CEMEX SAB DE CV
CXdata completeness 100%8 fiscal years on fileData notes: no data for concept 'interestExpense'
CEMEX SAB DE CV earns about 2% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $0.49 and $0.56 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $12.7B1 | $14.4B2 | $14.7B3 | $16.6B3 | $16.2B3 |
| Net income | −$1.47B4 | $753M5 | $858M6 | $182M6 | $939M6 |
| Operating cash flow | $1.59B7 | $1.84B8 | $1.37B9 | $2.22B9 | $1.89B9 |
| Capital expenditure | $538M10 | $776M11 | $755M12 | $865M12 | $1B12 |
| Free cash flow (derived) | $1.06B7 | $1.07B8 | $613M9 | $1.36B9 | $894M9 |
| Total debt | $9.34B13 | $7.38B14 | $6.97B14 | $6.23B14 | $5.53B14 |
| Cash & equivalents | $950M15 | $613M16 | $495M16 | $624M16 | $864M16 |
| Diluted shares | 14.71B | 14.71B | 14.71B | 14.49B | 14.51B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $8.39 of net worth that earned you $0.65 and generated $0.62 of cash last year, against $3.81 of debt.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 41% — deleveraging.
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 $0.49 and $0.56 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
- fcfGrowth0.0%
- fcfBase$894M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$894M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$753M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.56 |
| Base | 0.0% | $0.56 |
| Bull | 5.0% | $0.77 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 20-F · period ending 2020-12-31 · accession 0001193125-23-128248 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-119054 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-097693 (Revenue)
- 20-F · period ending 2020-12-31 · accession 0001193125-23-128248 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-119054 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-097693 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2020-12-31 · accession 0001193125-23-128248 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-119054 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-097693 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2020-12-31 · accession 0001193125-23-128248 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001193125-24-119054 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001193125-25-097693 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2020-12-31 · accession 0001193125-24-119054 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001193125-25-097693 (Borrowings)
- 20-F · period ending 2020-12-31 · accession 0001193125-24-119054 (CashAndCashEquivalents)
- 20-F · period ending 2021-12-31 · accession 0001193125-25-097693 (CashAndCashEquivalents)