Eagle Materials Inc (EXP) is fairly valued and United States Lime & Minerals Inc (USLM) is fairly valued.
Against our estimates of intrinsic value, USLM trades at the wider discount: a margin of safety of +3%, against +1% for EXP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.7% (average of 3 methods) values the shares at $185.22; the price of $183.16 is 1% below that value, and 74% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $117.56; the price of $113.78 is 3% below that value, and 78% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
| Metric | EXP | USLM |
|---|---|---|
| Verdict | Fairly valued | Fairly valued |
| Price | $183.16 | $113.78 |
| Intrinsic value | $185.22 | $117.56 |
| Margin of safety | +1% | +3% |
| Leak Score | 59/100 (3/12) | 44/100 (2/12) |
| Market cap | $5.6B | $3.3B |
| Revenue growth, 5 years | 7.3% | 18.3% |
| Operating margin | 23.2% | 42.1% |
| Net margin | 17.3% | 35.7% |
| Return on equity | 27.0% | 21.4% |
| Debt to equity | 1.21 | 0.00 |
| P/E | 14.5x | 24.3x |
| Forward P/E | 12.9x | 20.0x |
| P/B | 3.8x | 4.7x |
| Dividend yield | 0.5% | 0.2% |