Acerinox SA (ANIOY) AI Stock Analysis

Acerinox SA

(Other OTC:ANIOY)

Select Model

Rating:54Neutral

Price Target:$9.00▲(0.35% Upside)

Action:reiterated

Date:10/31/26

Positive earnings call on EBITDA growth and strategic progress is the main support, offset by financial volatility from industry cyclicality and weak technical momentum.

Positive Factors

North American Market StrengthNorth America is a major sales base with stable pricing, low inventories and favorable demand in aerospace, data centers and energy. This concentration in healthier end markets can support resilient volumes and margins while European demand remains weak over the next several quarters.

Negative Factors

Thin and Volatile ProfitabilityVery thin current margins leave limited protection against weaker steel spreads, energy inflation or lower volumes. The sharp decline from prior peak profitability also shows that earnings power remains cyclical and inconsistent, reducing confidence in sustained returns.

Acerinox SA (ANIOY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $4.70B
Dividend Yield: 3.21%
Average Volume (3M): 597
Price to Earnings (P/E): 47.3
Beta (1Y): 1.09
Revenue Growth: 7.21%
EPS Growth: -37.14%
Country: US
Employees: 9,156
Sector: Basic Materials
Sector Strength: 61
Industry: Steel

Acerinox SA Business Overview & Revenue Model

Company Description

Acerinox, S.A. is a global enterprise that, through its subsidiaries, manufactures, processes, and distributes stainless steel products. Its reach spans continents, including Spain, the Americas, Africa, Asia, Oceania, and Europe. The company's offer...

How the Company Makes Money

Acerinox makes money primarily by manufacturing and selling stainless-steel and alloy products. Its revenue is generated from (1) sales of finished steel products to industrial and commercial customers, where pricing typically reflects a combination...

Acerinox SA Earnings Call Summary

Earnings Call Date:Oct 29, 2026(Q3-2026)|% Change Since:-5.48%|Next Earnings Date:Feb 25, 2027

Earnings Call SentimentPositive

The call was strongly positive overall. The company reported substantial EBITDA growth, record-level quarterly operating performance, strong North American stainless and high-performance alloy demand, progress in the Acerinox Europe turnaround, continued strategic investment and confidence in 2027. These positives were partly offset by weak European demand, energy and geopolitical pressures, negative Q3 operating cash flow, higher net debt, challenges at Columbus and an expected sequential EBITDA decline in Q4.

Positive Updates

Strong Q3 and Nine-Month EBITDA Growth

Q3 sales were EUR 1.6 billion, broadly similar to the previous quarter, while EBITDA increased 13% to EUR 199 million. For the first nine months, sales reached EUR 4.5 billion, up 2% year over year, and EBITDA rose 46% to EUR 470 million.

Negative Updates

Demand Remains Below Pre-COVID Levels

Management said consumption has not yet returned to pre-COVID levels, demand remains low in many markets, some sectors remain depressed, and the company continues to face significant uncertainty.

Company Guidance

For Q4, management said “the EBITDA of the Q4 is going to be lower than the Q3,” with Q3 the peak of 2026, because the United States will contribute “2/3 of the normal contribution from America” as Q4 is “a quarter of 2 months”; prices are not expected to increase, margins should be kept stable, and activity will be lower by “1 month of activity.” Working capital is expected to be reduced, with “EUR 200 million” achieved in Q4 2025 cited as a reference and “anything about the” prior-year reduction considered achievable, which should also reduce net financial debt from EUR 1.5 billion. Acerinox Europe’s Q4 contribution should be “worse than that of the third quarter,” while base prices are around EUR 500 per ton and energy costs are expected to increase; HPA’s main profit contribution is expected in 2027, VDM’s worst year is expected to be 2026 with gradual recovery in 2027, more visible in the second half of 2027 and “more evident probably for '28,” and management’s impression is that 2027 will be “better than '26, no doubt.”

Acerinox SA Financial Statement Overview

Summary

Revenue volatility and weak profitability offset by stable balance sheet with moderate leverage and positive operating cash flow, reflecting cyclical steel industry risks with some TTM recovery signs.

Income Statement

35Negative

Balance Sheet

55Neutral

Cash Flow

50Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.08B	5.55B	5.41B	6.61B	8.69B	6.71B
Gross Profit	1.73B	1.00B	1.86B	2.18B	3.08B	2.43B
EBITDA	560.14M	329.80M	609.63M	627.52M	1.09B	994.38M
Net Income	79.24M	-38.49M	224.95M	228.13M	556.05M	571.88M
Balance Sheet
Total Assets	6.11B	5.69B	6.47B	6.10B	6.32B	5.98B
Cash, Cash Equivalents and Short-Term Investments	926.38M	973.62M	1.35B	1.80B	1.56B	1.29B
Total Debt	2.28B	2.20B	2.38B	2.15B	1.99B	1.85B
Total Liabilities	3.97B	3.56B	3.89B	3.64B	3.77B	3.77B
Stockholders Equity	2.12B	2.06B	2.53B	2.41B	2.47B	2.16B
Cash Flow
Free Cash Flow	88.72M	144.92M	88.89M	306.58M	407.37M	285.67M
Operating Cash Flow	509.70M	437.84M	293.67M	481.48M	544.08M	387.81M
Investing Cash Flow	-423.76M	-233.04M	-896.46M	-174.70M	-125.50M	-90.44M
Financing Cash Flow	-339.23M	-372.87M	-36.03M	-5.57M	-216.03M	10.31M

Acerinox SA Technical Analysis

Technical Analysis SentimentNegative

Last Price8.97

Price Trends

50DMA9.83Negative

100DMA9.74Negative

200DMA8.76Positive

Market Momentum

MACD-0.14Positive

RSI36.25Neutral

STOCH43.96Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIOY, the sentiment is Negative. The current price of 8.97 is below the 20-day moving average (MA) of 9.41, below the 50-day MA of 9.83, and above the 200-day MA of 8.76, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 36.25 is Neutral, neither overbought nor oversold. The STOCH value of 43.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANIOY.

Acerinox SA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

ANIOY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRS	68Neutral	$14.02B	24.83	26.93%	0.28%	10.21%	38.28%
GGB	63Neutral	$8.52B	15.56	5.06%	3.23%	10.25%	4.20%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MTUS	56Neutral	$875.41M	111.16	1.17%	―	16.12%	―
PKX	56Neutral	$15.16B	15.35	2.39%	3.11%	-3.30%	164.60%
ANIOY	54Neutral	$4.29B	47.32	3.96%	3.21%	7.21%	-37.14%
MT	53Neutral	$44.68B	25.04	3.31%	1.21%	3.25%	-27.63%

* Basic Materials Sector Average

Performance Comparison

ANIOY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
ANIOY	Acerinox (OTC)	8.97	2.61	40.98%
MT	ArcelorMittal	59.81	22.08	58.51%
CRS	Carpenter Technology Corp	283.08	-27.03	-8.72%
GGB	Gerdau	4.66	1.29	38.36%
PKX	Posco	49.67	-5.12	-9.34%
MTUS	Metallus Inc.	21.12	3.35	18.85%

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.

Date of analysis: Oct 31, 2026

Acerinox SA AI Stock Analysis