Is Cematrix stock a buy right now?

Cematrix Corporation (Cematrix Corporation Stock Quote, Chart, News, Analysts, Financials TSX:CEMX) is scheduled to report second-quarter results after markets close next Wednesday (August 6). Beacon Securities analyst Russell Stanley expects revenue of $6.8-million and Adjusted EBITDA of negative $0.2-million, roughly in line with Q1 results.

Stanley maintained a “Buy” rating and $0.45 target in a July 31 note, and said he continues to expect results this year to be weighted toward the second half, with $20-million in revenue projected for Q3 and $18-million in Q4. “We will also be interested in updates regarding overall demand and progress on major projects the company recently commenced, including the $22M job in North Carolina, as well as a tunnel grouting project in the Midwest that began in June,” he said.

Cematrix’s year-to-date contract wins have reached $32-million, including a recent $5-million award announced earlier this month, according to Stanley.

The company ended Q1 with an $80-million backlog, and has secured $20-million in new business since, with $15-million awarded in Q2 and an additional $5-million in July.

“The two major projects discussed above have been included in the backlog for some time, and with their recent commencement, we expect the company’s backlog to eventually normalize closer to ~1x sales over time,” Stanley said.

Cematrix is trading near $0.30 per share and at a 5.0x multiple of forecasted 2026 Adjusted EBITDA, according to Stanley.

He noted the stock trades at a steep discount, about 45–48%, compared to the sector average for similar infrastructure and cement-related companies.

“After almost doubling from its 52-week lows in March, the stock is now testing support in the low 30s,” he said. “Potential catalysts include the Q2 results in (next Wednesday post-close), further contract wins, and M&A activity.”

Cematrix is projected to post $6-million in Adjusted EBITDA on $51-million in revenue for fiscal 2025, according to Stanley. He sees both figures improving in 2026, with EBITDA rising to $9-million and revenue reaching $67-million.

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