James Hardie (AU:JHX)
ASX:JHX
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James Hardie
(Sydney:JHX)
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Rating:60Neutral
Price Target:
AU$37.00
â–²(31.95% Upside)
Action:Reiterated
Date:06/19/26
The score is primarily held back by weaker FY2026 fundamentals (earnings drop, softer free cash flow, and higher leverage) and an expensive valuation (very high P/E). These are partially offset by strong technical momentum with the price above major moving averages and a positive MACD, though momentum appears stretched.
Positive Factors
Market Position
James Hardie's focused product set (fiber cement exterior siding and interior linings) and presence across North America, Australia and Europe provides durable demand exposure and diversification. Its branded, specification-driven products support recurring installer/distributor relationships and cross-sell potential, reducing single-market cyclicality over a multi-month horizon.
Negative Factors
Earnings Shock in FY2026
A material net income decline in 2026 despite rising revenue signals deteriorating earnings quality from non-operating items, higher interest, or one-offs. This weakens return on capital and raises questions about sustainable profitability, making near-term recovery of prior ROE levels uncertain without clear remediation.
Read all positive and negative factors
Positive Factors
Negative Factors
Market Position
James Hardie's focused product set (fiber cement exterior siding and interior linings) and presence across North America, Australia and Europe provides durable demand exposure and diversification. Its branded, specification-driven products support recurring installer/distributor relationships and cross-sell potential, reducing single-market cyclicality over a multi-month horizon.
Read all positive factors
James Hardie (JHX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$20.57B
Dividend YieldN/A
Average Volume (3M)6.99M
Price to Earnings (P/E)129.6
Beta (1Y)1.55
Revenue Growth22.52%
EPS Growth-77.96%
CountryAU
Employees5,679
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.22
Shares Outstanding580,314,600
10 Day Avg. Volume4,605,424
30 Day Avg. Volume6,992,535
Financial Highlights & Ratios
PEG Ratio-1.17
Price to Book (P/B)1.52
Price to Sales (P/S)2.02
P/FCF Ratio48.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$36.92Price Target Upside31.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.19
Revenue Forecast (FY)AU$5.39B
James Hardie Business Overview & Revenue Model
Company Description
James Hardie Industries plc functions as a global producer and distributor of specialized building products through its various subsidiaries. The company primarily focuses on manufacturing fiber cement, fiber gypsum, and cement-bonded materials, w...
How the Company Makes Money
James Hardie makes money primarily by manufacturing and selling building materials—especially fiber cement exterior products and interior linings—through a mix of distribution channels and direct-to-customer relationships. Revenue is generated fro...
James Hardie Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but constructive picture: strong reported results driven by the AZEK acquisition (total net sales +30%, adjusted EBITDA $330M) and clear progress on cost and commercial synergies, TimberTech outperformance, and targeted actions (plant optimization, salesforce reorganization, product/installation innovation). Offsetting this were continued organic softness in core fiber cement volumes (single-family and interiors declines), regionally weak new construction, modest input inflation, integration-related cash/seasonal timing headwinds, and elevated pro-forma leverage (~3x). Management expressed confidence in achieving $125M cost and $125M revenue synergies and returning to organic growth in FY27, but near-term execution, market demand normalization, and deleveraging remain material risks.Positive Updates
Combined Revenue and EBITDA Strength
Total net sales grew 30% year-over-year to $1,240,000,000 (including $275M of acquired AZEK sales); organic sales +1%. Adjusted EBITDA was $330,000,000 with a 26.6% adjusted EBITDA margin.
Negative Updates
Organic Fiber Cement Weakness
Legacy James Hardie North America fiber cement organic net sales declined 2% in the quarter (driven by lower volumes). Management's FY26 Siding & Trim midpoint implies a full-year organic net sales decline of approximately 6%.
Read all updates
Q3-2026 Updates
Positive
Negative
Combined Revenue and EBITDA Strength
Total net sales grew 30% year-over-year to $1,240,000,000 (including $275M of acquired AZEK sales); organic sales +1%. Adjusted EBITDA was $330,000,000 with a 26.6% adjusted EBITDA margin.
Read all positive updates
Company Guidance
On guidance, James Hardie raised Siding & Trim net sales to $2,953m–$2,998m and adjusted EBITDA to $939m–$962m (midpoint implying roughly a 6% organic net‑sales decline and an adjusted EBITDA margin near 31.9%), and increased Deck, Rail & Accessories net sales to $787m–$800m with adjusted EBITDA of $219m–$224m, driving a total‑company FY26 adjusted EBITDA guide of $1,232m–$1,263m; the company kept FY26 CapEx at ≈$400m (including $75m for AZEK) and long‑term North America CapEx at 6–7% of sales, reiterated at least $200m of free cash flow for the year, reported pro‑forma net leverage of ~3x at the midpoint with a target to get below 2x within two years, expects to realize $125m of annualized cost synergies and $125m of annualized commercial revenue synergies (exit‑FY27 run rate), called out incremental annualized plant‑closure savings of ~$25m beginning in FY27, and noted a slightly lower full‑year adjusted tax rate around 19% and adjusted net interest of $68m.James Hardie Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
55
Neutral
Cash Flow
62
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.84B | 3.88B | 3.94B | 3.78B | 3.61B |
| Gross Profit | 1.73B | 1.50B | 1.59B | 1.31B | 1.31B |
| EBITDA | 931.30M | 902.60M | 976.20M | 933.10M | 844.20M |
| Net Income | 104.00M | 424.00M | 510.20M | 512.00M | 459.10M |
Balance Sheet | |||||
| Total Assets | 13.69B | 5.23B | 4.91B | 4.48B | 4.24B |
| Cash, Cash Equivalents and Short-Term Investments | 269.20M | 562.70M | 365.00M | 113.00M | 125.00M |
| Total Debt | 4.79B | 1.21B | 1.20B | 1.14B | 955.50M |
| Total Liabilities | 7.26B | 3.07B | 3.05B | 2.87B | 2.91B |
| Stockholders Equity | 6.43B | 2.16B | 1.86B | 1.61B | 1.33B |
Cash Flow | |||||
| Free Cash Flow | 199.80M | 380.60M | 464.90M | 7.80M | 497.50M |
| Operating Cash Flow | 589.80M | 802.80M | 914.20M | 607.60M | 757.20M |
| Investing Cash Flow | -4.21B | -446.70M | -470.50M | -660.10M | -348.20M |
| Financing Cash Flow | 3.35B | -165.90M | -210.10M | -25.40M | -449.60M |
James Hardie Technical Analysis
Positive
28.04
Price Trends
30.19
Positive
30.85
Positive
30.76
Positive
Market Momentum
1.58
Negative
62.82
Neutral
83.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:JHX, the sentiment is Positive. The current price of 28.04 is below the 20-day moving average (MA) of 32.24, below the 50-day MA of 30.19, and below the 200-day MA of 30.76, indicating a bullish trend. The MACD of 1.58 indicates Negative momentum. The RSI at 62.82 is Neutral, neither overbought nor oversold. The STOCH value of 83.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:JHX.
James Hardie Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$216.18M | 11.06 | 24.98% | 7.62% | 3.98% | 18.90% | |
65 Neutral | AU$14.56B | 49.07 | 2.76% | 2.48% | 1.24% | -45.43% | |
62 Neutral | AU$958.67M | 30.80 | 17.82% | 0.88% | 3.42% | 54.50% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | AU$20.57B | 129.56 | 1.94% | ― | 22.52% | -77.96% | |
54 Neutral | AU$322.77M | 1,126.55 | 0.27% | ― | ― | 6.76% | |
52 Neutral | AU$732.65M | 58.49 | 6.68% | 0.86% | -1.99% | -39.25% |
* Basic Materials Sector Average
AU:JHX
James Hardie
34.46
-2.39
-6.49%
AU:BSL
Bluescope Steel
33.24
12.47
60.06%
AU:BIS
Bisalloy Steel Group Ltd
4.50
1.49
49.35%
AU:WGN
Wagners Holding Co. Ltd.
4.80
2.83
143.65%
AU:VSL
Vulcan Steel Ltd.
5.00
-0.59
-10.60%
AU:PLA
Pacific Lime and Cement Limited
0.38
0.11
44.23%
James Hardie Corporate Events
James Hardie Files Preliminary Proxy and Sets Date for 2026 AGM
Jun 18, 2026
James Hardie has set its 2026 Annual General Meeting for 20 August in Dublin, with a virtual teleconference option to accommodate its global shareholder base. The company has lodged a preliminary proxy statement with U.S. and Australian regulators...
James Hardie Issues 1,800 Unquoted Restricted Stock Units
Jun 9, 2026
James Hardie Industries plc has notified the market of the issue of 1,800 unquoted restricted stock units under the ASX code JHXAK. The securities were issued on June 5, 2026, and form part of an existing equity arrangement that is not quoted, and...
James Hardie Seeks ASX Quotation for New Employee Incentive Securities
Jun 9, 2026
James Hardie Industries has applied to the ASX for quotation of 883 new CHESS Depositary Interests under its JHX ticker. The securities were issued on June 5, 2026 as part of an employee incentive scheme, indicating continued use of equity awards ...
James Hardie Faces Investor Class Action Over Forecast Disclosures
Jun 8, 2026
James Hardie Industries has been named as the defendant in a group proceeding filed in the Supreme Court of Victoria on behalf of investors who acquired certain James Hardie securities between 21 May 2025 and 19 August 2025. The claim alleges brea...
James Hardie Issues 12,405 Unquoted Ordinary Shares Under Existing Arrangement
Jun 2, 2026
James Hardie Industries has notified the market of the issue of 12,405 unquoted ordinary shares under the ASX code JHXAM, with an issue date of 28 May 2026. The new securities form part of a previously announced transaction and are not quoted, ind...
James Hardie Names Rob Sindel as Future Director, Discloses Initial Holdings
Jun 2, 2026
James Hardie Industries has notified the ASX that Rob Sindel will join its board as a director effective 1 June 2026, in line with the exchange’s disclosure requirements. At the time of this initial director’s interest notice, Sindel h...
James Hardie Issues 249,945 Unquoted Restricted Stock Units Under Incentive Plan
May 1, 2026
James Hardie Industries has issued 249,945 unquoted restricted stock units under its employee incentive scheme, with the new securities recorded under the ASX code JHXAK and an issue date of 23 April 2026. The move reinforces the company’s c...
James Hardie Discloses Minor Share Sale by Major Institutional Investor
Apr 30, 2026
James Hardie Industries has notified the Australian Securities Exchange that it received a substantial holding notice dated 30 April 2026 from Wellington Management Group LLP, a major institutional investor. The notice, issued under Irish Companie...
FMR LLC Lifts Stake in James Hardie Above 6% Threshold
Apr 29, 2026
James Hardie Industries has disclosed that asset manager FMR LLC has increased its holding in the company, triggering a substantial holding notice under Australian Securities Exchange rules. The move follows an acquisition of voting rights linked ...
James Hardie Sets Date for Q4 FY26 Earnings Release and Webcast
Apr 29, 2026
James Hardie Industries will release its fourth quarter fiscal 2026 financial results after U.S. market close on Tuesday, May 19, 2026, and before markets open in Australia on Wednesday, May 20, 2026. The timing underscores the company’s eff...
James Hardie Issues 16,159 Unquoted Ordinary Shares Under Existing Arrangements
Apr 23, 2026
James Hardie Industries has notified the market of the issue of 16,159 unquoted ordinary shares, recorded under the ASX security code JHXAM. The new securities were issued on 20 April 2026 as part of previously announced transactions and are not i...
James Hardie Issues 30,670 Unquoted Ordinary Shares Under Existing Arrangements
Apr 16, 2026
James Hardie Industries has notified the market of the issue of 30,670 unquoted ordinary shares under the ASX code JHXAM, with an issue date of 13 April 2026. The new securities form part of previously announced transactions and are not intended t...
James Hardie Seeks ASX Quotation for New Employee Incentive Securities
Apr 7, 2026
James Hardie Industries has applied for quotation on the ASX of 53,099 CHESS Depositary Interests, each representing a 1:1 interest in the company’s securities, with an issue date of April 6, 2026. The new securities were issued under an emp...
James Hardie Issues 1,142 Unquoted Ordinary Shares
Apr 7, 2026
James Hardie Industries has notified the market of the issue of 1,142 unquoted ordinary shares under the ASX code JHXAM, with an issue date of 2 April 2026. The relatively small, unquoted equity issuance appears to relate to previously announced t...
James Hardie Seeks ASX Quotation for New Employee CDI Issue
Apr 7, 2026
James Hardie Industries has applied for quotation on the ASX of 25,200 new CHESS Depositary Interests, each representing a one-for-one interest in the company’s shares. The securities were issued on 2 April 2026 under an employee incentive s...
James Hardie Seeks ASX Quotation for New Employee Incentive Securities
Apr 7, 2026
James Hardie Industries has applied for quotation on the ASX of 14,001 new CHESS Depositary Interests, each representing one underlying security in the company. The newly issued securities were created on April 1, 2026 under an employee incentive ...
James Hardie Reports Stable CDIs with Minor Capital Structure Adjustments
Apr 7, 2026
James Hardie Industries has reported that the number of CHESS Depositary Interests on issue for March 2026 remained unchanged at 430,438,730, maintaining a 1:1 ratio with the underlying quoted securities. This stability in CDIs indicates no new eq...
James Hardie Reports Lapse of 225,024 Restricted Stock Units
Apr 6, 2026
James Hardie Industries has disclosed the lapse of 225,024 restricted stock units, identified under the ASX security code JHXAK, after the conditions attached to these rights were not met or became incapable of being satisfied as of March 31, 2026...
FMR Lifts Stake in James Hardie Above 5% Threshold
Mar 19, 2026
James Hardie Industries has disclosed that investment manager FMR LLC has become a substantial shareholder in the company, after crossing the 5% voting rights threshold on 18 March 2026. FMR’s stake rose to 5.1065% of James Hardie’s vo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.