Audax Renovables SA (ADX) AI Stock Analysis

• Market Cap: €584.02M
• Dividend Yield: 5.2%
• Average Volume (3M): 333.65K
• Price to Earnings (P/E): 29.6
• Beta (1Y): 0.38
• Revenue Growth: 3.59%
• EPS Growth: -29.28%
• Country: ES
• Employees: 685
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): N/A
• Shares Outstanding: 453,430,800
• 10 Day Avg. Volume: 380,537
• 30 Day Avg. Volume: 333,649
• PEG Ratio: -0.48
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 0.33
• P/FCF Ratio: 353.38
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.11
• Revenue Forecast (FY): €1.89B

• Rating: 48 Neutral
• Price Target: €1.50 ▲(8.70% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held down primarily by weakening 2025 financial performance—margin compression, lower earnings, minimal free cash flow, and still-elevated leverage. Technicals provide some support (price above shorter-term averages), while valuation is balanced by a solid dividend yield but an elevated P/E.

Positive Factors

Integrated retail supply and renewable generation

The combination of retail energy supply and owned renewable generation creates diversified, recurring revenue streams and partial vertical integration. This structural mix supports supply security, hedging flexibility and multiple margin sources over the medium term, cushioning commodity swings.

Material reduction from peak leverage levels

Deleveraging from extreme 2021–2022 levels indicates management has repaired balance sheet risk, improving refinancing and funding flexibility. A stronger equity base reduces tail risk from cyclical earnings and creates structural capacity to absorb future volatility or fund growth.

Historically strong operating cash generation in prior years

Prior years of robust operating cash flow and free cash conversion demonstrate the firm's ability to generate internal funding when market conditions are favorable. That operational cash-generation capability is a durable asset for funding capex, servicing debt, or sustaining dividends over cycles.

Negative Factors

Three-year revenue decline and margin compression

Sustained top-line contraction and halving of gross margins are structural concerns: they reduce headroom to cover fixed costs and service debt, limit investment capacity, and signal competitive or pricing pressures that may persist absent product or market fixes.

Near-breakeven free cash flow in 2025

The sharp deterioration to minimal free cash flow materially reduces internal funding for capex, deleveraging, or shareholder returns. If such weak cash conversion persists, the company will face structural liquidity and reinvestment constraints over the next several quarters.

Elevated absolute leverage remains a constraint

Sustained high debt relative to equity increases refinancing and interest-service risk, reducing strategic optionality. For a retail-plus-generation model with volatile margins, this leverage profile makes the firm vulnerable to earnings shocks and limits durable investment capacity.

Audax Renovables SA Business Overview & Revenue Model

Company Description

Audax Renovables, S.A. engages in the generation and supplying of renewable electricity and gas in Spain, Portugal, Italy, Poland, Germany, the Netherlands, Polonia, France, and Panama. The company generates electricity primarily through wind and solar energy. It runs a portfolio of operating wind farms of 91 MW. The company was incorporated in 2000 and is based in Badalona, Spain.

How the Company Makes Money

Audax Renovables generates revenue primarily through the sale of electricity produced from its renewable energy assets, including wind and solar farms. The company benefits from long-term power purchase agreements (PPAs) with various customers, which provide stable income streams. Additionally, Audax engages in energy trading, allowing it to capitalize on market fluctuations. The company also generates income from offering energy management services and solutions to its clients. Strategic partnerships with other energy firms and participation in government-supported renewable energy programs further enhance its earnings potential.

Audax Renovables SA Financial Statement Overview

Summary

Overall fundamentals are pressured by shrinking revenue (three straight years through 2025), a sharp drop in 2025 profitability (net income down to ~€19.6M and gross margin down to ~5.4%), and materially weaker cash generation (2025 free cash flow ~€1.8M). Leverage remains high at ~3.0x debt-to-equity, limiting flexibility if earnings stay volatile.

Income Statement

Revenue has been shrinking for three straight years (2023–2025), and profitability weakened meaningfully in 2025: net income fell from ~€60.6M (2024) to ~€19.6M (2025) while gross margin compressed from ~11.6% to ~5.4%. Positives include still-positive earnings in most years and improved profitability versus the near-break-even period in 2021–2022, but the recent margin erosion and declining top line reduce confidence in near-term earnings durability.

Balance Sheet

Leverage remains elevated: debt is ~€635.8M against equity of ~€210.5M in 2025 (debt-to-equity ~3.0x), which limits flexibility if profits soften further. The company has improved from very high leverage levels seen in 2021–2022 (~6.0x and ~5.4x), and equity has grown versus 2022–2023, but the balance sheet is still debt-heavy for a business with volatile margins.

Cash Flow

Cash generation deteriorated sharply in 2025: operating cash flow declined to ~€51.2M (from ~€74.2M in 2024 and ~€140.5M in 2023) and free cash flow was nearly breakeven (~€1.8M), down from ~€17.7M in 2024 and ~€109.4M in 2023. While cash flow was strong in 2022–2023 and improved versus the negative cash flow year in 2021, the latest year shows weak conversion of earnings into free cash flow, increasing funding and liquidity risk if this persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.88B	1.98B	2.29B	2.63B	1.68B
Gross Profit	100.52M	229.66M	229.56M	136.73M	114.47M
EBITDA	100.03M	144.81M	99.83M	67.15M	49.22M
Net Income	19.59M	60.56M	29.03M	3.54M	-1.72M
Balance Sheet
Total Assets	1.36B	1.37B	1.30B	1.32B	1.35B
Cash, Cash Equivalents and Short-Term Investments	294.88M	324.99M	310.84M	250.59M	327.28M
Total Debt	635.80M	600.11M	605.62M	664.07M	789.53M
Total Liabilities	1.13B	1.15B	1.12B	1.18B	1.20B
Stockholders Equity	210.50M	210.51M	161.22M	122.43M	132.40M
Cash Flow
Free Cash Flow	1.76M	17.69M	109.39M	104.57M	-113.19M
Operating Cash Flow	51.23M	74.19M	140.51M	151.25M	-74.05M
Investing Cash Flow	23.50M	-58.92M	-34.94M	-44.01M	-115.08M
Financing Cash Flow	-30.34M	-16.69M	-81.31M	-145.46M	65.04M

Audax Renovables SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ADX, the sentiment is Negative. The current price of 1.38 is above the 20-day moving average (MA) of 1.30, above the 50-day MA of 1.32, and below the 200-day MA of 1.39, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.13 is Neutral, neither overbought nor oversold. The STOCH value of 41.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:ADX.

Audax Renovables SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SLR	76 Outperform	€2.65B	18.69	26.57%	―	43.90%	123.87%
ANE	66 Neutral	€7.07B	10.95	13.06%	2.02%	2.05%	307.60%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
ADX	48 Neutral	€584.02M	29.61	17.10%	5.20%	3.59%	-29.28%

Audax Renovables SA Corporate Events

Audax Renovables Sets Date for 2025 Results Release and Investor Presentation

Audax Renovables has announced that it will publish its financial results for the 2025 fiscal year on 26 February 2026 before the Spanish market opens, followed by a results presentation later that morning led by its chairman and key members of the executive team. The live event, accessible via the company’s website with prior registration, underscores Audax’s efforts to maintain transparency with investors and other stakeholders, and the company has indicated it will communicate any changes to the timing or format of the presentation.

The scheduling of the 2025 results release and accompanying presentation signals an upcoming key information point for the market regarding Audax’s operational and financial performance in the renewable energy sector. Investors and analysts will closely watch the event for insights into the company’s execution, strategic progress, and competitive positioning amid ongoing energy transition dynamics in Spain and across Europe.

The most recent analyst rating on (ES:ADX) stock is a Hold with a EUR1.50 price target. To see the full list of analyst forecasts on Audax Renovables SA stock, see the ES:ADX Stock Forecast page.

Audax Renovables Advances Share Buy-Back, Acquires Over 20% of Authorised Volume

Audax Renovables has reported the latest tranche of transactions under its ongoing share buy-back programme, detailing purchases of its own shares on the Madrid Stock Exchange (XMAD) between 19 and 23 January 2026 at average prices around €1.30–€1.33 per share. Following these acquisitions, the company has now bought 20.77% of the maximum 15 million shares authorised under the programme, equivalent to about 3.30% of its share capital, for a total outlay of €4.16 million, reinforcing its capital management strategy and signalling continued commitment to shareholder-focused policies in line with EU market-abuse and Spanish securities regulations.

The most recent analyst rating on (ES:ADX) stock is a Hold with a EUR1.50 price target. To see the full list of analyst forecasts on Audax Renovables SA stock, see the ES:ADX Stock Forecast page.

Audax Renovables Pauses Share Buyback During Blackout Period, Plans Full Resumption Afterward

Audax Renovables has temporarily suspended its ongoing share buyback programme during the legally defined blackout period between 26 January and 26 February 2026, citing prudence, but intends to automatically resume the programme afterwards under the same previously announced terms. Up to 23 January 2026, the company has invested approximately €4.16 million in repurchasing its own shares, equivalent to around 20.8% of the maximum planned monetary amount, leaving roughly 79.2% of the buyback capacity still available, which underscores its continued commitment to the capital management initiative once the blackout ends.

The most recent analyst rating on (ES:ADX) stock is a Hold with a EUR1.50 price target. To see the full list of analyst forecasts on Audax Renovables SA stock, see the ES:ADX Stock Forecast page.