ACX Stock Analysis: Acerinox | MC
Steel | MC, Spain | Market Cap: 4.156m EUR | 12M Return: 45% | ES0132105018 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.63M
Qual. Beats: 0
Rev. Trend: 59.7%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Acerinox is a Madrid-based Spanish manufacturer founded in 1970 that produces and distributes stainless steel and high-performance alloys to customers across Europe, the Americas, Africa, and Asia. The company operates through two segments-Stainless Steel and High-Performance Alloys-serving end-markets such as transport, construction, industrial equipment, food processing, household appliances, and energy.
The product range spans flat stainless steel products (slabs, billets, coils, plates, and sheets in austenitic, ferritic, duplex, and martensitic grades), long products (wire, bar, profiles, and reinforcement products), and a portfolio of nickel, cobalt, and zirconium alloys, as well as aluminum, copper, and powders for 3D printing. Acerinox therefore covers a broad portion of the stainless steel value chain, from semi-finished inputs to finished components.
As a Materials-sector steel producer, Acerinox competes in a cyclical, capital-intensive industry where selling prices are heavily influenced by raw material costs-particularly nickel, chrome, and scrap. Its global manufacturing footprint and exposure to both commodity stainless steel and higher-margin specialty alloys reflect a strategy of balancing volume-driven cyclical earnings with more stable, niche downstream demand from engineering and energy customers.
- Nickel price swings pressure stainless steel margins
- North American Stainless segment drives revenue growth
- Asian import competition pressures European pricing power
| Net Income: 84.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.51 > 1.0 |
| NWC/Revenue: 16.82% < 20% (prev 21.35%; Δ -4.53% < -1%) |
| CFO/TA 0.09 > 3% & CFO 536.9m > Net Income 84.1m |
| Net Debt (1.35b) to EBITDA (607.2m): 2.23 < 3 |
| Current Ratio: 1.65 > 1.5 & < 3 |
| Outstanding Shares: last quarter (250.0m) vs 12m ago 0.30% < -2% |
| Gross Margin: 15.47% > 18% (prev 20.22%; Δ -4.75% > 0.5%) |
| Asset Turnover: 139.1% > 50% (prev 140.2%; Δ -1.15% > 0%) |
| Interest Coverage Ratio: 3.26 > 6 (EBIT TTM 312.7m / Interest Expense TTM 95.9m) |
| A: 0.23 (Total Current Assets 3.62b - Total Current Liabilities 2.20b) / Total Assets 6.11b |
| B: 0.01 (Retained Earnings 76.6m / Total Assets 6.11b) |
| C: 0.05 (EBIT TTM 312.7m / Avg Total Assets 6.10b) |
| D: 0.53 (Book Value of Equity 2.12b / Total Liabilities 3.97b) |
| Altman-Z'' = 2.48 = A |
| DSRI: 1.10 (Receivables 797.3m/727.2m, Revenue 8.49b/8.55b) |
| GMI: 1.31 (GM 20.22% / 15.47%) |
| AQI: 1.05 (AQ_t 0.08 / AQ_t-1 0.08) |
| SGI: 0.99 (Revenue 8.49b / 8.55b) |
| TATA: -0.07 (NI 84.1m - CFO 536.9m) / TA 6.11b) |
| Beneish M = -2.64 (Cap -4..+1) = A |
As of October 12, 2026, the stock is trading at EUR 17.20 with a total of 398,825 shares traded. Over the past week, the price has changed by -0.41%, over one month by -3.80%, over three months by +12.95% and over the past year by +44.96%.
Current recommended Stop Loss: 16.40 (which is 4.7% or 2 ATR below the current price).
Acerinox has no consensus analysts rating.
P/E Trailing = 52.125
P/E Forward = 5.637
P/S = 0.7297
P/B = 2.0649
P/EG = 0.3987
Revenue TTM = 8.49b EUR
EBIT TTM = 312.7m EUR
EBITDA TTM = 607.2m EUR
Long Term Debt = 1.29b EUR (from longTermDebt, last quarter)
Short Term Debt = 990.8m EUR (from shortTermDebt, last quarter)
Debt = 2.28b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.35b EUR (calculated: Debt 2.28b - CCE 926.4m)
Enterprise Value = 5.51b EUR (4.16b + Debt 2.28b - CCE 926.4m)
Interest Coverage Ratio = 3.26 (Ebit TTM 312.7m / Interest Expense TTM 95.9m)
EV/FCF = 111.7x (Enterprise Value 5.51b / FCF TTM 49.3m)
FCF Yield = 0.90% (FCF TTM 49.3m / Enterprise Value 5.51b)
FCF Margin = 0.58% (FCF TTM 49.3m / Revenue TTM 8.49b)
Net Margin = 0.99% (Net Income TTM 84.1m / Revenue TTM 8.49b)
Gross Margin = 15.47% ((Revenue TTM 8.49b - Cost of Revenue TTM 7.17b) / Revenue TTM)
Gross Margin QoQ = 22.56% (prev 6.86%)
Tobins Q-Ratio = 0.90 (Enterprise Value 5.51b / Total Assets 6.11b)
Interest Expense / Debt = 4.21% (Interest Expense 95.9m / Debt 2.28b)
Taxrate = 48.75% (62.9m / 129.1m)
NOPAT = 160.2m (EBIT 312.7m * (1 - 48.75%))
Current Ratio = 1.65 (Total Current Assets 3.62b / Total Current Liabilities 2.20b)
Debt / Equity = 1.08 (Debt 2.28b / totalStockholderEquity, last quarter 2.12b)
Debt / EBITDA = 2.23 (Net Debt 1.35b / EBITDA 607.2m)
Debt / FCF = 27.40 (Net Debt 1.35b / FCF TTM 49.3m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.38% (Net Income 84.1m / Total Assets 6.11b)
RoE = 3.96% (Net Income TTM 84.1m / Total Stockholder Equity 2.12b)
RoCE = 9.17% (EBIT 312.7m / Capital Employed (Equity 2.12b + L.T.Debt 1.29b))
RoIC = 3.58% (NOPAT 160.2m / Invested Capital 4.48b)
WACC = 6.44% (E(4.16b)/V(6.43b) * Re(8.78%) + D(2.28b)/V(6.43b) * Rd(4.21%) * (1-Tc(0.49)))
Discount Rate = 8.78% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -44.99 | Cagr: -0.42%
[DCF] Terminal Value 77.97% ; FCFF base≈36.7m ; Y1≈42.1m ; Y5≈61.9m
[DCF] Fair Price = N/A (negative equity: EV 932.2m - Net Debt 1.35b = -419.4m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.40 | # QB: 0
Revenue Correlation: 59.71 | Revenue CAGR: 7.21% | SUE: 2.02 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-09-30): EPS=0.36 | Chg30d=+3.46% | Revisions=+0% | Analysts=2
EPS current Year (2026-12-31): EPS=0.98 | Chg30d=-1.21% | Revisions=-17% | GrowthEPS=+714.2% | GrowthRev=+6.9%
EPS next Year (2027-12-31): EPS=1.56 | Chg30d=-0.38% | Revisions=+17% | GrowthEPS=+59.1% | GrowthRev=+11.8%
[Analyst] Revisions Ratio: +0% (up=3, down=3)