# Cemex (CEMEXCPO.MX)

Canonical: https://gigainvestors.com/s/CEMEXCPO.MX

Analysis as of: 2026-10-16T07:35:19.105Z. Financial observations: FY2015–FY2025.

Listing currency: MXN. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: MXN 18.56 per share; close as of 2026-10-15.

Estimated value: low MXN 7.56 per share, central MXN 8.20 per share, high MXN 8.98 per share. Buy at or below the central value MXN 8.20 per share. Valuation as of 2026-10-16T07:35:19.105Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 13.3%). required return 13.3% a year (MX 10-year bond 9.3% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 11.5%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 33.3%

- Recent gross margin (lower of latest and 3-year median): 32.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.8%

- FY2017: 17.2%

- FY2018: 12.9%

- FY2019: 8.6%

- FY2020: 11.5%

- FY2021: 15.1%

- FY2022: 10.1%

- FY2023: 11.5%

- FY2024: 15.1%

- FY2025: 9.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.7B

- Net income, five-year total: $3.7B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -5.8 pp

- Working capital / revenue, change between three-year averages: -36.1 pp

- Working capital / revenue, final three-year average: 1.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.69×

- FY2022: 0.97×

- FY2023: -0.38×

- FY2024: 0.68×

- FY2025: 0.85×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.9% vs 11.5%

- Per-share earnings: 0.05 to 0.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -19.8%

- Market cap gain: $3.6B

- Cumulative retained earnings: -$9.6B

- Diluted shares, 5-year annual growth: -19.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.0%

- Per-share value change: $0.02

- Per-share value, starting three-year median: $0.05

- Per-share value, ending three-year median: $0.06

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $268M

- Cumulative net income, 10 years: $4.4B

- ROIC, first three-year median: 12.9%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.05

- FY2017: $0.05

- FY2018: $0.03

- FY2019: $0.00

- FY2020: -$0.03

- FY2021: $0.02

- FY2022: $0.06

- FY2023: $0.01

- FY2024: $0.06

- FY2025: $0.07

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.68×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -133.2%

- FY2017: -3.7%

- FY2018: -3.7%

- FY2019: -4.1%

- FY2020: -11.2%

- FY2021: -4.1%

- FY2022: -2.3%

- FY2023: -7.0%

- FY2024: -3.5%

- FY2025: -3.5%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.7% a year for ten years · sales +0.4%

Story as of 2026-10-16T10:00:04.407Z; price observation 2026-10-15.

Price needs cash profits to grow 12.7% a year for ten years

- 2025-07-24: Mexico's Cemex posts double-digit profit rise as restructuring kicks in ([finance.yahoo.com](https://finance.yahoo.com/news/mexicos-cemex-posts-double-digit-102115621.html))

### Sales · FY2024–2025

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/1076378/000119312526177605/d120395d20f.htm; observed 2026-04-24.

- FY2016: $12B 

- FY2017: $13B 

- FY2018: $14B 

- FY2019: $13B 

- FY2020: $13B 

- FY2021: $15B 

- FY2022: $16B 

- FY2023: $16B 

- FY2024: $16B 

- FY2025: $16B 

### Gross margin · FY2025

gross margin 32.9%; source https://www.sec.gov/Archives/edgar/data/1076378/000119312526177605/d120395d20f.htm; observed 2026-04-24.

- FY2016: 35.5% 

- FY2017: 34.3% 

- FY2018: 33.9% 

- FY2019: 32.8% 

- FY2020: 32.2% 

- FY2021: 32.1% 

- FY2022: 31.0% 

- FY2023: 33.7% 

- FY2024: 33.7% 

- FY2025: 32.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are USD 16.1 billion.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2025-12-31 (filed 2026-04-24); FY2025: revenue 16132000000; grossProfit 5311000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CEMEXCPO.MX: CEMEX, S.A.B. de C.V., together with its subsidiaries, engages in the production, marketing, distribution, and sale of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and services worldwide. It offers gray ordinary portland, white portland, and blended cement products; masonry or mortar products; standard ready-mix, architectural and decorative, rapid-setting, fiber-reinforced, fluid-fill, roller-compacted, self-consolidating, pervious, and antibacterial, and other concrete products; aggregate products, including crushed stone and manufactured sand, gravel, sand, and recycled concrete; and vertua products. The company also provides urbanization solutions for construction chemicals, mortars, concrete products, and asphalt businesses, as well as municipal and industrial waste management solutions; and construction, demolition, and excavation waste solutions. CEMEX, S.A.B. de C.V. was founded in 1906 and is based in San Pedro Garza García, Mexico.

### Why customers stay

Margins ranged from 32.9% to 33.7% during 2023–25; it earns 11.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2023-12-31 (filed 2026-04-24); FY2023: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2024-12-31 (filed 2026-04-24); FY2024: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2025-12-31 (filed 2026-04-24); FY2025: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); 10-year return on capital observations [[2016,0.1075369104528695],[2017,0.1717982209927022],[2018,0.12937894243888184],[2019,0.08645110745619725],[2020,0.11509763506183554],[2021,0.15115648464941353],[2022,0.10070840343575667],[2023,0.11549488677867056],[2024,0.15137142646091067],[2025,0.09856331581624005]]; median 0.11529626092025305. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2016-12-31 (filed 2026-04-24); FY2016: growth capex 0; upkeep 286074214.23; owner earnings 1170601976.98. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2017-12-31 (filed 2026-04-24); FY2017: growth capex 0; upkeep 567000000; owner earnings 1278000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2018-12-31 (filed 2026-04-24); FY2018: growth capex 0; upkeep 601000000; owner earnings 966000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2019-12-31 (filed 2026-04-24); FY2019: growth capex 0; upkeep 651000000; owner earnings 275800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2021-12-31 (filed 2026-04-24); FY2021: growth capex 584752000; upkeep 191248000; owner earnings 517913000. Growth capex / owner earnings = 1.1290544937084028.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2022-12-31 (filed 2026-04-24); FY2022: growth capex 0; upkeep 909000000; owner earnings 833800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2024-12-31 (filed 2026-04-24); FY2024: growth capex 0; upkeep 1296000000; owner earnings 642800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CEMEXCPO.MX.json#2025-12-31 (filed 2026-04-24); FY2025: growth capex 0; upkeep 1212000000; owner earnings 812000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Dividend observations: [[2016,150000000],[2017,150000000],[2018,179000000],[2019,179000000],[2020,24000000],[2021,24000000],[2022,51000000],[2024,90000000],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CEMEXCPO.MX SharesStats.PercentInsiders = 0.451 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Ten-year compound average after fade. Initial solved rate 0.16953952633417624. Price 18.56; FX 18.44337882700111; discount 0.13252; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (MXN per share)

- 2016-11: MXN 15.39 per share

- 2016-12: MXN 15.90 per share

- 2017-01: MXN 18.52 per share

- 2017-02: MXN 16.36 per share

- 2017-03: MXN 16.30 per share

- 2017-04: MXN 16.65 per share

- 2017-05: MXN 15.42 per share

- 2017-06: MXN 17.05 per share

- 2017-07: MXN 17.20 per share

- 2017-08: MXN 16.71 per share

- 2017-09: MXN 16.55 per share

- 2017-10: MXN 15.58 per share

- 2017-11: MXN 14.26 per share

- 2017-12: MXN 14.70 per share

- 2018-01: MXN 15.48 per share

- 2018-02: MXN 12.45 per share

- 2018-03: MXN 12.03 per share

- 2018-04: MXN 11.70 per share

- 2018-05: MXN 11.86 per share

- 2018-06: MXN 13.06 per share

- 2018-07: MXN 13.89 per share

- 2018-08: MXN 13.53 per share

- 2018-09: MXN 13.14 per share

- 2018-10: MXN 10.14 per share

- 2018-11: MXN 10.47 per share

- 2018-12: MXN 9.49 per share

- 2019-01: MXN 10.33 per share

- 2019-02: MXN 9.46 per share

- 2019-03: MXN 9.07 per share

- 2019-04: MXN 8.77 per share

- 2019-05: MXN 7.99 per share

- 2019-06: MXN 8.09 per share

- 2019-07: MXN 6.81 per share

- 2019-08: MXN 7.47 per share

- 2019-09: MXN 7.69 per share

- 2019-10: MXN 7.23 per share

- 2019-11: MXN 7.15 per share

- 2019-12: MXN 7.16 per share

- 2020-01: MXN 7.59 per share

- 2020-02: MXN 6.34 per share

- 2020-03: MXN 4.93 per share

- 2020-04: MXN 5.07 per share

- 2020-05: MXN 5.25 per share

- 2020-06: MXN 6.48 per share

- 2020-07: MXN 6.82 per share

- 2020-08: MXN 7.02 per share

- 2020-09: MXN 8.38 per share

- 2020-10: MXN 8.76 per share

- 2020-11: MXN 9.20 per share

- 2020-12: MXN 10.27 per share

- 2021-01: MXN 11.76 per share

- 2021-02: MXN 13.94 per share

- 2021-03: MXN 14.42 per share

- 2021-04: MXN 16.09 per share

- 2021-05: MXN 16.81 per share

- 2021-06: MXN 16.82 per share

- 2021-07: MXN 16.24 per share

- 2021-08: MXN 16.50 per share

- 2021-09: MXN 14.89 per share

- 2021-10: MXN 13.24 per share

- 2021-11: MXN 13.30 per share

- 2021-12: MXN 13.99 per share

- 2022-01: MXN 12.60 per share

- 2022-02: MXN 10.52 per share

- 2022-03: MXN 10.69 per share

- 2022-04: MXN 8.98 per share

- 2022-05: MXN 9.26 per share

- 2022-06: MXN 7.83 per share

- 2022-07: MXN 8.23 per share

- 2022-08: MXN 7.47 per share

- 2022-09: MXN 6.96 per share

- 2022-10: MXN 7.72 per share

- 2022-11: MXN 8.82 per share

- 2022-12: MXN 7.92 per share

- 2023-01: MXN 10.02 per share

- 2023-02: MXN 9.10 per share

- 2023-03: MXN 9.92 per share

- 2023-04: MXN 10.81 per share

- 2023-05: MXN 10.62 per share

- 2023-06: MXN 12.10 per share

- 2023-07: MXN 12.76 per share

- 2023-08: MXN 13.59 per share

- 2023-09: MXN 11.35 per share

- 2023-10: MXN 10.79 per share

- 2023-11: MXN 12.07 per share

- 2023-12: MXN 13.21 per share

- 2024-01: MXN 14.27 per share

- 2024-02: MXN 13.04 per share

- 2024-03: MXN 14.69 per share

- 2024-04: MXN 13.55 per share

- 2024-05: MXN 12.79 per share

- 2024-06: MXN 11.70 per share

- 2024-07: MXN 11.96 per share

- 2024-08: MXN 11.99 per share

- 2024-09: MXN 12.05 per share

- 2024-10: MXN 10.49 per share

- 2024-11: MXN 11.06 per share

- 2024-12: MXN 11.71 per share

- 2025-01: MXN 12.24 per share

- 2025-02: MXN 12.68 per share

- 2025-03: MXN 11.49 per share

- 2025-04: MXN 12.13 per share

- 2025-05: MXN 13.30 per share

- 2025-06: MXN 12.99 per share

- 2025-07: MXN 16.46 per share

- 2025-08: MXN 16.92 per share

- 2025-09: MXN 16.46 per share

- 2025-10: MXN 18.84 per share

- 2025-11: MXN 19.40 per share

- 2025-12: MXN 20.68 per share

- 2026-01: MXN 21.72 per share

- 2026-02: MXN 21.62 per share

- 2026-03: MXN 20.52 per share

- 2026-04: MXN 21.46 per share

- 2026-05: MXN 22.77 per share

- 2026-06: MXN 21.00 per share

- 2026-07: MXN 20.54 per share

- 2026-08: MXN 18.32 per share

- 2026-09: MXN 17.24 per share

- 2026-10: MXN 18.00 per share

## Annual estimated value (MXN per share)

- FY2019: low MXN 3.15 per share, central MXN 3.42 per share, high MXN 3.75 per share

- FY2020: low MXN 3.21 per share, central MXN 3.48 per share, high MXN 3.81 per share

- FY2021: low MXN 1.78 per share, central MXN 1.94 per share, high MXN 2.12 per share

- FY2022: low MXN 5.67 per share, central MXN 6.18 per share, high MXN 6.80 per share

- FY2023: low MXN 3.77 per share, central MXN 4.09 per share, high MXN 4.48 per share

- FY2024: low MXN 6.33 per share, central MXN 6.86 per share, high MXN 7.50 per share

- FY2025: low MXN 8.26 per share, central MXN 8.86 per share, high MXN 9.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:00.249Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1076378/000119312526177605/d120395d20f.htm); period 2025-12-31, filed 2026-04-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.