James Hardie to Replace Roku in S&P MidCap 400 After Fox Acquisition

S&P Dow Jones Indices announced on November 6, 2026 that James Hardie Industries (JHX ) will replace Roku in the S&P MidCap 400 before trading opens on November 11, 2026, filling the vacancy created by Fox’s acquisition of Roku.

The change adds a Materials company and removes a Communication Services constituent from the mid-cap benchmark. It is an acquisition-driven replacement rather than a scheduled reconstitution, substituting a building-products manufacturer for a separately traded streaming-platform company.

Fox Acquisition Ends Roku’s Separate Listing

Fox announced on November 6, 2026 that the acquisition had closed and Roku shares would cease trading on Nasdaq that day. Roku Class A and Class B stockholders are entitled to receive US$95.30 in cash and 0.9799 shares of Fox Class A common stock for each share owned immediately before closing. Existing Fox stockholders own approximately 74% of the outstanding common stock, while former Roku stockholders own approximately 26%.

Fox said Roku’s open connected-TV platform reaches more than 100 million households worldwide and will continue serving the broader streaming ecosystem. Roku joins the newly formed FOX Digital Platforms division alongside Tubi, FOX One and Red Seat Ventures. Founder Anthony Wood will join Fox’s board and serve as division co-chair with Paul Cheesbrough, who becomes co-chair and CEO.

Fox projected approximately $400 million of run-rate cost synergies within two years after closing and accretion to free cash flow per share by the second full year after closing.

James Hardie’s Latest Financial Profile

James Hardie reported second-quarter fiscal 2027 results on November 5, 2026 for the quarter ended September 30, 2026. Europe is presented in discontinued operations following the announced divestiture and intended closure of European fiber-cement operations. On a continuing-operations basis, net sales rose 24% year over year to $1.428 billion, operating income increased to $263.3 million from $12.5 million, and net income was $149.8 million against a prior-year loss of $64.3 million. Acquisition and divestiture related expenses fell to $14.9 million from $128.9 million, helping explain why earnings improved much more sharply than sales.

The index announcement did not identify those earnings as the reason for selection; they provide a current financial profile of the incoming constituent. Its portfolio spans fiber cement, composite decking, PVC decking and railing products, marketed in North America, Australia and New Zealand.

For the first half, James Hardie reported operating cash flow of $693.7 million and capital expenditures of $158.3 million, producing $535.4 million of company-defined free cash flow. That reconciliation includes discontinued operations. James Hardie defines free cash flow as operating cash flow less purchases of property, plant and equipment plus proceeds from sales of such assets. The company repaid $111 million of term-loan debt during the quarter and raised its fiscal 2027 free-cash-flow target to more than $650 million while reaffirming its sales and adjusted EBITDA outlook.

Selection and Deletion Rules

The November 2026 S&P U.S. Indices Methodology describes the MidCap 400 as a 400-company measure of the U.S. mid-cap segment, weighted by float-adjusted market capitalization. The Index Committee selects constituents from the S&P Total Market Index at its discretion using the eligibility criteria, and also considers sector balance within the relevant market-capitalization range. The current total-company market-capitalization guideline for MidCap 400 candidates is $8.0 billion to $22.7 billion; this is an eligibility range, not a disclosed valuation of James Hardie. Financial viability generally requires positive GAAP net income from continuing operations for the most recent quarter and for the sum of the latest four consecutive quarters.

S&P Composite 1500 composition changes occur as needed rather than on a scheduled reconstitution. Additions and deletions normally receive at least three business days’ notice, although the committee may give less. The methodology provides for deletion when a merger, acquisition or significant restructuring leaves a company no longer meeting the eligibility criteria. A company delisted through such a corporate action is removed at a time announced by S&P Dow Jones Indices, normally at the close of the last trading day or expiration of a tender offer.

The result is a corporate-action-driven change in the benchmark’s business mix: Roku’s streaming operations continue within Fox, while James Hardie supplies the replacement Materials exposure. The as-needed deletion rule explains the timing; the committee’s discretionary selection process determines the incoming constituent.