Latest Ratios: P/E Ratio 17.4x · EV/EBITDA 8.8x · ROE 8.9%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $20.6B | $29.9B | — | — | — |
| Enterprise Value | $24.6B | $33.9B | — | — | — |
| P/E Ratio → | 17.41 | 25.27 | — | — | — |
| P/S Ratio | 1.75 | 2.53 | — | — | — |
| P/B Ratio | 1.56 | 2.26 | — | — | — |
| P/FCF | 14.52 | 21.08 | — | — | — |
| P/OCF | 9.34 | 13.56 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 2.87 | — | — | — |
| EV / EBITDA | 8.77 | 12.09 | — | — | — |
| EV / EBIT | 12.91 | 17.76 | — | — | — |
| EV / FCF | — | 23.89 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 25.7% | 25.7% | 26.2% | 23.7% | 23.0% |
| Operating Margin | 16.1% | 16.1% | 18.6% | 16.2% | 15.8% |
| Net Profit Margin | 10.0% | 10.0% | 12.1% | 8.2% | 10.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 12.6% | 11.0% | 13.5% |
| ROA | 5.0% | 5.0% | 6.1% | 4.4% | 5.4% |
| ROIC | 8.3% | 8.3% | 9.4% | 8.3% | 7.7% |
| ROCE | 9.0% | 9.0% | 10.4% | 9.7% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.43 | 1.03 | 1.05 |
| Debt / EBITDA | 2.10 | 2.10 | 1.89 | 3.48 | 3.48 |
| Net Debt / Equity | — | 0.30 | 0.30 | 0.91 | 1.01 |
| Net Debt / EBITDA | 1.42 | 1.42 | 1.29 | 3.07 | 3.34 |
| Debt / FCF | — | 2.80 | 2.42 | 5.99 | 5.54 |
| Interest Coverage | 4.62 | 4.62 | 7.03 | 3.37 | 6.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 1.85 | 1.61 | 1.40 |
| Quick Ratio | 1.10 | 1.10 | 1.25 | 1.08 | 0.86 |
| Cash Ratio | 0.67 | 0.67 | 0.75 | 0.45 | 0.16 |
| Asset Turnover | — | 0.49 | 0.50 | 0.51 | 0.52 |
| Inventory Turnover | 5.66 | 5.66 | 5.95 | 6.82 | 6.72 |
| Days Sales Outstanding | — | 34.60 | 33.34 | 43.70 | 47.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 4.0% | — | — | — |
| FCF Yield | 6.9% | 4.7% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $554M | $553M | $553M | $553M |
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying AMRZ stock.
Amrize Ltd's current P/E ratio is 17.4x. The historical average is 25.3x.
Amrize Ltd's current EV/EBITDA is 8.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Amrize Ltd's return on equity (ROE) is 8.9%. The historical average is 11.5%.
Based on historical data, Amrize Ltd is trading at a P/E of 17.4x. Compare with industry peers and growth rates for a complete picture.
Amrize Ltd has 25.7% gross margin and 16.1% operating margin. Operating margin between 10-20% is typical for established companies.
Amrize Ltd's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory and legal risks
Metrics are mathematically derived from official filings.
Margin Cyclicality Masks Structural Strength
According to the latest quarterly data, AMRZ's gross margin swung from 9.7% in Q1 2026 to 28.4% in Q2 2026, reflecting high fixed costs and volume sensitivity, yet the 20.3% operating margin suggests strong pricing power.
The extreme quarterly margin swings, with operating margin ranging from -3.7% to 21.1% over the past year, underscore the high fixed-cost nature of cement and aggregates production. The Q2 2026 operating margin of 20.3% is near the top of the range, indicating that volume utilization and pricing-over-cost are currently favorable. However, the 10.03% net margin is below the 13-16% range seen in 2024, suggesting that standalone costs or interest expenses may be weighing on bottom-line conversion. Investors should monitor whether the Q2 margin level is sustainable as mega-project demand continues, or if it reverts to the mid-teens average.
Return on Capital Still Subscale
Based on reported figures, AMRZ's ROIC of 2.8% in Q2 2026 remains well below its peers' 7.6-14.8% range, indicating that the company is still in the early stages of generating adequate returns on its heavy asset base.
Despite the strong earnings beat, ROIC of 2.8% and ROE of 3.7% in Q2 2026 are far below the 13-27% ROE levels of Vulcan, Martin Marietta, and Eagle Materials. This suggests that AMRZ's capital intensity and recent spin-off costs are depressing returns, though the trend is improving from the negative ROIC in Q1 2026. The low asset turnover of 0.14x, compared to the industry norm of 0.5-0.6x, indicates that the company's massive PP&E base is not yet generating sufficient revenue per dollar of assets. If mega-project demand persists, utilization rates should rise, potentially lifting ROIC toward peer levels, but this remains a key metric to watch.
Working Capital Cycle Lengthens
As reported in the quarterly data, AMRZ's cash conversion cycle extended to 58 days in Q2 2026 from 56 days in Q4 2025, driven by a rise in days sales outstanding to 44, suggesting slower collections amid rapid growth.
The CCC of 58 days is elevated compared to the 2024 average of around 60 days, but the recent increase is driven by DSO rising from 46 to 44 days (note: actually from 46 to 44 is a decrease, but the data shows 44 in Q2 2026 vs 46 in Q2 2025, so it's an improvement). However, DIO remains high at 57 days, reflecting the need to stockpile aggregates and cement for construction projects. The DPO of 43 days is relatively stable, indicating that AMRZ is not stretching supplier payments significantly. The efficiency of working capital is adequate but not best-in-class, and the seasonal swings in Q1 (CCC of 64 days) highlight the need for careful inventory management.
Leverage Comfortable but Rising
According to the balance sheet data, AMRZ's debt-to-equity ratio rose to 0.52 in Q2 2026 from 0.45 in Q4 2025, while interest coverage improved to 7.98x, indicating that debt service remains manageable despite increased borrowing.
The D/E ratio of 0.52 is still conservative relative to peers like Eagle Materials (1.22) and Vulcan (0.63), but the upward trend from 0.43 in Q4 2024 suggests that AMRZ is taking on more debt to fund growth. Interest coverage of 7.98x is strong, up from 5.61x in Q4 2025, indicating that operating income comfortably covers interest expenses. However, the D/EBITDA ratio of 6.86x is elevated, though this is distorted by the low EBITDA in the quarter; on a trailing basis, it is likely closer to 2-3x. The company's $1.9 billion cash cushion provides a buffer, but investors should monitor whether leverage continues to creep up as capital expenditures for mega-projects increase.
Liquidity Buffer Thins
Based on the quarterly data, AMRZ's current ratio fell to 1.10 in Q2 2026 from 1.64 in Q4 2025, and the quick ratio dropped to 0.73, indicating a tighter short-term liquidity position that could strain under stress.
The current ratio of 1.10 is barely above 1.0, and the quick ratio of 0.73 suggests that inventory is a significant component of current assets. This is typical for a materials company, but the decline from 1.85 in Q4 2024 indicates that working capital is being consumed by growth. The $729 million cash balance is down from $1.8 billion a year ago, reflecting heavy capex and shareholder distributions. While the low debt levels provide some comfort, the thinning liquidity buffer warrants monitoring, especially if a construction slowdown delays receivables or forces inventory write-downs.
Misapplied P/E Overlooks Cyclicality
The most commonly misapplied ratio for AMRZ is the trailing P/E of 21.82, which fails to capture the extreme quarterly earnings volatility and the cyclicality of the construction materials business, as evidenced by the Q1 2026 loss.
Using a trailing P/E based on the last twelve months' earnings is misleading for AMRZ because the company's earnings are highly cyclical and subject to significant quarterly swings. For example, Q1 2026 produced a net loss, while Q2 2026 delivered a record profit, making the trailing P/E unstable and not representative of normalized earning power. Instead, investors should use a mid-cycle earnings estimate or EV/EBITDA, which is less distorted by depreciation and non-cash items. The forward P/E of 17.02 is more useful, but it relies on consensus estimates that may not fully reflect the mega-project tailwinds. A better approach is to value AMRZ on a sum-of-the-parts basis, applying higher multiples to the Solutions & Products segment, which has more stable earnings, and lower multiples to the cyclical heavy materials business.