Amrize Ltd (AMRZ) Stock

Amrize Ltd (AMRZ) is a Materials stock trading at $42.98 (as of 2026-09-02), with a market capitalization of $23.79B and a trailing P/E of 19.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Amrize Ltd is engaged in the building materials business in North America. The company was incorporated in 2023, is based in Zug, Switzerland, and operates independently of Holcim AG as of June 23, 2025.

Understand Amrize Ltd: how it makes money

Amrize sells cement, aggregates, ready-mix, and roofing/envelope products to North American builders and contractors, earning revenue from local construction and infrastructure projects. Its two main product lines, building materials (43% of revenue) and building envelope (19%), are anchored in regional construction demand with pricing that tracks local supply conditions.

Revenue is a function of local construction activity, with margins determined by proximity to quarries and regional cement/aggregates supply, not by global commodity prices.

Revenue by segment (latest quarter)
Building Materials	$1.5B
Building Envelope	$0.7B

Business quality (Mixed): Operating margin of 20% on a 28% gross margin shows solid cost discipline, but the 30% P/E premium to the construction-materials peer group means the market is already pricing in the 2026 pricing upside and data-center tailwind.

Valuation: At 31× earnings, AMRZ trades 30% above the Construction Materials average (24×).

Bull case

Data centers open new volume pocket: Management flagged that data-center construction is accelerating, with the company supporting more than 30 projects in 2025. That is a non-residential end market that is not exposed to the mortgage-rate drag weighing on single-family housing.
2026 pricing tailwind is guided: Management expects low-single-digit cement pricing growth and mid-single-digit aggregates pricing growth in 2026, which on a roughly 20% operating-margin base translates into meaningful EBIT uplift if volumes hold.
Capital returns signal balance-sheet confidence: The board approved a $1 billion share repurchase and proposed two 44-cent-per-share dividends, a notable commitment for a company that just completed its Holcim spin-off and is funding organic expansion.

Bear case

Residential drag hits envelope revenue: Residential roofing weakness drove an 11.8% quarterly decline in building-envelope revenue, and management explicitly excluded residential new construction from its 2026 volume-growth plan, meaning that segment will be flat-to-down for at least a year.
Priced for a perfect 2026: At 31.2x earnings Amrize trades 30% above the construction-materials industry average of 24x. If the guided low- to mid-single-digit pricing gains fail to materialize or volumes soft, the multiple has little cushion.
Capex is squeezing near-term cash: Higher organic capital spending in 2025 reduced free cash flow even as revenue grew, and the PB Materials integration will add further cash outlays before it becomes accretive in 2026.

Valuation — source: SEC EDGAR (first-party)
Price	$42.98
Market Cap	$23.79B
P/E Ratio	19.6
EV / EBITDA	10.6
Price / Book	1.85
Price / Sales	1.95
Dividend Yield	1.3%
FCF Yield	5.6%
DCF Value (model)	$40.75
DCF Upside vs Price	-5.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$11.81B
Net Margin	10.0%
Return on Equity	9.5%
Debt / Equity	0.39
Current Ratio	1.10
Revenue Growth (YoY)	8.5%
EPS Growth (YoY)	11.5%
FCF Growth (YoY)	5.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.18 (grey)

Valuation vs Sector & Industry
Stock P/E	19.6
Sector P/E (Materials)	23.9
Industry P/E (Construction Materials)	20.2
vs Sector	-17.9%
vs Industry	-3.0%

Company
Sector	Materials
Industry	Construction Materials
CEO	Jan Philipp Jenisch
Country	CH
IPO Date	2025-06-23

Related Companies (Construction Materials; 8 comparable building products companies)

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.