GRUPO EZENTIS S.A (EZE) AI Stock Analysis

• Market Cap: €46.42M
• Dividend Yield: N/A
• Average Volume (3M): 1.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: 85.86%
• EPS Growth: -103.22%
• Country: ES
• Employees: 166
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): N/A
• Shares Outstanding: 586,851,200
• 10 Day Avg. Volume: 1,475,782
• 30 Day Avg. Volume: 1,227,753
• PEG Ratio: -0.23
• Price to Book (P/B): 13.51
• Price to Sales (P/S): 1.34
• P/FCF Ratio: -4.56
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: €0.08 ▼(-17.00% Downside)
• Action: Upgraded Date: 02/24/26
• Date: Action: Upgraded 02/24/26

The score is primarily weighed down by weak financial performance: ongoing losses, consistently negative operating/free cash flow, and a still-fragile, leveraged balance sheet despite equity turning positive. Technicals are only mildly supportive near-term but remain weaker over the longer trend, and valuation is constrained by negative earnings and lack of dividend support.

Positive Factors

Revenue rebound

A sharp 2025 revenue rebound signals underlying demand recovery and successful contract execution. Over 2–6 months this supports utilization of technical teams, increases bargaining power in tenders, and creates a platform to convert scale into improved operational leverage if revenue stability persists.

Recurring services model

A mix of project work plus recurring operations and maintenance contracts provides recurring revenue and customer stickiness. Structurally, recurring service streams improve revenue visibility, support steady workforce utilization, and reduce sales volatility versus pure project-based peers.

Equity turned positive

The shift to positive equity represents a meaningful improvement in capitalization and reduces immediate solvency pressure. This stronger equity base, if maintained, increases access to financing and reduces short-term restructuring risk, enhancing the firm's ability to pursue contracts.

Negative Factors

Ongoing losses

Persistent operating and net losses undermine the firm's ability to self-fund growth and absorb project cost overruns. Over a medium-term horizon this erodes margin stability, limits reinvestment capacity, and increases dependency on external capital to sustain operations and bid competitively.

Negative cash generation

Consistent negative operating and free cash flow indicate poor cash conversion and recurring liquidity needs. This structural cash shortfall raises refinancing risk, restricts ability to fund working capital for tenders, and can force asset sales or dilutive capital raises if not remedied.

Elevated leverage

High leverage relative to equity constrains financial flexibility, increasing interest and covenant risk. In the medium term this limits investment in new bids or technology, raises vulnerability to margin compression, and can magnify earnings volatility if revenue growth slows.

GRUPO EZENTIS S.A Business Overview & Revenue Model

Company Description

GRUPO EZENTIS S.A (EZE) is a multinational company specializing in the provision of engineering, infrastructure, and telecommunications services. Operating primarily in sectors such as energy, telecommunications, and construction, EZE offers a diverse range of products and services, including the installation and maintenance of telecommunications networks, electrical infrastructure, and other engineering solutions. With a strong presence in various markets, the company aims to deliver innovative solutions that enhance connectivity and support sustainable development.

How the Company Makes Money

GRUPO EZENTIS S.A generates revenue through multiple streams, primarily by providing engineering and infrastructure services to clients in the energy and telecommunications sectors. Key revenue streams include contracts for the construction and maintenance of telecommunications networks, which involve both public and private sector projects. Additionally, the company earns income from the installation of electrical infrastructure and related services. Strategic partnerships with major telecommunications operators and utility companies further bolster its revenue, as these collaborations often lead to long-term contracts and project opportunities. The company's ability to adapt to market demands and invest in technological advancements also plays a significant role in its financial performance.

GRUPO EZENTIS S.A Financial Statement Overview

Summary

Despite a sharp 2025 revenue rebound, profitability remains weak with ongoing operating and net losses, materially compressed gross margin versus 2024, and high multi-year volatility. Cash generation is a major concern with negative operating cash flow and free cash flow in 2025 and most prior years, indicating funding risk. The balance sheet remains fragile: equity only recently turned positive and leverage is elevated with debt meaningfully higher than equity.

Income Statement

Revenue rebounded sharply in 2025 (annual report) with strong year-over-year growth, but profitability remains weak. Gross margin compressed materially versus 2024, and the company is still loss-making at the operating line and net level in 2024–2025. Results have been highly volatile over the past several years (including an outsized 2023 net profit that did not translate into sustainable operating performance), which reduces confidence in earnings quality and consistency.

Balance Sheet

The balance sheet is pressured by thin capitalization: equity was negative for multiple years and only turned positive in 2025, leaving a still-fragile cushion. Leverage is elevated in 2025 with debt meaningfully higher than equity, limiting flexibility if operating results soften. Total assets expanded significantly versus 2024, but the combination of historically negative equity and higher leverage keeps financial risk elevated.

Cash Flow

Cash generation is a major weakness. Operating cash flow and free cash flow were negative in 2025 and also negative in most prior years shown, indicating the business has struggled to self-fund operations. While free cash flow improved versus the prior year, the level remains deeply negative, and cash flow has not consistently tracked reported profits (notably around the 2023 earnings swing), raising concerns about cash conversion and funding needs.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.13M	34.32M	13.88M	17.28M	21.59M	216.29M
Gross Profit	2.43M	3.73M	10.17M	14.04M	-4.89M	110.52M
EBITDA	604.00K	631.00K	-2.24M	88.18M	-24.77M	-41.37M
Net Income	-1.29M	-3.20M	-1.67M	194.14M	-60.47M	-144.15M
Balance Sheet
Total Assets	37.41M	42.71M	6.33M	12.13M	75.72M	197.01M
Cash, Cash Equivalents and Short-Term Investments	4.43M	3.13M	1.22M	2.01M	5.40M	10.09M
Total Debt	11.22M	10.06M	1.04M	2.82M	152.38M	175.43M
Total Liabilities	33.90M	37.35M	9.97M	17.25M	281.78M	360.30M
Stockholders Equity	1.25M	3.40M	-3.65M	-5.13M	-206.06M	-163.29M
Cash Flow
Free Cash Flow	-7.32M	-10.07M	-1.20M	-21.85M	7.81M	-11.50M
Operating Cash Flow	-7.26M	-10.04M	-1.15M	-21.83M	10.67M	-2.75M
Investing Cash Flow	1.10M	1.44M	59.00K	-15.00K	-2.86M	-7.13M
Financing Cash Flow	9.37M	10.51M	295.00K	18.00M	-7.81M	-2.54M

GRUPO EZENTIS S.A Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:EZE, the sentiment is Negative. The current price of 0.1 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.75 is Neutral, neither overbought nor oversold. The STOCH value of 15.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:EZE.

GRUPO EZENTIS S.A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENO	67 Neutral	€2.23B	20.15	-6.79%	13.00%	11.61%	-212.68%
TUB	65 Neutral	€347.40M	11.38	11.13%	6.29%	-10.37%	38.82%
TRE	59 Neutral	€2.31B	14.76	24.64%	―	41.87%	55.79%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
OHLA	52 Neutral	€540.53M	-260.67	-6.41%	―	1.39%	72.34%
EZE	42 Neutral	€46.42M	-14.11	―	―	85.86%	-103.22%
MDF	39 Underperform	€32.28M	-0.33	―	―	-17.32%	-24.27%