Want to see ANIOY full AI Analyst Report?
Top Page
Acerinox SA
(OTC:ANIOY)
Select Model
Select Model
Rating:54Neutral
Price Target:
$10.50
▲(1.35% Upside)
Action:Reiterated
Date:07/25/26
The score is held back mainly by pressured financial quality (thin margins, weak free-cash-flow conversion, and higher leverage) and an unattractive earnings-based valuation (very high P/E). These are partially offset by improving operational outlook from the latest earnings call (EBITDA acceleration and positive guidance) and a strong price uptrend, though momentum appears stretched (RSI/Stoch elevated).
Positive Factors
EBITDA Recovery & Guidance
A sharp Q2 EBITDA rebound (+85% QoQ to €176m) and management's >€500m annualized run-rate guidance indicate a meaningful upshift in core earnings power. Sustained higher EBITDA improves debt metrics, funds capex and synergies, and strengthens resilience across steel cycles over coming quarters.
Negative Factors
Thin & Volatile Profitability
Despite top-line rebound, net margin near 1.1% and prior volatility (including a 2025 net loss) indicate fragile earnings quality. Persistently thin margins limit retained earnings, reduce shock absorption in downturns and make consistent capital allocation and reinvestment harder across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
EBITDA Recovery & Guidance
A sharp Q2 EBITDA rebound (+85% QoQ to €176m) and management's >€500m annualized run-rate guidance indicate a meaningful upshift in core earnings power. Sustained higher EBITDA improves debt metrics, funds capex and synergies, and strengthens resilience across steel cycles over coming quarters.
Read all positive factors
Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.78B
Dividend Yield2.88%
Average Volume (3M)397.00
Price to Earnings (P/E)50.5
Beta (1Y)1.08
Revenue Growth7.21%
EPS Growth-37.14%
CountryUS
Employees9,156
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.16
Shares Outstanding498,670,750
10 Day Avg. Volume1,005
30 Day Avg. Volume397
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)1.40
Price to Sales (P/S)0.52
P/FCF Ratio19.94
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.54
Revenue Forecast (FY)$7.19B
Acerinox SA Business Overview & Revenue Model
Company Description
Acerinox, S.A. is a global enterprise that, through its subsidiaries, manufactures, processes, and distributes stainless steel products. Its reach spans continents, including Spain, the Americas, Africa, Asia, Oceania, and Europe. The company's of...
How the Company Makes Money
Acerinox primarily makes money by producing and selling stainless-steel and alloy products. Its core revenue stream is the sale of stainless flat products (e.g., coils, sheets, and plate) manufactured from raw materials such as nickel, chromium, a...
Acerinox SA Earnings Call Summary
Earnings Call Date:Jul 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and improving operational picture: strong Q2 EBITDA (EUR 176m, +85% QoQ), higher production and visible recovery in the U.S. stainless and HPA order books, meaningful synergy capture and active investment for growth. These positives were balanced against short-term headwinds — weak demand, working capital-driven debt increase (net debt ~EUR 1.266bn; debt/EBITDA ~2.5), sector-specific softness (oil & gas, CPI), metal-price volatility and seasonal slowdown. Management expressed confidence in structural improvements in Europe (CBAM/quota reductions) and reiterated targets (reduce debt/EBITDA to ~2x; annualized EBITDA ambition above ~EUR 500m) while warning of limited short-term visibility and possible Q3 seasonality impacts.Positive Updates
Strong Q2 EBITDA Growth
Q2 EBITDA of EUR 176 million, an 85% quarter-on-quarter increase versus Q1; management highlights this as the primary driver of the quarter's positive performance.
Negative Updates
Weak Demand and Macro Uncertainty
Steel consumption described as low across regions; U.S. apparent demand down ~8% (management estimate) after a sustained low cycle. Management repeatedly cautioned about subdued demand momentum, summer seasonality and limited short-term visibility.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 EBITDA Growth
Q2 EBITDA of EUR 176 million, an 85% quarter-on-quarter increase versus Q1; management highlights this as the primary driver of the quarter's positive performance.
Read all positive updates
Company Guidance
Guidance from the call focused on continued improvement: Q2 EBITDA was €176m (up 85% QoQ) and semester EBITDA €271m (+27% YoY), management said Q3 EBITDA should be slightly higher than Q2 and the annualized run‑rate implied >€500m (management cited ~€540m); net financial debt stood at €1.266bn with a June debt/EBITDA of ~2.5x and a target to fall to ~2.0x by year‑end as working capital (which rose this quarter) is expected to be reduced in Q3; stainless division Q2 margin returned to 12% with an ~80% QoQ EBITDA lift, HPA Q2 EBITDA was ~€22m (≈+76% QoQ) with cumulative synergies €16m of a €23m target, melting production rose >10% to 540k t in Q2 (≈1.0Mt H1, +2% YoY), CapEx/expansions and a €300m investment upside plus operational levers and a €120m Beyond Excellence target (€29m achieved) were cited as drivers, while EU import share fell from 24% to 16% (CBAM) with quotas aiming toward 12–13%.Acerinox SA Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
52
Neutral
Cash Flow
43
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.08B | 5.55B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.73B | 1.00B | 1.86B | 2.18B | 3.08B | 2.43B |
| EBITDA | 505.86M | 329.80M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | 79.24M | -38.49M | 224.95M | 228.13M | 556.05M | 571.88M |
Balance Sheet | ||||||
| Total Assets | 6.11B | 5.69B | 6.47B | 6.10B | 6.32B | 5.98B |
| Cash, Cash Equivalents and Short-Term Investments | 926.38M | 973.62M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.28B | 2.20B | 2.38B | 2.15B | 1.99B | 1.85B |
| Total Liabilities | 3.97B | 3.56B | 3.89B | 3.64B | 3.77B | 3.77B |
| Stockholders Equity | 2.12B | 2.06B | 2.53B | 2.41B | 2.47B | 2.16B |
Cash Flow | ||||||
| Free Cash Flow | 88.72M | 144.92M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 509.70M | 437.84M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -423.76M | -233.04M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -339.23M | -372.87M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox SA Technical Analysis
Positive
10.36
Price Trends
9.66
Positive
8.95
Positive
8.03
Positive
Market Momentum
0.15
Positive
48.92
Neutral
9.31
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIOY, the sentiment is Positive. The current price of 10.36 is above the 20-day moving average (MA) of 10.31, above the 50-day MA of 9.66, and above the 200-day MA of 8.03, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 48.92 is Neutral, neither overbought nor oversold. The STOCH value of 9.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANIOY.
Acerinox SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $10.89B | 15.32 | 5.77% | 4.65% | -0.65% | 18.90% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $7.99B | 30.87 | 2.53% | 2.65% | 8.98% | -21.39% | |
61 Neutral | $5.18B | 6.40 | 3.33% | ― | 7.95% | -38.27% | |
54 Neutral | $4.78B | 50.50 | 3.96% | 3.44% | 7.21% | -37.14% | |
53 Neutral | $6.43B | -6.75 | -15.23% | ― | 4.03% | 52.63% | |
47 Neutral | $1.23B | -2.64 | -18.55% | ― | 9.29% | -26.44% |
* Basic Materials Sector Average
ANIOY
Acerinox SA
10.01
3.81
61.50%
CLF
Cleveland-Cliffs
11.27
0.77
7.33%
GGB
Gerdau SA
4.33
1.39
47.18%
SIM
Grupo Simec SA De CV
29.50
1.84
6.65%
SID
Companhia Siderúrgica Nacional
0.98
-0.37
-27.63%
TX
Ternium SA
55.45
23.70
74.62%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.