Ternium S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ternium S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,224	9,700	11,455	10,193	8,735	16,091	16,414	17,610	17,649	15,609
Cost of revenue	5,384	7,403	8,483	8,452	7,100	9,895	12,487	14,051	14,760	13,256
Gross profit	1,840	2,297	2,971	1,740	1,636	6,196	3,927	3,559	2,889	2,353
Research and development	9.2	9.8	8.9	10	8.3	9.8	16.3	19	23.8	21.8
Selling, general and administrative	688	824	877	897	763	950	1,144	1,472	1,651	1,601
Operating income	1,142	1,457	2,108	865	1,079	5,271	2,700	2,198	1,263	705
Interest expense	90	115	131	88.3	46.6	27	46.7	125	196	214
Interest income	14.1	19.4	21.2	29.1	49.4	62.9	75.1	255	298	238
Pre-tax income	1,118	1,360	2,032	827	1,159	5,764	2,667	1,321	728	648
Income tax	412	337	369	197	291	1,397	574	334	554	345
Net income to minority interests	111	137	155	65.8	89.4	542	325	310	227	-122
Net income	596	886	1,507	564	778	3,825	1,768	676	-53.7	425
EPS, basic	0.30	0.45	0.77	0.29	0.40	1.95	0.90	0.34	-0.03	0.22
EPS, diluted	0.30	0.45	0.77	0.29	0.40	1.95	0.90	0.34	-0.03	0.22

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	183	338	251	520	538	1,277	1,653	1,846	1,691	1,531
Short-term investments	145	133	44.5	212	814	1,290	1,875	1,976	2,160	1,600
Inventory	1,648	2,551	2,690	2,158	2,002	3,908	3,470	4,948	4,751	4,094
Total current assets	2,700	4,395	4,426	4,178	4,567	8,607	8,844	12,031	11,078	9,796
Property, plant and equipment	4,136	5,350	5,818	6,540	6,505	6,432	6,262	7,638	8,381	10,406
Lease right-of-use assets			49.4	306	256	229	210	200	177	156
Total assets	8,323	12,123	12,548	12,936	12,856	17,098	17,492	24,179	23,129	23,615
Short-term debt	822	1,506	400	560	396	823	499	940	670	604
Total current liabilities	1,831	2,827	1,827	1,768	1,854	3,214	2,217	3,801	3,839	3,934
Lease liabilities			65.8	298	252	215	190	189	164	138
Total liabilities	3,156	6,270	5,063	5,221	4,413	4,863	3,723	7,367	6,997	7,467
Total debt	1,219	3,222	2,037	2,189	1,723	1,479	1,032	2,146	2,230	2,419
Shareholders' equity	4,391	5,010	6,393	6,612	7,286	10,535	11,846	12,419	11,968	11,944
Minority interests	775	842	1,091	1,103	1,157	1,700	1,922	4,393	4,163	4,203
Total equity	5,167	5,853	7,485	7,715	8,443	12,235	13,768	16,812	16,132	16,148
Total liabilities and equity	8,323	12,123	12,548	12,936	12,856	17,098	17,492	24,179	23,129	23,615

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	707	1,023	1,662	630	868	4,367	2,093	986	174	303
Cash from operations	1,100	384	1,739	1,648	1,761	2,677	2,753	2,501	1,906	2,314
Capital expenditures	-435	-409	-520	-1,052	-560	-524	-581	-1,202	-1,821	-2,659
Cash from investing	-555	-2,030	-457	-1,197	-1,177	-1,045	-1,325	-1,470	-1,375	-1,985
Debt issued	911	3,239	1,189	1,530	246	246	286	355	1,559	1,115
Debt repaid	-1,192	-1,206	-2,267	-1,378	-710	-486	-723	-493	-1,323	-1,012
Dividends paid	-177	-196	-216	-236	0	-569	-530	-569
Cash from financing	-509	1,802	-1,322	-151	-506	-854	-1,016	-766	-488	-501
Exchange rate effect	-4.25	-1.84	-47.2	-31.1	-60.2	-38.9	-35.4	-71.8	-197	11.4
Net change in cash	36.2	156	-40	301	78.1	778	412	264	42.5	-171
Free cash flow	664	-25.5	1,219	595	1,201	2,154	2,172	1,299	85	-345
Interest paid	77.3	95.1	144	101	55.8	36.1	42.7	134	195	222

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $55.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.1%	Gross profit / revenue.
Operating margin	4.5%	Operating income / revenue.
Pre-tax margin	4.2%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	-2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.8%	Cash from operations / revenue.
Effective tax rate	53.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	4.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.1%	Research and development expense / revenue.
SG&A / revenue	10.3%	Selling, general and administrative expense / revenue.
Capex / revenue	17.0%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-18.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-15.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-44.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-36.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-37.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-11.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-37.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-11.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-506.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-0.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.49x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.2%	Total debt / total assets.
Liabilities / assets	31.6%	Total liabilities / total assets.
Net debt	-$712.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	3.29x	Operating income / interest expense.
Working capital	$5.86B	Current assets - current liabilities.
Tangible book value	$11.94B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	1.66x	Revenue / average property, plant and equipment.
Inventory turnover	3.00x	Cost of revenue / average inventory.
Days inventory	122 days	365 x average inventory / cost of revenue.
FCF conversion	-81.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	114.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.22	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.22	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$10.87B	Share price x shares outstanding.
Enterprise value	$10.16B	Market cap + total debt - cash - short-term investments.
P/E	25.6x	Market cap / net income. Only when net income is positive.
P/S	0.70x	Market cap / revenue.
P/B	0.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.91x	Market cap / tangible book value, when positive.
P/OCF	4.70x	Market cap / cash from operations, when positive.
EV/Sales	0.65x	Enterprise value / revenue.
EV/EBIT	14.4x	Enterprise value / operating income, when both are positive.
FCF yield	-3.2%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).

What was Ternium S.A.'s revenue in fiscal 2025?

Ternium S.A. reported revenue of $15.61B for fiscal 2025, 11.6% lower than the year before.

Was Ternium S.A. profitable in fiscal 2025?

Yes. Net income was $425.2M, a net margin of 2.7%.

How much free cash flow did Ternium S.A. generate in fiscal 2025?

Cash from operations of $2.31B minus capital expenditures of $2.66B left free cash flow of -$345.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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