S&P 500 7,623.68 −0.52%
Nasdaq 25,955.34 −0.21%
S&P/TSX 35,788.18 −0.52%
Apple 347.73 −0.14%
Nvidia 210.96 −0.59%
Microsoft 524.51 +0.66%
Shopify 236.24 −0.07%
Royal Bank 281.77 −0.36%
CAD/USD 0.7134 −0.11%
PRE-MKT · 04:35 ET
Market ClerkRecap
Mon Oct 26 · pre-market1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CRH

CRH PUBLIC LTD CO
NYSE · MATERIALS · CEMENT, HYDRAULIC
84.89
−1.54 −1.78%
USD · close Oct 23
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
53
WATCH · shorts 53
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $56.5BP/E 15.0DIV YIELD 1.79%FCF YIELD 4.90%REV TTM $38.6B +6.3%NET INCOME $3.8B +16.2%NET DEBT $14.8B52W 79.20 – 131.38SEC XBRL · TTM TO Invalid Date

How CRH rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
75%
of sentences unchanged
Added
27
new sentences
Dropped
34
sentences removed
Length
−116
words, now 6,848

New in FY2025

  • Risk Factors In addition to the other information contained in this Form 10-K, you should carefully consider the following risk factors before investing in our Ordinary Shares.
  • The following risks are considered material to our business based upon current knowledge, information, and assumptions.
  • The risks and uncertainties we describe below relate to future events, expectations, trends, and operating periods, are subject to change and are not the only ones we face.
  • This Form 10-K also contains forward-looking statements that involve risks and uncertainties.
  • Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including (but not limited to) the risks described below and elsewhere in this Form 10-K.
  • With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as cementitious materials, aggregates, asphalt, concrete, and concrete products can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
  • In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of Total revenues in 2025, consistent with 10% in 2024, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
  • The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the IIJA in the United States and large European infrastructure initiatives.
  • The occurrence or recurrence of disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
  • For additional information on the Company’s reserves position, see pages 21 to 25.
  • In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential ongoing information technology (IT) support).
  • Payment of Dividends/Share Repurchase Program CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
  • Failure to differentiate and innovate could lead to adverse impacts on financial performance.
  • If we fail to make the required technological investments at the right time, or fail to appropriately leverage emerging technologies, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
  • However, we have faced attempted cyber-attacks and are likely to face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
  • In addition, as cybersecurity threats evolve, including from emerging technologies, such as advanced forms of AI and quantum computing, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
  • Any of our suppliers may experience temporary, prolonged or even permanent operational disruption (e.g. significant system outages) and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance, and reputation.
  • In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and SCMs, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
  • Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows: Interest rate and leverage risks As of December 31, 2025, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $18.2 billion, compared to $14.3 billion in 2024, and Cash and cash equivalents and Restricted cash of approximately $4.1 billion, compared to $3.8 billion in 2024.
  • Significant acquisition activity could adversely affect our leverage profile and, in turn, adversely impact operating and financial flexibility as well as financial position.
  • Foreign currency risks If the Company’s reporting currency weakens relative to the basket of foreign currencies in which Net Debt* 6 is denominated (including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc), the Net Debt* balance would increase; the converse would apply if the Company’s reporting currency was to strengthen.
  • The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly-rated financial institutions which as of December 31, 2025, totaled $4.1 billion and $60 million, compared to $3.8 billion and $27 million, respectively, in 2024.
  • In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; as of December 31, 2025, this balance was $4.7 billion and in 2024 this balance was $4.4 billion.
  • In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness. 6 * * Represents a non-GAAP measure.
  • See “Non-GAAP Reconciliation and Supplementary Information” on pages 35 to 38 for a reconciliation to the most directly comparable GAAP measure.
  • From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results.
  • “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 42 .

Gone since FY2024

  • Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors before investing in our ordinary shares.
  • The risks and uncertainties we describe below are not the only ones we face.
  • This Annual Report on Form 10-K also contains forward-looking statements that involve risks and uncertainties.
  • Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including the risks described below and elsewhere in this Annual Report on Form 10-K.
  • With a significant proportion of construction activity undertaken outside (e.g. highway construction), demand for and the utilization of the Company's products and services such as aggregates, asphalt and concrete can be highly seasonal in line with customer demand, and may additionally be impacted by acute and/or chronic changes in global and/or localized weather events/conditions.
  • In addition, CRH may also be negatively impacted by fluctuations in the price of fuel and principal energy-related raw materials, which accounted for approximately 10% of total revenues in 2024, compared to 11% in 2023, with no guarantee that the Company will continue to be able to absorb these inflationary pressures.
  • The allocation of government funding for public infrastructure programs is a key driver for our markets, such as the infrastructure elements of the Infrastructure Investment and Jobs Act (IIJA) in the United States, and large European infrastructure initiatives.
  • The recurrence of Covid-19 and/or similarly disruptive/dangerous pandemics could materially endanger our workers and/or contractors.
  • For additional information on the Company’s reserves position, see pages 22 to 26.
  • In addition, situations may arise where the Company may be liable for the past acts, omissions or liabilities of acquired companies, or may remain liable in cases of divestiture (including for potential environmental liabilities or potential on-going information technology (IT) support).
  • Failure to differentiate and innovate could lead to market share decline, with adverse impacts on financial performance.
  • If we fail to make the required technological investments at the right time, we may lose competitive advantage and/or inhibit our ability to comply with evolving laws and/or regulations.
  • However, we have faced attempted cyber-attacks and may face future cyber-attacks, including malware or ransomware attacks, or suffer other human or technological errors that have a material impact.
  • In addition, as cybersecurity threats evolve, the Company is increasingly required to expend additional resources to enhance our cybersecurity protection measures and may be required to expend additional resources to investigate and remediate identified vulnerabilities.
  • Any of our suppliers may experience temporary, prolonged or even permanent operational disruption and/or capacity in the market may fall below required levels (e.g. for haulage capacity), which could have an adverse impact on the Company’s operations, financial performance and reputation.
  • In addition, in certain markets in which the Company operates, including markets for steel, cement, bitumen and supplementary cementitious materials, contracted market demand can far outstrip supply, which may restrict the Company’s ability to obtain alternative suppliers or additional volumes where necessary.
  • Risks related to Company financing that could affect its operations and/or financial performance are discussed as follows: Interest rate and leverage risks As at December 31, 2024, the Company had outstanding gross indebtedness, including overdrafts, finance lease liabilities and the impact of derivatives, of approximately $14.3 billion, compared to $11.8 billion in 2023, and cash and cash equivalents and restricted cash of approximately $3.8 billion, compared to $6.4 billion in 2023.
  • While current leverage is low, acquisition activity could adversely impact operating and financial flexibility as well as financial position.
  • Foreign currency risks If the Company’s reporting currency weakens relative to the basket of foreign currencies in which Net Debt* 5 is denominated (including the euro, Pound Sterling, Canadian Dollar, Australian Dollar, Philippine Peso, Polish Zloty, and Swiss Franc), the Net Debt* balance would increase; the converse would apply if the Company’s reporting currency was to strengthen.
  • The Company holds significant cash and cash equivalents and restricted cash on deposit and derivative transactions with a variety of highly rated financial institutions which at December 31, 2024, totaled $3.8 billion and $27 million, compared to $6.4 billion and $37 million, respectively, in 2023.
  • In addition, certain of the Company’s activities give rise to significant amounts receivable from counterparties at the balance sheet date; at December 31, 2024, this balance was $4.4 billion and in 2023 this balance was $4.1 billion.
  • In addition, continued focus on climate change by investors and lenders may affect their preferences and sentiments, potentially impacting the Company’s access to and cost of capital, and investment attractiveness.
  • From year to year, adverse changes in the exchange rates used to translate these and other foreign currencies into the reporting currency have impacted and will continue to impact consolidated results. 5 * * Represents a non-GAAP measure.
  • See the discussion within 'Non-GAAP Reconciliation and Supplementary Information' on pages 40 to 42.
  • “Management's Discussion and Analysis of Financial Condition and Results of Operations” on page 46.
  • Risks Related To Our Common Stock Payment of Dividends/Share Repurchase Program CRH may not pay dividends or make other returns of capital to shareholders in the future, and our current share repurchase program may not enhance long-term shareholder value.
  • Relocation of Primary Listing CRH faces risks associated with the relocation of our primary listing.
  • On September 25, 2023, CRH relocated the primary listing of its ordinary shares from the LSE to the NYSE.
  • The Company has an international secondary listing on the LSE and accordingly our ordinary shares are now listed on both exchanges.
  • As a result of the relocation of the primary listing CRH has ceased to be eligible for inclusion in certain UK and European equity indices.
  • Following the transition to the NYSE, CRH has been added to the MSCI USA Equity Index, the S&P TMI Index and the Russell 1000 Equity Index.
  • The Company aims to be included in other relevant equity indices for which it believes it is eligible, including the S&P 500 Index.
  • Inclusion is however at the discretion of the respective index providers.
  • There is a risk that the Company may not be admitted, which may adversely affect the price and liquidity of the ordinary shares.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch CRH. Know when insiders buy.
One email the day a filing lands. Free.