Aperam S.A. (NL:APAM)
:APAM
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Aperam S.A.
(APAM)
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Rating:55Neutral
Price Target:
€47.00
▲(10.64% Upside)
Action:Reiterated
Date:05/02/26
The score is held back primarily by weak current profitability and contracting revenue trends, despite decent balance sheet leverage and strong free-cash-flow generation. Technically the stock is in a strong uptrend, but overbought signals raise near-term risk. Valuation is a key constraint due to the extremely high P/E, with the dividend yield providing only partial support.
Positive Factors
Strong cash generation
Aperam's persistent operating cash flow (~€516M TTM) and robust free cash flow (~€393M) provide durable internal funding. In a cyclical steel industry, reliable FCF supports capex, dividends and debt service even when reported earnings are volatile, improving resilience over months.
Negative Factors
Contracting revenue & weak margins
Multi-year revenue declines and near-break-even net margins (TTM ~0.5%, 2025 ~0.1%) signal structurally weak pricing power and demand. Persistent top-line contraction undermines scale and margin recovery, limiting sustainable earnings and reinvestment capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Aperam's persistent operating cash flow (~€516M TTM) and robust free cash flow (~€393M) provide durable internal funding. In a cyclical steel industry, reliable FCF supports capex, dividends and debt service even when reported earnings are volatile, improving resilience over months.
Read all positive factors
Aperam S.A. (APAM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€3.38B
Dividend Yield5.41%
Average Volume (3M)246.24K
Price to Earnings (P/E)204.7
Beta (1Y)1.31
Revenue Growth-4.14%
EPS Growth-87.08%
CountryNL
Employees12,007
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)0.41
Shares Outstanding73,184,570
10 Day Avg. Volume264,212
30 Day Avg. Volume246,236
Financial Highlights & Ratios
PEG Ratio-2.94
Price to Book (P/B)0.80
Price to Sales (P/S)0.42
P/FCF Ratio8.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€45.90Price Target Upside8.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.02
Revenue Forecast (FY)€6.70B
Aperam S.A. Business Overview & Revenue Model
Company Description
Aperam S.A., together with its subsidiaries, engages in the production and sale of stainless and specialty steel products worldwide. It operates through three segments: Stainless & Electrical Steel; Services & Solutions; and Alloys & Specialties. ...
How the Company Makes Money
Aperam makes money primarily by producing and selling stainless and specialty steel products to industrial customers. Its core revenue stream is the sale of steel products (including finished and semi-finished forms) where earnings are driven by s...
Aperam S.A. Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.00B | 6.08B | 6.25B | 6.59B | 8.16B | 5.10B |
| Gross Profit | 6.00B | 341.00M | 408.00M | 379.00M | 1.18B | 1.23B |
| EBITDA | 315.00M | 250.00M | 354.00M | 366.00M | 959.00M | 1.20B |
| Net Income | 30.00M | 9.00M | 231.00M | 203.00M | 625.00M | 968.00M |
Balance Sheet | ||||||
| Total Assets | 5.26B | 5.17B | 5.84B | 6.21B | 6.26B | 5.91B |
| Cash, Cash Equivalents and Short-Term Investments | 237.00M | 325.00M | 216.00M | 443.00M | 457.00M | 524.00M |
| Total Debt | 1.29B | 1.30B | 760.00M | 934.00M | 925.00M | 990.00M |
| Total Liabilities | 2.01B | 1.97B | 2.47B | 2.76B | 2.87B | 2.96B |
| Stockholders Equity | 3.24B | 3.19B | 3.35B | 3.44B | 3.38B | 2.94B |
Cash Flow | ||||||
| Free Cash Flow | 393.00M | 285.00M | 114.00M | 170.00M | 346.00M | 398.00M |
| Operating Cash Flow | 516.00M | 422.00M | 280.00M | 471.00M | 642.00M | 550.00M |
| Investing Cash Flow | -153.00M | -589.00M | -155.00M | -303.00M | -297.00M | -183.00M |
| Financing Cash Flow | -309.00M | 279.00M | -336.00M | -152.00M | -419.00M | -197.00M |
Aperam S.A. Technical Analysis
Positive
42.48
Price Trends
38.56
Positive
36.44
Positive
32.11
Positive
Market Momentum
1.35
Negative
66.48
Neutral
93.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:APAM, the sentiment is Positive. The current price of 42.48 is above the 20-day moving average (MA) of 36.82, above the 50-day MA of 38.56, and above the 200-day MA of 32.11, indicating a bullish trend. The MACD of 1.35 indicates Negative momentum. The RSI at 66.48 is Neutral, neither overbought nor oversold. The STOCH value of 93.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:APAM.
Aperam S.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | €38.86B | 16.76 | 6.11% | 1.24% | -5.78% | 142.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €3.38B | 204.73 | -0.24% | 5.41% | -4.14% | -87.08% | |
53 Neutral | €1.25B | 26.37 | 6.84% | 1.46% | 11.26% | 11.66% | |
53 Neutral | €796.81M | ― | ― | 229.25% | ― | ― |
* General Sector Average
NL:APAM
Aperam S.A.
47.50
21.90
85.55%
NL:AMG
AMG ADVANCED METALLURGICAL GROUP NV
38.88
19.69
102.65%
NL:MT
ArcelorMittal
52.24
25.01
91.84%
NL:OCI
OCI N.V.
3.78
-0.96
-20.30%
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.