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Acerinox
(BME:ACX)
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Rating:50Neutral
Price Target:
€18.00
▼(-1.15% Downside)
Action:Reiterated
Date:07/25/26
The score is held back primarily by weak financial performance in a clear down-cycle, with pressured margins, rising leverage, and free cash flow near breakeven. Technicals are a bright spot with a strong uptrend, though momentum appears stretched. Valuation is a key negative due to an extremely high P/E, partially offset by a moderate dividend yield.
Positive Factors
Integrated production and processing capabilities
Acerinox’s integrated mills plus processing/service capabilities give durable control over production, quality and lead times. That vertical integration supports customer-specific value-added services, helps protect margins versus traders, and sustains competitiveness across cycles.
Negative Factors
Sharp revenue decline and thin margins
A significant revenue drop and very thin EBIT/net margins reduce internal earnings power and investment capacity. Persistent weak top-line and slim profitability undermine ability to rebuild buffers, making earnings and cash generation highly sensitive to commodity and demand swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated production and processing capabilities
Acerinox’s integrated mills plus processing/service capabilities give durable control over production, quality and lead times. That vertical integration supports customer-specific value-added services, helps protect margins versus traders, and sustains competitiveness across cycles.
Read all positive factors
Acerinox (ACX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€4.36B
Dividend Yield3.43%
Average Volume (3M)809.73K
Price to Earnings (P/E)53.3
Beta (1Y)1.04
Revenue Growth-0.02%
EPS Growth-41.75%
CountryES
Employees9,164
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)0.34
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
€17.35Price Target Upside-4.72% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.94
Revenue Forecast (FY)€6.28B
Acerinox Business Overview & Revenue Model
Company Description
Acerinox, S.A. is a major participant in the stainless steel industry, utilizing its subsidiaries to produce, process, and globally distribute its products. Its operational footprint extends across Spain, the Americas, Africa, Asia, Oceania, and E...
How the Company Makes Money
Acerinox makes money primarily by manufacturing and selling stainless steel and alloy products to industrial customers, distributors, and end users. Its core revenue stream is the sale of stainless steel (including flat products such as coil/sheet...
Acerinox Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
57
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.49B | 5.78B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.31B | 1.04B | 1.86B | 2.18B | 2.24B | 1.66B |
| EBITDA | 607.22M | 343.35M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | 84.07M | -40.07M | 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 | 974.03M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.28B | 2.20B | 2.40B | 2.15B | 2.00B | 1.87B |
| Total Liabilities | 3.97B | 3.57B | 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 | 49.32M | 150.88M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 536.85M | 455.83M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -494.78M | -242.62M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -412.20M | -388.19M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox Technical Analysis
Positive
18.21
Price Trends
16.61
Positive
15.20
Positive
13.65
Positive
Market Momentum
0.54
Positive
63.33
Neutral
73.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ACX, the sentiment is Positive. The current price of 18.21 is above the 20-day moving average (MA) of 17.62, above the 50-day MA of 16.61, and above the 200-day MA of 13.65, indicating a bullish trend. The MACD of 0.54 indicates Positive momentum. The RSI at 63.33 is Neutral, neither overbought nor oversold. The STOCH value of 73.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.09B | 9.13 | 21.84% | 3.64% | 4.19% | 5.15% | |
63 Neutral | €2.33B | 9.73 | 24.38% | 2.04% | 12.43% | 38.72% | |
58 Neutral | €29.24B | 28.22 | 19.75% | 3.14% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | €4.36B | 53.27 | 3.96% | 3.08% | -0.02% | -41.75% | |
44 Neutral | €370.00M | -8.69 | -12.58% | 1.61% | -6.78% | -243.99% | |
41 Neutral | €21.76M | -0.21 | -166.98% | ― | -27.36% | -340.22% |
* General Sector Average
ES:ACX
Acerinox
18.09
7.74
74.77%
ES:ACS
Actividades de Construccion y Servicios SA
109.50
45.03
69.85%
ES:CIE
CIE Automotive
26.20
0.50
1.93%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
68.00
16.20
31.28%
ES:TUB
Tubacex
3.09
-0.49
-13.68%
ES:TRG
Tubos Reunidos
0.13
-0.39
-75.63%
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.