INMOCEMENTO SA (IMC) AI Stock Analysis

• Market Cap: €1.73B
• Dividend Yield: N/A
• Average Volume (3M): 16.00K
• Price to Earnings (P/E): 4.7
• Beta (1Y): 0.44
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: ES
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: Construction Materials
• EPS (TTM): N/A
• Shares Outstanding: 454,878,140
• 10 Day Avg. Volume: 16,949
• 30 Day Avg. Volume: 15,999
• PEG Ratio: -0.07
• Price to Book (P/B): 0.63
• Price to Sales (P/S): 1.69
• P/FCF Ratio: 6.15
• 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): 0.44
• Revenue Forecast (FY): €1.15B

• Rating: 75 Outperform
• Price Target: €4.50 ▲(29.31% Upside)
• Action: Upgraded Date: 03/06/26
• Date: Action: Upgraded 03/06/26

The score is driven mainly by strong financial performance (profitability rebound and improving leverage) and an attractive low P/E valuation. Offsetting these positives, technical signals are mixed with near-term softness, and cash conversion risk remains due to relatively low operating cash flow versus net income and historical earnings volatility.

Positive Factors

Profitability rebound and revenue acceleration

A material profitability rebound and sharp revenue acceleration in 2025 indicate improved business economics and pricing or mix gains. Sustained higher margins and larger scale can fund reinvestment, improve resilience across cycles, and support consistent cash generation over the medium term.

Improving leverage and stronger equity base

Steady reduction in leverage and growing equity provide structural financial flexibility. Lower leverage improves capacity to absorb demand shocks, lowers refinancing pressure, and creates headroom for targeted investments or opportunistic M&A over the coming quarters if management preserves discipline.

Strong free cash flow generation

Meaningful and growing free cash flow that converts a high share of reported earnings supports debt paydown, capex and shareholder returns. Durable FCF bolsters liquidity and reduces reliance on new financing, enhancing the company's ability to execute strategy across business cycles.

Negative Factors

Cash conversion risk: OCF lagging earnings

When operating cash flow persistently trails net income it signals earnings may rely on non-cash items or working-capital timing. This weakens earnings quality, can strain liquidity during downturns, raises refinancing risk, and complicates reliable free-cash-flow forecasting over months ahead.

Historic earnings volatility including a loss year

Marked earnings volatility and a prior full-year loss reduce predictability and increase execution risk. Volatility hampers long-term planning, makes covenant management and capital allocation harder, and leaves profitability vulnerable if cyclical demand softens in the next 2–6 months.

Absolute debt stock remains sizable

Even with improved ratios, a material absolute debt load requires consistent cash generation and capital discipline. In a cyclical industry, this level of debt can constrain investment, increase vulnerability to adverse market shifts, and necessitate continued focus on deleveraging to preserve flexibility.

INMOCEMENTO SA Business Overview & Revenue Model

Company Description

Inmocemento S.A., through its subsidiaries, engages in the real estate and cement businesses. The company is involved in the leasing and management of office buildings, premises, and shopping centres; development and operation of rental housing projects; promotion and sale of housing projects; and provision of urban land management services. It also manufactures and markets cement and its derivatives, such as concrete, mortar, and aggregates. The company was incorporated in 2024 and is based in Barcelona, Spain. Inmocemento S.A. operates as a subsidiary of Fomento de Construcciones y Contratas, S. A.

How the Company Makes Money

INMOCEMENTO SA generates revenue primarily through the sale of cement and associated construction materials. The company’s revenue model is built on several key streams, including direct sales to contractors, builders, and large-scale construction firms. Additionally, IMC may engage in strategic partnerships with construction companies and government contracts for infrastructure projects, which provide significant revenue opportunities. The company also focuses on expanding its distribution network and enhancing product offerings, which helps to capture a larger market share and increase sales volume. Seasonal demand for construction materials, influenced by economic cycles and government infrastructure spending, also plays a critical role in the company’s earnings.

INMOCEMENTO SA Financial Statement Overview

Summary

Strong profitability rebound and improved leverage support a solid score (Income Statement 84, Balance Sheet 78). Free cash flow is meaningful (265.4m in 2025), but cash conversion is a key risk given operating cash flow is only about half of net income and earnings have been volatile (including a 2022 loss).

Income Statement

Profitability strengthened materially: 2025 net income rose to 346.6m on 967.0m of revenue, with very strong margins versus prior years, and a sharp acceleration in revenue growth. The earnings profile also improved meaningfully versus the 2022 loss year. Key watch-out: results have been volatile across the period (loss in 2022, then strong rebound), and the exceptionally high 2025 gross margin suggests the quality/sustainability of that step-up should be monitored.

Balance Sheet

Leverage improved and looks manageable: debt-to-equity declined steadily from 0.69 (2021) to 0.29 (2025), supported by equity growth (2.58b in 2025 vs 2.24b in 2024). Returns also improved, with 2025 return on equity at ~13.4% after a weaker 2024 (~6.8%) and negative 2022. Risk: absolute debt remains sizable (741.4m in 2025), and prior-year leverage levels were higher, so continued discipline matters if the cycle turns.

Cash Flow

Cash generation is solid, with free cash flow at 265.4m in 2025 and strong growth, and free cash flow running at ~85% of net income (consistent across years), indicating earnings are largely supported by cash. Weakness: operating cash flow covers only about half of net income in 2025 (and was also low in earlier years), implying some working-capital or timing effects that can add variability to cash conversion.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	966.98M	943.93M	867.67M	794.86M	589.82M
Gross Profit	938.07M	571.45M	470.33M	370.18M	347.01M
EBITDA	318.91M	308.29M	264.92M	170.89M	114.09M
Net Income	346.56M	151.60M	225.24M	-116.11M	131.22M
Balance Sheet
Total Assets	4.71B	4.60B	4.54B	4.09B	4.17B
Cash, Cash Equivalents and Short-Term Investments	264.79M	151.86M	64.31M	110.62M	127.03M
Total Debt	741.43M	1.01B	1.30B	980.85M	1.17B
Total Liabilities	1.43B	1.67B	1.88B	1.78B	1.60B
Stockholders Equity	2.58B	2.24B	1.89B	1.59B	1.69B
Cash Flow
Free Cash Flow	265.40M	285.24M	236.37M	120.07M	147.27M
Operating Cash Flow	312.16M	336.57M	280.15M	153.04M	164.89M
Investing Cash Flow	141.07M	-49.34M	-181.98M	-168.09M	34.31M
Financing Cash Flow	-330.99M	-218.11M	-87.86M	-17.14M	-128.34M

INMOCEMENTO SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.48
• 50DMA: Negative
• 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:IMC, the sentiment is Negative. The current price of 3.48 is below the 20-day moving average (MA) of 3.99, below the 50-day MA of 3.86, and below the 200-day MA of 3.58, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.42 is Neutral, neither overbought nor oversold. The STOCH value of 33.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:IMC.

INMOCEMENTO SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMC	75 Outperform	€1.73B	4.71	―	―	―	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ARM	63 Neutral	€293.24M	21.63	-6.13%	―	4.98%	41.96%

INMOCEMENTO SA Corporate Events

INMOCEMENTO Reveals Highly Concentrated Ownership in Annual Governance Filing

INMOCEMENTO, S.A., a Barcelona-based listed company in the broader real estate and construction-related sector, has a share capital of €227.4 million divided into 454.9 million ordinary shares with equal voting rights. The company does not use loyalty shares or differentiated share classes, indicating a standard equity structure designed for transparency and simplicity for investors.

The annual corporate governance disclosure highlights a highly concentrated ownership structure, with CONTROL EMPRESARIAL DE CAPITALES, S.A. DE C.V. controlling 72.79% of total voting rights and FINVER INVERSIONES 2020, S.L.U. holding 11.92%. This concentration implies effective control by a core shareholder, shaping strategic decisions and potentially limiting the influence of minority investors, while offering clarity over who steers the company’s governance and long-term direction.

The most recent analyst rating on (ES:IMC) stock is a Hold with a EUR4.00 price target. To see the full list of analyst forecasts on INMOCEMENTO SA stock, see the ES:IMC Stock Forecast page.

Inmocemento Outlines Conservative Director Pay Policy for 2024–2026

Inmocemento, S.A. has detailed its director remuneration policy for 2024 to 2026, confirming a mixed system that combines a share in net profits with attendance fees for board and committee meetings. The company states that the policy aims to ensure competitive, market-based compensation, is reviewed periodically by its Appointments and Remuneration Committee, and complies with Spanish corporate law and its internal regulations.

The company clarifies that its sole executive director, Pablo Colio Abril, will only receive the same remuneration as other directors in their capacity as such, with no additional pay for executive functions despite the bylaws allowing such components. The policy excludes variable pay linked to Inmocemento’s share price for non-executive directors, includes directors’ civil liability insurance, and has been prepared and proposed by the Appointments and Remuneration Committee for approval by the board.

The most recent analyst rating on (ES:IMC) stock is a Hold with a EUR4.00 price target. To see the full list of analyst forecasts on INMOCEMENTO SA stock, see the ES:IMC Stock Forecast page.

INMOCEMENTO SA Outlines Detailed Report on Somnia Mar Housing Development in Badalona

INMOCEMENTO SA has issued a structured report on its Somnia Mar and housing development project in Badalona, Barcelona, outlining key sections such as relevant events, executive summary, performance by areas, and financial statements. The document signals that the company is providing a comprehensive operational and financial overview of this development, including income statement, balance sheet, cash flows, and business area analysis, suggesting a focus on transparency and detailed reporting for stakeholders.

While the release is largely an index of the full report, it highlights that stakeholders can expect detailed financial and operational metrics tied specifically to the Somnia Mar project and related housing initiatives. This level of disclosure may help investors and other interested parties better assess the performance and risk profile of the Badalona development within Grupo Inmocement’s broader real estate portfolio.

The most recent analyst rating on (ES:IMC) stock is a Hold with a EUR4.00 price target. To see the full list of analyst forecasts on INMOCEMENTO SA stock, see the ES:IMC Stock Forecast page.

INMOCEMENTO Strengthens Balance Sheet With Higher Assets and Cash in 2025

INMOCEMENTO, S.A. reported a substantial expansion of its balance sheet in the second half of 2025, with total assets rising to €2.09 billion from €1.92 billion a year earlier. Growth was driven mainly by non-current assets, especially investments in group and associated companies, while current assets also increased sharply, led by higher cash positions and receivables, indicating reinforced liquidity and an intensified investment strategy.

The company’s non-current assets climbed to €2.04 billion, reflecting a continued focus on long-term holdings and strategic participation in related entities. Current assets rose to €51.2 million from €6.7 million, supported by a jump in cash and cash equivalents to €45.3 million, which may strengthen operational flexibility and support future development or acquisition initiatives within its core real estate and investment activities.

The most recent analyst rating on (ES:IMC) stock is a Hold with a EUR4.00 price target. To see the full list of analyst forecasts on INMOCEMENTO SA stock, see the ES:IMC Stock Forecast page.