MoatScopeAmrize LtdAMRZ
Spin-off from Holcim Ltd (HOLN) · Jun 23, 2025 · NYSE / SIX Swiss Exchange
one Amrize share for each Holcim share
Documents
Both companies today
Not in MoatScope's coverage yet — numbers appear once the shares trade and the first filings land.
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
Amrize is Holcim's former North American business and the largest building-solutions company focused solely on the United States and Canada, with Building Materials and Building Envelope segments, more than 19,000 employees and over 1,000 sites. Holcim, listed in Zurich, keeps its operations outside North America.
Stated rationaleHolcim announced in early 2024 that a separately listed North American company would get its own US investor base and capital allocation while Holcim pursued its strategy in the rest of the world.
The four questions
Indiscriminate selling
StrongManagement incentives
StrongThe hidden jewel
StrongLeverage
PartialThe write-up
Holcim distributed Amrize on June 23, 2025, one Amrize share for each Holcim share, listing the new company on the New York Stock Exchange and the SIX Swiss Exchange. Amrize is Holcim's former North American business and the largest building-solutions company focused solely on the United States and Canada: $11.7 billion of 2024 net sales, $1.3 billion of net income and $3.2 billion of adjusted EBITDA across its Building Materials and Building Envelope segments, with more than 19,000 employees and over 1,000 sites. Holcim, listed in Zurich, keeps its operations outside North America. On MoatScope's framework Amrize carries a Narrow moat and a quality score of 51 at a $25.3 billion market value, trading at $43.82 against a base-case fair value estimate of $51.62 — 0.85×.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.