Ternium S.A. (TX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-77.0%

$12.12

vs $52.80 price

Levered DCF

$62.93

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.9

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.36×	-106.52×	12.24×	3.37×	2.24×	7.34×	7.56×	3.53×
P/B	0.63×	0.48×	0.66×	0.51×	0.81×	0.78×	0.65×	0.83×
P/S	0.48×	0.32×	0.46×	0.37×	0.53×	0.65×	0.42×	0.46×
EV / EBITDA	5.67×	3.49×	3.62×	1.54×	1.28×	3.91×	4.01×	2.61×
Gross margin	15.0%	16.4%	29.8%	23.9%	38.5%	18.7%	17.1%	25.9%
Operating margin	4.5%	7.2%	12.5%	16.4%	32.8%	12.4%	8.5%	18.4%
Net margin	2.7%	-0.3%	3.8%	10.8%	23.8%	8.9%	5.5%	13.2%
Current ratio	2.49×	2.88×	3.16×	3.99×	2.68×	2.46×	2.36×	2.42×
Debt / equity	0.22×	0.15×	0.12×	0.07×	0.09×	0.28×	0.38×	0.33×
Interest coverage	3.28×	6.46×	11.87×	57.36×	196.05×	23.2×	9.68×	15.53×
Dividend yield	7.1%	10.7%	7.0%	8.8%	6.7%	4.1%	5.5%	4.1%
Payout ratio	124.6%	-1133.8%	84.2%	30.0%	14.9%	30.3%	41.7%	14.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	-0.4%	5.4%	14.9%	36.3%	10.7%	8.5%	23.6%
Return on invested capital	1.6%	1.6%	8.0%	13.8%	28.7%	7.1%	5.6%	15.5%
Return on assets	1.8%	-0.2%	2.8%	10.1%	22.4%	6.1%	4.4%	12.0%
Free cash flow yield	-2.5%	0.7%	12.7%	36.2%	25.2%	21.0%	13.8%	22.9%
Earnings yield	5.7%	-0.9%	8.3%	29.5%	44.8%	13.6%	13.1%	28.3%
Enterprise value	$8.6B	$5.8B	$7.8B	$5.1B	$8.2B	$7.2B	$6.3B	$7.2B
Net debt / EBITDA	0.71×	0.06×	-0.17×	-0.26×	-0.06×	0.8×	1.27×	0.68×
Cash conversion cycle (days)	92	119	146	107	150	99	90	114