EXP vs USLM: Eagle Materials and United States Lime & Minerals compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Eagle Materials is the larger company, worth $5.1B, about 1.7 times United States Lime & Minerals.
- United States Lime & Minerals grew revenue faster over the last year (+8.3% vs +2.6%).
- On earnings, Eagle Materials is the cheaper stock (12.5x vs 23.2x).
- United States Lime & Minerals's price assumes faster free cash flow growth: about 10% a year, against 8% for Eagle Materials (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EXP | USLM |
|---|---|---|
| Market cap | $5.1B | $3.0B |
| Share price | $164.70 | $108.58 |
| Revenue (last fiscal year) | $2.3B | $373M |
| Free cash flow (last fiscal year) | $197M | $102M |
| Revenue growth, last year | +2.6% | +8.3% |
| Revenue growth per year, last 5 fiscal years | +5.5% | +18.5% |
| Operating margin | — | 42.1% |
| Net margin | 17.3% | 35.7% |
| Return on equity | 27.1% | 19.3% |
| P/E (trailing) | 12.5x | 23.2x |
| Price / free cash flow | 25.8x | 29.5x |
| EV / EBITDA | 9.04x | 13.3x |
| FCF growth the price implies | 8.3% | 10.1% |
| Dividend yield | 0.61% | 0.23% |
| Debt / equity | 1.63x | 0.07x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 1 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Eagle Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.9B | $443M | 29.7% |
| 2023 | $2.1B | $432M | 31.4% |
| 2024 | $2.3B | $444M | 31.7% |
| 2025 | $2.3B | $353M | — |
| 2026 | $2.3B | $197M | — |
United States Lime & Minerals
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $189M | $26M | 24.5% |
| 2022 | $236M | $38M | 23.2% |
| 2023 | $281M | $58M | 30.4% |
| 2024 | $318M | $99M | 39.3% |
| 2025 | $373M | $102M | 42.4% |
Where the revenue comes from
Eagle Materials · by segments, 2026
Cement$1.3B51%
Gypsum Wallboard$764M30%
Concrete and Aggregates$300M12%
Recycled Paperboard$199M8%
United States Lime & Minerals · by products, 2018
Lime and limestone operations$142M98%
Natural gas interests$3M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EXP in InvestinglyQuestions
Which is bigger, Eagle Materials or United States Lime & Minerals?
Eagle Materials (EXP), at $5.1B against $3.0B.
Is EXP or USLM cheaper?
By trailing P/E, Eagle Materials (12.5x) is cheaper than United States Lime & Minerals (23.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, EXP or USLM?
United States Lime & Minerals: revenue grew +8.3% over the last year, against +2.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.