CEMEX, S.A.B. de C.V. (CX) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
CEMEX, S.A.B. de C.V. (CX) stock price & volume — 10-year historical chart
CEMEX, S.A.B. de C.V. (CX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
CEMEX, S.A.B. de C.V. (CX) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 23, 2026 | $0.16vs $0.11+52.2% | $4.0Bvs $3.9B+4.3% |
| Q1 2026 | Feb 5, 2026 | $0.19vs $0.19-201.4% | $4.2Bvs $4.0B+3.8% |
| Q4 2025 | Oct 28, 2025 | $0.16vs $0.18-9.0% | $231Mvs $4.0B-94.3% |
| Q3 2025 | Jul 24, 2025 | $0.23vs $0.18+30.2% | $221Mvs $4.2B-94.7% |
CEMEX, S.A.B. de C.V. (CX) competitors in Cement and concrete producers — business model, growth, and fundamentals comparison
CEMEX, S.A.B. de C.V. (CX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CEMEX, S.A.B. de C.V. (CX) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 13.14B | 14.09B | 13.08B | 12.67B | 14.32B | 14.71B | 16.55B | 16.2B | 16.18B |
| Revenue Growth % | 8.53% | 7.18% | -7.12% | -3.17% | 13.07% | 2.66% | 12.57% | -2.14% | -0.1% |
| Cost of Goods Sold | 8.63B | 9.31B | 8.97B | 8.59B | 9.89B | 10.22B | 11.53B | 10.76B | 11.1B |
| COGS % of Revenue | 65.68% | 66.09% | 68.58% | 67.77% | 69.05% | 69.5% | 69.63% | 66.43% | 68.59% |
| Gross Profit | 4.51B▲ 0% | 4.78B▲ 5.9% | 4.11B▼ 14.0% | 4.08B▼ 0.7% | 4.43B▲ 8.6% | 4.49B▲ 1.2% | 5.48B▲ 22.1% | 5.44B▼ 0.7% | 5.08B▼ 6.5% |
| Gross Margin % | 34.32% | 33.91% | 31.42% | 32.23% | 30.95% | 30.5% | 33.09% | 33.57% | 31.41% |
| Gross Profit Growth % | 4.98% | 5.9% | -13.95% | -0.67% | 8.58% | 1.17% | 22.12% | -0.69% | -6.55% |
| Operating Expenses | 2.85B | 3.09B | 2.78B | 4.55B | 2.72B | 3.61B | 3.73B | 3.62B | 3.47B |
| OpEx % of Revenue | 21.7% | 21.92% | 21.26% | 35.95% | 18.99% | 24.56% | 22.53% | 22.33% | 21.45% |
| Selling, General & Admin | 2.85B | 3.09B | 2.74B | 1.11B | 1.05B | 1.19B | 1.39B | 1.48B | 3.29B |
| SG&A % of Revenue | 21.7% | 21.92% | 20.97% | 8.75% | 7.32% | 8.1% | 8.4% | 9.13% | 20.32% |
| Research & Development | 0 | 0 | 37.87M | 0 | 43.83M | 42M | 146M | 162M | 0 |
| R&D % of Revenue | - | - | 0.29% | - | 0.31% | 0.29% | 0.88% | 1% | - |
| Other Operating Expenses | 0 | 0 | 0 | 3.44B | 1.63B | 2.38B | 2.19B | 1.98B | 183.59M |
| Operating Income | 1.46B▲ 0% | 1.39B▼ 4.9% | 1.33B▼ 4.6% | -471M▼ 135.5% | 1.71B▲ 463.6% | 873M▼ 49.0% | 1.75B▲ 100.2% | 1.82B▲ 4.2% | 1.61B▼ 11.5% |
| Operating Margin % | 11.14% | 9.88% | 10.15% | -3.72% | 11.95% | 5.94% | 10.56% | 11.24% | 9.96% |
| Operating Income Growth % | -9.77% | -4.92% | -4.58% | -135.46% | 463.59% | -49.02% | 100.23% | 4.18% | -11.52% |
| EBITDA | 2.28B | 2.21B | 2.37B | 634M | 2.83B | 1.95B | 2.98B | 3.07B | 2.91B |
| EBITDA Margin % | 17.34% | 15.69% | 18.11% | 5% | 19.74% | 13.23% | 18.01% | 18.96% | 17.96% |
| EBITDA Growth % | -5.14% | -3.01% | 7.24% | -73.25% | 346.1% | -31.23% | 53.26% | 3.02% | -5.36% |
| D&A (Non-Cash Add-back) | 814.26M | 817.67M | 1.04B | 1.1B | 1.12B | 1.07B | 1.23B | 1.25B | 1.3B |
| EBIT | 1.75B | 1.44B | 911.82M | -510M | 1.55B | 1.1B | 1.91B | 1.57B | 1.25B |
| Net Interest Income | -1B | -704M | -687.61M | -757M | -636M | -374M | -506.21M | -577M | -527.6M |
| Interest Income | 17.88M | 18M | 20.93M | 20M | 22M | 27M | 37.31M | 18M | 15.95M |
| Interest Expense | 1.02B | 722M | 708.53M | 777M | 658M | 401M | 543.52M | 595M | 543.55M |
| Other Income/Expense | -869M | -690M | -1.08B | -839M | -762.12M | -303M | -425M | -841M | -819.43M |
| Pretax Income | 695.47M▲ 0% | 789.23M▲ 13.5% | 252.12M▼ 68.1% | -1.31B▼ 619.6% | 950.41M▲ 172.6% | 570M▼ 40.0% | 1.32B▲ 132.1% | 980M▼ 25.9% | 791.89M▼ 19.2% |
| Pretax Margin % | 5.29% | 5.6% | 1.93% | -10.34% | 6.63% | 3.88% | 7.99% | 6.05% | 4.89% |
| Income Tax | 26.48M | 227.29M | 161.44M | 36M | 136.48M | 168M | 1.2B | 67M | 386.24M |
| Effective Tax Rate % | 3.81% | 28.8% | 64.03% | -2.75% | 14.36% | 29.47% | 91.01% | 6.84% | 48.78% |
| Net Income | 775M▲ 0% | 532.58M▼ 31.3% | 87.69M▼ 83.5% | -1.47B▼ 1772.9% | 754.15M▲ 151.4% | 858M▲ 13.8% | 182M▼ 78.8% | 939M▲ 415.9% | 963.25M▲ 2.6% |
| Net Margin % | 5.9% | 3.78% | 0.67% | -11.58% | 5.26% | 5.83% | 1.1% | 5.8% | 5.95% |
| Net Income Growth % | 14.42% | -31.28% | -83.53% | -1772.85% | 151.41% | 13.77% | -78.79% | 415.93% | 2.58% |
| Net Income (Continuing) | 645M | 493M | 90.68M | -1.35B | 813.92M | 402M | 119M | 913M | 405.64M |
| Discontinued Operations | 0 | 9.85B | 32.89M | 0 | -34.87M | 483M | 80M | 47M | 567.2M |
| Minority Interest | 1.58B | 1.57B | 1.5B | 877M | 444M | 408M | 352M | 301M | 307.68M |
| EPS (Diluted) | 0.52▲ 0% | 0.33▼ 36.5% | 0.09▼ 72.4% | -0.98▼ 1176.9% | 0.50▲ 151.0% | 0.58▲ 16.0% | 0.12▼ 79.3% | 0.61▲ 408.3% | 6.60▲ 982.0% |
| EPS Growth % | 13.04% | -36.54% | -72.42% | -1176.92% | 151.02% | 16% | -79.31% | 408.33% | 981.97% |
| EPS (Basic) | 0.52 | 0.35 | 0.10 | -1.00 | 0.51 | 0.59 | 0.12 | 0.58 | 6.60 |
| Diluted Shares Outstanding | 1.61B | 1.6B | 1.58B | 1.5B | 1.5B | 1.48B | 1.47B | 1.47B | 144.89M |
| Basic Shares Outstanding | 1.52B | 1.54B | 1.51B | 1.47B | 1.47B | 1.48B | 1.47B | 1.55B | 144.89M |
| Dividend Payout Ratio | - | - | 204.12% | - | 3.17% | 5.94% | 65.93% | 9.58% | 13.28% |
CEMEX, S.A.B. de C.V. (CX) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 3.65B | 3.42B | 4.58B | 4.24B | 4.22B | 4.53B | 5B | 5.02B | 6.1B |
| Cash & Short-Term Investments | 702.31M | 309M | 788M | 950M | 613M | 495M | 624M | 864M | 1.82B |
| Cash Only | 702.31M | 309M | 788M | 950M | 613M | 495M | 624M | 864M | 1.82B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.82B | 1.8B | 1.85B | 2.01B | 1.68B | 1.84B | 2.4B | 1.8B | 2.56B |
| Days Sales Outstanding | 50.47 | 46.64 | 51.5 | 57.91 | 42.88 | 45.77 | 52.81 | 40.62 | 57.66 |
| Inventory | 963.53M | 1.08B | 989M | 1.09B | 1.39B | 1.78B | 1.79B | 1.49B | 1.52B |
| Days Inventory Outstanding | 40.74 | 42.38 | 40.23 | 46.25 | 51.36 | 63.67 | 56.65 | 50.37 | 50.06 |
| Other Current Assets | 169.89M | 231M | 956M | 187M | 537M | 404M | -275M | 370M | 195.38M |
| Total Non-Current Assets | 25.36B | 25.76B | 24.78B | 23.83B | 23.47B | 22.96B | 23.43B | 22.28B | 22.87B |
| Property, Plant & Equipment | 11.87B | 12.5B | 11.88B | 11.41B | 11.32B | 11.28B | 12.51B | 11.24B | 12.17B |
| Fixed Asset Turnover | 1.11x | 1.13x | 1.10x | 1.11x | 1.27x | 1.30x | 1.32x | 1.44x | 1.33x |
| Goodwill | 9.99B | 9.91B | 9.56B | 8.51B | 7.98B | 7.54B | 7.67B | 7.44B | 7.17B |
| Intangible Assets | 2.02B | 2.02B | 2.03B | 1.75B | 1.78B | 1.75B | 1.82B | 1.92B | 1.99B |
| Long-Term Investments | 710.54M | 688M | 668M | 785M | 743M | 875M | 733M | 758M | 920.33M |
| Other Non-Current Assets | 21.88M | 19M | 17M | 0 | 35M | 58M | 336M | 251M | 83.65M |
| Total Assets | 29.01B▲ 0% | 29.18B▲ 0.6% | 29.36B▲ 0.6% | 28.07B▼ 4.4% | 27.7B▼ 1.3% | 27.49B▼ 0.7% | 28.43B▲ 3.4% | 27.3B▼ 4.0% | 28.97B▲ 6.1% |
| Asset Turnover | 0.45x | 0.48x | 0.45x | 0.45x | 0.52x | 0.53x | 0.58x | 0.59x | 0.56x |
| Asset Growth % | -0.33% | 0.57% | 0.62% | -4.41% | -1.33% | -0.74% | 3.43% | -3.99% | 6.11% |
| Total Current Liabilities | 5.74B | 4.79B | 5.41B | 5.35B | 5.38B | 5.55B | 6.79B | 6.09B | 7.38B |
| Accounts Payable | 2.37B | 2.54B | 2.53B | 2.57B | 2.76B | 2.97B | 3.11B | 3.09B | 3.11B |
| Days Payables Outstanding | 100.34 | 99.47 | 102.74 | 109.3 | 101.92 | 105.92 | 98.45 | 104.81 | 102.19 |
| Short-Term Debt | 1.86B | 900M | 1.44B | 1.06B | 675M | 729M | 703M | 847M | 1.45B |
| Deferred Revenue (Current) | 237.97M | 234M | 225M | 201M | 257M | 293M | 384M | 269M | 0 |
| Other Current Liabilities | 1.01B | 912M | 996M | 1.08B | 984M | 932M | 492M | 465M | 2.01B |
| Current Ratio | 0.64x | 0.71x | 0.85x | 0.79x | 0.79x | 0.82x | 0.74x | 0.82x | 0.83x |
| Quick Ratio | 0.47x | 0.49x | 0.66x | 0.59x | 0.53x | 0.49x | 0.47x | 0.58x | 0.62x |
| Cash Conversion Cycle | -9.13 | -10.45 | -11.02 | -5.13 | -7.67 | 3.52 | 11.01 | -13.82 | 5.53 |
| Total Non-Current Liabilities | 12.7B | 13.51B | 13.15B | 13.77B | 12.04B | 11.04B | 9.53B | 8.73B | 7.96B |
| Long-Term Debt | 9.75B | 9.96B | 9.33B | 9.16B | 7.31B | 6.92B | 6.2B | 5.34B | 5.33B |
| Capital Lease Obligations | 127.93M | 1.08B | 1.04B | 967M | 911M | 918M | 986M | 902M | 868.47M |
| Deferred Tax Liabilities | 807.6M | 748M | 720M | 1.3B | 1.53B | 1.44B | 443M | 548M | 601.34M |
| Other Non-Current Liabilities | 2.01B | 1.73B | 2.06B | 2.34B | 2.3B | 1.76B | 1.88B | 1.92B | 1.16B |
| Total Liabilities | 18.44B | 18.3B | 18.56B | 19.12B | 17.43B | 16.58B | 16.32B | 14.82B | 15.34B |
| Total Debt | 11.74B | 11.93B | 11.81B | 11.19B | 9.16B | 8.82B | 8.16B | 7.36B | 7.65B |
| Net Debt | 11.03B | 11.63B | 11.03B | 10.23B | 8.54B | 8.33B | 7.54B | 6.49B | 5.83B |
| Debt / Equity | 1.11x | 1.10x | 1.09x | 1.25x | 0.89x | 0.81x | 0.67x | 0.59x | 0.56x |
| Debt / EBITDA | 5.15x | 5.40x | 4.99x | 17.64x | 3.24x | 4.54x | 2.74x | 2.40x | 2.63x |
| Net Debt / EBITDA | 4.84x | 5.26x | 4.65x | 16.14x | 3.02x | 4.28x | 2.53x | 2.11x | 2.00x |
| Interest Coverage | 1.71x | 1.99x | 1.29x | -0.66x | 2.36x | 2.75x | 3.51x | 2.65x | 2.29x |
| Total Equity | 10.58B▲ 0% | 10.88B▲ 2.8% | 10.8B▼ 0.7% | 8.95B▼ 17.1% | 10.27B▲ 14.7% | 10.91B▲ 6.2% | 12.12B▲ 11.1% | 12.48B▲ 3.0% | 13.62B▲ 9.2% |
| Equity Growth % | 19.17% | 2.81% | -0.72% | -17.1% | 14.73% | 6.21% | 11.06% | 2.98% | 9.18% |
| Book Value per Share | 6.55 | 6.80 | 6.85 | 5.99 | 6.87 | 7.38 | 8.24 | 8.49 | 94.01 |
| Total Shareholders' Equity | 9B | 9.3B | 9.3B | 8.07B | 9.83B | 10.5B | 11.76B | 12.18B | 13.31B |
| Common Stock | 213.18M | 318M | 318M | 318M | 318M | 318M | 318M | 318M | 318.14M |
| Retained Earnings | 1.09B | 1.62B | 1.62B | 2.63B | 3.39B | 4.25B | 4.43B | 5.25B | 6.08B |
| Treasury Stock | -15.38M | -85M | -58M | -94M | -14M | -116M | 0 | 0 | 0 |
| Accumulated OCI | 529.35M | -2.56B | -2.69B | -2.36B | -1.36B | -1.44B | -363M | -770M | -462.02M |
| Minority Interest | 1.58B | 1.57B | 1.5B | 877M | 444M | 408M | 352M | 301M | 307.68M |
CEMEX, S.A.B. de C.V. (CX) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.58B | 1.35B | 1.35B | 1.59B | 1.84B | 1.37B | 2.22B | 1.89B | 2.06B |
| Operating CF Margin % | 12.05% | 9.59% | 10.36% | 12.58% | 12.82% | 9.3% | 13.42% | 11.69% | 12.76% |
| Operating CF Growth % | -16% | -14.73% | 0.32% | 17.64% | 15.19% | -25.49% | 62.43% | -14.76% | 8.99% |
| Net Income | 668.99M | 561.94M | 143M | -1.47B | 789.02M | 858M | 182M | 939M | 396.04M |
| Depreciation & Amortization | 814.26M | 817.67M | 1.04B | 1.1B | 1.12B | 1.07B | 1.19B | 1.25B | 1.3B |
| Stock-Based Compensation | 0 | 0 | 32M | 29M | 0 | 52M | 61M | 0 | 0 |
| Deferred Taxes | 26.48M | 227.29M | 0 | 0 | -34.87M | 0 | 0 | 0 | 187.07M |
| Other Non-Cash Items | -335.08M | 636.08M | 2M | 1.75B | 108.59M | -224M | 552M | -526M | 206.51M |
| Working Capital Changes | 409.37M | -54.04M | 139M | 179M | -142.46M | -390M | 237M | 231M | -20.4M |
| Change in Receivables | 76.12M | 10.53M | -8M | 25M | 73.72M | -231M | -27M | 11M | 22.68M |
| Change in Inventory | 26.78M | -151.12M | 96M | 24M | -339.72M | -464M | 68M | 196M | 87.76M |
| Change in Payables | 185.08M | 238.13M | 0 | 0 | 288.91M | 290M | 0 | 159M | -210.06M |
| Cash from Investing | 591.09M | -798.19M | -262M | 87M | -717.29M | -640M | -1.32B | -328M | -264.36M |
| Capital Expenditures | -629.33M | -776.36M | -651M | -538M | -974.31M | -755M | -865M | -1.3B | -1.33B |
| CapEx % of Revenue | 4.79% | 5.51% | 4.98% | 4.25% | 6.8% | 5.13% | 5.23% | 8% | 8.22% |
| Acquisitions | 1.21B | -24.47M | 0 | 0 | -323.78M | 0 | 0 | 0 | 1.12B |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.13B | 2.65M | 389M | 625M | 580.8M | 115M | -457M | 968M | -6.95M |
| Cash from Financing | -2.17B | -994.34M | -604M | -1.52B | -1.4B | -961M | -701M | -1.25B | -791.65M |
| Debt Issued (Net) | -2.06B | -420M | -282M | -1.32B | -2.22B | -783M | -285M | -929M | -149.68M |
| Equity Issued (Net) | 0 | -75M | -50M | -83M | 990.25M | -111M | 0 | 0 | 997.7M |
| Dividends Paid | 0 | 0 | -179M | -24M | -23.91M | -51M | -120M | -233M | -127.88M |
| Share Repurchases | 0 | -75M | -50M | -83M | 0 | -111M | 0 | 0 | 0 |
| Other Financing | -334M | -668M | -93M | -93M | -149.43M | -16M | -296M | -91M | -1.51B |
| Net Change in Cash | 108.2M▲ 0% | -390.42M▼ 460.8% | 479M▲ 222.7% | 162M▼ 66.2% | -337.11M▼ 308.1% | -118M▲ 65.0% | 129M▲ 209.3% | 240M▲ 86.0% | 958.46M▲ 299.4% |
| Free Cash Flow | 954.68M▲ 0% | 574.31M▼ 39.8% | 704M▲ 22.6% | 1.06B▲ 50.0% | 1.06B▲ 0.7% | 613M▼ 42.3% | 1.36B▲ 121.4% | 598M▼ 55.9% | 1.01B▲ 68.9% |
| FCF Margin % | 7.26% | 4.08% | 5.38% | 8.34% | 7.42% | 4.17% | 8.2% | 3.69% | 6.24% |
| FCF Growth % | -40.32% | -39.84% | 22.58% | 50% | 0.66% | -42.33% | 121.37% | -55.93% | 68.88% |
| FCF per Share | 0.59 | 0.36 | 0.45 | 0.71 | 0.71 | 0.41 | 0.92 | 0.41 | 6.97 |
| FCF Conversion (FCF/Net Income) | 2.04x | 2.54x | 15.45x | -1.09x | 2.43x | 1.59x | 12.21x | 2.02x | 2.14x |
| Interest Paid | 0 | 0 | 665M | 679M | 0 | 493M | 549M | 621M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CEMEX, S.A.B. de C.V. (CX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 7.68% | 7.97% | 4.96% | 0.81% | -14.85% | 7.85% | 8.1% | 1.58% | 7.64% | 7.38% |
| Return on Invested Capital (ROIC) | 5.24% | 5% | 4.73% | 4.5% | -1.72% | 6.76% | 3.44% | 6.74% | 7.07% | 6.29% |
| Gross Margin | 35.48% | 34.32% | 33.91% | 31.42% | 32.23% | 30.95% | 30.5% | 33.09% | 33.57% | 31.41% |
| Net Margin | 5.59% | 5.9% | 3.78% | 0.67% | -11.58% | 5.26% | 5.83% | 1.1% | 5.8% | 5.95% |
| Debt / Equity | 1.57x | 1.11x | 1.10x | 1.09x | 1.25x | 0.89x | 0.81x | 0.67x | 0.59x | 0.56x |
| Interest Coverage | 1.82x | 1.71x | 1.99x | 1.29x | -0.66x | 2.36x | 2.75x | 3.51x | 2.65x | 2.29x |
| FCF Conversion | 2.78x | 2.04x | 2.54x | 15.45x | -1.09x | 2.43x | 1.59x | 12.21x | 2.02x | 2.14x |
| Revenue Growth | -7.35% | 8.53% | 7.18% | -7.12% | -3.17% | 13.07% | 2.66% | 12.57% | -2.14% | -0.1% |
CEMEX, S.A.B. de C.V. (CX) stock FAQ — growth, dividends, profitability & financials explained
CEMEX, S.A.B. de C.V. (CX) reported $16.18B in revenue for fiscal year 2025. This represents a 351% increase from $3.59B in 1996.
CEMEX, S.A.B. de C.V. (CX) saw revenue decline by 0.1% over the past year.
Yes, CEMEX, S.A.B. de C.V. (CX) is profitable, generating $963.2M in net income for fiscal year 2025 (6.0% net margin).
Yes, CEMEX, S.A.B. de C.V. (CX) pays a dividend with a yield of 6.51%. This makes it attractive for income-focused investors.
CEMEX, S.A.B. de C.V. (CX) has a return on equity (ROE) of 7.4%. This is below average, suggesting room for improvement.
CEMEX, S.A.B. de C.V. (CX) generated $1.01B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
CEMEX, S.A.B. de C.V. (CX) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates