James Hardie

James Hardie makes exterior building products for homes. It is the leader in fiber cement siding and trim in North America, sold under the Hardie brand. In July 2025, it bought AZEK, which makes TimberTech composite and PVC decking and railing, AZEK Exteriors trim and StruXure pergolas. It reports two main segments, Siding & Trim and Deck, Rail & Accessories, and it also sells in Australia and New Zealand.

It makes money from the margin on these products, which it sells through distributors, dealers and home improvement retailers to builders, remodelers and homeowners. Net sales were $4.84 billion in the fiscal year to March 31, 2026. The company is incorporated in Ireland. Its primary listing is on the New York Stock Exchange under the ticker JHX, and its shares also trade on the ASX as CHESS units of foreign securities (CUFS) under the same ticker.

James Hardie trades at a discount because investors doubt the AZEK purchase and fear a weak US housing market while the company carries much more debt. Gross debt was $4.0 billion at September 30, 2026, all of it secured, after the company paid for AZEK partly with $1.7 billion of new notes and with secured loans. Shareholder support is also not complete: at the annual meeting on August 20, 2026, about 16% of votes withheld support from the Chair, and about 20% voted against the CEO equity grant. The company also keeps an asbestos liability in Australia that it funds each year.

Recent results are better. In Q2 fiscal 2027, net sales from continuing operations rose 24%, fiber cement volumes grew by a mid-single-digit rate, the adjusted EBITDA margin rose 450 basis points to 31.8%, and management raised its free cash flow target. Management said that this growth does not come from a better housing market, and it expects lower adjusted EBITDA in the second half because of seasonality, freight costs and a weaker economy. For the gap to close, James Hardie must keep organic growth in fiber cement, reach its $125 million cost synergy target and its $500 million revenue synergy target, deliver more than $650 million of free cash flow in fiscal 2027, close the €840 million sale of Fermacell to Holcim in the first half of 2027, and bring net leverage below 2.0 times by September 30, 2027.

The next test is the Q3 fiscal 2027 report, expected in early February 2027. The Fermacell closing in the first half of 2027 and the leverage target in the second half of 2027 follow. If these conditions hold, the gap can close over the next four to six quarters. The main risk is a longer fall in US housing activity that cuts volumes before the debt comes down.

1. Nov 5, 2026Passed

   Q2 fiscal 2027 results: organic growth and free cash flowNet sales of $1.485 billion to $1.575 billion, adjusted EBITDA of $420 million to $455 million and continued organic growth in fiber cement pass; results below guidance or a cut to the fiscal 2027 outlook fail.Outcome: Net sales were $1.564 billion with Europe, adjusted EBITDA was above guidance, fiber cement volumes grew and the fiscal 2027 outlook was reaffirmed.
2. Feb 5, 2027 · est.Pending

   Q3 fiscal 2027 results: the weaker second halfNet sales of $1.058 billion to $1.140 billion and adjusted EBITDA of $298 million to $320 million, with the fiscal 2027 outlook kept, pass; results below guidance or a cut to the outlook fail.
3. Sep 30, 2027Pending

   Net leverage below 2.0 timesNet leverage below 2.0 times at the end of Q2 fiscal 2028 passes; leverage above the target fails.
4. 2027 · est.Pending

   Closing of the Fermacell sale to HolcimThe sale closes for €840 million and about $600 million goes to debt repayment; a delay or a lower price fails.

Every passed and failed checkpoint across all picks

• November 5, 2026James Hardie reported Q2 fiscal 2027 results. Net sales from continuing operations, without Europe, rose 24% to $1.428 billion, at the high end of guidance. Siding & Trim net sales rose 15% to $880 million, and fiber cement volumes grew by a mid-single-digit rate. Adjusted EBITDA was $455 million, a margin of 31.8%, above guidance. First-half free cash flow was $535 million, and the company repaid $111 million of term loans in the quarter. It reaffirmed its fiscal 2027 net sales and adjusted EBITDA guidance and raised its free cash flow target to more than $650 million. It expects lower adjusted EBITDA in Q3 fiscal 2027.
• October 1, 2026Jennifer Kong-Picarello, CFO of Terex, joined the board as an independent non-executive director. She is expected to join the Audit Committee in November 2026.
• September 15, 2026At its first Investor Day since the AZEK purchase, James Hardie set a target of annual organic growth of 4% to 7% above its markets, without a housing recovery. It said that it expects to reach its $125 million cost synergy target about one year early and that the $500 million revenue synergy target is on track. It reaffirmed its target of net leverage below 2.0 times by Q2 fiscal 2028, raised its fiscal 2027 free cash flow target and kept its Q2 and fiscal 2027 guidance.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · jhx-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled October 1, 2026 · jhx-20261001
• 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled August 21, 2026 · jhx-20260820
• 8-KNew material agreement and Investor disclosureFiled August 20, 2026 · jhx-20260820
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · jhx-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled June 26, 2026 · jhx-20260625
• 8-KInvestor disclosureFiled May 20, 2026 · jhx-20260520

Every filing on SEC EDGAR (CIK 1159152)

• Sales depend on US new construction and repair and remodel activity. Management said that forward indicators stayed soft in Q1 fiscal 2027 and that its outlook does not assume a better housing market. Part of the Q1 growth came from an easy comparison with a year of channel inventory reduction, and this benefit gets smaller during the year.
• Debt rose after the AZEK purchase. Gross debt was $4.0 billion at September 30, 2026, all secured term loans and notes at a weighted average rate of 5.7%. The term loans have variable rates, partly hedged with an interest rate swap. If cash flow falls short, the target of net leverage below 2.0 times by September 30, 2027 can slip.
• The company must integrate AZEK and deliver $125 million of cost synergies and $500 million of revenue synergies. Deck, Rail & Accessories had an operating loss in Q1 fiscal 2027, and its pro forma sales fell 5% while the company reduced channel inventory.
• At the annual meeting on August 20, 2026, about 20% of votes were against the CEO equity grant and about 16% withheld support from the Chair. Continued opposition from shareholders can put pressure on the board and management.
• James Hardie funds the Asbestos Injuries Compensation Fund in Australia. It will pay A$128.2 million to the fund in fiscal 2027, and the asbestos liability on the balance sheet was about $980 million at June 30, 2026. Higher claims can raise the required payments.

All debt is secured. At September 30, 2026, it consisted of $700 million of 5.875% notes due 2031, $1.0 billion of 6.125% notes due 2032, a $650 million term loan due 2028 and a $1.70 billion term loan due 2030, with nothing drawn on the revolving facility. Read more

James Hardie does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.