Construction Partners, Inc. (ROAD) Balance Sheet
ROAD balance sheet, FY2025
September 30, 2025 · U.S. dollars$3.24B assets = $2.33B liabilities + $912.0M equity
Both columns are drawn to the same scale: what ROAD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ROAD financial health
Descriptive bands, not a rating. Fiscal FY2025.
ROAD balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $318.3MFY2016 | $3.24BFY2025 | +29.4%/yr | |
| Total liabilities | $162.0MFY2016 | $2.33BFY2025 | +34.5%/yr | |
| Shareholders’ equity | $156.3MFY2016 | $912.0MFY2025 | +21.7%/yr | |
| Cash & short-term investments | $51.1MFY2016 | $156.1MFY2025 | +13.2%/yr | |
| Total debt | $61.0MFY2016 | $1.69BFY2025 | +44.6%/yr | |
| Net cash (debt) | −$9.9MFY2016 | −$1.53BFY2025 | −$1.5B | |
| Working capital | $76.9MFY2016 | $352.8MFY2025 | +$275.9M | |
| Book value per share | $3.08FY2016 | $16.47FY2025 | +20.5%/yr | |
| Current ratio | 1.77FY2016 | 1.61FY2025 | −0.16 | |
| Debt / equity | 0.39FY2016 | 1.85FY2025 | +1.46 | |
| Shares outstanding | 50.8MFY2016 | 55.4MFY2025 | +1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ROAD assets
ROAD liabilities and equity
ROAD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ROAD balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $156.1M | $74.7M | $48.2M | $35.5M | $57.3M | $148.3M | $80.6M | $99.1M | $27.5M | $51.1M |
| Cash & equivalents | $156.1M | $74.7M | $48.2M | $35.5M | $57.3M | $148.3M | $80.6M | $99.1M | $27.5M | $51.1M |
| Short-term investments | — | — | −$26.9M | — | — | — | — | $0 | — | — |
| Receivables | $595.2M | $376.8M | $331.0M | $294.5M | $181.2M | $139.6M | $159.6M | $137.5M | $125.6M | $110.3M |
| Inventory | $155.1M | $106.7M | $84.0M | $74.2M | $53.8M | $38.6M | $34.3M | $24.6M | $17.5M | $13.2M |
| Other current assets | $28.4M | $26.8M | $10.1M | $13.0M | $7.8M | $5.0M | $5.4M | $6.3M | $4.5M | $2.3M |
| Total current assets | $934.8M | $585.0M | $473.4M | $417.2M | $300.0M | $331.6M | $280.0M | $267.5M | $175.1M | $176.9M |
| Property, plant & equipment (net) | $1.23B | $668.9M | $519.6M | $495.4M | $411.4M | $244.6M | $205.9M | $178.7M | $115.9M | $104.3M |
| Goodwill & intangible assets | $1.02B | $252.2M | $178.8M | $145.4M | $89.6M | $49.6M | $42.0M | $36.7M | $33.1M | $32.8M |
| Long-term investments | $72,000 | $84,000 | $87,000 | $87,000 | $108,000 | $198,000 | $496,000 | $1.7M | $0 | $0 |
| Other non-current assets | $52.0M | $36.0M | $47.8M | $37.4M | $5.5M | $2.2M | $3.5M | $11.8M | $4.4M | $4.2M |
| Total assets | $3.24B | $1.54B | $1.22B | $1.10B | $806.6M | $628.1M | $531.8M | $496.3M | $328.6M | $318.3M |
| Liabilities | ||||||||||
| Accounts payable | $284.2M | $182.6M | $151.4M | $130.5M | $86.4M | $64.7M | $70.4M | $63.5M | $52.4M | $40.8M |
| Short-term debt | $58.4M | $35.6M | $17.3M | $14.7M | $11.4M | $15.0M | $7.5M | $14.8M | $10.0M | $14.9M |
| Deferred revenue | $129.3M | $120.1M | $78.9M | $52.5M | $33.7M | $33.7M | $31.1M | $38.7M | $32.1M | $26.9M |
| Total current liabilities | $582.0M | $380.5M | $279.2M | $226.1M | $158.0M | $135.8M | $128.2M | $134.5M | $114.5M | $100.0M |
| Long-term debt | $1.57B | $487.0M | $360.7M | $363.1M | $206.2M | $79.1M | $42.5M | $48.1M | $47.1M | $46.1M |
| Lease obligations | $77.1M | $39.7M | $15.0M | $14.3M | $6.7M | $7.6M | — | — | — | — |
| Other long-term liabilities | $171.2M | $101.0M | $63.2M | $50.4M | $33.6M | $28.0M | $17.6M | $14.2M | $14.7M | $15.9M |
| Total liabilities | $2.33B | $968.4M | $703.1M | $639.6M | $397.7M | $242.9M | $188.2M | $196.8M | $176.4M | $162.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $59,000 | $56,000 | $56,000 | $56,000 | $56,000 | $55,000 | $55,000 | $54,000 | $45,000 | $45,000 |
| Retained earnings (deficit) | $417.0M | $315.2M | $246.3M | $197.3M | $175.9M | $155.7M | $115.6M | $72.5M | $21.7M | $27.0M |
| Treasury stock | — | — | — | −$15.6M | −$15.6M | −$15.6M | −$15.6M | −$15.6M | −$12.0M | −$12.6M |
| Accumulated other comprehensive income | $4.4M | $7.5M | $18.7M | $17.6M | −$23,000 | $0 | $0 | −$160.8M | −$148.1M | −$139.6M |
| Minority interest | — | — | — | — | — | — | — | $0 | — | — |
| Total shareholders' equity | $912.0M | $573.7M | $516.6M | $455.9M | $408.9M | $385.2M | $343.6M | $299.5M | $152.2M | $156.3M |
| Key figures | ||||||||||
| Total debt | $1.69B | $553.2M | $390.7M | $389.8M | $222.9M | $99.7M | $50.0M | $62.9M | $57.1M | $61.0M |
| Net cash (debt) | −$1.53B | −$478.6M | −$342.5M | −$354.3M | −$165.6M | $48.7M | $30.6M | $36.2M | −$29.6M | −$9.9M |
| Working capital | $352.8M | $204.6M | $194.2M | $191.1M | $142.1M | $195.7M | $151.8M | $132.9M | $60.6M | $76.9M |
| Tangible book value | −$110.6M | $321.5M | $337.8M | $310.4M | $319.3M | $335.6M | $301.6M | $262.8M | $119.0M | $123.5M |
| Book value per share | $16.47 | $10.91 | $9.88 | $8.77 | $7.90 | $7.46 | $6.68 | $6.52 | $2.99 | $3.08 |
| Shares outstanding | 55.4M | 52.6M | 52.3M | 52.0M | 51.8M | 51.6M | 51.4M | 45.9M | 50.8M | 50.8M |
| Current ratio | 1.61 | 1.54 | 1.70 | 1.84 | 1.90 | 2.44 | 2.18 | 1.99 | 1.53 | 1.77 |
| Quick ratio | 1.29 | 1.19 | 1.36 | 1.46 | 1.51 | 2.12 | 1.87 | 1.76 | 1.34 | 1.61 |
| Debt / equity | 1.85 | 0.96 | 0.76 | 0.86 | 0.55 | 0.26 | 0.15 | 0.21 | 0.38 | 0.39 |
| Equity / assets | 28.2% | 37.2% | 42.4% | 41.6% | 50.7% | 61.3% | 64.6% | 60.3% | 46.3% | 49.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $94.5M | $77.0M | $104.2M | $159.0M | $114.3M | $101.9M | $132.5M | $74.7M | $56.3M | $48.0M | $68.7M | $48.2M |
| Cash & equivalents | $94.5M | $77.0M | $104.2M | $159.0M | $114.3M | $101.9M | $132.5M | $74.7M | $56.3M | $48.0M | $68.7M | $48.2M |
| Receivables | $654.3M | $580.4M | $495.1M | $595.2M | $519.1M | $455.7M | $419.8M | $376.8M | $373.2M | $311.7M | $286.0M | $331.0M |
| Inventory | $185.3M | $176.8M | $170.0M | $155.1M | $148.5M | $146.9M | $145.2M | $106.7M | $104.6M | $102.8M | $96.7M | $84.0M |
| Other current assets | $27.1M | $28.2M | $39.8M | $25.5M | $27.5M | $25.1M | $25.6M | $26.8M | $20.1M | $13.1M | $10.0M | $10.1M |
| Total current assets | $961.3M | $862.4M | $809.1M | $934.8M | $809.4M | $729.5M | $723.1M | $585.0M | $554.2M | $475.5M | $461.4M | $473.4M |
| Property, plant & equipment (net) | $1.30B | $1.36B | $1.35B | $1.23B | $1.22B | $1.16B | $1.07B | $668.9M | $612.4M | $592.1M | $580.1M | $519.6M |
| Goodwill & intangible assets | $1.21B | $1.17B | $1.16B | $1.02B | $857.6M | $825.0M | $732.3M | $252.2M | $221.2M | $202.9M | $196.3M | $178.8M |
| Long-term investments | $0 | $0 | $0 | $72,000 | $72,000 | $72,000 | $85,000 | $84,000 | $84,000 | $84,000 | $87,000 | $87,000 |
| Other non-current assets | $141.3M | $41.6M | $46.3M | $52.0M | $40.8M | $39.3M | $39.0M | $36.0M | $44.2M | $42.9M | $38.3M | $47.8M |
| Total assets | $3.61B | $3.44B | $3.36B | $3.24B | $2.93B | $2.75B | $2.57B | $1.54B | $1.43B | $1.31B | $1.28B | $1.22B |
| Liabilities | ||||||||||||
| Accounts payable | $319.9M | $290.3M | $221.2M | $284.2M | $244.1M | $199.2M | $171.6M | $182.6M | $158.6M | $141.5M | $131.7M | $151.4M |
| Short-term debt | $71.8M | $65.3M | $63.4M | $58.4M | $56.0M | $54.6M | $48.3M | $35.6M | $31.2M | $20.6M | $18.5M | $17.3M |
| Deferred revenue | $149.3M | $142.2M | — | $129.3M | $124.2M | $136.3M | $136.7M | $120.1M | $113.2M | $103.5M | $88.6M | $78.9M |
| Total current liabilities | $614.0M | $564.3M | $508.2M | $582.0M | $552.2M | $513.6M | $469.7M | $380.5M | $346.0M | $290.1M | $262.9M | $279.2M |
| Long-term debt | $1.74B | $1.71B | $1.70B | $1.57B | $1.39B | $1.32B | $1.18B | $487.0M | $453.9M | $423.4M | $427.1M | $360.7M |
| Lease obligations | $105.4M | $96.3M | $95.1M | $77.1M | $70.8M | $57.0M | $43.2M | $39.7M | $34.1M | $27.3M | $19.0M | $15.0M |
| Other long-term liabilities | $212.6M | $184.4M | $176.6M | $171.2M | $127.7M | $112.7M | $104.0M | $101.0M | $79.2M | $74.9M | $65.0M | $63.2M |
| Total liabilities | $2.57B | $2.46B | $2.39B | $2.33B | $2.07B | $1.95B | $1.76B | $968.4M | $879.2M | $788.4M | $755.0M | $703.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $60,000 | $60,000 | $60,000 | $59,000 | $59,000 | $59,000 | $59,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 |
| Retained earnings (deficit) | $502.9M | $443.4M | $434.2M | $417.0M | $360.4M | $316.4M | $312.2M | $315.2M | $285.9M | $255.0M | $256.1M | $246.3M |
| Accumulated other comprehensive income | $2.6M | $3.1M | $3.2M | $4.4M | $5.5M | $7.4M | $10.0M | $7.5M | $13.8M | $14.4M | $12.0M | $18.7M |
| Total shareholders' equity | $1.04B | $979.4M | $969.1M | $912.0M | $853.3M | $807.9M | $811.1M | $573.7M | $552.9M | $525.0M | $521.2M | $516.6M |
| Key figures | ||||||||||||
| Total debt | $1.89B | $1.85B | $1.91B | $1.69B | $1.50B | $1.42B | $1.26B | $553.2M | $511.9M | $465.7M | $461.0M | $390.7M |
| Net cash (debt) | −$1.80B | −$1.77B | −$1.80B | −$1.53B | −$1.39B | −$1.31B | −$1.13B | −$478.6M | −$455.6M | −$417.7M | −$392.3M | −$342.5M |
| Working capital | $347.3M | $298.1M | $300.9M | $352.8M | $257.2M | $215.9M | $253.4M | $204.6M | $208.2M | $185.3M | $198.4M | $194.2M |
| Tangible book value | −$173.0M | −$194.5M | −$186.7M | −$110.6M | −$4.3M | −$17.1M | $78.7M | $321.5M | $331.7M | $322.1M | $324.8M | $337.8M |
| Book value per share | $18.50 | $17.41 | $17.29 | $16.33 | $15.33 | $14.51 | $14.98 | $10.91 | $10.50 | $10.11 | $9.94 | $9.86 |
| Shares outstanding | 56.3M | 56.3M | 56.0M | 55.8M | 55.7M | 55.7M | 54.2M | 52.6M | 52.7M | 51.9M | 52.4M | 52.4M |
| Current ratio | 1.57 | 1.53 | 1.59 | 1.61 | 1.47 | 1.42 | 1.54 | 1.54 | 1.60 | 1.64 | 1.75 | 1.70 |
| Quick ratio | 1.22 | 1.16 | 1.18 | 1.30 | 1.15 | 1.09 | 1.18 | 1.19 | 1.24 | 1.24 | 1.35 | 1.36 |
| Debt / equity | 1.82 | 1.88 | 1.97 | 1.85 | 1.76 | 1.75 | 1.56 | 0.96 | 0.93 | 0.89 | 0.88 | 0.76 |
| Equity / assets | 28.8% | 28.5% | 28.9% | 28.2% | 29.2% | 29.3% | 31.6% | 37.2% | 38.6% | 40.0% | 40.8% | 42.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 25, 2025); data from EODHD.
ROAD financial position
At the end of fiscal 2025 (September 30, 2025), Construction Partners had total assets of $3.2 billion (up 110.0% from a year earlier), total liabilities of $2.3 billion and shareholders' equity of $912.0 million. It held $156.1 million in cash and short-term investments against $1.7 billion of debt, net debt of $1.5 billion. Its current ratio was 1.61. In the latest quarter (ended June 30, 2026) total assets were $3.6 billion and equity $1.0 billion.
Related: ROAD income statement, ROAD cash flow statement, ROAD key metrics. See the ROAD stock overview for the latest quote and news.
ROAD balance sheet FAQ
What are Construction Partners's total assets?
Construction Partners reported total assets of $3.2 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.5 billion a year earlier.
How much debt does Construction Partners have?
Construction Partners had $1.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.85.
How much cash does Construction Partners have?
Construction Partners held $156.1 million in cash and short-term investments at the end of fiscal 2025; with $1.7 billion of debt that is net debt of $1.5 billion.
What is Construction Partners's book value?
Construction Partners's shareholders' equity (book value) was $912.0 million at the end of fiscal 2025, or $16.47 per share.
What is Construction Partners's current ratio?
Construction Partners had current assets of $934.8 million and current liabilities of $582.0 million, a current ratio of 1.61 (it can cover its short-term obligations).
How much goodwill does Construction Partners have?
Construction Partners carried $1.0 billion of goodwill and intangible assets, 31.6% of total assets, at the end of fiscal 2025.