olivLaw · European equity research
Acerinox, S.A. ACX.MC
Spain · BME Madrid · ISIN ES0132105018 · Vertical: Listed companies from Spain
Acerinox is a Spanish producer of stainless steel and high-performance alloys, with a network of 15 plants and melting capacity of 3.5 million tonnes. The group completed the acquisition of Haynes International at the end of 2024, which extends its high-performance alloys portfolio.
At the close of 05 Nov 2026, Acerinox, S.A. (ACX.MC) stock was 15.49 EUR (−2.09% on the day), with dividend yield 2.00%, beta 1.22, 52-week range 11.14–18.48 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 33.7
- weak (30–45)
- Bollinger (20, 2)
- 15.56 – 17.59
- below the lower band · %B -0.03 · band width 12.2%
- SMA 50 / 200
- 17.13 / 15.41
- mixed trend
- MACD (12, 26, 9)
- -0.37 / -0.25
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.2% | +0.4% | −9.6 pp | — |
| 3 months | −15.0% | −3.3% | −11.7 pp | — |
| 6 months | +4.6% | +4.0% | +0.6 pp | — |
| Year to date | +22.4% | +8.1% | +14.3 pp | — |
| 1 year | +38.9% | +10.7% | +28.2 pp | +3.2% |
| 3 years | +58.9% | +50.1% | +8.8 pp | +26.0% |
| 5 years | +38.1% | +43.6% | −5.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.6 bn | 5.4 bn | 5.8 bn |
| Revenue YoY | unavailable | −18.1% | +6.8% |
| Net income | 228.1 m | 224.9 m | -40.1 m |
| Net income YoY | unavailable | −1.4% | −117.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 3.5% | 4.2% | -0.7% |
| Free cash flow | 309.6 m | 91.4 m | 150.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 969.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.1 bn EUR
- Total assets
- 5.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.89x
- ROE
- -1.7%
- ROA
- -0.7%
- FCF margin
- 2.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.6 bn | 5.4 bn | 5.8 bn | esef· 20 Oct 2026verified |
| Operating income | 374.2 m | 348.1 m | 153.2 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 171.1 m | 159.9 m | 195.5 m | esef· 20 Oct 2026verified |
| EBITDA | 545.3 m ≈ | 508.0 m ≈ | 348.6 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 101.0 m | 108.1 m | 93.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | 355.3 m | 341.6 m | 89.8 m | esef· 20 Oct 2026verified |
| Income tax | 138.1 m | 126.3 m | 143.2 m | esef· 20 Oct 2026verified |
| Net income | 228.1 m | 224.9 m | -40.1 m | esef· 20 Oct 2026verified |
| Dividend per share | 0.31 | 0.31 | — | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.8 bn | 1.3 bn | 969.9 m | esef· 20 Oct 2026verified |
| Receivables | 626.3 m | 619.1 m | 546.7 m | esef· 20 Oct 2026verified |
| Inventories | 1.9 bn | 2.1 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Current assets | 4.3 bn | 4.1 bn | 3.2 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.9 bn | 1.9 bn | esef· 20 Oct 2026verified |
| Goodwill | 51.1 m | 179.3 m | 164.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 41.3 m | 136.4 m | 118.0 m | esef· 20 Oct 2026verified |
| Total assets | 6.1 bn | 6.5 bn | 5.6 bn | esef· 20 Oct 2026verified |
| Current liabilities | 1.9 bn | 1.9 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Equity | 2.5 bn | 2.6 bn | 2.1 bn | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 481.5 m | 293.7 m | 455.5 m | esef· 20 Oct 2026verified |
| Capex | 171.9 m | 202.3 m | 305.0 m | esef· 20 Oct 2026verified |
| Free cash flow | 309.6 m ≈ | 91.4 m ≈ | 150.5 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -174.7 m | -896.5 m | -242.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -5.6 m | -36.0 m | -388.2 m | esef· 20 Oct 2026verified |
| Dividends paid | 149.6 m | 154.5 m | 154.6 m | esef· 20 Oct 2026verified |
| Share repurchases | 2.1 m | 960.0 k | 718.0 k | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.22 – 5.75 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)4.22 – 5.75 (Mid 4.86)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.7% | 14 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.6x | 2 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 1.9x | 91 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 102.7% | 25 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partial25/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACERINOX SA (ACX.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.8 bn EUR in 2025; YoY growth 6.8%; net margin -0.7%; ROE -1.7%.
The estimated value range is 4.22–5.75 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.86 EUR, the price of 15.49 EUR leaves a potential of -68.6% (value / price − 1) and a margin of safety of -218.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Net margin: -0.7%
- Interest coverage: 1.6x
- Payout ratio (FCF): 102.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for ACX.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Acerinox is a Spanish producer of stainless steel and high-performance alloys, with a network of 15 plants and melting capacity of 3.5 million tonnes 1. The group completed the acquisition of Haynes International at the end of 2024, which extends its high-performance alloys portfolio 1.
SWOT
Strengths
- The group has a broad production network with plants on three continents and considerable melting capacity 1.
- Diversification between stainless steel and high-performance alloys, with a leading position in the second segment, supports the value-added profile 1.
- The global commercial network and the broad product range allow service to many industrial sectors 1.
Weaknesses
- Operations depend on access to raw materials and critical materials, whose availability can be affected by geopolitical factors 1.
- The recent integration of Haynes could create challenges in aligning processes and systems across the group 1.
- Fixed assets in traditional metallurgy could become less useful if demand for raw material falls 1.
Opportunities
Risks
- Critical materials and rare earthshigh
Export controls or quotas on rare earths could affect part of production and could raise operating costs 1.
- Technological transitionmedium
The move to additive manufacturing could reduce the volume of raw material required and could create a risk of obsolescence of fixed assets 1.
- Cybersecuritymedium
Cyber threats could affect plant operations and business continuity, and the group remains under audit committee oversight 1.
- Acquisition integrationmedium
Integrating Haynes International could encounter operational difficulties and challenges in harmonising systems 1.
- Accounting estimateslow
Estimates on impairment of goodwill and other assets, and fair value valuations, involve a high degree of judgement and could require adjustments 1.
Investment thesis
What would need to be true (bull case)
- If the shift toward high-performance alloys and additive manufacturing is confirmed, the group could capture a larger share of added value 1.
- The global network of plants and distribution could allow the group to adapt quickly to demand across different sectors 1.
- Commitment to the circular economy and recycled metal could support access to markets with strict ecological requirements 1.
What would break the thesis
- If access to critical materials deteriorates, costs could rise faster than selling prices 1.
- If additive manufacturing replaces traditional processes, demand for raw material could fall and existing assets could become less productive 1.
- Integrating large acquisitions could delay the expected synergies if operations are not harmonised 1.
What to watch
- Evolution of export controls on rare earths and critical materials2027
- Commissioning of the second powder atomiser for additive manufacturing at VDM Metals2027
- Full integration of Haynes International and effects on marginsnext 10-K
- New strategic plan succeeding the 2021-2025 plan2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Grupo Acerinox, headquartered in Spain, is a leader in stainless steel and high-performance alloys manufacturing 1. Its production network comprises 15 plants across three continents, including five stainless steel plants, three integrated and two long-product 1. Products are distributed through a wide commercial network in more than 80 countries 1.
The high-performance alloys division, a global leader, is formed by VDM Metals and Haynes International, with ten production centres in the US and Germany 1. The group's strategy aims to become an integral supplier that anticipates market needs through the broadest range of materials and solutions 1.
The 2021-2025 strategic plan rested on four pillars: excellence, added value, sustainability and financial strength, with sustainability deployed through the Impacto Positivo 360º plan 1. The report consolidates all group entities, including the full integration of Haynes 1.
Segments
Stainless steel
The stainless steel division includes integrated flat-product plants (Acerinox Europa, North American Stainless and Columbus Stainless) and long-product plants (Roldán and Inoxfil) 1. The product range is broad and serves varied industrial sectors 1.
Market context
Acerinox operates in a global market for stainless steel and special alloys, where customers in aerospace, petrochemical and defence industries demand materials with high technical properties 1. The report shows that access to critical materials and rare earths affects costs and product availability 1.
Demand depends on end industrial sectors and on the geopolitical evolution of supply chains, and market dynamics could be affected by export controls and quotas 1. The excerpt provided does not give the group's market share data 1.
Trends
- Shift to additive manufacturingmixed
Some industries such as aerospace and energy are moving from subtractive to additive manufacturing, which could reduce the volume of raw material required 1. The group responds with investment in powders for 3D printing 1.
- Critical materials vulnerabilityheadwind
Access to critical materials and rare earths could be affected by geopolitical fragmentation and export controls, which could raise operating costs 1.
- Circular economytailwind
Using high-quality recycled metal could support customers' environmental requirements and improve the sustainability profile of products 1.
- Cybersecuritytailwind
The group has strengthened its cybersecurity structure and technologies under management oversight and the audit committee, which could reduce the risk of business interruption 1.
Competitive position
The annual report excerpts provided do not name direct competitors 1. The competitive analysis is therefore limited to factors cited by the company, such as its broad materials range and global commercial network 1.
The group's stated advantage lies in vertical integration, diversification between stainless steel and special alloys, and the ability to produce high value-added materials 1. Competitive pressure could come from alternative materials and new manufacturing processes 1.
- Alternative materials producers
The report mentions alternative materials that could take market share if critical components are redesigned 1.
- Powder suppliers for additive manufacturing
The shift to 3D printing creates competition in powder atomisation, where the group invests through VDM Metals 1.
- European and North American stainless steel producers
Direct competition comes from other integrated stainless steel producers, not named in the source provided 1.
- High-performance alloy producers
Competition in the special alloys segment is based on technical performance and availability of raw materials 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Acerinox, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.