Eagle Materials Inc (EXP) is fairly valued and Vulcan Materials Co (VMC) is overvalued.
Against our estimates of intrinsic value, EXP trades at the wider discount: a margin of safety of +1%, against -60% for VMC.
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 9.5% (average of 3 methods) values the shares at $155.27; the price of $247.87 is 60% above that value, and 74% of that value comes from beyond year five.
Leak Score 57/100 on 10 of 12 signals
| Metric | EXP | VMC |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $183.16 | $247.87 |
| Intrinsic value | $185.22 | $155.27 |
| Margin of safety | +1% | -60% |
| Leak Score | 59/100 (3/12) | 57/100 (10/12) |
| Market cap | $5.6B | $32.1B |
| Revenue growth, 5 years | 7.3% | 10.3% |
| Operating margin | 23.2% | 20.7% |
| Net margin | 17.3% | 13.8% |
| Return on equity | 27.0% | 13.2% |
| Debt to equity | 1.21 | 0.58 |
| P/E | 14.5x | 29.3x |
| Forward P/E | 12.9x | 23.4x |
| P/B | 3.8x | 3.8x |
| Dividend yield | 0.5% | 0.9% |