Tubacex SA (ES:TUB)
BME:TUB
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Tubacex
(BME:TUB)
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Rating:41Neutral
Price Target:
€3.00
▲(3.81% Upside)
Action:ReiteratedDate: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
Long-term contracts revenue model
A revenue model driven by long-term contracts and project sales provides predictable topline visibility and backlog conversion over quarters. This durability supports planning, aids capital allocation, and cushions near-term volatility in cyclical end markets, improving stability over 2–6 months.
Negative Factors
Negative operating and free cash flow
Sustained cash burn erodes liquidity and forces reliance on external funding or asset sales. Negative OCF and FCF in consecutive years heighten refinancing and covenant risk, constrain capex for growth or modernization, and reduce margin for error during cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term contracts revenue model
A revenue model driven by long-term contracts and project sales provides predictable topline visibility and backlog conversion over quarters. This durability supports planning, aids capital allocation, and cushions near-term volatility in cyclical end markets, improving stability over 2–6 months.
Read all positive factors
Tubacex (TUB) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€335.14M
Dividend Yield6.29%
Average Volume (3M)240.62K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-10.37%
EPS Growth38.82%
CountryES
Employees2,578
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)-0.38
Shares Outstanding126,549,250
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 Upside21.11% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.2
Revenue Forecast (FY)€811.99M
Tubacex Business Overview & Revenue Model
Company Description
Tubacex, S.A., together with its subsidiaries, engages in the manufacturing and sale of stainless steel and nickel tubes in Spain and internationally. The company provides seamless stainless steel tubes, including CRA OCTG tubing and casing; aeros...
How the Company Makes Money
Tubacex generates revenue primarily through the sale of its high-quality tubes and pipes, which are essential for various applications in the energy and industrial sectors. The company's revenue model is based on long-term contracts and project-ba...
Tubacex Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 719.26M | 767.54M | 852.39M | 714.71M | 341.86M |
| Gross Profit | 172.38M | 466.20M | 487.83M | 440.62M | 194.67M |
| EBITDA | 39.89M | 111.00M | 127.23M | 97.33M | 16.67M |
| Net Income | -31.28M | 22.85M | 36.33M | 20.23M | -32.21M |
Balance Sheet | |||||
| Total Assets | 1.22B | 1.33B | 1.21B | 1.16B | 1.04B |
| Cash, Cash Equivalents and Short-Term Investments | 156.75M | 236.39M | 179.01M | 176.85M | 157.99M |
| Total Debt | 525.08M | 517.37M | 507.13M | 501.23M | 526.33M |
| Total Liabilities | 822.94M | 850.56M | 917.82M | 883.69M | 792.60M |
| Stockholders Equity | 292.31M | 378.03M | 240.04M | 221.48M | 197.41M |
Cash Flow | |||||
| Free Cash Flow | -64.63M | -121.94M | 28.22M | 60.82M | -50.66M |
| Operating Cash Flow | -12.05M | -34.98M | 91.15M | 87.61M | -23.93M |
| Investing Cash Flow | -54.27M | -85.63M | -60.98M | -22.43M | -6.64M |
| Financing Cash Flow | -10.33M | 183.89M | -35.12M | -38.10M | 11.05M |
Tubacex Technical Analysis
Negative
2.89
Price Trends
3.26
Negative
3.32
Negative
3.52
Negative
Market Momentum
-0.10
Negative
37.68
Neutral
54.55
Neutral
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 2.89 is below the 20-day moving average (MA) of 3.02, below the 50-day MA of 3.26, and below the 200-day MA of 3.52, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 37.68 is Neutral, neither overbought nor oversold. The STOCH value of 54.55 is Neutral, 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | €2.93B | -78.76 | -0.23% | 4.82% | -3.02% | 43.07% | |
51 Neutral | €579.24M | 297.92 | 0.29% | ― | 1.39% | 72.34% | |
41 Neutral | €335.14M | -13.10 | -9.86% | 6.29% | -10.37% | 38.82% | |
37 Underperform | €355.90M | -3.44 | -165.56% | ― | -16.41% | -952.46% |
* Basic Materials Sector Average
ES:TUB
Tubacex
2.87
-0.86
-23.14%
ES:ACX
Acerinox
12.27
1.69
15.96%
ES:MCM
Miquel y Costas and Miquel
14.00
1.22
9.56%
ES:OHLA
Obrascon Huarte Lain
0.42
0.08
25.45%
ES:TLGO
Talgo S.A.
2.73
-0.69
-20.18%
ES:TRG
Tubos Reunidos
0.24
-0.42
-63.42%
Tubacex Corporate Events
Tubacex Shareholders Narrow Syndication Pact to Single Board Appointment
Feb 26, 2026
Spanish shareholders Corporación JM Aristrain and Torre Rioja-Madrid SOCIMI have amended their shareholders’ agreement regarding their stakes in Tubacex, S.A. The addendum clarifies that their share syndication is strictly limited to co...
Tubacex Updates Board Regulations to Align with Good Governance Code
Feb 25, 2026
Tubacex has formalized a set of Board of Directors Regulations that define how the board and its committees are organized, how they operate, and what standards of conduct apply to directors, the non‑director secretary, and senior managers. T...
Tubacex Sets Date for Release of 2025 Annual Results and Investor Webcast
Feb 5, 2026
Tubacex has announced that it will release its 2025 annual results on February 27, 2026, before the opening of financial markets, and will present the figures to investors and analysts via a webcast later that morning. The scheduled disclosure und...
Tubacex Sets Date for Release of 2025 Annual Results
Feb 4, 2026
Tubacex has notified the market that it will publish its 2025 annual results on Friday, 27 February 2026, before the opening of financial markets, and will present the figures to investors and analysts via a webcast later that morning. The schedul...
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.