Acerinox SA (ES:ACX)
BME:ACX
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Acerinox
(BME:ACX)
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Rating:58Neutral
Price Target:
€12.50
▲(1.87% Upside)
Action:ReiteratedDate:03/02/26
The score is primarily held back by weaker financial performance driven by a 2025 net loss and sharp revenue/margin deterioration, with moderate leverage adding downcycle risk. Offsetting this, technicals show a clear uptrend with positive but not overextended momentum, and valuation is supported by a solid dividend yield despite the negative P/E.
Positive Factors
Improved cash generation and free cash flow
A strong rebound in operating cash flow and sharply improved free cash flow in 2025 provides durable liquidity and internal funding. This enhances the firm's ability to fund maintenance capex, service dividends or reduce debt through cycles, strengthening financial flexibility over months.
Negative Factors
2025 net loss with sharp revenue and margin decline
A 2025 net loss driven by sharp revenue decline and margin compression signals limited pricing power and exposure to input-cost swings. Persisting weak top-line and squeezed margins reduce retained earnings and constrain reinvestment or growth initiatives over ensuing quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation and free cash flow
A strong rebound in operating cash flow and sharply improved free cash flow in 2025 provides durable liquidity and internal funding. This enhances the firm's ability to fund maintenance capex, service dividends or reduce debt through cycles, strengthening financial flexibility over months.
Read all positive factors
Acerinox (ACX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.93B
Dividend Yield4.82%
Average Volume (3M)809.73K
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth-3.02%
EPS Growth43.07%
CountryES
Employees9,344
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)-0.01
Shares Outstanding249,335,370
10 Day Avg. Volume866,100
30 Day Avg. Volume809,730
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)1.53
Price to Sales (P/S)0.55
P/FCF Ratio20.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€13.79Price Target Upside12.39% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.06
Revenue Forecast (FY)€6.59B
Acerinox 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 blac...
How the Company Makes Money
Acerinox primarily makes money by producing and selling stainless steel and alloy products. Revenue is generated mainly from (1) sales of stainless steel flat products (e.g., coil/sheet/plate) and (2) sales of stainless steel long products (e.g., ...
Acerinox Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.78B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.04B | 1.86B | 2.18B | 2.24B | 1.66B |
| EBITDA | 343.35M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | -40.07M | 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 | 974.03M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.20B | 2.40B | 2.15B | 2.00B | 1.87B |
| Total Liabilities | 3.57B | 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 | 150.88M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 455.83M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -242.62M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -388.19M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox Technical Analysis
Negative
12.27
Price Trends
12.78
Negative
12.34
Negative
11.51
Positive
Market Momentum
-0.17
Negative
46.89
Neutral
81.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ACX, the sentiment is Negative. The current price of 12.27 is below the 20-day moving average (MA) of 12.30, below the 50-day MA of 12.78, and above the 200-day MA of 11.51, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 46.89 is Neutral, neither overbought nor oversold. The STOCH value of 81.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:ACX.
Acerinox Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €3.23B | 10.56 | -46.16% | 3.23% | -2.79% | 0.61% | |
73 Outperform | €1.91B | 13.79 | 21.55% | 2.28% | 6.84% | 16.03% | |
65 Neutral | €26.71B | 18.49 | 20.71% | 2.38% | 25.47% | 7.63% | |
58 Neutral | €2.93B | -78.76 | -0.23% | 4.82% | -3.02% | 43.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
41 Neutral | €335.14M | -13.10 | -9.86% | 6.29% | -10.37% | 38.82% |
* General Sector Average
ES:ACX
Acerinox
12.27
1.91
18.42%
ES:ACS
Actividades de Construccion y Servicios SA
102.50
51.08
99.35%
ES:CIE
CIE Automotive
27.00
5.11
23.35%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
55.80
16.13
40.68%
ES:TUB
Tubacex
2.87
-0.84
-22.54%
ES:TRG
Tubos Reunidos
0.24
-0.40
-62.17%
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.