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Tecnicas Reunidas
(BME:TRE)
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Rating:57Neutral
Price Target:
€29.00
▼(-0.48% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving financial performance (re-accelerating revenue growth, positive profitability since 2023, improving leverage, and positive recent free cash flow), tempered by concerns about margin volatility and cash-flow sensitivity. Technicals are the main drag, with the stock trading below major moving averages and weak momentum indicators. Valuation appears moderate at ~14x earnings but lacks dividend support due to missing yield data.
Positive Factors
Re-accelerating revenue growth
Sustained ~27% revenue growth in 2025 reflects improving project awards and execution visibility across backlog. For an EPC contractor this indicates better utilization of engineering and construction capacity, supporting multi-quarter revenue recognition and more predictable cash inflows tied to milestone billings.
Negative Factors
Gross margin compression
A collapse in reported gross margin to ~4% in 2025 versus 21–27% earlier highlights exposure to adverse project mix, cost inflation, or pricing pressure. For an EPC firm that often wins lump-sum work, persistent margin compression would materially weaken earnings durability and heighten earnings volatility across multi-year projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Re-accelerating revenue growth
Sustained ~27% revenue growth in 2025 reflects improving project awards and execution visibility across backlog. For an EPC contractor this indicates better utilization of engineering and construction capacity, supporting multi-quarter revenue recognition and more predictable cash inflows tied to milestone billings.
Read all positive factors
Tecnicas Reunidas (TRE) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.21B
Dividend YieldN/A
Average Volume (3M)173.07K
Price to Earnings (P/E)14.0
Beta (1Y)1.49
Revenue Growth32.96%
EPS Growth48.82%
CountryES
Employees10,441
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)2.02
Shares Outstanding80,301,260
10 Day Avg. Volume187,166
30 Day Avg. Volume173,068
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)3.90
Price to Sales (P/S)0.33
P/FCF Ratio17.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€49.00Price Target Upside68.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.29
Revenue Forecast (FY)€6.59B
Tecnicas Reunidas Business Overview & Revenue Model
Company Description
Técnicas Reunidas, S.A., an engineering and construction company, designs and manages industrial plant projects worldwide. It operates through Upstream & Refining, Natural gas, Petrochemical, Low-carbon technologies, and Other segments. The Refini...
How the Company Makes Money
Tecnicas Reunidas primarily makes money by contracting to execute large, complex industrial projects under engineering and construction-style arrangements. Its main revenue stream is project revenue recognized over time as work progresses on award...
Tecnicas Reunidas Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.79B | 6.47B | 4.45B | 4.14B | 4.23B | 2.81B |
| Gross Profit | 885.93M | 272.60M | 1.22B | 1.11B | 873.09M | 684.04M |
| EBITDA | 260.29M | 318.00M | 218.78M | 187.84M | 46.41M | -125.81M |
| Net Income | 157.64M | 156.70M | 89.94M | 60.95M | -37.13M | -190.44M |
Balance Sheet | ||||||
| Total Assets | 6.44B | 5.88B | 4.63B | 4.50B | 4.82B | 3.88B |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 1.14B | 1.02B | 1.03B | 970.23M | 676.59M |
| Total Debt | 1.13B | 903.90M | 888.64M | 906.54M | 1.03B | 784.31M |
| Total Liabilities | 5.82B | 5.32B | 4.23B | 4.18B | 4.73B | 3.78B |
| Stockholders Equity | 612.34M | 553.94M | 389.13M | 313.66M | 70.77M | 95.10M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 125.97M | 75.81M | 69.17M | 81.23M | -270.14M |
| Operating Cash Flow | 0.00 | 141.61M | 83.07M | 83.18M | 83.99M | -267.17M |
| Investing Cash Flow | 0.00 | -16.02M | -7.01M | -13.74M | -1.19M | 14.03M |
| Financing Cash Flow | 0.00 | -745.00K | -91.30M | 4.53M | 210.00M | -11.52M |
Tecnicas Reunidas Technical Analysis
Negative
29.14
Price Trends
30.38
Negative
31.39
Negative
30.85
Negative
Market Momentum
-0.70
Negative
40.85
Neutral
53.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:TRE, the sentiment is Negative. The current price of 29.14 is above the 20-day moving average (MA) of 28.71, below the 50-day MA of 30.38, and below the 200-day MA of 30.85, indicating a bearish trend. The MACD of -0.70 indicates Negative momentum. The RSI at 40.85 is Neutral, neither overbought nor oversold. The STOCH value of 53.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:TRE.
Tecnicas Reunidas Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | €40.75B | 59.73 | 10.42% | 2.00% | 5.46% | -81.98% | |
59 Neutral | €2.90B | 14.37 | 21.10% | 9.34% | 6.96% | ― | |
58 Neutral | €29.34B | 39.25 | 19.75% | 3.14% | 10.46% | 14.97% | |
57 Neutral | €2.21B | 14.00 | 27.90% | ― | 32.96% | 48.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €13.04B | 16.19 | 17.35% | 2.28% | 7.62% | -56.65% | |
54 Neutral | €3.71B | 28.18 | 13.38% | 2.71% | 3.64% | 41.50% |
* General Sector Average
ES:TRE
Tecnicas Reunidas
27.58
6.64
31.71%
ES:ANA
Acciona
213.00
44.20
26.19%
ES:ACS
Actividades de Construccion y Servicios SA
109.00
47.73
77.90%
ES:ENO
Elecnor
33.05
9.53
40.52%
ES:FER
Ferrovial
57.36
13.17
29.80%
ES:SCYR
Sacyr SA
4.58
1.01
28.43%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.