Amrize Ltd (AMRZ)

Price$43.82Cached quoteAs of 2026-09-05 09:32 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the valuation already assumes a meaningful profit recovery.

Using the supplied SEC-derived figures, the observed market value is about 20 times trailing diluted earnings of $2.23 a share and about 19 times trailing free cash flow. Free cash flow means cash left after running and investing in the business; it was roughly $1.31 billion over the latest twelve months. Enterprise value, meaning stock-market value plus net debt, is about $30.1 billion, near 11 times trailing operating profit before interest, taxes, depreciation and amortization. Management’s $3.1-$3.2 billion adjusted 2026 profit target would lower that multiple near 9.5 times, which looks reasonable rather than clearly cheap. Amrize+1

Big pictureSales are growing again, but profits remain cyclical and cash generation is heavily seasonal.

Revenue barely grew from 2023 through 2025, while 2025 operating income fell about 13% and net income fell about 7% from 2024. The latest twelve months look better: the supplied figures imply roughly $12.18 billion of revenue and $1.24 billion of net income. Operating cash flow was about $2.17 billion; after roughly $860 million of capital spending, free cash flow was about $1.31 billion. First-half cash flow was negative, but Amrize says construction seasonality means most annual cash is normally generated in the second half. SEC+1

Business strengthAmrize has valuable market positions, but higher debt reduces the margin of safety.

The balance sheet is adequate, not fortress-like. June debt was $6.00 billion against $729 million of cash, leaving $5.28 billion of net debt, about two times trailing operating profit before interest, taxes, depreciation and amortization; management reports 1.7 times using its adjusted version. Current assets only modestly exceeded current liabilities. Equity was $12.87 billion, but $9.04 billion was goodwill, limiting tangible asset backing. Capital allocation is shareholder-friendly: $197 million was repurchased and $305 million of dividends were paid in the second quarter. Shares outstanding fell about 0.7% from March to June, while first-half stock compensation was only $20 million. Amrize+1

What could change the storyLower fuel costs and stronger pricing could unlock upside; weaker construction demand would do the opposite.

The bull case needs the current cost squeeze to fade. Management expects 2026 revenue of $12.5-$12.7 billion and adjusted operating profit before interest, taxes, depreciation and amortization of $3.1-$3.2 billion, supported by large data-center, energy, manufacturing and infrastructure projects, pricing, and $80 million of targeted savings. The bear case is oil-driven freight, diesel and raw-material inflation continuing to outrun price increases. At the observed valuation, sustained free cash flow clearly above roughly $1.6 billion and falling net debt would strengthen the value case; profit below guidance or debt staying above $5 billion would weaken it. Amrize+1

AI: News

Guidance reset after strong quarterSecond-quarter sales beat last year, but oil-driven costs forced a lower earnings outlook.

On August 6, Amrize reported second-quarter revenue of $3.49 billion, up 8.6%, and net income of $476 million, up 14.4%. It raised full-year revenue guidance to $12.5-$12.7 billion but revised adjusted profit guidance to $3.1-$3.2 billion because higher oil prices were lifting freight, diesel and raw-material costs. The shares fell 8.9% in the next regular session. That timing is consistent with investors resetting earnings expectations, but a one-day move cannot prove the results were the only cause. investors.amrize.com+1

Finance chief exitsA newly hired finance chief left after five months, raising fresh questions about leadership continuity.

On August 24, Baris Oran stepped down as chief financial officer for personal reasons only about five months after taking the role. Amrize immediately appointed Samuel Poletti, its strategy and acquisitions chief since the spin-off and a long-time Holcim executive. The shares fell about 3.9% in after-hours trading following the announcement. The timing suggests investors disliked the abrupt turnover, but it does not establish lasting causation. Poletti’s deep company history reduces transition risk, while the rapid change still raises questions about finance leadership stability. Yahoo Finance+1

Billion-dollar buyback beginsThe company began a large share buyback, directly supporting per-share value if cash generation holds.

Amrize began its authorized $1 billion buyback on May 6, with repurchased shares intended for cancellation and a program limit of up to 10% of issued shares through May 5, 2027. By the second quarter it had repurchased $197 million, while the supplied share count fell from about 553.5 million in March to 549.8 million in June. That supports earnings and cash flow per remaining share. The benefit depends on buying below intrinsic value and not stretching a balance sheet that already carries more than $5 billion of net debt. Amrize+1

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$11.81B	$11.70B	$11.68B	$10.73B
Gross profit	$3.03B	$3.07B	$2.77B	$2.47B
Gross margin	25.68%	26.23%	23.71%	23.05%
Operating expenses	$1.13B	$875.0M	$881.0M	$752.0M
Operating income	$1.91B	$2.19B	$1.89B	$1.72B
Operating margin	16.13%	18.75%	16.17%	16.04%
EBITDA	$2.66B	$2.93B	$2.58B	$2.50B
EBITDA margin	22.55%	25.04%	22.07%	23.27%
Net income	$1.19B	$1.27B	$956.0M	$1.11B
Net profit margin	10.03%	10.89%	8.19%	10.33%
Basic EPSper basic share	$2.14	$2.30	$1.73	$2.00
Diluted EPSper diluted share	$2.14	$2.30	$1.73	$2.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

3.88%of listed shares

VANGUARD CAPITAL MANAGEMENT LLC21.33M shares · Jun 30, 2026

View holders

Top 20 reported holders of AMRZ
Holder	% owned
VANGUARD CAPITAL MANAGEMENT LLC	3.88%21.33M shares
BlackRock, Inc.	2.94%16.16M shares
NORGES BANK	2.56%14.07M shares
HARRIS ASSOCIATES L P	2.54%13.99M shares
Zurcher Kantonalbank (Zurich Cantonalbank)	1.97%10.85M shares
Invesco Ltd.	1.56%8.59M shares
UBS Group AG	1.50%8.26M shares
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main	1.37%7.55M shares
VANGUARD FIDUCIARY TRUST CO	1.34%7.35M shares
GEODE CAPITAL MANAGEMENT, LLC	1.13%6.21M shares
Pictet Asset Management Holding SA	1.07%5.87M shares
STATE STREET CORP	0.96%5.27M shares
JPMORGAN CHASE & CO	0.95%5.23M shares
VICTORY CAPITAL MANAGEMENT INC	0.88%4.86M shares
Vontobel Holding Ltd.	0.87%4.8M shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	0.80%4.41M shares
AMERICAN CENTURY COMPANIES INC	0.79%4.32M shares
DEUTSCHE BANK AG\	0.75%4.12M shares
Jenisch Jan Philipp	≈0.72%3.98M shares
FMR LLC	0.69%3.8M shares

Percentages use 549.78M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys83$67.57M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 22, 2026Form 4	Forrest NollaigChief Mktg & Corp Affairs Off	BuyOrdinary Shares	2.0K	$50.25	$100.5K	20.1K
May 21, 2026Form 4	Brouwer RoaldChief Technology Officer	BuyOrdinary Shares	1.5K	$49.84	$74.8K	19.8K
May 20, 2026Form 4	Gross MarioChief Supply Chain Officer	BuyOrdinary Shares	1.2K	$48.63	$58.4K	34.7K
May 19, 2026Form 4	Gross MarioChief Supply Chain Officer	BuyOrdinary Shares	1.0K	$48.63	$48.6K	33.7K
May 19, 2026Form 4	Gross MarioChief Supply Chain Officer	BuyOrdinary Shares	1.8K	$49.47	$89.0K	32.7K

Review ownership filings at SEC.gov ↗

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Amrize Ltd (AMRZ)

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