What are the investment strengths of CRH PLC (CRH)?

Dominant scale (37.4B TTM revenue, 15x median) drives gross margin 36.1% vs 28.2% median. ROIC TTM 9.2% nearly 2x industry median 5.2%, showing capital discipline despite heavy M&A. Net margin TTM 10.0% is 2.4x industry median with ROE 16.4% vs 8.6%. Debt paydown of 1.2B TTM and 1.7x net debt/EBITDA provide capacity for opportunistic deals.

What are the investment risks for CRH PLC (CRH)?

Goodwill 13.1B is 55% of equity; tangible book only 8.9B. At P/B 2.9x, any impairment cycle compresses equity and multiples. Intangibles total 15.1B (26% of assets). Working capital consumed 1.3B TTM (receivables up 2.1B). FCF of 2.9B is only 7.8% of market cap — modest yield for a cyclical materials business at 18.5x P/E.

CRH PLC

CRH

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CRH PLC AI Insights

Informational only. Not investment advice.

As of 2026-03-18

Snapshot

Goodwill of 13.1B is 55% of equity (TTM) and tangible book is only 8.9B — acquisition-heavy model carries impairment risk at 2.9x P/B.[Goodwill]
Net margin TTM 10.0% is 2.4x industry median (4.2%), while operating margin TTM 14.2% is 1.5x median (9.5%) — pricing power visible.[Net Margin]
FCF TTM of 2.9B converts only 52% of CFO (5.6B) due to 2.7B capex — capital intensity constrains shareholder returns.[Free Cash Flow]

Watch Triggers

Goodwill: Exceeds 60% of Common Stockholders' Equity — Signals acquisition premium erosion; impairment would directly hit earnings and equity.
Change in Working Capital: Positive outflow exceeds 1.5B for two consecutive periods — Persistent WC build erodes FCF conversion below 50%, limiting buybacks and debt reduction.
Operating Margin: Falls below 12% (approaching industry median ~9.5%) — Would indicate pricing power erosion or cost inflation outpacing price increases.

Bull Case

Dominant scale (37.4B TTM revenue, 15x median) drives gross margin 36.1% vs 28.2% median. ROIC TTM 9.2% nearly 2x industry median 5.2%, showing capital discipline despite heavy M&A.

Gross MarginROICTotal Revenue

Net margin TTM 10.0% is 2.4x industry median with ROE 16.4% vs 8.6%. Debt paydown of 1.2B TTM and 1.7x net debt/EBITDA provide capacity for opportunistic deals.

Net MarginROENet Issuance Payments of Debt

Bear Case

Goodwill 13.1B is 55% of equity; tangible book only 8.9B. At P/B 2.9x, any impairment cycle compresses equity and multiples. Intangibles total 15.1B (26% of assets).

GoodwillTangible Book ValueP/B Ratio

Working capital consumed 1.3B TTM (receivables up 2.1B). FCF of 2.9B is only 7.8% of market cap — modest yield for a cyclical materials business at 18.5x P/E.

Change in Working CapitalFree Cash FlowP/E Ratio

Bull vs Bear Balance

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Forward Thesis

Margin expansion likely to plateau as integration gains from M&A roll-off and capex stays elevated.

1-3ymed

Capex TTM 2.7B is 7.2% of revenue, above median intensity
Net debt 13.6B at 0.82 D/E limits further leveraged M&A
Working capital rose 1.3B TTM, pressuring cash conversion

FCF/CFO conversion only 52% TTMROIC TTM 9.2% vs 5.2% industry medianNet debt/EBITDA ~1.7x leaves moderate headroom

Revenue scale (37.4B TTM, ~15x industry median) sustains pricing and procurement advantages.

3-5yhigh

Gross margin TTM 36.1% vs 28.2% industry median
EPS TTM 5.51 vs industry median 1.41
Dividend payout 5yr avg 33.7% vs 3.9% median — returns capital

Revenue 37.4B is 15x industry median 2.5BOperating income 5.3B is 21x median 258MROE TTM 16.4% vs 8.6% median

Valuation Context

Caveats

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CRH Fundamentals

Manufacturing → Nonmetallic Mineral Product Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$79.84B		—
Enterprise Value	$95.45B		—
P/E Ratio	22		—
Total Revenue - TTM	$37.45B	+5.3%	—
Earnings Per Share (diluted) - TTM	$5.51	+7.1%	—
Operating Margin - TTM	14.2%	+0.6%	—
Net Margin - TTM	9.96%	+0.1%	—
Free Cash Flow - TTM	$2.91B	+20.8%	—
Return on Common Equity - TTM	16.4%	-0.1%	—
Beta 5Y (Monthly)	unknown		—

CRH Dividend History

38 dividends

2026

$0.3900

03/06/26$0.3900

2025

$1.4800

11/21/25$0.3700

08/22/25$0.3700

05/23/25$0.3700

03/14/25$0.3700

2024

$1.4000

11/22/24$0.3500

08/23/24$0.3500

05/23/24$0.3500

03/14/24$0.3500

2023

$2.3600

12/14/23$1.0800

10/19/23$0.2500

03/16/23$1.0300

2022

$1.1948

09/08/22$0.2398

03/16/22$0.9550

2021

$1.1668

09/09/21$0.2266

03/18/21$0.9402

2020

$0.9081

09/03/20$0.2172

03/12/20$0.6909

2019

$0.8029

09/05/19$0.2186

03/14/19$0.5844

2018

$0.8299

09/06/18$0.2288

03/09/18$0.6011

2017

$0.7101

09/07/17$0.2225

03/09/17$0.4876

2016

$0.7084

09/07/16$0.2075

03/10/16$0.5009

2015

$0.6894

09/09/15$0.1985

03/05/15$0.4909

2014

$0.8341

08/27/14$0.2290

03/05/14$0.6051

2013

$0.8247

08/28/13$0.2549

03/06/13$0.5698

2012

$0.8323

08/22/12$0.2397

03/07/12$0.5925

2011

$0.8831

08/24/11$0.2559

03/09/11$0.6272

2010

$0.7930

09/01/10$0.2352

03/10/10$0.5578

CRH Stock Splits

No stock splits

CRH SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/18/26	12/31/25	Annual	0001628280-26-009043
11/05/25	09/30/25	Quarterly	0001628280-25-049574
08/06/25	06/30/25	10-Q	0001628280-25-038362
05/05/25	03/31/25	Quarterly	0001628280-25-022195
02/28/25	12/31/24	10-K	0001628280-25-008179
11/07/24	09/30/24	10-Q	0001628280-24-045944
08/08/24	06/30/24	10-Q	0001628280-24-035823
05/10/24	03/31/24	Quarterly	0001628280-24-022452
02/29/24	12/31/23	10-K	0001628280-24-007773
11/07/24	09/30/23	Quarterly	--
08/24/23	06/30/23	6-K	0001654954-23-011223
05/10/24	03/31/23	Quarterly	0001628280-24-022452
03/14/23	12/31/22	20-F	0001628280-23-007435
06/30/22	06/30/22	6-K	0001654954-22-011823
03/12/22	12/31/21	20-F	0001193125-22-072901
06/30/21	06/30/21	6-K	0001654954-21-007422
03/12/21	12/31/20	20-F	0001193125-21-078969
06/30/20	06/30/20	6-K	0001654954-20-009414
03/06/20	12/31/19	6-K	0001654954-19-014308
06/30/19	06/30/19	6-K	0001654954-19-009896
03/08/19	12/31/18	20-F	0001193125-19-068446
06/30/18	06/30/18	6-K	0001654954-18-009520
03/09/18	12/31/17	20-F	0001193125-18-076345
06/30/17	06/30/17	6-K	0001654954-17-007874
03/12/17	12/31/16	20-F	0001193125-17-077859
06/30/16	06/30/16	6-K	0001654954-16-001808
03/17/16	12/31/15	6-K	0001191638-15-001514
06/30/15	06/30/15	6-K	0001191638-15-001081
03/12/15	12/31/14	6-K	0001191638-14-001629
06/30/14	06/30/14	6-K	0001191638-14-001170
03/14/14	12/31/13	6-K	0001191638-14-000001
06/30/13	06/30/13	6-K	0001191638-13-001081
03/27/13	12/31/12	20-F	0001193125-13-129631
06/30/12	06/30/12	6-K	0001191638-12-001087
03/13/14	01/01/12	20-F	0001193125-14-098046
03/28/12	12/31/11	20-F	0001193125-12-136915
06/30/11	06/30/11	6-K	0001191638-11-001086
03/31/11	12/31/10	20-F	0001193125-11-084349
06/30/10	06/30/10	6-K	0001191638-10-001387
04/01/10	12/31/09	20-F	0001193125-10-074375
06/30/09	06/30/09	6-K	0001019687-09-003101
06/30/08	06/30/08	6-K	0001191638-08-001191
03/31/08	03/30/08	Unknown	--
05/13/08	12/31/07	6-K	0001191638-07-003049
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
03/31/07	03/31/07	6-K	0001191638-07-000941
05/03/07	12/31/06	ARS	9999999997-07-018925
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	6-K	0001191638-06-001546
03/31/06	03/31/06	6-K	0001191638-06-000723
05/30/06	12/31/05	ARS	9999999997-06-013009
09/30/05	09/30/05	6-K	0001191638-05-001857
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--
06/29/05	12/31/04	ARS	9999999997-05-017316
09/30/04	09/30/04	Unknown	--
06/30/04	06/30/04	Unknown	--
03/31/04	03/30/04	Unknown	--
06/04/04	12/31/03	6-K	9999999997-04-015600
09/30/03	09/30/03	6-K	0001191638-03-001362
06/30/03	06/30/03	6-K	0001191638-03-000916
03/31/03	03/30/03	Unknown	--
06/25/03	12/31/02	6-K	9999999997-03-014777
09/30/02	09/30/02	Unknown	--
06/30/02	06/30/02	6-K	9999999997-02-049080
03/31/02	03/30/02	Unknown	--
06/14/02	12/31/01	6-K	9999999997-02-015750
09/30/01	09/30/01	Unknown	--
06/30/01	06/30/01	6-K	9999999997-02-014682
03/31/01	03/30/01	Unknown	--
12/31/00	12/31/00	Unknown	--
09/30/00	09/30/00	Unknown	--
06/30/00	06/30/00	Unknown	--
03/31/00	03/30/00	Unknown	--