Amrize Ltd
AMRZdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'
Amrize Ltd earns about 13% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $22.18 and $52.85 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $11.7B1 | $11.7B1 | $11.8B1 |
| Net income | $956M2 | $1.27B2 | $1.19B2 |
| Operating cash flow | $2.04B3 | $2.28B3 | $2.21B3 |
| Capital expenditure | $630M4 | $642M4 | $788M4 |
| Free cash flow (derived) | $1.41B3 | $1.64B3 | $1.42B3 |
| Total debt | — | — | — |
| Cash & equivalents | $1.11B5 | $1.59B6 | $1.92B6 |
| Diluted shares | 553.1M | 553.1M | 553.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $239.49 of net worth that earned you $21.41 and generated $25.65 of cash last year.
It earned about 13% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $22.18 and $52.85 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.42B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.42B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.19B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $40.12 |
| Base | 5.0% | $48.99 |
| Bull | 10.0% | $59.61 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0002035989-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0002035989-26-000017 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0002035989-26-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0002035989-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0002035989-26-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0002035989-26-000017 (CashAndCashEquivalentsAtCarryingValue)