Latest Ratios: P/E Ratio 1.5x · EV/EBITDA 2.4x · ROE 7.4%. (1996–2025 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.7B | $8.3B | $11.4B | $6.0B | $10.1B | $7.7B | $6.0B | $7.7B | $12.1B | $12.7B |
| Enterprise Value | $7.3B | $7.5B | $14.8B | $18.9B | $14.3B | $18.7B | $18.0B | $17.0B | $19.3B | $23.1B | $26.1B |
| P/E Ratio → | 1.48 | 1.74 | 9.25 | 64.58 | 6.98 | 13.56 | — | 41.54 | 14.61 | 14.42 | 16.78 |
| P/S Ratio | 0.09 | 0.10 | 0.52 | 0.69 | 0.41 | 0.70 | 0.61 | 0.46 | 0.57 | 18.61 | 21.92 |
| P/B Ratio | 0.10 | 0.12 | 0.66 | 0.94 | 0.55 | 0.99 | 0.86 | 0.55 | 0.71 | 1.14 | 1.43 |
| P/FCF | 1.41 | 1.65 | 13.85 | 8.40 | 9.77 | 9.54 | 7.32 | 8.47 | 13.43 | 12.68 | 7.95 |
| P/OCF | 0.69 | 0.81 | 4.37 | 5.13 | 4.38 | 5.52 | 4.85 | 4.40 | 5.71 | 7.64 | 6.74 |
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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.92 | 1.15 | 0.97 | 1.30 | 1.42 | 1.31 | 1.43 | 35.57 | 45.01 |
| EV / EBITDA | 2.35 | 2.43 | 4.83 | 6.07 | 5.88 | 6.78 | 28.34 | 8.48 | 8.10 | 184.40 | 224.88 |
| EV / EBIT | 4.05 | 5.84 | 9.38 | 9.97 | 12.98 | 11.97 | — | 17.20 | 13.44 | 263.15 | 287.18 |
| EV / FCF | — | 7.42 | 24.71 | 13.95 | 23.36 | 17.57 | 17.01 | 24.13 | 33.67 | 24.24 | 16.33 |
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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.9% | 32.9% | 33.7% | 33.7% | 30.5% | 32.2% | 32.2% | 32.8% | 34.6% | 35.3% | 35.9% |
| Operating Margin | 11.1% | 11.1% | 11.3% | 11.9% | 9.3% | 11.4% | -3.7% | 7.4% | 10.4% | 11.8% | 13.6% |
| Net Profit Margin | 6.0% | 6.0% | 5.8% | 1.1% | 5.8% | 5.2% | -11.6% | 1.1% | 3.9% | 6.1% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | 7.6% | 1.6% | 8.1% | 7.8% | -14.9% | 1.3% | 4.9% | 0.4% | 0.4% |
| ROA | 3.4% | 3.4% | 3.4% | 0.7% | 3.1% | 2.7% | -5.1% | 0.5% | 1.8% | 0.1% | 0.1% |
| ROIC | 7.0% | 7.0% | 7.1% | 7.5% | 5.4% | 6.5% | -1.7% | 3.3% | 4.8% | 0.3% | 0.3% |
| ROCE | 8.4% | 8.4% | 8.5% | 8.9% | 6.1% | 7.3% | -2.0% | 4.0% | 5.9% | 0.3% | 0.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.59 | 0.67 | 0.81 | 0.89 | 1.25 | 1.09 | 1.10 | 1.11 | 1.57 |
| Debt / EBITDA | 2.48 | 2.48 | 2.41 | 2.62 | 3.63 | 3.32 | 17.64 | 5.90 | 5.00 | 93.51 | 120.24 |
| Net Debt / Equity | — | 0.43 | 0.52 | 0.62 | 0.76 | 0.83 | 1.14 | 1.02 | 1.07 | 1.04 | 1.51 |
| Net Debt / EBITDA | 1.89 | 1.89 | 2.12 | 2.42 | 3.42 | 3.10 | 16.14 | 5.50 | 4.87 | 87.92 | 115.39 |
| Debt / FCF | — | 5.77 | 10.86 | 5.56 | 13.59 | 8.04 | 9.69 | 15.66 | 20.24 | 11.56 | 8.38 |
| Interest Coverage | 2.36 | 2.36 | 2.65 | 3.49 | 2.75 | 2.37 | -0.66 | 1.39 | 1.99 | 0.09 | 0.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 0.82 | 0.74 | 0.82 | 0.79 | 0.79 | 0.85 | 0.71 | 0.64 | 1.08 |
| Quick Ratio | 0.62 | 0.62 | 0.58 | 0.47 | 0.49 | 0.53 | 0.59 | 0.66 | 0.49 | 0.47 | 0.86 |
| Cash Ratio | 0.25 | 0.25 | 0.14 | 0.09 | 0.09 | 0.11 | 0.18 | 0.15 | 0.06 | 0.12 | 0.14 |
| Asset Turnover | — | 0.56 | 0.59 | 0.58 | 0.53 | 0.52 | 0.45 | 0.44 | 0.46 | 0.02 | 0.02 |
| Inventory Turnover | 7.11 | 7.11 | 7.18 | 6.07 | 5.73 | 7.00 | 7.89 | 8.81 | 8.19 | 0.44 | 0.42 |
| Days Sales Outstanding | — | 57.85 | 40.97 | 53.29 | 45.77 | 42.72 | 57.91 | 51.99 | 48.56 | 1019.33 | 1080.85 |
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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.0% | 7.7% | 1.1% | 1.1% | 0.9% | 0.2% | 0.3% | 3.0% | — | — | — |
| Payout Ratio | 13.3% | 13.3% | 9.6% | 65.9% | 5.9% | 3.2% | — | 125.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 67.6% | 57.4% | 10.8% | 1.5% | 14.3% | 7.4% | — | 2.4% | 6.8% | 6.9% | 6.0% |
| FCF Yield | 70.9% | 60.7% | 7.2% | 11.9% | 10.2% | 10.5% | 13.7% | 11.8% | 7.4% | 7.9% | 12.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.0% | 1.1% | 0.8% | 1.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.0% | 7.7% | 1.1% | 1.1% | 2.7% | 0.2% | 1.4% | 3.8% | 1.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $145M | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CX stock.
CEMEX, S.A.B. de C.V.'s current P/E ratio is 1.5x. The historical average is 23.4x.
CEMEX, S.A.B. de C.V.'s current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.5x.
CEMEX, S.A.B. de C.V.'s return on equity (ROE) is 7.4%. The historical average is 1.3%.
Based on historical data, CEMEX, S.A.B. de C.V. is trading at a P/E of 1.5x. Compare with industry peers and growth rates for a complete picture.
CEMEX, S.A.B. de C.V.'s current dividend yield is 9.04% with a payout ratio of 13.3%.
CEMEX, S.A.B. de C.V. has 32.9% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
CEMEX, S.A.B. de C.V.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Flat revenue and FX volatility
Deep Value or Value Trap?
CX trades at a P/E of 1.79 and EV/EBITDA of 2.45, a steep discount to US peers like Martin Marietta (27.9x P/E). According to recent financial statements, this implies the market prices in significant emerging-market risk and stagnant growth.
The trailing P/E of 1.79 is distorted by one-time gains, while the forward P/E of 13.92 suggests normalized earnings are expected to be far lower than the trailing spike. EV/EBITDA of 2.45 versus peers above 10x indicates the market assigns a substantial sovereign and currency risk premium to CX's Mexican and European operations. The 7.5% dividend yield appears unsustainable if free cash flow remains volatile, as the payout ratio based on trailing earnings is extremely high.
Margin Resilience Amidst Cyclicality
Gross margin improved to 35.2% in 2026Q2, up from 32.8% in 2026Q1, per reported figures. Operating margin of 14.8% reflects the success of the price-over-cost strategy, but net margin swings from -8.6% to 20.3% highlight earnings volatility.
The stability of gross margin around 33% over ten quarters suggests CX has pricing power to offset energy and raw material inflation, a key competitive advantage. However, operating margin of 14.8% in 2026Q2 is still below the 2024Q2 peak of 14.4%, indicating that operating leverage is not expanding. Net margin volatility is driven by non-operating items, so investors should focus on gross and operating margins as the true earning power indicators.
Subdued Returns on Capital
ROIC has hovered between 1.1% and 2.6% over the past ten quarters, per financial statements, far below the cost of capital. ROE improved to 2.6% in 2026Q2 but remains weak, suggesting the company is not compounding shareholder value effectively.
The low ROIC reflects the capital-intensive nature of cement production and the drag from goodwill and underutilized assets. Despite deleveraging, returns remain thin, indicating that the asset base is not generating sufficient operating income. The improvement in ROE from negative in 2025Q4 to 2.6% in 2026Q2 is encouraging but still below the peer average of over 13%, suggesting structural inefficiencies or cyclical headwinds.
Working Capital Efficiency Improves
Cash conversion cycle shortened to 16 days in 2026Q2 from 10 days in 2024Q1, as DPO rose to 89 days, according to reported data. This indicates CX is stretching supplier payments while maintaining DSO around 58 days.
The negative CCC in 2025Q1 (-1 day) and 2024Q4 (1 day) shows that CX can operate with minimal working capital investment, a sign of operational efficiency. The increase in DPO to 89 days suggests CX is leveraging its supplier relationships to fund operations, which is favorable for cash flow. However, the current ratio of 0.92 indicates that short-term obligations exceed current assets, so the efficiency gains are not fully offsetting liquidity pressure.
Leverage Eases but Coverage Remains Thin
Debt-to-equity improved to 0.54 in 2026Q2 from 0.65 in 2024Q1, per balance sheet data. However, D/EBITDA spiked to 9.18 in 2026Q2 from 4.73 in 2025Q4, and interest coverage of 5.87 is below the 2024Q2 level of 3.53.
The reported D/E of 0.54 appears understated given the capital-intensive industry and the presence of significant goodwill; adjusted leverage is likely higher. The D/EBITDA of 9.18 in 2026Q2 is alarming, though it may be distorted by low EBITDA in that quarter; the trend over the past year shows volatility. Interest coverage of 5.87 is adequate but not comfortable, and the recent achievement of investment grade should lower refinancing costs, but investors should monitor coverage as rates fluctuate.
Thin Liquidity Buffer
Current ratio of 0.92 and quick ratio of 0.68 in 2026Q2, per financial statements, indicate a tight liquidity position. Cash of $653.7M against total debt of $6.9B suggests limited cushion for short-term obligations.
The current ratio below 1.0 means CX relies on operating cash flow and refinancing to meet short-term liabilities, which is typical for the industry but risky if credit markets tighten. The quick ratio of 0.68 excludes inventory, which is heavy in this business, so the true liquidity position is even thinner. While the company has access to credit lines, the lack of a cash buffer could be a concern if a downturn coincides with a spike in energy costs.
Misapplied P/E Ratio
The trailing P/E of 1.79 is misleading due to one-time gains and FX distortions, as reported in financial statements. Investors should use EV/EBITDA or normalized P/E to assess CX's true valuation.
The P/E ratio is commonly misapplied to CX because its net income is highly volatile, swinging from losses to large gains due to non-operating items and currency fluctuations. A more appropriate metric is EV/EBITDA, which at 2.45 still appears low but reflects the high debt load and capital intensity. Alternatively, a normalized P/E based on mid-cycle earnings would provide a better comparison to peers, as the current trailing earnings are not representative of sustainable profitability.