(TRE) Tecnicas Reunidas - Overview
Sector: Industrials | Industry: Engineering & Construction | Exchange: MC (Spain) | Market Cap: 2.288m EUR | Total Return: 67.3% in 12m
Avg Turnover: 7.87M
EPS Trend: 92.1%
Qual. Beats: -1
Rev. Trend: 76.4%
Qual. Beats: 0
Warnings
Choppy
Tailwinds
No distinct edge detected
Técnicas Reunidas (TRE) is a Spain-based global engineering, procurement, and construction (EPC) firm specializing in complex industrial facilities. The company operates across the energy value chain, including upstream oil and gas, refining, petrochemicals, and natural gas infrastructure. Its service model covers the full project lifecycle, from initial design and engineering to final commissioning and startup.
The company is currently transitioning its portfolio toward low-carbon technologies, focusing on green hydrogen, carbon capture, and biofuels. EPC firms in the energy sector typically operate on a lump-sum turnkey basis, where they assume significant performance and cost risks in exchange for fixed-price contracts. This business model is highly sensitive to global capital expenditure cycles in the energy and chemical industries.
Investors should examine the companys backlog and margin trends on ValueRay to better understand its current valuation. Historically, Técnicas Reunidas has leveraged its technical expertise to secure large-scale international contracts, particularly in the Middle East and Latin America.
- Order backlog expansion in Middle East energy infrastructure projects drives future revenue
- Transition to low-carbon technologies and green hydrogen shifts long-term margin profile
- High sensitivity to raw material price inflation impacts fixed-price contract profitability
- Natural gas and regasification demand in Europe accelerates short-term project pipeline
- Financial deleveraging and debt reduction efforts influence equity valuation and dividend potential
| Net Income: 144.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA 0.36 > 1.0 |
| NWC/Revenue: 14.00% < 20% (prev 11.26%; Δ 2.73% < -1%) |
| CFO/TA 0.02 > 3% & CFO 141.6m > Net Income 144.3m |
| Net Debt (-265.7m) to EBITDA (294.6m): -0.90 < 3 |
| Current Ratio: 1.19 > 1.5 & < 3 |
| Outstanding Shares: last quarter (78.1m) vs 12m ago -0.03% < -2% |
| Gross Margin: 17.89% > 18% (prev 0.26%; Δ 1.76k% > 0.5%) |
| Asset Turnover: 121.0% > 50% (prev 100.3%; Δ 20.72% > 0%) |
| Interest Coverage Ratio: 5.11 > 6 (EBITDA TTM 294.6m / Interest Expense TTM 49.8m) |
| A: 0.15 (Total Current Assets 5.83b - Total Current Liabilities 4.88b) / Total Assets 6.42b |
| B: 0.08 (Retained Earnings 518.6m / Total Assets 6.42b) |
| C: 0.05 (EBIT TTM 254.7m / Avg Total Assets 5.58b) |
| D: 0.11 (Book Value of Equity 644.2m / Total Liabilities 5.82b) |
| Altman-Z'' = 1.65 = BB |
| DSRI: 1.03 (Receivables 4.46b/3.04b, Revenue 6.75b/4.75b) |
| GMI: 1.48 (GM 17.89% / 26.43%) |
| AQI: 0.72 (AQ_t 0.07 / AQ_t-1 0.09) |
| SGI: 1.42 (Revenue 6.75b / 4.75b) |
| TATA: 0.00 (NI 144.3m - CFO 141.6m) / TA 6.42b) |
| Beneish M = -2.43 (Cap -4..+1) = BBB |
As of May 25, 2026, the stock is trading at EUR 30.82 with a total of 251,614 shares traded.
Over the past week, the price has changed by +4.33%,
over one month by -14.25%,
over three months by -10.67% and
over the past year by +67.32%.
Tecnicas Reunidas has no consensus analysts rating.
P/E Trailing = 16.0989
P/E Forward = 12.5628
P/S = 0.3468
P/B = 4.1295
P/EG = 3.4184
Revenue TTM = 6.75b EUR
EBIT TTM = 254.7m EUR
EBITDA TTM = 294.6m EUR
Long Term Debt = 695.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 247.7m EUR (from shortTermDebt, last quarter)
Debt = 1.04b EUR (from shortLongTermDebtTotal, last quarter) + Leases 94.3m
Net Debt = -265.7m EUR (calculated: Debt 1.04b - CCE 1.30b)
Enterprise Value = 2.02b EUR (2.29b + Debt 1.04b - CCE 1.30b)
Interest Coverage Ratio = 5.11 (Ebit TTM 254.7m / Interest Expense TTM 49.8m)
EV/FCF = 16.06x (Enterprise Value 2.02b / FCF TTM 126.0m)
FCF Yield = 6.23% (FCF TTM 126.0m / Enterprise Value 2.02b)
FCF Margin = 1.87% (FCF TTM 126.0m / Revenue TTM 6.75b)
Net Margin = 2.14% (Net Income TTM 144.3m / Revenue TTM 6.75b)
Gross Margin = 17.89% ((Revenue TTM 6.75b - Cost of Revenue TTM 5.54b) / Revenue TTM)
Gross Margin QoQ = 24.98% (prev 4.11%)
Tobins Q-Ratio = 0.32 (Enterprise Value 2.02b / Total Assets 6.42b)
Interest Expense / Debt = 4.80% (Interest Expense 49.8m / Debt 1.04b)
Taxrate = 31.48% (6.80m / 21.6m)
NOPAT = 174.5m (EBIT 254.7m * (1 - 31.48%))
Current Ratio = 1.19 (Total Current Assets 5.83b / Total Current Liabilities 4.88b)
Debt / Equity = 1.78 (Debt 1.04b / totalStockholderEquity, last quarter 581.7m)
Debt / EBITDA = -0.90 (Net Debt -265.7m / EBITDA 294.6m)
Debt / FCF = -2.11 (Net Debt -265.7m / FCF TTM 126.0m)
Total Stockholder Equity = 528.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.59% (Net Income 144.3m / Total Assets 6.42b)
RoE = 27.29% (Net Income TTM 144.3m / Total Stockholder Equity 528.8m)
RoCE = 20.81% (EBIT 254.7m / Capital Employed (Equity 528.8m + L.T.Debt 695.2m))
RoIC = 10.01% (NOPAT 174.5m / Invested Capital 1.74b)
WACC = 7.65% (E(2.29b)/V(3.33b) * Re(9.62%) + D(1.04b)/V(3.33b) * Rd(4.80%) * (1-Tc(0.31)))
Discount Rate = 9.62% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 15.56 | Cagr: 0.01%
[DCF] Terminal Value 77.97% ; FCFF base≈105.9m ; Y1≈121.4m ; Y5≈178.7m
[DCF] Fair Price = 37.83 (EV 2.69b - Net Debt -265.7m = Equity 2.95b / Shares 78.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 92.05 | EPS CAGR: 44.51% | SUE: -4.0 | # QB: -1
Revenue Correlation: 76.40 | Revenue CAGR: 16.47% | SUE: 0.06 | # QB: 0
EPS current Year (2026-12-31): EPS=2.38 | Chg30d=-10.07% | Revisions=-20% | GrowthEPS=+20.2% | GrowthRev=+2.6%
EPS next Year (2027-12-31): EPS=3.13 | Chg30d=+1.62% | Revisions=+25% | GrowthEPS=+31.5% | GrowthRev=-2.1%
[Analyst] Revisions Ratio: +25%