# Loma Negra Compania Industrial Argentina (LOMA.US)

Canonical: https://gigainvestors.com/s/LOMA

Analysis as of: 2026-10-15T06:35:39.780Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: ARS. ARS is hyperinflationary (Argentina: periods ending on or after 1 July 2018 (FACPCE JG 539/18; IPTF)): the tests are measured in US dollars, each statement at the exchange rate of the year-end currency it is stated in, not in nominal ARS.

## 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: $10.12 per share; close as of 2026-10-15.

Estimated value: low $4.13 per share, central $4.69 per share, high $5.43 per share. Buy at or below the central value $4.69 per share. Valuation as of 2026-10-15T06:35:39.780Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- In US dollars (ARS, IAS 29)

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 0

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.20×

- FY2018: 0.17×

- FY2019: 0.18×

- FY2020: 0.21×

- FY2021: 0.22×

- FY2022: 0.17×

- FY2023: 0.19×

- FY2024: 0.44×

- FY2025: 0.11×

### moat: pass

- In US dollars (ARS, IAS 29)

- ROIC, median of available years: 15.2%

- ROIC, second-lowest year: 10.1%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 26.9%

- Recent gross margin (lower of latest and 3-year median): 25.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.6%

- ROIC including acquisitions, ten-year median: 9.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.4%

- FY2017: 46.0%

- FY2018: 15.4%

- FY2019: 14.9%

- FY2020: 15.0%

- FY2021: 10.1%

- FY2022: 22.4%

- FY2023: 10.9%

- FY2024: 19.2%

- FY2025: 4.6%

### economics: fail

- In US dollars (ARS, IAS 29)

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $304M

- Net income, five-year total: $243M

- Return on incremental invested capital: -89.8%

- Working capital / revenue, annual change: 2.2 pp

- Working capital / revenue, change between three-year averages: 17.2 pp

- Working capital / revenue, final three-year average: 27.6%

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

- FY2021: 0.81×

- FY2022: 3.46×

- FY2023: 0.25×

- FY2024: 0.89×

- FY2025: 4.63×

### management: fail

- In US dollars (ARS, IAS 29)

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 24.4% vs 10.9%

- Per-share earnings: 0.32 to 0.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: -$1.2B

- Cumulative retained earnings: -$69M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: -$0.14

- Per-share value, starting three-year median: $0.32

- Per-share value, ending three-year median: $0.18

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $19M

- Cumulative net income, 10 years: $684M

- ROIC, first three-year median: 24.4%

- ROIC, last three-year median: 10.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.28

- FY2017: $0.83

- FY2018: $0.40

- FY2019: $0.64

- FY2020: $1.57

- FY2021: $0.40

- FY2022: $0.11

- FY2023: $0.18

- FY2024: $1.21

- FY2025: $0.16

### accounting: pass

- In US dollars (ARS, IAS 29)

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.45×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.5%

- FY2017: -14.2%

- FY2018: -7.2%

- FY2021: -5.4%

- FY2022: -21.4%

- FY2023: -11.8%

- FY2024: 1.2%

- FY2025: -2.0%

## Holders

## Price story

Down 22% since Dec 2025 · "Revenue: Decreased by 8.9% primarily due to weaker performance in the cement segment." (finance.yahoo.com, May 2025) · sales -7.8%

Story as of 2026-10-16T09:59:05.527Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

### Sales · FY2024–2025

sales -7.8%; source https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm; observed 2026-04-28.

- FY2016: ARS 669M 

- FY2017: ARS 925M 

- FY2018: ARS 713M 

- FY2019: ARS 699M 

- FY2020: ARS 685M 

- FY2021: ARS 536M 

- FY2022: ARS 984M 

- FY2023: ARS 847M 

- FY2024: ARS 644M 

- FY2025: ARS 594M 

### Gross margin · FY2025

gross margin 25.4%; source https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm; observed 2026-04-28.

- FY2016: 26.4% 

- FY2017: 29.0% 

- FY2018: 25.5% 

- FY2019: 27.3% 

- FY2020: 30.3% 

- FY2021: 31.6% 

- FY2022: 27.0% 

- FY2023: 25.1% 

- FY2024: 26.7% 

- FY2025: 25.4% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are ARS 848.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm#000171137526000030 (filed 2026-04-28); FY2025: revenue 848086622000; grossProfit 215542859000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LOMA.US: Loma Negra Compañía Industrial Argentina Sociedad Anónima, together with its subsidiaries, manufactures and sells cement and its derivatives in Argentina. It operates through Cement, Masonry Cement, and Lime; Concrete; Railroad; Aggregates; and Others segments. The company offers masonry cement, aggregates, ready-mix concrete, concrete, and lime to wholesale distributors, concrete producers, industrial customers, and others. It also provides rail transportation services; and treats and recycles industrial waste for use as fuel and raw material. It markets its products under the Loma Negra, Plasticor, Cacique Max, Loma Negra Plus, and Lomax brands. Loma Negra Compañía Industrial Argentina Sociedad Anónima was incorporated in 1926 and is based in Buenos Aires, Argentina. Loma Negra Compañía Industrial Argentina Sociedad Anónima operates as a subsidiary of Intercement Trading E Inversiones Argentina Sociedad Limitada.

### Why customers stay

Margins ranged from 25.1% to 26.7% during 2023–25; it earns 15.2% on its capital.

- Source: https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm#000171137526000030 (filed 2026-04-28); FY2023: grossProfit / revenue = 25.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm#000171137526000030 (filed 2026-04-28); FY2024: grossProfit / revenue = 26.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm (filed 2026-04-28); FY2025: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); 10-year return on capital observations [[2016,0.2443425664410511],[2017,0.4598586396492632],[2018,0.15376365883043322],[2019,0.14870766100729185],[2020,0.14992851969405935],[2021,0.1006841454202591],[2022,0.2244488989126376],[2023,0.10868259420668959],[2024,0.1922829742691927],[2025,0.04627580484364956]]; median 0.1518460892622463. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2016: growth capex 160279714; upkeep 509073880; owner earnings 491173013. Growth capex / owner earnings = 0.326320277698156.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2017: growth capex 648298371; upkeep 625880708; owner earnings 1590842382. Growth capex / owner earnings = 0.407518921003954.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2018: growth capex 2061000000; upkeep 2121000000; owner earnings 1800000000. Growth capex / owner earnings = 1.145.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2019: growth capex 0; upkeep 330299651; owner earnings 13076358349. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2020: growth capex 0; upkeep 9686000000; owner earnings 35414230000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2021: growth capex 7470296000; upkeep 36149158000; owner earnings 39949661000. Growth capex / owner earnings = 0.1869927256704381.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2022: growth capex 0; upkeep 10307000000; owner earnings 92882004000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2023: growth capex 0; upkeep 79969309000; owner earnings 41768893000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); FY2024: growth capex 0; upkeep 73734343000; owner earnings 210984568000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm (filed 2026-04-28); FY2025: growth capex 0; upkeep 0; owner earnings 127122367000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Dividend observations: [[2016,853136862],[2017,442886305],[2018,2663733000],[2019,2663733000],[2020,2664000000],[2021,21805681000],[2022,21806000000],[2023,189116296000],[2024,0],[2025,2609000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); LOMA.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual growth was 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-28); Ten-year compound average after fade. Initial solved rate 0.14130571173274176. Price 10.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3168579142402436 → FY2025 0.7625385563932454. Closing-price date 2026-10-15.

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

- 2017-11: $22.08 per share

- 2017-12: $23.04 per share

- 2018-01: $23.76 per share

- 2018-02: $21.77 per share

- 2018-03: $21.32 per share

- 2018-04: $20.74 per share

- 2018-05: $12.90 per share

- 2018-06: $10.26 per share

- 2018-07: $11.24 per share

- 2018-08: $7.55 per share

- 2018-09: $8.84 per share

- 2018-10: $9.01 per share

- 2018-11: $10.64 per share

- 2018-12: $11.13 per share

- 2019-01: $12.96 per share

- 2019-02: $11.23 per share

- 2019-03: $10.95 per share

- 2019-04: $10.00 per share

- 2019-05: $9.95 per share

- 2019-06: $11.70 per share

- 2019-07: $12.33 per share

- 2019-08: $4.80 per share

- 2019-09: $5.75 per share

- 2019-10: $5.95 per share

- 2019-11: $6.56 per share

- 2019-12: $7.82 per share

- 2020-01: $6.90 per share

- 2020-02: $5.80 per share

- 2020-03: $3.55 per share

- 2020-04: $3.62 per share

- 2020-05: $4.62 per share

- 2020-06: $4.26 per share

- 2020-07: $5.08 per share

- 2020-08: $4.83 per share

- 2020-09: $4.31 per share

- 2020-10: $4.28 per share

- 2020-11: $5.49 per share

- 2020-12: $6.15 per share

- 2021-01: $5.13 per share

- 2021-02: $5.51 per share

- 2021-03: $6.33 per share

- 2021-04: $5.85 per share

- 2021-05: $6.65 per share

- 2021-06: $6.81 per share

- 2021-07: $7.88 per share

- 2021-08: $7.84 per share

- 2021-09: $7.13 per share

- 2021-10: $6.78 per share

- 2021-11: $6.08 per share

- 2021-12: $6.67 per share

- 2022-01: $6.17 per share

- 2022-02: $5.67 per share

- 2022-03: $5.72 per share

- 2022-04: $5.62 per share

- 2022-05: $5.88 per share

- 2022-06: $5.08 per share

- 2022-07: $5.90 per share

- 2022-08: $6.32 per share

- 2022-09: $6.23 per share

- 2022-10: $6.74 per share

- 2022-11: $6.69 per share

- 2022-12: $6.85 per share

- 2023-01: $7.13 per share

- 2023-02: $6.74 per share

- 2023-03: $6.95 per share

- 2023-04: $6.12 per share

- 2023-05: $6.13 per share

- 2023-06: $6.80 per share

- 2023-07: $6.66 per share

- 2023-08: $6.67 per share

- 2023-09: $6.03 per share

- 2023-10: $5.70 per share

- 2023-11: $6.52 per share

- 2023-12: $7.09 per share

- 2024-01: $7.09 per share

- 2024-02: $6.57 per share

- 2024-03: $6.68 per share

- 2024-04: $7.14 per share

- 2024-05: $7.46 per share

- 2024-06: $6.76 per share

- 2024-07: $6.46 per share

- 2024-08: $7.09 per share

- 2024-09: $8.06 per share

- 2024-10: $9.16 per share

- 2024-11: $11.87 per share

- 2024-12: $11.94 per share

- 2025-01: $12.10 per share

- 2025-02: $10.55 per share

- 2025-03: $10.99 per share

- 2025-04: $11.20 per share

- 2025-05: $12.67 per share

- 2025-06: $10.97 per share

- 2025-07: $11.64 per share

- 2025-08: $9.31 per share

- 2025-09: $7.37 per share

- 2025-10: $10.97 per share

- 2025-11: $12.48 per share

- 2025-12: $12.95 per share

- 2026-01: $11.53 per share

- 2026-02: $10.40 per share

- 2026-03: $11.09 per share

- 2026-04: $11.04 per share

- 2026-05: $12.00 per share

- 2026-06: $11.45 per share

- 2026-07: $11.48 per share

- 2026-08: $10.05 per share

- 2026-09: $9.20 per share

- 2026-10: $10.12 per share

## Annual estimated value (USD per share)

- FY2018: low $2.72 per share, central $3.02 per share, high $3.42 per share

- FY2025: low $4.13 per share, central $4.69 per share, high $5.43 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

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1711375/000171137526000030/loma-20251231.htm); period 2025-12-31, filed 2026-04-28.

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.