Neinor Homes (HOME) AI Stock Analysis

• Market Cap: €1.70B
• Dividend Yield: 16.56%
• Average Volume (3M): 143.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.34
• Revenue Growth: -19.93%
• EPS Growth: -42.19%
• Country: ES
• Employees: 356
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Residential Construction
• EPS (TTM): 1.21
• Shares Outstanding: 98,862,690
• 10 Day Avg. Volume: 121,684
• 30 Day Avg. Volume: 143,311
• PEG Ratio: 0.17
• Price to Book (P/B): 1.38
• Price to Sales (P/S): 2.25
• P/FCF Ratio: 7.64
• 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: €20.30
• Price Target Upside: 17.34% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 1.39
• Revenue Forecast (FY): €1.86B

• Rating: 62 Neutral
• Price Target: €22.00 ▲(27.17% Upside)
• Action: Reiterated Date: 10/25/25
• Date: Action: Reiterated 10/25/25

The overall stock score is primarily driven by the company's financial stability and attractive dividend yield. While technical indicators suggest a lack of strong momentum, the stock's valuation remains appealing due to its high dividend yield. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Margin Sustainability

Stable gross margins (~27–31%) and improved net margins (~17% in 2025) indicate durable operational control over development costs and pricing. Such margin levels support structural profitability across cycles, enabling reinvestment, dividend capacity, and resilience to moderate cost inflation.

Cash Generation

A strong free cash flow outturn in 2025 (≈€209M) and historical FCF roughly tracking net income point to real cash generation from operations. Reliable cash conversion supports capital expenditure, land rotations and shareholder returns, and provides a durable buffer for strategic investments.

Integrated Business Model & Market Focus

Vertical integration across land sourcing, development and sales in major Spanish metropolitan areas gives control over the value chain. Concentration in high-demand metros supports pricing power, faster sales cycles and enduring competitive positioning versus fragmented local builders.

Negative Factors

Rising Leverage

A step-change in leverage to ~1.32x equity materially increases financial risk and reduces balance-sheet flexibility. Higher debt amplifies sensitivity to interest rates and cyclical sales, constraining the company's ability to acquire land, fund new developments or absorb a downturn in the housing market.

Revenue Cyclicality

Large swings in revenue (declines in 2023–24, then a sharp +53% rebound in 2025) reveal a cyclical top line. That volatility undermines predictability of deliveries and working capital needs, making long-term planning, land commitments and steady earnings less reliable.

Cash Flow Volatility & Disclosure Gaps

Notwithstanding a strong 2025, historical cash flow volatility and missing coverage/quality metrics reduce confidence in sustained FCF. Incomplete transparency on coverage ratios complicates assessment of cash quality and could hinder orderly deleveraging or consistent shareholder distributions over time.

Neinor Homes Business Overview & Revenue Model

Company Description

Neinor Homes, S.A., together with its subsidiaries, develops, promotes, rental, and manages real estate properties in Spain. The company operates through Legacy, Development, Assets Management-Servicing, and Rental segments. Its land portfolio consists of 160 lots with a total of 9.700 buildable units in Madrid, Catalonia, the Basque Country, Valencia, and Andalusia. Neinor Homes, S.A. was founded in 1988 and is headquartered in Bilbao, Spain.

How the Company Makes Money

Neinor Homes generates revenue primarily through the sale of residential properties. The company develops and builds homes, which are then marketed and sold to individual buyers and investors. In addition to direct home sales, Neinor Homes may also engage in partnerships with other real estate entities and financial institutions to fund its projects, enabling them to expand their development capabilities. Furthermore, the company may benefit from revenue streams associated with property management and consulting services, as well as potential land acquisitions and sales. The overall demand for housing in urban areas and the company's strategic position within the Spanish real estate market are significant factors contributing to its earnings.

Neinor Homes Financial Statement Overview

Summary

Neinor Homes demonstrates financial stability with strong profit margins and efficient cash generation. However, declining revenues and equity present challenges in growth and value retention. The company's low leverage is a positive aspect, providing a solid foundation to address market fluctuations.

Income Statement

The income statement shows declining revenue over recent years, with a revenue decrease from 2023 to 2024. However, the company maintains a stable gross profit margin of approximately 31.5% in 2024. The net profit margin slightly improved to 12.7% in 2024, reflecting efficient cost management. However, the negative revenue growth and reduced EBIT margin indicate challenges in growing sales and maintaining operational efficiency.

Balance Sheet

The balance sheet is relatively strong with a low debt-to-equity ratio of 0.23 in 2024, reflecting conservative leverage. The equity ratio is also healthy at 49.8%, indicating a strong equity base compared to total assets. However, declining stockholders' equity from 2023 to 2024 suggests potential concerns in value retention.

Cash Flow

The cash flow statement indicates a significant improvement in free cash flow from 2023 to 2024, driven by strong operating cash flow. The operating cash flow to net income ratio is favorable, suggesting efficient cash generation from operations. However, the free cash flow growth rate is moderate, and the investing cash flow remains negative, which could impact future growth investments.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	462.55M	709.13M	486.69M	590.63M	765.29M	914.30M
Gross Profit	150.60M	197.95M	153.23M	185.96M	208.99M	242.99M
EBITDA	65.05M	169.24M	104.12M	132.72M	120.68M	148.78M
Net Income	55.49M	123.25M	62.01M	90.63M	96.27M	103.03M
Balance Sheet
Total Assets	1.82B	3.93B	1.73B	1.65B	1.78B	1.97B
Cash, Cash Equivalents and Short-Term Investments	469.65M	802.74M	375.17M	188.70M	227.82M	283.33M
Total Debt	174.02M	1.54B	194.29M	387.89M	470.37M	557.07M
Total Liabilities	824.37M	2.55B	863.59M	667.61M	850.97M	1.02B
Stockholders Equity	989.78M	1.16B	858.74M	975.37M	927.17M	943.38M
Cash Flow
Free Cash Flow	63.39M	208.83M	101.10M	9.88M	148.30M	224.46M
Operating Cash Flow	65.59M	209.14M	102.58M	10.51M	151.56M	225.20M
Investing Cash Flow	-28.46M	-695.28M	-24.00M	81.00M	-21.82M	-43.78M
Financing Cash Flow	190.63M	692.44M	92.31M	-130.69M	-211.85M	-141.99M

Neinor Homes Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:HOME, the sentiment is Negative. The current price of 17.3 is below the 20-day moving average (MA) of 18.25, below the 50-day MA of 18.60, and above the 200-day MA of 17.01, indicating a neutral trend. The MACD of -0.41 indicates Positive momentum. The RSI at 31.22 is Neutral, neither overbought nor oversold. The STOCH value of 10.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:HOME.

Neinor Homes Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COL	74 Outperform	€3.23B	9.77	6.49%	5.64%	-16.98%	―
AEDAS	72 Outperform	€967.29M	―	14.75%	16.98%	-1.95%	11.63%
MRL	68 Neutral	€8.04B	8.61	9.97%	3.08%	7.09%	369.07%
RLIA	65 Neutral	€1.58B	11.48	9.41%	4.05%	30.74%	67.62%
HOME	62 Neutral	€1.70B	―	5.55%	16.56%	-19.93%	-42.19%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MVC	56 Neutral	€1.68B	24.95	-0.23%	17.21%	―	―