Share count
554Mpeak FY2025
← All companies ← AMRX Manual AMSC → ← 5233 Construction Materials CPAC →
AMRZ, Amrize Ltd
Construction Materials capital-intensive
Amrize Ltd is a building solutions company focused on the North American market, offering customers a broad range of advanced building solutions from foundation to rooftop.
Earns revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems and other building solutions.
Amrize provides cement, aggregates, ready-mix concrete materials, and advanced roofing and wall systems in the United States and Canada.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$11.8B
+0.9% YoY
Vital signs · TTM, with 3-yr average
Revenue $11.9B 3-yr avg $11.7B
Revenue $2.2B +4.7% vs yr-ago qtr
Operating margin −3.5% yr-ago −0.8%
Net income ($118M) yr-ago ($87M)
Net margin −5.4% yr-ago −4.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Gross margin has run about 26% and operating margin about 16% through the cycle, a solid spread between what it charges and what the product costs to make. That margin has held in a narrow 16%–19% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 12% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $11.7B | $11.7B | $11.8B | $11.9B | RevenueRevenue |
| 24% | 26% | 26% | 25% | Gross marginGross mgn |
| 8% | 8% | 10% | 10% | SG&A / revenueSG&A/rev |
| $1.9B | $2.2B | $1.9B | $1.8B | Operating incomeOp. inc. |
| 16.2% | 18.8% | 16.1% | 15.5% | Operating marginOp. mgn |
| $956M | $1.3B | $1.2B | $1.2B | Net incomeNet inc. |
| 27% | 22% | 22% | 23% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $2.0B | $2.3B | $2.2B | $2.2B | Operating cash flowOp. cash |
| $689M | $736M | $758M | $775M | DepreciationDeprec. |
| $386M | $266M | $251M | $215M | Working capital & otherWC & other |
| $630M | $642M | $788M | $849M | CapexCapex |
| 5.4% | 5.5% | 6.7% | 7.1% | Capex / revenueCapex/rev |
| $1.4B | $1.6B | $1.4B | $1.3B | Owner earningsOwner earn. |
| 12.0% | 14.0% | 12.0% | 11.1% | Owner earnings marginOE mgn |
| $1.4B | $1.6B | $1.4B | $1.3B | Free cash flowFCF |
| 12.0% | 14.0% | 12.0% | 11.1% | Free cash flow marginFCF mgn |
| $1.6B | $249M | $86M | $502M | AcquisitionsAcquis. |
| 10% | 13% | 9% | 9% | Return on equityROE |
| 10% | 13% | 9% | 9% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $1.1B | $1.6B | $1.9B | $1.1B | Cash & investmentsCash+inv |
| — | $1.5B | $1.6B | $1.6B | InventoryInvent. |
| — | $1.5B | $1.6B | $546M | Operating working capitalOper. WC |
| — | $4.8B | $4.7B | $4.3B | Current assetsCur. assets |
| — | $2.5B | $2.9B | $3.1B | Current liabilitiesCur. liab. |
| — | 1.9× | 1.6× | 1.4× | Current ratioCurr. ratio |
| $9.0B | $8.9B | $9.0B | $9.1B | GoodwillGoodwill |
| — | $23.8B | $24.2B | $24.3B | Total assetsAssets |
| 3.3× | 4.0× | 4.1× | 4.5× | Interest coverageInt. cov. |
| $9.2B | $9.9B | $13.3B | $13.1B | Shareholders’ equityEquity |
| 0.0% | 0.1% | 0.1% | 0.2% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 553M | 553M | 554M | 553M | Shares out (diluted)Shares |
| $21.11 | $21.16 | $21.34 | $21.53 | Revenue / shareRev/sh |
| $1.73 | $2.30 | $2.14 | $2.09 | EPS (diluted)EPS |
| $2.54 | $2.97 | $2.57 | $2.38 | Owner earnings / shareOE/sh |
| $2.54 | $2.97 | $2.57 | $2.38 | Free cash flow / shareFCF/sh |
| $1.14 | $1.16 | $1.42 | $1.53 | Cap. spending / shareCapex/sh |
| $16.64 | $17.93 | $23.95 | $23.67 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
26%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$1.4Bowner earningsvs.$1.2Bnet incomelow FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $1.2B of profit into $1.4B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $1.2B | $1.3B | $956M |
| Depreciation & amortizationnon-cash charge added back | +$758M | +$736M | +$689M |
| Stock-based compensationreal costnon-cash, but a real cost | +$14M | +$6M | +$5M |
| Working capital & othertiming of cash in and out, other non-cash items | +$251M | +$266M | +$386M |
| Cash from operations | $2.2B | $2.3B | $2.0B |
| Capital expenditurecash put back in to keep running and to grow | −$788M | −$642M | −$630M |
| Owner earnings | $1.4B | $1.6B | $1.4B |
| Owner-earnings marginowner earnings ÷ revenue | 12% | 14% | 12% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $14M), owner earnings is nearer $1.4B.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- AdequateOperating income $1.9B ÷ interest expense $461M
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- Debt under-captured — leverage unknown, not low
What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Debt under-capturedIndustry peers: median 12%
What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
- Solid through the cycle3-yr median margin, range 12%–14%; latest $1.4B = operating cash $2.2B − maintenance capex $788MIndustry peers: median 11%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 12% median across 3 years. Treating stock comp as the real expense it is (less $14M of SBC) leaves $1.4B.
- Cash-backedCash from ops $2.2B ÷ net income $1.2B
In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.04×MaintainingCapex $788M ÷ depreciation $758M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $11.8B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.64×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt —Debt ≤ working capital · —
What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.06/share (latest year $2.14), the averaged base the calculator's gate runs on, and book value is $23.95/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$4.3B
- Cash & short-term investments$1.1B
- Inventory$1.6B
- Other current assets$1.6B
Current liabilities$3.1B
- Debt due within a year$333M
- Accounts payable$1.0B
- Other current liabilities$1.7B
Current ratio1.40×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.89×stricter: inventory excluded
Cash ratio0.36×strictest: cash alone against what's due
Working capital$1.2Bthe cushion left after near-term bills
Debt due this year vs. cash$333M due · $1.1B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+4.7%the freshest read on whether the business is still growing
Current ratio, recent quarters1.9× → 1.4×
Deeper floors
Tangible book value$2.3Bequity stripped of goodwill & intangibles
Net current asset value($6.9B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$5.9B$623M of it operating leases; with finance leases, “total fixed claims” below reaches $1.1B (annual-report basis)
Deferred revenue$419Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.
Due in the next 12 months$333Mthe first rung: what must be repaid or rolled over within the year
Within two years$1.0Bthe near wall, the part most exposed to today’s credit conditions
Biggest single year$1.0Bin 2030the lumpiest maturity, where a refinancing, if needed, is largest
Total scheduled principal$5.3Bevery year plus what lies beyond, as the footnote totals it
Against what the business has and earns
Cash & short-term investments, Mar 31, 2026$1.1B
One year of owner earnings (FY2025)$1.4B
Together, against $333M due next year7.6×
Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $2.5B against the $333M due in the twelve months after the Dec 31, 2025 schedule: 7.6 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.
Lease obligations
the lease note, SEC EDGAR →Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.
Operating leasesFinance leases
Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.
Due in the next 12 months$300Ma fixed cash payment, owed whether or not the business has a good year
Total lease payments$1.3Bevery year plus the tail, undiscounted: the full cash the leases will take
On the balance sheet$1.1Bthe present value of those payments, the recognised lease liability
True leverage: debt plus leases
On-balance-sheet debt$0
Lease obligations (present value)$1.1B
Total fixed claims on the business$1.1B
Counting the leases the way Buffett does, the fixed claims on this business come to $1.1B, of which the leases are 100%, more than the debt itself. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.
Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$10.7B44% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity68%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$1.9Bover 3 years buying other businesses, against $2.1B of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$14M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Construction Materials
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| CRHCRH Public Limited Company | $37.4B | 34% | 12.0% | 12% | 9% |
| AMRZAmrize Ltd | $11.8B | 26% | 16.2% | — | 12% |
| OCOwens Corning Inc Common Stock New | $10.1B | 25% | 12.4% | 8% | 11% |
| OIO-I Glass Inc. | $6.4B | 18% | 5.5% | 6% | 3% |
| JHXJames Hardie Industries plc. | $4.8B | 39% | 16.9% | 16% | 15% |
| EXPEagle Materials | $2.3B | — | 28.6% | 18% | 20% |
| APOGApogee Enterprises Inc. | $1.4B | 23% | 7.5% | 11% | 6% |
| TGLSTecnoglass Inc. | $984M | 39% | 20.5% | 20% | 12% |
| Group median | — | 26% | 14.3% | — | 12% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Amrize Ltd has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · since FY2023+0%/yr
Owner-earnings growth · since FY2023+0%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $1.3B on 554M shares outstanding, per the 10-Q cover, as of 2026-04-24; net debt $4.2B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Amrize Ltd (AMRZ), the owner's record," https://ownerscorecard.com/c/AMRZ, data as of 2026-07-09.
Manual order: ← AMRX its page in the Manual AMSC →
Industry order: ← 5233 the Construction Materials chapter CPAC →