Direct Answer
13 SEC filers are classified under the Standard Industrial Classification codes that describe the construction materials industry, and their latest annual reports show $70.5 billion of combined revenue and a median operating margin of 6.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Construction materials companies produce cement, aggregates, ready-mix concrete, asphalt and wallboard for buildings and infrastructure. Local markets, transport cost and permitting give regional pricing power, and demand follows construction cycles. The first numbers to compare across companies here are shipments by product, price per unit and cash gross profit per ton.
Key Industry Metrics
- Shipments by product: Volume of cement, aggregates, concrete and asphalt delivered. Product split shows which markets are strongest and how exposed results are to housing versus infrastructure.
- Price per unit: Average price per ton or per cubic yard. Local supply constraints mean prices can rise through the cycle, though competition can limit them.
- Cash gross profit per ton: Revenue per ton less cash cost of production, before depreciation. It is the clearest comparison of unit profitability across plants and companies.
- Backlog: Awarded work not yet delivered. It provides visibility for the next season, especially for public projects that are funded in advance.
- Share of public infrastructure work: Part of demand tied to roads, bridges and public works. Public demand is generally steadier and funded by budgets rather than by credit.
Primary Macro Drivers
- Infrastructure spending: Public programs use cement, stone, concrete and asphalt, so funding levels set shipments by product and backlog.
- Residential and commercial construction: Building starts consume all product lines, so their level moves price per unit and cash gross profit per ton.
- Energy and fuel costs: Kilns, plants and haulage run on fuel and power, so energy prices move cost per ton and margin.
- Local capacity and permitting: Quarry and plant permits limit new supply near cities, which helps pricing power in established markets.
Major Risks
- Construction cycles: Building and road activity rise and fall over years, so volumes and margins follow; watch backlog and shipments by product.
- Weather: Rain, snow and storms disrupt work and shift shipments between quarters; watch seasonal patterns in shipments and backlog.
- Energy cost inflation: Higher fuel and power costs raise cost per ton quickly; watch energy cost trends and pricing actions.
- Carbon regulation on cement: Carbon pricing or emissions limits would add cost for kilns; watch regulatory timelines and decarbonization spending.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. |
Construction Materials Filers in the SEC Record
13 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3241, 3272, 3290, 1400. Their latest fiscal years end between 2025 and 2026, and together they reported $70.5 billion of revenue. Median revenue growth over the prior year was 8.5%. Median operating margin was 6.3% and median net margin 5.0%. Median total liabilities were 43% of total assets, and 9 of 13 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Crh Public Ltd Co | $37.4 billion | 5.3% | 14.5% | 10.0% | FY 2025 |
| Owens Corning | $10.1 billion | 2.6% | 3.6% | -5.2% | FY 2025 |
| Vulcan Materials Co | $7.9 billion | 7.1% | 20.4% | 13.6% | FY 2025 |
| Martin Marietta Materials Inc | $6.2 billion | 8.6% | 23.4% | 18.5% | FY 2025 |
| Knife River Corp | $3.1 billion | 8.5% | 9.1% | 5.0% | FY 2025 |
| Eagle Materials Inc | $2.3 billion | 2.1% | n/a | 18.4% | FY 2026 |
| Hecla Mining Co | $1.4 billion | 53.0% | 36.2% | 22.6% | FY 2025 |
| Compass Minerals International Inc | $1.2 billion | 11.3% | 2.0% | -6.4% | FY 2025 |
The 8 largest of 13 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Construction Materials guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Construction Materials industry?
Key performance indicators for the Construction Materials industry include: Shipments by product, Price per unit, Cash gross profit per ton, Backlog, Share of public infrastructure work. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Construction Materials industry?
The Construction Materials industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Construction Materials industry?
The primary risks for Construction Materials companies include: Construction cycles, Weather, Energy cost inflation, Carbon regulation on cement. Investors should assess each company's exposure to these factors and its track record of navigating them.