Prosegur Cash (CASH) AI Stock Analysis

• Market Cap: €864.11M
• Dividend Yield: 7.1%
• Average Volume (3M): 774.02K
• Price to Earnings (P/E): 10.3
• Beta (1Y): 0.59
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: ES
• Employees: 56,532
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 0.02
• Shares Outstanding: 1,473,235,500
• 10 Day Avg. Volume: 761,721
• 30 Day Avg. Volume: 774,025
• PEG Ratio: 6.94
• Price to Book (P/B): 5.29
• Price to Sales (P/S): 0.47
• P/FCF Ratio: 8.00
• 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: €0.85
• Price Target Upside: 41.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): €2.09B

• Rating: 54 Neutral
• Price Target: €0.64 ▲(6.50% Upside)
• Action: Reiterated Date: 03/08/26
• Date: Action: Reiterated 03/08/26

The score is held back primarily by balance-sheet risk (very high and rising leverage) and weak technical trend signals (price below major moving averages with negative MACD). These risks are partially offset by supportive valuation (low P/E and high dividend yield) and generally positive operating/free cash flow, though 2025 showed weaker momentum.

Positive Factors

Improved profitability

Sustained margin expansion over multiple years indicates stronger underlying earnings power and better cost control across the cash-logistics business. Higher margins improve the company's ability to generate surplus cash from operations, supporting reinvestment into automation and contract servicing over the medium term.

Consistent cash generation

Consistently positive operating and free cash flow demonstrate durable cash conversion from core services, enabling the business to fund working capital, maintain service infrastructure, and meet routine capital needs without relying solely on external financing, a structural strength for a capital-intensive logistics firm.

Diversified cash-services model

A broad, contract-driven service mix across transport, processing and ATM lifecycle functions spreads revenue sources and embeds recurring relationships with banks and retailers. This diversification reduces single-market exposure and supports stable revenue over cycles through sticky, service-level dependent contracts.

Negative Factors

Very high leverage

Extremely high and rising leverage leaves the company highly sensitive to earnings or cash-flow shocks, reduces financial flexibility for capex or acquisitions, increases refinancing and interest-rate risk, and raises the probability that operational setbacks force deleveraging via asset sales or curtailed investment.

Weakening cash-flow momentum

A material decline in free cash flow and weaker coverage of total debt sharply limits the company’s ability to reduce leverage or absorb shocks. Persistently lower cash generation undermines strategic flexibility, may force cost cutting or limit reinvestment into automation that underpins long-term margins.

Profitability inconsistency

Volatility and inconsistencies in reported margins reduce confidence in earnings quality and forecasting. For a services business with long contracts, this suggests pressure on pricing, cost mismatches, or one-off effects that could impair contract economics and complicate long-term planning for margins and cash conversion.

Prosegur Cash Business Overview & Revenue Model

Company Description

Prosegur Cash, S.A., together with its subsidiaries, provides cash cycle management solutions and automating payments in retail establishments, ATM management for financial institutions, business, government agencies, central banks, mints, and jewellery stores. The company offers national and international transport services, including collection, transport, custody, and deposit services for funds and other valuables that include jewellery, artworks, precious metals, electronic devices, voting ballots, and legal evidence. It also provides cash processing and automation services, such as counting, processing, and packaging, as well as coin recycling, cash flow control, and monitoring systems; ATM solutions comprising planning, loading, monitoring, first- and second-tier maintenance, and balancing services; and cash planning and forecasting services. In addition, the company offers self-service cash machines that provide cash deposit, recycling, bank notes and coins dispensing, and collection, payment management, invoice payments services; and added-value outsourcing services for banks, such as multiagency, cheque processing, and related administrative services, as well as teller outsourcing service. It serves in Spain, Portugal, Germany, Luxembourg, Argentina, Brazil, Chile, Peru, Uruguay, Paraguay, Colombia, the Philippines, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Ecuador, Mexico, India, Singapore, Indonesia, and Australia. The company was incorporated in 2016 and is headquartered in Madrid, Spain. Prosegur Cash, S.A. is a subsidiary of Prosegur Compañía de Seguridad, S.A.

How the Company Makes Money

Prosegur Cash generates revenue primarily through its cash management services, which include cash transportation, processing, and storage. The company charges fees for these services based on the volume of cash handled, the distance of transportation, and the complexity of services provided. Key revenue streams include contracts with banks and financial institutions for ATM replenishment and maintenance, as well as agreements with large retailers for cash collection and deposit services. Additionally, Prosegur Cash benefits from long-term partnerships with various organizations that require secure cash handling, which ensures a steady flow of income. The company may also engage in technology-driven solutions that enhance cash management efficiency, potentially opening up new avenues for revenue generation.

Prosegur Cash Financial Statement Overview

Summary

Income statement trends are decent with improved net margins versus 2020–2021 and generally stable operations, and cash flow is consistently positive with positive free cash flow. However, the balance sheet is a major risk: leverage is very high and worsened to ~9.2x debt-to-equity in 2025, and 2025 shows softer revenue/FCF momentum plus some profitability line-item inconsistency.

Income Statement

Revenue has been relatively stable over the cycle (strong rebound in 2022, modest growth in 2024, then a decline of 3.3% in 2025). Profitability improved meaningfully versus 2020–2021 as net margin expanded from ~1.1% (2020) and ~2.2% (2021) to ~4–5% in 2022–2025, showing better earnings power. However, 2025 shows some pressure with lower revenue and weaker gross margin versus 2024, and the reported 2025 operating profit and EBITDA margins appear inconsistent with prior years, adding quality/volatility risk to the read-through.

Balance Sheet

Leverage is the primary concern: debt is high relative to equity, with debt-to-equity elevated across the period and worsening to ~9.2x in 2025 (from ~5.0x in 2024). Equity remains thin versus the asset base, which increases sensitivity to earnings or cash flow setbacks. Offsetting this, return on equity is high (roughly 0.40–0.64 historically and ~0.51 in 2025), but that strength is amplified by leverage and therefore comes with higher balance-sheet risk.

Cash Flow

Cash generation is generally supportive: operating cash flow is consistently positive and free cash flow is positive each year shown. Free cash flow conversion is moderate, running at roughly 55–72% of net income across the period, which supports earnings quality. The main weakness is momentum—free cash flow fell ~24% in 2025 after growth in 2024, and cash flow relative to the debt load is not particularly strong (operating cash flow covers only ~13% of total debt in 2025, down from ~26% in 2024).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.99B	2.09B	1.86B	1.87B	1.52B
Gross Profit	601.09M	756.27M	641.34M	639.88M	509.32M
EBITDA	1.99B	363.25M	284.98M	337.97M	244.18M
Net Income	90.00M	89.07M	62.93M	94.39M	33.16M
Balance Sheet
Total Assets	2.75B	2.43B	1.99B	2.13B	1.73B
Cash, Cash Equivalents and Short-Term Investments	1.02B	568.61M	249.74M	323.58M	252.12M
Total Debt	1.62B	1.12B	1.16B	1.14B	896.40M
Total Liabilities	2.53B	2.17B	1.84B	1.98B	1.66B
Stockholders Equity	175.81M	222.71M	154.51M	148.63M	77.20M
Cash Flow
Free Cash Flow	116.20M	169.26M	127.44M	173.99M	173.85M
Operating Cash Flow	209.72M	270.58M	233.45M	250.78M	241.07M
Investing Cash Flow	-89.37M	-99.60M	-126.52M	-68.76M	-46.13M
Financing Cash Flow	359.51M	149.05M	-156.25M	-14.09M	-321.21M

Prosegur Cash Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:CASH, the sentiment is Negative. The current price of 0.6 is below the 20-day moving average (MA) of 0.62, below the 50-day MA of 0.63, and below the 200-day MA of 0.69, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.51 is Neutral, neither overbought nor oversold. The STOCH value of 24.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:CASH.

Prosegur Cash Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LOG	67 Neutral	€4.15B	13.94	52.13%	7.05%	4.24%	-8.96%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CASH	54 Neutral	€864.11M	10.33	41.93%	7.10%	―	―