Vocento (VOC) AI Stock Analysis

• Market Cap: €85.28M
• Dividend Yield: N/A
• Average Volume (3M): 25.10K
• Price to Earnings (P/E): 2.0
• Beta (1Y): 0.38
• Revenue Growth: -6.41%
• EPS Growth: -905.11%
• Country: ES
• Employees: 2,775
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): 0.09
• Shares Outstanding: 124,319,740
• 10 Day Avg. Volume: 23,237
• 30 Day Avg. Volume: 25,100
• PEG Ratio: -0.11
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 0.23
• P/FCF Ratio: -8.68
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.02
• Revenue Forecast (FY): €334.93M

• Rating: 51 Neutral
• Price Target: €0.68 ▼(-3.80% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back mainly by weak cash generation (negative free cash flow) and unstable operating profitability despite the 2025 revenue rebound and improved leverage. Technical indicators are broadly neutral, while valuation is reasonable at a P/E around 11.

Positive Factors

Revenue rebound & modest net profit

A large revenue rebound and a return to modest net profitability signal recovery in core demand and pricing power. Over the medium term this top-line recovery provides cash generation potential and room to fund digital investments and structural initiatives that support durable revenue diversification.

Improving leverage and manageable debt

A materially lower debt-to-equity ratio meaningfully reduces interest and refinancing risk and improves financial flexibility. This stronger leverage profile supports investment capacity and resilience against cyclicality in advertising over the next several quarters.

Diversified media model & digital pivot

A multi-channel business (print, digital, TV) with ad, subscription and content revenues spreads risk across formats. Continued investment in digital advertising and subscriptions supports recurring revenue growth and aligns with structural audience shifts toward online consumption.

Negative Factors

Weak cash generation & negative FCF

Negative free cash flow and minimal operating cash suggest earnings are not converting to cash, constraining the company’s ability to self-fund investments, pay down debt, or absorb shocks. Persistent cash deficits raise execution and liquidity risk over the coming quarters.

Operating profitability remains weak

A negative operating margin indicates core operations are not sustainably profitable even as net results fluctuate. This operational weakness undermines long-term margin sustainability and implies reliance on nonoperating items or one-offs to show net profit, increasing earnings volatility risk.

Balance-sheet volatility & eroded equity cushion

Historical capital erosion and volatile balance-sheet metrics mean less buffer against downturns and limit strategic flexibility. Even with recent leverage improvements, a thinner equity base and prior negative ROE heighten vulnerability to adverse ad-market or execution shocks in the medium term.

Vocento Business Overview & Revenue Model

Company Description

Vocento (VOC) is a leading Spanish media group that operates across various sectors, including print and digital publishing, television, and online services. The company is known for its diverse portfolio of publications, which includes regional newspapers, magazines, and digital platforms, as well as its presence in broadcasting through its television channels. Vocento aims to deliver quality journalism and entertainment while adapting to the evolving media landscape.

How the Company Makes Money

Vocento generates revenue primarily through advertising, subscription fees, and content production. Key revenue streams include advertising sales from its newspapers, magazines, and digital platforms, which are bolstered by its large audience reach. The company also earns income from subscriptions to its print and digital publications. Additionally, Vocento produces multimedia content and engages in partnerships with other media organizations, enhancing its revenue potential. The shift towards digital media consumption has led Vocento to invest in online advertising and digital subscriptions, contributing significantly to its earnings.

Vocento Financial Statement Overview

Summary

Financials are mixed: 2025 showed a sharp revenue rebound (+40.8%) and a return to modest net profitability (~2.0% net margin), and leverage improved (debt-to-equity ~0.35). However, operating profitability remains weak (operating margin ~-2.5%) and cash generation is poor with negative free cash flow (~-€8.8M), highlighting volatility and execution risk.

Income Statement

Results are volatile. After a strong rebound in 2025 (annual) with revenue up sharply (+40.8%) and returning to modest profitability (net margin ~2.0%), operating profitability remains weak with negative operating income (operating margin ~-2.5%). The prior year (2024 annual) was very weak with a large loss (net margin ~-28.4%) and deeply negative operating profitability, highlighting earnings instability despite generally solid gross profitability.

Balance Sheet

Leverage looks manageable and improving: debt-to-equity fell to ~0.35 in 2025 (annual) from ~0.73 in 2024 (annual), and equity is positive (~€107M). However, the multi-year trend shows meaningful balance-sheet volatility, including a large negative return on equity in 2024, and equity is well below 2021–2022 levels, which reduces the cushion versus prior years.

Cash Flow

Cash generation is the weakest area. In 2025 (annual), operating cash flow was low (~€2.6M) and free cash flow was negative (~-€8.8M), meaning profits did not translate into cash and the company consumed cash after investments. 2024 (annual) also showed negative operating cash flow and deeply negative free cash flow, although earlier years (2021–2023) were meaningfully stronger, pointing to recent deterioration and execution risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	334.02M	342.00M	358.60M	341.24M	326.80M
Gross Profit	158.21M	320.74M	164.85M	311.95M	254.98M
EBITDA	14.03M	-47.50M	40.09M	37.19M	45.30M
Net Income	6.66M	-97.25M	4.01M	12.89M	13.62M
Balance Sheet
Total Assets	321.81M	355.73M	437.12M	430.07M	435.23M
Cash, Cash Equivalents and Short-Term Investments	25.23M	19.14M	24.66M	15.30M	29.36M
Total Debt	36.93M	77.95M	58.26M	45.08M	52.22M
Total Liabilities	157.58M	194.16M	170.37M	161.93M	166.54M
Stockholders Equity	106.99M	106.45M	208.50M	210.74M	204.51M
Cash Flow
Free Cash Flow	-8.82M	-16.51M	7.80M	4.82M	29.25M
Operating Cash Flow	2.57M	-808.00K	21.02M	19.30M	41.96M
Investing Cash Flow	34.55M	-9.65M	-8.81M	-17.40M	6.38M
Financing Cash Flow	-31.68M	4.94M	-2.85M	-23.10M	-44.15M

Vocento Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:VOC, the sentiment is Positive. The current price of 0.71 is above the 20-day moving average (MA) of 0.69, above the 50-day MA of 0.68, and above the 200-day MA of 0.65, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 67.07 is Neutral, neither overbought nor oversold. The STOCH value of 66.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:VOC.

Vocento Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
A3M	62 Neutral	€1.05B	17.72	14.87%	12.71%	-3.21%	-36.23%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
VOC	51 Neutral	€85.28M	1.99	-63.51%	―	-6.41%	-905.11%
PRS	48 Neutral	€422.61M	-17.63	7.33%	―	-1.03%	59.06%