Construction Partners, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Construction Partners, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	568	680	783	786	911	1,302	1,564	1,824	2,812
Cost of revenue	477	581	665	663	791	1,162	1,367	1,566	2,373
Gross profit	91	99.5	118	122	120	139	196	258	439
General and administrative	47.9	55.3	62.7	68.6	91.9	108	127	148	199
Operating income	46.6	61.4	57.1	55.2	30.1	35.4	81.9	111	225
Interest expense					1.3		17.3	19.1	90.4
Other non-operating income		0.1	0.42	0.34	0.82	0.6	0.88	-0.07	0.09
Pre-tax income	40.8	60.1	55.7	52.5	28.5	28.3	65.4	92.1	135
Income tax	14.7	10.5	13.9	12.8	8.35	6.92	16.4	23.2	32.7
Net income	26	50.8	43.1	40.3	20.2	21.4	49	68.9	102
EBITDA	67.7	86.7	88.4	94.5	79.9	101	151	191	369
EPS, basic	0.63	1.11	0.84	0.78	0.39	0.41	0.95	1.33	1.85
EPS, diluted	0.63	1.11	0.84	0.78	0.39	0.41	0.94	1.31	1.84
Shares, basic (weighted)	41.6	45.6	51.4	51.5	51.6	51.8	51.8	51.9	54.9
Shares, diluted (weighted)	41.6	45.9	51.4	51.6	51.8	52	52.3	52.6	55.4

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.5	99.1	80.6	148	57.3	35.5	48.2	74.7	156
Inventory	17.5	24.6	34.3	38.6	53.8	74.2	84	107	155
Other current assets	4.52	14.1	13.1	5.04	7.79	13	9.31	24.8	25.5
Total current assets	175	267	280	332	300	417	473	585	935
Property, plant and equipment	116	179	206	237	405	481	505	630	1,153
Lease right-of-use assets			0	7.38	6.54	14	14.5	38.9	76.4
Goodwill	30.6	32.9	38.5	46.3	85.4	129	159	232	943
Intangible assets	2.55	3.74	3.43	3.22	4.16	16	19.5	20.5	79.2
Other non-current assets	2.48	10.3	2.28	1.78	5.53	30.5	32.7	18	28.8
Total assets	329	496	532	628	807	1,096	1,220	1,542	3,239
Accounts payable	52.4	63.5	70.4	64.7	86.4	130	151	183	284
Deferred revenue		38.7	31.1	33.7	33.7	52.5	78.9	120	129
Short-term debt	10	14.8	7.54	13	10	12.5	15	26.6	38.5
Total current liabilities	115	135	128	136	158	226	279	380	582
Long-term debt	47.1	48.1	42.5	79.1	206	363	361	487	1,574
Lease liabilities			0	5.55	5.3	12.1	12.6	30.7	57.2
Other non-current liabilities	5.02	5.3	6.11	8.48	10.9	11.7	13.4	16.5	34
Total liabilities	176	197	188	243	398	640	703	968	2,327
Total debt	57.5	63.3	50.3	92.9	218	377	376	515	1,626
Paid-in capital	142	242	243	245	249	257	267	278	541
Retained earnings	21.7	72.5	116	156	176	197	246	315	417
Treasury stock	-12	-15.6	-15.6	-15.6	-15.6
Other comprehensive income			0	0	-0.02	17.6	18.7	7.5	4.37
Shareholders' equity	152	299	344	401	409	456	517	574	912
Total equity	152	299	344	401	409	456	517	574	912
Total liabilities and equity	329	496	532	628	807	1,096	1,220	1,542	3,239
Shares outstanding	41.7	39.5	19.2

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	26	50.8	43.1	40.3	20.2	21.4	49	68.9	102
Depreciation and amortization	21.1	25.3	31.2	39.3	49.8	65.7	68.9	80	144
Stock-based compensation	0.51	0.98	0.96	1.57	3.55	8	10.8	14.4	37
Deferred income tax	0.87	-0.48	3	3.31	3.75	5.97	11.2	22.7	27.5
Change in inventory	-3.06	-2.75	-8.83	-1.18	-3.93	-17.5	-7.32	-15.5	-5.15
Change in payables	11.6	7.46	6.93	-5.71	20.2	41.3	17.2	13.4	47.5
Cash from operations	46.9	66.1	55.3	105	48.5	16.5	157	209	291
Capital expenditures	-24.4	-42.8	-42.5	-52.6	-56.3	-68.9	-97.8	-87.9	-138
Acquisitions	-10.8	-51.3	-13.9	-30.2	-211	-129	-91.8	-232	-1,155
Cash from investing	-30.7	-89.6	-60.2	-79.4	-263	-197	-143	-308	-1,280
Debt issued	49.6	21.9	0	72.3	219	167	103	210	1,242
Debt repaid	-60.6	-12.4	-13	-30.4	-95.4	-8.13	-103	-72.8	-147
Stock issued	0	98	0
Share buybacks				0	0	-0.04	-0.14	-11.3	-23.5
Dividends paid	-31.3	0
Cash from financing	-39.8	95.1	-13.6	41.9	124	159	-0.26	126	1,071
Net change in cash	-23.5	71.6	-18.5	67.7	-91.1	-21.7	13.5	27.6	82.3
Free cash flow	22.5	23.3	12.8	52.6	-7.83	-52.4	59.3	121	153
Interest paid	3.31	2.34	2.64	2.04	3.2	9.29	19.2	21.7	80.6
Income taxes paid	12.5	14.4	9.12	9.91	6.22	1.37	1.01	5.45	5.51

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $93.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.8%	Gross profit / revenue.
Operating margin	8.6%	Operating income / revenue.
EBITDA margin	13.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.1%	Cash from operations / revenue.
Effective tax rate	24.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.1%	Capital expenditures / revenue.
D&A / revenue	4.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	54.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	70.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	46.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	29.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	102.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	85.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	32.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	92.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	53.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	31.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	47.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	68.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	40.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	64.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	160.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	23.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	59.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	26.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	110.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	43.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	38.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.57x	Current assets / current liabilities.
Quick ratio	0.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.72x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.5%	Total debt / total assets.
Liabilities / assets	71.2%	Total liabilities / total assets.
Net debt	$1.69B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.63x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.74x	Operating income / interest expense.
Working capital	$347.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$173.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.96x	Revenue / average total assets.
Fixed asset turnover	2.68x	Revenue / average property, plant and equipment.
Inventory turnover	15.8x	Cost of revenue / average inventory.
Days inventory	23 days	365 x average inventory / cost of revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	123.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	50.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$61.81	Revenue / diluted weighted shares.
FCF per share	$3.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.27	Cash from operations / diluted weighted shares.
Book value per share	$18.50	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.07	Tangible book value / shares outstanding.
Cash per share	$1.68	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	18.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.38B	Share price x shares outstanding.
Enterprise value	$7.07B	Market cap + total debt - cash - short-term investments.
P/E	37.7x	Market cap / net income. Only when net income is positive.
P/S	1.55x	Market cap / revenue.
P/B	5.17x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	30.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
EV/Sales	2.03x	Enterprise value / revenue.
EV/EBIT	23.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.58x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Construction Partners, Inc.'s revenue in fiscal 2025?

Construction Partners, Inc. reported revenue of $2.81B for fiscal 2025, 54.2% higher than the year before.

Was Construction Partners, Inc. profitable in fiscal 2025?

Yes. Net income was $101.8M, a net margin of 3.6%.

How much free cash flow did Construction Partners, Inc. generate in fiscal 2025?

Cash from operations of $291.3M minus capital expenditures of $137.9M left free cash flow of $153.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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