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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 4/10

vs
industry
vs
history
Cash to Debt 0.29
HW's Cash to Debt is ranked lower than
51% of the 628 Companies
in the Global Building Materials industry.

( Industry Median: 0.63 vs. HW: 0.29 )
HW' s 10-Year Cash to Debt Range
Min: 0.01   Max: No Debt
Current: 0.29

Equity to Asset 0.10
HW's Equity to Asset is ranked lower than
67% of the 620 Companies
in the Global Building Materials industry.

( Industry Median: 0.52 vs. HW: 0.10 )
HW' s 10-Year Equity to Asset Range
Min: -0.02   Max: 0.71
Current: 0.1

-0.02
0.71
F-Score: 7
Z-Score: 0.70
M-Score: -2.75
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) 7.74
HW's Operating margin (%) is ranked higher than
77% of the 638 Companies
in the Global Building Materials industry.

( Industry Median: 5.67 vs. HW: 7.74 )
HW' s 10-Year Operating margin (%) Range
Min: -4397.97   Max: 43.18
Current: 7.74

-4397.97
43.18
Net-margin (%) 1.02
HW's Net-margin (%) is ranked higher than
50% of the 640 Companies
in the Global Building Materials industry.

( Industry Median: 3.46 vs. HW: 1.02 )
HW' s 10-Year Net-margin (%) Range
Min: -4690.17   Max: 47.33
Current: 1.02

-4690.17
47.33
ROE (%) 8.46
HW's ROE (%) is ranked higher than
78% of the 634 Companies
in the Global Building Materials industry.

( Industry Median: 5.80 vs. HW: 8.46 )
HW' s 10-Year ROE (%) Range
Min: -405.25   Max: 69.22
Current: 8.46

-405.25
69.22
ROA (%) 0.99
HW's ROA (%) is ranked higher than
52% of the 641 Companies
in the Global Building Materials industry.

( Industry Median: 2.97 vs. HW: 0.99 )
HW' s 10-Year ROA (%) Range
Min: -157.73   Max: 38.86
Current: 0.99

-157.73
38.86
ROC (Joel Greenblatt) (%) 29.07
HW's ROC (Joel Greenblatt) (%) is ranked higher than
93% of the 639 Companies
in the Global Building Materials industry.

( Industry Median: 10.41 vs. HW: 29.07 )
HW' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -182.09   Max: 202.09
Current: 29.07

-182.09
202.09
Revenue Growth (%) 0.40
HW's Revenue Growth (%) is ranked higher than
58% of the 498 Companies
in the Global Building Materials industry.

( Industry Median: 3.40 vs. HW: 0.40 )
HW' s 10-Year Revenue Growth (%) Range
Min: -29.9   Max: 250.3
Current: 0.4

-29.9
250.3
EBITDA Growth (%) -3.10
HW's EBITDA Growth (%) is ranked higher than
61% of the 417 Companies
in the Global Building Materials industry.

( Industry Median: 2.90 vs. HW: -3.10 )
HW' s 10-Year EBITDA Growth (%) Range
Min: -20.4   Max: 89.8
Current: -3.1

-20.4
89.8
» HW's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

HW Guru Trades in Q1 2013

Jim Simons 2,150,500 sh (+23.39%)
Paul Tudor Jones Sold Out
Steven Cohen 72,292 sh (-42.67%)
» More
Q2 2013

HW Guru Trades in Q2 2013

Jim Simons 2,115,000 sh (-1.65%)
Steven Cohen 35,922 sh (-50.31%)
» More
Q3 2013

HW Guru Trades in Q3 2013

Jim Simons 1,910,614 sh (-9.66%)
Steven Cohen 11,326 sh (-68.47%)
» More
Q4 2013

HW Guru Trades in Q4 2013

Steven Cohen Sold Out
Jim Simons 1,385,614 sh (-27.48%)
» More
» Details

Insider Trades

Latest Guru Trades with HW

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2012-06-30 Sold Out 0.05%$3.64 - $4.92 $ 11.46172%0
Joel Greenblatt 2012-03-31 New Buy0.05%$2.06 - $4.4 $ 11.46296%139398
Joel Greenblatt 2011-09-30 Sold Out 0.0345%$1.54 - $3.34 $ 11.46412%0
George Soros 2011-09-30 Sold Out 0.0014%$1.54 - $3.34 $ 11.46412%0
George Soros 2011-06-30 New Buy$2.86 - $6.17 $ 11.46176%32399
Joel Greenblatt 2011-03-31 New Buy0.13%$4.58 - $5.92 $ 11.46115%75805
Mario Gabelli 2011-03-31 Sold Out $4.58 - $5.92 $ 11.46115%0
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Ratios

vs
industry
vs
history
P/E(ttm) 75.30
HW's P/E(ttm) is ranked lower than
68% of the 505 Companies
in the Global Building Materials industry.

( Industry Median: 17.60 vs. HW: 75.30 )
HW' s 10-Year P/E(ttm) Range
Min: 5.85   Max: 185.37
Current: 75.3

5.85
185.37
P/B 10.00
HW's P/B is ranked lower than
74% of the 600 Companies
in the Global Building Materials industry.

( Industry Median: 1.32 vs. HW: 10.00 )
HW' s 10-Year P/B Range
Min: 0.13   Max: 353.5
Current: 10

0.13
353.5
P/S 1.18
HW's P/S is ranked lower than
53% of the 658 Companies
in the Global Building Materials industry.

( Industry Median: 0.90 vs. HW: 1.18 )
HW' s 10-Year P/S Range
Min: 0.08   Max: 2.08
Current: 1.18

0.08
2.08
PFCF 19.80
HW's PFCF is ranked higher than
65% of the 357 Companies
in the Global Building Materials industry.

( Industry Median: 23.00 vs. HW: 19.80 )
HW' s 10-Year PFCF Range
Min: 2.07   Max: 87.11
Current: 19.8

2.07
87.11
EV-to-EBIT 23.30
HW's EV-to-EBIT is ranked lower than
56% of the 547 Companies
in the Global Building Materials industry.

( Industry Median: 15.08 vs. HW: 23.30 )
HW' s 10-Year EV-to-EBIT Range
Min: 6.4   Max: 89.4
Current: 23.3

6.4
89.4

Valuation & Return

vs
industry
vs
history
Price/DCF (Projected) 12.30
HW's Price/DCF (Projected) is ranked lower than
76% of the 275 Companies
in the Global Building Materials industry.

( Industry Median: 1.20 vs. HW: 12.30 )
HW' s 10-Year Price/DCF (Projected) Range
Min: 0.14   Max: 14.34
Current: 12.3

0.14
14.34
Price/Median PS Value 1.70
HW's Price/Median PS Value is ranked lower than
69% of the 605 Companies
in the Global Building Materials industry.

( Industry Median: 1.10 vs. HW: 1.70 )
HW' s 10-Year Price/Median PS Value Range
Min: 0.21   Max: 93.75
Current: 1.7

0.21
93.75
Earnings Yield (Greenblatt) 4.30
HW's Earnings Yield (Greenblatt) is ranked higher than
51% of the 569 Companies
in the Global Building Materials industry.

( Industry Median: 6.50 vs. HW: 4.30 )
HW' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.1   Max: 15.7
Current: 4.3

1.1
15.7
Forward Rate of Return (Yacktman) 0.30
HW's Forward Rate of Return (Yacktman) is ranked higher than
63% of the 394 Companies
in the Global Building Materials industry.

( Industry Median: 5.48 vs. HW: 0.30 )
HW' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -6.5   Max: 66
Current: 0.3

-6.5
66

Business Description

Industry: Building Materials » Building Materials
Compare:HCMLF, JHX, AHCHY, LFRGY, SHW » details
Traded in other countries:CV6.Germany
Headwaters Incorporated ("Headwaters") was incorporated in Delaware in 1995 under the name Covol Technologies, Inc. In September 2000, its name was changed to Headwaters Incorporated. It provides products, technologies and services in three industries: light building products, heavy construction materials and energy technology. It generates revenue by selling building products such as manufactured architectural stone, siding accessory products and concrete blocks; managing and marketing coal combustion products ("CCPs"), which are used as a replacement for cement in concrete; and reclaiming waste coal. It conducts business mainly through the following three reporting segments: light building products ("Headwaters Building Products", or "HBP"); heavy construction materials ("Headwaters Resources", or "HRI"); and energy technology ("Headwaters Energy Services", or "HES"). HBP produces light building products that minimize waste, conserve natural resources, and/or use less energy in manufacturing or application. It operates businesses in siding accessories, manufactured architectural stone and concrete blocks. HBP has positions in several light building products categories and is comprised of the following key businesses: Tapco, Eldorado Stone and Southwest Concrete Products ("SCP"). Tapco is a designer, manufacturer and marketer of siding accessories as well as professional tools used in residential home improvement and construction. In addition, Tapco recently introduced an innovative cellular foam polyvinyl chloride, or PVC, trim board product. Eldorado Stone is a producer of manufactured architectural stone. Eldorado Stone product line is designed and manufactured to be one of the most realistic manufactured architectural stone products in the world. SCP is the largest manufacturer of concrete block in the Texas market. It offers concrete based masonry unit products and employ a regional branding and distribution strategy. HRI is the nation's largest manager and marketer of CCPs, which includes fly ash as a construction material replacement for portland cement. CCPs, such as fly ash and bottom ash, are the non-carbon components of coal that remain after coal is burned. HES focus on reducing waste and increasing the value of energy feedstocks, mainly in the areas of low-value coal, oil and liquid fuels such as ethanol. HES owns and operates coal cleaning facilities that separate ash from waste coal to provide a refined coal product that is higher in Btu value and lower in impurities than the feedstock coal. Resin-based siding accessories and its ancillary products are distributed throughout the United States and Canada through four main distribution channels: one-step distributors that sell directly to contractors, two-step distributors that sell its products to lumberyards and one-step distributors, retail home centers/mass merchandisers, and manufactured housing. Cleaned coal is sold to electric power plants; however, it could

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