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Talgo S.A.
(BME:TLGO)
Talgo S.A. (TLGO) vs. iShares MSCI Spain ETF (EWP)
Talgo S.A. Business Overview & Revenue Model
Talgo S.A. Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 618.20M | 669.22M | 652.00M | 469.12M | 555.41M |
| Gross Profit | 25.40M | 125.34M | 155.32M | 262.01M | 88.38M |
| EBITDA | -16.40M | -58.66M | 77.32M | 44.67M | 62.44M |
| Net Income | -100.70M | -106.07M | 13.69M | 1.44M | 27.56M |
Balance Sheet | |||||
| Total Assets | 1.51B | 1.27B | 1.12B | 1.13B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 226.10M | 93.40M | 156.08M | 239.38M | 252.98M |
| Total Debt | 610.70M | 538.77M | 453.96M | 375.58M | 318.01M |
| Total Liabilities | 1.28B | 1.09B | 827.48M | 849.69M | 740.59M |
| Stockholders Equity | 223.30M | 170.61M | 278.00M | 281.18M | 287.00M |
Cash Flow | |||||
| Free Cash Flow | -140.30M | -159.37M | -142.22M | -47.64M | 4.50M |
| Operating Cash Flow | -95.80M | -110.80M | -115.75M | -25.26M | 29.65M |
| Investing Cash Flow | -44.50M | -48.57M | -18.60M | -22.38M | -11.18M |
| Financing Cash Flow | 272.90M | 97.55M | 50.71M | 33.22M | 6.21M |
Talgo S.A. Technical Analysis
Talgo S.A. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.01B | 13.79 | 14.10% | 2.28% | 6.84% | 16.03% | |
67 Neutral | €2.40B | 18.70 | -6.79% | 13.00% | 11.61% | -212.68% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €1.76B | 11.36 | 7.70% | 3.35% | -4.69% | -8.38% | |
55 Neutral | €5.17B | ― | 5.28% | 4.49% | 5.00% | -64.19% | |
52 Neutral | €603.43M | 297.92 | 0.29% | ― | 1.39% | 72.34% | |
48 Neutral | €363.72M | -3.44 | -165.56% | ― | -16.41% | -952.46% |
Talgo S.A. Corporate Events
Talgo S.A. has announced it will publish its full-year 2025 financial results on 27 February 2026, after the close of trading on the Madrid Stock Exchange. The timing of the release signals an upcoming transparency event for investors and analysts, who will look to the figures for insights into the company’s operational performance, order execution, and positioning within the competitive rail manufacturing sector.
The scheduled disclosure may influence market expectations around Talgo’s growth prospects, profitability, and contract pipeline, potentially affecting trading activity in its shares. Stakeholders, including shareholders and lenders, are likely to treat the date as a key milestone for reassessing the company’s financial health and strategic outlook in the broader transportation infrastructure industry.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo has secured a major boost to its order book after the Government of Saudi Arabia awarded a contract for the manufacture and maintenance of 20 new high-speed trains for the Haramain High-Speed Railway, adding €1.332 billion and lifting its total backlog to a record around €6 billion. The trains, to be built through the Saudi Spanish Train Project Company and based on the 35 units already operating since 2018, come alongside an extension of the Phase II operation and maintenance period that could run to 2038, consolidating Talgo’s long-term role in Saudi rail and reinforcing its international growth strategy in a key Middle Eastern market.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s board of directors has called an Extraordinary General Shareholders’ Meeting to be held in Vitoria-Gasteiz on 12 March 2026, with a potential second call on 13 March 2026, to vote on a series of proposed corporate resolutions. The company is emphasizing flexible participation by enabling physical attendance, telematic attendance with real-time connection, remote voting and proxy delegation, and live streaming via its corporate website, underscoring a push toward greater shareholder engagement and streamlined governance processes.
Shareholders and their representatives are encouraged to participate remotely by submitting proxies or casting votes ahead of the meeting or by connecting telematically on the day. Registration desks for those attending in person will open one hour before the meeting starts, reflecting Talgo’s effort to balance traditional in-person corporate governance with expanded digital access for a broader investor base.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo has secured a major contract in Saudi Arabia for the manufacture and maintenance of 20 new high-speed trains under the Haramain High-Speed Railway project, adding €1.332 billion to its order book and lifting its backlog to a record around €6 billion. The agreement, which mirrors the technical specifications of 35 existing Talgo units in service since 2018 and extends maintenance responsibilities for the entire 56-train fleet potentially through 2038, reinforces the company’s long-term positioning in the Saudi market and supports its broader international growth strategy focused on the Middle East.
This expanded role in Saudi Arabia provides Talgo with multi-year revenue visibility and deeper operational integration in one of the world’s most active rail investment regions. For stakeholders, the deal underscores the strategic importance of the Haramain corridor to Talgo’s business mix, while signaling continued demand for high-speed rail technology and lifecycle maintenance services across the Middle East.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s Board of Directors has approved a broad reshuffle of its governing bodies, ratifying the appointment of José Antonio Jainaga Gómez as Chairman following the resignation of former chair Carlos de Palacio y Oriol, and bringing in two new independent directors, Lorea Aristizabal Abasolo and Tomás Olano Uscola, to fill recent vacancies. The company has also reconstituted key board committees—the Audit Committee, the Strategy and Sustainability Committee, and the Appointments and Remuneration Committee—by naming new members and leadership, moves that signal a significant refresh of Talgo’s corporate governance structure and may influence its strategic oversight, risk control, and sustainability agenda ahead of the next General Shareholders’ Meeting.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s board has carried out a broad reshuffle of its governing bodies, ratifying José Antonio Jainaga Gómez as chairman following the resignation of former chair Carlos de Palacio y Oriol and appointing two new independent directors, Lorea Aristizabal Abasolo and Tomás Olano Uscola, by co‑option until the next shareholders’ meeting. The company has also reconfigured its key board committees after several resignations, installing new members and leadership in the Audit Committee, Strategy and Sustainability Committee, and Appointments and Remuneration Committee, moves that signal an attempt to stabilise governance and refresh independent oversight at a sensitive time for corporate strategy and stakeholder confidence.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s Extraordinary General Shareholders’ Meeting, held on 3 February 2026 in Vitoria-Gasteiz, approved all Board-proposed resolutions, including the confirmation of José Antonio Jainaga Gómez as a proprietary director for a new four‑year term following his previous co-optation. The Board of Directors subsequently enacted a broad refresh of its governance structure, accepting the resignations of several directors, removing the chair of the Appointments and Remuneration Committee, and appointing new members and leadership to that committee, signaling a significant reshaping of Talgo’s board and oversight framework that may influence its future strategic direction and governance practices.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s Board of Directors has approved a broad shake-up of its governance structure, ratifying José Antonio Jainaga Gómez as Chairman to replace outgoing chair Carlos de Palacio y Oriol and bringing in two new independent directors, Lorea Aristizabal Abasolo and Tomás Olano Uscola, to fill recent vacancies. The company has also reconstituted key board committees, naming new members and leadership for the Audit Committee and the Strategy and Sustainability Committee, and adjusting the composition of the Appointments and Remuneration Committee, moves that collectively refresh the oversight framework and may influence Talgo’s strategic direction and governance practices ahead of its next General Shareholders’ Meeting.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s Board of Directors has approved a sweeping refresh of its governance structure, ratifying José Antonio Jainaga Gómez as chairman following the resignation of former chair Carlos de Palacio y Oriol and appointing two new independent directors, Lorea Aristizabal Abasolo and Tomás Olano Uscola, to fill recent board vacancies. The company has also reconstituted its key board committees, naming new members and leadership for the Audit Committee, Strategy and Sustainability Committee, and Appointments and Remuneration Committee in response to a series of recent resignations, moves that aim to stabilise corporate oversight and align Talgo’s governance with its current strategic priorities and regulatory expectations.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo’s extraordinary general shareholders’ meeting, held on 3 February 2026 in Vitoria-Gasteiz with close to 60% of share capital represented, approved all resolutions proposed by the board, including the formal removal of director Gonzalo Urquijo and the ratification and four‑year re‑election of proprietary director José Antonio Jainaga, initially appointed by co-option in December 2025. Following the meeting, the board accepted the resignations of directors María Luisa Poncela and Carlos de Palacio, overhauled the Appointments and Remuneration Committee by dismissing its previous chair, appointing new members, and naming Aránzazu Estefanía as chairwoman and board secretary Francisco Javier Gómez as committee secretary, reshaping Talgo’s governance structure and signaling a significant refresh of its leadership and board-committee configuration.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.
Talgo S.A. has announced a leadership change at the top of its governance structure, with long-standing board member Carlos de Palacio y Oriol stepping down as chairman of the board of directors. The board has unanimously appointed José Antonio Jainaga Gómez as the new chairman, reconfiguring the board’s leadership while maintaining a mix of proprietary and independent external directors, a move that could signal a new phase in the company’s strategic direction and oversight for shareholders and other stakeholders.
The most recent analyst rating on (ES:TLGO) stock is a Hold with a EUR3.00 price target. To see the full list of analyst forecasts on Talgo S.A. stock, see the ES:TLGO Stock Forecast page.