CRH
CRH plc · Materials · Construction Materials
$95.79
52w 92.52 – 131.55
20y monthly, adjusted
Mkt cap
$63.7B
P/E
16.9
P/FCF
21.7
FCF yield
4.6%
ROE
15.6%
Shldr yield
1.9%
div 0.0% + bb 1.9%
What today's price assumes
At $63.7B, the market is pricing in 8.8% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 4.7% per year — the price asks for acceleration beyond the historical record.
Simple DCF per-share range: $67 · $70 · $87 (4% / base / optimistic growth). An estimate, not a target.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.6%
Rev 5y
+6.4%
Rev 10y
+6.4%
EPS 5y
+13.5%
EPS 10y
+13.5%
FCF 5y
+4.7%
FCF 10y
+4.7%
Fundamentals
Fiscal 2021–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $10.8B | +5.6% | $1.5B | +12.7% | 2.21 | $1.1B |
| Q1'26 | $7.4B | +9.1% | −$176.0M | — | -0.27 | −$616.0M |
| Q4'25 * | $9.4B | +6.2% | $1.0B | +45.8% | 1.51 | $2.9B |
| Q3'25 | $11.1B | +5.3% | $1.5B | +9.2% | 2.21 | $2.0B |
| Q2'25 | $10.2B | +5.7% | $1.3B | +1.7% | 1.94 | $1.4B |
| Q1'25 | $6.8B | +3.4% | −$94.0M | −181.0% | -0.15 | −$659.0M |
| Q4'24 * | $8.9B | +2.1% | $703.0M | +0.3% | 1.01 | $2.7B |
| Q3'24 | $10.5B | +3.8% | $1.4B | +5.4% | 1.97 | $1.5B |
| Q2'24 | $9.7B | −0.6% | $1.3B | +8.2% | 1.88 | $1.5B |
| Q1'24 | $6.5B | +1.6% | $116.0M | — | 0.16 | −$712.0M |
| Q4'23 * | $8.7B | — | $701.0M | — | 0.96 | $2.4B |
| Q3'23 | $10.1B | — | $1.3B | — | 1.80 | $1.6B |
| Q2'23 | $9.7B | — | $1.2B | — | 1.62 | $1.6B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.6% | — | — | — |
| Operating cash flow | +14.0% | — | — | — |
| Free cash flow | +8.5% | — | — | — |
| EPS (diluted) | +2.5% | — | — | — |
| Equity | +2.7% | — | — | — |
| LT debt | +26.5% | — | — | — |
| Diluted shares | −4.0% | — | — | — |
| Stock price | +20.6% | +15.5% | +13.9% | +14.8% |
$100, 3 years ago
$175vs $176 in SPY
20.6% vs 20.7%/yr
$100, 5 years ago
$206vs $181 in SPY
15.5% vs 12.6%/yr
$100, 10 years ago
$367vs $412 in SPY
13.9% vs 15.2%/yr
$100, 15 years ago
$798vs $813 in SPY
14.8% vs 15.0%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
13.9%
OCF ÷ (equity + debt)
OCF / EV yield
7.4%
MC vs 10× OCF
1.12
≤1 = priced under 10× OCF
Debt / FCF
5.7y
SBC / FCF
4.9%
Owner earnings
$2.8B
OCF − capex − SBC
OE yield
4.4%
Share count 5y
−3.7%
per year; negative = buybacks
Capital intensity
66.6%
net PP&E ÷ revenue
Sales efficiency
$1.52
new PP&E per $1 new revenue, 5y
Checklist
18 of 23 checks pass · 78%. Checks with structurally missing inputs are excluded.
Growth & Consistency
3/4
- pass
Revenue growth
6.4% · 5y CAGR ≥ 5%
- pass
EPS growth
13.5% · 5y CAGR ≥ 5%
- fail
FCF growth
4.7% · 5y CAGR ≥ 5%
- na
Revenue rises consistently
— · up in ≥ 7 of last 10 years
- na
FCF consistently positive
— · positive in ≥ 8 of last 10 years
- na
Profitable every year
— · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
9.0% vs 6.4% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
7/7
- pass
Net margin
10.0% · ≥ 8%
- pass
Operating margin
14.5% · ≥ 10%
- pass
Gross margin stable or rising
36.1% vs 33.1% · no drop > 2 pts over 3y
- pass
Return on equity
15.6% · ≥ 12%
- pass
Cash ROIC
13.9% · ≥ 12%
- pass
FCF margin
7.8% · ≥ 5%
- pass
Earnings back their cash
OCF $5.6B vs NI $3.8B · OCF ≥ net income (latest FY)
Balance Sheet
3/5
- fail
Debt payable from cash flow
5.7y · LT debt ≤ 3× FCF
- fail
Cash cushion
25% · cash ≥ 50% of LT debt
- pass
Leverage
0.69 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$24.0B · equity > 0 and grew over ~5y
- pass
Interest burden
15% · interest ≤ 15% of operating income
Capital Allocation
3/3
- pass
Share count flat or shrinking
-3.7% · ≤ +0.5%/yr over ~5y
- pass
Stock comp restrained
5% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
41% · dividends + buybacks ≤ 100% of FCF
- na
Repurchases are a habit
— · buybacks in ≥ 5 of last 10 years
Valuation Discipline
2/4
- pass
FCF yield
4.6% · ≥ 3%
- pass
Earnings multiple
16.9 · P/E ≤ 25
- fail
Price asks less than history delivered
8.8% vs 4.7% · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
1.9% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Heavy debt load
Long-term debt exceeds 5 years of free cash flow.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 37,447 | 13,528 | 5,440 | 3,753 | 5.51 | 5,625 | 2,713 | 2,912 | — | 1,181 | 143 | 4,096 | 16,478 | 24,004 | 677 |
| 2024 | 35,572 | 12,701 | 4,925 | 3,492 | 5.02 | 4,989 | 2,578 | 2,411 | — | 1,482 | 125 | 3,720 | 10,969 | 21,607 | 690 |
| 2023 | 34,949 | 11,963 | 4,186 | 3,178 | 4.33 | 5,017 | 1,817 | 3,200 | — | 3,067 | 123 | 6,341 | 9,776 | 20,854 | 729 |
| 2022 | 32,723 | 10,815 | 3,809 | 3,862 | 5.11 | 3,800 | 1,523 | 2,277 | — | 1,178 | 101 | 5,936 | 8,145 | 22,157 | 764 |
| 2021 | 29,206 | 9,827 | 3,327 | 2,630 | 3.32 | 3,979 | 1,554 | 2,425 | — | 896 | 110 | 5,783 | — | 21,246 | 787 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.