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Cematrix
(TSX:CEMX)
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Rating:76Outperform
Price Target:
C$0.57
▲(17.71% Upside)
Action:Reiterated
Date:09/26/26
The score is driven primarily by improved financial performance (strong profitability and free cash flow alongside very low leverage) and a positive earnings-call backdrop (strong growth, record EBITDA, solid backlog, and no planned capital raise). These positives are moderated by historically high volatility in revenue/cash conversion and only moderately supportive technical momentum (slightly negative MACD and subdued Stoch). Valuation appears reasonable based on the provided P/E.
Positive Factors
Revenue and Profitability Growth
Strong revenue growth alongside record adjusted EBITDA indicates expanding project activity and improved operating leverage. If sustained, this combination can strengthen earnings capacity, support reinvestment in sales resources, and reinforce Cematrix’s position in specialized cellular concrete applications.
Negative Factors
Lumpy, Seasonal Revenue
Dependence on large projects makes quarterly revenue and resource utilization difficult to predict, even when the underlying pipeline is healthy. Seasonal concentration can create uneven earnings and cash flow, complicating planning and increasing the risk of weaker periods between major project milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profitability Growth
Strong revenue growth alongside record adjusted EBITDA indicates expanding project activity and improved operating leverage. If sustained, this combination can strengthen earnings capacity, support reinvestment in sales resources, and reinforce Cematrix’s position in specialized cellular concrete applications.
Read all positive factors
Cematrix (CEMX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$73.37M
Dividend YieldN/A
Average Volume (3M)135.47K
Price to Earnings (P/E)12.3
Beta (1Y)1.26
Revenue Growth42.65%
EPS Growth210.94%
CountryCA
Employees64
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)0.04
Shares Outstanding149,727,480
10 Day Avg. Volume136,807
30 Day Avg. Volume135,475
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.34
Price to Sales (P/S)1.20
P/FCF Ratio18.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)C$60.00M
Cematrix Business Overview & Revenue Model
Company Description
CEMATRIX Corporation, operating through its subsidiaries, specializes in the on-site manufacturing and distribution of cellular concrete. This versatile material finds extensive use across the infrastructure, industrial, and commercial constructio...
How the Company Makes Money
CEMATRIX makes money primarily by delivering cellular concrete projects and related products to construction customers. Its core revenue stream is project-based contracting, where it is paid under customer contracts to engineer (mix design/specifi...
Cematrix Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, record and improving profitability, robust cash generation, healthy backlog and a strong balance sheet with no planned capital raise. Management acknowledged normal construction seasonality, some margin-percentage pressure driven by project mix, variability in working capital timing, and headwinds around potential tariff uncertainty and M&A valuation gaps. Overall, the positive operational and financial momentum and ample liquidity outweighed the described risks and variability.Positive Updates
Strong Quarter Revenue Growth
Q2 revenue of $18.7 million, a 76% increase year-over-year; year-to-date revenue of $26.0 million, up 50% vs prior year.
Negative Updates
Gross Margin Percent Pressure / Variability
While gross margin on a dollar basis improved vs prior year, gross margin percentage for the quarter was slightly lower year-over-year (management noted percent was down and normalization would shift results by a point or two). Margins remain sensitive to contract mix and large-project pricing.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarter Revenue Growth
Q2 revenue of $18.7 million, a 76% increase year-over-year; year-to-date revenue of $26.0 million, up 50% vs prior year.
Read all positive updates
Company Guidance
Management guided that 2026 should be “another great year,” saying they are on track to the previously stated 3% target and expect SG&A to trend lower in H2 while reinvesting savings into sales/sales‑support; they reiterated no capital raise is planned (only accretive M&A) and continued NCIB activity. Key metrics cited: Q2 revenue $18.7M (+76% YoY) and YTD revenue $26.0M (+50% vs. prior period), Q2 operating income $4.3M (+$2.5M YoY) and Q2 adjusted EBITDA $5.0M, record 2025 adjusted EBITDA $8.3M, 2025 cash from operations $8.2M and EPS $0.027, cash balance $16.0M and backlog $61.5M at June 30, shares outstanding 149.7M (FD ~157.8M) with ~11% insider ownership (~16M), and share price $0.51 on July 24 (up 96% since end‑2024).Cematrix Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.85M | 45.09M | 35.36M | 53.30M | 29.00M | 22.60M |
| Gross Profit | 17.10M | 15.36M | 9.42M | 11.88M | 2.52M | 3.90M |
| EBITDA | 10.19M | 7.59M | 2.50M | 4.44M | -3.44M | 1.02M |
| Net Income | 5.96M | 4.06M | 270.00K | 1.24M | -5.56M | -1.85M |
Balance Sheet | ||||||
| Total Assets | 53.76M | 47.69M | 43.40M | 39.28M | 40.82M | 44.39M |
| Cash, Cash Equivalents and Short-Term Investments | 16.18M | 11.94M | 10.29M | 3.29M | 10.68M | 19.95M |
| Total Debt | 3.15M | 3.43M | 3.59M | 3.24M | 7.58M | 8.39M |
| Total Liabilities | 10.04M | 7.19M | 6.02M | 10.56M | 13.07M | 12.81M |
| Stockholders Equity | 43.72M | 40.51M | 37.37M | 28.72M | 27.74M | 31.58M |
Cash Flow | ||||||
| Free Cash Flow | 9.73M | 2.96M | 2.90M | -1.46M | -5.09M | -1.51M |
| Operating Cash Flow | 10.17M | 3.49M | 4.90M | 503.00K | -3.20M | -834.00K |
| Investing Cash Flow | -530.00K | -609.00K | -2.02M | -2.03M | -4.04M | -619.00K |
| Financing Cash Flow | -2.18M | -1.13M | 3.98M | -5.82M | -2.31M | 18.95M |
Cematrix Technical Analysis
Positive
0.48
Price Trends
0.49
Negative
0.50
Negative
0.46
Positive
Market Momentum
>-0.01
Negative
51.44
Neutral
69.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CEMX, the sentiment is Positive. The current price of 0.48 is below the 20-day moving average (MA) of 0.49, below the 50-day MA of 0.49, and above the 200-day MA of 0.46, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.44 is Neutral, neither overbought nor oversold. The STOCH value of 69.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CEMX.
Cematrix Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$73.37M | 12.31 | 14.58% | ― | 42.65% | 210.94% | |
69 Neutral | C$969.48M | 11.40 | 12.64% | 5.08% | 1.80% | 13.21% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | C$394.00M | 13.60 | 9.04% | 98.67% | -5.27% | -37.28% | |
53 Neutral | C$8.76M | 27.27 | 5.15% | ― | 0.18% | -52.51% |
* Basic Materials Sector Average
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Cematrix Corporate Events
Business Operations and Strategy
CEMATRIX Adds $8.8 Million in Contracts, Lifts YTD Awards to $43.2 Million
Positive
Sep 21, 2026
CEMATRIX Corporation has secured $8.8 million in new contract awards, bringing year‑to‑date bookings to $43.2 million across Canada and the United States. The mix of work includes a major grouting application for a tunnel project, a lo...
Business Operations and StrategyFinancial Disclosures
Cematrix Secures $8.2 Million in New Contracts, Lifting 2026 Wins to $34.4 Million
Positive
Aug 20, 2026
Cematrix Corporation, a specialty contractor and leading North American supplier of cellular concrete, delivers on-site, flowable and insulating cement-based solutions for geotechnical construction, including lightweight fill, tunnel grouting and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.