AMRZ changes
Pick any two versions below to diff them.
- Price
- $37.82 → $41.63(+10.1%)
- Next earnings
- Oct 28, 2026 → Jan 28, 2027
- Next earnings is estimate
- No → Yes
- About
- Amrize sells building materials in North America. Holcim spun it off in June 2025, and its shares trade on the New York Stock Exchange and the SIX Swiss Exchange. It has two segments. Building Materials makes and sells cement, aggregates and ready-mix concrete. Building Envelope sells commercial and residential roofing and other products for the outside of buildings. Amrize has more than 1,000 sites and serves every US state and Canadian province. Its customers build infrastructure, commercial buildings, homes and large projects such as data centers and factories. Revenues were $11.8 billion in 2025. In removed: Q2 added: Q3 2026, Building Materials had revenues of removed: $2,445 added: $2,842 million and Building Envelope had revenues of removed: $1,049 added: $929 million.
- Thesis
- The market prices Amrize for higher costs, flat cement prices and many changes in its management. removed: In Q2 2026, revenues rose 8.6%, but the adjusted EBITDA margin fell to 28.2% from 29.0%, because oil added: Oil prices raised freight, diesel and raw material removed: costs. added: costs through 2026. In August 2026, Amrize revised its 2026 adjusted EBITDA guidance to $3.1 billion to $3.2 billion removed: for this reason, and added: because of these costs. In October 2026, it added: cut the guidance to $2.95 billion to $3.05 billion. In Q3 2026, revenues rose only 2.2%, and the adjusted EBITDA margin fell to 28.5% from 29.1%. Amrize now expects removed: cement prices added: Building Envelope to removed: be flat or up added: reach positive price against cost only removed: low single digits. added: in 2027. In 2026, Amrize also changed its CFO twice, removed: in April and in August, appointed a new chief accounting removed: officer and added: officer, replaced the president of Building removed: Envelope. added: Envelope and revised earlier financial statements to correct small errors. For the gap to close, three things must be true. removed: Amrize must reach its 2026 guidance, with price added: Price increases and removed: fuel surcharges removed: catching added: must catch up with removed: costs added: costs; Amrize expects Building Materials to be price-cost positive in removed: the second half. added: Q4 2026. Aggregates prices must keep rising at mid-single-digit rates, and demand from data centers, energy and factories must removed: keep added: bring cement and aggregates volumes removed: growing. added: back to growth. The new finance team must removed: keep the company's reports and added: meet its guidance removed: reliable. added: with no more cuts. The Q3 2026 report removed: on October 28, 2026 is added: failed the removed: next added: first test. The added: full-year 2026 report and the 2027 removed: guidance added: guidance, expected in removed: February 2027 is added: early 2027, are the main test. If these checks pass, the gap can close over the next removed: three added: four to removed: five added: six quarters. The main reason it may not close is a slowdown in US construction, which would lower volumes and prices together.
- Risks
- Demand for cement, aggregates and roofing depends on US and Canadian construction. Higher interest rates or a weak housing market can lower volumes and prices. Energy and freight are large costs. In Q2 2026, oil prices raised freight, diesel and raw material costs, and the adjusted EBITDA margin fell to 28.2% from 29.0%. added: In Q3 2026, the margin fell to 28.5% from 29.1%, Building Envelope adjusted EBITDA fell 14.6%, and Amrize cut its 2026 guidance. If prices do not catch up with costs, margins can fall further. Amrize changed its CFO twice in 2026, appointed a new chief accounting officer in September 2026 and replaced the president of Building Envelope. added: In October 2026, it also revised earlier financial statements to correct errors that it called not material. Frequent changes in finance leaders can reduce confidence in guidance and controls. Gross debt was removed: $6.0 added: $5.8 billion at removed: June added: September 30, 2026, with removed: $1.77 added: $1.61 billion due within 12 months, including removed: commercial paper. added: $904 million of short-term borrowings. Higher rates raise the cost to refinance this debt.
- Balance sheet
- Cash: removed: $729M added: $299M Debt: removed: $6.0B added: $5.8B Net debt: removed: $5.3B added: $5.5B Net debt / EBITDA: removed: 1.7× added: 1.8× (low) Interest cover: removed: 3.8× Undrawn credit line: $2.0B added: 5.6× Debt due within 12 months: removed: $1.8B added: $1.6B Amrize funds its operations with senior unsecured notes, commercial paper and a revolving credit facility. At removed: June added: September 30, 2026, gross debt was removed: $6,004 added: $5,848 million: removed: $735 added: $904 million of removed: commercial paper, $1,034 added: short-term borrowings, $708 million of long-term debt due within one year and removed: $4,235 added: $4,236 million of long-term debt. Cash was removed: $729 added: $299 million, so net debt was removed: $5,275 added: $5,549 million. added: Cash fell from $1,922 million at December 31, 2025. In the first nine months of 2026, Amrize paid $750 million for buybacks, $364 million for dividends and $773 million for capital expenditures, and free cash flow was a use of $551 million. The company's net leverage ratio, net debt divided by adjusted EBITDA added: of $3,032 million for the removed: last 12 removed: months, added: months to September 2026, was removed: 1.7 added: 1.8 times. removed: Its $2 billion revolving credit facility had nothing drawn. Interest cover is operating income divided by net interest expense for the first removed: half added: nine months of removed: 2026, which is the weaker half of the year because of seasonal construction. added: 2026. Amrize expects net interest expense of about $340 million and capital expenditures of about $900 million in 2026. It generates most of its cash flow in the second half of the removed: year. added: year, and free cash flow was $435 million in Q3 2026. Its $2 billion revolving credit facility had nothing drawn at June 30, 2026; the Q3 2026 release does not say how much of it was drawn at September 30, 2026. As of removed: Jun added: Sep 30, 2026.
- Checkpoints
- Oct 28, 2026: Q3 2026 earnings: price against cost. removed: Pending. added: Failed. Watch: Results on track for adjusted EBITDA of $3.1 billion to $3.2 billion, with better price against cost than in the first half, pass; a cut to the guidance fails. removed: Feb added: Outcome: Amrize cut its 2026 adjusted EBITDA guidance to $2.95 billion to $3.05 billion because of cost inflation and high interest rates. Jan 28, 2027 (estimate): added: Full-year 2026 results and 2027 guidance. Pending. Watch: 2027 guidance for adjusted EBITDA growth with higher cement and aggregates prices passes; guidance for flat or lower adjusted EBITDA fails.
- Recent events
- Oct added: 28, 2026: Amrize reported Q3 2026 results. Revenues rose 2.2% to $3,771 million. Net income rose 3.3% to $558 million, and adjusted EBITDA rose 0.2% to $1,076 million. Cement volumes fell 4.2% because of weather, and cement prices rose 1.8% in constant currency. Aggregates prices rose 6.9%. Building Envelope adjusted EBITDA fell 14.6% because of higher freight and raw material costs. Amrize cut its 2026 guidance to revenues of $12.2 billion to $12.4 billion and adjusted EBITDA of $2.95 billion to $3.05 billion, because of cost inflation and high interest rates. It completed its $1 billion share buyback on October 28, 2026, and it completed the purchase of Rapid Redi-Mix, a ready-mix concrete company in Dallas-Fort Worth. It also revised earlier financial statements to correct errors that it called not material, including an extended warranty misstatement. Oct 14, 2026: Amrize said it will release its Q3 2026 results on October 28, 2026, after the US market closes, and hold its webcast on October 29, 2026. Sep 11, 2026: Amrize appointed Mario Gross as President, Building Envelope. Jake Gosa, the former president, gave notice of his resignation on September 6, 2026, and stays an employee during his 12-month notice period. Aug 28, 2026: The board appointed Zane Nielsen as Chief Accounting Officer and Corporate Controller from September 1, 2026, replacing Richard Hoffman in that role. Aug 24, 2026: Amrize appointed Samuel J. Poletti, its Chief Strategy and M&A Officer, as CFO. He succeeded Baris Oran, who had become CFO on April 1, 2026. Aug 6, 2026: Amrize reported Q2 2026 results. Revenues rose 8.6% to $3,494 million, with organic growth of 6.7%. Net income rose 14.4% to $476 million, and adjusted EBITDA rose 5.8% to $986 million. Amrize returned $502 million to shareholders. It raised its 2026 revenue guidance to $12.5 billion to $12.7 billion and set adjusted EBITDA guidance at $3.1 billion to $3.2 billion, because of cost inflation from oil prices. May 4, 2026: Amrize paid a special dividend of $0.44 per share for 2025, and on May 20, 2026, it paid its first quarterly dividend of $0.11 per share. In Q2 2026, it also launched a $1 billion share buyback program and bought back $197 million of shares.