AMRZ vs VMC: How Amrize and Vulcan Materials Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AMRZ is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMRZ and VMC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMRZ and VMC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Amrize (NYSE: AMRZ) is the North American building-materials company that Holcim separated on June 23, 2025, distributing 100% of Amrize shares to Holcim holders as a dividend in kind. The standalone company holds Holcim's US, Canadian, Swiss and Jamaican operations plus support functions in Colombia, runs more than 1,000 sites, employs over 19,000 people and is dual listed on the NYSE and the SIX Swiss Exchange with corporate offices in Chicago and Zug. It reports in two segments. Building Materials (~$8.5 billion of 2025 revenue) sells cement, aggregates, ready-mix concrete and asphalt. Building Envelope (~$3.3 billion) sells commercial and residential roofing, insulation, waterproofing, coatings, adhesives and sealants, a business largely assembled through the Malarkey (2022) and Duro-Last (2023) acquisitions.

Full AMRZ guide

Vulcan Materials is the largest producer of construction aggregates in the United States. Aggregates (crushed stone, sand, gravel) are the fundamental inputs to concrete, asphalt, and road base used in virtually every construction project. The business is local and economic: aggregates are heavy and expensive to transport relative to their value, so each Vulcan quarry serves a relatively local market (typically 50-100 miles depending on transport mode). This creates regional pricing power.

Full VMC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMRZ drivers: Mega-project demand for cement and aggregates; Pricing catching up to oil-linked costs.
• VMC drivers: Federal infrastructure spending; Residential and commercial construction.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Construction materials is a cyclical, interest-rate-sensitive business, and residential roofing and ready-mix demand can turn faster than cement plants can flex output. For VMC, construction activity is cyclical.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMRZ if you believe its drivers more; VMC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMRZ and VMC guides.

AMRZ. The multiple sits below pure-play aggregates names: Vulcan trades near 33x trailing earnings and Martin Marietta near 13x on a very different earnings base, while CRH is near 17x. Part of Amrize's discount is the Building Envelope segment, which is a manufacturing business with different margins and a different cost structure than a quarry. The rest reflects a one-year operating history as a standalone, a guidance cut on its second reported quarter of 2026, and the prior-period revision disclosed alongside it.

VMC. Vulcan trades at one of the highest multiples in industrials reflecting the durable pricing power, the federal infrastructure tailwind, the population migration tailwind to Vulcan's geographic footprint, and the irreplaceable nature of aggregates reserves. The premium has been sustained for years.

Headline figures (approximate, August 2026): AMRZ shows revenue (ttm) ~$12.2B, with Q2 2026 at ~$3.49B, up 8.6% year over year, adjusted ebitda (ttm) ~$3.0B, a margin of ~24.9%; Q2 margin was 28.2%, down 80 bps, net income / diluted eps (ttm) ~$1.2B and ~$2.23; Q2 net income was ~$476M, up 14.4%, market cap and p/e ~$25.9B at a ~$46.64 close, or roughly 21x trailing earnings; VMC shows revenue (ttm) ~$8 billion, operating margin ~21%, net income (ttm) ~$1 billion, eps (ttm) ~$7.50.

AMRZ and VMC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMRZ and VMC exposure against your real portfolio. It is not an investment adviser.