- Price
- $37.83
- Fair value
- $42.00
- Discount
- 9.9%
- Uncertainty
- Medium
- LSEG rating
- 2.39
- Moat
- Narrow
- Next earnings
- 2026-11-06
- Next earnings is estimate
- Yes
- Company name
- Amrize
- Sector
- Building materials
- About
- Amrize sells building materials in North America. Holcim spun it off in June 2025, and its shares trade on the New York Stock Exchange and the SIX Swiss Exchange. It has two segments. Building Materials makes and sells cement, aggregates and ready-mix concrete. Building Envelope sells commercial and residential roofing and other products for the outside of buildings. Amrize has more than 1,000 sites and serves every US state and Canadian province. Its customers build infrastructure, commercial buildings, homes and large projects such as data centers and factories. Revenues were $11.8 billion in 2025. In Q2 2026, Building Materials had revenues of $2,445 million and Building Envelope had revenues of $1,049 million.
- Thesis
- The market prices Amrize for higher costs, flat cement prices and many changes in its management. In Q2 2026, revenues rose 8.6%, but the adjusted EBITDA margin fell to 28.2% from 29.0%, because oil prices raised freight, diesel and raw material costs. Amrize revised its 2026 adjusted EBITDA guidance to $3.1 billion to $3.2 billion for this reason, and it now expects cement prices to be flat or up only low single digits. In 2026, Amrize also changed its CFO twice, in April and in August, appointed a new chief accounting officer and replaced the president of Building Envelope. For the gap to close, three things must be true. Amrize must reach its 2026 guidance, with price increases and fuel surcharges catching up with costs in the second half. Aggregates prices must keep rising at mid-single-digit rates, and demand from data centers, energy and factories must keep cement and aggregates volumes growing. The new finance team must keep the company's reports and guidance reliable. The Q3 2026 report, estimated for about November 6, 2026, is the next test. The 2027 guidance in February 2027 is the main test. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a slowdown in US construction, which would lower volumes and prices together.
- Risks
- Demand for cement, aggregates and roofing depends on US and Canadian construction. Higher interest rates or a weak housing market can lower volumes and prices.
Energy and freight are large costs. In Q2 2026, oil prices raised freight, diesel and raw material costs, and the adjusted EBITDA margin fell to 28.2% from 29.0%. If prices do not catch up with costs, margins can fall further.
Amrize changed its CFO twice in 2026, appointed a new chief accounting officer in September 2026 and replaced the president of Building Envelope. Frequent changes in finance leaders can reduce confidence in guidance and controls.
Gross debt was $6.0 billion at June 30, 2026, with $1.77 billion due within 12 months, including commercial paper. Higher rates raise the cost to refinance this debt.
- Balance sheet
- Cash: $729M
Debt: $6.0B
Net debt: $5.3B
Net debt / EBITDA: 1.7× (low)
Interest cover: 3.8×
Undrawn credit line: $2.0B
Debt due within 12 months: $1.8B
Amrize funds its operations with senior unsecured notes, commercial paper and a revolving credit facility. At June 30, 2026, gross debt was $6,004 million: $735 million of commercial paper, $1,034 million of long-term debt due within one year and $4,235 million of long-term debt. Cash was $729 million, so net debt was $5,275 million. The company's net leverage ratio, net debt divided by adjusted EBITDA for the last 12 months, was 1.7 times. Its $2 billion revolving credit facility had nothing drawn. Interest cover is operating income divided by net interest expense for the first half of 2026, which is the weaker half of the year because of seasonal construction. Amrize expects net interest expense of about $340 million and capital expenditures of about $900 million in 2026. It generates most of its cash flow in the second half of the year.
As of 2026-06-30.
- Checkpoints
- Nov 6, 2026 (estimate): Q3 2026 earnings: price against cost. Pending. Watch: Results on track for adjusted EBITDA of $3.1 billion to $3.2 billion, with better price against cost than in the first half, pass; a cut to the guidance fails.
Feb 2027 (estimate): 2027 guidance. Pending. Watch: 2027 guidance for adjusted EBITDA growth with higher cement and aggregates prices passes; guidance for flat or lower adjusted EBITDA fails.
- Recent events
- 2026-09-11: Amrize appointed Mario Gross as President, Building Envelope. Jake Gosa, the former president, gave notice of his resignation on September 6, 2026, and stays an employee during his 12-month notice period.
2026-08-28: The board appointed Zane Nielsen as Chief Accounting Officer and Corporate Controller from September 1, 2026, replacing Richard Hoffman in that role.
2026-08-24: Amrize appointed Samuel J. Poletti, its Chief Strategy and M&A Officer, as CFO. He succeeded Baris Oran, who had become CFO on April 1, 2026.
2026-08-06: Amrize reported Q2 2026 results. Revenues rose 8.6% to $3,494 million, with organic growth of 6.7%. Net income rose 14.4% to $476 million, and adjusted EBITDA rose 5.8% to $986 million. Amrize returned $502 million to shareholders. It raised its 2026 revenue guidance to $12.5 billion to $12.7 billion and set adjusted EBITDA guidance at $3.1 billion to $3.2 billion, because of cost inflation from oil prices.
2026-05-04: Amrize paid a special dividend of $0.44 per share for 2025, and on May 20, 2026, it paid its first quarterly dividend of $0.11 per share. In Q2 2026, it also launched a $1 billion share buyback program and bought back $197 million of shares.