Non-Energy Materials

Construction Materials

32 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today32nd percentile

Cheaper than in 70% of quarters since 1999Its usual range since 1999 is the 24th to 68th percentile (the middle 80% of quarters), with a median of the 36th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is cheap against its own past, and returns on assets are strong (higher than in 90% of quarters), so it isn't cheap because returns are depressed. Free cash flow yield is in its usual range. A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

Over- or under-earning?

Earning about normally

Return on assets ranks at the 77th percentile of investable US stocks, against a median of the 66th and a low of the 23rd since 1999. That is close to its usual level, so today's multiple is about right on a normalized basis. If earnings normalize, the multiple would likely stay about where it is: from the 32nd percentile today (cheaper than 68% of investable US stocks), around the 34th, judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 74th (dearer than 74% of investable US stocks).

Percentile	Today	Returns normal	Returns at low
Return on assets (higher is better)	77th	66th (median)	23rd (low)
Acquirer's Multiple (lower is cheaper)	32nd	34th	74th

Construction Materials's return on assets as a percentile, quarterly since 1999. The shaded band is its usual range; the dashed line its median.

Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (40 quarters) and of their low (5). The past, not a forecast.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleCheaper than usualPercentile of enterprise value ÷ operating income: lower is cheaper. Cheaper than in 70% of quarters since 1999.

Free cash flow yieldUsual rangePercentile of free cash flow yield: higher is a bigger yield. Lower than in 54% of quarters since 1999.

Shareholder yieldHigher than usualDividends plus buybacks, as a percentile: higher is a bigger yield. Higher than in 77% of quarters since 1999.

Dividend yieldUsual rangePercentile of dividend yield: higher is a bigger yield. Higher than in 59% of quarters since 1999.

Return on assets, 5-yrNear its bestPercentile of five-year return on assets: higher is better. Higher than in 90% of quarters since 1999.

Debt to equityLess debt than usualPercentile of debt to equity: lower is less debt. Less indebted than in 84% of quarters since 1999.

Company sizeLarger than usualPercentile of market cap: higher is larger. Larger than in 88% of quarters since 1999.

Construction Materials stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Non-Energy Materials industries

Metal Ore Mining cheaper than 95%Commodity Chemicals dearer than 54%Containers and Packaging dearer than 55%Other Mining dearer than 58%Metal Products dearer than 69%Other Materials dearer than 73%Specialty and Performance Chemicals dearer than 90%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.