Acerinox SA (ANIOY) AI Stock Analysis

• Market Cap: $3.33B
• Dividend Yield: 2.89%
• Average Volume (3M): 397.00
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: -2.44%
• EPS Growth: 43.14%
• Country: US
• Employees: 9,344
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): >-0.01
• Shares Outstanding: 498,670,750
• 10 Day Avg. Volume: 1,005
• 30 Day Avg. Volume: 397
• PEG Ratio: 0.64
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 0.52
• P/FCF Ratio: 19.94
• Enterprise Value/Market Cap: 1.28
• Enterprise Value/Revenue: 0.74
• Enterprise Value/Gross Profit: 1.22
• Enterprise Value/Ebitda: 12.44
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.61
• Revenue Forecast (FY): $7.72B

• Rating: 54 Neutral
• Price Target: $7.00 ▼(-9.44% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 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

Stable cash generation

Consistent positive operating cash flow (EUR152m Q3; EUR299m YTD) demonstrates the business can cover CapEx and dividends through the cycle. Durable cash generation supports reinvestment, debt service and strategic execution, improving resilience across 2–6 months.

Capacity expansion in North America & VDM

Targeted capacity increases (North American Stainless +20%; VDM +15% efficiency) reposition the company toward higher growth and value segments. Expanded scale in North America and improved specialty alloy output should lift mix and margins structurally over several quarters as volumes ramp.

Haynes integration synergies

Realized synergies from Haynes (EUR11m year one) signal successful integration and cost/portfolio benefits. This strengthens exposure to high‑performance alloys, diversifies revenue streams, and can sustainably improve margin mix and competitive positioning over medium term.

Negative Factors

Cyclical earnings volatility

The swing to a 2025 net loss and ~-20.6% revenue drop highlights pronounced cyclical sensitivity. Persistent earnings volatility reduces predictability of free cash flow, complicates capital allocation, and heightens execution risk through the next several quarters if demand stays weak.

Moderate leverage

Debt near parity with equity (D/E ~0.89–0.94) leaves limited financial flexibility for a cyclical steel producer. In down cycles this leverage can constrain investment and increase refinancing risk, making the company more sensitive to prolonged weak demand over 2–6 months.

European price pressure & imports

Sustained import-driven price erosion in Europe (imports +36%) and a EUR31m inventory adjustment indicate structural margin pressure in a key market. Competitive import dynamics can depress realized prices and profitability for multiple quarters absent durable trade or demand improvements.

Acerinox SA Business Overview & Revenue Model

Company Description

Acerinox, 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 Money

Acerinox primarily makes money by manufacturing and selling stainless steel and specialty alloy products to industrial customers and distributors. Its core revenue stream is the sale of stainless steel flat products (e.g., coils, sheet, plate) and long products (e.g., bars, wire rod), where revenue is driven by shipment volumes and realized selling prices, which in turn reflect end-market demand and underlying alloying raw material prices. The company also generates revenue from higher-value specialty products (high-performance alloys), which typically depend on more specialized customer requirements and can carry different pricing dynamics than commodity stainless products. Additional earnings can come from downstream activities such as finishing, processing, and distribution/service-center type offerings that provide customers with cut-to-size, surface finishing, and logistics solutions. Profitability is influenced by the spread between selling prices and input costs (scrap, nickel, chromium, molybdenum, energy), production utilization, product mix (commodity vs. specialty), and geographic/end-market exposure. If applicable, the company may also benefit from long-term customer relationships and contract structures (e.g., alloy surcharges or pass-through mechanisms), but specific contract/partnership details are null.

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.

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.

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.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 7.73
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIOY, the sentiment is Neutral. The current price of 7.73 is above the 20-day moving average (MA) of 7.43, above the 50-day MA of 7.57, and above the 200-day MA of 6.68, indicating a neutral trend. The MACD of -0.20 indicates Positive momentum. The RSI at 41.31 is Neutral, neither overbought nor oversold. The STOCH value of 13.07 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ANIOY.

Acerinox SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIM	69 Neutral	$5.13B	61.64	6.07%	―	-16.81%	-67.68%
TX	65 Neutral	$7.47B	17.63	3.53%	7.02%	-16.69%	585.38%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GGB	61 Neutral	$6.42B	29.29	2.53%	2.92%	-2.53%	-36.08%
ANIOY	54 Neutral	$3.33B	-75.08	-0.23%	2.89%	-2.44%	43.14%
CLF	45 Neutral	$4.91B	―	-24.89%	―	-6.76%	-255.94%
SID	45 Neutral	$1.61B	-5.92	-13.62%	―	-5.79%	-5.30%