Aperam S.A. (NL:APAM)
:APAM
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Aperam S.A.
(APAM)
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Rating:46Neutral
Price Target:
€32.00
▼(-5.88% Downside)
Action:ReiteratedDate:03/10/26
The score is held down primarily by sharply compressed profitability and an extremely high P/E driven by weak current earnings. Technicals also lean bearish with the stock below key moving averages and a negative MACD, despite oversold readings. Support comes from a reasonably managed balance sheet, solid 2025 cash generation, and a high dividend yield.
Positive Factors
Product mix & vertical integration
Aperam's mix of stainless and specialty steels plus downstream finishing and recycling provides durable structural advantages: higher-margin specialty products and value-added services reduce reliance on commodity steel cycles, while recycling integration helps control raw-material costs and improves gross-margin resilience over time.
Negative Factors
Revenue decline
A sustained revenue decline erodes economies of scale and market presence. Falling top-line over multiple years suggests weaker end-market demand or lost volume mix, which makes it harder to leverage fixed costs and sustain margins, increasing long-term structural risk to earnings power.
Read all positive and negative factors
Positive Factors
Negative Factors
Product mix & vertical integration
Aperam's mix of stainless and specialty steels plus downstream finishing and recycling provides durable structural advantages: higher-margin specialty products and value-added services reduce reliance on commodity steel cycles, while recycling integration helps control raw-material costs and improves gross-margin resilience over time.
Read all positive factors
Aperam S.A. (APAM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€2.37B
Dividend Yield5.41%
Average Volume (3M)246.24K
Price to Earnings (P/E)283.2
Beta (1Y)1.21
Revenue Growth-2.24%
EPS Growth-102.76%
CountryNL
Employees12,007
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)0.40
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
€42.79Price Target Upside25.85% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)2.04
Revenue Forecast (FY)€6.72B
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
34
Negative
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.08B | 6.25B | 6.59B | 8.16B | 5.10B |
| Gross Profit | 6.08B | 408.00M | 379.00M | 1.18B | 1.23B |
| EBITDA | 275.00M | 354.00M | 366.00M | 959.00M | 1.20B |
| Net Income | 9.00M | 231.00M | 203.00M | 625.00M | 968.00M |
Balance Sheet | |||||
| Total Assets | 5.17B | 5.84B | 6.21B | 6.26B | 5.91B |
| Cash, Cash Equivalents and Short-Term Investments | 325.00M | 216.00M | 443.00M | 457.00M | 524.00M |
| Total Debt | 1.30B | 760.00M | 934.00M | 925.00M | 990.00M |
| Total Liabilities | 1.97B | 2.47B | 2.76B | 2.87B | 2.96B |
| Stockholders Equity | 3.19B | 3.35B | 3.44B | 3.38B | 2.94B |
Cash Flow | |||||
| Free Cash Flow | 285.00M | 114.00M | 170.00M | 346.00M | 398.00M |
| Operating Cash Flow | 422.00M | 280.00M | 471.00M | 642.00M | 550.00M |
| Investing Cash Flow | -589.00M | -155.00M | -303.00M | -297.00M | -183.00M |
| Financing Cash Flow | 279.00M | -336.00M | -152.00M | -419.00M | -197.00M |
Aperam S.A. Technical Analysis
Negative
34.00
Price Trends
37.87
Negative
35.41
Negative
31.31
Positive
Market Momentum
-1.31
Positive
41.00
Neutral
71.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:APAM, the sentiment is Negative. The current price of 34 is below the 20-day moving average (MA) of 35.76, below the 50-day MA of 37.87, and above the 200-day MA of 31.31, indicating a neutral trend. The MACD of -1.31 indicates Positive momentum. The RSI at 41.00 is Neutral, neither overbought nor oversold. The STOCH value of 71.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | €32.10B | 10.68 | 6.11% | 1.24% | -5.35% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | €1.08B | -5.46 | 6.84% | 1.46% | 9.94% | ― | |
47 Neutral | €721.34M | 2.88 | ― | 229.25% | ― | ― | |
46 Neutral | €2.37B | 283.16 | -0.24% | 5.41% | -2.24% | -102.76% |
* General Sector Average
NL:APAM
Aperam S.A.
33.36
5.12
18.13%
NL:AMG
AMG ADVANCED METALLURGICAL GROUP NV
33.36
19.35
138.05%
NL:MT
ArcelorMittal
43.15
17.15
65.98%
NL:OCI
OCI N.V.
3.42
-0.62
-15.32%
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.