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Tubacex
(BME:TUB)
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Rating:42Neutral
Price Target:
€2.50
▼(-14.97% Downside)
Action:Reiterated
Date:09/26/26
Overall score is held back primarily by weakening financial performance, especially the shift to losses and negative operating/free cash flow in the last two years, alongside elevated leverage for a cyclical steel business. Technicals also lean bearish with the stock trading below key moving averages and negative MACD. Valuation is only modestly supportive due to a small dividend yield, while the negative P/E reflects loss-making results rather than clear undervaluation.
Positive Factors
Specialized industrial positioning
Tubacex serves demanding applications where corrosion resistance, temperature performance, and technical specifications matter. This specialization differentiates its products from standard steel tubing and can support customer qualification, repeat demand, and more resilient positioning across energy, chemical, power, and industrial markets.
Negative Factors
Revenue contraction and volatility
The recent shift from strong growth to contraction indicates that demand and project activity are not yet translating into consistent top-line expansion. Continued revenue volatility can reduce capacity utilization, weaken operating leverage, and make earnings recovery more dependent on end-market timing and product mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized industrial positioning
Tubacex serves demanding applications where corrosion resistance, temperature performance, and technical specifications matter. This specialization differentiates its products from standard steel tubing and can support customer qualification, repeat demand, and more resilient positioning across energy, chemical, power, and industrial markets.
Read all positive factors
Tubacex (TUB) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€313.54M
Dividend Yield1.86%
Average Volume (3M)349.12K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth-6.78%
EPS Growth-243.99%
CountryES
Employees2,755
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)-0.36
Shares Outstanding126,549,250
10 Day Avg. Volume220,511
30 Day Avg. Volume349,121
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.40
Price to Sales (P/S)0.57
P/FCF Ratio-6.34
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)0.03
Revenue Forecast (FY)€685.17M
Tubacex Business Overview & Revenue Model
Company Description
Tubacex, S.A. is a global company, headquartered in Llodio, Spain, that produces and sells stainless steel and nickel tubes across both Spanish and international markets. Its comprehensive product range includes various seamless stainless steel tu...
How the Company Makes Money
Tubacex makes money by manufacturing and selling seamless stainless-steel and high-alloy tubes and tubular solutions to industrial customers. Its core revenue stream is product sales: customers (often EPC contractors, OEMs, and end-users in sector...
Tubacex Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00B | 719.26M | 767.54M | 852.39M | 714.71M | 341.86M |
| Gross Profit | 353.25M | 172.38M | 466.20M | 487.83M | 440.62M | 194.67M |
| EBITDA | 79.26M | 39.89M | 111.00M | 127.23M | 97.33M | 16.67M |
| Net Income | -43.78M | -31.28M | 22.85M | 36.33M | 20.23M | -32.21M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.22B | 1.33B | 1.21B | 1.16B | 1.04B |
| Cash, Cash Equivalents and Short-Term Investments | 120.87M | 156.75M | 236.39M | 179.01M | 176.85M | 157.99M |
| Total Debt | 504.21M | 525.08M | 517.37M | 507.13M | 501.23M | 526.33M |
| Total Liabilities | 798.68M | 822.94M | 850.56M | 917.82M | 883.69M | 792.60M |
| Stockholders Equity | 291.55M | 292.31M | 378.03M | 240.04M | 221.48M | 197.41M |
Cash Flow | ||||||
| Free Cash Flow | 19.42M | -64.63M | -121.94M | 28.22M | 60.82M | -50.66M |
| Operating Cash Flow | 65.95M | -12.05M | -34.98M | 91.15M | 87.61M | -23.93M |
| Investing Cash Flow | -48.21M | -54.27M | -85.63M | -60.98M | -22.43M | -6.64M |
| Financing Cash Flow | -20.40M | -10.33M | 183.89M | -35.12M | -38.10M | 11.05M |
Tubacex Technical Analysis
Negative
2.94
Price Trends
2.79
Negative
2.99
Negative
3.04
Negative
Market Momentum
-0.02
Positive
43.82
Neutral
61.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:TUB, the sentiment is Negative. The current price of 2.94 is above the 20-day moving average (MA) of 2.80, above the 50-day MA of 2.79, and below the 200-day MA of 3.04, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 43.82 is Neutral, neither overbought nor oversold. The STOCH value of 61.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:TUB.
Tubacex Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €4.02B | 49.59 | 3.96% | 3.68% | -0.02% | -41.75% | |
42 Neutral | €313.54M | -7.56 | -14.25% | 1.86% | -6.78% | -243.99% | |
42 Neutral | €21.76M | -0.14 | 136.41% | 0.80% | -27.36% | -340.22% |
* General Sector Average
ES:TUB
Tubacex
2.69
-0.67
-20.02%
ES:ACX
Acerinox
17.00
5.89
52.96%
ES:TRG
Tubos Reunidos
0.13
-0.33
-72.71%
Tubacex Corporate Events
Tubacex Director Ivan Marten Uliarte Resigns from Board
Sep 25, 2026
Tubacex announced that its Board of Directors has accepted the resignation of director Ivan Marten Uliarte, who stepped down from his position citing personal reasons. The Board expressed its gratitude for his services, marking a governance change...
Tubacex appoints Ignacio Mataix as new non-executive chairman
Jul 24, 2026
Tubacex’s Board of Directors has appointed vice-chairman and independent director Ignacio Mataix as non-executive chairman, effective September 1, 2026, reflecting continuity in strategic oversight and leveraging his experience in managing a...
Tubacex Details Latest Transactions in Ongoing Share Buyback Program
Jul 8, 2026
Tubacex has reported the latest transactions under its ongoing share buyback program, approved by the board in May 2026 following prior shareholder authorization. The purchases, executed on the Spanish market between June 29 and July 3, cover seve...
Tubacex Completes Share Buyback Program, Boosting Treasury Stock Position
Jul 8, 2026
Tubacex has completed its latest share buyback program, which ended on July 3, 2026, resulting in the acquisition of 741,171 treasury shares, equivalent to 0.59% of its current share capital, with a small portion of the shares still pending settle...
Tubacex Reactivates Liquidity Contract to Support Share Trading
Jul 8, 2026
Tubacex has announced that it will reactivate, as of July 8, 2026, the liquidity contract it originally signed in 2019 with JB Capital Markets, S.V., S.A.U. This contract, which had been suspended in late May 2026, is intended to enhance the liqui...
Tubacex Reports Q2 2026 Liquidity Contract Transactions and Treasury Stock Movements
Jul 2, 2026
Tubacex has disclosed the transactions executed under its liquidity contract for the second quarter of 2026, detailing the volume of purchases and sales in its own shares and the evolution of its treasury stock position over the period. The public...
Tubacex Steps Up Treasury Stock Purchases Under Authorized Buyback Program
Jul 1, 2026
Tubacex has disclosed a series of purchases of its own shares on the Madrid stock exchange between June 22 and 26, 2026, under a share buyback program authorized by shareholders and approved by the board in late May. The company acquired 20,000 sh...
Tubacex Sets Date for Half-Year 2026 Results and Investor Webcast
Jun 30, 2026
Tubacex S.A. has announced that it will release its half-year 2026 financial results on Friday, July 24, 2026, before the market opens. The company will also host a webcast presentation of these results that same day at 11:00 CEST, signaling a str...
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.