What moves the needle: Gross margin has run about 37% and operating margin about 19% through the cycle, a solid spread between what it charges and what the product costs to make. Inventory runs near 37% 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 customer concentration, 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, 2015–2024

realized figures from each filing · older years to the left

2015’15	2016’16	2017’17	2018’18	2019’19	2022’22	2023’23	2024’24	TTMTTMDec 2024
									Income statement
PEN 1.2B	PEN 1.2B	PEN 1.2B	PEN 1.3B	PEN 1.4B	PEN 2.1B	PEN 2.0B	PEN 2.0B	PEN 2.0B	RevenueRevenue
43%	40%	40%	37%	35%	31%	35%	37%	37%	Gross marginGross mgn
PEN 328M	PEN 273M	PEN 199M	PEN 242M	PEN 271M	PEN 355M	PEN 338M	PEN 391M	PEN 391M	Operating incomeOp. inc.
26.6%	22.1%	16.3%	19.1%	19.4%	16.8%	17.3%	19.8%	19.8%	Operating marginOp. mgn
PEN 216M	PEN 116M	PEN 94M	PEN 77M	PEN 132M	PEN 177M	PEN 169M	PEN 199M	PEN 58M	Net incomeNet inc.
29%	40%	33%	35%	32%	33%	31%	33%	—	Effective tax rateTax rate
									Cash flow & returns
PEN 276M	PEN 242M	PEN 250M	PEN 204M	PEN 205M	PEN 112M	PEN 412M	PEN 321M	PEN 321M	Operating cash flowOp. cash
PEN 59M	PEN 95M	PEN 109M	PEN 117M	PEN 115M	PEN 122M	PEN 125M	PEN 134M	PEN 134M	DepreciationDeprec.
PEN 1M	PEN 31M	PEN 47M	PEN 10M	(PEN 42M)	(PEN 187M)	PEN 118M	(PEN 12M)	PEN 129M	Working capital & otherWC & other
PEN 471M	PEN 126M	PEN 71M	PEN 80M	PEN 78M	PEN 163M	PEN 273M	PEN 64M	PEN 64M	CapexCapex
38.3%	10.2%	5.8%	6.4%	5.6%	7.7%	14.0%	3.3%	3.3%	Capex / revenueCapex/rev
PEN 217M	PEN 147M	PEN 179M	PEN 123M	PEN 127M	(PEN 10M)	PEN 287M	PEN 257M	PEN 257M	Owner earningsOwner earn.
17.6%	11.9%	14.7%	9.8%	9.2%	−0.5%	14.7%	13.0%	13.0%	Owner earnings marginOE mgn
(PEN 196M)	PEN 115M	PEN 179M	PEN 123M	PEN 127M	(PEN 51M)	PEN 140M	PEN 257M	PEN 257M	Free cash flowFCF
−15.9%	9.3%	14.7%	9.8%	9.2%	−2.4%	7.2%	13.0%	13.0%	Free cash flow marginFCF mgn
PEN 162M	PEN 154M	PEN 125M	PEN 172M	PEN 121M	PEN 180M	PEN 175M	PEN 175M	PEN 175M	Dividends paidDiv. paid
11%	6%	6%	5%	9%	15%	14%	16%	4%	Return on equityROE
3%	−2%	−2%	−7%	1%	−0%	−1%	2%	−8%	Retained to equityRetained/eq
									Balance sheet
PEN 158M	PEN 80M	PEN 49M	PEN 49M	PEN 68M	PEN 169M	PEN 90M	PEN 73M	PEN 160M	Cash & investmentsCash+inv
—	PEN 81M	PEN 100M	PEN 103M	PEN 121M	PEN 101M	PEN 100M	PEN 131M	PEN 131M	ReceivablesReceiv.
—	PEN 347M	PEN 373M	PEN 425M	PEN 519M	PEN 885M	PEN 791M	PEN 774M	PEN 774M	InventoryInvent.
—	PEN 143M	PEN 178M	PEN 155M	PEN 235M	PEN 285M	PEN 232M	PEN 242M	PEN 242M	Accounts payablePayables
—	PEN 285M	PEN 295M	PEN 373M	PEN 404M	PEN 702M	PEN 659M	PEN 663M	PEN 663M	Operating working capitalOper. WC
—	PEN 562M	PEN 553M	PEN 619M	PEN 748M	PEN 1.2B	PEN 992M	PEN 992M	PEN 992M	Current assetsCur. assets
—	PEN 178M	PEN 205M	PEN 262M	PEN 353M	PEN 953M	PEN 689M	PEN 766M	PEN 766M	Current liabilitiesCur. liab.
—	3.2×	2.7×	2.4×	2.1×	1.2×	1.4×	1.3×	1.3×	Current ratioCurr. ratio
—	—	—	PEN 4M	PEN 4M	PEN 4M	PEN 4M	PEN 4M	PEN 4M	GoodwillGoodwill
PEN 3.4B	PEN 3.3B	PEN 2.8B	PEN 2.9B	PEN 2.9B	PEN 3.3B	PEN 3.2B	PEN 3.2B	PEN 3.2B	Total assetsAssets
8.9×	3.6×	2.7×	2.8×	3.5×	3.7×	3.2×	3.9×	3.9×	Interest coverageInt. cov.
PEN 2.0B	PEN 1.9B	PEN 1.5B	PEN 1.5B	PEN 1.4B	PEN 1.2B	PEN 1.2B	PEN 1.2B	PEN 1.5B	Shareholders’ equityEquity
									Per share
574K	545K	446M	428M	428M	428M	428M	428M	34.1M	Shares out (diluted)Shares
PEN 2144.63	PEN 2270.41	PEN 2.74	PEN 2.95	PEN 3.25	PEN 4.94	PEN 4.56	PEN 4.62	PEN 58.00	Revenue / shareRev/sh
PEN 375.49	PEN 213.29	PEN 0.21	PEN 0.18	PEN 0.31	PEN 0.41	PEN 0.39	PEN 0.46	PEN 1.70	EPS (diluted)EPS
PEN 377.68	PEN 269.79	PEN 0.40	PEN 0.29	PEN 0.30	PEN -0.02	PEN 0.67	PEN 0.60	PEN 7.53	Owner earnings / shareOE/sh
PEN -340.65	PEN 211.55	PEN 0.40	PEN 0.29	PEN 0.30	PEN -0.12	PEN 0.33	PEN 0.60	PEN 7.53	Free cash flow / shareFCF/sh
PEN 282.52	PEN 283.47	PEN 0.28	PEN 0.40	PEN 0.28	PEN 0.42	PEN 0.41	PEN 0.41	PEN 5.13	Dividends / shareDiv/sh
PEN 820.87	PEN 232.15	PEN 0.16	PEN 0.19	PEN 0.18	PEN 0.38	PEN 0.64	PEN 0.15	PEN 1.89	Cap. spending / shareCapex/sh
PEN 3564.71	PEN 3428.46	PEN 3.38	PEN 3.39	PEN 3.32	PEN 2.79	PEN 2.78	PEN 2.83	PEN 42.56	Book value / shareBVPS

The diluted share count moved ×818.93 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1/12.55 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−49.5%/yr	+7.3%/yr
Owner earnings / share	−51.1%/yr	+15.0%/yr
EPS	−52.5%/yr	+8.5%/yr
Dividends / share	−51.6%/yr	+7.7%/yr
Capital spending / share	−61.6%/yr	−3.7%/yr
Book value / share	−54.8%/yr	−3.1%/yr

The record, charted

FY2015–2024

Each measure over its full record; the current point and the worst year marked.

Share count

428Mpeak FY2017

Gross margin

37%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

PEN 257Mowner earningsvs.PEN 199Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2015FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

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 2024 the business turned PEN 199M of profit into PEN 257M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net incomePEN 199M

Owner earningsPEN 257M · 13% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	PEN 199M	PEN 169M	PEN 177M	PEN 153M	PEN 58M
Depreciation & amortizationnon-cash charge added back	+PEN 134M	+PEN 125M	+PEN 122M	+PEN 119M	+PEN 123M
Working capital & othertiming of cash in and out, other non-cash items	−PEN 12M	+PEN 118M	−PEN 187M	−PEN 102M	+PEN 151M
Cash from operations	PEN 321M	PEN 412M	PEN 112M	PEN 171M	PEN 331M
Maintenance capital expenditurethe spending needed just to hold position and volume	−PEN 64M	−PEN 125M	−PEN 122M	−PEN 86M	−PEN 47M
Owner earnings	PEN 257M	PEN 287M	(PEN 10M)	PEN 85M	PEN 284M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−PEN 147M	−PEN 41M	—	—
Free cash flow	PEN 257M	PEN 140M	(PEN 51M)	PEN 85M	PEN 284M
Owner-earnings marginowner earnings ÷ revenue	13%	15%	0%	—	—

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 .

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.9×

Adequate

Operating income PEN 391M ÷ interest expense PEN 100M

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.
How heavy is the debt, net of cash? —

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.
How long is cash tied up? 180d

Long (60+ days)

DSO 24 + DIO 226 − DPO 71 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Debt under-captured

Industry peers: median 14%

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.
Owner-earnings margin 12%

Solid through the cycle

8-yr median margin, range -0%–18%; latest PEN 257M = operating cash PEN 321M − maintenance capex PEN 64M

Industry peers: median 12%

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 13% of revenue this year, a 12% median across 8 years.
Are earnings backed by cash? 5.55×

Cash-backed

Cash from ops PEN 321M ÷ net income PEN 58M

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?

Where do the earnings go? 68%

Returns about half

Dividends + buybacks PEN 175M ÷ Owner Earnings PEN 257M

What this means
Of PEN 257M Owner Earnings, PEN 175M (68%) went back to shareholders, PEN 175M dividends, PEN 0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.48×

Harvesting

Capex PEN 64M ÷ depreciation PEN 134M

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 · 2 of 4 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 —

Revenue ≥ $2B (a dollar floor) · PEN 2.0B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 1.30×

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.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +28%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
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 PEN 424.04/share (latest year PEN 135.23), the averaged base the calculator's gate runs on, and book value is PEN 3390.19/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.

Durability & moat, 2015–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 8

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 22% → 18% (3-yr avg ends)

What this means
The recent-years average (18%) sits below the early years (22%), but the latest year (20%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 19% — read it across the cycle, not on the dip.
Owner earnings growth +5%/yr

What this means
Owner earnings grew about 5% a year over the record.
Worst year 2017 · 16.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI 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.

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 fiscal year-end, Dec 31, 2024

Can 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 assetsPEN 992M

Cash & short-term investmentsPEN 160M
ReceivablesPEN 131M
InventoryPEN 774M

Current liabilitiesPEN 766M

Debt due within a yearPEN 61M
Accounts payablePEN 242M
Other current liabilitiesPEN 463M

Current ratio1.30×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.29×stricter: inventory excluded

Cash ratio0.21×strictest: cash alone against what's due

Working capitalPEN 227Mthe cushion left after near-term bills

Debt due this year vs. cashPEN 61M due · PEN 160M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet

Deeper floors

Tangible book valuePEN 1.4Bequity stripped of goodwill & intangibles

Net current asset value(PEN 960M)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesPEN 70MPEN 9M of it operating leases

From the company's latest filing.

How the cash was used, 2015–2024

Over the record, the business generated PEN 2.5B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

ReinvestedPEN 1.5B · 58%
DividendsPEN 1.7B · 69%

Returned to ownersPEN 1.7B
103% of the owner earnings the business produced over the span, PEN 1.7B as dividends and PEN 0 as buybacks.
Source of funding−PEN 681M
Reinvestment and shareholder returns ran PEN 681M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count5841.4%
The diluted count rose from 1M to 34M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordPEN 0.41/sh
Paid in 10 of the years on record, the per-share dividend shrinking about 52% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Cementos Pacasmayo S.A.A. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2024.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?9.1% vs 14.7%
The owner-earnings margin averaged 14.7% early in the record and 9.1% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?5841.4%
Diluted shares grew 5841.4% over 2015–2024. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.

And these came back clean

Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

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%
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%
CPACCementos Pacasmayo S.A.A.	PEN 2.0B	37%	19.3%	12%	12%
APOGApogee Enterprises Inc.	$1.4B	23%	7.5%	11%	6%
TGLSTecnoglass Inc.	$984M	39%	20.5%	20%	12%
Group median	—	34%	16.5%	12%	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares evidenced by American Depositary Receipts, each American Depositary Share representing five common”; Cementos Pacasmayo S.A.A. reports in PEN, so every figure in this tool is stated per ADS and translated at PEN 1 = $0.295 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in PEN.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Cementos Pacasmayo S.A.A. has delivered.

Today’s price $

Through the cycle, Cementos Pacasmayo S.A.A. earns about $73M on its 12.4% median owner-earnings margin. This year’s 13.0% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($73M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

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.

Implied by the price—

Owner-earnings growth · ’18→’24+14%/yr

Owner-earnings growth · since FY2023+84%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

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 $76M on 0M shares outstanding (a weighted average, the only count this filer tags); net cash $29M. The if-converted diluted count is 7M, 7866% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. 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.

Weigh CPAC against another business →

Cite: Owner Scorecard, "Cementos Pacasmayo S.A.A. (CPAC), the owner's record," https://ownerscorecard.com/c/CPAC, data as of 2026-07-09.

Manual order: ← CPA its page in the Manual CRESY →

Industry order: ← AMRZ the Construction Materials chapter CRH →