Suncrete, Inc. (RMIX)

Price$16.70Cached quoteAs of 2026-09-05 04:53 UTC

AI: Overvalued

Price checkThe shares look expensive because current value assumes strong growth and cleaner cash generation.

With 73.49 million shares, the equity is worth about $963 million; adding roughly $205 million of net debt gives an enterprise value near $1.17 billion. Against management’s 2026 adjusted operating cash profit guidance of $68.2 million to $92.8 million, that is roughly 17 times the low end or 13 times the high end. Even the best adjusted-profit forecast implies about 48 times earnings. That is demanding for a cyclical, acquisitive company currently losing cash, supporting an overvalued verdict.

Big pictureAcquisitions are driving rapid growth, but profits and cash have not kept pace.

Second-quarter revenue rose 146% to $97.2 million and delivered volume rose 123%, largely reflecting acquired operations. Yet adjusted operating cash profit rose only 94% to $13.5 million, while its margin fell to 13.9% from 17.6%. The six-month net loss was $38.9 million, although $26.9 million was a non-cash share charge. Operating cash flow was negative $12.4 million, and $10.0 million of capital spending pushed free cash flow—cash after running and investing—near negative $22.4 million.

Business strengthLocal scale and strong demand help, while debt and weaker margins reduce resilience.

Ready-mix deliveries are time-sensitive and local, so a dense plant-and-truck network can support customer retention and pricing. Suncrete now spans six states, and management said demand stayed strong despite unusually wet weather. However, second-quarter gross margin fell to 29.1% from 32.2%, while integration raised operating costs. At quarter-end, cash was $28.6 million versus about $234.1 million of debt. Term loans bore 7.22% interest, and management forecasts $18.4 million of annual net interest, leaving less room when construction slows.

What could change the storySuccessful integration and positive cash flow could justify the price; more borrowing would not.

The bull case needs recent purchases to lift adjusted operating cash profit above the $92.8 million guidance ceiling, restore margins, and produce cash after capital spending and interest. The bear case is another debt-funded buying wave before integration proves itself. Five second-quarter acquisitions cost about $233.9 million, including $178.9 million cash and $48.7 million stock, while no dividends or buybacks offset dilution. About 73.5 million common shares were outstanding, and convertible or exchangeable instruments could add roughly 5.9 million more. Deleveraging would strengthen the story; low-end guidance would weaken it.

AI: News

Q2 resultsRevenue surged through acquisitions, but losses, weaker margins, and cash burn exposed integration costs.

On August 14, Suncrete reported second-quarter revenue of $97.2 million, up 146%, and maintained its 2026 revenue forecast of $420 million to $480 million. Adjusted operating cash profit was $13.5 million, but its margin contracted and the company lost $37.1 million. Six-month operating cash use reached $12.4 million. Shares closed 1.9% lower that day; the timing is consistent with investor concern, but it does not prove the results caused the decline.

Credit capacity expandedNew borrowing capacity supports more deals, while increasing the risk of leverage-driven growth.

A July 7 filing disclosed that Suncrete doubled its revolving credit limit to $50 million and added a $175 million delayed-draw loan for acquisitions. At the amendment date, $189.2 million of term loans and about $22 million of revolving borrowings were outstanding; none of the new delayed facility had been drawn. The secured facilities mature in July 2029. This provides acquisition flexibility, but future drawings would raise interest costs and increase dependence on successful integration.

Fifth acquisition completedThe Arkansas purchase widened Suncrete’s footprint and reinforced its fast, equity-consuming expansion strategy.

Suncrete announced on June 15 that it had completed its purchase of ABC Block Company, its fifth acquisition since becoming public in April. The underlying transaction closed June 8 for $27.2 million in cash plus 587,726 Suncrete shares. ABC brought more than 40 delivery vehicles and exposure to Arkansas, Louisiana, Missouri, and Mississippi. The purchase adds scale and product diversity, but the share issuance dilutes existing ownership and adds another business requiring integration.

Loading local price history

Revenue

2022

2023

2024

Net income

2022

2023

2024

Free cash flow

2023

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2024	2023	2022
Revenue	$103.7M	$194.9M	$79.7M
Gross profit	$38.6M	$66.9M	$30.2M
Gross margin	37.23%	34.35%	37.95%
Operating expenses	—	$22.7M	—
Operating income	—	$28.5M	—
Operating margin	—	14.64%	—
EBITDA	—	$33.9M	—
EBITDA margin	—	17.42%	—
Net income	$20.5M	−$11.2M	−$32.9M
Net profit margin	19.74%	−5.72%	−41.26%
Basic EPSper basic share	—	$0.48	—
Diluted EPSper diluted share	—	$0.48	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.43%of listed shares

FMR LLC7.12M shares · Jun 30, 2026

View holders

Top 20 reported holders of RMIX
Holder	% owned
FMR LLC	14.43%7.12M shares
Edgar Randall W. / Eaglesnest Investments, LLC	≈9.75%4.81M shares
HEYER ANDREW R	≈7.32%3.61M shares
Alyeska Investment Group, L.P.	7.02%3.46M shares
WASATCH ADVISORS LP	4.99%2.46M shares
AMERICAN CENTURY COMPANIES INC	3.85%1.9M shares
Tyro Capital Management LLC	3.12%1.54M shares
Ophir Asset Management Pty Ltd	3.04%1.5M shares
Bank of New York Mellon Corp	2.46%1.21M shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	2.03%1M shares
Jones Mark Alan	≈1.82%898.52K shares
Harraden Circle Investments, LLC	1.59%783.26K shares
VANGUARD CAPITAL MANAGEMENT LLC	1.56%770.5K shares
BlackRock, Inc.	1.29%637.1K shares
GOLDMAN SACHS GROUP INC	1.04%511.21K shares
GEODE CAPITAL MANAGEMENT, LLC	0.93%457.6K shares
Wentroth Thomas G.	≈0.91%449.26K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.73%360.01K shares
Polar Asset Management Partners Inc.	0.71%349.2K shares
Engle Capital Management, L.P.	0.58%288.1K shares

Percentages use 49.34M 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

Buys0$0.00 disclosed value

Sells (SEC code S)4$6.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Apr 16, 2026Form 4	Harraden Circle Concentrated, LP +7TenPercentOwner	SellClass A Common Stock · indirect	503.4K	$12.50	$6.29M	4.38M
Apr 15, 2026Form 4	Harraden Circle Concentrated, LP +7TenPercentOwner	SellClass A Common Stock · indirect	5.9K	$13.12	$77.3K	4.90M
Apr 14, 2026Form 4	Harraden Circle Concentrated, LP +7TenPercentOwner	SellClass A Common Stock · indirect	17.6K	$12.95	$228.2K	4.89M
Apr 13, 2026Form 4	Harraden Circle Investments, LLC +7TenPercentOwner	SellClass A Common Stock · indirect	17.2K	$12.98	$223.0K	4.91M

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about RMIX yet. Start the conversation.

Write the first post

Suncrete, Inc. (RMIX)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.