Ternium S.A.
TX · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · EDGAR filings ↗
Grade
C63Major Latin American steelmaker with a fortress balance sheet but trough-cycle, near-zero returns.
Strengths
- Very low leverage (debt/equity 0.15) with strong liquidity and OCF margin 14.8% (82nd pct); net income +74%
- Scale leadership in Mexico/Argentina/Brazil with gross margin in the 80th sector pct
Risks
- Weak through-cycle profitability: ROE 1.9% (50th pct), ROA 1.3%, operating margin 4.5% and revenue -11.6%
- Steel overcapacity, Chinese import pressure, U.S. tariff disruption to Mexican demand; negative FCF this year
Notable findings
- Cash burnNegative free cash flow (-345.5M)
- Strong balance sheetStrong balance sheet — $1.5B cash & investments, ~18 quarters of runway
- Revenue declineRevenue -11.6% YoY
Key metrics
Gross margin
15.1%
Operating margin
4.5%
Net margin
1.9%
Return on equity
1.9%
Return on assets
1.3%
ROIC
3.0%
Revenue growth (QoQ)
-11.6%
Net-income growth
74.4%
Debt / equity
0.1×
Interest coverage
3.3×
Current ratio
2.5×
Free cash flow
-$345M
Tangible book value
$16.1B
Cash & investments
$1.5B
Cash runway
18q
Supply chain
Customers (1)
Suppliers (1)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001342874-26-000020 ↗ |
| 20-F | 2025-03-28 | 2024-12-31 | 0001342874-25-000024 ↗ |
| 20-F | 2024-03-28 | 2023-12-31 | 0001342874-24-000018 ↗ |
| 20-F | 2023-03-30 | 2022-12-31 | 0001342874-23-000021 ↗ |
| 20-F | 2022-03-30 | 2021-12-31 | 0001342874-22-000023 ↗ |
| 20-F | 2021-03-31 | 2020-12-31 | 0001342874-21-000031 ↗ |
| 20-F | 2020-04-09 | 2019-12-31 | 0001342874-20-000029 ↗ |
| 20-F | 2019-04-16 | 2018-12-31 | 0001342874-19-000026 ↗ |
| 20-F | 2018-04-24 | 2017-12-31 | 0001342874-18-000009 ↗ |
| 20-F | 2017-05-01 | 2016-12-31 | 0001615774-17-001967 ↗ |
| 20-F | 2016-04-29 | 2015-12-31 | 0001615774-16-005141 ↗ |
| 20-F | 2015-06-01 | 2014-12-31 | 0001193125-15-209342 ↗ |