# Amrize Ltd (AMRZ)

> Source: Nexqual · https://nexqual.com/AMRZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Amrize Ltd (AMRZ), nexqual.com/AMRZ" · informational, not investment advice.

**Price:** USD 39.44 (+1.65% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 38.8 · day 38.43–39.53 · 52w 35.79–65.94 · market cap $21.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.2B, net income $1.22B (10.0% margin), free cash flow $1.31B (SEC filings).
- Valuation: P/E 17.7x (avg 25.3x at the last 1 fiscal year-ends), EV/EBITDA 9.7x, net debt $4.54B.
- 2 of 80 tracked superinvestors hold AMRZ (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 17 Form 4 filings, $5.4M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.55 on a 1–5 scale) (20 analysts), mean target USD 46.62 (range 32–64).
- Total return with dividends: 1Y -17.5% vs S&P 500 +14.9%; 5Y -18.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1, revenue estimate $3.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $11.7B | $11.7B | $11.8B | $12.2B |
| Gross profit | $2.77B | $3.07B | $3.03B | — |
| Operating income | $1.89B | $2.19B | $1.91B | $1.89B |
| Net income | $956M | $1.27B | $1.19B | $1.22B |
| EPS (diluted) | $1.73 | $2.30 | $2.14 | — |
| Free cash flow | $1.41B | $1.64B | $1.42B | $1.31B |
| Gross margin | 23.7% | 26.2% | 25.7% | — |
| Operating margin | 16.2% | 18.8% | 16.1% | 15.5% |
| Net margin | 8.2% | 10.9% | 10.0% | 10.0% |
| Revenue growth | — | +0.2% | +0.9% | — |
| Cash + short-term investments | $1.11B | $1.58B | $1.92B | — |
| Total debt | — | — | $5.27B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.7x · P/S 1.8x · EV/EBITDA 9.7x · EV/Sales 2.1x · P/FCF 16.4x · P/B 1.7x · FCF yield 6.09% · Earnings yield 5.64% · Net debt $4.54B · EV $26.1B
P/E at fiscal year-ends: Dec 2025 25.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AMRZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 2.13% | $169M | Added +1.0% |
| Leon Cooperman | Omega Family Office | 1.32% | $46.9M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
17 purchases, $5.4M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-02 | Jenisch Jan Philipp | Chairman & CEO | 30,000 | $1.3M | 42.47 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-27 | Gibson Dwight Audley Konrad | Director | 5 | $0K | 44.58 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-26 | Sanche Jacques Wolf | Director | 4,150 | $187K | 45.02 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Singleton Denise R | Chief Legal Officer & Corp Sec | 3,500 | $154K | 44.12 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Forrest Nollaig | Chief Mktg & Corp Affairs Off | 1,500 | $66K | 44.15 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Poletti Samuel Jonas | Chief Strategy & M&A Officer | 2,510 | $118K | 46.92 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11…2026-08-12 | Oran Baris | Chief Financial Officer | 6,000 | $284K | 47.26 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Clark Stephen S | Chief People Officer | 5,260 | $249K | 47.31 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Brouwer Roald | Chief Technology Officer | 1,500 | $70K | 46.36 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Gross Mario | Chief Supply Chain Officer | 3,568 | $166K | 46.6 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-11 | Hill Jaime | President, Building Materials | 1,500 | $71K | 47.12 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Forrest Nollaig | Chief Mktg & Corp Affairs Off | 2,000 | $101K | 50.25 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Brouwer Roald | Chief Technology Officer | 1,500 | $75K | 49.84 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19…2026-05-20 | Gross Mario | Chief Supply Chain Officer | 4,000 | $196K | 49.01 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19 | Jenisch Jan Philipp | Chairman & CEO | 19,001 | $938K | 49.39 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 20 analysts; mean target USD 46.62 (low 32, high 64).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target lowered | Equal-Weight | $55 → $40 |
| 2026-10-13 | JP Morgan | Target lowered | Neutral | $52 → $48 |
| 2026-10-12 | Longbow Research | Initiated | Buy |  |
| 2026-10-09 | RBC Capital | Target lowered | Underperform | $48 → $32 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $44 → $40 |
| 2026-10-05 | Truist Securities | Target lowered | Hold | $48 → $35 |
| 2026-10-02 | Citigroup | Target lowered | Buy | $58 → $50 |
| 2026-10-01 | Barclays | Initiated | Equal-Weight | $55 |
| 2026-09-23 | Deutsche Bank | Target lowered | Buy | $64 → $56 |
| 2026-09-22 | UBS | Target lowered | Neutral | $57 → $42 |
| 2026-09-18 | Oppenheimer | Target lowered | Outperform | $62 → $55 |
| 2026-09-09 | Wells Fargo | Downgrade | Overweight → Equal-Weight | $55 → $44 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-06-23) |
|---|---|---|
| Total return | -17.5% | -18.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -17.6% | -14.3% |
| Volatility (annualized) | 37.0% | 32.4% |
| Max drawdown | -44.5% (Feb 2026→Oct 2026) | -43.7% (Feb 2026→Oct 2026) |

## Peers (Building Materials)
JHX (James Hardie Industries plc.) USD 26.54 +0.91% · CX (Cemex, S.A.B. de C.V. Sponsored) USD 10.11 -2.69% · VMC (Vulcan Materials Company (Holdi) USD 268.72 +1.54% · MLM (Martin Marietta Materials, Inc.) USD 517.67 +1.70% · CRH (CRH PLC) USD 86.43 +0.46% · EXP (Eagle Materials Inc) USD 178.74 +3.09%

## More
Full page: https://nexqual.com/AMRZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Building Materials | $2.44B | 70.0% | +8.2% |
| Building Envelope | $1.05B | 30.0% | +9.4% |
| Total revenue | $3.49B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aggregates and other construction materials | $1.30B | 37.3% | +6.9% |
| Cement | $1.29B | 37.0% | +9.0% |
| Total revenue | $3.49B | 100% | — |
The lines above cover 74.3% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $9.11B | 77.1% | +0.9% |
| Central Region | $3.62B | 30.7% | -4.8% |
| Southern Region | $3.53B | 29.9% | +11.5% |
| Canada | $2.67B | 22.6% | -0.1% |
| Great Lakes Region | $2.42B | 20.5% | -7.9% |
| Northeastern Region | $1.88B | 15.9% | -3.1% |
| Pacific Region | $1.33B | 11.3% | +5.9% |
| Other Geographical Regions | $29.0M | 0.2% | — |
| Total revenue | $11.81B | 100% | — |
The lines above cover 208.2% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "Jan Jenisch, Chairman and CEO: "We delivered strong revenue growth of 8.6% in the second quarter driven by increased mega-project demand from data centers and energy to advanced manufacturing plants and infrastructure modernization."
- "Full Year 2026 Financial Guidance5 Amrize is updating its FY 2026 financial guidance reflecting increased demand and oil price driven cost inflation."
- "Amrize is making good progress with its ASPIRE program and expects to achieve $80 million of savings in 2026."
- "The company invested $241 million and $511 million in capital expenditures, net for the three and six months ended June 30, 2026, respectively, and expects to invest approximately $900 million in 2026 to expand production, increase operational efficiency and best serve customers."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.00 | $1.16 | -14.0% | $3.83B | 8 |
| Next quarter (ends 2026-12-31) | $0.64 | $0.78 | -17.2% | $2.99B | 8 |
| Current fiscal year (ends 2026-12-31) | $2.42 | $2.68 | -9.8% | $12.51B | 17 |
| Next fiscal year (ends 2027-12-31) | $2.70 | $3.10 | -12.9% | $13.05B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±8.9%; last 5 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.2% | ±8.9% |
| 2026-12-18 | 56 | 40.0% | ±12.7% |
| 2027-01-15 | 84 | 35.0% | ±13.4% |
| 2027-04-16 | 175 | 32.8% | ±18.1% |
| 2027-06-17 | 237 | 35.2% | ±22.6% |