Construction Partners
ROAD on Nasdaq. Construction Partners sells roadwork and asphalt to governments, businesses, and developers. Market value $3.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to September 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.38 of spare cash in the past 12 months. A savings account pays about $4.
You pay 23.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 61 of 100. Price score: 46 of 100. Our list needs 70 on quality and 60 on price.
$93.89 a share, 7% above its 1-year low
Over the past year the price has ranged from $87.65 to $151.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $911m | $1.3bn | $1.6bn | $1.8bn | $2.8bn |
| Operating margin | |||||
| Operating margin | 3.3% | 2.7% | 5.2% | 6.1% | 8.0% |
| Debt to equity | |||||
| Debt to equity | 0.53 | 0.83 | 0.73 | 0.90 | 1.78 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.78× equity
- Revenue growth, five yearsStrong, 29.1% a year
- Buying back its own sharesNo, 7% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $999 million last quarter, up 28% on a year ago.
- Profit: $60 million, up 35% on a year ago.
- It keeps 9 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Spare cash over the past 12 months: $176 million, up from $153 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.7 billion more than cash, up from $1.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $538m |
| December 2024 | $562m |
| March 2025 | $572m |
| June 2025 | $779m |
| September 2025 | $900m |
| December 2025 | $809m |
| March 2026 | $769m |
| June 2026 | $999m |
| Quarter to | Amount |
|---|---|
| September 2024 | $29m |
| December 2024 | -$3m |
| March 2025 | $4m |
| June 2025 | $44m |
| September 2025 | $57m |
| December 2025 | $17m |
| March 2026 | $9m |
| June 2026 | $60m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 November 2025
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 362 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $33m | 0.3% | Added |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Cut |
Largest holders overall
- FMR$849m
- BlackRock$461mAdded
- Vanguard Capital Management$238m
- Vanguard Portfolio Management$234mAdded
- Kayne Anderson Rudnick Investment Management$181mCut
- Conestoga Capital Advisors$161mCut
- Geode Capital Management$152mAdded
- Geneva Capital Management$148mCut
- First Trust Advisors LP$145mAdded
- State Street$139mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor14.8%+7.5 ptsSince 31 July 2026
- FMR LLCPassive investorat least 14.8%+4.1 pts(filed with 1 related holder)Since 31 March 2026
- Ned N. Fleming, IIIPassive investorat least 13.8%+2.2 pts(filed with 6 related holders)Since 30 September 2025
- Conestoga Capital AdvisorsPassive investor7.9%Since 31 December 2024
- Kayne Anderson Rudnick Investment Management, LLCPassive investorSold down below 5%Since 30 September 2025
- GENEVA CAPITAL MANAGEMENT LLCPassive investorSold down below 5%Since 31 August 2025
- Charles E. OwensInsider or founderSold down below 5%Since 6 August 2025
What they said
Item 4 is hereby amended and supplemented as follows: "Amended and Restated Voting Agreement On August 6, 2025, the Reporting Persons entered into an amended and restated voting agreement (the "A&R Voting Agreement") by and among the Reporting Persons, SunTx Capital Management…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.8%+7.5 pts | 31 July 2026 | |
FMR LLC Passive investor | at least 14.8%+4.1 pts (filed with 1 related holder) | 31 March 2026 | |
Ned N. Fleming, III Passive investor | at least 13.8%+2.2 pts (filed with 6 related holders) | 30 September 2025 | |
Conestoga Capital Advisors Passive investor | 7.9% | 31 December 2024 | |
Kayne Anderson Rudnick Investment Management, LLC Passive investor | Sold down below 5% | 30 September 2025 | |
GENEVA CAPITAL MANAGEMENT LLC Passive investor | Sold down below 5% | 31 August 2025 | |
Charles E. Owens Insider or founder | Sold down below 5% | 6 August 2025 | What they saidItem 4 is hereby amended and supplemented as follows: "Amended and Restated Voting Agreement On August 6, 2025, the Reporting Persons entered into an amended and restated voting agreement (the "A&R Voting Agreement") by and among the Reporting Persons, SunTx Capital Management… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.