olivLaw · European equity research
ARTECHE LANTEGI ELKARTEA, S.A. ART.MC
Spain · BME Madrid · ISIN ES0105521001 · Vertical: Listed companies from Spain
ARTECHE is a Bizkaia-based industrial group, mainly exporting, that makes equipment for power grids, substation automation and measurement solutions. In 2025 it expanded its portfolio through the RTR Energía acquisition, while commercial and currency risks remain at the centre of management's attention.
At the close of 05 Nov 2026, ARTECHE LANTEGI ELKARTEA, S.A. (ART.MC) stock was 27.70 EUR (−4.48% on the day), with beta 0.29, 52-week range 19.80–44.00 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)
- 30.9
- weak (30–45)
- Bollinger (20, 2)
- 27.63 – 35.50
- in the lower half of the band · %B 0.01 · band width 24.9%
- SMA 50 / 200
- 32.18 / 30.90
- mixed trend
- MACD (12, 26, 9)
- -1.21 / -0.77
- 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 | −24.1% | +0.4% | −24.5 pp | — |
| 3 months | −3.1% | −3.3% | +0.1 pp | — |
| 6 months | −29.0% | +4.0% | −32.9 pp | — |
| Year to date | +22.6% | +8.1% | +14.5 pp | — |
| 1 year | +45.8% | +10.7% | +35.1 pp | +3.2% |
| 3 years | +603.0% | +50.1% | +553.0 pp | +26.0% |
| 5 years | +625.1% | +43.6% | +581.5 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 440.8 m | 508.4 m |
| Revenue YoY | unavailable | +15.3% |
| Net income | 23.4 m | 45.3 m |
| Net income YoY | unavailable | +93.4% |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | 5.3% | 8.9% |
| Free cash flow | 36.1 m | 36.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 67.9 m EUR
- Financial debt
- 39.6 m EUR
- Net debt
- -28.3 m EUR
- Equity
- 120.3 m EUR
- Total assets
- 467.4 m EUR
- Debt / equity
- 0.33x
- Current ratio
- unavailable
- ROE
- 43.4%
- ROA
- 10.3%
- FCF margin
- 7.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 440.8 m | 508.4 m | esef· 20 Oct 2026verified |
| Cost of revenue | 226.6 m | 253.9 m | esef· 20 Oct 2026verified |
| Gross profit | 214.3 m ≈ | 254.5 m ≈ | esef· 20 Oct 2026derived |
| Operating income | 44.4 m | 64.4 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 14.4 m | 15.9 m | esef· 20 Oct 2026verified |
| EBITDA | 58.8 m ≈ | 80.3 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 7.8 m | 6.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | 35.0 m | 56.1 m | esef· 20 Oct 2026verified |
| Income tax | 8.0 m | 7.8 m | esef· 20 Oct 2026verified |
| Net income | 23.4 m | 45.3 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 88.0 m | 67.9 m | esef· 20 Oct 2026verified |
| Receivables | 61.9 m | 71.5 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 39.7 m | 48.4 m | esef· 20 Oct 2026verified |
| Goodwill | 17.4 m | 19.5 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 29.3 m | 34.2 m | esef· 20 Oct 2026verified |
| Total assets | 413.6 m | 467.4 m | esef· 20 Oct 2026verified |
| Short-term debt | 34.5 m | 39.6 m | esef· 20 Oct 2026verified |
| Current liabilities | 206.3 m | 235.4 m | esef· 20 Oct 2026verified |
| Equity | 88.4 m | 120.3 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 48.0 m | 51.1 m | esef· 20 Oct 2026verified |
| Capex | 11.8 m | 15.0 m | esef· 20 Oct 2026verified |
| Free cash flow | 36.1 m ≈ | 36.0 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -25.6 m | -59.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | 5.1 m | -12.2 m | esef· 20 Oct 2026verified |
| Dividends paid | 6.0 m | 9.4 m | 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
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
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
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 87.4% | 100 (vs peers) | 24% |
| Net margin · Quality | 8.9% | 73 (vs peers) | 14% |
| FCF conversion · Quality | 79.6% | 71 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.4x | 100 (on a fixed band) | 24% |
| Interest coverage · Balance sheet | 10.1x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 | 26.2% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns· partial100/100 · 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
ARTECHE LANTEGI ELKARTEA SA (ART.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 508.4 m EUR in 2025; YoY growth 15.3%; net margin 8.9%; ROE 47.1%; net debt/EBITDA -0.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 87.4%
- Net margin: 8.9%
- FCF conversion: 79.6%
- Net debt / EBITDA: -0.4x
- Interest coverage: 10.1x
- Payout ratio (FCF): 26.2%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Current ratio, 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 ART.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
ARTECHE is a Bizkaia-based industrial group, mainly exporting, that makes equipment for power grids, substation automation and measurement solutions. In 2025 it expanded its portfolio through the RTR Energía acquisition, while commercial and currency risks remain at the centre of management's attention 1.
SWOT
Strengths
- The customer base in the electricity sector has very good credit quality, and actual insolvency losses have stayed very low in recent years.
- The group has an international presence across several production subsidiaries and has shown the ability to adapt its commercial strategy.
- Investment in development is supported by a portfolio of capitalised projects expected to improve the product range.
Weaknesses
- Activity is heavily dependent on exports, which exposes the group to tariff and currency risks.
- Part of the long-term debt bears variable interest, and hedging coverage is not complete.
- Some products include SF6 gas, which must be phased out, and replacing it involves technical effort and cost.
Opportunities
- Modernisation of power grids and expansion of smart grids could support demand for the group's products.
- Acquisitions such as RTR Energía could extend the automation and digitalisation portfolio.
- Development of SF6-free technologies could open markets where regulation is stricter.
Threats
- International trade measures could reduce the competitiveness of products exported from Spain.
- Sharp currency fluctuations could reduce reported profit.
- Rising prices of raw materials such as steel, aluminium and copper could pressure margins.
Risks
- Trade and tariff riskhigh
An export-focused activity can be affected by new tariffs or restrictions, and the group warns of uncertainty in global markets.
- Currency riskhigh
Revenues and costs in several foreign currencies can cause swings in profit and equity, even though part is hedged.
- Interest rate riskmedium
A significant part of the debt bears variable rates, and higher interest rates could raise financing costs, although hedging coverage is extensive.
- Raw material price riskmedium
Production costs depend on steel, aluminium and copper, and price volatility could affect profitability.
- Asset impairment risklow
Goodwill and development projects could require adjustments if revenue expectations fall, as happened with one project in 2025.
Investment thesis
What would need to be true (bull case)
- If grid modernisation continues, demand for the group's equipment and systems could remain solid over the long term.
- The high quality of the customer base and small insolvency losses could support cash flows.
- Acquisitions and digitalisation projects could extend the offer and margins in higher value-added segments.
What would break the thesis
- If trade tariffs widen, the export-driven business could lose competitiveness in key markets.
- Currency and variable interest rate exposure could reduce profit during periods of volatility.
- The transition away from SF6 gas could involve costs and technical risks that pressure margins.
What to watch
- Evolution of trade tariffs and their impact on exports2026
- Integration of RTR Energía and its contribution to revenue and profit2026
- Pace of SF6 gas phase-out from the portfolio2027
- Evolution of currency hedges and variable-rate debtnext 10-K
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
The ARTECHE group operates mainly in the electricity sector, producing equipment and systems for power transmission and distribution. According to the 2025 annual report, the group's activity is net exporting, so positions in dollars, Mexican pesos, Brazilian reais, Chinese yuan and Turkish lira are significant 1. The headquarters is in Mungia, Bizkaia, and the group operates through several production subsidiaries outside Spain 1.
The group recognises long-term contract revenue over time, based on contractual milestones, which creates contract assets or liabilities between billing and recognition 1. Financial risks are managed through a centralised policy approved by the board of directors 1.
In 2025 the group strengthened its grid automation and digitalisation activity through the acquisition of RTR Energía, paid for with 10,597 thousand euros in cash with no deferred payments, recognising goodwill of 3,757 thousand euros 1. Group companies also continued investing in product development, including projects to replace SF6 gas in the portfolio 1.
Segments
Substation and distribution automation systems
This segment, run across three interconnected production plants, is subject to an annual goodwill impairment test, and management considers the recoverable amount supports the carrying value 1.
Power grid equipment and digital technology
Production subsidiaries in Turkey, Australia and other countries carry goodwill that is tested annually, and the largest recoverability risks relate to the Turkish market 1.
Market context
The market ARTECHE serves is driven by investment in power grids and substation modernisation, where demand is linked to public and private electrification programmes. The group states that its customer base in the electricity sector has very good credit quality, and actual losses from insolvencies have been very small in recent years 1.
Export markets are sensitive to exchange rate movements and possible trade tariffs, while production costs depend on steel, aluminium and copper prices quoted on regulated markets 1.
Trends
- Trade tariffs and geopolitical uncertaintyheadwind
US trade measures and the reactions of other states could affect the group's competitiveness given its export-heavy activity; management says its commercial strategy has adapted in past years without significant impact on competitive capacity 1.
- Phase-out of SF6 gasmixed
Regional regulations require SF6 gas to be phased out of products by 2030; the group has a replacement plan, and current stock of SF6 products is considered not significant, but the transition could pressure costs 1.
- Investment in grid digitalisationtailwind
Development of automation technologies and digital products, including capitalised projects and the Arin Technologies joint venture, could open growth opportunities in smart-grid markets 1.
- Currency and interest rate volatilitymixed
Exposure to exchange rates and variable interest rates could influence profit; the group hedges part of the risk but remains sensitive to market movements 1.
Competitive position
The analysed annual report does not explicitly name the group's competitors, so no direct market share comparisons can be made. The analysis is based only on the business segments the company describes.
Competition appears mainly in substation equipment and automation systems, where the group bases its position on product quality and its ability to adapt its commercial strategy 1.
- Competitors not named in source
The annual report does not name competitors, so no tickers or comparisons are given.
- European electrical equipment suppliers
Their role is not detailed in the source, so there is no verifiable data about them.
- Asian network equipment manufacturers
Their presence is mentioned only indirectly through export market risks.
- Smart grid solution providers
Category mentioned generically; the source contains no names or comparative data.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ARTECHE LANTEGI ELKARTEA, 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.