# Grupo Cementos de Chihuahua (GCC.MX)

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

Analysis as of: 2026-10-16T07:39:09.102Z. Financial observations: FY2018–FY2025.

Listing currency: MXN. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: MXN 177.75 per share; close as of 2026-10-15.

Estimated value: low MXN 74.63 per share, central MXN 77.46 per share, high MXN 80.89 per share. Buy at or below the central value MXN 77.46 per share. Valuation as of 2026-10-16T07:39:09.102Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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

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

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.19×

- FY2019: 0.20×

- FY2020: 0.23×

- FY2021: 0.23×

- FY2022: 0.23×

- FY2023: 0.28×

- FY2024: 0.29×

- FY2025: 0.27×

### moat: pass

- ROIC, median of available years: 17.2%

- ROIC, second-lowest year: 13.0%

- Typical minus recent gross margin: -3.9 pp

- Typical gross margin (annual median): 31.5%

- Recent gross margin (lower of latest and 3-year median): 35.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.3%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 13.0%

- FY2019: 12.8%

- FY2020: 16.2%

- FY2021: 18.2%

- FY2022: 20.0%

- FY2023: 24.7%

- FY2024: 21.0%

- FY2025: 15.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -42.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$51B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: 0.3%

- Working capital / revenue, annual change: -1.8 pp

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

- FY2021: 1.28×

- FY2022: 0.97×

- FY2023: -174.59×

- FY2024: 0.20×

- FY2025: 0.21×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.0% vs 21.0%

- Per-share earnings: 0.35 to 0.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: $1.4B

- Cumulative retained earnings: $1.3B

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.1%

- Per-share value change: $0.56

- Per-share value, starting three-year median: $0.35

- Per-share value, ending three-year median: $0.91

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 13.0%

- ROIC, last three-year median: 21.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: $0.20

- FY2019: $0.35

- FY2020: $0.39

- FY2021: $0.46

- FY2022: $0.43

- FY2023: $0.90

- FY2024: $0.99

- FY2025: $0.91

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -7.8%

- FY2019: -5.5%

- FY2020: -9.6%

- FY2021: -9.1%

- FY2022: -8.2%

- FY2023: 1999.4%

- FY2024: -2.5%

- FY2025: -2.5%

## Holders

## Price story

Price needs cash profits to grow 19.8% a year for ten years · sales +3.1%

Story as of 2026-10-16T10:00:10.525Z; price observation 2026-10-15.

Price needs cash profits to grow 19.8% a year for ten years

### Sales · FY2024–2025

sales +3.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $883M 

- FY2019: $934M 

- FY2020: $938M 

- FY2021: $1.0B 

- FY2022: $1.2B 

- FY2023: $1.4B 

- FY2024: $1.4B 

- FY2025: $1.4B 

### Gross margin · FY2025

gross margin 35.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 27.8% 

- FY2019: 28.6% 

- FY2020: 30.9% 

- FY2021: 31.9% 

- FY2022: 31.2% 

- FY2023: 36.8% 

- FY2024: 37.9% 

- FY2025: 35.4% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are USD 1.4 billion.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2025-12-31 (filed 2026-10-16T07:39:09.102Z); FY2025: revenue 1408696000; grossProfit 498759000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GCC.MX: GCC, S.A.B. de C.V., through its subsidiaries, produces, markets, and distributes cement, aggregates, ready-mix concrete, and other materials for the construction industry in Mexico and the United States. The company offers cement, ready mix concrete, building materials, and asphalt, as well as energy. It also provides specialty products, including Komponent, a shrinkage-compensating expanding concrete additive; Microsilex for use in bridge decks and paving; Rapid Set, a solution for concrete applications; and Versabind, a cementitious that is used as filler in asphalt mixes as a replacement for lime. The company was formerly known as Grupo Cementos de Chihuahua, S.A.B. de C.V. and changed its name to GCC, S.A.B. de C.V. in March 2021. The company was founded in 1941 and is based in Chihuahua, Mexico. GCC, S.A.B. de C.V. is a subsidiary of CAMCEM, S.A. de C.V.

### Why customers stay

Margins ranged from 35.4% to 37.9% during 2023–25; it earns 17.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2023-12-31 (filed 2026-10-16T07:39:09.102Z); FY2023: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2024-12-31 (filed 2026-10-16T07:39:09.102Z); FY2024: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2025-12-31 (filed 2026-10-16T07:39:09.102Z); FY2025: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.102Z); 8-year return on capital observations [[2018,0.13041102983146496],[2019,0.12831401587512792],[2020,0.16181832306716112],[2021,0.18245523937833258],[2022,0.19956622949152023],[2023,0.24739666026787385],[2024,0.2104927050842174],[2025,0.15928099685853167]]; median 0.17213678122274684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 67.4% of cash earnings on expansion; earns 0.3% on new investment.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2018-12-31 (filed 2026-10-16T07:39:09.102Z); FY2018: growth capex 0; upkeep 109236000; owner earnings 42327000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2019-12-31 (filed 2026-10-16T07:39:09.102Z); FY2019: growth capex 0; upkeep 64700000; owner earnings 152149200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2020-12-31 (filed 2026-10-16T07:39:09.102Z); FY2020: growth capex 0; upkeep 37926000; owner earnings 183427800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2021-12-31 (filed 2026-10-16T07:39:09.102Z); FY2021: growth capex 0; upkeep 51492000; owner earnings 193671200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2022-12-31 (filed 2026-10-16T07:39:09.102Z); FY2022: growth capex 3131000; upkeep 93247000; owner earnings 136033200. Growth capex / owner earnings = 0.023016440104327473.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2024-12-31 (filed 2026-10-16T07:39:09.102Z); FY2024: growth capex 2665239.6214080453; upkeep 355048760.37859195; owner earnings 65997439.621408045. Growth capex / owner earnings = 0.04038398514695566.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2025-12-31 (filed 2026-10-16T07:39:09.102Z); FY2025: growth capex 42416083.759148896; upkeep 343152916.2408511; owner earnings 62896683.759148896. Growth capex / owner earnings = 0.6743771089994723.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.102Z); Incremental return on capital 0.0025173734033887628, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.102Z); Dividend observations: [[2018,12553000],[2019,14383000],[2020,7005000],[2021,24511000],[2022,19124000],[2023,5512125000],[2024,29958000],[2025,29810000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GCC.MX.json#2025-12-31 (filed 2026-10-16T07:39:09.102Z); FY2025: cash repurchases 15023000 USD.

### Are managers owners

Insiders own 50.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GCC.MX SharesStats.PercentInsiders = 50.876999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:09.102Z); Ten-year compound average after fade. Initial solved rate 0.2755686134198613. Price 177.75; 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)

- 2016-10: MXN 60.75 per share

- 2016-11: MXN 64.90 per share

- 2016-12: MXN 68.40 per share

- 2017-01: MXN 95.00 per share

- 2017-02: MXN 87.06 per share

- 2017-03: MXN 84.00 per share

- 2017-04: MXN 89.29 per share

- 2017-05: MXN 84.79 per share

- 2017-06: MXN 93.51 per share

- 2017-07: MXN 92.96 per share

- 2017-08: MXN 93.67 per share

- 2017-09: MXN 94.32 per share

- 2017-10: MXN 91.57 per share

- 2017-11: MXN 92.81 per share

- 2017-12: MXN 91.47 per share

- 2018-01: MXN 104.76 per share

- 2018-02: MXN 99.67 per share

- 2018-03: MXN 97.79 per share

- 2018-04: MXN 108.85 per share

- 2018-05: MXN 105.02 per share

- 2018-06: MXN 128.85 per share

- 2018-07: MXN 121.03 per share

- 2018-08: MXN 124.87 per share

- 2018-09: MXN 122.81 per share

- 2018-10: MXN 109.47 per share

- 2018-11: MXN 106.20 per share

- 2018-12: MXN 100.44 per share

- 2019-01: MXN 105.02 per share

- 2019-02: MXN 104.99 per share

- 2019-03: MXN 107.13 per share

- 2019-04: MXN 108.63 per share

- 2019-05: MXN 105.53 per share

- 2019-06: MXN 105.81 per share

- 2019-07: MXN 102.87 per share

- 2019-08: MXN 104.99 per share

- 2019-09: MXN 105.40 per share

- 2019-10: MXN 107.53 per share

- 2019-11: MXN 102.58 per share

- 2019-12: MXN 101.53 per share

- 2020-01: MXN 97.98 per share

- 2020-02: MXN 97.98 per share

- 2020-03: MXN 69.95 per share

- 2020-04: MXN 69.96 per share

- 2020-05: MXN 81.41 per share

- 2020-06: MXN 96.70 per share

- 2020-07: MXN 104.78 per share

- 2020-08: MXN 99.52 per share

- 2020-09: MXN 103.03 per share

- 2020-10: MXN 106.81 per share

- 2020-11: MXN 106.12 per share

- 2020-12: MXN 120.02 per share

- 2021-01: MXN 130.42 per share

- 2021-02: MXN 130.81 per share

- 2021-03: MXN 141.86 per share

- 2021-04: MXN 143.94 per share

- 2021-05: MXN 147.55 per share

- 2021-06: MXN 160.95 per share

- 2021-07: MXN 161.89 per share

- 2021-08: MXN 162.03 per share

- 2021-09: MXN 154.65 per share

- 2021-10: MXN 153.15 per share

- 2021-11: MXN 149.51 per share

- 2021-12: MXN 158.45 per share

- 2022-01: MXN 145.44 per share

- 2022-02: MXN 135.27 per share

- 2022-03: MXN 143.41 per share

- 2022-04: MXN 134.97 per share

- 2022-05: MXN 137.16 per share

- 2022-06: MXN 125.71 per share

- 2022-07: MXN 125.99 per share

- 2022-08: MXN 115.22 per share

- 2022-09: MXN 119.37 per share

- 2022-10: MXN 123.61 per share

- 2022-11: MXN 138.03 per share

- 2022-12: MXN 129.79 per share

- 2023-01: MXN 149.46 per share

- 2023-02: MXN 144.40 per share

- 2023-03: MXN 143.00 per share

- 2023-04: MXN 143.00 per share

- 2023-05: MXN 135.92 per share

- 2023-06: MXN 145.94 per share

- 2023-07: MXN 162.07 per share

- 2023-08: MXN 163.67 per share

- 2023-09: MXN 164.07 per share

- 2023-10: MXN 160.86 per share

- 2023-11: MXN 170.48 per share

- 2023-12: MXN 201.02 per share

- 2024-01: MXN 199.86 per share

- 2024-02: MXN 178.76 per share

- 2024-03: MXN 197.90 per share

- 2024-04: MXN 192.94 per share

- 2024-05: MXN 185.55 per share

- 2024-06: MXN 172.46 per share

- 2024-07: MXN 159.08 per share

- 2024-08: MXN 151.00 per share

- 2024-09: MXN 147.45 per share

- 2024-10: MXN 164.11 per share

- 2024-11: MXN 181.59 per share

- 2024-12: MXN 185.28 per share

- 2025-01: MXN 191.41 per share

- 2025-02: MXN 200.79 per share

- 2025-03: MXN 187.66 per share

- 2025-04: MXN 164.78 per share

- 2025-05: MXN 181.00 per share

- 2025-06: MXN 180.29 per share

- 2025-07: MXN 176.38 per share

- 2025-08: MXN 174.78 per share

- 2025-09: MXN 173.32 per share

- 2025-10: MXN 178.32 per share

- 2025-11: MXN 180.70 per share

- 2025-12: MXN 182.56 per share

- 2026-01: MXN 188.12 per share

- 2026-02: MXN 200.63 per share

- 2026-03: MXN 189.93 per share

- 2026-04: MXN 206.03 per share

- 2026-05: MXN 210.02 per share

- 2026-06: MXN 207.84 per share

- 2026-07: MXN 198.93 per share

- 2026-08: MXN 193.28 per share

- 2026-09: MXN 176.26 per share

- 2026-10: MXN 174.50 per share

## Annual estimated value (MXN per share)

- FY2022: low MXN 129.38 per share, central MXN 137.25 per share, high MXN 146.81 per share

- FY2023: low MXN 151.24 per share, central MXN 160.47 per share, high MXN 171.67 per share

- FY2024: low MXN 115.76 per share, central MXN 122.35 per share, high MXN 130.35 per share

- FY2025: low MXN 83.38 per share, central MXN 86.21 per share, high MXN 89.64 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 2026-10-15T06:44:53.661Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.

## Reported holder observations