James Hardie began as a Melbourne importer in the 1880s and now makes most of its money cladding American homes. Here’s how it makes its money.
James Hardie Industries is the world’s largest maker of fibre cement building products.
It was founded in Melbourne in 1888 by James Hardie, a Scottish immigrant who imported oils and tanning products. It later began making building products, moved its headquarters offshore in 2001, and is now based in Ireland. In 2025, it moved its main share listing to the New York Stock Exchange, although its shares still trade on the ASX. It reports in U.S. dollars, and its financial year ends on 31 March.
Fibre cement
Fibre cement is made from cement, sand and wood fibre. It is used for siding, the cladding on the outside of houses, as well as trim and internal boards. It is more durable and fire-resistant than wood or vinyl siding.
North America is by far James Hardie’s biggest market, where its siding is used on new homes and renovations. Its products sell at a premium, and it has been winning market share from vinyl and wood.
It also sells fibre cement in Australia and New Zealand. It is selling its European business.
AZEK
In 2025, James Hardie bought AZEK, a U.S. maker of composite decking and railings, for about US$8.75 billion. The deal expanded its range of outdoor products for American homes, though some investors opposed it because of its cost.
Asbestos
James Hardie made asbestos products until the 1980s, causing serious illnesses among workers and users. After a public outcry and a special commission of inquiry, it agreed in 2004 to fund compensation for Australian victims, through the Asbestos Injuries Compensation Fund, paying a share of its cash flow each year.
The risks
The risks include a slowdown in U.S. housing construction and renovation, higher interest rates, the cost of integrating AZEK, competition, and its asbestos compensation obligations.
Aaron Erter has been chief executive since 2022.
Latest results, as at 9 November 2026
Quarter to September 2026, reported 5 November 2026: net sales from continuing businesses rose 24 per cent to US$1.43 billion, and adjusted net income rose 67 per cent to US$249 million. Sales of AZEK decking and railings rose 51 per cent, and Australia and New Zealand sales rose 12 per cent in Australian dollars. James Hardie said it would close or sell its European business, and kept its full-year forecasts.
Next update: James Hardie reports its December quarter results in February 2027.
