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Amrize

AMRZ on NYSE. Amrize sells cement, concrete, asphalt and roofing to builders in North America. Market value $20.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
6.4%high

For every $100 of what the whole company costs, it produced $6.44 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
13.8×fair

You pay 13.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 95 of 100. Our list needs 70 on quality and 60 on price.

$37.28 a share, at its 1-year low

Over the past year the price has ranged from $36.55 to $65.94.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

1.4
1.3
202512 monthsto Jun '26
Revenue
$11.8bn
Operating margin
16.1%
Debt to equity
n/a
Shares outstanding
0.55bn

Health checks

  • Free cash flow positive1 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $3.5 billion last quarter, up 9% on a year ago.
  • Profit: $478 million, up 15% on a year ago.
  • About the same number of shares as a year ago.
Sales by quarter
Sales by quarter
Quarter toAmount
June 2025$3.2bn
September 2025$3.7bn
December 2025$2.8bn
March 2026$2.2bn
June 2026$3.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
June 2025$417m
September 2025$545m
December 2025$298m
March 2026-$105m
June 2026$478m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

11 long-term investors we follow own it, up from 10 last quarter. 463 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 13 insiders bought $16m of shares on the open market.

Cluster buy11 insiders bought within 30 days (11 August 2026 to 2 September 2026).
  • Jenisch Jan Philipp
    Chairman & CEO, Director
    Bought
    Date
    2 September 2026
    Shares
    30,000
    Price
    $42.47
    Value
    $1m
  • Gibson Dwight Audley Konrad
    Director
    Bought
    Date
    27 August 2026
    Shares
    5
    Price
    $44.58
    Value
    $244
  • Sanche Jacques Wolf
    Director
    Bought
    Date
    26 August 2026
    Shares
    4,150
    Price
    $45.02
    Value
    $186,833
  • Singleton Denise R
    Chief Legal Officer & Corp Sec
    Bought
    Date
    25 August 2026
    Shares
    3,500
    Price
    $44.12
    Value
    $154,403
  • Forrest Nollaig
    Chief Mktg & Corp Affairs Off
    Bought
    Date
    25 August 2026
    Shares
    1,500
    Price
    $44.15
    Value
    $66,225
  • Poletti Samuel Jonas
    Chief Strategy & M&A Officer
    Bought
    Date
    17 August 2026
    Shares
    2,510
    Price
    $46.92
    Value
    $117,769
  • Oran Baris
    Chief Financial Officer
    Bought
    Date
    12 August 2026
    Shares
    3,000
    Price
    $47.13
    Value
    $141,390
  • Hill Jaime
    President, Building Materials
    Bought
    Date
    11 August 2026
    Shares
    1,500
    Price
    $47.12
    Value
    $70,680
  • Gross Mario
    Chief Supply Chain Officer
    Bought
    Date
    11 August 2026
    Shares
    3,568
    Price
    $46.60
    Value
    $166,252
  • Brouwer Roald
    Chief Technology Officer
    Bought
    Date
    11 August 2026
    Shares
    1,500
    Price
    $46.36
    Value
    $69,540

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Amrize’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 10 Aug 2026 and 9 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on this evaluation, the Certifying Officers concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026 because of our previously reported material weakness in our internal control over financial reporting, as described in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended”
    Show the full paragraph
    In connection with the preparation of this Quarterly Report , an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2026 was carried out under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer (“the Certifying Officers”). Based on this evaluation, the Certifying Officers concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2026 because of our previously reported material weakness in our internal control over financial reporting, as described in the Risk Factors section of the Company’s Annual Report on Form 10-K for the year ended

    From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.