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Cematrix
(TSX:CEMX)
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Rating:80Outperform
Price Target:
C$0.56
▲(59.43% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by improved financial performance (stronger margins, strong TTM cash flow and low leverage), supported by a bullish technical trend (price above major moving averages with positive MACD). Valuation is reasonable at a ~13.3 P/E, while the key risk remains the company’s historical volatility in revenue and cash flow.
Positive Factors
Cash generation
Sustained TTM operating and free cash flow near $9.9M/$9.5M indicates the business now converts project revenue into real cash. Durable cash generation supports reinvestment in equipment, funds working capital for multi-month projects, and reduces reliance on external financing through cycles.
Negative Factors
Revenue and cash volatility
The company's project-based model drives sizable swings in revenue and cash conversion across years. That cyclicality makes revenue visibility and capital planning challenging, elevating the risk that a few delayed or canceled large projects materially affect near-term earnings and cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained TTM operating and free cash flow near $9.9M/$9.5M indicates the business now converts project revenue into real cash. Durable cash generation supports reinvestment in equipment, funds working capital for multi-month projects, and reduces reliance on external financing through cycles.
Read all positive factors
Cematrix (CEMX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$72.65M
Dividend YieldN/A
Average Volume (3M)191.05K
Price to Earnings (P/E)19.2
Beta (1Y)1.20
Revenue Growth36.34%
EPS GrowthN/A
CountryCA
Employees61
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.03
Shares Outstanding149,787,370
10 Day Avg. Volume143,116
30 Day Avg. Volume191,053
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.34
Price to Sales (P/S)1.20
P/FCF Ratio18.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)C$60.00M
Cematrix Business Overview & Revenue Model
Company Description
CEMATRIX Corporation, operating through its subsidiaries, specializes in the on-site manufacturing and distribution of cellular concrete. This versatile material finds extensive use across the infrastructure, industrial, and commercial constructio...
How the Company Makes Money
CEMATRIX makes money primarily by winning and executing project-based contracts to supply and place cellular concrete on customer job sites. Revenue is generally generated from: (1) turnkey installation services—quoting a project, mobilizing speci...
Cematrix Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong financial performance with record-breaking metrics in several areas, indicating positive growth and financial health. However, challenges such as revenue variability and project delays were noted. Overall, the sentiment is positive due to the significant achievements and financial strength highlighted during the call.Positive Updates
Record-Breaking Financial Performance
CEMATRIX reported a record adjusted EBITDA of $5.9 million year-to-date in 2025, surpassing its best year ever of 2023. The company also achieved a record $5.6 million in cash flow from operations before working capital adjustments.
Negative Updates
Seasonal Business and Revenue Variability
CEMATRIX's revenue growth is described as 'lumpy' due to the seasonal nature of construction projects, which can lead to variability in financial performance.
Read all updates
Q3-2025 Updates
Positive
Negative
Record-Breaking Financial Performance
CEMATRIX reported a record adjusted EBITDA of $5.9 million year-to-date in 2025, surpassing its best year ever of 2023. The company also achieved a record $5.6 million in cash flow from operations before working capital adjustments.
Read all positive updates
Company Guidance
During CEMATRIX's Q3 2025 financial results webinar, the company provided robust guidance underscoring its strong performance and future outlook. The company reported a cumulative annual revenue growth of 24% since 2017, achieving record commitments in 2025 with expectations of another strong year in 2026. Metrics highlighted included a 51% increase in Q3 revenue compared to the previous year, a $5.9 million year-to-date adjusted EBITDA, and a $5.6 million year-to-date cash flow from operations. CEMATRIX also emphasized its financial stability with $9.9 million in cash and no long-term debt. The firm noted that while 2023 was a record year, 2024 was a step-back year, yet still profitable. Looking ahead, the company anticipates continued growth driven by increased infrastructure spending in North America and its competitive advantages in the cellular concrete market.Cematrix Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.74M | 45.09M | 35.36M | 53.30M | 29.00M | 22.60M |
| Gross Profit | 14.81M | 15.36M | 9.42M | 11.88M | 2.52M | 3.90M |
| EBITDA | 7.29M | 7.59M | 2.50M | 4.44M | -3.44M | 1.02M |
| Net Income | 3.81M | 4.06M | 270.00K | 1.24M | -5.56M | -1.85M |
Balance Sheet | ||||||
| Total Assets | 47.45M | 47.69M | 43.40M | 39.28M | 40.82M | 44.39M |
| Cash, Cash Equivalents and Short-Term Investments | 15.70M | 11.94M | 10.29M | 3.29M | 10.68M | 19.95M |
| Total Debt | 3.17M | 3.43M | 3.59M | 3.24M | 7.58M | 8.39M |
| Total Liabilities | 7.46M | 7.19M | 6.02M | 10.56M | 13.07M | 12.81M |
| Stockholders Equity | 39.99M | 40.51M | 37.37M | 28.72M | 27.74M | 31.58M |
Cash Flow | ||||||
| Free Cash Flow | 9.47M | 2.96M | 2.90M | -1.46M | -5.09M | -1.51M |
| Operating Cash Flow | 9.87M | 3.49M | 4.90M | 503.00K | -3.20M | -834.00K |
| Investing Cash Flow | -490.00K | -609.00K | -2.02M | -2.03M | -4.04M | -619.00K |
| Financing Cash Flow | -2.17M | -1.13M | 3.98M | -5.82M | -2.31M | 18.95M |
Cematrix Technical Analysis
Negative
0.35
Price Trends
0.50
Negative
0.49
Negative
0.42
Positive
Market Momentum
>-0.01
Positive
43.67
Neutral
28.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CEMX, the sentiment is Negative. The current price of 0.35 is below the 20-day moving average (MA) of 0.49, below the 50-day MA of 0.50, and below the 200-day MA of 0.42, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.67 is Neutral, neither overbought nor oversold. The STOCH value of 28.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CEMX.
Cematrix Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$72.65M | 19.17 | 9.74% | ― | 36.34% | ― | |
63 Neutral | C$1.04B | 12.75 | 12.52% | 5.85% | 8.20% | 26.81% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | C$8.90M | 27.86 | 7.05% | ― | 0.18% | -52.51% | |
54 Neutral | C$392.92M | 14.09 | 8.32% | ― | -3.64% | -37.97% |
* Basic Materials Sector Average
TSE:CEMX
Cematrix
0.49
0.17
53.97%
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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.