Cemex SAB (CX)
NYSE:CX
Top Page
Cemex SAB
(NYSE:CX)
Select Model
Select Model
Rating:73Outperform
Price Target:
$12.50
▲(11.31% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by solid underlying financial performance (post-2020 recovery, improving leverage, and consistent cash generation) and very attractive valuation (low P/E). These positives are tempered by only mixed technical momentum and earnings-call risks around demand softness, FX/energy-cost headwinds, and leverage still above the long-term target despite constructive 2026 guidance and cost-savings execution.
Positive Factors
Free cash flow generation
Consistent, sizable adjusted free cash flow ($1.4B in 2025, 46% conversion) provides durable financing for capex, dividend increases and buybacks while enabling debt reduction. Strong FCF conversion improves financial flexibility and resilience across construction cycles over the medium term.
Negative Factors
Leverage remains elevated
Although leverage has improved versus peak levels, ending 2025 at 2.26x keeps financial flexibility constrained. Elevated net leverage limits ability to absorb downturns, raises refinancing risk and constrains upside from incremental investments unless sustained FCF and buybacks/deleveraging progress continue.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent, sizable adjusted free cash flow ($1.4B in 2025, 46% conversion) provides durable financing for capex, dividend increases and buybacks while enabling debt reduction. Strong FCF conversion improves financial flexibility and resilience across construction cycles over the medium term.
Read all positive factors
Cemex SAB (CX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.63B
Dividend Yield0.74%
Average Volume (3M)7.45M
Price to Earnings (P/E)1.7
Beta (1Y)1.12
Revenue Growth-6.34%
EPS Growth210.97%
CountryUS
Employees43,800
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)-0.25
Shares Outstanding1,449,087,000
10 Day Avg. Volume6,313,394
30 Day Avg. Volume7,448,879
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.13
Price to Sales (P/S)0.10
P/FCF Ratio1.65
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue1.16
Enterprise Value/Gross Profit3.70
Enterprise Value/Ebitda7.39
Forecast
1Y Price Target
$13.56Price Target Upside20.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.84
Revenue Forecast (FY)$17.24B
Cemex SAB Business Overview & Revenue Model
Company Description
CEMEX, S.A.B. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials worldwide. The company also offers various complement...
How the Company Makes Money
Cemex makes money primarily by producing and selling heavy building materials used in construction. Its core revenue streams typically include: (1) Cement sales: Cemex manufactures cement and sells it in bulk and bagged formats to distributors, co...
Cemex SAB Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call emphasizes substantial operational improvements, strong free cash flow generation, meaningful cost savings from Project Cutting Edge, decarbonization progress and a shareholder-return focus (dividend increase and buyback intent). These positives are tempered by a large impairment charge, leverage above the steady-state target, regional demand softness (notably U.S. cement and early 2025 Mexico headwinds), and expected electricity cost pressure in 2026. Management provided constructive 2026 guidance (high-single-digit EBITDA growth) with identified upside levers (FX, additional savings, completed growth projects) but highlighted remaining execution and external risks.Positive Updates
Project Cutting Edge Delivered Material Savings
Realized $200 million of recurring EBITDA savings in 2025; expanded target to $400 million by 2027. Company expects ~$165 million of incremental savings in 2026 (including ~$125 million related to overhead actions already taken in 2025).
Negative Updates
Significant Goodwill Impairment and Asset Write-Downs
Recognized a material impairment and write-down in 2025 (management cited ~$538 million; quarterly commentary referenced ~$493 million), which materially reduced reported net income; adjusted net income (ex-impairments) would have been $1.5 billion, a 41% increase.
Read all updates
Q4-2025 Updates
Positive
Negative
Project Cutting Edge Delivered Material Savings
Realized $200 million of recurring EBITDA savings in 2025; expanded target to $400 million by 2027. Company expects ~$165 million of incremental savings in 2026 (including ~$125 million related to overhead actions already taken in 2025).
Read all positive updates
Company Guidance
Management guided 2026 to high‑single‑digit EBITDA growth, backed by Project Cutting Edge ($200M of recurring savings realized in 2025, a $400M target by 2027 and a $165M incremental savings tailwind for 2026, including $125M of overhead actions already taken) plus roughly $80M incremental EBITDA from completed growth projects (about half volume‑dependent). They expect maintenance CapEx, growth CapEx and intangibles to contribute ~ $195M to free cash flow versus 2025, are targeting a 50% EBITDA‑to‑operational‑FCF conversion (46% achieved on $1.4B adjusted FCF in 2025), used an FX assumption of MXN 18.25–18.50/USD (≈$75–80M EBITDA sensitivity per peso), and set capital‑allocation/credit metrics including a steady‑state net leverage goal of 1.5–2.0x (2.26x at end‑2025), a proposed $180M annual dividend (~+40% year‑over‑year) and intent to buy back up to $500M of shares over the next three years.Cemex SAB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
77
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.18B | 16.20B | 16.55B | 14.71B | 14.32B |
| Gross Profit | 5.08B | 5.44B | 5.48B | 4.49B | 4.43B |
| EBITDA | 2.54B | 2.83B | 3.26B | 2.17B | 2.67B |
| Net Income | 963.25M | 939.00M | 182.00M | 858.00M | 754.15M |
Balance Sheet | |||||
| Total Assets | 28.97B | 27.30B | 28.43B | 27.49B | 27.70B |
| Cash, Cash Equivalents and Short-Term Investments | 1.82B | 864.00M | 624.00M | 495.00M | 613.00M |
| Total Debt | 7.65B | 7.36B | 8.16B | 8.82B | 9.16B |
| Total Liabilities | 15.34B | 14.82B | 16.32B | 16.58B | 17.43B |
| Stockholders Equity | 13.31B | 12.18B | 11.76B | 10.50B | 9.83B |
Cash Flow | |||||
| Free Cash Flow | 1.01B | 598.00M | 1.36B | 613.00M | 1.06B |
| Operating Cash Flow | 2.06B | 1.89B | 2.22B | 1.37B | 1.84B |
| Investing Cash Flow | -264.36M | -328.00M | -1.32B | -640.00M | -717.29M |
| Financing Cash Flow | -791.65M | -1.25B | -701.00M | -961.00M | -1.40B |
Cemex SAB Technical Analysis
Positive
11.23
Price Trends
11.80
Negative
11.51
Negative
10.06
Positive
Market Momentum
-0.13
Negative
50.58
Neutral
84.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CX, the sentiment is Positive. The current price of 11.23 is above the 20-day moving average (MA) of 10.77, below the 50-day MA of 11.80, and above the 200-day MA of 10.06, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 50.58 is Neutral, neither overbought nor oversold. The STOCH value of 84.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CX.
Cemex SAB Risk Analysis
Cemex SAB disclosed 40 risk factors in its most recent earnings report. Cemex SAB reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
The failure of any bank in which we deposit our funds could have an adverse effect on our financial condition. Q4, 2022
2.
We are subject to restrictions and reputational risks resulting from non-controlling interests held by third parties in our consolidated subsidiaries. As of the date of this annual report, we control three publicly listed companies, where this risk is heightened. Q4, 2022
3.
We may fail to secure certain materials required to run our business, which could have a material adverse effect on our business, financial condition, liquidity and results of operations. Q4, 2022
Cemex SAB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $36.55B | 34.81 | 12.79% | 0.67% | 6.54% | 32.48% | |
73 Outperform | $17.63B | 1.73 | 10.45% | 0.74% | -6.34% | 210.97% | |
72 Outperform | $36.02B | 33.02 | 11.90% | 0.51% | 1.99% | -41.08% | |
70 Outperform | $5.91B | 16.19 | 28.78% | 0.47% | 1.50% | -4.44% | |
70 Outperform | $69.92B | 10.17 | 15.21% | 1.17% | 4.28% | 0.39% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | $1.40B | 79.74 | 2.03% | ― | -33.99% | -61.41% |
* Basic Materials Sector Average
CX
Cemex SAB
11.23
6.17
121.89%
EXP
Eagle Materials
187.96
-23.14
-10.96%
MLM
Martin Marietta Materials
597.18
139.81
30.57%
VMC
Vulcan Materials
279.88
52.96
23.34%
CRH
CRH plc
104.63
24.55
30.66%
LOMA
Loma Negra Compania Industrial Argentina Sociedad Anonima
11.07
1.55
16.28%
Cemex SAB Corporate Events
Cemex to Divest Colombian Assets in US$555 Million Portfolio Rebalancing Move
Mar 12, 2026
On March 12, 2026, Cemex announced it is divesting part of its Colombian operations for a combined purchase price of about US$555 million, valuing the assets at roughly 10 times 2025 EBITDA. As part of this strategy, the company aims to further st...
Cemex Confirms March Dividend Installment Payment From Tax-Free Profit Account
Mar 10, 2026
Cemex, S.A.B. de C.V. will pay the fourth and final USD 32.5 million installment of the cash dividend approved at its Ordinary General Shareholders’ Meeting held on March 25, 2025, fulfilling its previously announced shareholder payout plan....
Cemex Sets March 2026 Payment Schedule for Final Tranche of $130 Million Dividend
Feb 27, 2026
Cemex, S.A.B. de C.V. announced on February 26, 2026 that it will pay the fourth and final USD $32.5 million installment of a previously declared USD $130 million cash dividend, approved at its March 25, 2025 shareholders’ meeting. The payme...
Cemex Buys Back 13 Million CPOs in February 2026 Share Repurchase
Feb 26, 2026
On February 25, 2026, Cemex repurchased 13 million Ordinary Participation Certificates (CPOs) at a weighted-average price of MXN$21.8059 per CPO, for a total of MXN$283.48 million (about US$16.49 million) under its previously approved share buybac...
Cemex Unveils 2025–2027 Plan, Boosts Payouts and Strikes U.S. Stucco Deal at 2026 Analyst Day
Feb 26, 2026
On February 26, 2026, Cemex hosted its 2026 Analyst Day in Monterrey, where management unveiled its 2025–2027 business plan, Project Cutting Edge Sprint, and outlined medium-term financial and operational goals. The company targets annual sa...
Cemex Files Cemex Day 2026 Investor Presentation With U.S. SEC
Feb 26, 2026
On February 26, 2026, Cemex filed a Form 6-K with the U.S. Securities and Exchange Commission providing investors with a presentation for its Cemex Day 2026 event. The filing, signed by Chief Comptroller Jaime Martinez Merla, formally places the C...
Cemex Publishes 2025 Financials and Governance Proposals Ahead of March 26 Shareholders Meeting
Feb 26, 2026
On February 25, 2026, Cemex informed Mexican securities regulators and the Mexican Stock Exchange that it has published extensive materials for its Ordinary General Shareholders Meeting scheduled for March 26, 2026. The documentation includes 2025...
Cemex Moves to Acquire Omega Products, Expanding U.S. Stucco and Mortars Footprint
Feb 26, 2026
On February 26, 2026, Cemex announced an agreement to acquire all assets of Omega Products International, a leading stucco manufacturer in the western U.S. that generates about US$23 million in annual EBITDA. Omega serves residential and commercia...
Cemex Files 2025 Audited Results and Flags Key Impairment Risks Ahead of March Shareholder Vote
Feb 25, 2026
On February 25, 2026, Cemex filed its Form 6-K announcing that its consolidated and separate financial statements for the years ended December 31, 2025, 2024, and 2023 are being submitted for shareholder approval at an Ordinary General Shareholder...
Cemex Executes MXN$217 Million Share Buyback Under Ongoing Repurchase Program
Feb 25, 2026
On February 24, 2026, Cemex repurchased 10,000,000 of its Ordinary Participation Certificates on the market at a weighted-average price of MXN$21.7306 per CPO, for a total of MXN$217.3 million, or about U.S.$12.6 million at the prevailing exchange...
Cemex Executes MXN$215.8 Million Share Buyback Under Ongoing Program
Feb 24, 2026
On February 23, 2026, Cemex repurchased 10,000,000 Ordinary Participation Certificates on the Mexican market at a weighted-average price of MXN$21.5764 per CPO, for a total of MXN$215.8 million, or about U.S.$12.6 million at the Central Bank of Me...
Cemex Executes MXN$109 Million Share Buyback Under Ongoing Repurchase Program
Feb 23, 2026
On February 20, 2026, Cemex, S.A.B. de C.V. repurchased 5,000,000 Ordinary Participation Certificates at a weighted-average price of MXN$21.8752 per CPO, for a total of MXN$109.376 million, or about U.S.$6.3 million at the Central Bank of Mexico&#...
Cemex Executes MXN$68 Million Share Buyback Under Ongoing Repurchase Program
Feb 20, 2026
On February 19, 2026, Cemex repurchased 3.1 million Ordinary Participation Certificates on the Mexican market at a weighted-average price of MXN$21.9205 per CPO, for a total of MXN$67.95 million, or about U.S.$3.96 million at the Central Bank of M...
Cemex Raises MXN 5.5 Billion in Long-Term Note Offering to Support Debt Management
Feb 20, 2026
On February 19, 2026, Cemex closed a 5.5 billion Mexican peso (approximately US$320 million) offering of long-term notes in the Mexican market. The company plans to use the net proceeds for general corporate purposes, including debt repayment, in ...
Cemex Executes MXN$110 Million Share Buyback Under Ongoing Program
Feb 19, 2026
On February 18, 2026, Cemex repurchased 5,050,000 Ordinary Participation Certificates (CPOs) on the Mexican market at a weighted-average price of MXN$21.8158 per CPO, for a total of MXN$110.17 million, or about U.S.$6.41 million at the prevailing ...
Cemex Buys Back 3.2 Million CPOs in February 2026 Share Repurchase
Feb 18, 2026
On February 17, 2026, Cemex repurchased 3.2 million Ordinary Participation Certificates on the Mexican market at a weighted-average price of MXN$21.6032 per CPO under its shareholder-approved buyback program. The transaction totaled MXN$69.1 milli...
Cemex Executes MXN$14 Million Share Buyback Under Ongoing Repurchase Program
Feb 17, 2026
On February 16, 2026, Cemex repurchased 653,711 Ordinary Participation Certificates (CPOs) at a weighted-average price of MXN$21.6098 per CPO under its previously approved share buyback program. The transaction totaled MXN$14.1 million, or about U...
Cemex Prices MXN5.5 Billion Five-Year Notes in Mexican Market
Feb 17, 2026
On February 17, 2026, Cemex announced it had successfully priced a new issuance of long-term notes in the Mexican market totaling 5.5 billion pesos, or about US$320 million. The securities carry a five-year tenor at a floating rate equal to TIIE d...
Cemex Executes MXN$139 Million Share Buyback Under Ongoing Repurchase Program
Feb 17, 2026
On February 13, 2026, Cemex, S.A.B. de C.V. repurchased 6.5 million Ordinary Participation Certificates (CPOs) on the open market at a weighted-average price of MXN$21.3768 per CPO under its shareholder-approved buyback program from March 25, 2025...
Cemex Executes MXN$174 Million Share Buyback Under Ongoing Repurchase Program
Feb 13, 2026
On February 12, 2026, Cemex, S.A.B. de C.V. repurchased 8 million Ordinary Participation Certificates on the Mexican market at a weighted-average price of MXN$21.7566 per CPO, for a total of MXN$174.1 million, or about U.S.$10.1 million at the pre...
Cemex Schedules Cemex Day 2026 Webcast to Outline Strategy and Decarbonization Focus
Feb 13, 2026
On February 12, 2026, Cemex announced it will host its Cemex Day 2026 live audio webcast for investors and analysts on February 26, 2026, starting at 9:00 a.m. Eastern Time. The event will feature senior management presentations on the companyR...
Cemex Repurchases 10 Million CPOs Under Ongoing Share Buyback Program
Feb 12, 2026
On February 11, 2026, Cemex repurchased 10,000,000 Ordinary Participation Certificates (CPOs) on the market at a weighted-average price of MXN$22.2407 per CPO under its shareholder-approved buyback program from March 25, 2025. The transaction, tot...
Cemex Launches U.S.$500 Million Share Buyback With Initial MXN$95.8 Million CPO Repurchase
Feb 11, 2026
On February 10, 2026, Cemex commenced activity under a previously approved stock repurchase program, buying 4,300,000 Ordinary Participation Certificates at a weighted-average price of MXN$22.2839 per CPO, for a total of about MXN$95.8 million (ap...
Cemex Calls March 26, 2026 Ordinary Shareholders’ Meeting to Approve 2025 Results and Board Appointments
Feb 6, 2026
On February 6, 2026, Cemex, S.A.B. de C.V. convened an Ordinary General Shareholders’ Meeting for March 26, 2026, in Monterrey, Mexico, setting an agenda centered on reviewing and approving the 2025 financial and management reports, includin...
Cemex Lifts 2025 Cash Flow, Plans Higher Dividend and Share Buyback as Transformation Gains Traction
Feb 5, 2026
On February 5, 2026, Cemex reported its fourth-quarter and full-year 2025 results, highlighting the impact of its ongoing transformation plan. Adjusted Free Cash Flow from operations rose 50% for 2025 with a 46% conversion rate, while operating EB...
Cemex Sets February 5 Release Date for Fourth-Quarter 2025 Results
Jan 29, 2026
Cemex announced it will release its fourth-quarter 2025 financial results on February 5, 2026, and will hold a conference call and live audio webcast that same day to discuss the figures with investors and analysts. The company indicated that all ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.