olivLaw · European equity research
Grupo Empresarial San José, S.A. GSJ.MC
Spain · BME Madrid · ISIN ES0180918015 · Vertical: Listed companies from Spain
Grupo Empresarial San José is a Spanish group active in construction, services, real estate and energy projects, with an extensive presence abroad. Its order backlog grew in 2025 and supports a plan of geographic diversification, although construction firms depend on public tenders and the macroeconomic environment.
At the close of 05 Nov 2026, Grupo Empresarial San José, S.A. (GSJ.MC) stock was 7.03 EUR (−1.13% on the day), with beta 0.83, 52-week range 6.87–9.31 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)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 6.83 – 7.26
- in the lower half of the band · %B 0.46 · band width 6.0%
- SMA 50 / 200
- 7.36 / 8.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.10
- MACD above 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 | −3.2% | −0.6% | −2.5 pp | — |
| 3 months | −13.2% | −4.2% | −9.0 pp | — |
| 6 months | −17.6% | +4.3% | −21.9 pp | — |
| Year to date | −6.5% | +7.5% | −14.0 pp | — |
| 1 year | −2.9% | +9.9% | −12.8 pp | +6.7% |
| 3 years | +93.7% | +49.8% | +43.8 pp | +31.5% |
| 5 years | +62.9% | +42.8% | +20.1 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 | 1.3 bn | 1.6 bn | 1.6 bn |
| Revenue YoY | unavailable | +16.6% | +1.9% |
| Net income | 19.9 m | 33.0 m | 39.9 m |
| Net income YoY | unavailable | +65.6% | +20.7% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.5% | 2.1% | 2.5% |
| Free cash flow | 98.1 m | 116.7 m | 153.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 621.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 287.8 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.24x
- ROE
- 14.7%
- ROA
- 2.9%
- FCF margin
- 9.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 bn | 1.6 bn | 1.6 bn | esef· 20 Oct 2026verified |
| Operating income | 38.8 m | 48.6 m | 58.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | 31.9 m | 47.5 m | 59.5 m | esef· 20 Oct 2026verified |
| Income tax | 10.4 m | 15.1 m | 18.7 m | esef· 20 Oct 2026verified |
| Net income | 19.9 m | 33.0 m | 39.9 m | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 406.8 m | 481.1 m | 621.6 m | esef· 20 Oct 2026verified |
| Receivables | 463.4 m | 498.7 m | 459.6 m | esef· 20 Oct 2026verified |
| Current assets | 955.8 m | 1.1 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 82.8 m | 89.2 m | 94.9 m | esef· 20 Oct 2026verified |
| Goodwill | 10.0 m | 10.0 m | 10.0 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 15.5 m | 13.6 m | 13.4 m | esef· 20 Oct 2026verified |
| Total assets | 1.1 bn | 1.3 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Accounts payable | 714.0 m | 833.9 m | 902.0 m | esef· 20 Oct 2026verified |
| Current liabilities | 766.0 m | 885.6 m | 964.1 m | esef· 20 Oct 2026verified |
| Equity | 216.9 m | 252.7 m | 287.8 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 103.4 m | 122.4 m | 160.3 m | esef· 20 Oct 2026verified |
| Capex | 5.3 m | 5.7 m | 6.9 m | esef· 20 Oct 2026verified |
| Free cash flow | 98.1 m ≈ | 116.7 m ≈ | 153.4 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 22.4 m | -30.4 m | -9.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -18.2 m | -15.5 m | -7.0 m | esef· 20 Oct 2026verified |
| Dividends paid | 6.5 m | 9.8 m | 12.0 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
- indicators available: 4 of at least 6
- score weight coverage: 20.8% 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
21% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: indicators available: 4 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.5% | 38 (vs peers) | 30% |
| FCF conversion · Quality | 385.0% | 100 (on a fixed band) | 30% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 36 (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 | 7.8% | 100 (on a fixed band) | 20% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial36/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 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
GRUPO EMPRESARIAL SAN JOSE, SA (GSJ.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2025; YoY growth 1.9%; net margin 2.5%; ROE 17.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 20.8% 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
- FCF conversion: 385.0%
- Payout ratio (FCF): 7.8%
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): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| 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% |
| ACX.MCAcerinox SA | — | — | -1.7% | -0.7% | +6.8% | +27% / +54% |
1- and 3-year price returns: for GSJ.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
Grupo Empresarial San José is a Spanish group active in construction, services, real estate and energy projects, with an extensive presence abroad. Its order backlog grew in 2025 and supports a plan of geographic diversification, although construction firms depend on public tenders and the macroeconomic environment 1.
SWOT
Strengths
- Growing order backlog and a consolidated presence in several countries.
- Low financial debt, largely at fixed interest rates, according to the report.
- Diversified activity across construction, services, real estate and energy.
Weaknesses
- Dependence on public tenders, with calendars and volumes that are hard to forecast.
- Exposure to currency risk in subsidiaries operating in currencies other than the euro.
- Revenue recognition based on progress of works involves estimates that can be revised.
Opportunities
- Long-term concessions in countries where the group already has experience.
- Energy and infrastructure projects in emerging markets.
- A return of private investment in construction if the macroeconomic environment improves.
Threats
- Late payments from public clients, which could affect cash flow.
- Political or economic instability in expansion countries.
- Competitive pressure on tenders, which can reduce contract margins.
Risks
- Currency riskmedium
Subsidiaries in countries with other currencies can generate translation differences, and the group noted new exposures could arise as it expands geographically.
- Liquidity riskmedium
Delayed payments from clients or public authorities could strain working capital on large projects.
- Project execution riskhigh
Cost overruns or delays can lead to provisions for negative margins, under the group's accounting policy.
- Market and tender riskmedium
A decline in public tender volumes could slow the growth of the order backlog.
- Political risk abroadhigh
Changes of regime or regulation in expansion countries may affect concession contracts.
Investment thesis
What would need to be true (bull case)
- The order backlog grew in 2025, and the Chile concession adds long-term projects to an already broad base.
- A low debt structure, mostly at fixed rates, gives financial flexibility for new projects.
- Diversification across construction, real estate and energy could reduce reliance on a single segment.
What would break the thesis
- Dependence on public tenders and state budgets can make revenue hard to predict.
- Expansion into emerging markets could bring political and currency risks that are hard to control.
- Projects with thin margins are exposed to provisions if execution exceeds estimates.
What to watch
- Evolution of the order backlog and new tenders wonQ1 2027
- Execution of the Chile concession and related revenue estimate2027
- Level of overdue receivables and certified production not yet collectednext 10-K
- Evolution of exchange differences in foreign subsidiaries2027
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 group concentrates its activity on construction and the provision of services, complemented by real estate opportunities linked to assets it owns and energy projects, according to the annual report for the year ended 31 December 2025 1. Total order backlog at 31 December 2025 stood at 3,631 million euros, up 13.9% from the prior year 1. In January 2026 the group won a concession in Chile for a prison in Copiapó, with an estimated portfolio of 510 million euros and a term of 20 years 1.
Segments
Construction and services
The group's core activity, including construction and management of infrastructure, with concession contracts valued in millions of euros 1. Construction revenue is recognised according to the degree of progress on the works 1.
Market context
The construction sector in which the group operates depends on public tenders, both in Spain and in the countries where it has a presence, such as Chile, Mexico, Peru and the United States 1. The report notes that an improving macroeconomic environment and an expected better performance of the private sector support the outlook for construction 1. The group intends to consolidate its domestic presence and use its position in emerging markets 1.
Trends
- Public tenders and concessionsmixed
Reliance on public contracts can bring large order volumes but also schedule and funding risks if budgets change. Winning the Chile concession shows long-term projects can complement the portfolio.
- International expansionmixed
Geographic diversification into emerging markets may open new opportunities, especially where the group already has experience, but exposes the company to political and currency risks.
- Private sector recoverytailwind
Expectations of higher private investment in construction could support demand if the macroeconomic forecasts cited by management materialise.
- Cost of capital and financingheadwind
Higher financing costs could weigh on margins of projects with delayed payments, although the report shows the group's financial debt is low and largely at fixed rates.
Competitive position
The annual report does not explicitly name the group's competitors and does not provide an analysis of its competitive position. From the context of its activity, competition comes from other construction and concession companies that bid for public tenders in Spain and Latin America.
- Spanish construction and concession companies
Typical competitors in public tenders in Spain and Latin America, not named individually in the source.
- International infrastructure operators
Companies competing for long-term concession contracts in emerging markets, including Chile.
- Local real estate developers
Competitors in home and land sales in Spain.
- Energy producers and investors
Competitors in energy projects with PPAs or wholesale market sales.
News & filings
In the press
- Magnitude 7.4 Earthquake – 5 km S of San José del Palmar, ColombiaHacker News · 10 Aug 2026 · EN
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 / Grupo Empresarial San José, 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.