Cemex SAB de CV ADR (CX) is slightly overvalued and United States Lime & Minerals Inc (USLM) is fairly valued.
Against our estimates of intrinsic value, USLM trades at the wider discount: a margin of safety of +3%, against -15% for CX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.7% (average of 3 methods) values the shares at $8.94; the price of $10.24 is 15% above that value, and 73% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $117.56; the price of $113.78 is 3% below that value, and 78% of that value comes from beyond year five.
Leak Score 44/100 on 2 of 12 signals
| Metric | CX | USLM |
|---|---|---|
| Verdict | Slightly overvalued | Fairly valued |
| Price | $10.24 | $113.78 |
| Intrinsic value | $8.94 | $117.56 |
| Margin of safety | -15% | +3% |
| Leak Score | 14/100 (3/12) | 44/100 (2/12) |
| Market cap | $15.5B | $3.3B |
| Revenue growth, 5 years | 4.7% | 18.3% |
| Operating margin | 12.3% | 42.1% |
| Net margin | 2.8% | 35.7% |
| Return on equity | 4.0% | 21.4% |
| Debt to equity | 0.55 | 0.00 |
| P/E | 31.1x | 24.3x |
| Forward P/E | 10.8x | 20.0x |
| P/B | 1.2x | 4.7x |
| Dividend yield | 1.3% | 0.2% |