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CEMEX USD

Cemex is a global building materials company; its core business is cement, ready-mix concrete and aggregates.

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q2 2026)✓Margins improving (20%→22%, Q2 2026)

Sector: Building materials

MX_CEMEX

Price chart

19.82 MXNDay 4.37%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
19.82 MXN · 4.37%
Market cap
15.4 bn USD

Growth

Δ revenue y/y
12.2%
Δ EBITDA y/y
23.9%

Multiples

P/E (LTM)
32.0x
3y avg: 27.7x
P/B (FY)
1.2x
P/E (ann.)
11.1x
EV/EBITDA (LTM)
5.9x
3y avg: 5.5x
EV/EBITDA (ann.)
5.1x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
9.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-3.3%
↓ details

Liquidity

Daily turnover (listing)
629.9 mln MXN

Shares: yahoo_fundamentals_timeseries/CEMEXCPO.MX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK4.6
y/y 12.2%
0.7
y/y 37.6%
0.3
y/y 3.2%
1.0
y/y 23.9%
0.3
y/y 9.0%
0.7-0.328.3
y/y -1.8%
12.5
y/y -6.2%
10.8%5.2Yahoo Finance
2026-03-31Q1 2026 (3M)OK4.0
y/y —
0.5
y/y —
0.3
y/y —
0.8
y/y —
0.2
y/y —
0.1-0.128.1
y/y —
13.1
y/y —
7.0%5.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK4.2
y/y —
0.5
y/y —
0.3
y/y —
0.8
y/y —
-0.4
y/y —
1.0-0.328.9
y/y 6.0%
12.9
y/y 6.0%
7.2%3.8Yahoo Finance
2025-09-30Q3 2025 (3M)OK4.2
y/y —
0.5
y/y —
0.3
y/y —
0.9
y/y —
0.3
y/y —
0.7-0.329.0
y/y —
13.6
y/y —
2.6%4.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK4.1
y/y —
0.5
y/y —
0.3
y/y —
0.8
y/y —
0.3
y/y —
0.4-0.328.8
y/y —
13.4
y/y —
10.0%4.6Yahoo Finance
2024-12-31FY 2024 (12M)OK16.1
y/y -2.1%
1.8
y/y -6.3%
1.1
y/y 2.8%
3.0
y/y -3.0%
0.9
y/y 415.9%
2.0-1.027.3
y/y -4.0%
12.2
y/y 3.5%
7.8%4.5Yahoo Finance
2023-12-31FY 2023 (12M)ERR16.4
y/y —
1.9
y/y —
1.1
y/y —
3.1
y/y —
0.2
y/y —
2.3-0.928.4
y/y —
11.8
y/y —
—5.6Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)197
Long-term debt (incl. LT leases)5 646
− Cash & equivalents654
Net debt5 189

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 00020 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%0%10%20%30%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-50005001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.08x of reported net profit; after capex, 0.92x.
year2022202320242025
cash flow / profit1.59x12.57x2.11x2.06x
accruals, % of assets-1.9%-7.4%-3.8%-3.5%
Last twelve months (to 2026-06-30): 5.49x of profit came back as operating cash flow.
net debt / EBITDA 1.3x · capex 0.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Cement

Current 263spot vs LTM +2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -3.3%

Main driver: Cement +3% vs LTM; revenue ×1.02 vs costs ×1.01; EBITDA 3 176→3 259; at 6.0× EV/EBITDA → -3%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Cement (rev)+65%262.90254.07258.54+3%+2%
Steam coal (US, petcoke proxy) (cost)-10%50.5950.4351.95+0%+3%
Henry Hub gas (cost)-5%2.583.423.12-25%-9%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue16 076
LTM EBITDA3 176
LTM cash costs (revenue − EBITDA)12 900
2 · Revenue projection
Revenue multiplier — spot×1.023 (+2%)
= Spot revenue16 439
Revenue multiplier — 3y price×1.011 (+1%)
= 3-year-price revenue16 260
3 · Costs projection
Cost multiplier — spot×1.010 (+1%)
= Spot cash costs13 023
Cost multiplier — 3y price×1.020 (+2%)
= 3-year-price cash costs13 159
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 416
= 3-year-price EBITDA3 101
Conservative EBITDA = min(spot, avg)3 259
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.0x
Target EV = EV/EBITDA × conservative EBITDA19 488
Net debt5 091
Target market cap = EV − net debt14 397
Current market cap14 884

Upside = target market cap ÷ current − 1 = -3.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY16 40415 762+4.1%3 0623 385-9.5%
2024 FY16 06316 954-5.3%2 9703 171-6.3%
2025 FY16 13216 373-1.5%2 9362 453+19.7%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +0% vs -2% the year before — a +2.5 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 +12% · 2024 -2% · 2025 +0%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.3x · target 75th pct (3y) 6.9x · LTM avg 6.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-150.0534 MXNEx-dividend: 0.0534 MXN per sharePaidYahoo Finance (ex-div)
2026-06-170.0536 MXNEx-dividend: 0.0536 MXN per sharePaidYahoo Finance (ex-div)
2026-03-110.0394 MXNEx-dividend: 0.0394 MXN per sharePaidYahoo Finance (ex-div)
2025-12-150.0404 MXNEx-dividend: 0.0404 MXN per sharePaidYahoo Finance (ex-div)
2025-09-170.0411 MXNEx-dividend: 0.0411 MXN per sharePaidYahoo Finance (ex-div)
2025-06-170.0423 MXNEx-dividend: 0.0423 MXN per sharePaidYahoo Finance (ex-div)
2024-06-170.0481 MXNEx-dividend: 0.0481 MXN per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CEMEX — from primary filings.

Frequently asked questions

What is CEMEX's P/E ratio?
CEMEX trades at a P/E of 32.0x (price to trailing 12-month earnings).
What is CEMEX's EV/EBITDA?
CEMEX trades at 5.9x EV/EBITDA.
What is CEMEX's P/B ratio?
CEMEX trades at a P/B of 1.2x.
What is CEMEX's dividend yield?
CEMEX's trailing 12-month dividend yield is 0.9%.
What is CEMEX's return on equity (ROE)?
CEMEX's ROE is 10.8%.
What is CEMEX's market capitalization?
CEMEX's market cap is 15.4 bn USD.

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