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Leverage has improved markedly, with total debt down from $10.2B to $6.6B and D/E halved to 0.52, but the current ratio has tightened to 1.10 and goodwill of $9.0B (37% of assets) remains an overhang.
| Total Current Assets | 4.28B | 4.68B | 4.49B | 3.94B | 3.16B |
| Cash & Short-Term Investments | 1.1B | 1.92B | 1.82B | 1.11B | 351M |
| Cash Only | 1.1B | 1.92B | 1.82B | 1.11B | 351M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.36B | 1.12B | 1.07B | 1.4B | 1.41B |
| Days Sales Outstanding | 49.15 | 34.6 | 33.34 | 43.7 | 47.98 |
| Inventory | 1.57B | 1.55B | 1.45B | 1.31B | 1.23B |
| Days Inventory Outstanding | 64.36 | 64.47 | 61.38 | 53.55 | 54.3 |
| Other Current Assets | 260M | 88M | 144M | 40M | 51M |
| Total Non-Current Assets | 19.98B | 19.57B | 19.03B | 19.11B | 17.51B |
| Property, Plant & Equipment | 8.97B | 8.54B | 8.08B | 8.07B | 7.75B |
| Fixed Asset Turnover | 1.39x | 1.38x | 1.45x | 1.45x | 1.38x |
| Goodwill | 9.07B | 9.02B | 8.92B | 8.97B | 8.12B |
| Intangible Assets | 1.7B | 1.73B | 1.83B | 1.88B | 1.44B |
| Long-Term Investments | 50M | 0 | 56M | 63M | 0 |
| Other Non-Current Assets | 242M | 277M | 198M | 121M | 202M |
| Total Assets | 24.27B | 24.25B | 23.52B | 23.05B | 20.67B |
| Asset Turnover | 0.49x | 0.49x | 0.50x | 0.51x | 0.52x |
| Asset Growth % | 12.03% | 3.11% | 2.04% | 11.5% | - |
| Total Current Liabilities | 3.05B | 2.86B | 2.43B | 2.44B | 2.25B |
| Accounts Payable | 1.02B | 1.54B | 1.37B | 1.25B | 1.14B |
| Days Payables Outstanding | 53.75 | 63.93 | 58.09 | 51.14 | 50.59 |
| Short-Term Debt | 1.24B | 333M | 5M | 131M | 348M |
| Deferred Revenue (Current) | 38M | 0 | 0 | 48M | 43M |
| Other Current Liabilities | 792M | 850M | 902M | 532M | 464M |
| Current Ratio | 1.40x | 1.64x | 1.85x | 1.61x | 1.40x |
| Quick Ratio | 0.89x | 1.10x | 1.25x | 1.08x | 0.86x |
| Cash Conversion Cycle | 59.76 | 35.14 | 36.64 | 46.12 | 51.7 |
| Total Non-Current Liabilities | 8.13B | 8.14B | 7.78B | 11.4B | 10.21B |
| Long-Term Debt | 4.94B | 4.94B | 4.94B | 8.64B | 7.62B |
| Capital Lease Obligations | 2.58B | 500M | 698M | 564M | 516M |
| Deferred Tax Liabilities | 2.98B | 0 | 937M | 998M | 944M |
| Other Non-Current Liabilities | 1.59B | 2.7B | 868M | 930M | 873M |
| Total Liabilities | 11.18B | 10.99B | 10.21B | 13.84B | 12.46B |
| Total Debt | 6.67B | 5.91B | 5.79B | 9.52B | 8.66B |
| Net Debt | 5.57B | 3.98B | 3.96B | 8.42B | 8.31B |
| Debt / Equity | 0.51x | 0.45x | 0.43x | 1.03x | 1.05x |
| Debt / EBITDA | 2.42x | 2.10x | 1.89x | 3.48x | 3.48x |
| Net Debt / EBITDA | 2.02x | 1.42x | 1.29x | 3.07x | 3.34x |
| Interest Coverage | 5.07x | 4.62x | 7.03x | 3.37x | 6.89x |
| Total Equity | 13.09B | 13.25B | 13.31B | 9.2B | 8.21B |
| Equity Growth % | 36.11% | -0.4% | 44.59% | 12.1% | - |
| Book Value per Share | 23.66 | 23.94 | 24.05 | 16.65 | 14.85 |
| Total Shareholders' Equity | 13.09B | 13.25B | 13.31B | 9.2B | 8.21B |
| Common Stock | 0 | 13.25B | 6M | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -604M | -317M | -372M |
| Minority Interest | 0 | 0 | -1M | 0 | 1M |
Goodwill impairment risk
AMRZ's balance sheet strengthened markedly over the past year, with total debt down from $9.5B to $6.6B and cash up from $1.1B to $729M, per quarterly filings, signaling improved financial flexibility.
The sequential decline in total liabilities from $14.2B in 2024Q3 to $11.7B in 2026Q2, alongside a reduction in debt from $10.2B to $6.6B, indicates a deliberate deleveraging trend. This is reinforced by a D/E ratio that fell from 1.04 to 0.52, suggesting the company is prioritizing balance sheet strength. The cash position, while lower than the $1.9B peak in 2025Q4, remains adequate given the reduced debt load, and the trajectory implies a more resilient capital structure.
Total debt dropped from $10.2B in 2024Q3 to $6.6B in 2026Q2, cutting the D/E ratio from 1.04 to 0.52, as reported in financial statements, indicating a strategic shift toward lower leverage.
The debt reduction appears deliberate, as the company has used cash flows to pay down obligations, with debt-to-assets falling from 0.43 to 0.27 over the same period. This lower leverage provides a buffer against cyclical downturns in construction, a key risk given the industry's sensitivity to interest rates. The current D/E of 0.52 is below peers like VMC (0.63) and MLM (0.53), suggesting AMRZ has greater financial flexibility to weather a downturn or pursue growth opportunities.
PP&E net rose from $8.1B to $9.1B over the past year, while goodwill remained stable at $9.0B, per balance sheet data, indicating continued capital investment in fixed assets.
The increase in PP&E suggests ongoing investment in capacity to support mega-project demand, consistent with the capex trends noted in the cash flow analysis. However, goodwill of $9.0B represents 37% of total assets, a significant portion that could be at risk if the Solutions & Products segment underperforms. The stable goodwill level suggests no impairments have been taken, but investors should monitor this given the cyclicality of construction markets.
Equity grew from $9.2B in 2023Q4 to $12.9B in 2026Q2, with retained earnings turning positive in 2025Q3, as per quarterly data, indicating improving internal capital generation.
The rise in equity is driven by retained earnings, which swung from zero to $601M in 2025Q3, reflecting profitable operations. This improvement in equity quality reduces reliance on external financing and supports the company's ability to fund dividends and buybacks, as seen in Q2 2026. The positive retained earnings also suggest that the spin-off has not eroded the equity base, and the company is building a cushion for future investments.
Current ratio fell from 1.85 in 2024Q4 to 1.10 in 2026Q2, while cash dropped from $1.8B to $729M, as reported in balance sheet data, indicating a thinner short-term buffer.
The decline in the current ratio suggests that current liabilities have grown relative to current assets, possibly due to increased payables or short-term debt. However, with $729M in cash and a low debt load, the company likely has sufficient liquidity to meet near-term obligations. The cash position is lower than the $1.9B peak, but the reduced debt service requirements partially offset this, and the strong operating cash flow in Q2 2026 provides additional support.
Goodwill of $9.0B, representing 37% of total assets, remains a significant balance sheet risk, as per reported figures, and could be impaired if the Solutions & Products segment underperforms.
The large goodwill balance, likely from acquisitions like Firestone and Malarkey, exposes AMRZ to impairment risk if growth in those segments falters. While no impairments have been recorded to date, the cyclical nature of construction and potential regulatory changes could pressure valuations. Investors should monitor segment performance and any changes in discount rates or cash flow projections that could trigger an impairment charge, which would directly reduce equity.
Quick answers to the most common questions about buying AMRZ stock.
As of 2025, Amrize Ltd (AMRZ) had total assets of $24.25B including $4.68B in current assets.
Amrize Ltd (AMRZ) carries total debt of $5.91B, offset by $1.92B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Amrize Ltd (AMRZ) has total shareholders' equity (book value) of $13.25B ($23.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Amrize Ltd (AMRZ) reported a current ratio of 1.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.