AMRZAmrize Ltd
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.5×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
A balanced mix of margins, efficiency, and leverage. ROE 9% = margin × turnover × leverage.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AMRZ?
Amrize Ltd earns 8.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.76 points below what the capital costs: growth destroys value
- Operating margin
- 16%
Operating margin · Building Materials median 17% · 12 months to Q2 2026
- Cash conversion
- 1.49×
Cash conversion · 1.20× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.09%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2023 | 16% |
| FY2024 | 19% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q2 2026
- 25%
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 10.0%
- Free cash flow margin
- 11%
- Revenue, trailing twelve months
- $12.2B
- Free cash flow, trailing twelve months
- $1.31B
- Net income, trailing twelve months
- $1.22B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Building Materials
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