# CRH (CRH.US)

Canonical: https://gigainvestors.com/s/CRH

Analysis as of: 2026-10-16T07:27:43.671Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $82.32 per share; close as of 2026-10-15.

Estimated value: low $55.65 per share, central $62.86 per share, high $72.45 per share. Buy at or below the central value $62.86 per share. Valuation as of 2026-10-16T07:27:43.671Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.14×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 11.5%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 33.2%

- Recent gross margin (lower of latest and 3-year median): 35.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.6%

- FY2018: 11.5%

- FY2019: 12.4%

- FY2020: 9.9%

- FY2021: 16.8%

- FY2022: 17.2%

- FY2023: 18.8%

- FY2024: 17.2%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $15B

- Net income, five-year total: $17B

- Return on incremental invested capital: 64.4%

- Working capital / revenue, annual change: 0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: 0.99×

- FY2023: 0.91×

- FY2024: 0.81×

- FY2025: 0.89×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.4% vs 17.2%

- Per-share earnings: 2.68 to 5.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -3.1%

- Market cap gain: $54B

- Cumulative retained earnings: $18B

- Diluted shares, 5-year annual growth: -3.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.0%

- Per-share value change: $2.34

- Per-share value, starting three-year median: $2.68

- Per-share value, ending three-year median: $5.02

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 12.4%

- ROIC, last three-year median: 17.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.56

- FY2018: $3.44

- FY2019: $2.68

- FY2020: $1.42

- FY2021: $3.26

- FY2022: $5.03

- FY2023: $4.33

- FY2024: $5.02

- FY2025: $5.51

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.63×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.1%

- FY2018: 1.6%

- FY2019: -4.1%

- FY2020: -6.3%

- FY2021: -3.7%

- FY2022: -0.2%

- FY2023: -3.9%

- FY2024: -3.0%

- FY2025: -3.2%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 34% since Dec 2025 · "CRH Q1 Earnings Miss Estimates on Higher Costs, Revenues Up Y/Y" (finance.yahoo.com, Apr 2026) · sales +5.3%

Story as of 2026-10-16T09:58:34.191Z; price observation 2026-10-15.

Price needs cash profits to grow 4.4% a year for ten years

- 2025-08-07: CRH raises 2025 EBITDA guidance to $7.5B-$7.7B while advancing Eco Material Technologies acquisition ([seekingalpha.com](https://seekingalpha.com/news/4481667-crh-raises-2025-ebitda-guidance-to-7_5b-7_7b-while-advancing-eco-material-technologies?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-12: Solid Results and Improved Guidance Lifted CRH (CRH) in Q3 ([finance.yahoo.com](https://finance.yahoo.com/news/solid-results-improved-guidance-lifted-135157546.html))

- 2026-04-30: CRH Q1 Earnings Miss Estimates on Higher Costs, Revenues Up Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/crh-q1-earnings-miss-estimates-173600562.html))

### Sales · FY2024–2025

sales +5.3%; source https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm; observed 2026-02-18.

- FY2017: $30B 

- FY2018: $31B 

- FY2019: $28B 

- FY2020: $28B 

- FY2021: $31B 

- FY2022: $33B 

- FY2023: $35B 

- FY2024: $36B 

- FY2025: $37B 

### Gross margin · FY2025

gross margin 36.1%; source https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm; observed 2026-02-18.

- FY2017: 33.0% 

- FY2018: 32.2% 

- FY2019: 33.0% 

- FY2020: 33.2% 

- FY2021: 33.9% 

- FY2022: 33.2% 

- FY2023: 34.2% 

- FY2024: 35.7% 

- FY2025: 36.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are USD 37.4 billion.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2025-12-31 (filed 2026-02-18); FY2025: revenue 37447000000; grossProfit 13528000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRH.US: CRH plc, together with its subsidiaries, provides building materials solutions in Ireland, the United States, the United Kingdom, rest of Europe, and internationally. It operates through three segments: Americas Materials Solutions, Americas Building Solutions, and International Solutions. The company offers building materials for the construction and maintenance of public infrastructure, and commercial and residential buildings, as well as construction and renovation of transportation infrastructure, critical utility networks, commercial and residential buildings, and outdoor living spaces; paving and construction services; and produces and sells aggregates, cementitious materials, ready mixed concrete and mortars, and asphalt. It also manufactures, supplies, and delivers building products for the built environment in communities in North America; and provides building and infrastructure solutions for complex critical utility infrastructure, such as water, energy, transportation, and telecommunications projects, and outdoor living solutions for private and public spaces. In addition, the company produces and supplies precast and pre-stressed concrete products comprising vaults, pipes, and manholes; and concrete and polymer-based products, such as underground vaults, drainage systems, enclosures, and modular precast structures for applications in transportation, water, energy, and telecommunications markets. Further, it provides crushed stone, sand, and gravel; granite, limestone, and sandstone; fly ash, pozzolans, synthetic gypsum, calcined clay, and ground granulated blast-furnace slags; fencing and railing systems, lawn and garden products, and packaged concrete mixes; and concrete masonry, hardscape and related products, including pavers, blocks and curbs, retaining walls, and slabs. CRH plc was founded in 1936 and is based in Dublin, Ireland.

### Why customers stay

Margins ranged from 34.2% to 36.1% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2023-12-31 (filed 2026-02-18); FY2023: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2024-12-31 (filed 2026-02-18); FY2024: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2025-12-31 (filed 2026-02-18); FY2025: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 9-year return on capital observations [[2017,0.15557070254859812],[2018,0.11480271327000618],[2019,0.12440700237407047],[2020,0.09895604949056197],[2021,0.16762476313115887],[2022,0.17205338080207508],[2023,0.18789792942961592],[2024,0.17245246601896455],[2025,0.15726694012084952]]; median 0.15726694012084952. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Aggregates pricing increased by 4% year-on-year, reflecting adverse mix-effects, while cement prices were ahead by 1%.

- Source: https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm (filed 2026-02-18); 33 CRH FORM 10-K Americas Building Solutions Analysis of Change in $ millions 2024 Currency Acquisitions Divestitures Organic 2025 % change Total revenues 7,059 (4) +203 (34) (102) 7,122 +1% Adjusted EBITDA 1,389 — +54 (7) +38 1,474 +6% Adjusted EBITDA margin 19.7% 20.7% Americas Building Solutions' Total revenues were up 1% compared to the prior year, supported by disciplined commercial man increased by 1%. Aggregates pricing increased by 4% year-on-year, reflecting adverse mix-effects, while cement prices were ahead by 1%. In Road Solutions, Total revenues increased by 4% as improved pricing and contributions from acquisitions more than offset weather-impacted volumes.

### Where the cash goes

Earns 64.4% on new investment; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2017-12-31 (filed 2026-02-18); FY2017: growth capex 0; upkeep 1044000000; owner earnings 2387149075.03. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2018-12-31 (filed 2026-02-18); FY2018: growth capex 29101807.369999886; upkeep 1294898192.63; owner earnings 2879203843.51. Growth capex / owner earnings = 0.010107588400035701.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2019-12-31 (filed 2026-02-18); FY2019: growth capex 0; upkeep 1374000000; owner earnings 2237210681.962. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2020-12-31 (filed 2026-02-18); FY2020: growth capex 0; upkeep 996000000; owner earnings 1493000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2021-12-31 (filed 2026-02-18); FY2021: growth capex 0; upkeep 1554000000; cash acquisitions 1494000000; owner earnings 2441800000. Growth capex plus acquisitions / owner earnings = 0.6118437218445409.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2022-12-31 (filed 2026-02-18); FY2022: growth capex 0; upkeep 1523000000; cash acquisitions 3253000000; owner earnings 3817200000. Growth capex plus acquisitions / owner earnings = 0.8521953264172692.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2023-12-31 (filed 2026-02-18); FY2023: growth capex 184000000; upkeep 1633000000; cash acquisitions 640000000; owner earnings 2878000000. Growth capex plus acquisitions / owner earnings = 0.2863099374565671.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2024-12-31 (filed 2026-02-18); FY2024: growth capex 385543424.7501993; upkeep 2192456575.2498007; cash acquisitions 4900000000; owner earnings 2795743424.7501993. Growth capex plus acquisitions / owner earnings = 1.8905681322392682.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2025-12-31 (filed 2026-02-18); FY2025: growth capex 557000000; upkeep 2156000000; cash acquisitions 3856000000; owner earnings 3319600000. Growth capex plus acquisitions / owner earnings = 1.3293770333775154.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Incremental return on capital 0.6436946916442314, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2017,469000000],[2018,619000000],[2019,652000000],[2020,707000000],[2021,906000000],[2022,917000000],[2023,940000000],[2024,1706000000],[2025,996000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/CRG.F.json#2025-12-31 (filed 2026-02-18); FY2025: cash repurchases 1181000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRH.US SharesStats.PercentInsiders = 0.136 percentage points; cache date 2026-10-16.

### What could break it

"Strategic Mineral Reserves and Permitting" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm (filed 2026-02-18); Strategic Mineral Reserves and Permitting

### What the price says

The price assumes cash profits grow 4.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.050632700776389414. Price 82.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $32.30 per share

- 2016-11: $33.11 per share

- 2016-12: $34.38 per share

- 2017-01: $34.52 per share

- 2017-02: $33.77 per share

- 2017-03: $35.17 per share

- 2017-04: $36.32 per share

- 2017-05: $36.12 per share

- 2017-06: $35.47 per share

- 2017-07: $35.07 per share

- 2017-08: $34.91 per share

- 2017-09: $37.86 per share

- 2017-10: $37.52 per share

- 2017-11: $34.66 per share

- 2017-12: $36.09 per share

- 2018-01: $37.39 per share

- 2018-02: $33.10 per share

- 2018-03: $34.02 per share

- 2018-04: $35.36 per share

- 2018-05: $36.99 per share

- 2018-06: $35.35 per share

- 2018-07: $34.29 per share

- 2018-08: $33.12 per share

- 2018-09: $32.72 per share

- 2018-10: $29.78 per share

- 2018-11: $27.66 per share

- 2018-12: $26.35 per share

- 2019-01: $28.84 per share

- 2019-02: $31.74 per share

- 2019-03: $31.00 per share

- 2019-04: $33.65 per share

- 2019-05: $31.35 per share

- 2019-06: $32.75 per share

- 2019-07: $33.36 per share

- 2019-08: $33.62 per share

- 2019-09: $34.36 per share

- 2019-10: $36.50 per share

- 2019-11: $38.30 per share

- 2019-12: $40.33 per share

- 2020-01: $37.59 per share

- 2020-02: $33.88 per share

- 2020-03: $26.84 per share

- 2020-04: $30.12 per share

- 2020-05: $32.16 per share

- 2020-06: $34.31 per share

- 2020-07: $36.39 per share

- 2020-08: $37.10 per share

- 2020-09: $36.09 per share

- 2020-10: $35.15 per share

- 2020-11: $39.25 per share

- 2020-12: $42.58 per share

- 2021-01: $41.14 per share

- 2021-02: $43.33 per share

- 2021-03: $46.98 per share

- 2021-04: $47.27 per share

- 2021-05: $52.07 per share

- 2021-06: $50.84 per share

- 2021-07: $49.89 per share

- 2021-08: $53.12 per share

- 2021-09: $46.74 per share

- 2021-10: $47.94 per share

- 2021-11: $48.68 per share

- 2021-12: $52.80 per share

- 2022-01: $50.41 per share

- 2022-02: $44.89 per share

- 2022-03: $40.06 per share

- 2022-04: $39.58 per share

- 2022-05: $41.49 per share

- 2022-06: $34.82 per share

- 2022-07: $38.59 per share

- 2022-08: $36.99 per share

- 2022-09: $32.23 per share

- 2022-10: $36.21 per share

- 2022-11: $40.35 per share

- 2022-12: $39.79 per share

- 2023-01: $47.08 per share

- 2023-02: $47.31 per share

- 2023-03: $50.87 per share

- 2023-04: $48.50 per share

- 2023-05: $47.54 per share

- 2023-06: $55.73 per share

- 2023-07: $60.30 per share

- 2023-08: $57.57 per share

- 2023-09: $54.73 per share

- 2023-10: $53.57 per share

- 2023-11: $62.75 per share

- 2023-12: $69.16 per share

- 2024-01: $71.76 per share

- 2024-02: $84.31 per share

- 2024-03: $86.26 per share

- 2024-04: $77.42 per share

- 2024-05: $81.76 per share

- 2024-06: $74.98 per share

- 2024-07: $85.70 per share

- 2024-08: $90.77 per share

- 2024-09: $92.74 per share

- 2024-10: $95.43 per share

- 2024-11: $102.27 per share

- 2024-12: $92.52 per share

- 2025-01: $99.03 per share

- 2025-02: $102.52 per share

- 2025-03: $87.97 per share

- 2025-04: $95.42 per share

- 2025-05: $91.16 per share

- 2025-06: $91.80 per share

- 2025-07: $95.45 per share

- 2025-08: $112.95 per share

- 2025-09: $119.90 per share

- 2025-10: $119.10 per share

- 2025-11: $119.96 per share

- 2025-12: $124.80 per share

- 2026-01: $122.41 per share

- 2026-02: $119.98 per share

- 2026-03: $105.12 per share

- 2026-04: $118.42 per share

- 2026-05: $108.79 per share

- 2026-06: $107.00 per share

- 2026-07: $95.01 per share

- 2026-08: $94.29 per share

- 2026-09: $82.80 per share

- 2026-10: $80.14 per share

## Annual estimated value (USD per share)

- FY2021: low $40.52 per share, central $45.20 per share, high $51.43 per share

- FY2022: low $44.12 per share, central $49.24 per share, high $56.07 per share

- FY2023: low $49.37 per share, central $55.11 per share, high $62.76 per share

- FY2024: low $49.04 per share, central $55.17 per share, high $63.33 per share

- FY2025: low $54.73 per share, central $61.60 per share, high $70.73 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/849395/000162828026009043/crh-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.