Construction Partners, Inc.
ROAD Nasdaq Heavy Construction Other Than Bldg Const - Contractors Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$2.8B
54.2%
vs prior year
Operating margin
Operating income as a share of revenue.
8.0%
1.9 pts
Net income
Profit after all expenses, interest and tax.
$102M
47.6%
Free cash flow
Cash from operations minus capital spending.
$153M
26.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.1%
1.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.56 EPS (TTM)
What Construction Partners, Inc. does
No business description yet.
- Legal name
- Construction Partners, Inc.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 25, 2025
- Accession · CIK
- 0001628280-25-053871
0001718227
Revenue and margins
Construction Partners, Inc. had $2.8B of revenue in fiscal 2025, up 54.2% on the year before.
FY17
Revenue $568M
FY18
Revenue $680M
FY19
Revenue $783M
FY20
Revenue $786M
FY21
Revenue $911M
FY22
Revenue $1.3B
FY23
Revenue $1.6B
FY24
Revenue $1.8B
FY25
Revenue $2.8B
Q4 '23
Revenue $475M
Q1 '24
Revenue $397M
Q2 '24
Revenue $371M
Q3 '24
Revenue $518M
Q4 '24
Revenue $538M
Q1 '25
Revenue $562M
Q2 '25
Revenue $572M
Q3 '25
Revenue $779M
Q4 '25
Revenue $900M
Q1 '26
Revenue $809M
Q2 '26
Revenue $769M
Q3 '26
Revenue $999M
FY17
Gross 16.0%
Operating 8.2%
Net 4.6%
FCF 4.0%
FY18
Gross 14.6%
Operating 9.0%
Net 7.5%
FCF 3.4%
FY19
Gross 15.1%
Operating 7.3%
Net 5.5%
FCF 1.6%
FY20
Gross 15.6%
Operating 7.0%
Net 5.1%
FCF 6.7%
FY21
Gross 13.2%
Operating 3.3%
Net 2.2%
FCF −0.9%
FY22
Gross 10.7%
Operating 2.7%
Net 1.6%
FCF −4.0%
FY23
Gross 12.6%
Operating 5.2%
Net 3.1%
FCF 3.8%
FY24
Gross 14.2%
Operating 6.1%
Net 3.8%
FCF 6.6%
FY25
Gross 15.6%
Operating 8.0%
Net 3.6%
FCF 5.5%
Gross
Operating
Net
FCF
Q4 '23
Gross 15.9%
Operating 9.4%
Net 6.5%
FCF 9.2%
Q1 '24
Gross 13.1%
Operating 4.2%
Net 2.5%
FCF 8.5%
Q2 '24
Gross 10.4%
Operating 0.8%
Net −0.3%
FCF −2.8%
Q3 '24
Gross 16.1%
Operating 8.8%
Net 6.0%
FCF 3.8%
Q4 '24
Gross 15.6%
Operating 8.5%
Net 5.4%
FCF 14.6%
Q1 '25
Gross 13.6%
Operating 2.5%
Net −0.5%
FCF 2.5%
Q2 '25
Gross 12.5%
Operating 4.8%
Net 0.7%
FCF 2.5%
Q3 '25
Gross 16.9%
Operating 10.6%
Net 5.7%
FCF 5.9%
Q4 '25
Gross 17.7%
Operating 11.2%
Net 6.3%
FCF 8.8%
Q1 '26
Gross 15.0%
Operating 6.2%
Net 2.1%
FCF 5.8%
Q2 '26
Gross 12.9%
Operating 4.9%
Net 1.2%
FCF 2.5%
Q3 '26
Gross 16.8%
Operating 10.9%
Net 6.0%
FCF 3.1%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 14.3% a year. Loss periods are shown in red.
FY17
Net income $26.0M
FY18
Net income $50.8M
FY19
Net income $43.1M
FY20
Net income $40.3M
FY21
Net income $20.2M
FY22
Net income $21.4M
FY23
Net income $49.0M
FY24
Net income $68.9M
FY25
Net income $102M
Q4 '23
Net income $30.9M
Q1 '24
Net income $9.8M
Q2 '24
Net income −$1.1M
Q3 '24
Net income $30.9M
Q4 '24
Net income $29.3M
Q1 '25
Net income −$3.1M
Q2 '25
Net income $4.2M
Q3 '25
Net income $44.0M
Q4 '25
Net income $56.6M
Q1 '26
Net income $17.2M
Q2 '26
Net income $9.2M
Q3 '26
Net income $59.6M
FY17
Diluted EPS $0.63
FY18
Diluted EPS $1.11
FY19
Diluted EPS $0.84
FY20
Diluted EPS $0.78
FY21
Diluted EPS $0.39
FY22
Diluted EPS $0.41
FY23
Diluted EPS $0.94
FY24
Diluted EPS $1.31
FY25
Diluted EPS $1.84
Q4 '23
Diluted EPS $0.60
Q1 '24
Diluted EPS $0.19
Q2 '24
Diluted EPS −$0.02
Q3 '24
Diluted EPS $0.59
Q4 '24
Diluted EPS $0.55
Q1 '25
Diluted EPS −$0.06
Q2 '25
Diluted EPS $0.08
Q3 '25
Diluted EPS $0.79
Q4 '25
Diluted EPS $1.03
Q1 '26
Diluted EPS $0.31
Q2 '26
Diluted EPS $0.16
Q3 '26
Diluted EPS $1.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital 15.8%
Return on equity 17.1%
Return on assets 7.9%
FY18
Return on capital 19.2%
Return on equity 22.5%
Return on assets 12.3%
FY19
Return on capital 13.7%
Return on equity 13.4%
Return on assets 8.4%
FY20
Return on capital 12.1%
Return on equity 10.8%
Return on assets 6.9%
FY21
Return on capital 3.7%
Return on equity 5.0%
Return on assets 2.8%
FY22
Return on capital 3.4%
Return on equity 4.9%
Return on assets 2.2%
FY23
Return on capital 7.3%
Return on equity 10.1%
Return on assets 4.2%
FY24
Return on capital 8.2%
Return on equity 12.6%
Return on assets 5.0%
FY25
Return on capital 7.1%
Return on equity 13.7%
Return on assets 4.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $153M in fiscal 2025, 5.5% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $22.5M
FY18
Free cash flow $23.3M
FY19
Free cash flow $12.8M
FY20
Free cash flow $52.6M
FY21
Free cash flow −$7.8M
FY22
Free cash flow −$52.4M
FY23
Free cash flow $59.3M
FY24
Free cash flow $121M
FY25
Free cash flow $153M
Q4 '23
Free cash flow $43.9M
Q1 '24
Free cash flow $33.6M
Q2 '24
Free cash flow −$10.6M
Q3 '24
Free cash flow $19.7M
Q4 '24
Free cash flow $78.4M
Q1 '25
Free cash flow $13.8M
Q2 '25
Free cash flow $14.2M
Q3 '25
Free cash flow $46.4M
Q4 '25
Free cash flow $78.9M
Q1 '26
Free cash flow $47.1M
Q2 '26
Free cash flow $18.9M
Q3 '26
Free cash flow $30.6M
FY17
Cash from operations $46.9M
Capital spending $24.4M
FY18
Cash from operations $66.1M
Capital spending $42.8M
FY19
Cash from operations $55.3M
Capital spending $42.5M
FY20
Cash from operations $105M
Capital spending $52.6M
FY21
Cash from operations $48.5M
Capital spending $56.3M
FY22
Cash from operations $16.5M
Capital spending $68.9M
FY23
Cash from operations $157M
Capital spending $97.8M
FY24
Cash from operations $209M
Capital spending $87.9M
FY25
Cash from operations $291M
Capital spending $138M
Cash from operations
Capital spending
Q4 '23
Cash from operations $62.6M
Capital spending $18.8M
Q1 '24
Cash from operations $60.4M
Capital spending $26.8M
Q2 '24
Cash from operations $18.2M
Capital spending $28.7M
Q3 '24
Cash from operations $34.6M
Capital spending $14.9M
Q4 '24
Cash from operations $95.9M
Capital spending $17.5M
Q1 '25
Cash from operations $40.7M
Capital spending $26.8M
Q2 '25
Cash from operations $55.6M
Capital spending $41.4M
Q3 '25
Cash from operations $83.0M
Capital spending $36.7M
Q4 '25
Cash from operations $112M
Capital spending $33.0M
Q1 '26
Cash from operations $82.6M
Capital spending $35.5M
Q2 '26
Cash from operations $65.2M
Capital spending $46.3M
Q3 '26
Cash from operations $93.1M
Capital spending $62.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Construction Partners, Inc. returned $23.5M to shareholders in fiscal 2025, 15% of free cash flow. The diluted share count rose 5.3%.
FY17
Dividends $31.3M
Buybacks —
FY18
Dividends $0.0M
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $0.1M
FY24
Dividends —
Buybacks $11.3M
FY25
Dividends —
Buybacks $23.5M
Dividends
Buybacks
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks $1.3M
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $12.1M
Q2 '25
Dividends —
Buybacks $8.0M
Q3 '25
Dividends —
Buybacks $0.7M
Q4 '25
Dividends —
Buybacks $2.7M
Q1 '26
Dividends —
Buybacks $22.4M
Q2 '26
Dividends —
Buybacks $3.5M
Q3 '26
Dividends —
Buybacks $3.8M
Dividends
Buybacks
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Construction Partners, Inc. can carry it.
FY17
Cash $27.5M
Debt $67.5M
FY18
Cash $99.1M
Debt $63.3M
FY19
Cash $80.6M
Debt $50.3M
FY20
Cash $148M
Debt $92.9M
FY21
Cash $57.3M
Debt $218M
FY22
Cash $35.5M
Debt $377M
FY23
Cash $48.2M
Debt $376M
FY24
Cash $74.7M
Debt $515M
FY25
Cash $156M
Debt $1.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $57.3M | $35.5M | $48.2M | $74.7M | $156M |
| Debt incl. finance leases | $218M | $377M | $376M | $515M | $1.6B |
| Net debt / EBITDA | 2.0x | 3.4x | 2.2x | 2.3x | 4.0x |
| Debt / equity | 0.5x | 0.8x | 0.7x | 0.9x | 1.8x |
| Interest coverage | 23.2x | — | 4.7x | 5.8x | 2.5x |
| Current ratio | 1.9x | 1.8x | 1.7x | 1.5x | 1.6x |
| Quick ratio | 1.6x | 1.5x | 1.4x | 1.3x | 1.3x |
| Total assets | $807M | $1.1B | $1.2B | $1.5B | $3.2B |
| Total liabilities | $398M | $640M | $703M | $968M | $2.3B |
| Shareholders' equity | $409M | $456M | $517M | $574M | $912M |
| Net debt (− = net cash) | $160M | $341M | $327M | $440M | $1.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 6 / 9 | 7 / 9 | 5 / 9 | 3 / 9 | 3 / 9 | 7 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | −6.4% | −3.7% | −2.4% | −11.2% | −3.9% | 0.5% | −9.3% | −10.1% | −7.9% |
| Altman Z'' | 3.28 | 4.66 | 5.22 | 5.18 | 3.20 | 2.70 | 2.93 | 2.64 | 2.01 |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $568M | $680M | $783M | $786M | $911M | $1.3B | $1.6B | $1.8B | $2.8B |
| Net interest income | −$4.0M | −$1.3M | −$1.9M | −$3.1M | −$2.4M | −$7.7M | −$17.3M | — | — |
| Gross profit | $91.0M | $99.5M | $118M | $122M | $120M | $139M | $196M | $258M | $439M |
| Operating income | $46.6M | $61.4M | $57.1M | $55.2M | $30.1M | $35.4M | $81.9M | $111M | $225M |
| Interest expense | — | — | — | — | $1.3M | — | $17.3M | $19.1M | $90.4M |
| Pretax income | $40.8M | $60.1M | $55.7M | $52.5M | $28.5M | $28.3M | $65.4M | $92.1M | $135M |
| Income tax | $14.7M | $10.5M | $13.9M | $12.8M | $8.3M | $6.9M | $16.4M | $23.2M | $32.7M |
| Net income | $26.0M | $50.8M | $43.1M | $40.3M | $20.2M | $21.4M | $49.0M | $68.9M | $102M |
| Diluted EPS | $0.63 | $1.11 | $0.84 | $0.78 | $0.39 | $0.41 | $0.94 | $1.31 | $1.84 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.06B |
| Cash flow | |||||||||
| Cash from operations | $46.9M | $66.1M | $55.3M | $105M | $48.5M | $16.5M | $157M | $209M | $291M |
| Capital expenditure | $24.4M | $42.8M | $42.5M | $52.6M | $56.3M | $68.9M | $97.8M | $87.9M | $138M |
| Free cash flow | $22.5M | $23.3M | $12.8M | $52.6M | −$7.8M | −$52.4M | $59.3M | $121M | $153M |
| Depreciation and amortization | $21.1M | $25.3M | $31.2M | $39.3M | $49.8M | $65.7M | $68.9M | $80.0M | $144M |
| Stock-based compensation | $0.5M | $1.0M | $1.0M | $1.6M | $3.5M | $8.0M | $10.8M | $14.4M | $37.0M |
| Acquisitions | $10.8M | $51.3M | $13.9M | $30.2M | $211M | $129M | $91.8M | $232M | $1.2B |
| Share buybacks | — | — | — | $0.0M | $0.0M | $0.0M | $0.1M | $11.3M | $23.5M |
| Dividends paid | $31.3M | $0.0M | — | — | — | — | — | — | — |
| Dividends and buybacks | $31.3M | $0.0M | — | $0.0M | $0.0M | $0.0M | $0.1M | $11.3M | $23.5M |
| Balance sheet | |||||||||
| Cash and short-term investments | $27.5M | $99.1M | $80.6M | $148M | $57.3M | $35.5M | $48.2M | $74.7M | $156M |
| Total debt | $67.5M | $63.3M | $50.3M | $92.9M | $218M | $377M | $376M | $515M | $1.6B |
| Current assets | $175M | $267M | $280M | $332M | $300M | $417M | $473M | $585M | $935M |
| Current liabilities | $115M | $135M | $128M | $136M | $158M | $226M | $279M | $380M | $582M |
| Inventory | $17.5M | $24.6M | $34.3M | $38.6M | $53.8M | $74.2M | $84.0M | $107M | $155M |
| Property and equipment, net | $116M | $179M | $206M | $237M | $405M | $481M | $505M | $630M | $1.2B |
| Goodwill | $30.6M | $32.9M | $38.5M | $46.3M | $85.4M | $129M | $159M | $232M | $943M |
| Intangible assets | $2.6M | $3.7M | $3.4M | $3.2M | $4.2M | $16.0M | $19.5M | $20.5M | $79.2M |
| Total assets | $329M | $496M | $532M | $628M | $807M | $1.1B | $1.2B | $1.5B | $3.2B |
| Total liabilities | $176M | $197M | $188M | $243M | $398M | $640M | $703M | $968M | $2.3B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $152M | $299M | $344M | $401M | $409M | $456M | $517M | $574M | $912M |
| Margins | |||||||||
| Gross margin | 16.0% | 14.6% | 15.1% | 15.6% | 13.2% | 10.7% | 12.6% | 14.2% | 15.6% |
| Operating margin | 8.2% | 9.0% | 7.3% | 7.0% | 3.3% | 2.7% | 5.2% | 6.1% | 8.0% |
| EBITDA margin | 11.9% | 12.8% | 11.3% | 12.0% | 8.8% | 7.8% | 9.6% | 10.5% | 13.1% |
| Net margin | 4.6% | 7.5% | 5.5% | 5.1% | 2.2% | 1.6% | 3.1% | 3.8% | 3.6% |
| FCF margin | 4.0% | 3.4% | 1.6% | 6.7% | −0.9% | −4.0% | 3.8% | 6.6% | 5.5% |
| Net interest share of revenue | −0.7% | −0.2% | −0.2% | −0.4% | −0.3% | −0.6% | −1.1% | — | — |
| Returns | |||||||||
| Return on capital | 15.8% | 19.2% | 13.7% | 12.1% | 3.7% | 3.4% | 7.3% | 8.2% | 7.1% |
| Return on capital employed | 21.8% | 17.0% | 14.2% | 11.2% | 4.6% | 4.1% | 8.7% | 9.6% | 8.5% |
| Return on equity | 17.1% | 22.5% | 13.4% | 10.8% | 5.0% | 4.9% | 10.1% | 12.6% | 13.7% |
| Return on assets | 7.9% | 12.3% | 8.4% | 6.9% | 2.8% | 2.2% | 4.2% | 5.0% | 4.3% |
| Return on tangible equity | 21.9% | 19.3% | 14.3% | 11.5% | 6.3% | 6.9% | 14.5% | 21.4% | — |
| Growth | |||||||||
| Revenue growth | — | 19.7% | 15.2% | 0.3% | 15.9% | 42.9% | 20.1% | 16.7% | 54.2% |
| Net income growth | — | 95.0% | −15.1% | −6.5% | −49.9% | 5.9% | 129.2% | 40.7% | 47.6% |
| EPS growth | — | 76.2% | −24.3% | −7.1% | −50.0% | 5.1% | 129.3% | 39.4% | 40.5% |
| FCF growth | — | 3.5% | −45.1% | 311.1% | −114.9% | — | — | 104.1% | 26.6% |
| Share count change | — | 10.5% | 12.0% | 0.4% | 0.3% | 0.4% | 0.6% | 0.6% | 5.3% |
| Financial health | |||||||||
| Net debt / EBITDA | 0.6x | −0.4x | −0.3x | −0.6x | 2.0x | 3.4x | 2.2x | 2.3x | 4.0x |
| Debt / equity | 0.4x | 0.2x | 0.1x | 0.2x | 0.5x | 0.8x | 0.7x | 0.9x | 1.8x |
| Interest coverage | — | — | — | — | 23.2x | — | 4.7x | 5.8x | 2.5x |
| Current ratio | 1.5x | 2.0x | 2.2x | 2.4x | 1.9x | 1.8x | 1.7x | 1.5x | 1.6x |
| Quick ratio | 1.4x | 1.8x | 1.9x | 2.2x | 1.6x | 1.5x | 1.4x | 1.3x | 1.3x |
| Capital allocation | |||||||||
| Capex / revenue | 4.3% | 6.3% | 5.4% | 6.7% | 6.2% | 5.3% | 6.3% | 4.8% | 4.9% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.2% | 0.4% | 0.6% | 0.7% | 0.8% | 1.3% |
| Payouts / FCF | 138.9% | 0.0% | — | 0.0% | — | — | 0.2% | 9.3% | 15.3% |
| Quality scores | |||||||||
| Piotroski F-score | — | 6.0 | 7.0 | 5.0 | 3.0 | 3.0 | 7.0 | 5.0 | 5.0 |
| Altman Z'' | 3.3 | 4.7 | 5.2 | 5.2 | 3.2 | 2.7 | 2.9 | 2.6 | 2.0 |
| Accruals ratio | −6.4% | −3.7% | −2.4% | −11.2% | −3.9% | 0.5% | −9.3% | −10.1% | −7.9% |
Source: SEC EDGAR XBRL filings (CIK 0001718227). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.