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Talgo S.A.
(BME:TLGO)
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Rating:45Neutral
Price Target:
€2.50
▼(-7.06% Downside)
Action:Reiterated
Date:07/28/26
The score is driven primarily by weak financial performance: sustained losses, significant negative operating and free cash flow, and high leverage with a shrinking equity base. Technicals are modestly supportive in the near term (above 20/50-day averages) but remain weak over longer horizons (below 100/200-day averages). Valuation is pressured by the negative P/E and lack of dividend yield data.
Positive Factors
Recurring maintenance revenue
Recurring maintenance and lifecycle contracts create steadier revenue and higher visibility versus one-off train sales. Over 2–6 months this stabilizes cash inflows, supports aftermarket margins, and builds long-term operator relationships that increase contract renewals and spare-parts demand.
Negative Factors
Sustained operating losses
Persistent negative EBIT and a deep net margin imply Talgo still struggles to price or execute projects profitably. Over the medium term this erodes retained earnings, limits reinvestment, and increases reliance on external funding until structural cost or pricing improvements restore consistent operating profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring maintenance revenue
Recurring maintenance and lifecycle contracts create steadier revenue and higher visibility versus one-off train sales. Over 2–6 months this stabilizes cash inflows, supports aftermarket margins, and builds long-term operator relationships that increase contract renewals and spare-parts demand.
Read all positive factors
Talgo S.A. (TLGO) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€340.91M
Dividend Yield2.87%
Average Volume (3M)50.58K
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth22.04%
EPS Growth69.55%
CountryES
Employees3,622
SectorGeneral
Sector StrengthN/A
IndustryRailroads
Share Statistics
EPS (TTM)-0.62
Shares Outstanding134,448,460
10 Day Avg. Volume55,768
30 Day Avg. Volume50,575
Financial Highlights & Ratios
PEG Ratio0.44
Price to Book (P/B)1.55
Price to Sales (P/S)0.56
P/FCF Ratio-2.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)€740.01M
Talgo S.A. Business Overview & Revenue Model
Company Description
Operating on a global scale, Talgo, S.A. is engaged in the engineering, manufacturing, and upkeep of railway rolling stock and complementary machinery. Their offerings include a range of high-performance very high-speed, high-speed, and intercity ...
How the Company Makes Money
Talgo makes money mainly through (1) selling and delivering new rolling stock and rail projects and (2) providing ongoing maintenance and lifecycle services for train fleets.
1) Rolling stock manufacturing and project delivery: A major portion of...
Talgo S.A. Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
28
Negative
Cash Flow
17
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 898.57M | 618.20M | 669.22M | 652.00M | 469.12M | 555.41M |
| Gross Profit | 176.17M | 25.40M | 125.34M | 155.32M | 262.01M | 88.38M |
| EBITDA | 6.95M | -16.40M | -58.66M | 77.32M | 44.67M | 62.44M |
| Net Income | -76.99M | -98.19M | -106.07M | 13.69M | 1.44M | 27.56M |
Balance Sheet | ||||||
| Total Assets | 1.49B | 1.51B | 1.27B | 1.12B | 1.13B | 1.03B |
| Cash, Cash Equivalents and Short-Term Investments | 120.16M | 226.10M | 93.40M | 156.08M | 239.38M | 252.98M |
| Total Debt | 652.03M | 730.56M | 538.77M | 453.96M | 375.58M | 318.01M |
| Total Liabilities | 1.39B | 1.28B | 1.09B | 827.48M | 849.69M | 740.59M |
| Stockholders Equity | 91.89M | 223.30M | 170.61M | 278.00M | 281.18M | 287.00M |
Cash Flow | ||||||
| Free Cash Flow | -203.02M | -140.30M | -159.37M | -142.22M | -47.64M | 4.50M |
| Operating Cash Flow | -156.26M | -95.80M | -110.80M | -115.75M | -25.26M | 29.65M |
| Investing Cash Flow | -42.95M | -44.50M | -48.57M | -18.60M | -22.38M | -11.18M |
| Financing Cash Flow | 257.52M | 272.90M | 97.55M | 50.71M | 33.22M | 6.21M |
Talgo S.A. Technical Analysis
Negative
2.69
Price Trends
2.70
Negative
2.71
Negative
2.79
Negative
Market Momentum
-0.02
Positive
34.27
Neutral
12.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:TLGO, the sentiment is Negative. The current price of 2.69 is above the 20-day moving average (MA) of 2.69, below the 50-day MA of 2.70, and below the 200-day MA of 2.79, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 34.27 is Neutral, neither overbought nor oversold. The STOCH value of 12.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:TLGO.
Talgo S.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €2.63B | 12.90 | 21.10% | 10.40% | 6.96% | ― | |
64 Neutral | €2.60B | 11.02 | 24.38% | 1.98% | 12.43% | 38.72% | |
60 Neutral | €34.93B | 55.73 | 10.42% | 2.32% | 5.46% | -81.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €5.05B | 23.85 | 6.14% | 4.66% | 9.68% | -10.60% | |
54 Neutral | €3.35B | 25.12 | 13.38% | 3.10% | 3.64% | 41.50% | |
45 Neutral | €340.91M | -2.90 | -87.31% | 2.87% | 22.04% | 69.55% |
* General Sector Average
ES:TLGO
Talgo S.A.
2.55
-0.32
-10.99%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
77.00
24.03
45.35%
ES:ENO
Elecnor
30.70
6.29
25.77%
ES:FER
Ferrovial
47.93
-0.07
-0.14%
ES:FCC
Fomento de Construcciones y Contratas
10.74
-0.13
-1.23%
ES:SCYR
Sacyr SA
4.19
0.63
17.73%
Talgo S.A. Corporate Events
Talgo Emphasizes Transparency and Risk Caveats in H1 2026 Results Presentation
Jul 23, 2026
Talgo S.A. has released a presentation of its first‑half 2026 results, emphasizing transparency with investors and clarifying that the materials are purely informative and not an offer or recommendation to trade its securities. The company h...
Talgo issues H1 2026 results presentation with transparency and risk cautions
Jul 22, 2026
Talgo S.A. has released an unaudited presentation of its results for the first half of 2026, emphasizing transparency while cautioning that the document is purely informative and does not constitute investment advice or an offer to trade its secur...
Talgo Confirms Integrity of First-Half 2026 Financial Report
Jul 22, 2026
Talgo, S.A. has filed its first semi-annual financial report for 2026, covering the period ended 30 June 2026, with its management stating that the summarized financial statements give a true and fair view of the group’s assets, financial po...
Talgo names Ricardo Chocarro as new Chief Executive Officer
Jul 15, 2026
Talgo S.A. has appointed industrial engineer Ricardo Chocarro Melgosa as its new Chief Executive Officer, effective immediately, following a proposal from the Appointments and Remuneration Committee and approval by the Board. Chocarro, who joined ...
Talgo Strikes Key S106 Deal with Renfe to Boost Flexibility and Financial Stability
Jul 3, 2026
Talgo S.A., a leading Spanish manufacturer of high-speed trains, has deep ties with national rail operator Renfe and operates in the broader European rail market through both rolling stock supply and maintenance services. Its expertise in variable...
Talgo Relocates Registered Office Within Álava and Amends Corporate Bylaws
Jun 23, 2026
Talgo’s board of directors has approved the relocation of the company’s registered office within the province of Álava, moving it from its current address in central Vitoria-Gasteiz to a new site in Rivabellosa, also within the Vi...
Talgo Shareholders Approve 2025 Financial and Sustainability Reports at Annual Meeting
Jun 3, 2026
Talgo held its Ordinary General Shareholders’ Meeting in Vitoria-Gasteiz on 2 June 2026, achieving a quorum representing 57.746% of share capital through in-person, represented and distance voting. Shareholders reviewed the company’s 2...
Talgo Sets Date to Publish First-Quarter 2026 Results
May 8, 2026
Talgo, S.A. has announced it will publish its financial results for the first quarter of 2026, covering the period from January to March, on 13 May 2026. The release will take place after the close of trading on the Madrid Stock Exchange, providin...
Talgo Calls June 2026 AGM With Expanded Telematic Access
Apr 29, 2026
Talgo’s board of directors has convened the company’s Annual General Shareholders’ Meeting for 2 June 2026 in Vitoria-Gasteiz, with a second-call date set for 3 June if the required quorum is not met. The agenda and proposed reso...
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.