ACX Stock Analysis: Acerinox | MC
Steel | MC, Spain | Market Cap: 4.064m EUR | 12M Return: 47.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 14.8M
Qual. Beats: 0
Rev. Trend: 54.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 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 Spanish stainless steel manufacturer founded in 1970 and headquartered in Madrid, with global operations spanning Europe, the United States, Africa, and Asia. The company operates through two segments: Stainless Steel, which forms the bulk of its business, and High-Performance Alloys, producing nickel, cobalt, and zirconium-based materials for specialized applications. Its product portfolio ranges from flat products (slabs, coils, plates, sheets) to long products (wire, bars, profiles), covering austenitic, ferritic, duplex, and martensitic stainless steel grades. End markets include transport, construction, industrial equipment, food processing, household appliances, and energy.
The stainless steel industry is cyclical and capital-intensive, with profitability closely tied to raw material costs-particularly nickel, chromium, and iron ore-making input price volatility a defining feature of the business model. The high-performance alloys segment complements the core stainless steel business by targeting higher-margin, technically demanding niches such as aerospace, chemical processing, and additive manufacturing powders for 3D printing.
- Nickel price swings squeeze stainless steel margins
- European construction slowdown dampens flat product demand
- High-performance alloys margins expand on aerospace demand
| 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 2.99%; Δ 41.78% > 0.5%) |
| Asset Turnover: 141.7% > 50% (prev 106.5%; Δ 35.24% > 0%) |
| Interest Coverage Ratio: 1.70 > 6 (EBIT TTM 162.8m / Interest Expense TTM 95.9m) |
| 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: 0.58 (Book Value of Equity 2.10b / Total Liabilities 3.60b) |
| Altman-Z'' = 3.72 = AA |
| DSRI: 0.76 (Receivables 633.0m/657.0m, Revenue 8.58b/6.79b) |
| GMI: 0.07 (GM 2.99% / 44.77%) |
| 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 = -3.80 (Cap -4..+1) = AAA |
As of July 11, 2026, the stock is trading at EUR 15.52 with a total of 682,826 shares traded. Over the past week, the price has changed by -1.71%, over one month by -3.66%, over three months by +18.02% and over the past year by +47.61%.
Current recommended Stop Loss: 14.90 (which is 4% or 1.3 ATR below the current price).
Acerinox has no consensus analysts rating.
P/E Forward = 5.637
P/S = 0.7234
P/B = 1.9331
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 = 5.31b EUR (4.06b + Debt 2.14b - CCE 889.0m)
Interest Coverage Ratio = 1.70 (Ebit TTM 162.8m / Interest Expense TTM 95.9m)
EV/FCF = 15.77x (Enterprise Value 5.31b / FCF TTM 336.9m)
FCF Yield = 6.34% (FCF TTM 336.9m / Enterprise Value 5.31b)
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 = 0.93 (Enterprise Value 5.31b / Total Assets 5.73b)
Interest Expense / Debt = 4.48% (Interest Expense 95.9m / Debt 2.14b)
Taxrate = 25.0% (non-US conservative 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 = 2.82% (NOPAT 122.1m / Invested Capital 4.33b)
WACC = 6.80% (E(4.06b)/V(6.20b) * Re(8.61%) + D(2.14b)/V(6.20b) * Rd(4.48%) * (1-Tc(0.25)))
Discount Rate = 8.61% (= 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: -0.40 | # QB: 0
Revenue Correlation: 54.65 | Revenue CAGR: 6.40% | SUE: -0.09 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.95 | Chg30d=-0.59% | Revisions=-25% | GrowthEPS=+692.2% | GrowthRev=+10.6%
EPS next Year (2027-12-31): EPS=1.51 | Chg30d=+4.28% | Revisions=+0% | GrowthEPS=+59.0% | GrowthRev=+11.1%
[Analyst] Revisions Ratio: -12% (up=2, down=3)