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Talgo S.A.
(BME:TLGO)
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Rating:41Neutral
Price Target:
€2.00
▼(-25.65% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by weak financial performance: ongoing losses, high leverage with shrinking equity, and deeply negative operating and free cash flow. Technicals add pressure with a clear downtrend (price below all key moving averages), although oversold readings modestly temper the downside. Valuation provides limited support because the negative P/E reflects losses and there is no dividend yield data.
Positive Factors
Integrated rail business model
Talgo combines train design and manufacturing with maintenance and lifecycle services, giving it multiple ways to participate in customer spending. This integrated model can support deeper operator relationships and recurring service activity beyond initial train deliveries.
Negative Factors
Persistent unprofitability
Continuing negative EBIT and a deeply negative net margin show that improved gross margin has not yet translated into viable operating earnings. Persistent losses weaken internal funding capacity and make durable earnings recovery dependent on better execution and cost absorption.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated rail business model
Talgo combines train design and manufacturing with maintenance and lifecycle services, giving it multiple ways to participate in customer spending. This integrated model can support deeper operator relationships and recurring service activity beyond initial train deliveries.
Read all positive factors
Talgo S.A. (TLGO) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€291.37M
Dividend Yield2.87%
Average Volume (3M)88.64K
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)-0.72
Shares Outstanding134,448,460
10 Day Avg. Volume83,713
30 Day Avg. Volume88,636
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)€737.01M
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 ...
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 | 1.09B | 618.20M | 669.22M | 652.00M | 469.12M | 555.41M |
| Gross Profit | 276.91M | 25.40M | 125.34M | 155.32M | 262.01M | 88.38M |
| EBITDA | 30.72M | -20.03M | -58.66M | 77.32M | 44.67M | 62.44M |
| Net Income | -89.87M | -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 | -243.58M | -140.30M | -159.37M | -142.22M | -47.64M | 4.50M |
| Operating Cash Flow | -195.37M | -95.80M | -110.80M | -115.75M | -25.26M | 29.65M |
| Investing Cash Flow | -49.03M | -44.50M | -48.57M | -18.60M | -22.38M | -11.18M |
| Financing Cash Flow | 250.04M | 272.90M | 97.55M | 50.71M | 33.22M | 6.21M |
Talgo S.A. Technical Analysis
Negative
2.69
Price Trends
2.48
Negative
2.59
Negative
2.70
Negative
Market Momentum
-0.06
Positive
20.89
Positive
10.93
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 2.36, above the 50-day MA of 2.48, and below the 200-day MA of 2.70, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 20.89 is Positive, neither overbought nor oversold. The STOCH value of 10.93 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | €2.42B | 12.52 | 19.61% | 11.19% | 6.96% | ― | |
63 Neutral | €2.60B | 10.83 | 24.38% | 2.01% | 12.43% | 38.72% | |
62 Neutral | €36.20B | 58.95 | 10.42% | 2.19% | 5.46% | -81.98% | |
60 Neutral | €4.84B | 22.74 | 6.14% | 4.88% | 9.68% | -10.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €3.19B | 24.28 | 13.38% | 3.21% | 3.64% | 41.50% | |
41 Neutral | €291.37M | -3.12 | -48.88% | 2.87% | 22.04% | 69.55% |
* General Sector Average
ES:TLGO
Talgo S.A.
2.24
-0.47
-17.38%
ES:CAF
Construcciones y Auxiliar de Ferrocarriles
75.70
22.82
43.17%
ES:ENO
Elecnor
28.55
-0.80
-2.73%
ES:FER
Ferrovial
50.70
-2.68
-5.02%
ES:FCC
Fomento de Construcciones y Contratas
10.24
-0.75
-6.82%
ES:SCYR
Sacyr SA
4.05
0.36
9.70%
Talgo S.A. Corporate Events
Talgo to Publish Q3 2026 Results After Madrid Market Close
Oct 27, 2026
Talgo S.A. has announced it will release its financial results for the third quarter of 2026, covering the period from January to September, on 12 November 2026. The figures will be published after the close of trading on the Madrid Stock Exchange...
Talgo Strengthens Corporate Governance with New Board Regulations
Sep 10, 2026
Talgo has formalized detailed regulations for its Board of Directors that define the body’s general functions, principles of action and internal organization. The rules cover how the board is composed, how directors are selected, appointed a...
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.