hardie Industries plc has the fastest current revenue growth at 24.7%, across 10 of 14 comparable companies.

### Which Building Materials company has the strongest 4-Factor Sector Score?

Cementos Pacasmayo S.A.A. ranks first at 64/100 with 52.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Building Materials company reports the most CAPEX?

CRH plc reports the largest latest CAPEX at $601 million, with 13 of 14 companies comparable.

### Which Building Materials company has the least gross debt?

CEMEX, S.A.B. de C.V. has the lowest comparable gross debt at $0 million. CRH plc has the highest at $19,862 million.

### Which Building Materials company has the lowest comparable PEG?

Martin Marietta Materials, Inc. has the lowest comparable Guarded PEG at 0.65, among 10 of 14 companies that pass the metric’s comparability rules.

### How much history does this Building Materials comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Building Materials has underperformed S&P 500 by 2.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.6%. 4 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Suncrete, Inc. is the strongest against the sector itself at +26.2%.

13-week sector return versus NIFTY 500: -0.6%
52-week sector return versus NIFTY 500: -2.4%
Stocks leading NIFTY: 4/14
Stocks leading sector: 5/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹2.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Cementos Pacasmayo S.A.A. (CPAC): 64/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 23.8/35 | Capital efficiency 13.3/25 | Valuation 10.6/20 | Relative strength 16.3/20
   - Exact sum: 23.8 + 13.3 + 10.6 + 16.3 = 64
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. James Hardie Industries plc (JHX): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.8/35 | Capital efficiency 16.0/25 | Valuation 4.4/20 | Relative strength 15.6/20
   - Exact sum: 18.8 + 16 + 4.4 + 15.6 = 54.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. CEMEX, S.A.B. de C.V. (CX): 53/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.1/35 | Capital efficiency 13.4/25 | Valuation 8.5/20 | Relative strength 8.9/20
   - Exact sum: 22.1 + 13.4 + 8.5 + 8.9 = 52.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Vulcan Materials Company (VMC): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.7/35 | Capital efficiency 11.3/25 | Valuation 10.1/20 | Relative strength 6.8/20
   - Exact sum: 22.7 + 11.3 + 10.1 + 6.8 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Titan America SA (TTAM): 50/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.8/35 | Capital efficiency 13.9/25 | Valuation 9.7/20 | Relative strength 13.8/20
   - Exact sum: 12.8 + 13.9 + 9.7 + 13.8 = 50.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. Tecnoglass Inc. (TGLS): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 10.5/35 | Capital efficiency 14.9/25 | Valuation 15.7/20 | Relative strength 7.4/20
   - Exact sum: 10.5 + 14.9 + 15.7 + 7.4 = 48.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Martin Marietta Materials, Inc. (MLM): 48/100 — Mixed-negative evidence; evidence 70%
   - Growth & earnings 15.4/35 | Capital efficiency 11.0/25 | Valuation 16.3/20 | Relative strength 5.1/20
   - Exact sum: 15.4 + 11 + 16.3 + 5.1 = 47.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. United States Lime & Minerals, Inc. (USLM): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 16.3/35 | Capital efficiency 17.4/25 | Valuation 4.4/20 | Relative strength 7.7/20
   - Exact sum: 16.3 + 17.4 + 4.4 + 7.7 = 45.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9. Eagle Materials Inc. (EXP): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.9/35 | Capital efficiency 10.4/25 | Valuation 8.2/20 | Relative strength 11.3/20
   - Exact sum: 11.9 + 10.4 + 8.2 + 11.3 = 41.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Knife River Corporation (KNF): 41/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 21.2/35 | Capital efficiency 8.9/25 | Valuation 5.5/20 | Relative strength 5.3/20
   - Exact sum: 21.2 + 8.9 + 5.5 + 5.3 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Amrize AG (AMRZ): 35/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.2/35 | Capital efficiency 6.8/25 | Valuation 9.9/20 | Relative strength 5.1/20
   - Exact sum: 13.2 + 6.8 + 9.9 + 5.1 = 35
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Smith-Midland Corporation (SMID): 34/100 — Adverse evidence; evidence 76%
   - Growth & earnings 10.5/35 | Capital efficiency 10.8/25 | Valuation 9.8/20 | Relative strength 3.0/20
   - Exact sum: 10.5 + 10.8 + 9.8 + 3 = 34.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. CRH plc (CRH): 33/100 — Adverse evidence; evidence 75%
   - Growth & earnings 16.5/35 | Capital efficiency 7.0/25 | Valuation 8.1/20 | Relative strength 1.6/20
   - Exact sum: 16.5 + 7 + 8.1 + 1.6 = 33.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Suncrete, Inc. (RMIX): 53/100 — Thin evidence · provisional; evidence 27%
   - Growth & earnings 17.1/35 | Capital efficiency 11.1/25 | Valuation 9.7/20 | Relative strength 15.3/20
   - Exact sum: 17.1 + 11.1 + 9.7 + 15.3 = 53.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: CRH plc is the scale leader at $38,061 million, 219.5% ahead of Amrize AG. James Hardie Industries plc's growth is 24.7% from a $4,836 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: CRH plc is the scale benchmark; James Hardie Industries plc is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: CRH plc's growth falls below James Hardie Industries plc's for two consecutive comparable reports while operating margin also compresses.

Evidence: CRH plc · $38,061 million | 219.5% versus #2 · Amrize AG | 7/8 recent comparable periods | 10/14 companies · 226 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. CRH plc (CRH): ₹38.1K Cr
2. Amrize AG (AMRZ): ₹11.9K Cr
3. Vulcan Materials Company (VMC): ₹8.1K Cr
4. James Hardie Industries plc (JHX): ₹4.8K Cr
5. Knife River Corporation (KNF): ₹3.2K Cr

### Revenue growth — fastest growers
1. James Hardie Industries plc (JHX): 25%
2. United States Lime & Minerals, Inc. (USLM): 9.8%
3. Tecnoglass Inc. (TGLS): 9.8%
4. Knife River Corporation (KNF): 9.6%
5. Vulcan Materials Company (VMC): 7.4%

### 20-quarter Revenue history
- CRH: Sep 2021 ₹8.0K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹8.9K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹10.1K Cr | Dec 2023 ₹8.7K Cr | Mar 2024 ₹6.5K Cr | Jun 2024 ₹9.7K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹8.9K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹11.1K Cr | Dec 2025 ₹9.4K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 —
- VMC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- MLM: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 — | Mar 2026 ₹1.4K Cr | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- CX: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- JHX: Sep 2021 ₹903 Cr | Dec 2021 ₹900 Cr | Mar 2022 ₹968 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹998 Cr | Dec 2022 ₹861 Cr | Mar 2023 ₹918 Cr | Jun 2023 ₹954 Cr | Sep 2023 ₹999 Cr | Dec 2023 ₹978 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹992 Cr | Sep 2024 ₹961 Cr | Dec 2024 ₹953 Cr | Mar 2025 ₹972 Cr | Jun 2025 ₹900 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- EXP: Sep 2021 ₹510 Cr | Dec 2021 ₹463 Cr | Mar 2022 ₹413 Cr | Jun 2022 ₹561 Cr | Sep 2022 ₹605 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹602 Cr | Sep 2023 ₹622 Cr | Dec 2023 ₹559 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹609 Cr | Sep 2024 ₹624 Cr | Dec 2024 ₹558 Cr | Mar 2025 ₹470 Cr | Jun 2025 ₹635 Cr | Sep 2025 ₹639 Cr | Dec 2025 ₹556 Cr | Mar 2026 ₹479 Cr | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹310 Cr | Jun 2022 ₹712 Cr | Sep 2022 ₹975 Cr | Dec 2022 ₹538 Cr | Mar 2023 ₹308 Cr | Jun 2023 ₹785 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹647 Cr | Mar 2024 ₹330 Cr | Jun 2024 ₹807 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹657 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹834 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹755 Cr | Mar 2026 ₹410 Cr | Jun 2026 —
- USLM: Sep 2021 ₹52 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹88 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹399 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹433 Cr | Sep 2024 ₹411 Cr | Dec 2024 ₹390 Cr | Mar 2025 ₹392 Cr | Jun 2025 ₹429 Cr | Sep 2025 ₹437 Cr | Dec 2025 ₹406 Cr | Mar 2026 ₹398 Cr | Jun 2026 —
- TGLS: Sep 2021 ₹132 Cr | Dec 2021 ₹132 Cr | Mar 2022 ₹135 Cr | Jun 2022 ₹169 Cr | Sep 2022 ₹202 Cr | Dec 2022 ₹211 Cr | Mar 2023 ₹203 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹240 Cr | Mar 2025 ₹222 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹260 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹249 Cr | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-14 Cr | Jun 2026 —
- CPAC: Sep 2021 ₹507 Cr | Dec 2021 ₹525 Cr | Mar 2022 ₹525 Cr | Jun 2022 ₹503 Cr | Sep 2022 ₹554 Cr | Dec 2022 ₹534 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹442 Cr | Sep 2023 ₹517 Cr | Dec 2023 ₹508 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹457 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹527 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹484 Cr | Sep 2025 ₹574 Cr | Dec 2025 ₹560 Cr | Mar 2026 ₹556 Cr | Jun 2026 —
- SMID: Sep 2021 ₹13 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹22 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 11% | Dec 2022 11% | Mar 2023 -14% | Jun 2023 29% | Sep 2023 14% | Dec 2023 -2.0% | Mar 2024 1.7% | Jun 2024 -0.6% | Sep 2024 3.8% | Dec 2024 2.1% | Mar 2025 3.4% | Jun 2025 5.7% | Sep 2025 5.3% | Dec 2025 6.2% | Mar 2026 9.1% | Jun 2026 —
- VMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 38% | Dec 2022 7.9% | Mar 2023 7.0% | Jun 2023 8.1% | Sep 2023 4.7% | Dec 2023 5.9% | Mar 2024 -6.3% | Jun 2024 -4.7% | Sep 2024 -8.3% | Dec 2024 1.1% | Mar 2025 5.8% | Jun 2025 4.4% | Sep 2025 14% | Dec 2025 3.2% | Mar 2026 7.4% | Jun 2026 —
- MLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 16% | Dec 2022 -1.3% | Mar 2023 10.0% | Jun 2023 11% | Sep 2023 10% | Dec 2023 — | Mar 2024 -7.6% | Jun 2024 -3.1% | Sep 2024 -18% | Dec 2024 — | Mar 2025 -7.1% | Jun 2025 2.7% | Sep 2025 12% | Dec 2025 — | Mar 2026 17% | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -2.2% | Mar 2025 -3.9% | Jun 2025 -0.7% | Sep 2025 6.7% | Dec 2025 -0.4% | Mar 2026 4.7% | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 7.1% | Dec 2022 8.3% | Mar 2023 8.4% | Jun 2023 11% | Sep 2023 10% | Dec 2023 4.1% | Mar 2024 -2.3% | Jun 2024 -2.8% | Sep 2024 -7.1% | Dec 2024 -6.1% | Mar 2025 -8.3% | Jun 2025 -5.3% | Sep 2025 4.7% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- JHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 11% | Dec 2022 -4.3% | Mar 2023 -5.2% | Jun 2023 -4.7% | Sep 2023 0.1% | Dec 2023 14% | Mar 2024 9.5% | Jun 2024 4.0% | Sep 2024 -3.8% | Dec 2024 -2.6% | Mar 2025 -3.3% | Jun 2025 -9.3% | Sep 2025 34% | Dec 2025 30% | Mar 2026 44% | Jun 2026 —
- EXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 19% | Dec 2022 10% | Mar 2023 14% | Jun 2023 7.3% | Sep 2023 2.8% | Dec 2023 9.4% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 0.3% | Dec 2024 -0.2% | Mar 2025 -1.5% | Jun 2025 4.3% | Sep 2025 2.4% | Dec 2025 -0.4% | Mar 2026 1.9% | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -0.7% | Jun 2023 10% | Sep 2023 12% | Dec 2023 20% | Mar 2024 7.1% | Jun 2024 2.8% | Sep 2024 1.4% | Dec 2024 1.6% | Mar 2025 7.0% | Jun 2025 3.4% | Sep 2025 9.0% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- USLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 27% | Dec 2022 26% | Mar 2023 31% | Jun 2023 23% | Sep 2023 14% | Dec 2023 14% | Mar 2024 7.5% | Jun 2024 4.1% | Sep 2024 19% | Dec 2024 21% | Mar 2025 26% | Jun 2025 19% | Sep 2025 15% | Dec 2025 10% | Mar 2026 -3.3% | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -2.3% | Mar 2025 -2.0% | Jun 2025 -0.9% | Sep 2025 6.3% | Dec 2025 4.1% | Mar 2026 1.5% | Jun 2026 —
- TGLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 53% | Dec 2022 60% | Mar 2023 50% | Jun 2023 33% | Sep 2023 4.5% | Dec 2023 -7.6% | Mar 2024 -4.9% | Jun 2024 -2.2% | Sep 2024 13% | Dec 2024 23% | Mar 2025 15% | Jun 2025 16% | Sep 2025 9.2% | Dec 2025 2.1% | Mar 2026 12% | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -567% | Jun 2026 —
- CPAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 9.3% | Dec 2022 1.7% | Mar 2023 -8.6% | Jun 2023 -12% | Sep 2023 -6.7% | Dec 2023 -4.9% | Mar 2024 -0.6% | Jun 2024 3.4% | Sep 2024 0.2% | Dec 2024 3.7% | Mar 2025 4.6% | Jun 2025 5.9% | Sep 2025 11% | Dec 2025 6.3% | Mar 2026 11% | Jun 2026 —
- SMID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.3% | Sep 2022 -7.7% | Dec 2022 40% | Mar 2023 30% | Jun 2023 15% | Sep 2023 33% | Dec 2023 14% | Mar 2024 31% | Jun 2024 33% | Sep 2024 50% | Dec 2024 19% | Mar 2025 35% | Jun 2025 30% | Sep 2025 -13% | Dec 2025 21% | Mar 2026 -4.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: James Hardie Industries plc leads opm at 58.6%; Cementos Pacasmayo S.A.A. leads margin change at +5.9 percentage points.

Investor read: James Hardie Industries plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: James Hardie Industries plc · 58.6% | 44% versus #2 · United States Lime & Minerals, Inc. | 2/8 recent comparable periods | 13/14 companies · 224 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. James Hardie Industries plc (JHX): 59%
2. United States Lime & Minerals, Inc. (USLM): 41%
3. Cementos Pacasmayo S.A.A. (CPAC): 25%
4. Tecnoglass Inc. (TGLS): 18%
5. Eagle Materials Inc. (EXP): 18%

### Margin change — fastest expanders
1. Cementos Pacasmayo S.A.A. (CPAC): +5.9 pp
2. CEMEX, S.A.B. de C.V. (CX): +3.4 pp
3. Knife River Corporation (KNF): +2.4 pp
4. Vulcan Materials Company (VMC): +1.2 pp
5. Eagle Materials Inc. (EXP): −0.7 pp

### 20-quarter OPM history
- CRH: Sep 2021 14% | Dec 2021 14% | Mar 2022 9.2% | Jun 2022 9.2% | Sep 2022 14% | Dec 2022 14% | Mar 2023 0.0% | Jun 2023 17% | Sep 2023 18% | Dec 2023 9.0% | Mar 2024 0.4% | Jun 2024 19% | Sep 2024 19% | Dec 2024 12% | Mar 2025 0.3% | Jun 2025 19% | Sep 2025 19% | Dec 2025 16% | Mar 2026 -0.5% | Jun 2026 —
- VMC: Sep 2021 17% | Dec 2021 13% | Mar 2022 9.5% | Jun 2022 16% | Sep 2022 15% | Dec 2022 11% | Mar 2023 11% | Jun 2023 21% | Sep 2023 19% | Dec 2023 20% | Mar 2024 11% | Jun 2024 23% | Sep 2024 17% | Dec 2024 22% | Mar 2025 14% | Jun 2025 22% | Sep 2025 24% | Dec 2025 20% | Mar 2026 15% | Jun 2026 —
- MLM: Sep 2021 23% | Dec 2021 14% | Mar 2022 4.9% | Jun 2022 29% | Sep 2022 22% | Dec 2022 18% | Mar 2023 15% | Jun 2023 25% | Sep 2023 28% | Dec 2023 — | Mar 2024 114% | Jun 2024 23% | Sep 2024 25% | Dec 2024 — | Mar 2025 15% | Jun 2025 25% | Sep 2025 27% | Dec 2025 — | Mar 2026 12% | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 2.8% | Jun 2024 23% | Sep 2024 25% | Dec 2024 19% | Mar 2025 -0.8% | Jun 2025 21% | Sep 2025 21% | Dec 2025 17% | Mar 2026 -3.5% | Jun 2026 —
- CX: Sep 2021 27% | Dec 2021 8.0% | Mar 2022 10% | Jun 2022 11% | Sep 2022 8.9% | Dec 2022 -2.6% | Mar 2023 11% | Jun 2023 14% | Sep 2023 11% | Dec 2023 7.0% | Mar 2024 10% | Jun 2024 14% | Sep 2024 9.8% | Dec 2024 10% | Mar 2025 6.8% | Jun 2025 10% | Sep 2025 11% | Dec 2025 -2.8% | Mar 2026 10% | Jun 2026 —
- JHX: Sep 2021 49% | Dec 2021 49% | Mar 2022 50% | Jun 2022 46% | Sep 2022 48% | Dec 2022 48% | Mar 2023 52% | Jun 2023 54% | Sep 2023 54% | Dec 2023 59% | Mar 2024 73% | Jun 2024 56% | Sep 2024 50% | Dec 2024 54% | Mar 2025 68% | Jun 2025 53% | Sep 2025 43% | Dec 2025 57% | Mar 2026 59% | Jun 2026 —
- EXP: Sep 2021 28% | Dec 2021 28% | Mar 2022 21% | Jun 2022 25% | Sep 2022 30% | Dec 2022 29% | Mar 2023 26% | Jun 2023 27% | Sep 2023 31% | Dec 2023 30% | Mar 2024 22% | Jun 2024 29% | Sep 2024 30% | Dec 2024 28% | Mar 2025 18% | Jun 2025 26% | Sep 2025 28% | Dec 2025 25% | Mar 2026 18% | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 -14% | Jun 2022 8.5% | Sep 2022 15% | Dec 2022 6.6% | Mar 2023 -15% | Jun 2023 12% | Sep 2023 19% | Dec 2023 5.8% | Mar 2024 -16% | Jun 2024 15% | Sep 2024 19% | Dec 2024 6.7% | Mar 2025 -23% | Jun 2025 11% | Sep 2025 18% | Dec 2025 8.6% | Mar 2026 -21% | Jun 2026 —
- USLM: Sep 2021 27% | Dec 2021 21% | Mar 2022 21% | Jun 2022 21% | Sep 2022 29% | Dec 2022 21% | Mar 2023 30% | Jun 2023 31% | Sep 2023 32% | Dec 2023 29% | Mar 2024 36% | Jun 2024 39% | Sep 2024 43% | Dec 2024 39% | Mar 2025 44% | Jun 2025 39% | Sep 2025 45% | Dec 2025 41% | Mar 2026 41% | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 14% | Mar 2024 12% | Jun 2024 20% | Sep 2024 16% | Dec 2024 13% | Mar 2025 13% | Jun 2025 16% | Sep 2025 20% | Dec 2025 15% | Mar 2026 13% | Jun 2026 —
- TGLS: Sep 2021 23% | Dec 2021 25% | Mar 2022 25% | Jun 2022 27% | Sep 2022 35% | Dec 2022 36% | Mar 2023 36% | Jun 2023 33% | Sep 2023 29% | Dec 2023 26% | Mar 2024 21% | Jun 2024 23% | Sep 2024 28% | Dec 2024 28% | Mar 2025 27% | Jun 2025 24% | Sep 2025 25% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- CPAC: Sep 2021 17% | Dec 2021 21% | Mar 2022 18% | Jun 2022 17% | Sep 2022 16% | Dec 2022 16% | Mar 2023 18% | Jun 2023 18% | Sep 2023 18% | Dec 2023 16% | Mar 2024 20% | Jun 2024 18% | Sep 2024 23% | Dec 2024 19% | Mar 2025 19% | Jun 2025 19% | Sep 2025 21% | Dec 2025 7.1% | Mar 2026 25% | Jun 2026 —
- SMID: Sep 2021 9.7% | Dec 2021 -1.8% | Mar 2022 -1.7% | Jun 2022 8.3% | Sep 2022 0.0% | Dec 2022 -0.5% | Mar 2023 0.4% | Jun 2023 -6.7% | Sep 2023 9.6% | Dec 2023 3.3% | Mar 2024 9.0% | Jun 2024 14% | Sep 2024 16% | Dec 2024 10% | Mar 2025 19% | Jun 2025 21% | Sep 2025 18% | Dec 2025 14% | Mar 2026 8.0% | Jun 2026 —

### 20-quarter Margin change history
- CRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 −0.7 pp | Dec 2022 −0.7 pp | Mar 2023 −9.2 pp | Jun 2023 +7.4 pp | Sep 2023 +4.0 pp | Dec 2023 −4.7 pp | Mar 2024 +0.4 pp | Jun 2024 +2.3 pp | Sep 2024 +1.0 pp | Dec 2024 +3.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 +0.1 pp | Dec 2025 +3.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- VMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.4 pp | Sep 2022 −2.7 pp | Dec 2022 −2.1 pp | Mar 2023 +1.9 pp | Jun 2023 +5.6 pp | Sep 2023 +4.6 pp | Dec 2023 +9.1 pp | Mar 2024 −0.2 pp | Jun 2024 +1.2 pp | Sep 2024 −2.4 pp | Dec 2024 +1.4 pp | Mar 2025 +2.7 pp | Jun 2025 −0.1 pp | Sep 2025 +6.9 pp | Dec 2025 −1.8 pp | Mar 2026 +1.2 pp | Jun 2026 —
- MLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.9 pp | Sep 2022 −0.5 pp | Dec 2022 +3.8 pp | Mar 2023 +9.6 pp | Jun 2023 −3.8 pp | Sep 2023 +6.0 pp | Dec 2023 — | Mar 2024 +99.1 pp | Jun 2024 −2.8 pp | Sep 2024 −3.7 pp | Dec 2024 — | Mar 2025 −98.2 pp | Jun 2025 +2.7 pp | Sep 2025 +2.7 pp | Dec 2025 — | Mar 2026 −3.5 pp | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 +4.4 pp | Mar 2025 −3.6 pp | Jun 2025 −2.5 pp | Sep 2025 −3.3 pp | Dec 2025 −2.1 pp | Mar 2026 −2.7 pp | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 −18.4 pp | Dec 2022 −10.6 pp | Mar 2023 +0.7 pp | Jun 2023 +2.3 pp | Sep 2023 +2.2 pp | Dec 2023 +9.6 pp | Mar 2024 −0.8 pp | Jun 2024 +0.7 pp | Sep 2024 −1.3 pp | Dec 2024 +3.4 pp | Mar 2025 −3.4 pp | Jun 2025 −4.2 pp | Sep 2025 +0.9 pp | Dec 2025 −13.2 pp | Mar 2026 +3.4 pp | Jun 2026 —
- JHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 −0.9 pp | Dec 2022 −0.8 pp | Mar 2023 +1.5 pp | Jun 2023 +8.1 pp | Sep 2023 +6.3 pp | Dec 2023 +10.4 pp | Mar 2024 +21.9 pp | Jun 2024 +2.6 pp | Sep 2024 −4.6 pp | Dec 2024 −4.4 pp | Mar 2025 −5.0 pp | Jun 2025 −3.4 pp | Sep 2025 −6.6 pp | Dec 2025 +2.8 pp | Mar 2026 −9.8 pp | Jun 2026 —
- EXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 +1.5 pp | Dec 2022 +1.1 pp | Mar 2023 +4.4 pp | Jun 2023 +2.7 pp | Sep 2023 +1.5 pp | Dec 2023 +1.0 pp | Mar 2024 −4.3 pp | Jun 2024 +1.2 pp | Sep 2024 −1.3 pp | Dec 2024 −1.6 pp | Mar 2025 −3.1 pp | Jun 2025 −2.5 pp | Sep 2025 −1.8 pp | Dec 2025 −3.5 pp | Mar 2026 −0.7 pp | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 +3.4 pp | Sep 2023 +4.6 pp | Dec 2023 −0.8 pp | Mar 2024 −1.8 pp | Jun 2024 +2.6 pp | Sep 2024 −0.4 pp | Dec 2024 +0.9 pp | Mar 2025 −7.1 pp | Jun 2025 −3.9 pp | Sep 2025 −1.0 pp | Dec 2025 +1.9 pp | Mar 2026 +2.4 pp | Jun 2026 —
- USLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.2 pp | Sep 2022 +1.6 pp | Dec 2022 +0.2 pp | Mar 2023 +8.4 pp | Jun 2023 +9.9 pp | Sep 2023 +3.1 pp | Dec 2023 +7.8 pp | Mar 2024 +6.2 pp | Jun 2024 +8.3 pp | Sep 2024 +10.8 pp | Dec 2024 +9.9 pp | Mar 2025 +7.8 pp | Jun 2025 −0.1 pp | Sep 2025 +2.7 pp | Dec 2025 +2.2 pp | Mar 2026 −3.0 pp | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −1.1 pp | Mar 2025 +1.6 pp | Jun 2025 −4.0 pp | Sep 2025 +3.4 pp | Dec 2025 +1.9 pp | Mar 2026 −0.7 pp | Jun 2026 —
- TGLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.3 pp | Sep 2022 +12.1 pp | Dec 2022 +11.4 pp | Mar 2023 +11.2 pp | Jun 2023 +6.2 pp | Sep 2023 −5.8 pp | Dec 2023 −10.4 pp | Mar 2024 −15.1 pp | Jun 2024 −9.8 pp | Sep 2024 −0.6 pp | Dec 2024 +2.0 pp | Mar 2025 +5.4 pp | Jun 2025 +0.7 pp | Sep 2025 −3.3 pp | Dec 2025 −9.7 pp | Mar 2026 −8.7 pp | Jun 2026 —
- CPAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.4 pp | Sep 2022 −0.3 pp | Dec 2022 −4.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.7 pp | Sep 2023 +1.5 pp | Dec 2023 −0.2 pp | Mar 2024 +1.8 pp | Jun 2024 −0.2 pp | Sep 2024 +4.8 pp | Dec 2024 +2.9 pp | Mar 2025 −0.7 pp | Jun 2025 +1.1 pp | Sep 2025 −1.4 pp | Dec 2025 −11.7 pp | Mar 2026 +5.9 pp | Jun 2026 —
- SMID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 −9.7 pp | Dec 2022 +1.3 pp | Mar 2023 +2.1 pp | Jun 2023 −15.0 pp | Sep 2023 +9.6 pp | Dec 2023 +3.8 pp | Mar 2024 +8.6 pp | Jun 2024 +20.3 pp | Sep 2024 +6.7 pp | Dec 2024 +6.8 pp | Mar 2025 +10.3 pp | Jun 2025 +7.5 pp | Sep 2025 +1.7 pp | Dec 2025 +3.9 pp | Mar 2026 −11.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: CRH plc leads with $3,851 million of TTM profit, 42.4% above James Hardie Industries plc. James Hardie Industries plc shows 34.5% growth from a $2,704 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: CRH plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: CRH plc · $3,851 million | 42.4% versus #2 · James Hardie Industries plc | 6/8 recent comparable periods | 11/14 companies · 229 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. CRH plc (CRH): ₹3.9K Cr
2. James Hardie Industries plc (JHX): ₹2.7K Cr
3. Amrize AG (AMRZ): ₹1.2K Cr
4. Vulcan Materials Company (VMC): ₹1.1K Cr
5. Martin Marietta Materials, Inc. (MLM): ₹1.0K Cr

### Profit growth — fastest growers
1. James Hardie Industries plc (JHX): 35%
2. Vulcan Materials Company (VMC): 18%
3. Smith-Midland Corporation (SMID): 11%
4. United States Lime & Minerals, Inc. (USLM): 10%
5. Titan America SA (TTAM): 8.8%

### 20-quarter Net profit history
- CRH: Sep 2021 ₹927 Cr | Dec 2021 ₹927 Cr | Mar 2022 ₹462 Cr | Jun 2022 ₹462 Cr | Sep 2022 ₹993 Cr | Dec 2022 ₹993 Cr | Mar 2023 ₹-39 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹611 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹844 Cr | Mar 2025 ₹-146 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹-224 Cr | Jun 2026 —
- VMC: Sep 2021 ₹177 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹201 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹280 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹310 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹296 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹253 Cr | Mar 2026 ₹167 Cr | Jun 2026 —
- MLM: Sep 2021 ₹255 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹353 Cr | Sep 2022 ₹291 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹430 Cr | Dec 2023 ₹288 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹247 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹361 Cr | Dec 2025 ₹233 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹141 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹473 Cr | Sep 2024 ₹552 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹-87 Cr | Jun 2025 ₹428 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹298 Cr | Mar 2026 ₹-118 Cr | Jun 2026 —
- CX: Sep 2021 ₹-338 Cr | Dec 2021 ₹249 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹265 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹-174 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹294 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹-449 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹240 Cr | Dec 2025 ₹-295 Cr | Mar 2026 ₹231 Cr | Jun 2026 —
- JHX: Sep 2021 ₹398 Cr | Dec 2021 ₹397 Cr | Mar 2022 ₹471 Cr | Jun 2022 ₹417 Cr | Sep 2022 ₹425 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹437 Cr | Jun 2023 ₹448 Cr | Sep 2023 ₹479 Cr | Dec 2023 ₹500 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹481 Cr | Sep 2024 ₹414 Cr | Dec 2024 ₹462 Cr | Mar 2025 ₹653 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹606 Cr | Dec 2025 ₹733 Cr | Mar 2026 ₹867 Cr | Jun 2026 —
- EXP: Sep 2021 ₹102 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹100 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹129 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹144 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹137 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹60 Cr | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-40 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹-41 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹-48 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹-69 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹-79 Cr | Jun 2026 —
- USLM: Sep 2021 ₹11 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹45 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- TGLS: Sep 2021 ₹-9 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹55 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-17 Cr | Jun 2026 —
- CPAC: Sep 2021 ₹42 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹-18 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- SMID: Sep 2021 ₹4 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 7.1% | Dec 2022 7.1% | Mar 2023 -108% | Jun 2023 160% | Sep 2023 31% | Dec 2023 -38% | Mar 2024 — | Jun 2024 8.7% | Sep 2024 4.6% | Dec 2024 38% | Mar 2025 -247% | Jun 2025 2.2% | Sep 2025 9.5% | Dec 2025 48% | Mar 2026 — | Jun 2026 —
- VMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.0% | Sep 2022 0.6% | Dec 2022 -12% | Mar 2023 31% | Jun 2023 55% | Sep 2023 57% | Dec 2023 89% | Mar 2024 -15% | Jun 2024 -0.6% | Sep 2024 -25% | Dec 2024 29% | Mar 2025 24% | Jun 2025 4.2% | Sep 2025 79% | Dec 2025 -15% | Mar 2026 28% | Jun 2026 —
- MLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 14% | Dec 2022 20% | Mar 2023 463% | Jun 2023 -1.4% | Sep 2023 48% | Dec 2023 54% | Mar 2024 675% | Jun 2024 -16% | Sep 2024 -31% | Dec 2024 -14% | Mar 2025 -90% | Jun 2025 12% | Sep 2025 22% | Dec 2025 -5.7% | Mar 2026 -24% | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 107% | Mar 2025 — | Jun 2025 -9.5% | Sep 2025 -1.6% | Dec 2025 2.1% | Mar 2026 — | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.9% | Sep 2022 — | Dec 2022 -170% | Mar 2023 12% | Jun 2023 11% | Sep 2023 -55% | Dec 2023 — | Mar 2024 7.3% | Jun 2024 -24% | Sep 2024 74% | Dec 2024 — | Mar 2025 -47% | Jun 2025 48% | Sep 2025 11% | Dec 2025 -221% | Mar 2026 86% | Jun 2026 —
- JHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 6.8% | Dec 2022 -7.6% | Mar 2023 -7.2% | Jun 2023 7.4% | Sep 2023 13% | Dec 2023 36% | Mar 2024 63% | Jun 2024 7.4% | Sep 2024 -14% | Dec 2024 -7.6% | Mar 2025 -8.4% | Jun 2025 3.5% | Sep 2025 46% | Dec 2025 59% | Mar 2026 33% | Jun 2026 —
- EXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 36% | Dec 2022 15% | Mar 2023 35% | Jun 2023 15% | Sep 2023 8.6% | Dec 2023 10% | Mar 2024 -23% | Jun 2024 11% | Sep 2024 -4.6% | Dec 2024 -7.0% | Mar 2025 -14% | Jun 2025 -8.2% | Sep 2025 -4.9% | Dec 2025 -14% | Mar 2026 -9.1% | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 46% | Sep 2023 47% | Dec 2023 -25% | Mar 2024 — | Jun 2024 37% | Sep 2024 0.7% | Dec 2024 9.5% | Mar 2025 — | Jun 2025 -35% | Sep 2025 -3.4% | Dec 2025 39% | Mar 2026 — | Jun 2026 —
- USLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.1% | Sep 2022 45% | Dec 2022 38% | Mar 2023 89% | Jun 2023 100% | Sep 2023 31% | Dec 2023 55% | Mar 2024 29% | Jun 2024 30% | Sep 2024 57% | Dec 2024 59% | Mar 2025 55% | Jun 2025 19% | Sep 2025 18% | Dec 2025 15% | Mar 2026 -8.8% | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -18% | Mar 2025 10% | Jun 2025 -15% | Sep 2025 43% | Dec 2025 19% | Mar 2026 0.0% | Jun 2026 —
- TGLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 — | Dec 2022 -38% | Mar 2023 129% | Jun 2023 61% | Sep 2023 -2.1% | Dec 2023 -35% | Mar 2024 -38% | Jun 2024 -34% | Sep 2024 8.7% | Dec 2024 31% | Mar 2025 40% | Jun 2025 26% | Sep 2025 -6.0% | Dec 2025 -45% | Mar 2026 -24% | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -950% | Jun 2026 —
- CPAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 4.8% | Dec 2022 -25% | Mar 2023 -6.5% | Jun 2023 -10% | Sep 2023 4.6% | Dec 2023 -7.7% | Mar 2024 14% | Jun 2024 -14% | Sep 2024 37% | Dec 2024 39% | Mar 2025 8.2% | Jun 2025 30% | Sep 2025 14% | Dec 2025 -136% | Mar 2026 55% | Jun 2026 —
- SMID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 -100% | Dec 2022 — | Mar 2023 — | Jun 2023 -200% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 200% | Dec 2024 — | Mar 2025 200% | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 100% | Mar 2026 -67% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: CRH plc reports $601 million of CAPEX; Eagle Materials Inc. has the highest covered intensity at 25.5%. Coverage is only 13 of 14 companies and 211 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: CRH plc · $601 million | 121% versus #2 · Amrize AG | 8/8 recent comparable periods | 13/14 companies · 211 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. CRH plc (CRH): ₹601 Cr
2. Amrize AG (AMRZ): ₹272 Cr
3. Martin Marietta Materials, Inc. (MLM): ₹186 Cr
4. Vulcan Materials Company (VMC): ₹177 Cr
5. Eagle Materials Inc. (EXP): ₹122 Cr

### CAPEX intensity — highest reinvestment intensity
1. Eagle Materials Inc. (EXP): 26%
2. United States Lime & Minerals, Inc. (USLM): 21%
3. Knife River Corporation (KNF): 19%
4. Martin Marietta Materials, Inc. (MLM): 14%
5. Amrize AG (AMRZ): 13%

### 20-quarter CAPEX history
- CRH: Sep 2021 ₹484 Cr | Dec 2021 ₹484 Cr | Mar 2022 ₹298 Cr | Jun 2022 ₹298 Cr | Sep 2022 ₹464 Cr | Dec 2022 ₹464 Cr | Mar 2023 ₹332 Cr | Jun 2023 ₹439 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹642 Cr | Mar 2024 ₹506 Cr | Jun 2024 ₹624 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹943 Cr | Mar 2025 ₹645 Cr | Jun 2025 ₹655 Cr | Sep 2025 ₹592 Cr | Dec 2025 ₹821 Cr | Mar 2026 ₹601 Cr | Jun 2026 —
- VMC: Sep 2021 ₹126 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹160 Cr | Jun 2022 ₹130 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹194 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹312 Cr | Dec 2023 ₹206 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹177 Cr | Jun 2026 —
- MLM: Sep 2021 ₹108 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹174 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹283 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹186 Cr | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹84 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹235 Cr | Sep 2025 — | Dec 2025 ₹157 Cr | Mar 2026 ₹272 Cr | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 ₹273 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹260 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹124 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹1.6K Cr | Mar 2025 ₹158 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹1.7K Cr | Mar 2026 ₹108 Cr | Jun 2026 —
- JHX: Sep 2021 ₹65 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹84 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹127 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹112 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹105 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- EXP: Sep 2021 ₹15 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹109 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹122 Cr | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹41 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹154 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- USLM: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹25 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹31 Cr | Jun 2026 —
- TGLS: Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- CPAC: Sep 2021 ₹11 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹68 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹13 Cr
- SMID: Sep 2021 ₹0 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- CRH: Sep 2021 6.0% | Dec 2021 6.0% | Mar 2022 4.0% | Jun 2022 4.0% | Sep 2022 5.2% | Dec 2022 5.2% | Mar 2023 5.2% | Jun 2023 4.5% | Sep 2023 4.0% | Dec 2023 7.4% | Mar 2024 7.7% | Jun 2024 6.5% | Sep 2024 4.8% | Dec 2024 11% | Mar 2025 9.5% | Jun 2025 6.4% | Sep 2025 5.3% | Dec 2025 8.7% | Mar 2026 8.2% | Jun 2026 —
- VMC: Sep 2021 8.3% | Dec 2021 8.3% | Mar 2022 10% | Jun 2022 6.7% | Sep 2022 7.7% | Dec 2022 9.4% | Mar 2023 12% | Jun 2023 7.6% | Sep 2023 14% | Dec 2023 11% | Mar 2024 9.9% | Jun 2024 9.5% | Sep 2024 4.8% | Dec 2024 8.8% | Mar 2025 10% | Jun 2025 4.9% | Sep 2025 9.7% | Dec 2025 9.7% | Mar 2026 10% | Jun 2026 —
- MLM: Sep 2021 6.9% | Dec 2021 6.8% | Mar 2022 11% | Jun 2022 4.9% | Sep 2022 4.9% | Dec 2022 12% | Mar 2023 13% | Jun 2023 6.5% | Sep 2023 8.6% | Dec 2023 — | Mar 2024 16% | Jun 2024 7.9% | Sep 2024 17% | Dec 2024 — | Mar 2025 20% | Jun 2025 9.9% | Sep 2025 10% | Dec 2025 — | Mar 2026 14% | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.9% | Mar 2025 10% | Jun 2025 7.3% | Sep 2025 — | Dec 2025 5.5% | Mar 2026 13% | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 7.6% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.7% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.1% | Jun 2024 — | Sep 2024 — | Dec 2024 42% | Mar 2025 4.4% | Jun 2025 — | Sep 2025 — | Dec 2025 40% | Mar 2026 2.7% | Jun 2026 —
- JHX: Sep 2021 7.2% | Dec 2021 7.4% | Mar 2022 8.7% | Jun 2022 18% | Sep 2022 14% | Dec 2022 17% | Mar 2023 16% | Jun 2023 14% | Sep 2023 11% | Dec 2023 10% | Mar 2024 13% | Jun 2024 14% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.7% | Jun 2025 12% | Sep 2025 7.4% | Dec 2025 8.7% | Mar 2026 5.8% | Jun 2026 —
- EXP: Sep 2021 2.9% | Dec 2021 6.0% | Mar 2022 4.6% | Jun 2022 2.7% | Sep 2022 4.6% | Dec 2022 3.5% | Mar 2023 10% | Jun 2023 6.0% | Sep 2023 4.7% | Dec 2023 3.9% | Mar 2024 6.7% | Jun 2024 5.4% | Sep 2024 11% | Dec 2024 8.4% | Mar 2025 10% | Jun 2025 12% | Sep 2025 17% | Dec 2025 20% | Mar 2026 26% | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 13% | Jun 2022 5.5% | Sep 2022 4.3% | Dec 2022 10% | Mar 2023 14% | Jun 2023 3.1% | Sep 2023 1.8% | Dec 2023 5.9% | Mar 2024 13% | Jun 2024 7.4% | Sep 2024 2.2% | Dec 2024 6.8% | Mar 2025 21% | Jun 2025 19% | Sep 2025 5.1% | Dec 2025 7.7% | Mar 2026 19% | Jun 2026 —
- USLM: Sep 2021 12% | Dec 2021 13% | Mar 2022 12% | Jun 2022 10% | Sep 2022 11% | Dec 2022 16% | Mar 2023 7.5% | Jun 2023 14% | Sep 2023 6.7% | Dec 2023 21% | Mar 2024 9.7% | Jun 2024 5.2% | Sep 2024 5.6% | Dec 2024 14% | Mar 2025 17% | Jun 2025 14% | Sep 2025 15% | Dec 2025 23% | Mar 2026 21% | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.3% | Mar 2024 7.0% | Jun 2024 8.3% | Sep 2024 12% | Dec 2024 5.6% | Mar 2025 8.2% | Jun 2025 11% | Sep 2025 8.7% | Dec 2025 10% | Mar 2026 7.8% | Jun 2026 —
- TGLS: Sep 2021 11% | Dec 2021 14% | Mar 2022 6.7% | Jun 2022 10% | Sep 2022 10% | Dec 2022 12% | Mar 2023 7.9% | Jun 2023 9.8% | Sep 2023 11% | Dec 2023 8.2% | Mar 2024 5.2% | Jun 2024 9.1% | Sep 2024 10% | Dec 2024 11% | Mar 2025 14% | Jun 2025 13% | Sep 2025 7.3% | Dec 2025 8.2% | Mar 2026 6.8% | Jun 2026 —
- CPAC: Sep 2021 2.2% | Dec 2021 8.6% | Mar 2022 2.5% | Jun 2022 5.2% | Sep 2022 10% | Dec 2022 13% | Mar 2023 16% | Jun 2023 17% | Sep 2023 18% | Dec 2023 5.7% | Mar 2024 2.9% | Jun 2024 3.3% | Sep 2024 2.1% | Dec 2024 4.6% | Mar 2025 6.8% | Jun 2025 3.9% | Sep 2025 4.0% | Dec 2025 4.8% | Mar 2026 4.9% | Jun 2026 —
- SMID: Sep 2021 0.0% | Dec 2021 40% | Mar 2022 0.0% | Jun 2022 15% | Sep 2022 17% | Dec 2022 7.1% | Mar 2023 7.7% | Jun 2023 13% | Sep 2023 6.3% | Dec 2023 6.3% | Mar 2024 12% | Jun 2024 10% | Sep 2024 8.3% | Dec 2024 5.3% | Mar 2025 4.3% | Jun 2025 7.7% | Sep 2025 14% | Dec 2025 17% | Mar 2026 9.1% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: CEMEX, S.A.B. de C.V. has the clearest covered balance-sheet capacity with $654 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: CEMEX, S.A.B. de C.V. · $0 million | null versus #2 · Knife River Corporation | 4/8 recent comparable periods | 13/14 companies · 231 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. CEMEX, S.A.B. de C.V. (CX): ₹0 Cr
2. Knife River Corporation (KNF): ₹0 Cr
3. Smith-Midland Corporation (SMID): ₹4 Cr
4. United States Lime & Minerals, Inc. (USLM): ₹4 Cr
5. Tecnoglass Inc. (TGLS): ₹200 Cr

### Net debt — lowest net debt
1. CEMEX, S.A.B. de C.V. (CX): ₹-654 Cr
2. United States Lime & Minerals, Inc. (USLM): ₹-379 Cr
3. Knife River Corporation (KNF): ₹-75 Cr
4. Smith-Midland Corporation (SMID): ₹-9 Cr
5. Tecnoglass Inc. (TGLS): ₹106 Cr

### 20-quarter Gross debt history
- CRH: Sep 2021 ₹12.2K Cr | Dec 2021 ₹12.2K Cr | Mar 2022 ₹11.2K Cr | Jun 2022 ₹11.2K Cr | Sep 2022 ₹10.9K Cr | Dec 2022 ₹10.9K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹12.7K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹14.0K Cr | Jun 2024 ₹14.5K Cr | Sep 2024 ₹15.3K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹17.0K Cr | Jun 2025 ₹17.2K Cr | Sep 2025 ₹20.1K Cr | Dec 2025 ₹19.7K Cr | Mar 2026 ₹19.9K Cr | Jun 2026 —
- VMC: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹5.1K Cr | Jun 2026 —
- MLM: Sep 2021 ₹5.5K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.4K Cr | Jun 2023 ₹5.4K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8.4K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹9.2K Cr | Dec 2023 ₹9.2K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹9.3K Cr | Dec 2024 ₹9.2K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- CX: Sep 2021 ₹0 Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹0 Cr
- JHX: Sep 2021 ₹933 Cr | Dec 2021 ₹970 Cr | Mar 2022 ₹956 Cr | Jun 2022 ₹942 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- EXP: Sep 2021 ₹851 Cr | Dec 2021 ₹875 Cr | Mar 2022 ₹975 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- KNF: Sep 2021 ₹735 Cr | Dec 2021 ₹735 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹731 Cr | Dec 2022 ₹731 Cr | Mar 2023 ₹861 Cr | Jun 2023 ₹885 Cr | Sep 2023 ₹727 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹726 Cr | Jun 2024 ₹727 Cr | Sep 2024 ₹726 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- USLM: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹462 Cr | Dec 2022 ₹462 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹409 Cr | Dec 2023 ₹409 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹439 Cr | Dec 2024 ₹460 Cr | Mar 2025 ₹462 Cr | Jun 2025 ₹472 Cr | Sep 2025 ₹464 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹455 Cr | Jun 2026 —
- TGLS: Sep 2021 ₹202 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹184 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹142 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹109 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- CPAC: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.4K Cr
- SMID: Sep 2021 ₹9 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Net debt history
- CRH: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.4K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹10.7K Cr | Jun 2024 ₹11.4K Cr | Sep 2024 ₹12.3K Cr | Dec 2024 ₹11.8K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹14.3K Cr | Sep 2025 ₹15.9K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹16.6K Cr | Jun 2026 —
- VMC: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 —
- MLM: Sep 2021 ₹3.2K Cr | Dec 2021 ₹5.3K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8.9K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.6K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- CX: Sep 2021 ₹-869 Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹-593 Cr | Jun 2022 ₹-490 Cr | Sep 2022 ₹-660 Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹-945 Cr | Jun 2023 ₹-702 Cr | Sep 2023 ₹-533 Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹-476 Cr | Jun 2024 ₹-425 Cr | Sep 2024 ₹-422 Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 ₹-654 Cr
- JHX: Sep 2021 ₹661 Cr | Dec 2021 ₹673 Cr | Mar 2022 ₹564 Cr | Jun 2022 ₹663 Cr | Sep 2022 ₹789 Cr | Dec 2022 ₹803 Cr | Mar 2023 ₹811 Cr | Jun 2023 ₹707 Cr | Sep 2023 ₹676 Cr | Dec 2023 ₹574 Cr | Mar 2024 ₹607 Cr | Jun 2024 ₹631 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹456 Cr | Mar 2025 ₹427 Cr | Jun 2025 ₹315 Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- EXP: Sep 2021 ₹806 Cr | Dec 2021 ₹858 Cr | Mar 2022 ₹956 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- KNF: Sep 2021 ₹721 Cr | Dec 2021 ₹721 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹721 Cr | Dec 2022 ₹721 Cr | Mar 2023 ₹854 Cr | Jun 2023 ₹817 Cr | Sep 2023 ₹611 Cr | Dec 2023 ₹464 Cr | Mar 2024 ₹555 Cr | Jun 2024 ₹670 Cr | Sep 2024 ₹459 Cr | Dec 2024 ₹-281 Cr | Mar 2025 ₹-138 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹-123 Cr | Mar 2026 ₹-75 Cr | Jun 2026 —
- USLM: Sep 2021 ₹-98 Cr | Dec 2021 ₹-102 Cr | Mar 2022 ₹-98 Cr | Jun 2022 ₹-106 Cr | Sep 2022 ₹-119 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹-142 Cr | Jun 2023 ₹-151 Cr | Sep 2023 ₹-171 Cr | Dec 2023 ₹-182 Cr | Mar 2024 ₹-202 Cr | Jun 2024 ₹-218 Cr | Sep 2024 ₹-250 Cr | Dec 2024 ₹-273 Cr | Mar 2025 ₹-296 Cr | Jun 2025 ₹-316 Cr | Sep 2025 ₹-346 Cr | Dec 2025 ₹-367 Cr | Mar 2026 ₹-379 Cr | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹432 Cr | Dec 2022 ₹432 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹387 Cr | Dec 2023 ₹387 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹427 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹319 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹268 Cr | Dec 2025 ₹250 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- TGLS: Sep 2021 ₹113 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-29 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-32 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- CPAC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.2K Cr
- SMID: Sep 2021 ₹-7 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: James Hardie Industries plc leads ROCE at 9.7%, 3.9 percentage points above Cementos Pacasmayo S.A.A.. Cementos Pacasmayo S.A.A. has the strongest latest improvement at +2.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: James Hardie Industries plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: James Hardie Industries plc · 9.7% | 67.2% versus #2 · Cementos Pacasmayo S.A.A. | 0/8 recent comparable periods | 13/14 companies · 231 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. James Hardie Industries plc (JHX): 9.7%
2. Cementos Pacasmayo S.A.A. (CPAC): 5.8%
3. United States Lime & Minerals, Inc. (USLM): 5.7%
4. Tecnoglass Inc. (TGLS): 5.1%
5. Titan America SA (TTAM): 3.1%

### ROCE change — fastest improvers
1. Cementos Pacasmayo S.A.A. (CPAC): +2.2 pp
2. CEMEX, S.A.B. de C.V. (CX): +1.0 pp
3. Knife River Corporation (KNF): +0.5 pp
4. Vulcan Materials Company (VMC): +0.1 pp
5. CRH plc (CRH): −0.1 pp

### 20-quarter ROCE history
- CRH: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 1.9% | Jun 2022 1.9% | Sep 2022 3.3% | Dec 2022 3.3% | Mar 2023 0.0% | Jun 2023 4.5% | Sep 2023 4.7% | Dec 2023 2.1% | Mar 2024 0.1% | Jun 2024 4.9% | Sep 2024 5.0% | Dec 2024 2.9% | Mar 2025 0.0% | Jun 2025 4.7% | Sep 2025 4.8% | Dec 2025 3.3% | Mar 2026 -0.1% | Jun 2026 —
- VMC: Sep 2021 2.2% | Dec 2021 1.8% | Mar 2022 1.2% | Jun 2022 2.6% | Sep 2022 2.3% | Dec 2022 1.5% | Mar 2023 1.4% | Jun 2023 3.4% | Sep 2023 3.1% | Dec 2023 2.7% | Mar 2024 1.3% | Jun 2024 3.4% | Sep 2024 2.5% | Dec 2024 2.7% | Mar 2025 1.6% | Jun 2025 3.2% | Sep 2025 3.7% | Dec 2025 2.4% | Mar 2026 1.7% | Jun 2026 —
- MLM: Sep 2021 3.1% | Dec 2021 1.8% | Mar 2022 0.5% | Jun 2022 3.9% | Sep 2022 3.1% | Dec 2022 1.9% | Mar 2023 1.4% | Jun 2023 3.4% | Sep 2023 4.2% | Dec 2023 2.7% | Mar 2024 10% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 2.2% | Mar 2025 1.1% | Jun 2025 2.8% | Sep 2025 3.1% | Dec 2025 1.9% | Mar 2026 0.9% | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 2.1% | Mar 2024 — | Jun 2024 — | Sep 2024 4.0% | Dec 2024 2.6% | Mar 2025 -0.2% | Jun 2025 6.4% | Sep 2025 3.7% | Dec 2025 2.2% | Mar 2026 -0.4% | Jun 2026 —
- CX: Sep 2021 3.6% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 1.7% | Sep 2022 1.3% | Dec 2022 -0.4% | Mar 2023 1.6% | Jun 2023 2.2% | Sep 2023 2.3% | Dec 2023 1.1% | Mar 2024 1.4% | Jun 2024 2.5% | Sep 2024 2.5% | Dec 2024 1.6% | Mar 2025 1.0% | Jun 2025 1.9% | Sep 2025 2.4% | Dec 2025 -0.6% | Mar 2026 1.9% | Jun 2026 2.9%
- JHX: Sep 2021 13% | Dec 2021 13% | Mar 2022 15% | Jun 2022 14% | Sep 2022 14% | Dec 2022 12% | Mar 2023 13% | Jun 2023 14% | Sep 2023 15% | Dec 2023 15% | Mar 2024 19% | Jun 2024 14% | Sep 2024 12% | Dec 2024 13% | Mar 2025 16% | Jun 2025 9.4% | Sep 2025 6.5% | Dec 2025 8.4% | Mar 2026 9.7% | Jun 2026 —
- EXP: Sep 2021 5.6% | Dec 2021 5.2% | Mar 2022 3.5% | Jun 2022 5.3% | Sep 2022 7.2% | Dec 2022 6.1% | Mar 2023 4.9% | Jun 2023 6.3% | Sep 2023 7.4% | Dec 2023 6.5% | Mar 2024 3.9% | Jun 2024 6.4% | Sep 2024 6.8% | Dec 2024 5.8% | Mar 2025 3.0% | Jun 2025 5.6% | Sep 2025 6.0% | Dec 2025 4.3% | Mar 2026 2.6% | Jun 2026 —
- KNF: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 7.9% | Dec 2022 2.0% | Mar 2023 -4.8% | Jun 2023 8.3% | Sep 2023 10% | Dec 2023 1.8% | Mar 2024 -2.6% | Jun 2024 5.1% | Sep 2024 8.9% | Dec 2024 1.7% | Mar 2025 -3.0% | Jun 2025 3.2% | Sep 2025 7.6% | Dec 2025 2.0% | Mar 2026 -2.5% | Jun 2026 —
- USLM: Sep 2021 5.1% | Dec 2021 3.4% | Mar 2022 3.7% | Jun 2022 4.1% | Sep 2022 5.9% | Dec 2022 3.7% | Mar 2023 5.8% | Jun 2023 6.4% | Sep 2023 6.4% | Dec 2023 4.9% | Mar 2024 6.3% | Jun 2024 7.0% | Sep 2024 8.4% | Dec 2024 6.5% | Mar 2025 7.9% | Jun 2025 6.7% | Sep 2025 8.2% | Dec 2025 6.1% | Mar 2026 5.7% | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 5.3% | Mar 2024 — | Jun 2024 — | Sep 2024 6.1% | Dec 2024 4.3% | Mar 2025 6.9% | Jun 2025 8.8% | Sep 2025 6.1% | Dec 2025 4.0% | Mar 2026 3.1% | Jun 2026 —
- TGLS: Sep 2021 7.1% | Dec 2021 7.5% | Mar 2022 7.6% | Jun 2022 9.9% | Sep 2022 15% | Dec 2022 16% | Mar 2023 14% | Jun 2023 13% | Sep 2023 10% | Dec 2023 8.1% | Mar 2024 6.2% | Jun 2024 7.4% | Sep 2024 9.3% | Dec 2024 9.1% | Mar 2025 7.6% | Jun 2025 7.7% | Sep 2025 8.0% | Dec 2025 5.4% | Mar 2026 5.1% | Jun 2026 —
- CPAC: Sep 2021 3.1% | Dec 2021 4.1% | Mar 2022 3.9% | Jun 2022 3.8% | Sep 2022 3.6% | Dec 2022 3.6% | Mar 2023 3.6% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 3.3% | Mar 2024 3.6% | Jun 2024 3.1% | Sep 2024 4.4% | Dec 2024 4.0% | Mar 2025 3.8% | Jun 2025 3.6% | Sep 2025 4.8% | Dec 2025 1.7% | Mar 2026 5.9% | Jun 2026 5.8%
- SMID: Sep 2021 3.2% | Dec 2021 -0.5% | Mar 2022 -0.4% | Jun 2022 2.7% | Sep 2022 0.0% | Dec 2022 -0.2% | Mar 2023 0.1% | Jun 2023 -2.3% | Sep 2023 3.4% | Dec 2023 1.2% | Mar 2024 3.3% | Jun 2024 5.8% | Sep 2024 7.8% | Dec 2024 3.8% | Mar 2025 8.4% | Jun 2025 9.7% | Sep 2025 6.3% | Dec 2025 5.1% | Mar 2026 2.6% | Jun 2026 —

### 20-quarter ROCE change history
- CRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 −1.9 pp | Jun 2023 +2.6 pp | Sep 2023 +1.4 pp | Dec 2023 −1.2 pp | Mar 2024 +0.1 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 +0.8 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −0.1 pp | Jun 2026 —
- VMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −0.3 pp | Mar 2023 +0.2 pp | Jun 2023 +0.8 pp | Sep 2023 +0.8 pp | Dec 2023 +1.2 pp | Mar 2024 −0.1 pp | Jun 2024 0.0 pp | Sep 2024 −0.6 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 −0.2 pp | Sep 2025 +1.2 pp | Dec 2025 −0.3 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.9 pp | Jun 2023 −0.5 pp | Sep 2023 +1.1 pp | Dec 2023 +0.8 pp | Mar 2024 +8.6 pp | Jun 2024 −0.6 pp | Sep 2024 −1.4 pp | Dec 2024 −0.5 pp | Mar 2025 −8.9 pp | Jun 2025 0.0 pp | Sep 2025 +0.3 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +2.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +4.0 pp | Dec 2024 +0.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.3 pp | Dec 2025 −0.4 pp | Mar 2026 −0.2 pp | Jun 2026 —
- CX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 −1.5 pp | Mar 2023 +0.1 pp | Jun 2023 +0.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.5 pp | Mar 2024 −0.2 pp | Jun 2024 +0.3 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 −0.4 pp | Jun 2025 −0.6 pp | Sep 2025 −0.1 pp | Dec 2025 −2.2 pp | Mar 2026 +0.9 pp | Jun 2026 +1.0 pp
- JHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −1.1 pp | Mar 2023 −1.5 pp | Jun 2023 +0.8 pp | Sep 2023 +0.9 pp | Dec 2023 +2.9 pp | Mar 2024 +5.7 pp | Jun 2024 −0.4 pp | Sep 2024 −3.1 pp | Dec 2024 −2.4 pp | Mar 2025 −3.1 pp | Jun 2025 −4.6 pp | Sep 2025 −5.4 pp | Dec 2025 −4.1 pp | Mar 2026 −5.9 pp | Jun 2026 —
- EXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +0.9 pp | Mar 2023 +1.4 pp | Jun 2023 +1.0 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 −1.0 pp | Jun 2024 +0.1 pp | Sep 2024 −0.6 pp | Dec 2024 −0.7 pp | Mar 2025 −0.9 pp | Jun 2025 −0.8 pp | Sep 2025 −0.8 pp | Dec 2025 −1.5 pp | Mar 2026 −0.4 pp | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.9 pp | Dec 2022 +2.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +2.5 pp | Dec 2023 −0.2 pp | Mar 2024 +2.2 pp | Jun 2024 −3.2 pp | Sep 2024 −1.5 pp | Dec 2024 −0.1 pp | Mar 2025 −0.4 pp | Jun 2025 −1.9 pp | Sep 2025 −1.3 pp | Dec 2025 +0.3 pp | Mar 2026 +0.5 pp | Jun 2026 —
- USLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.3 pp | Mar 2023 +2.1 pp | Jun 2023 +2.3 pp | Sep 2023 +0.5 pp | Dec 2023 +1.2 pp | Mar 2024 +0.5 pp | Jun 2024 +0.6 pp | Sep 2024 +2.0 pp | Dec 2024 +1.6 pp | Mar 2025 +1.6 pp | Jun 2025 −0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 −2.2 pp | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 +5.3 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +6.1 pp | Dec 2024 −1.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −3.8 pp | Jun 2026 —
- TGLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.3 pp | Dec 2022 +8.5 pp | Mar 2023 +6.6 pp | Jun 2023 +3.3 pp | Sep 2023 −5.1 pp | Dec 2023 −7.9 pp | Mar 2024 −8.0 pp | Jun 2024 −5.8 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.4 pp | Jun 2025 +0.3 pp | Sep 2025 −1.3 pp | Dec 2025 −3.7 pp | Mar 2026 −2.5 pp | Jun 2026 —
- CPAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 −0.5 pp | Mar 2023 −0.3 pp | Jun 2023 −0.6 pp | Sep 2023 0.0 pp | Dec 2023 −0.3 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 +0.8 pp | Dec 2024 +0.7 pp | Mar 2025 +0.2 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 −2.3 pp | Mar 2026 +2.1 pp | Jun 2026 +2.2 pp
- SMID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 +0.3 pp | Mar 2023 +0.5 pp | Jun 2023 −5.0 pp | Sep 2023 +3.4 pp | Dec 2023 +1.4 pp | Mar 2024 +3.2 pp | Jun 2024 +8.1 pp | Sep 2024 +4.4 pp | Dec 2024 +2.6 pp | Mar 2025 +5.1 pp | Jun 2025 +3.9 pp | Sep 2025 −1.5 pp | Dec 2025 +1.3 pp | Mar 2026 −5.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Martin Marietta Materials, Inc. has the lowest comparable Guarded PEG at 0.65×, 24.4% below Tecnoglass Inc.. Only 10 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Martin Marietta Materials, Inc. · 0.65× | 24.4% versus #2 · Tecnoglass Inc. | 0/8 recent comparable periods | 10/14 companies · 49 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Martin Marietta Materials, Inc. (MLM): 0.7
2. Tecnoglass Inc. (TGLS): 0.9
3. Vulcan Materials Company (VMC): 1.7
4. Smith-Midland Corporation (SMID): 2.2
5. Titan America SA (TTAM): 2.2

### P/E — lowest P/E
1. Tecnoglass Inc. (TGLS): 13.8
2. Martin Marietta Materials, Inc. (MLM): 14.0
3. Eagle Materials Inc. (EXP): 14.4
4. Titan America SA (TTAM): 14.8
5. Cementos Pacasmayo S.A.A. (CPAC): 16.3

### 20-quarter Guarded PEG history
- CRH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 2.0 | Dec 2024 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.4 | Mar 2026 — | Jun 2026 —
- VMC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 0.8 | Dec 2023 — | Mar 2024 0.8 | Jun 2024 1.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.1 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- MLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 1.3 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 — | Sep 2023 — | Dec 2023 2.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 2.8 | Jun 2024 2.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 2.5 | Dec 2024 2.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- USLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 3.6 | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 — | Jun 2026 —
- TGLS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.8 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CPAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.9 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.3 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SMID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.2 | Jun 2026 —

### 20-quarter P/E history
- CRH: Sep 2021 17.9 | Dec 2021 15.9 | Mar 2022 9.6 | Jun 2022 6.9 | Sep 2022 6.3 | Dec 2022 7.8 | Mar 2023 13.8 | Jun 2023 14.1 | Sep 2023 12.0 | Dec 2023 16.0 | Mar 2024 18.9 | Jun 2024 15.5 | Sep 2024 18.6 | Dec 2024 19.1 | Mar 2025 18.6 | Jun 2025 19.2 | Sep 2025 23.9 | Dec 2025 23.7 | Mar 2026 19.5 | Jun 2026 —
- VMC: Sep 2021 34.9 | Dec 2021 41.4 | Mar 2022 40.6 | Jun 2022 31.9 | Sep 2022 35.3 | Dec 2022 40.6 | Mar 2023 37.6 | Jun 2023 41.1 | Sep 2023 32.3 | Dec 2023 32.5 | Mar 2024 39.5 | Jun 2024 36.0 | Sep 2024 39.2 | Dec 2024 37.6 | Mar 2025 33.0 | Jun 2025 36.3 | Sep 2025 36.5 | Dec 2025 35.2 | Mar 2026 32.3 | Jun 2026 —
- MLM: Sep 2021 29.3 | Dec 2021 39.3 | Mar 2022 36.6 | Jun 2022 23.8 | Sep 2022 24.5 | Dec 2022 24.4 | Mar 2023 22.9 | Jun 2023 29.9 | Sep 2023 23.2 | Dec 2023 26.5 | Mar 2024 18.1 | Jun 2024 16.4 | Sep 2024 16.8 | Dec 2024 15.9 | Mar 2025 27.5 | Jun 2025 30.5 | Sep 2025 33.2 | Dec 2025 33.2 | Mar 2026 14.0 | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 23.1 | Sep 2025 22.8 | Dec 2025 25.3 | Mar 2026 26.8 | Jun 2026 —
- CX: Sep 2021 1,493.8 | Dec 2021 403.6 | Mar 2022 50.6 | Jun 2022 — | Sep 2022 9.8 | Dec 2022 209.8 | Mar 2023 28.2 | Jun 2023 18.6 | Sep 2023 23.2 | Dec 2023 189.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 26.5 | Mar 2025 18.9 | Jun 2025 18.9 | Sep 2025 31.4 | Dec 2025 52.7 | Mar 2026 — | Jun 2026 779.2
- JHX: Sep 2021 36.4 | Dec 2021 36.0 | Mar 2022 29.3 | Jun 2022 19.4 | Sep 2022 16.9 | Dec 2022 16.5 | Mar 2023 18.8 | Jun 2023 23.6 | Sep 2023 23.9 | Dec 2023 32.0 | Mar 2024 34.9 | Jun 2024 27.2 | Sep 2024 39.8 | Dec 2024 30.5 | Mar 2025 24.0 | Jun 2025 34.9 | Sep 2025 40.0 | Dec 2025 76.9 | Mar 2026 99.7 | Jun 2026 —
- EXP: Sep 2021 16.0 | Dec 2021 18.9 | Mar 2022 14.0 | Jun 2022 11.4 | Sep 2022 9.8 | Dec 2022 11.5 | Mar 2023 11.8 | Jun 2023 13.9 | Sep 2023 12.0 | Dec 2023 14.1 | Mar 2024 20.0 | Jun 2024 15.4 | Sep 2024 20.3 | Dec 2024 17.6 | Mar 2025 16.1 | Jun 2025 14.9 | Sep 2025 17.2 | Dec 2025 15.7 | Mar 2026 14.4 | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 18.5 | Sep 2023 15.4 | Dec 2023 20.5 | Mar 2024 26.2 | Jun 2024 20.2 | Sep 2024 25.6 | Dec 2024 28.6 | Mar 2025 28.5 | Jun 2025 30.4 | Sep 2025 29.5 | Dec 2025 25.5 | Mar 2026 31.8 | Jun 2026 —
- USLM: Sep 2021 18.7 | Dec 2021 19.7 | Mar 2022 17.0 | Jun 2022 15.9 | Sep 2022 13.7 | Dec 2022 17.6 | Mar 2023 16.1 | Jun 2023 18.8 | Sep 2023 16.8 | Dec 2023 17.7 | Mar 2024 21.3 | Jun 2024 24.1 | Sep 2024 28.3 | Dec 2024 35.0 | Mar 2025 21.0 | Jun 2025 22.9 | Sep 2025 28.9 | Dec 2025 25.6 | Mar 2026 28.8 | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 13.9 | Jun 2025 13.7 | Sep 2025 15.1 | Dec 2025 16.3 | Mar 2026 14.8 | Jun 2026 —
- TGLS: Sep 2021 15.5 | Dec 2021 18.3 | Mar 2022 14.9 | Jun 2022 8.8 | Sep 2022 8.3 | Dec 2022 9.4 | Mar 2023 10.9 | Jun 2023 12.2 | Sep 2023 7.8 | Dec 2023 11.9 | Mar 2024 15.0 | Jun 2024 16.1 | Sep 2024 21.5 | Dec 2024 23.1 | Mar 2025 19.3 | Jun 2025 19.9 | Sep 2025 17.4 | Dec 2025 14.7 | Mar 2026 13.8 | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 28.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CPAC: Sep 2021 13.1 | Dec 2021 13.8 | Mar 2022 13.0 | Jun 2022 8.1 | Sep 2022 8.5 | Dec 2022 9.6 | Mar 2023 9.7 | Jun 2023 9.2 | Sep 2023 9.6 | Dec 2023 9.7 | Mar 2024 11.1 | Jun 2024 10.9 | Sep 2024 9.7 | Dec 2024 8.5 | Mar 2025 8.9 | Jun 2025 8.4 | Sep 2025 9.3 | Dec 2025 19.5 | Mar 2026 16.3 | Jun 2026 16.3
- SMID: Sep 2021 8.2 | Dec 2021 32.4 | Mar 2022 16.8 | Jun 2022 13.5 | Sep 2022 81.1 | Dec 2022 134.6 | Mar 2023 98.6 | Jun 2023 — | Sep 2023 175.8 | Dec 2023 263.3 | Mar 2024 138.2 | Jun 2024 32.2 | Sep 2024 27.6 | Dec 2024 30.7 | Mar 2025 16.9 | Jun 2025 14.9 | Sep 2025 16.7 | Dec 2025 15.4 | Mar 2026 16.4 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Cementos Pacasmayo S.A.A. leads ev/ebitda at 7.82×; James Hardie Industries plc leads p/bv at 1.71×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Cementos Pacasmayo S.A.A. · 7.82× | 0.8% versus #2 · Titan America SA | 0/8 recent comparable periods | 13/14 companies · 213 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Cementos Pacasmayo S.A.A. (CPAC): 7.8
2. Titan America SA (TTAM): 7.9
3. Tecnoglass Inc. (TGLS): 8.1
4. Knife River Corporation (KNF): 9.3
5. Smith-Midland Corporation (SMID): 9.4

### P/BV — lowest P/BV
1. James Hardie Industries plc (JHX): 1.7
2. Amrize AG (AMRZ): 2.4
3. Titan America SA (TTAM): 2.6
4. Tecnoglass Inc. (TGLS): 2.7
5. Knife River Corporation (KNF): 3.0

### 20-quarter EV/EBITDA history
- CRH: Sep 2021 9.3 | Dec 2021 9.7 | Mar 2022 6.8 | Jun 2022 5.8 | Sep 2022 5.5 | Dec 2022 6.6 | Mar 2023 9.5 | Jun 2023 8.5 | Sep 2023 7.5 | Dec 2023 9.5 | Mar 2024 12.1 | Jun 2024 10.4 | Sep 2024 12.1 | Dec 2024 11.2 | Mar 2025 10.8 | Jun 2025 10.9 | Sep 2025 13.3 | Dec 2025 13.1 | Mar 2026 11.5 | Jun 2026 —
- VMC: Sep 2021 18.9 | Dec 2021 21.6 | Mar 2022 20.5 | Jun 2022 16.0 | Sep 2022 16.5 | Dec 2022 18.0 | Mar 2023 17.1 | Jun 2023 19.7 | Sep 2023 16.6 | Dec 2023 16.4 | Mar 2024 19.5 | Jun 2024 18.0 | Sep 2024 18.7 | Dec 2024 19.7 | Mar 2025 17.3 | Jun 2025 18.6 | Sep 2025 19.1 | Dec 2025 17.7 | Mar 2026 16.9 | Jun 2026 —
- MLM: Sep 2021 17.2 | Dec 2021 23.0 | Mar 2022 20.7 | Jun 2022 14.5 | Sep 2022 14.8 | Dec 2022 14.8 | Mar 2023 14.4 | Jun 2023 17.9 | Sep 2023 14.7 | Dec 2023 18.6 | Mar 2024 12.0 | Jun 2024 11.5 | Sep 2024 11.9 | Dec 2024 12.0 | Mar 2025 18.0 | Jun 2025 19.3 | Sep 2025 20.8 | Dec 2025 20.8 | Mar 2026 19.3 | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 16.2 | Sep 2025 16.5 | Dec 2025 12.0 | Mar 2026 19.8 | Jun 2026 —
- CX: Sep 2021 22.5 | Dec 2021 38.8 | Mar 2022 72.3 | Jun 2022 55.7 | Sep 2022 18.9 | Dec 2022 33.7 | Mar 2023 34.7 | Jun 2023 41.3 | Sep 2023 40.5 | Dec 2023 33.6 | Mar 2024 54.2 | Jun 2024 51.4 | Sep 2024 51.6 | Dec 2024 28.4 | Mar 2025 51.7 | Jun 2025 68.1 | Sep 2025 85.5 | Dec 2025 85.3 | Mar 2026 167.4 | Jun 2026 145.4
- JHX: Sep 2021 8.8 | Dec 2021 9.8 | Mar 2022 16.8 | Jun 2022 5.2 | Sep 2022 4.7 | Dec 2022 4.4 | Mar 2023 5.1 | Jun 2023 6.1 | Sep 2023 5.7 | Dec 2023 7.6 | Mar 2024 19.1 | Jun 2024 5.4 | Sep 2024 6.9 | Dec 2024 5.5 | Mar 2025 12.1 | Jun 2025 4.9 | Sep 2025 5.1 | Dec 2025 4.7 | Mar 2026 16.2 | Jun 2026 —
- EXP: Sep 2021 10.7 | Dec 2021 12.4 | Mar 2022 9.7 | Jun 2022 8.3 | Sep 2022 7.6 | Dec 2022 8.5 | Mar 2023 8.7 | Jun 2023 10.3 | Sep 2023 9.0 | Dec 2023 10.1 | Mar 2024 13.3 | Jun 2024 10.7 | Sep 2024 13.6 | Dec 2024 11.9 | Mar 2025 11.2 | Jun 2025 10.4 | Sep 2025 11.7 | Dec 2025 10.7 | Mar 2026 10.2 | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 14.4 | Sep 2023 8.1 | Dec 2023 10.0 | Mar 2024 12.4 | Jun 2024 10.5 | Sep 2024 12.5 | Dec 2024 12.1 | Mar 2025 11.5 | Jun 2025 14.3 | Sep 2025 12.5 | Dec 2025 8.1 | Mar 2026 9.3 | Jun 2026 —
- USLM: Sep 2021 8.9 | Dec 2021 9.3 | Mar 2022 8.1 | Jun 2022 7.2 | Sep 2022 6.2 | Dec 2022 8.7 | Mar 2023 8.4 | Jun 2023 10.7 | Sep 2023 9.5 | Dec 2023 10.4 | Mar 2024 13.0 | Jun 2024 15.2 | Sep 2024 18.6 | Dec 2024 23.7 | Mar 2025 13.7 | Jun 2025 15.0 | Sep 2025 19.3 | Dec 2025 16.7 | Mar 2026 18.8 | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 7.5 | Jun 2025 7.6 | Sep 2025 8.2 | Dec 2025 8.7 | Mar 2026 7.9 | Jun 2026 —
- TGLS: Sep 2021 9.4 | Dec 2021 9.9 | Mar 2022 8.9 | Jun 2022 5.7 | Sep 2022 5.3 | Dec 2022 6.2 | Mar 2023 7.2 | Jun 2023 8.0 | Sep 2023 5.3 | Dec 2023 7.8 | Mar 2024 9.8 | Jun 2024 10.4 | Sep 2024 13.7 | Dec 2024 14.6 | Mar 2025 12.1 | Jun 2025 12.6 | Sep 2025 10.8 | Dec 2025 8.7 | Mar 2026 8.1 | Jun 2026 —
- CPAC: Sep 2021 7.2 | Dec 2021 7.5 | Mar 2022 7.0 | Jun 2022 5.3 | Sep 2022 5.5 | Dec 2022 6.3 | Mar 2023 6.7 | Jun 2023 6.5 | Sep 2023 6.4 | Dec 2023 6.5 | Mar 2024 7.0 | Jun 2024 6.6 | Sep 2024 6.0 | Dec 2024 5.7 | Mar 2025 5.9 | Jun 2025 5.7 | Sep 2025 5.8 | Dec 2025 8.6 | Mar 2026 9.0 | Jun 2026 7.8
- SMID: Sep 2021 6.5 | Dec 2021 27.2 | Mar 2022 18.3 | Jun 2022 14.9 | Sep 2022 38.9 | Dec 2022 28.8 | Mar 2023 26.2 | Jun 2023 75.3 | Sep 2023 32.8 | Dec 2023 58.7 | Mar 2024 49.5 | Jun 2024 16.6 | Sep 2024 15.5 | Dec 2024 18.6 | Mar 2025 10.4 | Jun 2025 9.6 | Sep 2025 10.3 | Dec 2025 9.3 | Mar 2026 9.4 | Jun 2026 —

### 20-quarter P/BV history
- CRH: Sep 2021 1.8 | Dec 2021 2.0 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.1 | Dec 2022 1.4 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 1.8 | Dec 2023 2.2 | Mar 2024 3.0 | Jun 2024 2.5 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 2.8 | Jun 2025 2.8 | Sep 2025 3.5 | Dec 2025 3.5 | Mar 2026 3.0 | Jun 2026 —
- VMC: Sep 2021 3.5 | Dec 2021 4.2 | Mar 2022 3.7 | Jun 2022 2.8 | Sep 2022 3.1 | Dec 2022 3.4 | Mar 2023 3.3 | Jun 2023 4.2 | Sep 2023 3.6 | Dec 2023 4.0 | Mar 2024 4.8 | Jun 2024 4.3 | Sep 2024 4.2 | Dec 2024 4.2 | Mar 2025 3.8 | Jun 2025 4.1 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 4.2 | Jun 2026 —
- MLM: Sep 2021 3.4 | Dec 2021 4.2 | Mar 2022 3.7 | Jun 2022 2.8 | Sep 2022 2.9 | Dec 2022 2.9 | Mar 2023 3.1 | Jun 2023 3.8 | Sep 2023 3.3 | Dec 2023 3.8 | Mar 2024 4.3 | Jun 2024 3.8 | Sep 2024 3.6 | Dec 2024 3.3 | Mar 2025 3.2 | Jun 2025 3.5 | Sep 2025 3.9 | Dec 2025 3.7 | Mar 2026 3.1 | Jun 2026 —
- AMRZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 2.3 | Mar 2026 2.4 | Jun 2026 —
- CX: Sep 2021 11.1 | Dec 2021 10.2 | Mar 2022 8.4 | Jun 2022 6.2 | Sep 2022 4.7 | Dec 2022 5.6 | Mar 2023 6.8 | Jun 2023 8.5 | Sep 2023 9.6 | Dec 2023 9.6 | Mar 2024 13.4 | Jun 2024 7.9 | Sep 2024 9.5 | Dec 2024 6.7 | Mar 2025 6.3 | Jun 2025 7.5 | Sep 2025 9.6 | Dec 2025 14.4 | Mar 2026 14.5 | Jun 2026 16.0
- JHX: Sep 2021 12.0 | Dec 2021 14.2 | Mar 2022 10.1 | Jun 2022 7.4 | Sep 2022 6.0 | Dec 2022 5.1 | Mar 2023 5.9 | Jun 2023 6.9 | Sep 2023 6.4 | Dec 2023 8.9 | Mar 2024 9.4 | Jun 2024 7.0 | Sep 2024 8.7 | Dec 2024 6.3 | Mar 2025 4.7 | Jun 2025 5.1 | Sep 2025 1.3 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 —
- EXP: Sep 2021 4.1 | Dec 2021 5.4 | Mar 2022 4.4 | Jun 2022 3.7 | Sep 2022 3.4 | Dec 2022 4.1 | Mar 2023 4.4 | Jun 2023 5.3 | Sep 2023 4.5 | Dec 2023 5.3 | Mar 2024 7.1 | Jun 2024 5.4 | Sep 2024 6.7 | Dec 2024 5.5 | Mar 2025 5.0 | Jun 2025 4.4 | Sep 2025 4.9 | Dec 2025 4.4 | Mar 2026 4.0 | Jun 2026 —
- KNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.3 | Sep 2023 2.2 | Dec 2023 3.0 | Mar 2024 3.8 | Jun 2024 3.1 | Sep 2024 3.5 | Dec 2024 3.9 | Mar 2025 3.6 | Jun 2025 3.2 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 3.0 | Jun 2026 —
- USLM: Sep 2021 2.5 | Dec 2021 2.6 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 2.5 | Mar 2023 2.6 | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 4.1 | Jun 2024 4.7 | Sep 2024 5.9 | Dec 2024 7.6 | Mar 2025 4.8 | Jun 2025 5.1 | Sep 2025 6.3 | Dec 2025 5.4 | Mar 2026 5.7 | Jun 2026 —
- TTAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.6 | Jun 2025 2.4 | Sep 2025 2.8 | Dec 2025 2.9 | Mar 2026 2.6 | Jun 2026 —
- TGLS: Sep 2021 4.4 | Dec 2021 5.1 | Mar 2022 4.3 | Jun 2022 2.9 | Sep 2022 3.2 | Dec 2022 4.2 | Mar 2023 5.0 | Jun 2023 5.2 | Sep 2023 3.0 | Dec 2023 3.9 | Mar 2024 4.3 | Jun 2024 4.1 | Sep 2024 5.3 | Dec 2024 5.9 | Mar 2025 4.9 | Jun 2025 4.9 | Sep 2025 4.1 | Dec 2025 3.2 | Mar 2026 2.7 | Jun 2026 —
- RMIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -34.4 | Dec 2024 -34.7 | Mar 2025 — | Jun 2025 — | Sep 2025 -10,630.7 | Dec 2025 -10,245.9 | Mar 2026 -5,385.3 | Jun 2026 —
- CPAC: Sep 2021 1.7 | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.6 | Jun 2024 1.5 | Sep 2024 1.4 | Dec 2024 2.1 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 3.9 | Mar 2026 2.4 | Jun 2026 3.7
- SMID: Sep 2021 2.3 | Dec 2021 7.7 | Mar 2022 3.0 | Jun 2022 2.3 | Sep 2022 4.3 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 3.8 | Sep 2023 3.0 | Dec 2023 6.1 | Mar 2024 7.1 | Jun 2024 4.0 | Sep 2024 4.4 | Dec 2024 5.7 | Mar 2025 3.7 | Jun 2025 3.6 | Sep 2025 3.8 | Dec 2025 3.6 | Mar 2026 3.1 | Jun 2026 —

## Market action

Cementos Pacasmayo S.A.A. has the strongest one-year price move in Building Materials at +90.4%. Suncrete, Inc. leads on Mansfield relative strength against the S&P 500 at +25.9%. 4 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Cementos Pacasmayo S.A.A. (CPAC): 90%
2. Suncrete, Inc. (RMIX): 62%
3. CEMEX, S.A.B. de C.V. (CX): 43%
4. Titan America SA (TTAM): 28%
5. United States Lime & Minerals, Inc. (USLM): 15%

### Strongest relative strength versus NIFTY 500
1. Suncrete, Inc. (RMIX): 26%
2. Cementos Pacasmayo S.A.A. (CPAC): 21%
3. James Hardie Industries plc (JHX): 14%
4. Titan America SA (TTAM): 0.5%
5. CEMEX, S.A.B. de C.V. (CX): -0.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- CRH plc (CRH) — market value ₹69.1K Cr; latest fundamentals Mar 2026
- Vulcan Materials Company (VMC) — market value ₹37.4K Cr; latest fundamentals Mar 2026
- Martin Marietta Materials, Inc. (MLM) — market value ₹35.0K Cr; latest fundamentals Mar 2026
- Amrize AG (AMRZ) — market value ₹28.1K Cr; latest fundamentals Mar 2026
- CEMEX, S.A.B. de C.V. (CX) — market value ₹17.4K Cr; latest fundamentals Jun 2026
- James Hardie Industries plc (JHX) — market value ₹15.4K Cr; latest fundamentals Mar 2026
- Eagle Materials Inc. (EXP) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Knife River Corporation (KNF) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- United States Lime & Minerals, Inc. (USLM) — market value ₹3.3K Cr; latest fundamentals Mar 2026
- Titan America SA (TTAM) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Tecnoglass Inc. (TGLS) — market value ₹2.1K Cr; latest fundamentals Mar 2026
- Suncrete, Inc. (RMIX) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Cementos Pacasmayo S.A.A. (CPAC) — market value ₹1.0K Cr; latest fundamentals Jun 2026
- Smith-Midland Corporation (SMID) — market value ₹155 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Building Materials company is the biggest?

CRH plc is the largest, with trailing-twelve-month revenue of $38,061 million, ahead of Amrize AG at $11,912 million. That covers 10 of 14 companies with comparable reporting through Mar 2026.

### Which Building Materials company is growing fastest?

James Hardie Industries plc has the fastest revenue growth at 24.7% year on year, across 10 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Building Materials company has the best profit margins?

James Hardie Industries plc has the highest operating margin at 58.6%, from 13 of 14 comparable companies. Cementos Pacasmayo S.A.A. shows the biggest recent improvement, at +5.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Building Materials company makes the most profit?

CRH plc earns the most, at $3,851 million of trailing-twelve-month net profit, from 11 of 14 comparable companies. James Hardie Industries plc has the fastest profit growth at 34.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Building Materials company earns the highest return on capital?

James Hardie Industries plc leads on return on capital employed at 9.7%, across 13 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Building Materials stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Martin Marietta Materials, Inc. screens cheapest at 0.65×. Only 10 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Building Materials company has the strongest balance sheet?

CEMEX, S.A.B. de C.V. carries the lowest comparable gross debt at $0 million, from 13 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Building Materials company is investing most in new capacity?

CRH plc reports the largest capital spending at $601 million, across 13 of 14 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Building Materials sector beating the market?

Building Materials has underperformed S&P 500 by 2.4% over the last 52 weeks and 0.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Building Materials stock has the strongest price momentum?

Suncrete, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Building Materials company scores highest for research priority?

Cementos Pacasmayo S.A.A. scores 64 out of 100 with 52.7% evidence confidence, from 23.8 points on growth and earnings, 13.3 on capital efficiency, 10.6 on valuation and 16.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Building Materials companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Building Materials sector?

The 14 Building Materials companies on this page carry $224,865 million of combined market value. CRH plc is the largest at $69,092 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Building Materials sector's P/E ratio?

The median price-to-earnings ratio across the 14 Building Materials companies on this page is 26.8×, measured on the 14 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Building Materials sector performing?

4 of the 14 covered Building Materials companies are beating S&P 500 on Mansfield relative strength. The sector itself is 2.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Building Materials stocks are listed in the US?

This comparison covers 14 listed Building Materials companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/building-materials