Acciona (ANA) AI Stock Analysis

• Market Cap: €12.16B
• Dividend Yield: 2.87%
• Average Volume (3M): 58.01K
• Price to Earnings (P/E): 12.6
• Beta (1Y): 0.97
• Revenue Growth: 4.87%
• EPS Growth: 339.22%
• Country: ES
• Employees: 66,021
• Sector: General
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 5.08
• Shares Outstanding: 54,856,650
• 10 Day Avg. Volume: 55,177
• 30 Day Avg. Volume: 58,005
• PEG Ratio: 0.14
• Price to Book (P/B): 2.15
• Price to Sales (P/S): 0.50
• P/FCF Ratio: 26.72
• 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: €145.00
• Price Target Upside: -33.49% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 8.15
• Revenue Forecast (FY): €20.56B

• Rating: 60 Neutral
• Price Target: €227.00 ▲(4.13% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is held back primarily by elevated leverage and inconsistent free-cash-flow generation despite strong operating cash flow. Technicals are supportive due to a strong uptrend, but overbought indicators add near-term risk. Valuation is reasonable with a modest dividend yield, providing partial support but not enough to fully offset the financial risk profile.

Positive Factors

Diversified business model (renewables + infrastructure)

A two-pillar model of renewable generation plus infrastructure services provides structural diversification of cash flows. Long-duration concession payments and recurring services reduce single-market cyclicality and enable cross-subsidization of capex and development risk over multiple project cycles.

Strong multi-year revenue scaling

Tripling revenue over several years demonstrates durable commercial execution and market access in both construction and renewables. Scale improves negotiating power on large contracts, spreads fixed costs, and supports bid competitiveness and backlog quality across multiple geographies and project types.

Consistent operating cash flow generation

Sustained positive operating cash flow indicates the core business converts sales into cash even when free cash flow is volatile. Reliable OCF supports project financing, recurring capex needs, and the ability to fund working capital or pursue asset rotations without relying solely on equity issuance.

Negative Factors

Elevated leverage and rising debt

Rapid debt accumulation and a ~3.0x debt/equity ratio materially increase refinancing, interest-rate and covenant risk. With equity stable around €4.7–€5.0B, leverage limits balance-sheet flexibility for new projects, reduces shock absorption, and raises financing costs if earnings weaken.

Volatile free cash flow and weak cash conversion

Irregular FCF despite strong operating cash flow signals capital intensity and working-capital swings. Low cash conversion constrains ability to deleverage, sustain dividends, or self-fund growth without external financing or asset sales, increasing reliance on capital markets and partner financing.

Margin compression and thin net margins

Material gross-margin erosion and low net margins reduce buffers against project overruns, inflation, or higher interest costs. Thin profitability limits internal cash generation per unit revenue and amplifies the negative effect of any revenue declines or cost shocks on returns and balance-sheet repair.

Acciona Business Overview & Revenue Model

Company Description

Acciona, S.A., together with its subsidiaries, engages in the energy, infrastructure, and other businesses in Spain and internationally. The company develops, constructs, operates, and maintains wind, solar photovoltaic, solar thermal, hydro, and biomass plants. It also engages in designing, construction, maintenance, and management of infrastructure projects, including bridges, highways, motorways, roads, tunnels, railway, and metros and trams, as well as ports and water channels, airports, freight forwarding, data centers, substations, and transmission lines. In addition, the company offers event planning and management services, as well as designs, constructs, and operates drinking water treatment plants, reverse osmosis desalination plants, wastewater treatment plants, and tertiary treatment plants for water reuse; and constructs, operates, and manages health infrastructure, and academic institutions and student residences. Further, it provides museum and art center solutions; urban services; and shared electric motorcycles, as well as undertakes real estate projects; and projects for the urban and social regeneration of spaces. Additionally, the company facility, airport handling, waste collection and treatment, logistics, rail, and other services. It also engages in the fund management, stock broking, wine production, and other businesses. Acciona, S.A. is headquartered in Alcobendas, Spain.

How the Company Makes Money

Acciona makes money primarily through two main pillars: renewable energy and infrastructure. 1) Renewable energy (generation and related activities) - Electricity sales: Acciona develops and operates renewable generation assets (e.g., wind and solar). It earns revenue by selling the electricity produced into wholesale power markets and/or through contracted arrangements (e.g., long-term power purchase agreements), where applicable. Revenue is driven by generated output (MWh), achieved power prices, and the operating availability of its assets. - Asset rotation (when applicable): In some cases, Acciona may monetize investments by selling stakes in operating renewable assets or projects under development, crystallizing gains and recycling capital into new projects. If specific transactions are not publicly available for a given period, this item is null. 2) Infrastructure (construction/engineering and concessions) - Construction and engineering contracts: Acciona’s infrastructure businesses generate revenue by delivering civil works and building projects for public and private clients. Earnings depend on project backlog, contract pricing, execution performance, and claims/change orders where relevant. - Concession/PPP-style income: For certain projects delivered under concession or public-private partnership models, Acciona can earn longer-duration revenue streams tied to availability payments, user-demand/toll revenue, or service fees over the concession life, subject to contract terms and project performance. Other contributors - Selected service activities: Where Acciona provides ancillary infrastructure or utility-related services, revenue typically comes from service fees under multi-year or recurring contracts. If the specific service lines or their contribution are not available in the requested context, this is null. Key factors influencing earnings - Power prices and regulation: Renewable earnings are sensitive to wholesale electricity prices, contracted vs. merchant exposure, and regulatory frameworks (e.g., market rules, permitting, and potential support mechanisms). - Project execution and backlog: Infrastructure earnings depend on winning new work, maintaining a profitable backlog, and managing cost, schedule, and contractual risk. - Financing and partnerships: Large projects and generation assets are often financed at the project level and may involve joint ventures or co-investment partners; these can affect the share of cash flows and reported earnings. If specific partners for a given project are not available, this is null.

Acciona Financial Statement Overview

Summary

Strong multi-year revenue scaling and a sharp rebound in 2025 net income support the score, but margin compression, higher leverage (debt-to-equity near ~3.0x), and historically weak/volatile free cash flow (only modestly positive in 2025) materially increase financial risk.

Income Statement

Revenue scaled strongly from 2020 to 2025 (about €6.5B to €20.2B), but 2025 saw a clear pullback (about -6.7% year over year), signaling a bumpier near-term growth profile. Profitability is mixed: gross profitability remains high, yet it has compressed materially over time (roughly ~77% in 2021 to ~54% in 2025). Operating profitability is steady-to-improving versus 2024 (2025 EBIT margin ~8.5% vs ~7.4% in 2024), and net income nearly doubled in 2025 (€803M vs €422M), but bottom-line margins remain thin for the scale of the business (~4% net margin in 2025).

Balance Sheet

The balance sheet is increasingly levered: total debt rose from ~€7.9B (2022) to ~€14.0B (2025), and leverage moved higher with debt-to-equity near ~3.0x in 2025 (up from ~1.6x in 2021–2022). Equity is fairly stable around €4.7–€5.0B, which limits balance-sheet flexibility as assets expand. A positive offset is improving shareholder returns in 2025 (return on equity ~17%), but the higher leverage raises refinancing and rate-sensitivity risk if earnings soften.

Cash Flow

Operating cash flow is consistently positive and strong in absolute terms (roughly €1.6B–€2.2B in 2022–2025), but free cash flow has been volatile and often negative (notably 2022–2024), turning modestly positive in 2025 (~€379M). Cash conversion remains a key concern: in 2025, free cash flow was only ~18% of net income, implying profits are not consistently translating into discretionary cash after investment needs. While 2025 marks an improvement, the multi-year pattern suggests ongoing capital intensity and potential working-capital swings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.69B	20.24B	19.19B	17.02B	11.20B	8.10B
Gross Profit	14.66B	10.90B	12.13B	11.56B	7.78B	6.23B
EBITDA	2.38B	2.84B	2.56B	2.42B	1.81B	1.52B
Net Income	832.00M	803.00M	422.00M	541.00M	615.00M	332.00M
Balance Sheet
Total Assets	34.41B	35.85B	34.62B	31.65B	22.59B	19.60B
Cash, Cash Equivalents and Short-Term Investments	4.84B	5.40B	4.82B	3.72B	2.66B	2.53B
Total Debt	13.24B	13.62B	12.56B	11.21B	7.93B	6.88B
Total Liabilities	28.37B	29.44B	28.24B	24.80B	16.29B	14.05B
Stockholders Equity	4.55B	4.71B	4.81B	5.01B	4.88B	4.31B
Cash Flow
Free Cash Flow	224.00M	379.00M	-492.00M	-1.20B	-547.00M	-375.40M
Operating Cash Flow	2.52B	2.15B	2.24B	1.70B	1.65B	572.98M
Investing Cash Flow	-1.09B	-334.00M	-2.46B	-3.21B	-1.94B	-1.09B
Financing Cash Flow	-42.00M	-520.00M	760.00M	2.90B	338.00M	383.63M

Acciona Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 218.00
• 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:ANA, the sentiment is Positive. The current price of 218 is above the 20-day moving average (MA) of 214.06, above the 50-day MA of 196.99, and above the 200-day MA of 177.96, indicating a bullish trend. The MACD of 6.24 indicates Positive momentum. The RSI at 57.05 is Neutral, neither overbought nor oversold. The STOCH value of 50.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:ANA.

Acciona Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACS	65 Neutral	€28.09B	22.99	20.71%	2.38%	25.47%	7.63%
SLR	61 Neutral	€2.75B	7.29	26.57%	―	43.90%	123.87%
ANA	60 Neutral	€12.16B	12.61	18.00%	2.87%	4.87%	339.22%
TRE	59 Neutral	€2.12B	10.84	24.64%	―	41.87%	55.79%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
GRE	54 Neutral	€3.02B	28.28	21.09%	―	―	―
SCYR	53 Neutral	€3.32B	32.80	8.86%	5.28%	2.03%	-32.59%