Want to see ES:ACX full AI Analyst Report?
Top Page
Acerinox
(BME:ACX)
Select Model
Select Model
Rating:46Neutral
Price Target:
€16.50
▼(-4.35% Downside)
Action:Reiterated
Date:10/25/26
The score is primarily weighed down by weak financial performance (contracting revenue, very thin margins, and near-zero free cash flow) alongside elevated leverage for a cyclical steel business. Technical indicators reinforce a soft near-term setup (negative MACD, sub-50 RSI, and price below key short/mid-term moving averages). Valuation is a partial offset via the ~3.73% dividend yield, but the very high P/E keeps the valuation component only modestly supportive.
Positive Factors
Diversified End Markets
Exposure across several industrial and consumer applications can reduce dependence on any single customer segment and broaden demand opportunities. This end-market diversity supports the durability of Acerinox’s manufacturing platform through differing project cycles, even though overall steel demand remains cyclical.
Negative Factors
Weak Revenue And Margins
The sharp revenue contraction and very thin operating profitability show that Acerinox is currently exposed to a weak pricing and cost environment. Low margins leave limited room to absorb further demand or input pressure, while subdued earnings reduce the company’s ability to reinvest.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified End Markets
Exposure across several industrial and consumer applications can reduce dependence on any single customer segment and broaden demand opportunities. This end-market diversity supports the durability of Acerinox’s manufacturing platform through differing project cycles, even though overall steel demand remains cyclical.
Read all positive factors
Acerinox (ACX) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€4.08B
Dividend Yield3.63%
Average Volume (3M)515.30K
Price to Earnings (P/E)50.4
Beta (1Y)1.03
Revenue Growth-0.02%
EPS Growth-41.75%
CountryES
Employees9,164
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)0.34
Shares Outstanding249,335,370
10 Day Avg. Volume637,349
30 Day Avg. Volume515,304
Financial Highlights & Ratios
PEG Ratio0.67
Price to Book (P/B)1.53
Price to Sales (P/S)0.55
P/FCF Ratio20.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€19.65Price Target Upside13.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.98
Revenue Forecast (FY)€6.25B
Acerinox Business Overview & Revenue Model
Company Description
Acerinox, S.A. is a major participant in the stainless steel industry, utilizing its subsidiaries to produce, process, and globally distribute its products. Its operational footprint extends across Spain, the Americas, Africa, Asia, Oceania, and E...
How the Company Makes Money
Acerinox primarily makes money by producing and selling stainless steel and alloy products to customers that use these materials in manufactured goods and industrial projects. Revenue is generated mainly from: (1) sales of stainless steel products...
Acerinox Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
57
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.49B | 5.78B | 5.41B | 6.61B | 8.69B | 6.71B |
| Gross Profit | 1.31B | 1.04B | 1.86B | 2.18B | 2.24B | 1.66B |
| EBITDA | 607.22M | 343.35M | 609.63M | 627.52M | 1.09B | 994.38M |
| Net Income | 84.07M | -40.07M | 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 | 974.03M | 1.35B | 1.80B | 1.56B | 1.29B |
| Total Debt | 2.28B | 2.20B | 2.40B | 2.15B | 2.00B | 1.87B |
| Total Liabilities | 3.97B | 3.57B | 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 | 49.32M | 150.88M | 88.89M | 306.58M | 407.37M | 285.67M |
| Operating Cash Flow | 536.85M | 455.83M | 293.67M | 481.48M | 544.08M | 387.81M |
| Investing Cash Flow | -494.78M | -242.62M | -896.46M | -174.70M | -125.50M | -90.44M |
| Financing Cash Flow | -412.20M | -388.19M | -36.03M | -5.57M | -216.03M | 10.31M |
Acerinox Technical Analysis
Neutral
17.25
Price Trends
17.32
Negative
17.01
Negative
15.14
Positive
Market Momentum
-0.17
Negative
47.73
Neutral
38.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ACX, the sentiment is Neutral. The current price of 17.25 is above the 20-day moving average (MA) of 16.91, below the 50-day MA of 17.32, and above the 200-day MA of 15.14, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 47.73 is Neutral, neither overbought nor oversold. The STOCH value of 38.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:ACX.
Acerinox Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €3.05B | 9.00 | 21.84% | 3.69% | 4.19% | 5.15% | |
63 Neutral | €2.69B | 11.23 | 24.38% | 1.94% | 12.43% | 38.72% | |
58 Neutral | €24.42B | 23.66 | 19.75% | 4.07% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €4.08B | 50.35 | 3.96% | 3.63% | -0.02% | -41.75% | |
42 Neutral | €331.05M | -7.98 | -14.25% | 1.76% | -6.78% | -243.99% | |
42 Neutral | €21.76M | -0.14 | 136.41% | 0.80% | -27.36% | -340.22% |
* General Sector Average
ES:ACX
Acerinox
17.10
5.41
46.24%
ES:ACS
Actividades de Construccion y Servicios SA
91.80
20.19
28.20%
ES:CIE
CIE Automotive
25.45
-4.05
-13.73%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
78.50
25.62
48.46%
ES:TUB
Tubacex
2.84
-0.57
-16.76%
ES:TRG
Tubos Reunidos
0.13
-0.34
-73.29%
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.