(ACX) Acerinox - Overview
Sector: Basic Materials | Industry: Steel | Exchange: MC (Spain) | Market Cap: 3.802m EUR | Total Return: 52.4% in 12m
Avg Turnover: 10.0M
Qual. Beats: -1
Rev. Trend: 54.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Acerinox, S.A. is a Madrid-based multinational producer of stainless steel and high-performance alloys. The company maintains a global manufacturing and distribution footprint, operating through two primary segments: Stainless Steel and High-Performance Alloys. Its product portfolio includes flat and long stainless steel products, such as coils, sheets, bars, and wires, alongside specialized materials like nickel and cobalt alloys.
The company serves diverse industrial sectors, including aerospace, automotive, energy, and construction. Unlike carbon steel producers, stainless steel manufacturers rely heavily on nickel and chrome inputs, making their margins sensitive to fluctuations in raw material pricing and global scrap metal availability. High-performance alloys represent a higher-margin business line, catering to demanding environments such as 3D printing and chemical processing.
Investors can evaluate the companys historical valuation trends and margin stability by exploring the data on ValueRay. Acerinox’s geographic diversification, particularly its significant presence in the United States through North American Stainless, provides a hedge against regional economic downturns in European markets.
- North American stainless steel demand drives earnings via NAS subsidiary performance
- Volatility in nickel and scrap metal prices impacts production margin spreads
- High-performance alloy demand in aerospace and energy sectors boosts specialized revenue
- Energy cost fluctuations in European manufacturing facilities affect operational profitability
- Global trade tariffs and protectionist policies influence international steel export volumes
| Net Income: -10.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 3.04 > 1.0 |
| NWC/Revenue: 17.15% < 20% (prev 31.06%; Δ -13.91% < -1%) |
| CFO/TA 0.11 > 3% & CFO 641.8m > Net Income -10.1m |
| Net Debt (1.25b) to EBITDA (358.3m): 3.49 < 3 |
| Current Ratio: 1.80 > 1.5 & < 3 |
| Outstanding Shares: last quarter (250.0m) vs 12m ago 0.27% < -2% |
| Gross Margin: 44.77% > 18% (prev 0.03%; Δ 4.47k% > 0.5%) |
| Asset Turnover: 141.7% > 50% (prev 106.5%; Δ 35.24% > 0%) |
| Interest Coverage Ratio: 1.74 > 6 (EBITDA TTM 358.3m / Interest Expense TTM 93.4m) |
| A: 0.26 (Total Current Assets 3.30b - Total Current Liabilities 1.83b) / Total Assets 5.73b |
| B: 0.38 (Retained Earnings 2.18b / Total Assets 5.73b) |
| C: 0.03 (EBIT TTM 162.8m / Avg Total Assets 6.05b) |
| D: 0.57 (Book Value of Equity 2.06b / Total Liabilities 3.60b) |
| Altman-Z'' = 3.71 = AA |
| DSRI: 0.76 (Receivables 633.0m/657.0m, Revenue 8.58b/6.79b) |
| GMI: 0.07 (GM 44.77% / 2.99%) |
| AQI: 1.15 (AQ_t 0.09 / AQ_t-1 0.08) |
| SGI: 1.26 (Revenue 8.58b / 6.79b) |
| TATA: -0.11 (NI -10.1m - CFO 641.8m) / TA 5.73b) |
| Beneish M = -3.90 (Cap -4..+1) = AAA |
As of May 26, 2026, the stock is trading at EUR 15.54 with a total of 677,842 shares traded.
Over the past week, the price has changed by +7.47%,
over one month by +17.82%,
over three months by +16.67% and
over the past year by +52.38%.
Acerinox has no consensus analysts rating.
P/E Forward = 5.637
P/S = 0.6768
P/B = 1.8086
P/EG = 0.3987
Revenue TTM = 8.58b EUR
EBIT TTM = 162.8m EUR
EBITDA TTM = 358.3m EUR
Long Term Debt = 1.28b EUR (from longTermDebt, last quarter)
Short Term Debt = 858.0m EUR (from shortTermDebt, last quarter)
Debt = 2.14b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.25b EUR (calculated: Debt 2.14b - CCE 889.0m)
Enterprise Value = 5.05b EUR (3.80b + Debt 2.14b - CCE 889.0m)
Interest Coverage Ratio = 1.74 (Ebit TTM 162.8m / Interest Expense TTM 93.4m)
EV/FCF = 15.00x (Enterprise Value 5.05b / FCF TTM 336.9m)
FCF Yield = 6.67% (FCF TTM 336.9m / Enterprise Value 5.05b)
FCF Margin = 3.93% (FCF TTM 336.9m / Revenue TTM 8.58b)
Net Margin = -0.12% (Net Income TTM -10.1m / Revenue TTM 8.58b)
Gross Margin = 44.77% ((Revenue TTM 8.58b - Cost of Revenue TTM 4.74b) / Revenue TTM)
Gross Margin QoQ = none% (prev 16.19%)
Tobins Q-Ratio = 0.88 (Enterprise Value 5.05b / Total Assets 5.73b)
Interest Expense / Debt = 4.37% (Interest Expense 93.4m / Debt 2.14b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 122.1m (EBIT 162.8m * (1 - 25.00%))
Current Ratio = 1.80 (Total Current Assets 3.30b / Total Current Liabilities 1.83b)
Debt / Equity = 1.02 (Debt 2.14b / totalStockholderEquity, last quarter 2.10b)
Debt / EBITDA = 3.49 (Net Debt 1.25b / EBITDA 358.3m)
Debt / FCF = 3.71 (Net Debt 1.25b / FCF TTM 336.9m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.17% (Net Income -10.1m / Total Assets 5.73b)
RoE = -0.47% (Net Income TTM -10.1m / Total Stockholder Equity 2.12b)
RoCE = 4.78% (EBIT 162.8m / Capital Employed (Equity 2.12b + L.T.Debt 1.28b))
RoIC = 2.56% (NOPAT 122.1m / Invested Capital 4.76b)
WACC = 6.62% (E(3.80b)/V(5.94b) * Re(8.50%) + D(2.14b)/V(5.94b) * Rd(4.37%) * (1-Tc(0.25)))
Discount Rate = 8.50% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 23.00 | Cagr: 0.14%
[DCF] Terminal Value 77.97% ; FCFF base≈274.5m ; Y1≈314.7m ; Y5≈463.2m
[DCF] Fair Price = 22.94 (EV 6.97b - Net Debt 1.25b = Equity 5.72b / Shares 249.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.11 | # QB: -1
Revenue Correlation: 54.65 | Revenue CAGR: 6.40% | SUE: -0.09 | # QB: 0
EPS current Year (2026-12-31): EPS=0.97 | Chg30d=-7.25% | Revisions=-60% | GrowthEPS=+706.8% | GrowthRev=+9.5%
EPS next Year (2027-12-31): EPS=1.42 | Chg30d=-1.47% | Revisions=-27% | GrowthEPS=+46.7% | GrowthRev=+11.8%
[Analyst] Revisions Ratio: -60%