Viscofan (VIS) AI Stock Analysis

• Market Cap: €2.72B
• Dividend Yield: 5.02%
• Average Volume (3M): 117.70K
• Price to Earnings (P/E): 16.9
• Beta (1Y): 0.05
• Revenue Growth: 3.74%
• EPS Growth: 8.78%
• Country: ES
• Employees: 5,480
• Sector: General
• Sector Strength: N/A
• Industry: Packaging & Containers
• EPS (TTM): 1.11
• Shares Outstanding: 46,500,000
• 10 Day Avg. Volume: 252,350
• 30 Day Avg. Volume: 117,700
• PEG Ratio: -53.57
• Price to Book (P/B): 2.68
• Price to Sales (P/S): 1.98
• P/FCF Ratio: 22.99
• 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: €68.75
• Price Target Upside: 27.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.7
• Revenue Forecast (FY): €1.30B

• Rating: 76 Outperform
• Price Target: €67.00 ▲(24.30% Upside)
• Action: Upgraded Date: 03/01/26
• Date: Action: Upgraded 03/01/26

The score is driven primarily by strong and resilient financial performance (durable margins, solid ROE, and a conservative balance sheet), tempered by weaker 2025 free cash flow conversion. Technicals are supportive with an uptrend, but overbought signals raise near-term pullback risk. Valuation is broadly reasonable, helped by a high dividend yield.

Positive Factors

Durable margins & returns

Sustained mid-teens EBIT and double-digit EBITDA margins indicate structural profitability from specialized products and scale. High ROE shows efficient capital use, supporting recurring cash generation and the firm's ability to fund dividends, R&D and modest reinvestment over the medium term.

Conservative balance sheet

Low-to-moderate leverage provides financial flexibility to weather demand cycles and supports strategic investments. A stable equity base and modest debt keep interest burden limited, preserving free cash flow for shareholder returns and capex without forcing rapid deleveraging.

Niche market leadership & essential product

Specialized casings are mission-critical inputs for meat processors, creating durable demand and long-term customer relationships. Market leadership and ongoing R&D create barriers to entry, underpinning stable volumes and pricing power across cycles for sustainable revenue streams.

Negative Factors

Weaker free cash flow conversion

A sharp drop in free cash flow and lower conversion versus net income raises concerns about cash available for dividends, buybacks and organic growth. If working-capital needs or reinvestment remain elevated, funding flexibility and the ability to sustain payout policies could be constrained.

Modest revenue momentum

Low single-digit revenue growth suggests limited volume expansion in core markets and reliance on margin improvement for earnings growth. In a mature category, slow top-line pickup limits upside and raises dependence on pricing, new product wins or structural market shifts to drive material revenue gains.

Upward drift in leverage

Although leverage remains moderate, the rising trend reduces the firm's margin of safety. If cash generation remains volatile, higher debt increases refinancing and interest-rate vulnerability, potentially restricting capital allocation choices for M&A, capex or shareholder returns over the medium term.

Viscofan Business Overview & Revenue Model

Company Description

Viscofan, S.A., together with its subsidiaries, manufactures and distributes artificial casings primarily for use in the meat and other industry worldwide. The company offers cellulose casings for cooked, smoked, or unsmoked sausages; collagen casings for processed, fresh, and pre-cooked fried sausages or dry-cured snacks; fibrous casings for sliced goods, such as mortadella or salamis; and other plastic casings and packing solutions. The company offers its cellulosic wraps under the Viscofan brands; collagen casings under the Colfan, NDX, Viscofan Natur, Edicurve, Eficook, and Efidry brands; fibrous casings under the Securex, Zip, PSX, and Titanium brands; casings, films, bags, and other plastic products under the Viscofan Smoke, Betan, Tripan, V-4000 brands; functional solutions under the Vispice, Roast-E, Smoke-E, and Edileaf brands; and vegetable casings under the Viscofan Veggie brand. It also manufactures interleaver films; leases industrial machinery; and generates and sells electricity through its cogeneration plants. The company was formerly known as Viscofan, Industria Navarra de Envolturas Celulósicas, S.A. and changed its name to Viscofan, S.A. in June 2002.Viscofan, S.A. was incorporated in 1975 and is headquartered in Tajonar, Spain.

How the Company Makes Money

Viscofan generates revenue primarily through the sale of its casing products to food manufacturers worldwide. The company’s revenue model is based on direct sales of its casings, which are crucial for the production of sausages, hams, and other processed meats. Key revenue streams include the sale of synthetic casings, collagen casings, and cellulose casings, each tailored to meet specific customer needs. Significant partnerships with major food producers enhance their market position and contribute to stable demand. Additionally, Viscofan invests in R&D to innovate and expand its product offerings, which helps to maintain competitive pricing and customer loyalty, ultimately driving sales growth.

Viscofan Financial Statement Overview

Summary

Strong profitability and returns (2025 EBIT margin ~16.3%, EBITDA margin ~23.1%, ROE ~17.2%) supported by a conservatively financed balance sheet (debt-to-equity ~0.29). Offsetting factors are modest recent revenue momentum and a notable 2025 free cash flow step-down with weaker cash conversion (~57% of net income).

Income Statement

Viscofan shows strong and resilient profitability, with net profit margin holding around the low-teens across the period (2025: ~12.8%) and solid operating profitability (2025 EBIT margin ~16.3%, EBITDA margin ~23.1%). Net income has grown steadily since 2020, but top-line momentum has been modest recently (2024 revenue slightly down, 2025 up ~1.8%), and margins have eased versus 2024 levels—suggesting growth is more stable than high-velocity.

Balance Sheet

The balance sheet looks conservatively financed with low-to-moderate leverage (debt to equity rising to ~0.29 in 2025 from ~0.13 in 2021, but still not high). Equity has remained large and stable relative to assets, and returns on equity are consistently strong (mid-to-high teens; ~17.2% in 2025), indicating efficient capital use. The key watch item is the upward drift in debt in recent years, which slightly reduces the margin of safety versus earlier periods.

Cash Flow

Cash generation is positive, with operating cash flow and free cash flow consistently above zero; however, cash conversion has been uneven. In 2025, free cash flow fell sharply (about -18.8% year over year) and free cash flow covered only ~57% of net income, down from ~68% in 2024—suggesting higher reinvestment needs and/or working-capital drag. Still, free cash flow rebounded strongly from the very weak 2022 level, indicating underlying capacity to generate cash, but with higher volatility than earnings.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.23B	1.25B	1.20B	1.23B	1.20B	969.24M
Gross Profit	845.34M	467.49M	813.58M	804.82M	811.72M	686.02M
EBITDA	295.17M	289.14M	300.60M	259.52M	263.47M	249.62M
Net Income	157.94M	159.92M	157.02M	140.96M	139.43M	133.00M
Balance Sheet
Total Assets	1.44B	1.44B	1.40B	1.41B	1.35B	1.17B
Cash, Cash Equivalents and Short-Term Investments	47.47M	63.76M	55.94M	52.76M	51.93M	92.11M
Total Debt	296.10M	268.89M	212.95M	201.12M	162.82M	106.83M
Total Liabilities	529.28M	504.10M	463.94M	449.74M	440.52M	346.02M
Stockholders Equity	902.09M	927.63M	937.20M	957.77M	906.87M	822.78M
Cash Flow
Free Cash Flow	132.96M	107.98M	160.79M	68.58M	5.16M	125.52M
Operating Cash Flow	215.93M	188.43M	235.82M	145.71M	120.73M	221.30M
Investing Cash Flow	-96.80M	-89.31M	-79.08M	-75.12M	-113.95M	-94.68M
Financing Cash Flow	-122.74M	-87.28M	-152.71M	-70.72M	-48.45M	-90.94M

Viscofan Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 53.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:VIS, the sentiment is Positive. The current price of 53.9 is below the 20-day moving average (MA) of 57.32, below the 50-day MA of 55.75, and below the 200-day MA of 56.57, indicating a bullish trend. The MACD of 0.94 indicates Negative momentum. The RSI at 73.16 is Negative, neither overbought nor oversold. The STOCH value of 78.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:VIS.

Viscofan Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VIS	76 Outperform	€2.72B	16.93	16.92%	5.02%	3.74%	8.78%
CIE	74 Outperform	€3.62B	11.29	23.31%	3.23%	-2.79%	0.61%
ENO	67 Neutral	€2.38B	22.03	-6.79%	13.00%	11.61%	-212.68%
TUB	65 Neutral	€380.10M	12.85	11.13%	6.29%	-10.37%	38.82%
VID	65 Neutral	€2.80B	13.79	17.47%	1.65%	-5.27%	27.73%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

Viscofan Corporate Events

Viscofan Delivers Record 2025 Results and Raises Shareholder Payout as It Launches New Strategy

Viscofan closed 2025 with record highs in net revenue, EBITDA and net profit, underscoring the resilience of its business model despite adverse currency movements and higher raw material costs, particularly collagen hides in Europe. Net revenue reached €1,252.0 million, up 4.0% year on year and 6.1% on a comparable basis, supported by record volume growth.

EBITDA rose to €290.0 million, an increase of 1.6% versus 2024 and 6.2% in comparable terms, with the reported EBITDA margin easing slightly to 23.2% due to FX and input cost pressures but remaining stable at 23.7% on a comparable basis. Net profit grew 1.8% to €159.9 million, while net bank debt increased to €206.1 million from €146.9 million, mainly reflecting higher shareholder remuneration and a share buyback.

The company proposed total shareholder remuneration of €3.25 per share charged to 2025 results, combining ordinary and extraordinary components and highlighting its focus on returning value to investors. Management emphasized that the completion of the Beyond’25 strategic plan has reinforced Viscofan’s leadership in casings and positioned it strongly to launch the new Beat´30 strategy aimed at achieving further record growth, profitability and sustainable value creation.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Keeps Capital Stable While Highlighting Key Shareholders

Viscofan has maintained its share capital at €32.55 million, represented by 46.5 million shares and voting rights, despite executing two capital reduction and increase operations in 2025 linked to its optional dividend program “Viscofan Retribución Flexible”. These transactions, registered in June and December 2025, involved cancelling and issuing a total of over 1.69 million shares at the same nominal value, leaving the overall capital and number of shares unchanged.

The company’s ownership structure shows Corporación Financiera Alba, S.A. as a key shareholder with 14.25% of voting rights, while individual investor Santiago Domecq Bohórquez holds 5.03% indirectly. The absence of different share classes and loyalty voting rights underscores a straightforward governance and voting framework, which may appeal to institutional investors seeking transparency and stability in corporate control.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Details 2025 Directors’ Pay Policy and Risk‑Aligned Incentives

Viscofan has released its annual report on directors’ remuneration for the financial year ending 31 December 2025, outlining the governance framework and procedures used to set pay levels for board members and executive directors. The report describes how decisions are made by company bodies, whether peer companies and external advisers are used for benchmarking, and the mechanisms available to introduce temporary exceptions to the remuneration policy.

The company emphasizes a remuneration mix that balances fixed annual pay with variable components linked to both short- and long-term performance, aiming to support sustainable value creation while avoiding excessive risk-taking. Fixed remuneration is always accrued and therefore does not expose directors to risk, while variable pay is tied to specific objectives and may include vesting, deferral, and clawback-type mechanisms designed to align incentives with long-term results and protect stakeholders.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Updates 2024 Figures After Acquisition Valuation and Reports Higher 2025 Assets

Viscofan has restated its 2024 consolidated balance sheet and statement of changes in equity to finalize the accounting treatment of assets, liabilities and contingent liabilities from the acquisition of Brazilian companies Brasfibra and Master Couros. This adjustment refines the group’s reported financial position and equity for 2024, aligning the accounts with the definitive valuation of those acquired businesses and providing investors with updated comparative figures.

The individual balance sheet for Viscofan at 31 December 2025 shows total assets of €762.4 million, up from €660.1 million a year earlier, driven mainly by higher non-current assets linked to investments in group companies and deferred tax assets. Current assets declined slightly due to lower current investments in group companies, while cash and cash equivalents increased, indicating a stronger long-term asset base and ongoing intra-group financial repositioning.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan launches €150 million buyback to support flexible dividend and limit dilution

Viscofan’s board has approved a new share buyback programme of up to €150 million, covering a maximum of 2.7 million shares, or about 5.8% of its current share capital, to run from 2 March 2026 to 1 March 2027. The purchases, to be executed mainly on the Spanish Continuous Market and other trading venues at market prices under EU market abuse rules, will be managed independently by Kutxabank Investment.

The company intends to use the repurchased shares to support its “Viscofan Dividendo Flexible” optional scrip dividend scheme for 2026 by cancelling treasury shares and thereby preventing dilution for shareholders opting for cash. Any surplus shares above those required to offset dilution will be kept as treasury stock and cancelled in subsequent dividend windows or, if no new flexible dividend is authorised, cancelled in line with applicable regulations, underscoring an ongoing capital-return policy that can enhance earnings per share and support investor confidence.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Ends Buy-Back After Repurchasing 1.075% of Share Capital

Viscofan has completed the final phase of its share buy-back programme, purchasing 29,837 shares on 23 and 24 February 2026 on the Madrid Stock Exchange at prices around €58–€59 per share. These trades bring the total repurchased since 25 November 2025 to 500,000 shares, equivalent to 1.075% of its share capital, in line with the mandate approved at the April 2023 shareholders’ meeting.

The company confirmed it will not acquire further shares under this programme and has formally terminated it as of the close of trading on 24 February 2026, in compliance with EU rules on buy-backs. Viscofan plans to cancel the repurchased shares once the necessary corporate resolutions are passed in the first half of 2026, a move that will reduce the number of shares outstanding and is likely to enhance value for remaining shareholders through a lower free-float share count.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Continues Treasury Share Buy-Back on Madrid Exchange

Viscofan has reported new activity under its ongoing share buy-back programme authorised by shareholders in April 2023 and implemented under EU market abuse and buy-back regulations. Between 16 and 20 February 2026 the company repurchased a total of 46,161 shares of its own stock on the Madrid exchange at prices mostly between €57 and €58 per share.

The transactions, executed in multiple tranches each day, reflect Viscofan’s continued use of its authorised capital management tools to acquire treasury shares. This systematic repurchasing can support earnings per share metrics, provide shares for potential employee plans or other corporate purposes, and signals active balance sheet management to investors within the regulatory framework.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Details February Share Buybacks Under Ongoing Repurchase Programme

Viscofan has reported the latest weekly progress of its approved share buyback programme, authorised by shareholders in 2023 and executed under European market abuse and buyback regulations. Between 2 and 6 February 2026, the company repurchased 43,228 shares on the Madrid Stock Exchange at prices mostly in the mid‑€50 range, signalling continued active capital management and potential support for its share price and earnings per share.

The purchases, executed through multiple small transactions each day, reflect an orderly implementation of the programme within regulatory limits and market conditions. This ongoing buyback activity may gradually alter Viscofan’s free float and shareholder structure, and underlines management’s confidence in the company’s financial position and long-term value creation strategy for investors.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Reports New Purchases Under Ongoing Share Buyback Programme

Viscofan has reported the latest tranche of transactions under its share buyback programme, authorised by shareholders in April 2023 and conducted in accordance with EU market abuse and buyback regulations. Between 26 and 30 January 2026 the company repurchased a total of 42,269 shares on the Madrid Stock Exchange at prices mostly around €56 per share, reinforcing its capital allocation policy and signalling continued commitment to shareholder remuneration and balance-sheet optimisation.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Sets Date to Release 2025 Results and Unveil New Strategic Plan

Viscofan has announced that it will publish its financial results for the 2025 financial year on 26 February 2026, after the close of trading on the Spanish stock market, and will follow this with a meeting for financial analysts in Madrid on 27 February 2026. During this analyst meeting, which will also be accessible virtually for registered participants, the company plans to discuss its 2025 results and unveil a new strategic plan, an event that is likely to shape investor understanding of its future direction and operational priorities.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.

Viscofan Reports January Share Purchases Under Ongoing Buy-Back Programme

Viscofan has reported new activity under its previously approved share buy-back programme, authorised by shareholders in April 2023 and conducted in line with EU market abuse and buy-back regulations. Between 19 and 23 January 2026, the company repurchased a total of 35,859 shares on the Madrid Stock Exchange at prices around €55–€56 per share, as part of its ongoing capital management strategy that may support share liquidity and signal confidence in the company’s valuation to investors.

The most recent analyst rating on (ES:VIS) stock is a Buy with a EUR69.00 price target. To see the full list of analyst forecasts on Viscofan stock, see the ES:VIS Stock Forecast page.