Education
About Us
Working with TipRanks
Follow Us
Acerinox SA (ANIOY)
OTHER OTC:ANIOY
Top Page
Acerinox SA
(OTC:ANIOY)
Select Model
Select Model
Rating:54Neutral
Price Target:
$8.00
▲(3.49% Upside)
Action:ReiteratedDate:03/02/26
The score is held back primarily by weakened financial performance in 2025 (losses and a sharp revenue decline) and a cautious near-term outlook from the earnings call. Offsetting this are constructive technical trends (price above key moving averages with positive MACD) and a supportive dividend yield, though valuation is constrained by the negative P/E.
Positive Factors
Cash Flow Generation
Consistent operating cash generation (EUR 152m Q3; EUR 299m YTD) provides durable internal funding to cover capex, dividends and working capital. This cash resilience supports strategic investments and deleveraging through steel cycles, improving medium-term financial flexibility.
Strategic Capacity Expansion
Targeted capacity and efficiency investments (North American Stainless +20%, VDM +15%) strengthen geographic and product diversification. Expanding higher-value and regional capacity improves market access, reduces European concentration risk and supports more stable revenue mix over coming quarters.
Successful M&A Integration
Timely realization of EUR 11m in Haynes synergies demonstrates execution capability on acquisitions. Effective integration improves product mix (special alloys), enhances margin potential and creates recurring operational efficiencies that can persist and compound over the medium term.
Negative Factors
Profitability Volatility
A swing to a 2025 loss and a ~-20.6% revenue decline highlight meaningful cyclicality and earnings volatility. Such swings impair capital allocation, make multi-quarter planning harder, and increase the risk that shortfalls force cuts to investment or dividends during prolonged downturns.
Moderate Leverage
Debt roughly equal to equity and falling equity reduce balance-sheet flexibility for a cyclical steel firm. Moderate leverage raises refinancing and interest-rate vulnerability, constrains capacity to absorb prolonged pricing weakness, and limits headroom for opportunistic investments.
Structural European Price Pressure
A 36% jump in imports and inventory write-downs (EUR 31m) signal structural margin pressure in Europe. Even with trade measures, sustained import competition and weak regional demand can compress realized prices and margins, weighing on profitability and cash conversion over multiple quarters.
Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.37B
Dividend Yield2.89%
Average Volume (3M)397.00
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-2.44%
EPS Growth43.14%
CountryUS
Employees9,344
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)0.10
Shares Outstanding498,670,750
10 Day Avg. Volume1,005
30 Day Avg. Volume397
Financial Highlights & Ratios
PEG Ratio0.64
Price to Book (P/B)1.40
Price to Sales (P/S)0.52
P/FCF Ratio19.94
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue0.77
Enterprise Value/Gross Profit1.27
Enterprise Value/Ebitda12.95
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.64
Revenue Forecast (FY)$7.62B
Acerinox SA Business Overview & Revenue Model
Company DescriptionAcerinox, S.A., through its subsidiaries, manufactures, transforms, and markets stainless steel products in Spain, the Americas, Africa, Asia, Oceania, and Europe. The company offers flat products, including coil cold rollings, hot rolled and black coils, teardrop steel or coils, and hot and cold rolled sheets, as well as roughing materials, discs, billets, and plates. It also provides long products, which include steel and color coated wires, corrugated wires, hexagonal wire rods, bars, hot and cold rebars, decorticated bars, black bars, steel profiles, and corrugated hot rolls. The company was incorporated in 1970 and is headquartered in Madrid, Spain.
How the Company Makes MoneyAcerinox generates revenue primarily through the sale of its stainless steel products, which are supplied to various industries that require high-quality, durable materials. The company operates several production facilities, enabling it to maintain a steady output of stainless steel and meet the demands of its global customer base. Key revenue streams include the sale of flat products (such as sheets, coils, and plates) and long products (such as bars and tubes). Additionally, Acerinox benefits from strategic partnerships with suppliers and distributors, which enhance its market reach and operational efficiency. The company's profitability is also influenced by fluctuations in global steel prices, raw material costs, and demand from its core markets, all of which are monitored to optimize production and pricing strategies.
Acerinox SA Earnings Call Summary
Earnings Call Date:Oct 31, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Neutral
Acerinox is navigating a challenging market environment with weak demand and price pressures, particularly in Europe. However, strategic investments, strong cash flow generation, and positive developments in North America provide some optimism for the future.Q3-2025 Updates
Positive Updates
Stable Cash Flow Generation
Despite challenging market conditions, Acerinox generated an operating cash flow of EUR 152 million in Q3 and EUR 299 million year-to-date, covering CapEx and dividends.
Positive Market Developments in North America
The North American Stainless Steel market showed positive signs with inventory levels below historical averages and a reduction in imports, leading to a positive price evolution.
New Trade Measures in the European Union
The European Commission released new trade measures aimed at reducing import market share by 55% for stainless steel, which is expected to improve competitiveness in the European market.
Strategic Investments in Capacity Expansion
Acerinox is increasing capacity at North American Stainless by 20% and investing in increasing VDM's production and efficiency by 15%.
Successful Integration of Haynes
The integration of Haynes is progressing well, with EUR 11 million in synergies achieved in the first year.
Negative Updates
Weak Demand and Market Uncertainty
The market continues to be affected by geopolitical conflicts and tariff uncertainties, with demand remaining weak for three consecutive years.
Price Pressures and Import Challenges in Europe
Prices in Europe are at the lowest levels of the year due to increased imports, which rose by 36%, significantly affecting profitability.
Inventory Adjustments and Depreciation Impact
Acerinox made an inventory adjustment of EUR 31 million due to weak prices, and the depreciation of the U.S. dollar impacted results.
Expected Lower Performance in Q4
Q4 is expected to be lower than Q3 due to strong seasonality in the U.S. and Germany, with continued weak demand.
Company Guidance
In the Acerinox third quarter 2025 results call, the company provided guidance indicating that the fourth quarter is expected to be lower than the third quarter, primarily due to seasonality factors. The company emphasized its focus on cost-cutting and cash generation, with a reported operating cash flow of EUR 152 million for the third quarter. The EBITDA for Q3 was EUR 108 million, slightly below Q2 due to factors like the depreciation of the U.S. dollar. Acerinox also highlighted ongoing challenges, such as geopolitical uncertainties and tariff negotiations, affecting demand and market conditions. The company is optimistic about future recovery, supported by new trade measures in the EU and the U.S., which aim to create a more competitive environment. Additionally, the company continues to implement its strategy of diversification and investment in high-performance alloys and North American Stainless. The integration of Haynes International is progressing well, with synergies expected to gradually increase. Despite current market challenges, Acerinox maintains a positive long-term outlook, driven by its strategic initiatives and market opportunities.Acerinox SA Financial Statement Overview
Summary
Financials reflect a cyclical downturn: the income statement is weak with profitability deteriorating and net income turning negative in 2025 alongside a sharp revenue decline (~-20.6% YoY). The balance sheet is workable but moderately levered for a cyclical steel business and equity declined into 2025. Cash flow remains positive but uneven, with volatility and weaker conversion in down-cycle conditions.Income Statement
Profitability has deteriorated materially in the latest annual period, with net income turning negative in 2025 alongside a sharp revenue decline (about -20.6% year over year). While 2021–2024 show the business can generate solid profits and operating earnings in better steel cycles, the recent swing from positive earnings (2024) to a loss (2025) highlights meaningful cyclicality and earnings volatility.40
Negative
Balance Sheet
The balance sheet is moderately levered: total debt is roughly in line with equity in recent years (debt-to-equity was ~0.89–0.94 in 2023–2024), and equity remains substantial relative to the asset base. That said, leverage is not low for a cyclical steel business, and equity has declined from 2024 to 2025, reducing balance-sheet flexibility heading into a weaker earnings backdrop.56
Neutral
Cash Flow
Cash generation is positive but uneven. Operating cash flow improved in 2025 versus 2024, and free cash flow remained positive, but free cash flow fell sharply versus the prior year (2025 free cash flow of ~145M vs ~89M in 2024, with the provided growth figure indicating a significant decline). Earlier years (notably 2022–2023) show stronger free-cash performance, but the overall trajectory underscores volatility and weaker conversion in down-cycle conditions.52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.55B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.00B | 1.86B | 2.18B | 3.08B | 2.43B |
| EBITDA | 329.80M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | -38.49M | 224.95M | 228.13M | 556.05M | 571.88M |
Balance Sheet | |||||
| Total Assets | 5.69B | 6.47B | 6.10B | 6.32B | 5.98B |
| Cash, Cash Equivalents and Short-Term Investments | 973.62M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.20B | 2.38B | 2.15B | 1.99B | 1.85B |
| Total Liabilities | 3.56B | 3.89B | 3.64B | 3.77B | 3.77B |
| Stockholders Equity | 2.06B | 2.53B | 2.41B | 2.47B | 2.16B |
Cash Flow | |||||
| Free Cash Flow | 144.92M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 437.84M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -233.04M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -372.87M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox SA Technical Analysis
Negative
7.73
Price Trends
7.57
Negative
7.15
Negative
6.62
Positive
Market Momentum
0.01
Positive
35.75
Neutral
50.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIOY, the sentiment is Negative. The current price of 7.73 is below the 20-day moving average (MA) of 7.79, above the 50-day MA of 7.57, and above the 200-day MA of 6.62, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 35.75 is Neutral, neither overbought nor oversold. The STOCH value of 50.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $4.87B | 63.89 | 5.84% | ― | -16.81% | -67.68% | |
65 Neutral | $8.17B | 19.15 | 3.49% | 7.02% | -16.69% | 585.38% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $6.99B | 29.86 | 2.47% | 2.92% | -2.53% | -36.08% | |
54 Neutral | $3.37B | -77.24 | 3.83% | 2.89% | -2.44% | 43.14% | |
53 Neutral | $1.98B | -7.40 | -10.50% | ― | -5.79% | -5.30% | |
49 Neutral | $6.32B | ― | -22.96% | ― | -6.76% | -255.94% |
* Basic Materials Sector Average
ANIOY
Acerinox SA
7.04
0.94
15.40%
CLF
Cleveland-Cliffs
11.08
1.04
10.36%
GGB
Gerdau SA
3.70
0.87
30.88%
SIM
Grupo Simec SA De CV
31.76
5.36
20.28%
SID
Companhia Siderúrgica Nacional
1.50
0.01
0.67%
TX
Ternium SA
41.60
14.06
51.05%
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.