(TUB) Tubacex S.A - Overview
Sector: Basic Materials | Industry: Steel | Exchange: MC (Spain) | Market Cap: 363m EUR | Total Return: -26.8% in 12m
Avg Turnover: 1.02M
Rev. Trend: 3.2%
Qual. Beats: -1
Warnings
High Debt while negative Cash Flow
Interest Coverage Ratio 0.3 is critical
Tailwinds
No distinct edge detected
Tubacex S.A. (TUB) is a Spain-based manufacturer specializing in seamless stainless steel and high-nickel alloy tubes and components. The company operates a vertically integrated business model, encompassing everything from steelmaking and extrusion to specialized finishing services like ceramic coating (Tubacoat) and precision machining for aerospace and subsea applications.
The company serves diverse industrial sectors, including oil and gas exploration, power generation, and aerospace. High-nickel alloys are essential in these fields due to their superior resistance to corrosion and extreme temperatures, making Tubacex a critical supplier for harsh-environment infrastructure. Beyond manufacturing, Tubacex provides value-added logistics, design simulation, and research and development services to its global client base.
Investors looking for deeper fundamental insights may find further analysis on ValueRay beneficial for their due diligence. Founded in 1963 and headquartered in Llodio, Tubacex remains a key player in the specialized steel segment of the materials sector.
- Strategic shift toward high-margin CRA OCTG and nickel alloy products
- Multi-year backlog growth driven by Middle East energy infrastructure projects
- Margin expansion through vertical integration and specialized aerospace service diversification
- Global energy transition demand for carbon capture and hydrogen storage solutions
| Net Income: -40.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA 4.85 > 1.0 |
| NWC/Revenue: 21.20% < 20% (prev -4.51%; Δ 25.71% < -1%) |
| CFO/TA -0.01 > 3% & CFO -12.0m > Net Income -40.1m |
| Net Debt (365.6m) to EBITDA (82.8m): 4.41 < 3 |
| Current Ratio: 1.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (124.0m) vs 12m ago 1.87% < -2% |
| Gross Margin: 44.06% > 18% (prev 0.61%; Δ 4.34k% > 0.5%) |
| Asset Turnover: 70.55% > 50% (prev 65.82%; Δ 4.73% > 0%) |
| Interest Coverage Ratio: 0.28 > 6 (EBITDA TTM 82.8m / Interest Expense TTM 19.5m) |
| A: 0.15 (Total Current Assets 686.1m - Total Current Liabilities 504.7m) / Total Assets 1.22b |
| B: -0.03 (Retained Earnings -31.3m / Total Assets 1.22b) |
| C: 0.00 (EBIT TTM 5.44m / Avg Total Assets 1.21b) |
| D: 0.31 (Book Value of Equity 255.6m / Total Liabilities 823.5m) |
| Altman-Z'' = 1.25 = BB |
| DSRI: 0.91 (Receivables 108.8m/110.9m, Revenue 855.6m/791.7m) |
| GMI: 1.39 (GM 44.06% / 61.24%) |
| AQI: 0.99 (AQ_t 0.17 / AQ_t-1 0.17) |
| SGI: 1.08 (Revenue 855.6m / 791.7m) |
| TATA: -0.02 (NI -40.1m - CFO -12.0m) / TA 1.22b) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of May 26, 2026, the stock is trading at EUR 2.99 with a total of 414,009 shares traded.
Over the past week, the price has changed by +2.05%,
over one month by +1.88%,
over three months by -14.22% and
over the past year by -26.75%.
Tubacex S.A has no consensus analysts rating.
P/E Forward = 21.8341
P/S = 0.5227
P/B = 1.2351
P/EG = 0.1881
Revenue TTM = 855.6m EUR
EBIT TTM = 5.44m EUR
EBITDA TTM = 82.8m EUR
Long Term Debt = 229.5m EUR (from longTermDebt, last quarter)
Short Term Debt = 267.3m EUR (from shortTermDebt, last quarter)
Debt = 523.6m EUR (from shortLongTermDebtTotal, last quarter) + Leases 26.8m
Net Debt = 365.6m EUR (calculated: Debt 523.6m - CCE 158.0m)
Enterprise Value = 728.8m EUR (363.2m + Debt 523.6m - CCE 158.0m)
Interest Coverage Ratio = 0.28 (Ebit TTM 5.44m / Interest Expense TTM 19.5m)
EV/FCF = -11.28x (Enterprise Value 728.8m / FCF TTM -64.6m)
FCF Yield = -8.87% (FCF TTM -64.6m / Enterprise Value 728.8m)
FCF Margin = -7.55% (FCF TTM -64.6m / Revenue TTM 855.6m)
Net Margin = -4.68% (Net Income TTM -40.1m / Revenue TTM 855.6m)
Gross Margin = 44.06% ((Revenue TTM 855.6m - Cost of Revenue TTM 478.6m) / Revenue TTM)
Gross Margin QoQ = 65.82% (prev 16.95%)
Tobins Q-Ratio = 0.60 (Enterprise Value 728.8m / Total Assets 1.22b)
Interest Expense / Debt = 3.72% (Interest Expense 19.5m / Debt 523.6m)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 4.08m (EBIT 5.44m * (1 - 25.00%))
Current Ratio = 1.36 (Total Current Assets 686.1m / Total Current Liabilities 504.7m)
Debt / Equity = 1.78 (Debt 523.6m / totalStockholderEquity, last quarter 294.1m)
Debt / EBITDA = 4.41 (Net Debt 365.6m / EBITDA 82.8m)
Debt / FCF = -5.66 (negative FCF - burning cash) (Net Debt 365.6m / FCF TTM -64.6m)
Total Stockholder Equity = 318.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.30% (Net Income -40.1m / Total Assets 1.22b)
RoE = -12.58% (Net Income TTM -40.1m / Total Stockholder Equity 318.6m)
RoCE = 0.99% (EBIT 5.44m / Capital Employed (Equity 318.6m + L.T.Debt 229.5m))
RoIC = 0.41% (NOPAT 4.08m / Invested Capital 985.0m)
WACC = 5.05% (E(363.2m)/V(886.8m) * Re(8.31%) + D(523.6m)/V(886.8m) * Rd(3.72%) * (1-Tc(0.25)))
Discount Rate = 8.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 58.04 | Cagr: 0.53%
[DCF] Fair Price = unknown (Cash Flow -64.6m)
Revenue Correlation: 3.22 | Revenue CAGR: 0.17% | SUE: -1.45 | # QB: -1
EPS current Year (2026-12-31): EPS=0.13 | Chg30d=-28.85% | Revisions=-20% | GrowthEPS=+2.6% | GrowthRev=+2.6%
EPS next Year (2027-12-31): EPS=0.27 | Chg30d=-13.05% | Revisions=-33% | GrowthEPS=+103.0% | GrowthRev=+22.7%
[Analyst] Revisions Ratio: -33%