Share count
43.4Bpeak FY2018
← All companies ← CVE Manual CYD → ← CRH Construction Materials EXP →
CX, Cemex S.A.B. de C.V. Sponsored ADR
Construction Materials capital-intensive
We produce these products, we do so primarily for internal consumption and consequently have fairly insignificant third-party sales.
On October 17, 2023, the European Commission inspected our offices in France and requested certain information relating to our business in France in the construction chemicals sector, which includes chemical admixtures and additives for use in concrete, cement, mortars and related construction products.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
$16.2B
−2.1% YoY · 5% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $16.2B 5-yr avg $14.9B
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 33% and operating margin about 10% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −3.7% to 12% — on a steadier 33% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median 5%, above 15% in 0 of 8 years). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 6 regions, the largest United States at 32%.
Revenue by geography, FY2024
- United States32%$5.2B
- Mexico29%$4.7B
- Europe22%$3.6B
- SCA&C7%$1.1B
- Middle East and Africa6%$1.0B
- Other Activities3%$468M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2024
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | TTMTTMDec 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| $12.9B | $13.5B | $13.0B | $12.7B | $14.4B | $14.7B | $16.6B | $16.2B | $16.2B | RevenueRevenue |
| 35% | 35% | 33% | 32% | 32% | 30% | 34% | 34% | 34% | Gross marginGross mgn |
| $1.5B | $1.4B | $965M | ($471M) | $1.6B | $873M | $1.7B | $1.8B | $1.8B | Operating incomeOp. inc. |
| 11.8% | 10.4% | 7.4% | −3.7% | 11.4% | 5.9% | 10.6% | 11.2% | 11.2% | Operating marginOp. mgn |
| $792M | $528M | $143M | ($1.5B) | $753M | $858M | $182M | $939M | $939M | Net incomeNet inc. |
| 2% | 30% | 52% | — | 15% | 16% | — | 7% | 7% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||
| $1.8B | $1.6B | $1.4B | $1.6B | $1.8B | $1.4B | $2.2B | $1.9B | $1.9B | Operating cash flowOp. cash |
| $963M | $982M | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | DepreciationDeprec. |
| $90M | $57M | $173M | $2.0B | ($30M) | ($562M) | $850M | ($295M) | ($295M) | Working capital & otherWC & other |
| $567M | $601M | $651M | $538M | $776M | $755M | $865M | $1.0B | $1.0B | CapexCapex |
| 4.4% | 4.4% | 5.0% | 4.2% | 5.4% | 5.1% | 5.2% | 6.2% | 6.2% | Capex / revenueCapex/rev |
| $1.3B | $966M | $704M | $1.1B | $1.1B | $613M | $1.4B | $894M | $894M | Owner earningsOwner earn. |
| 9.9% | 7.1% | 5.4% | 8.3% | 7.4% | 4.2% | 8.2% | 5.5% | 5.5% | Owner earnings marginOE mgn |
| $1.3B | $966M | $704M | $1.1B | $1.1B | $613M | $1.4B | $894M | $894M | Free cash flowFCF |
| 9.9% | 7.1% | 5.4% | 8.3% | 7.4% | 4.2% | 8.2% | 5.5% | 5.5% | Free cash flow marginFCF mgn |
| — | — | $150M | — | — | — | — | $90M | $90M | Dividends paidDiv. paid |
| — | $75M | $50M | $83M | $0 | $111M | $0 | — | — | BuybacksBuybacks |
| 9% | 6% | 3% | -2% | 8% | 4% | 5% | 10% | 10% | ROICROIC |
| 10% | 6% | 2% | -18% | 8% | 8% | 2% | 8% | 8% | Return on equityROE |
| — | — | −0% | — | — | — | — | 7% | 7% | Retained to equityRetained/eq |
| Balance sheet | |||||||||
| $699M | $309M | $802M | $965M | $613M | $495M | $624M | $864M | $879M | Cash & investmentsCash+inv |
| — | $1.6B | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B | $1.6B | $1.6B | ReceivablesReceiv. |
| — | $959M | $989M | $971M | $1.3B | $1.7B | $1.8B | $1.5B | $1.5B | InventoryInvent. |
| — | $2.5B | $2.5B | $2.5B | $2.8B | $3.3B | $3.5B | $3.1B | $3.1B | Operating working capitalOper. WC |
| $4.3B | $3.6B | $4.6B | $4.2B | $4.2B | $4.5B | $5.0B | $5.0B | $5.0B | Current assetsCur. assets |
| $4.3B | $5.9B | $5.4B | $5.4B | $5.4B | $5.5B | $6.8B | $6.1B | $6.1B | Current liabilitiesCur. liab. |
| 1.0× | 0.6× | 0.8× | 0.8× | 0.8× | 0.8× | 0.7× | 0.8× | 0.8× | Current ratioCurr. ratio |
| $9.9B | $9.9B | $9.6B | $8.5B | $41M | $7.5B | $7.7B | $7.4B | $7.4B | GoodwillGoodwill |
| $29.8B | $29.9B | $29.4B | $27.4B | $26.6B | $26.4B | $28.4B | $27.3B | $27.3B | Total assetsAssets |
| $9.9B | $9.0B | $9.4B | $9.3B | $7.4B | $6.9B | $6.2B | $5.4B | $5.4B | Total debtDebt |
| $9.2B | $8.7B | $8.6B | $8.3B | $6.8B | $6.4B | $5.6B | $4.5B | $4.5B | Net debt / (cash)Net debt |
| $7.8B | $9.0B | $9.3B | $8.1B | $9.8B | $10.5B | $11.8B | $12.2B | $12.2B | Shareholders’ equityEquity |
| Per share | |||||||||
| 43.11B | 45.57B | 45.39B | 44.13B | 44.12B | 43.55B | 43.51B | 43.41B | 43.41B | Shares out (diluted)Shares |
| $0.30 | $0.30 | $0.29 | $0.29 | $0.33 | $0.34 | $0.38 | $0.37 | $0.37 | Revenue / shareRev/sh |
| $0.02 | $0.01 | $0.00 | $-0.03 | $0.02 | $0.02 | $0.00 | $0.02 | $0.02 | EPS (diluted)EPS |
| $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.03 | $0.02 | $0.02 | Owner earnings / shareOE/sh |
| $0.03 | $0.02 | $0.02 | $0.02 | $0.02 | $0.01 | $0.03 | $0.02 | $0.02 | Free cash flow / shareFCF/sh |
| — | — | $0.00 | — | — | — | — | $0.00 | $0.00 | Dividends / shareDiv/sh |
| $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.02 | Cap. spending / shareCapex/sh |
| $0.18 | $0.20 | $0.21 | $0.18 | $0.22 | $0.24 | $0.27 | $0.28 | $0.28 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 7-yr | 5-yr | |
|---|---|---|
| Revenue / share | +3.2%/yr | +5.5%/yr |
| Owner earnings / share | −5.1%/yr | +5.8%/yr |
| EPS | +2.4%/yr | +47.0%/yr |
| Dividends / share | −8.9%/yr (5-yr) | −8.9%/yr |
| Capital spending / share | +8.3%/yr | +9.9%/yr |
| Book value / share | +6.4%/yr | +6.4%/yr |
The record, charted
FY2017–2024Each measure over its full record; the current point and the worst year marked.
ROIC
10%low FY2020
Gross margin
34%low FY2022
Net debt ÷ owner earnings
5.0×peak FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$894Mowner earningsvs.$939Mnet incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2017FY2024
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 reported $939M of profit but $894M of owner earnings: $45M less than the profit line, taken out by capital spending and the timing of cash.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | $939M | $182M | $858M | $753M | ($1.5B) |
| Depreciation & amortizationnon-cash charge added back | +$1.3B | +$1.2B | +$1.1B | +$1.1B | +$1.1B |
| Working capital & othertiming of cash in and out, other non-cash items | −$295M | +$850M | −$562M | −$30M | +$2.0B |
| Cash from operations | $1.9B | $2.2B | $1.4B | $1.8B | $1.6B |
| Capital expenditurecash put back in to keep running and to grow | −$1.0B | −$865M | −$755M | −$776M | −$538M |
| Owner earnings | $894M | $1.4B | $613M | $1.1B | $1.1B |
| Owner-earnings marginowner earnings ÷ revenue | 6% | 8% | 4% | 7% | 8% |
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.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- How heavy is the debt, net of cash? $4.5B · 2.5× operating profitMeaningful net debtCash $864M + ST investments $15M − debt $5.4B
What this means
Netting $879M of cash and short-term investments against $5.4B of debt leaves $4.5B owed, about 2.5× a year's operating profit (2.9× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle8-yr median, range -2%–10%; 10% latest = NOPAT $1.7B ÷ invested capital $16.7BIndustry peers: median 11%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle8-yr median margin, range 4%–10%; latest $894M = operating cash $1.9B − maintenance capex $1.0BIndustry 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 6% of revenue this year, a 7% median across 8 years.
- Cash-backedCash from ops $1.9B ÷ net income $939M
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?
- Reinvests most of itDividends + buybacks $90M ÷ Owner Earnings $894M
What this means
Of $894M Owner Earnings, $90M (10%) went back to shareholders, $90M dividends, $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? 0.80×MaintainingCapex $1.0B ÷ depreciation $1.3B
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 6 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 · $16.2B
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 MissCurrent ratio ≥ 2× · 0.82×
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 MissDebt ≤ working capital · $5.4B vs ($1.1B) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability NearA profit every year (8-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 2 of 8 yrs
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 PassEarnings +33% over the record · +35%
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 $0.05/share (latest year $0.06), the averaged base the calculator's gate runs on, and book value is $0.84/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, 2017–2024
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 7 of 8
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 8 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 10% → 9% (3-yr avg ends)
In the filing’s words The filing claims pricing power in its strongest form — price raised, volume held — yet the margin here has not widened to match. The claim leads the record; weigh them together.
What this means
Through the cycle the operating margin held roughly steady — about 10% early, 9% lately, median 10%.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +0%/yr
What this means
Owner earnings grew about 0% a year over the record.
- Worst year 2020 · −3.7% op. margin
What this means
Operations went underwater in 2020, understand why before trusting the good years.
- Share count +0.1%/yr
What this means
Roughly flat share count, little dilution, little buyback.
- Dividend record paid
What this means
Paid a dividend in 2 of the years on record.
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.
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, 2024Can 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$5.0B
- Cash & short-term investments$879M
- Receivables$1.6B
- Inventory$1.5B
- Other current assets$1.1B
Current liabilities$6.1B
- Debt due within a year$22M
- Other current liabilities$6.1B
Current ratio0.82×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.58×stricter: inventory excluded
Cash ratio0.14×strictest: cash alone against what's due
Working capital($1.1B)the cushion left after near-term bills
Debt due this year vs. cash$22M due · $879M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2024 balance sheet
Deeper floors
Tangible book value$2.8Bequity stripped of goodwill & intangibles
Net current asset value($9.8B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$6.5B$1.2B of it operating leases
Deferred revenue$269Mcustomer 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.
Due in the next 12 months$625Mthe first rung: what must be repaid or rolled over within the year
Within two years$1.3Bthe near wall, the part most exposed to today’s credit conditions
Biggest single year$628Min 2028the lumpiest maturity, where a refinancing, if needed, is largest
Due over the next five years$1.4Bthe near slice; the balance sheet carries $5.4B of debt in all
Against what the business has and earns
Cash & short-term investments, Dec 31, 2024$879M
One year of owner earnings (FY2024)$894M
Together, against $625M due next year2.8×
Cash on hand as of Dec 31, 2024 plus a year’s owner earnings comes to $1.8B against the $625M due in the twelve months after the Dec 31, 2025 schedule: 2.8 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.
How the cash was used, 2017–2024
Over the record, the business generated $13.7B of operating cash; how management split it reads as a deleverager, a meaningful share of cash went to paying down debt.
- Reinvested$5.8B · 42%
- Dividends$240M · 2%
- Buybacks$319M · 2%
- Retained (debt / cash)$7.4B · 54%
- Returned to owners$559M
7% of the owner earnings the business produced over the span, $240M as dividends and $319M as buybacks.
- Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $4.5B and cash and short-term investments rose $180M.
- Average price paid for buybacks—
Buybacks ran $319M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count0.7%
The diluted count barely moved (43107M to 43405M): buybacks roughly offset the stock issued to staff.
- Dividend record$0.00/sh
Paid in 2 of the years on record, the per-share dividend shrinking about 37% a year. It was cut at least once along the way.
- Return on what it retained−1%
Of the earnings it kept rather than paid out ($2.2B over the span), annual owner earnings (first three years vs last three) fell $28M, so each retained $1 gave back about 0.01 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.
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.
Acquisitions & goodwill
from the balance sheet & the 8-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$9.4B34% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity61%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$0over 8 years buying other businesses, against $5.8B 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 8-year record, from the company's own filings.
Inverting the record
Invert: instead of why Cemex S.A.B. de C.V. Sponsored ADR 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 2017–2024.
1 of the 4 tests turned up something to look into; the other 3 came back clean.
- Look hereIs it less profitable than it was?6.0% vs 7.5%
The owner-earnings margin averaged 7.5% early in the record and 6.0% 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.
And these came back clean
- Did the share count rise anyway?
- Did debt outgrow the business?
- 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% |
| CXCemex S.A.B. de C.V. Sponsored ADR | $16.2B | 33% | 10.5% | 5% | 7% |
| 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% |
| Group median | — | 26% | 12.2% | 11% | 10% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Cemex S.A.B. de C.V. Sponsored ADR reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Cemex S.A.B. de C.V. Sponsored ADR has delivered.
$
Through the cycle, Cemex S.A.B. de C.V. Sponsored ADR earns about $1.2B on its 7.3% median owner-earnings margin. This year’s 5.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.
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 · ’20→’24+1%/yr
Owner-earnings growth · ’17→’24+0%/yr
Owner-earnings growth · ’17→’24+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 ’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 yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $894M on 14507M shares outstanding, per the 20-F cover, as of 2025-12-31; net debt $4.5B. The if-converted diluted count is 43405M, 199% 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.
Cite: Owner Scorecard, "Cemex S.A.B. de C.V. Sponsored ADR (CX), the owner's record," https://ownerscorecard.com/c/CX, data as of 2026-07-09.
Manual order: ← CVE its page in the Manual CYD →
Industry order: ← CRH the Construction Materials chapter EXP →