olivLaw · European equity research
Indra Sistemas, S.A. IDR.MC
Spain · BME Madrid · ISIN ES0118594417 · Vertical: Listed companies from Spain
At the close of 03 Nov 2026, Indra Sistemas, S.A. (IDR.MC) stock was 63.58 EUR (−1.67% on the day), with market capitalisation 11.2 bn EUR, P/E 25.6 on diluted EPS of 2.48 EUR over the last 12 months, dividend yield 0.39%, beta 0.87, 52-week range 44.28–65.40 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.7
- neutral
- Bollinger (20, 2)
- 58.64 – 65.90
- in the upper half of the band · %B 0.68 · band width 11.7%
- SMA 50 / 200
- 61.04 / 55.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.95 / 0.77
- 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 | +6.9% | −1.0% | +7.9 pp | — |
| 3 months | +6.7% | −3.9% | +10.6 pp | — |
| 6 months | +21.5% | +7.2% | +14.3 pp | — |
| Year to date | +31.0% | +6.6% | +24.4 pp | — |
| 1 year | +25.8% | +9.1% | +16.7 pp | +3.2% |
| 3 years | +391.3% | +47.9% | +343.4 pp | +29.4% |
| 5 years | +494.8% | +43.3% | +451.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 10.8, median 12.7, max 19.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.3 bn | 4.8 bn | 5.5 bn |
| Revenue YoY | unavailable | +11.5% | +12.7% |
| Net income | 205.8 m | 277.5 m | 435.8 m |
| Net income YoY | unavailable | +34.9% | +57.0% |
| Diluted EPS | 1.10 | 1.58 | 2.48 |
| Diluted EPS YoY | unavailable | +43.5% | +57.0% |
| net % | 4.7% | 5.7% | 8.0% |
| Free cash flow | 356.5 m | 427.3 m | 472.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 976.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.0 bn EUR
- Total assets
- 9.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.24x
- ROE
- 26.4%
- ROA
- 6.2%
- FCF margin
- 8.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.3 bn | 4.8 bn | 5.5 bn | esef· 20 Oct 2026verified |
| Operating income | 347.0 m | 438.3 m | 517.3 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 99.1 m | 107.0 m | 119.0 m | esef· 20 Oct 2026verified |
| EBITDA | 446.1 m ≈ | 545.2 m ≈ | 636.4 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 73.1 m | 82.7 m | 92.9 m | esef· 20 Oct 2026verified |
| Pre-tax income | 303.6 m | 386.3 m | 586.3 m | esef· 20 Oct 2026verified |
| Income tax | 94.9 m | 106.0 m | 147.3 m | esef· 20 Oct 2026verified |
| Net income | 205.8 m | 277.5 m | 435.8 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1.10 | 1.58 | 2.48 | esef· 20 Oct 2026verified |
| Dividend per share | 0.25 | 0.25 | 0.25 | esef· 20 Oct 2026derived |
≈ 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 | 595.7 m | 555.1 m | 976.2 m | esef· 20 Oct 2026verified |
| Receivables | 1.2 bn | 1.2 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Inventories | 554.7 m | 658.8 m | 1.3 bn | esef· 20 Oct 2026verified |
| Current assets | 2.6 bn | 2.8 bn | 4.5 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 99.1 m | 118.8 m | 1.1 bn | esef· 20 Oct 2026verified |
| Goodwill | 996.4 m | 1.0 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 263.8 m | 250.5 m | 459.5 m | esef· 20 Oct 2026verified |
| Total assets | 4.7 bn | 5.0 bn | 9.1 bn | esef· 20 Oct 2026verified |
| Accounts payable | 1.6 bn | 1.7 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Current liabilities | 2.3 bn | 2.5 bn | 3.6 bn | esef· 20 Oct 2026verified |
| Total liabilities | 3.6 bn | 3.6 bn | 7.1 bn | esef· 20 Oct 2026verified |
| Equity | 1.1 bn | 1.3 bn | 2.0 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 176.0 m | 175.7 m | 175.7 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 379.5 m | 450.9 m | 516.2 m | esef· 20 Oct 2026verified |
| Capex | 23.0 m | 23.6 m | 44.1 m | esef· 20 Oct 2026verified |
| Free cash flow | 356.5 m ≈ | 427.3 m ≈ | 472.2 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -274.3 m | -81.9 m | -874.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | -439.6 m | -333.7 m | 754.3 m | esef· 20 Oct 2026verified |
| Dividends paid | 44.1 m | 44.1 m | 43.9 m | esef· 20 Oct 2026verified |
| Share repurchases | 125.0 m | 150.1 m | 578.0 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 11.2 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 35.61 – 59.58 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E35.61 – 59.58 (Mid 48.24)20 companies used · median multiple 19.4x · quartiles 14.4x – 24.0xACS.MC, ADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)outside the aggregate3.40 – 4.64 (Mid 3.92)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.0% | 65 (vs peers) | 12% |
| FCF conversion · Quality | 108.3% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.6x | 63 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 25.6x | 27 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 53 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 5.6% | 80 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 9.3% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns88/100 · 2/2 factors with a value
- Valuation39/100 · 2/3 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
INDRA SISTEMAS, S.A. (IDR.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.5 bn EUR in 2025; YoY growth 12.7%; net margin 8.0%; ROE 28.8%.
The estimated value range is 35.61–59.58 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 48.24 EUR, the price of 63.58 EUR leaves a potential of -24.1% (value / price − 1) and a margin of safety of -31.8% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 108.3%
- Shareholder yield (distributions): 5.6%
- Payout ratio (FCF): 9.3%
What contradicts it
- P/E (TTM): 25.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 | 45.8 bn | 20.8 | 26.4% | 10.5% | +0.5% | +40% / +128% |
| AENA.MCAena S.m.e. SA | 41.5 bn | 19.4 | 24.2% | 34.0% | +8.9% | +18% / +75% |
| AMS.MCAmadeus It Group Sociedad Anonima | 25.7 bn | 19.4 | 26.9% | 20.5% | +6.1% | −8% / −7% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 23.8 bn | 25.0 | 19.9% | 1.9% | +19.7% | +16% / +155% |
| ANA.MCAcciona SA | 11.5 bn | 14.3 | 16.9% | 4.0% | +5.5% | +22% / +63% |
| IDR.MCIndra Sistemas, S.A. | 11.2 bn | 25.6 | 28.8% | 8.0% | +12.7% | +38% / +349% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 4.9 bn | 29.7 | 5.3% | 1.7% | +6.9% | −10% / −16% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| ENO.MCElecnor SA | 2.4 bn | 22.1 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| CMO.MCCementos Molins S.A. | 2.3 bn | 12.6 | 14.3% | 18.0% | −3.1% | +22% / unavailable |
| ALM.MCAlmirall S.A. | 2.3 bn | 49.5 | 3.1% | 4.2% | +12.4% | −14% / +28% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.0 | 10.8% | 13.0% | +23.7% | +1% / +55% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.2 | 57.8% | 7.0% | −24.8% | +1% / +38% |
| EDR.MCEdreams Odigeo SA | 537.2 m | 10.7 | 21.0% | 7.8% | −0.4% | +31% / −29% |
| EAT.MCAmRest Holdings SE | 495.7 m | 30.8 | 4.3% | 0.6% | +0.1% | −36% / −62% |
| ADX.MCAudax Renovables S.A. | 464.0 m | 23.7 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 198.9 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 177.2 m | 32.5 | 4.2% | 6.4% | +3.6% | −33% / −5% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.5 m | — | — | -9.3% | +147.2% | −26% / −34% |
| 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. | 2.9 m | 0.0 | 10.0% | 7.7% | −4.0% | −2% / +17% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +9% / +55% |
1- and 3-year price returns: for IDR.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 40.67 Total return -36% · Per year -36% | 71.64 Total return 13% · Per year 13% | 107.55 Total return 70% · Per year 70% |
| 3 years | 46.22 Total return -26% · Per year -10% | 90.95 Total return 45% · Per year 13% | 148.93 Total return 136% · Per year 33% |
| 5 years | 52.53 Total return -15% · Per year -3% | 115.46 Total return 84% · Per year 13% | 206.22 Total return 228% · Per year 27% |
- Exit P/E± 22.74
- Net margin± 15.92
- Annual revenue growth± 12.12
- Annual dilution± 1.34
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
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
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.