Eagle Materials

What Eagle Materials does

Eagle Materials Inc. is a U.S. manufacturer of heavy construction products and light building materials, headquartered in Dallas, Texas, and listed on the NYSE under the ticker EXP. The company was originally formed in 1960 as Centex Construction Products, was spun off from Centex Corporation and renamed Eagle Materials in 2000, and has grown through a mix of greenfield plant construction, joint ventures, and acquisitions into a multi-product platform with more than 70 facilities across 21 states and approximately 2,600 employees. Its operations are organized around three core product groups: Portland cement (8 cement plants and 2 slag cement facilities producing more than 8 million tons annually, making Eagle the 7th largest U.S. cement producer), gypsum wallboard and recycled paperboard (5 wallboard facilities plus the Republic Paperboard mill producing facing paper from 100% recycled materials, with nearly 4 billion square feet of annual wallboard capacity and the #5 U.S. position), and aggregates and ready-mix concrete (33 locations across central Texas, Kansas, Missouri, Nevada, Kentucky, Colorado, and Pennsylvania). The wallboard segment is operated through the American Gypsum subsidiary, which leverages low-cost raw material access, modern dryers, and energy-efficient calciners to maintain a low-cost production position through cycles.

Eagle generates revenue by selling commodity construction inputs directly to construction companies, government entities, and building material distributors across public infrastructure (approximately 50% of cement demand), commercial construction, and residential construction end markets. Pricing is market-based rather than list-based, and the company competes primarily on cost efficiency and regional supply reliability rather than premium positioning. Distribution relies on direct plant sales supplemented by 28 cement distribution terminals that provide regional market coverage; the low-value-to-weight nature of cement inherently limits the geographic area each plant can serve profitably, producing regional rather than national markets. The product mix is reinforced by strategic joint ventures and tuck-in acquisitions, most notably the 50/50 Texas Lehigh Cement Company joint venture with Heidelberg Materials, the Kosmos Cement acquisition (2020) that made Eagle the largest U.S.-headquartered cement producer at the time, the Raptor Materials (Denver) and Battletown (Louisville) aggregates acquisitions in 2022-2023, and the January 2025 acquisition of Bullskin Stone & Lime in Western Pennsylvania for $152.5 million.

In FY2026 (ended March 31, 2026), Eagle reported record revenue of $2.3 billion (up 2% year-over-year) on cement sales volume growth of 8% to 7.5 million tons, alongside net earnings of $423.8 million and adjusted EBITDA of $774.5 million, while returning $414 million to shareholders through buybacks and dividends and maintaining a 1.9x net leverage ratio. Recent strategic signals include a February 2025 strategic investment in Terra CO2's $82 million Series B to participate in low-carbon cement technology, and governance modernization through the May 2025 appointment of former Builders FirstSource CEO David Rush to the board and the July 2026 declassification of the board.

Name

Eagle Materials

Legal name

Eagle Materials Inc.

Website

https://eaglematerials.com

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eagle Materials Inc. is a Dallas-based U.S. manufacturer of cement, gypsum wallboard, recycled paperboard, aggregates, and ready-mix concrete, operating 70+ facilities across 21 states and selling to construction companies, government entities, and distributors in infrastructure, commercial, and residential end markets.

Ownership category

akta.pro rank

Product category

Construction Materials

NAICS

Other Concrete Product Manufacturing (327390)

SIC

Concrete, Gypsum & Plaster Products (3270)

akta.pro industry

PRIMARYIMAKAHAH

Aggregate Processing & Value-Added Products (Washing, Screening, Asphalt/Concrete Aggregates)

Industrials, Manufacturing & Construction/Metals & Mining/Aggregates & Dimension Stone (Crushed Stone, Sand & Gravel, Limestone, Granite, Marble)

Keywords

• Portland cement manufacturing
• Gypsum wallboard production
• Construction aggregates supply
• Ready mix concrete
• Recycled paperboard products

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices22 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Cement Sales: Eagle Materials manufactures and sells Portland cement through eight cement plants and two slag cement facilities with over 8 million tons of annual cement production capacity. The company is the seventh largest cement producer in the United States. Cement sales volume grew 8% to 7.5 million tons in fiscal year 2026. Principal sources of demand include public infrastructure (approximately 50% of cement demand), commercial construction, and residential construction.
2. Gypsum Wallboard & Recycled Paperboard: The company operates five wallboard facilities and one recycled paperboard mill producing nearly 4 billion square feet of annual wallboard capacity. American Gypsum is the nation's fifth-largest wallboard producer. Republic Paperboard produces facing paper for gypsum wallboard from 100% recycled materials.
3. Aggregates & Concrete: Eagle Materials manufactures and distributes concrete and aggregates used in highway construction, maintenance, and residential/commercial building construction. The company operates 33 aggregates and concrete locations across central Texas, Kansas, Missouri, Nevada, Kentucky, Colorado, and Pennsylvania.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Eagle Materials is a U.S. manufacturer of heavy construction products and light building materials, producing Portland cement, gypsum wallboard, recycled paperboard, aggregates, and ready mix concrete. The company's products serve as essential inputs for public infrastructure, commercial construction, and residential construction markets, manufactured and sold through 70+ facilities across 21 states.

Product overview

Eagle Materials is a U.S. manufacturer of heavy construction products and light building materials, organized as a platform of distinct product lines. The company's core products are Portland Cement and Gypsum Wallboard, supplemented by Slag Cement and Recycled Paperboard, Aggregates, and Ready Mix Concrete. These products are manufactured and sold through a network of subsidiary brands including cement plants (Central Plains, Fairborn, Illinois Cement, Kosmos, Mountain, Nevada, Texas Lehigh, Skyway Slag), wallboard operations (American Gypsum, Republic Paperboard), and aggregates & concrete businesses (3D Concrete, Battletown Materials, Bullskin Stone & Lime, Centex Materials, Quicksilver Ready Mix, Raptor Materials, Talon Concrete and Aggregates) across more than 70 facilities in 21 states.

Differentiator

Problem solved

Functional benefit

Brands

• American Gypsum Company: Gypsum wallboard manufacturing subsidiary operating facilities in Colorado, New Mexico, Oklahoma, and South Carolina. Nation's fifth-largest wallboard producer with nearly four billion square feet annual capacity.
• Republic Paperboard Company
• Central Plains Cement Company
• Fairborn Cement Company
• Illinois Cement Company
• Kosmos Cement Company
• Mountain Cement Company
• Nevada Cement Company
• Texas Lehigh Cement Company
• Skyway Cement
• 3D Concrete
• Battletown Materials
• Bullskin Stone & Lime
• Centex Materials
• Quicksilver Readymix
• Raptor Materials
• Talon Concrete and Aggregates

Products and services

• Portland Cement Portland cement is the basic binding agent used to bind water, aggregates, and sand in the production of ready mix concrete. It is used principally for public infrastructure, commercial construction, and residential construction. Eagle operates eight cement plants with over 8 million tons of annual production capacity, making it the seventh largest U.S. cement producer.
• Gypsum Wallboard Gypsum wallboard, commonly known as drywall, is the premier building material for wall, ceiling, and partition systems in residential, institutional, and commercial structures due to its inherent fire resistance. Produced through American Gypsum Company at five facilities in Colorado, New Mexico, Oklahoma, and South Carolina, with nearly 4 billion square feet of annual capacity, making Eagle the nation's fifth-largest wallboard producer.
• Recycled Paperboard Recycled paperboard produced from 100% recycled raw materials, primarily used as the facing paper to manufacture gypsum wallboard, and also for shopping bags, boxes, tubes, and other industrial and consumer products. Republic Paperboard Company operates a mill in Lawton, Oklahoma on a seventy-acre site in the industrial park.
• Aggregates and Ready Mix Concrete Aggregates are granular materials consisting of crushed stone, sand, and gravel manufactured to specific sizes, grades, and chemistry for use primarily in construction. Ready mix concrete is a versatile, low-cost building material used in almost all construction applications. Eagle operates 33 aggregates and concrete locations across central Texas, Kansas, Missouri, Nevada, Kentucky, Colorado, and Pennsylvania serving highway construction, maintenance, and residential/commercial building construction.
• Slag Cement

Quantifiable outcome

• Record $2.3 billion revenue in FY 2026, up 2% year-over-year
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Heidelberg MaterialscoreStrategic or Co-development PartnerEagle Materials operates Texas Lehigh Cement Company LP as a 50/50 joint venture with Heidelberg Materials. This partnership includes a cement plant in Buda, TX and a slag cement facility in Chicago, IL. The joint venture combines Eagle Materials' U.S. market presence with Heidelberg Materials' global cement expertise.

Scale indicators19 records

Recent moves7 records

Expansion highlights5 records

Others

• Builders FirstSource: Largest US supplier of building products, prefabricated components, and value-added services to professional homebuilders. Adjacent rather than direct peer, but its former CEO David Rush was just appointed to Eagle's board, and the two are linked in residential construction value chains.

Broad incumbents

• Cemex: Global building materials major with substantial US cement, ready-mix, and aggregates operations. Directly competes with Eagle in regional US cement markets and is a global leader in lower-carbon cement products.
• Holcim: One of the world's largest cement and aggregates producers with broad geographic reach. Competes in US cement and aggregates markets and is investing heavily in sustainable cement, making it both a peer and a competitive threat on decarbonization.
• USG Corporation (Knauf): Major US gypsum wallboard manufacturer, now part of Knauf, competing with American Gypsum across wallboard categories. Closest direct competitor in Eagle's wallboard segment.

Direct peers

• Martin Marietta Materials: Major US supplier of aggregates, cement, ready-mixed concrete, and asphalt. Directly comparable aggregates-heavy business with growing cement exposure; competes with Eagle in shared regional markets.
• Heidelberg Materials: Global cement and building materials major and Eagle's 50/50 JV partner in Texas Lehigh Cement. Operates cement, aggregates, and ready-mix concrete with significant US presence, directly competing in Eagle's core cement and concrete markets.
• Vulcan Materials Company: Largest US producer of construction aggregates and a major asphalt mix and ready-mix concrete operator. Directly comparable in aggregates and concrete; competes for the same infrastructure and construction customers.
• National Gypsum Company: One of the largest US gypsum wallboard producers, competing head-to-head with Eagle's American Gypsum subsidiary for the same residential, institutional, and commercial drywall customers.
• Texas Industries (TXI): US cement, ready-mix concrete, and aggregates producer (subsidiary of Heidelberg Materials since 2024). Directly comparable cement-heavy peer operating in overlapping Texas and south-central US markets.
• Summit Materials: US-based vertically integrated construction materials company with overlapping cement, aggregates, and ready-mix concrete operations. Most direct comparable in scale and product mix to Eagle's heavy-side business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/eagle-materials

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eagle Materials