Latest Ratios: P/E Ratio 1.8x · EV/EBITDA 2.5x · ROE 7.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.7B | $8.3B | $11.4B | $6.0B | $10.1B | $7.7B | $6.0B | $7.7B | $12.1B | $12.7B |
| Enterprise Value | $7.6B | $7.5B | $14.8B | $18.9B | $14.3B | $18.7B | $18.0B | $17.0B | $19.3B | $23.1B | $26.1B |
| P/E Ratio → | 1.83 | 1.74 | 9.25 | 64.58 | 6.98 | 13.56 | — | 41.54 | 14.61 | 14.42 | 16.78 |
| P/S Ratio | 0.11 | 0.10 | 0.52 | 0.69 | 0.41 | 0.70 | 0.61 | 0.46 | 0.57 | 18.61 | 21.92 |
| P/B Ratio | 0.13 | 0.12 | 0.66 | 0.94 | 0.55 | 0.99 | 0.86 | 0.55 | 0.71 | 1.14 | 1.43 |
| P/FCF | 1.75 | 1.65 | 13.85 | 8.40 | 9.77 | 9.54 | 7.32 | 8.47 | 13.43 | 12.68 | 7.95 |
| P/OCF | 0.86 | 0.81 | 4.37 | 5.13 | 4.38 | 5.52 | 4.85 | 4.40 | 5.71 | 7.64 | 6.74 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.46 | 0.92 | 1.15 | 0.97 | 1.30 | 1.42 | 1.31 | 1.43 | 35.57 | 45.01 |
| EV / EBITDA | 2.47 | 2.43 | 4.83 | 6.07 | 5.88 | 6.78 | 28.34 | 8.48 | 8.10 | 184.40 | 224.88 |
| EV / EBIT | 4.25 | 5.84 | 9.38 | 9.97 | 12.98 | 11.97 | — | 17.20 | 13.44 | 263.15 | 287.18 |
| EV / FCF | — | 7.42 | 24.71 | 13.95 | 23.36 | 17.57 | 17.01 | 24.13 | 33.67 | 24.24 | 16.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.9% | 32.9% | 33.7% | 33.7% | 30.5% | 32.2% | 32.2% | 32.8% | 34.6% | 35.3% | 35.9% |
| Operating Margin | 11.1% | 11.1% | 11.3% | 11.9% | 9.3% | 11.4% | -3.7% | 7.4% | 10.4% | 11.8% | 13.6% |
| Net Profit Margin | 6.0% | 6.0% | 5.8% | 1.1% | 5.8% | 5.2% | -11.6% | 1.1% | 3.9% | 6.1% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | 7.6% | 1.6% | 8.1% | 7.8% | -14.9% | 1.3% | 4.9% | 0.4% | 0.4% |
| ROA | 3.4% | 3.4% | 3.4% | 0.7% | 3.1% | 2.7% | -5.1% | 0.5% | 1.8% | 0.1% | 0.1% |
| ROIC | 7.0% | 7.0% | 7.1% | 7.5% | 5.4% | 6.5% | -1.7% | 3.3% | 4.8% | 0.3% | 0.3% |
| ROCE | 8.4% | 8.4% | 8.5% | 8.9% | 6.1% | 7.3% | -2.0% | 4.0% | 5.9% | 0.3% | 0.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.59 | 0.67 | 0.81 | 0.89 | 1.25 | 1.09 | 1.10 | 1.11 | 1.57 |
| Debt / EBITDA | 2.48 | 2.48 | 2.41 | 2.62 | 3.63 | 3.32 | 17.64 | 5.90 | 5.00 | 93.51 | 120.24 |
| Net Debt / Equity | — | 0.43 | 0.52 | 0.62 | 0.76 | 0.83 | 1.14 | 1.02 | 1.07 | 1.04 | 1.51 |
| Net Debt / EBITDA | 1.89 | 1.89 | 2.12 | 2.42 | 3.42 | 3.10 | 16.14 | 5.50 | 4.87 | 87.92 | 115.39 |
| Debt / FCF | — | 5.77 | 10.86 | 5.56 | 13.59 | 8.04 | 9.69 | 15.66 | 20.24 | 11.56 | 8.38 |
| Interest Coverage | 2.36 | 2.36 | 2.65 | 3.49 | 2.75 | 2.37 | -0.66 | 1.39 | 1.99 | 0.09 | 0.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 0.82 | 0.74 | 0.82 | 0.79 | 0.79 | 0.85 | 0.71 | 0.64 | 1.08 |
| Quick Ratio | 0.62 | 0.62 | 0.58 | 0.47 | 0.49 | 0.53 | 0.59 | 0.66 | 0.49 | 0.47 | 0.86 |
| Cash Ratio | 0.25 | 0.25 | 0.14 | 0.09 | 0.09 | 0.11 | 0.18 | 0.15 | 0.06 | 0.12 | 0.14 |
| Asset Turnover | — | 0.56 | 0.59 | 0.58 | 0.53 | 0.52 | 0.45 | 0.44 | 0.46 | 0.02 | 0.02 |
| Inventory Turnover | 7.11 | 7.11 | 7.18 | 6.07 | 5.73 | 7.00 | 7.89 | 8.81 | 8.19 | 0.44 | 0.42 |
| Days Sales Outstanding | — | 57.85 | 40.97 | 53.29 | 45.77 | 42.72 | 57.91 | 51.99 | 48.56 | 1019.33 | 1080.85 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.3% | 7.7% | 1.1% | 1.1% | 0.9% | 0.2% | 0.3% | 3.0% | — | — | — |
| Payout Ratio | 13.3% | 13.3% | 9.6% | 65.9% | 5.9% | 3.2% | — | 125.2% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 54.5% | 57.4% | 10.8% | 1.5% | 14.3% | 7.4% | — | 2.4% | 6.8% | 6.9% | 6.0% |
| FCF Yield | 57.0% | 60.7% | 7.2% | 11.9% | 10.2% | 10.5% | 13.7% | 11.8% | 7.4% | 7.9% | 12.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.0% | 1.1% | 0.8% | 1.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.3% | 7.7% | 1.1% | 1.1% | 2.7% | 0.2% | 1.4% | 3.8% | 1.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $145M | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.6B | $1.6B | $1.6B | $1.6B |
Cyclical Margin Compression
Based on current market data, CEMEX trades at a P/E of 1.86 and an EV/EBITDA of 2.47, suggesting that investors are heavily discounting the company's earnings potential compared to US-based peers like Martin Marietta, which command significantly higher multiples despite similar exposure to construction cycles.
The extreme valuation gap relative to peers appears to reflect a persistent 'emerging market' discount and skepticism regarding the sustainability of recent margin improvements. While the forward P/E of 14.99 implies a more normalized expectation of future earnings, the current TTM multiple suggests the market remains wary of potential non-recurring charges and the volatility of the Mexican peso.
As reported in recent financial statements, CEMEX's ROIC has fluctuated within a narrow range of 1.1% to 2.4% over the last ten quarters, indicating that the company is struggling to generate returns that meaningfully exceed its cost of capital in a capital-intensive industrial environment.
The low ROIC trend suggests that the company's massive asset base, while essential for market dominance, acts as a drag on overall capital efficiency. Investors should monitor whether the strategic pivot toward 'Urbanization Solutions' can improve these returns, as current levels appear insufficient to drive long-term shareholder value creation.
According to quarterly filings, the cash conversion cycle has remained volatile, swinging from -1 day in 2025Q1 to 16 days in 2024Q2, which highlights the operational challenges in managing inventory and accounts payable across diverse global markets and complex logistics networks.
The high DPO, which reached 120 days in 2023Q4, suggests that CEMEX relies heavily on supplier financing to manage its liquidity position. This reliance warrants further investigation, as any tightening in credit terms from suppliers could rapidly exacerbate the company's existing liquidity constraints.
The P/E ratio is the most commonly misapplied metric for CEMEX, as it fails to account for the significant non-cash charges and foreign exchange volatility that frequently distort the company's net income, rendering it a poor proxy for underlying cash-generating capability.
Analysts should prioritize EV/EBITDA or P/FCF to better assess the company's operational performance, as these metrics are less sensitive to the accounting noise inherent in the company's capital structure. Relying on P/E in this context may lead to an inaccurate assessment of the company's true valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CX stock.
CEMEX, S.A.B. de C.V.'s current P/E ratio is 1.8x. The historical average is 23.4x. This places it at the 5th percentile of its historical range.
CEMEX, S.A.B. de C.V.'s current EV/EBITDA is 2.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.5x.
CEMEX, S.A.B. de C.V.'s return on equity (ROE) is 7.4%. The historical average is 1.3%.
Based on historical data, CEMEX, S.A.B. de C.V. is trading at a P/E of 1.8x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CEMEX, S.A.B. de C.V.'s current dividend yield is 7.29% with a payout ratio of 13.3%.
CEMEX, S.A.B. de C.V. has 32.9% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
CEMEX, S.A.B. de C.V.'s Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.