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The Moat Index

Amrize Ltd

AMRZ · Materials · $28.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

59/ 100
Shallow moat

The four filters

Pricing power44

Median gross margin 25.7% over 3y, very stable.

Returns on capital86

Median ROIC 16.9%, above the 9% hurdle in 100% of years.

Balance-sheet safety33

Net debt/EBITDA n/ax, interest coverage 4x.

Capital discipline66

Owner earnings +8.1%/yr, share count n/a.

Margin of safety

Above valueOn sale
32% above value
Owner earnings (normalized)
$1.2B
Est. intrinsic value / share
$37.63
Recent price
$49.74
Discount to value
32% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

4 years of fundamentals

The business, in plain English

Amrize Ltd booked $11.8B of revenue in FY2025 in the Materials sector and kept 25.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 10.0% of each revenue dollar reached the bottom line.

It earned 13.2% on invested capital in FY2025, with a median of 16.9% across 3 filed years. The Returns on Capital filter above scores it 86/100.

AMRZ's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Returns on Capital is the strongest of the four filters (86/100) and Balance-Sheet Safety the weakest (33/100), which is how AMRZ lands at 59/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2022–FY2025 · 4 fiscal years, normalized from AMRZ’s SEC filings

RevenueSales, as filed$11.8B FY2025
$0$5B$10B2022202320242025
Gross marginRevenue kept after cost of goods25.7% FY2025
0%10%20%2022202320242025
Return on invested capitalOperating profit on the capital employed13.2% FY2025
0%10%20%2022202320242025
Owner earningsCash an owner could take out$1.2B FY2025
$0$500M$1B2022202320242025

Gaps in a line mean that item isn’t in AMRZ’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale58.9 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AMRZ has read Shallow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How Amrize Ltd’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2025–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored AMRZ on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score100Indexed price · log scale 2025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, AMRZ did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Materials context

#54 of 231 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #52WMS ADVANCED DRAINAGE SYSTEMS, INC.59.3Shallow moat
  2. #53HCC Warrior Met Coal, Inc.59.0Shallow moat
  3. #55IOSP INNOSPEC INC.58.6Shallow moat
  4. #56FCX Freeport-McMoRan Inc.58.4Shallow moat

Compare AMRZ with its nearest peers →All Materials companies on the Index →

Common questions about AMRZ

Does Amrize Ltd have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Amrize Ltd (AMRZ) 58.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 44, returns on capital 86, balance-sheet safety 33, capital discipline 66.
Is AMRZ stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $37.63 per share versus a recent price of $49.74 — 32% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AMRZ's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 58.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AMRZ. See the disclaimer.