Investment Thesis
Amrize demonstrates solid financial health with strong liquidity (1.64x current ratio), manageable leverage (0.40x debt/equity), and robust cash generation (1.4B free cash flow). However, growth is stalling with near-flat revenue and net income growth (~0.9% and 0.3% YoY), while diluted EPS declined 7.0% despite absolute earnings growth, signaling shareholder dilution concerns.
AMRZ Strengths
- Strong operating cash flow of 2.2B with 12% FCF margin demonstrates efficient core business operations
- Conservative capital structure with 0.40x debt/equity and 8.8x interest coverage provides financial stability
- Healthy profitability with 25.7% gross margin and 10% net margin in cyclical cement industry
- Adequate liquidity with 1.64x current ratio and 1.9B cash position
AMRZ Risks
- Revenue growth stalled at 0.9% YoY indicating market saturation or competitive pressures in cement sector
- Diluted EPS declining 7.0% YoY despite modest net income growth suggests share dilution and potential capital allocation inefficiency
- Return on equity of only 8.9% and ROA of 4.9% below cost of capital expectations for a stable industrial company
- Subdued net margin expansion despite operational leverage, signaling pricing power limitations or rising input costs
Key Metrics to Watch
- Revenue growth trajectory and volume trends in core cement markets
- Net income growth relative to share dilution (EPS conversion efficiency)
- Free cash flow conversion and capital allocation decisions
- Operating margin expansion amid input cost inflation
- Return on equity improvement and capital efficiency
AMRZ Financial Metrics
AMRZ Profitability Ratios
AMRZ Balance Sheet & Liquidity
AMRZ 5-Year Financial Trend
5-Year Trend Summary: Amrize Ltd's revenue has remained relatively flat over the 5-year period, with a 0% decline. The most recent EPS of $1.73 reflects profitable operations.
AMRZ Growth Metrics (YoY)
AMRZ Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $3.4B | $545.0M | $0.98 |
| Q2 2025 | $3.2B | $342.0M | $0.62 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AMRZ Capital Allocation
AMRZ SEC Filings
Access official SEC EDGAR filings for Amrize Ltd (CIK: 0002035989)