Acerinox (ACX) AI Stock Analysis

• Market Cap: €3.20B
• Dividend Yield: 4.82%
• Average Volume (3M): 809.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: -3.02%
• EPS Growth: 43.07%
• Country: ES
• Employees: 9,344
• Sector: General
• Sector Strength: N/A
• Industry: Steel
• EPS (TTM): 0.17
• Shares Outstanding: 249,335,370
• 10 Day Avg. Volume: 866,100
• 30 Day Avg. Volume: 809,730
• PEG Ratio: 0.67
• Price to Book (P/B): 1.53
• Price to Sales (P/S): 0.55
• P/FCF Ratio: 20.92
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €13.77
• Price Target Upside: 13.24% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.09
• Revenue Forecast (FY): €6.50B

• Rating: 58 Neutral
• Price Target: €14.00 ▲(15.13% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 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

Cash generation rebound

Acerinox's rebound in operating cash flow and improved free cash flow in 2025 provides durable liquidity that supports working capital, maintenance capex and distributions without relying solely on accounting earnings. Strong cash generation helps buffer downturns and enables strategic flexibility over months.

Diversified global footprint

Acerinox's multi‑region production footprint and sales across construction, automotive and energy reduce single‑market exposure and smooth demand swings. Geographic and end‑market diversification supports stable order flows, logistical flexibility and long-term customer relationships across cycles.

Sizable equity base / contained leverage trend

While absolute leverage is moderate, the company retains a meaningful equity cushion and leverage has not materially deteriorated historically. That structural buffer improves resilience, limits immediate refinancing pressure, and preserves capacity to invest or operate through a downcycle over coming months.

Negative Factors

Profitability deterioration

The shift to a 2025 net loss and compressed gross/EBITDA margins signals structural pressures on pricing and cost control. Sustained weaker profitability reduces retained earnings, constrains reinvestment and dividends, and increases reliance on operational recovery for long‑term financial health over the next several quarters.

Moderate-to-elevated leverage

Debt near parity with equity limits financial flexibility; in an extended slowdown interest and principal obligations could force reduced capex or asset sales. Moderate leverage increases downside risk, making cash generation and margin recovery essential to avoid covenant stress or costly refinancing decisions.

Earnings and cashflow volatility

Volatile cash conversion and inconsistent free cash flow relative to earnings complicate planning and raise refinancing risk during weak periods. Cyclical demand in stainless steel can magnify swings, making sustained cash generation and margin stability critical for lasting financial resilience.

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 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 generates revenue primarily through the sale of stainless steel products, which are sold to a diverse client base across multiple industries. The company's key revenue streams include flat stainless steel products, which are used in construction and manufacturing, and long stainless steel products, utilized in sectors like automotive and aerospace. Additionally, Acerinox benefits from the sale of special alloys and services related to its products. The company also engages in strategic partnerships with suppliers and distributors, enhancing its market reach and operational efficiency. Factors contributing to its earnings include the fluctuating prices of raw materials, demand for stainless steel in various sectors, and its ability to innovate and adapt to market trends.

Acerinox Financial Statement Overview

Summary

Financials reflect a downcycle: profitability deteriorated into a net loss in 2025 with a sharp revenue decline and margin compression (weak income statement). Balance sheet leverage is moderate-to-elevated with debt near equity, adding risk during downturns, though not sharply worsening over time. Cash flow is comparatively constructive with a strong rebound in operating cash flow and improved free cash flow in 2025, helping liquidity despite earnings weakness.

Income Statement

Profitability has deteriorated meaningfully: the company moved from a positive net margin in 2023–2024 to a net loss in 2025, alongside a sharp revenue decline in 2025. Margins also compressed versus prior years (gross, EBIT, and EBITDA), indicating weaker pricing and/or cost pressure. Offsetting this, the business showed strong profitability in 2021–2022 and remained profitable through 2024, highlighting cyclicality rather than a structurally unprofitable model.

Balance Sheet

Leverage is moderate-to-elevated with debt roughly around equity (debt-to-equity near ~1.0 in recent years), which can be manageable in stable conditions but adds risk in downcycles. Equity has declined from 2024 to 2025, and returns on equity turned negative in 2025, reflecting earnings pressure. Positively, the company maintains a sizable equity base relative to total assets, and leverage has not trended sharply worse over the full period.

Cash Flow

Cash generation is a relative bright spot: operating cash flow rebounded strongly in 2025 and free cash flow improved sharply versus 2024, suggesting effective working-capital release and/or disciplined spending. However, cash flow has been volatile year-to-year, and cash conversion versus reported earnings is not consistently strong—free cash flow did not fully cover net income in profitable years, and in 2025 free cash flow remained positive despite a net loss (helpful for liquidity, but potentially cyclical).

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

• Technical Analysis Sentiment: Positive
• Last Price: 12.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 12.16 is below the 20-day moving average (MA) of 13.27, below the 50-day MA of 12.89, and above the 200-day MA of 11.32, indicating a bullish trend. The MACD of 0.14 indicates Positive momentum. The RSI at 55.29 is Neutral, neither overbought nor oversold. The STOCH value of 70.20 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TUB	65 Neutral	€380.10M	12.85	11.13%	6.29%	-10.37%	38.82%
ACX	58 Neutral	€3.20B	-83.52	3.97%	4.82%	-3.02%	43.07%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%