Cematrix Corp (TSE:CEMX)
TSX:CEMX
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Cematrix
(TSX:CEMX)
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Rating:80Outperform
Price Target:
C$0.63
▲(80.86% Upside)
Action:ReiteratedDate: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
Strong cash generation
Sustained TTM operating and free cash flow near $9.9M/$9.5M materially improves financial flexibility. Durable cash generation supports debt-free growth, funds working capital for project execution, enables equipment investment and cushions the business through slow construction cycles.
Negative Factors
Revenue & cash volatility
Material multi-year swings in revenue and cash flow reduce predictability of earnings and constrain strategic planning. For a project-driven contractor, volatility hampers consistent reinvestment, complicates workforce planning, and raises the bar for proving sustainable returns to investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained TTM operating and free cash flow near $9.9M/$9.5M materially improves financial flexibility. Durable cash generation supports debt-free growth, funds working capital for project execution, enables equipment investment and cushions the business through slow construction cycles.
Read all positive factors
Cematrix (CEMX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$82.45M
Dividend YieldN/A
Average Volume (3M)191.05K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth36.34%
EPS GrowthN/A
CountryCA
Employees61
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.02
Shares Outstanding149,912,200
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, through its subsidiaries, focuses on the sale and onsite production of cellular concrete for various applications in the infrastructure, industrial, and commercial construction markets in North America. Its cellular concrete ...
How the Company Makes Money
CEMATRIX makes money primarily by delivering project-based cellular concrete solutions to customers as part of construction and infrastructure work. Its revenue model is largely contract and project driven: customers (e.g., contractors, project ow...
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 | 7.11M | 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
Positive
0.35
Price Trends
0.43
Positive
0.39
Positive
0.36
Positive
Market Momentum
0.02
Negative
63.92
Neutral
72.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CEMX, the sentiment is Positive. The current price of 0.35 is below the 20-day moving average (MA) of 0.47, below the 50-day MA of 0.43, and below the 200-day MA of 0.36, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 63.92 is Neutral, neither overbought nor oversold. The STOCH value of 72.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$82.45M | -14.86 | 10.61% | ― | 36.34% | ― | |
65 Neutral | C$400.47M | -10.53 | 8.32% | ― | -0.16% | -40.01% | |
64 Neutral | C$879.39M | 18.64 | 12.47% | 5.85% | 17.12% | 47.67% | |
63 Neutral | C$8.44M | 73.71 | 7.05% | ― | 0.48% | -39.90% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
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Cematrix Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Cematrix Renews Share Buyback Program to Bolster Capital Strategy
Positive
Apr 14, 2026
Cematrix Corporation, a North American leader in on-site cellular concrete solutions for geotechnical and infrastructure projects, operates through wholly owned subsidiaries in Canada and the United States. The company reports strong financial hea...
Business Operations and StrategyFinancial Disclosures
CEMATRIX Adds $4.7 Million in Contracts, Signals Strong 2026 Pipeline
Positive
Mar 24, 2026
CEMATRIX Corporation has secured $4.7 million in new contract awards, bringing year-to-date wins to $17.0 million, with all newly announced work expected to be executed in 2026. The latest awards span grouting for a city infrastructure project, lo...
Business Operations and StrategyStock BuybackFinancial Disclosures
Cematrix Delivers Record 2025 Results With Surging EBITDA and Cash Flow
Positive
Mar 12, 2026
Cematrix reported record 2025 results, with full-year revenue rising 27% to $45.1 million, adjusted EBITDA surging 152% to $8.3 million, and earnings per share reaching 2.7 cents. Management highlighted that 2025 marked the third consecutive year ...
Financial Disclosures
CEMATRIX Sets March Dates for 2025 Year-End Results and Investor Webinar
Neutral
Mar 4, 2026
CEMATRIX Corporation, a North American leader in on-site cellular concrete solutions for geotechnical and infrastructure projects, operates through subsidiaries in Canada and the U.S. and offers lightweight, insulating concrete materials for appli...
Business Operations and StrategyFinancial Disclosures
Cematrix Lifts 2026 Backlog With $5.2 Million in New Contract Wins
Positive
Feb 24, 2026
Cematrix Corporation has secured $5.2 million in new contract awards, bringing its year-to-date total to $12.3 million and reinforcing demand for its cellular concrete solutions in North American infrastructure and geotechnical projects. The lates...
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.