Eagle Materials vs United States Lime & Minerals
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The short version
- Eagle Materials is the larger business, with $2.3B of revenue in fiscal 2026 against $373M for United States Lime & Minerals, about 6.2 times as much.
- United States Lime & Minerals grew revenue faster (17.3%, against 2.1%).
- United States Lime & Minerals turned more of its sales into free cash flow (27.4% FCF margin, against 8.6%).
- United States Lime & Minerals earned a higher return on the capital invested in it (51.7%, against 16.3%).
- Investors pay more for each dollar of United States Lime & Minerals’s earnings: a P/E of 23.9x against 13.8x for Eagle Materials.
| Latest fiscal year | EXP · FY26 | USLM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $3.2B |
| Revenue | $2.3B | $373M |
| Free cash flow | $197M | $102M |
| Net income | $424M | $134M |
| Growth | ||
| Revenue growth | 2.1% | 17.3% |
| 5-year growth | 7.3% | 18.3% |
| Share count change | −4.3% | 0.2% |
| Profitability | ||
| Gross margin | 28.3% | 48.9% |
| Operating margin | — | 42.4% |
| Net margin | 18.4% | 36.0% |
| FCF margin | 8.6% | 27.4% |
| Return on capital | 16.3% | 51.7% |
| Return on equity | 28.9% | 23.8% |
| Balance sheet | ||
| Net debt | $1.5B | −$371M |
| Net debt / EBITDA | 2.0x | −2.0x |
| Dividends and buybacks | $414M | $9.6M |
| Valuation & quality | ||
| P/E | 13.8x | 23.9x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
EXP $1.2B
USLM $145M
FY18
EXP $1.4B
USLM $144M
FY19
EXP $1.3B
USLM $158M
FY20
EXP $1.4B
USLM $161M
FY21
EXP $1.6B
USLM $189M
FY22
EXP $1.9B
USLM $236M
FY23
EXP $2.1B
USLM $281M
FY24
EXP $2.3B
USLM $318M
FY25
EXP $2.3B
USLM $373M
FY26
EXP $2.3B
USLM —
EXP
USLM
Operating margin
FY17
EXP 29.3%
USLM 16.7%
FY18
EXP 27.6%
USLM 13.9%
FY19
EXP 29.5%
USLM 18.5%
FY20
EXP 27.4%
USLM 21.1%
FY21
EXP 27.5%
USLM 24.5%
FY22
EXP 29.7%
USLM 23.2%
FY23
EXP 31.4%
USLM 30.4%
FY24
EXP 31.7%
USLM 39.3%
FY25
EXP —
USLM 42.4%
FY26
EXP —
USLM —
EXP
USLM
Free cash flow
FY17
EXP $275M
USLM $12.9M
FY18
EXP $206M
USLM −$15.0M
FY19
EXP $181M
USLM $19.9M
FY20
EXP $267M
USLM $41.4M
FY21
EXP $589M
USLM $25.8M
FY22
EXP $443M
USLM $37.6M
FY23
EXP $432M
USLM $58.0M
FY24
EXP $444M
USLM $98.6M
FY25
EXP $353M
USLM $102M
FY26
EXP $197M
USLM —
EXP
USLM
Return on capital
FY17
EXP 13.9%
USLM 21.5%
FY18
EXP 18.4%
USLM 13.2%
FY19
EXP 10.5%
USLM 15.5%
FY20
EXP 13.3%
USLM 17.4%
FY21
EXP 15.5%
USLM 22.2%
FY22
EXP 20.1%
USLM 24.4%
FY23
EXP 23.6%
USLM 34.7%
FY24
EXP 23.9%
USLM 46.9%
FY25
EXP 19.6%
USLM 51.7%
FY26
EXP 16.3%
USLM —
EXP
USLM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.