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Tubacex
(BME:TUB)
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Rating:41Neutral
Price Target:
€3.50
▲(4.17% Upside)
Action:Reiterated
Date:03/06/26
The score is held down primarily by deteriorating financial performance and cash burn (negative operating and free cash flow in the last two years) alongside elevated leverage. Technical indicators also point to a bearish trend (below key moving averages with negative MACD). A high dividend yield provides some offset, but the negative P/E reflects loss-making fundamentals.
Positive Factors
Specialized product niche
Tubacex's specialization in seamless stainless and high‑alloy tubes for corrosion and high‑temperature applications creates high technical barriers and mission‑critical end uses (notably energy). This niche supports durable customer relationships, pricing resilience and longer contract horizons versus commodity suppliers.
Negative Factors
Recent profitability deterioration
The swing to a net loss and sharply compressed margins reduces earnings stability and the company's internal capacity to fund operations or investments. For a cyclical steel manufacturer this weakness increases vulnerability to further demand softness and limits the buffer against commodity and input‑cost volatility over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized product niche
Tubacex's specialization in seamless stainless and high‑alloy tubes for corrosion and high‑temperature applications creates high technical barriers and mission‑critical end uses (notably energy). This niche supports durable customer relationships, pricing resilience and longer contract horizons versus commodity suppliers.
Read all positive factors
Tubacex (TUB) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€382.48M
Dividend Yield6.29%
Average Volume (3M)240.62K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth-6.29%
EPS Growth-235.78%
CountryES
Employees2,578
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)-0.32
Shares Outstanding128,557,970
10 Day Avg. Volume213,756
30 Day Avg. Volume240,623
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.40
Price to Sales (P/S)0.57
P/FCF Ratio-6.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€3.50Price Target Upside4.17% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)€695.92M
Tubacex Business Overview & Revenue Model
Company Description
Tubacex, S.A. is a global company, headquartered in Llodio, Spain, that produces and sells stainless steel and nickel tubes across both Spanish and international markets. Its comprehensive product range includes various seamless stainless steel tu...
How the Company Makes Money
Tubacex makes money primarily by manufacturing and selling seamless stainless steel and high-alloy tubes and tubular components. Revenue is generated through (1) product sales: supplying tubes in different grades (e.g., stainless and high-alloy ma...
Tubacex Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 855.56M | 719.26M | 767.54M | 852.39M | 714.71M | 341.86M |
| Gross Profit | 376.96M | 172.38M | 466.20M | 487.83M | 440.62M | 194.67M |
| EBITDA | 82.85M | 39.89M | 111.00M | 127.23M | 97.33M | 16.67M |
| Net Income | -40.08M | -31.28M | 22.85M | 36.33M | 20.23M | -32.21M |
Balance Sheet | ||||||
| Total Assets | 1.22B | 1.22B | 1.33B | 1.21B | 1.16B | 1.04B |
| Cash, Cash Equivalents and Short-Term Investments | 158.00M | 156.75M | 236.39M | 179.01M | 176.85M | 157.99M |
| Total Debt | 496.80M | 525.08M | 517.37M | 507.13M | 501.23M | 526.33M |
| Total Liabilities | 823.50M | 822.94M | 850.56M | 917.82M | 883.69M | 792.60M |
| Stockholders Equity | 294.10M | 292.31M | 378.03M | 240.04M | 221.48M | 197.41M |
Cash Flow | ||||||
| Free Cash Flow | -64.63M | -64.63M | -121.94M | 28.22M | 60.82M | -50.66M |
| Operating Cash Flow | -12.05M | -12.05M | -34.98M | 91.15M | 87.61M | -23.93M |
| Investing Cash Flow | -54.27M | -54.27M | -85.63M | -60.98M | -22.43M | -6.64M |
| Financing Cash Flow | -10.33M | -10.33M | 183.89M | -35.12M | -38.10M | 11.05M |
Tubacex Technical Analysis
Negative
3.36
Price Trends
3.13
Negative
3.08
Positive
3.23
Negative
Market Momentum
0.02
Positive
34.73
Neutral
11.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:TUB, the sentiment is Negative. The current price of 3.36 is above the 20-day moving average (MA) of 3.31, above the 50-day MA of 3.13, and above the 200-day MA of 3.23, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 34.73 is Neutral, neither overbought nor oversold. The STOCH value of 11.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:TUB.
Tubacex Peers Comparison
UnderperformOutperform
Sector (55)
ES:TUB
Tubacex
3.17
-0.49
-13.46%
ES:ACX
Acerinox
16.41
6.09
58.98%
ES:TRG
Tubos Reunidos
0.13
-0.41
-76.06%
Tubacex Corporate Events
Tubacex Reports Q2 2026 Liquidity Contract Transactions and Treasury Stock Movements
Jul 2, 2026
Tubacex has disclosed the transactions executed under its liquidity contract for the second quarter of 2026, detailing the volume of purchases and sales in its own shares and the evolution of its treasury stock position over the period. The public...
Tubacex Steps Up Treasury Stock Purchases Under Authorized Buyback Program
Jul 1, 2026
Tubacex has disclosed a series of purchases of its own shares on the Madrid stock exchange between June 22 and 26, 2026, under a share buyback program authorized by shareholders and approved by the board in late May. The company acquired 20,000 sh...
Tubacex Sets Date for Half-Year 2026 Results and Investor Webcast
Jun 30, 2026
Tubacex S.A. has announced that it will release its half-year 2026 financial results on Friday, July 24, 2026, before the market opens. The company will also host a webcast presentation of these results that same day at 11:00 CEST, signaling a str...
Tubacex Steps Up Share Buybacks Under Treasury Stock Program
Jun 23, 2026
Tubacex has reported purchases of 20,000 of its own shares per day between June 15 and 19 under a board-approved share buyback program, authorized by shareholders in 2025. The trades, executed on the Madrid exchange at prices slightly above €...
Tubacex Reports June Transactions Under Ongoing Share Buyback Program
Jun 16, 2026
Tubacex has disclosed the latest transactions under its share buyback and stabilization program, detailing purchases of its own shares on the Spanish stock market between 8 and 12 June 2026. Over this period, the company acquired several tranches ...
Tubacex Sets Terms for 2026 Flexible Dividend and Capital Increase
Jun 10, 2026
Tubacex has detailed the financial and technical parameters of its 2026 optional dividend scheme, “Tubacex Retribución Flexible,” which combines a fully paid capital increase with a cash dividend linked to 2025 earnings. The compa...
Tubacex Sets Key Terms for 2026 Flexible Dividend and Capital Increase
Jun 10, 2026
Tubacex has detailed the financial parameters of its 2026 “Tubacex Retribución Flexible” optional dividend, which combines a paid-up capital increase with a cash payout linked to 2025 profits. The company set a reference market va...
Tubacex Steps Up Treasury Share Purchases Under Ongoing Buyback Plan
Jun 9, 2026
Tubacex has disclosed the latest activity in its ongoing share buyback program, detailing purchases of its own shares on the market between June 1 and June 5, 2026. The program, authorized by shareholders and approved by the board, is being carrie...
Tubacex Rolls Out 2026 Flexible Dividend With Share or Cash Option
Jun 2, 2026
Tubacex has launched the first edition of its 2026 “Tubacex Retribución Flexible” optional dividend scheme, allowing shareholders to choose between newly issued fully paid shares, selling free allotment rights on the market, or re...
Tubacex Maintains 40% Payout as It Deepens Shift to High-Value Industrial Segments
May 29, 2026
Tubacex’s 2026 General Shareholders’ Meeting approved shareholder remuneration of 6.4 million euros for 2025, maintaining a 40% payout on adjusted net profit and introducing a scrip dividend that lets investors choose cash or shares. T...
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.