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Amrize Ltd (the Company ) is a building solutions company focused on the North American market, offering customers a broad range of advanced building solutions from foundation to rooftop. The Company earns revenue from the sale of cement, aggregates, ready-mix concrete, asphalt, roofing systems and other building solutions.
16.13% operating margin is respectable but not wide. ROIC at 12.56%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 0.9%, essentially flat. Margins also contracted 2.6pp. This is a business that needs a catalyst.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened. ROIC dropped from 18.24% to 12.56%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$11.91B
▲ +0.9% YoY
Net Income (TTM)
$1.16B
▼ -7.0% YoY
Op. Margin
15.50%
▼ -2.6pp YoY
ROIC
9.47%
▼ -5.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.32B
▼ -13.4% YoY
Op. Cash Flow (TTM)
$2.17B
▼ -3.2% YoY
Net Debt
$6.00B
Cash & Equiv.
$1.10B
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