Holcim AG HCMLY

MaterialsConstruction MaterialsSwitzerland

Last close 16.43 USD on Nov 1, 2026, −12.4% year to date

Quant rating

Quant rating C Rank 116 of 220 in Materials

Growth D 183 of 220
Valuation C 129 of 220
Quality C 139 of 220
Revisions B 83 of 220
Momentum B 67 of 220

Wall Street consensus Hold (2.67)Average target 21.47 USD +30.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 47.4B
Enterprise value: 57.5B
52-week range: 14.79 – 21.23
3-year range: 7.66 – 21.23
Dividend yield: 2.58%
Beta (5 years): 1.07
Shares outstanding: 567M
Next earnings: Mar 1, 2027

About the company

Holcim AG is a Switzerland-based company operating in building materials industry. The Company's business segments include Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. Cements division is engaged in sustainable cements and hydraulic binders. Aggregates segment focuses on manufacturing aggregate that is used as raw materials for concrete, masonry, and asphalt as well as base materials for roads, landfills, and buildings. Ready-Mix Concrete includes ready-mix concrete products, self-filling and self-leveling concrete, architectural concrete, insulating concrete and pervious concrete. Solutions & Products offers precast and concrete products for specialty buildings and roofing solutions. The Segment offers also mortars for 3D printing construction.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	19,846	17,858	32,096	31,576	29,417	–
Revenue growth	11.1%	−44.4%	1.6%	7.3%	12.5%	−5.4%
EPS (basic, normalized)	0.78	1.29	1.21	0.77	–	–
EPS growth	−40.2%	7.3%	57.4%	–	–	–
Gross margin	42.3%	43.6%	42.6%	39.8%	43.0%	42.3%
Net margin	2.5%	9.0%	11.3%	11.3%	8.5%	8.5%
ROE	1.8%	5.5%	11.2%	11.7%	8.5%	7.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	19,846	+11.1%	2.9x	4,806	−37.2%	12.0x	0.78	−40.2%	21.2x
2026	20,519	+3.4%	2.8x	5,056	+5.2%	11.4x	0.92	+18.6%	17.9x
2027	22,643	+10.3%	2.5x	5,737	+13.5%	10.0x	1.07	+16.7%	15.3x
2028	24,156	+6.7%	2.4x	6,130	+6.9%	9.4x	1.27	+18.5%	12.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	20,519	−1.7%	−0.5%	+0.4%	0.92	−1.1%	+0.5%	+1.6%
2027	22,643	−0.9%	−0.6%	0.0%	1.07	−0.5%	+0.3%	0.0%
2028	24,156	−2.0%	−1.3%	+1.7%	1.27	0.0%	+1.2%	+4.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Construction Materials

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HCMLY Holcim AG	47.4B	–	2.5%	2.41x	17.9x	15.3x	11.4x	10.0x
GRAS Grasim Industries Limited	21.3B	–	2.8%	1.95x	26.7x	24.7x	23.5x	19.2x
CRH CRH PLC	60.4B	2.16x	10.0%	2.42x	16.3x	14.3x	9.6x	8.7x
MLM Martin Marietta Materials, Inc.	38.4B	2.54x	16.1%	2.81x	30.5x	25.8x	17.9x	14.7x
VMC Vulcan Materials Co	36.1B	1.98x	13.6%	4.29x	31.7x	27.9x	16.9x	15.5x
HEIG Heidelberg Materials AG	29.6B	–	9.2%	1.42x	11.6x	10.4x	6.9x	6.4x
Mean		2.23x	9.0%	2.55x	22.4x	19.7x	14.4x	12.4x
Median		2.16x	9.6%	2.41x	22.3x	20.0x	14.1x	12.4x

Technical analysis

1M+2.3%
3M−8.0%
1Y−4.6%
3Y+312.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Holcim AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	19,846	17,858	32,096	31,576	29,417	26,146
Cost of revenue	11,443	10,069	18,433	19,012	16,770	15,199
Gross profit	8,403	7,789	13,664	12,564	12,646	10,947
Selling, general & administrative expenses	5,281	4,991	8,076	8,903	7,889	7,643
Research & development	–	–	–	–	–	–
Depreciation/amortization	309	265	509	508	453	–
Interest expense (income), operating	−396	−279	−361	−333	−520	−506
Unusual expense (income)	1,662	89.3	−40.4	−1,916	218	39.5
Other operating expenses	0	0	1.2	1.1	0	1.1
Operating income	1,547	2,723	5,480	5,400	4,606	3,769
Net interest income (expense)	−233	−303	−447	−378	−385	−468
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−135	−87.1	−72.5	−95.2	−227	−229
Net income before taxes	1,179	2,332	4,960	4,928	3,995	3,072
Provision for taxes	598	600	1,187	1,111	1,056	810
Minority interest	−89.6	−127	−137	−238	−420	−345
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	491	1,606	3,636	3,579	2,519	1,917
Extraordinary items	16,143	1,619	–	–	–	–
Net income	16,634	3,225	3,636	3,579	2,519	1,917
EBIT, normalized	3,234	2,848	5,302	4,807	4,565	3,638
EBITDA, normalized	4,642	4,225	8,076	7,696	7,106	6,641
Basic EPS, normalized	0.78	1.29	1.21	0.77	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Holcim AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,870	5,899	7,234	10,634	7,332	5,868
Receivables	2,820	3,538	3,948	3,649	3,996	3,514
Total inventory	2,166	3,436	3,336	3,094	2,859	2,240
Prepaid expenses	216	279	250	240	262	214
Other current assets	304	281	494	540	566	463
Total current assets	12,375	13,434	15,261	18,157	15,014	12,299
Property, plant & equipment	15,813	22,384	22,984	22,021	26,793	27,364
Goodwill	8,017	16,087	16,149	14,793	15,297	14,024
Intangibles	948	2,623	2,528	1,914	1,585	602
Long-term investments	4,101	3,919	4,176	3,839	4,445	4,140
Note receivable	109	150	92.7	85.5	109	127
Other long-term assets	1,051	1,241	1,420	1,505	2,405	1,577
Total assets	42,414	59,838	62,610	62,314	65,649	60,133
Liabilities
Accounts payable	4,324	5,230	5,153	4,618	4,450	3,786
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	445	101
Current portion of long-term debt	1,687	1,994	1,585	1,755	2,142	2,213
Other current liabilities	3,332	3,527	3,843	3,209	3,646	3,140
Total current liabilities	9,344	10,752	10,581	9,581	10,683	9,240
Long-term debt	9,323	12,251	14,005	14,375	15,624	13,227
Minority interest	894	789	934	1,017	3,056	2,884
Other liabilities	3,444	6,020	6,196	6,322	5,936	5,326
Total liabilities	23,005	29,812	31,716	31,295	35,299	30,677
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,431	1,276	1,376	1,333	1,351	1,392
Additional paid-in capital	13,874	16,086	19,812	20,381	22,348	24,401
Retained earnings (accumulated deficit)	25,932	35,304	34,254	29,575	26,183	23,603
Treasury stock	−814	−1,922	−964	−1,403	−418	−223
Other equity	−21,014	−20,718	−23,585	−18,866	−19,114	−19,716
Total equity	19,409	30,026	30,894	31,019	30,350	29,457
Total liabilities & shareholders' equity	42,414	59,838	62,610	62,314	65,649	60,133

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Holcim AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	581	3,353	3,774	3,817	2,939	2,262
Depreciation, depletion & amortization	1,409	2,221	2,349	2,336	2,543	2,599
Deferred taxes	–	–	–	–	–	–
Non-cash items	2,257	1,572	1,295	18.4	1,168	973
Changes in working capital	−727	−899	−919	−1,235	−1,119	−616
Cash from operations	3,519	6,247	6,500	4,935	5,531	5,217
Investing activities
Capital expenditures	−1,339	−1,819	−4,135	−4,444	−5,417	−1,411
Other investing cash flows	−1,135	−427	13.1	6,695	253	20.3
Cash from investing	−2,474	−2,245	−4,122	2,251	−5,163	−1,391
Financing activities
Financing cash flow items	4,353	−208	−216	−276	−182	−357
Cash dividends paid	−2,163	−1,731	−1,680	−1,439	−1,340	−1,383
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,269	−2,877	−4,310	−1,803	2,743	−397
Cash from financing	−79.5	−4,816	−6,207	−3,518	1,221	−2,136
Foreign exchange effects	−836	23.1	−574	−268	71.3	−461
Net change in cash	130	−791	−4,403	3,400	1,660	1,229
Free cash flow	2,180	4,428	2,365	491	114	3,806

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.