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Actividades de Construccion y Servicios SA
(BME:ACS)
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Rating:57Neutral
Price Target:
€133.00
▲(8.48% Upside)
Action:Reiterated
Date:07/01/26
The score is held back primarily by balance-sheet risk (meaningfully higher leverage) and mixed earnings quality despite revenue scale and positive profitability. Technicals are a positive, with the stock trading above key moving averages across timeframes. Valuation is a secondary headwind due to the elevated P/E, only partly cushioned by the ~2.66% dividend yield.
Positive Factors
Scaled Revenue Growth
Sustained top-line scaling and recent TTM momentum indicate broad project wins and diversified contract exposure. A larger revenue base supports operational leverage, improves bidding competitiveness across geographies and underpins medium-term cash flow stability despite project timing swings.
Negative Factors
Elevated Leverage
A material rise in debt-to-equity to ~3.3x meaningfully reduces financial flexibility and increases refinancing and covenant risk. High leverage amplifies earnings sensitivity to cost overruns or contract delays, constraining the firm's ability to fund large projects or absorb shocks without raising incremental financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaled Revenue Growth
Sustained top-line scaling and recent TTM momentum indicate broad project wins and diversified contract exposure. A larger revenue base supports operational leverage, improves bidding competitiveness across geographies and underpins medium-term cash flow stability despite project timing swings.
Read all positive factors
Actividades de Construccion y Servicios SA (ACS) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€31.92B
Dividend Yield2.38%
Average Volume (3M)295.26K
Price to Earnings (P/E)31.3
Beta (1Y)0.98
Revenue Growth19.73%
EPS Growth14.15%
CountryES
Employees167,803
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)3.83
Shares Outstanding277,097,870
10 Day Avg. Volume255,272
30 Day Avg. Volume295,263
Financial Highlights & Ratios
PEG Ratio1.61
Price to Book (P/B)4.54
Price to Sales (P/S)0.44
P/FCF Ratio9.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€149.59Price Target Upside22.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)4.11
Revenue Forecast (FY)€55.87B
Actividades de Construccion y Servicios SA Business Overview & Revenue Model
Company Description
ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, the United States, Australia, Canada, Germany, rest of Europe, and internationally. The company undertakes civil construction activities relate...
How the Company Makes Money
ACS makes money primarily by contracting, delivering, and managing infrastructure and construction projects for customers, typically under competitively tendered contracts. Its core revenue stream is construction/project execution income earned as...
Actividades de Construccion y Servicios SA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.40B | 49.85B | 41.63B | 35.74B | 33.62B | 27.84B |
| Gross Profit | 45.36B | 4.62B | 13.35B | 11.28B | 10.25B | 8.84B |
| EBITDA | 2.92B | 2.42B | 2.70B | 1.90B | 2.11B | 805.65M |
| Net Income | 991.34M | 950.34M | 827.58M | 780.12M | 668.23M | 3.05B |
Balance Sheet | ||||||
| Total Assets | 29.40B | 45.93B | 42.03B | 36.50B | 37.58B | 35.66B |
| Cash, Cash Equivalents and Short-Term Investments | 10.47B | 14.32B | 12.34B | 9.82B | 10.42B | 12.29B |
| Total Debt | 13.63B | 16.08B | 14.34B | 10.39B | 11.00B | 10.99B |
| Total Liabilities | 24.10B | 40.75B | 36.91B | 30.87B | 31.20B | 28.64B |
| Stockholders Equity | 4.96B | 4.82B | 4.71B | 5.33B | 5.55B | 6.33B |
Cash Flow | ||||||
| Free Cash Flow | 2.44B | 2.30B | 2.18B | 1.01B | 1.46B | -183.07M |
| Operating Cash Flow | 3.23B | 3.05B | 2.79B | 1.50B | 1.74B | 203.14M |
| Investing Cash Flow | -760.64M | -1.65B | -1.25B | -15.75M | -198.10M | 3.40B |
| Financing Cash Flow | 54.58M | 47.58M | 496.66M | -1.65B | -3.54B | -770.95M |
Actividades de Construccion y Servicios SA Technical Analysis
Neutral
122.60
Price Trends
125.74
Negative
118.00
Positive
99.71
Positive
Market Momentum
-1.09
Positive
42.23
Neutral
23.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ACS, the sentiment is Neutral. The current price of 122.6 is below the 20-day moving average (MA) of 125.32, below the 50-day MA of 125.74, and above the 200-day MA of 99.71, indicating a neutral trend. The MACD of -1.09 indicates Positive momentum. The RSI at 42.23 is Neutral, neither overbought nor oversold. The STOCH value of 23.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:ACS.
Actividades de Construccion y Servicios SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €545.57M | 12.99 | 17.08% | 1.89% | 4.73% | 31.02% | |
62 Neutral | €2.30B | 15.95 | 27.29% | ― | 41.76% | 49.43% | |
60 Neutral | €13.67B | 16.97 | 14.59% | 2.87% | 5.45% | 90.20% | |
57 Neutral | €31.92B | 31.33 | 21.61% | 2.38% | 19.73% | 14.15% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €3.73B | 39.06 | 9.97% | 5.28% | 1.75% | -19.54% | |
52 Neutral | €645.60M | 21.92 | 0.29% | ― | -5.32% | ― |
* General Sector Average
ES:ACS
Actividades de Construccion y Servicios SA
120.00
64.19
115.02%
ES:ANA
Acciona
250.20
97.61
63.97%
ES:OHLA
Obrascon Huarte Lain
0.47
0.15
49.20%
ES:SCYR
Sacyr SA
4.73
1.26
36.35%
ES:TRE
Tecnicas Reunidas
29.50
8.18
38.37%
ES:GSJ
Grupo Empresarial San Jose, S.A.
8.39
2.43
40.75%
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.