olivLaw · European equity research
Duro Felguera, S.A. MDF.MC
Spain · BME Madrid · ISIN ES0162600003 · Vertical: Listed companies from Spain
Duro Felguera is a Spanish industrial group that designs and builds energy, petrochemical and industrial plants through EPC contracts and temporary joint ventures. Revenue fell sharply in 2025, and business continuity depends on the court approval of its restructuring plan.
At the close of 05 Nov 2026, Duro Felguera, S.A. (MDF.MC) stock was 0.21 EUR (+11.58% on the day), with market capitalisation 45.6 m EUR, beta 0.39, 52-week range 0.15–0.28 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)
- 46.4
- neutral
- Bollinger (20, 2)
- 0.20 – 0.23
- in the lower half of the band · %B 0.44 · band width 15.8%
- SMA 50 / 200
- 0.24 / 0.20
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −7.0% | −0.6% | −6.4 pp | — |
| 3 months | +6.0% | −4.2% | +10.2 pp | — |
| 6 months | +25.4% | +4.3% | +21.1 pp | — |
| Year to date | +24.7% | +7.5% | +17.2 pp | — |
| 1 year | −14.5% | +9.9% | −24.4 pp | +6.7% |
| 3 years | −68.8% | +49.8% | −118.7 pp | +31.5% |
| 5 years | −77.8% | +42.8% | −120.6 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 279.9 m | 286.0 m | 161.1 m |
| Revenue YoY | unavailable | +2.2% | −43.7% |
| Net income | -72.3 m | -98.4 m | -71.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.31 | 0.38 | -0.27 |
| Diluted EPS YoY | unavailable | +22.6% | −171.1% |
| net % | -25.8% | -34.4% | -44.1% |
| Free cash flow | -27.4 m | -77.3 m | -22.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -337.7 m EUR
- Total assets
- 130.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.18x
- ROE
- unavailable
- ROA
- -41.0%
- FCF margin
- -14.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 279.9 m | 286.0 m | 161.1 m | esef· 20 Oct 2026verified |
| Operating income | -65.8 m | -95.6 m | -57.4 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 4.5 m | 3.1 m | 1.5 m | esef· 20 Oct 2026verified |
| EBITDA | -61.3 m ≈ | -92.4 m ≈ | -55.9 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 6.5 m | 11.6 m | 11.9 m | esef· 20 Oct 2026verified |
| Pre-tax income | -72.0 m | -98.2 m | -70.2 m | esef· 20 Oct 2026verified |
| Income tax | 176.0 k | 150.0 k | 765.0 k | esef· 20 Oct 2026verified |
| Net income | -72.3 m | -98.4 m | -71.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.31 | 0.38 | -0.27 | 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 | 109.9 m | 25.5 m | 11.7 m | esef· 20 Oct 2026verified |
| Receivables | 145.3 m | 116.4 m | 63.5 m | esef· 20 Oct 2026verified |
| Current assets | 283.3 m | 154.5 m | 82.2 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 26.0 m | 24.8 m | 16.9 m | esef· 20 Oct 2026verified |
| Total assets | 328.7 m | 215.9 m | 130.8 m | esef· 20 Oct 2026verified |
| Accounts payable | 213.0 m | 155.7 m | 100.7 m | esef· 20 Oct 2026verified |
| Current liabilities | 523.0 m | 348.3 m | 460.5 m | esef· 20 Oct 2026verified |
| Equity | -254.8 m | -269.3 m | -337.7 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 96.4 m | 213.9 m | 215.2 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -27.0 m | -76.6 m | -22.8 m | esef· 20 Oct 2026verified |
| Capex | 420.0 k | 784.0 k | 44.0 k | esef· 20 Oct 2026verified |
| Free cash flow | -27.4 m ≈ | -77.3 m ≈ | -22.8 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 23.9 m | -5.9 m | 8.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | 88.9 m | -1.9 m | 597.0 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: 25.0% 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: 45.6 m EUR
Key indicators
Coverage and freshness
Score by group
25% · 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 · 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 · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -44.1% | 3 (vs peers) | 25% |
| 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 | -4.8x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -50.0% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
DURO FELGUERA SA (MDF.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 161.1 m EUR in 2025; YoY growth -43.7%; net margin -44.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
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.
What contradicts it
- Net margin: -44.1%
- Interest coverage: -4.8x
- Current ratio: 0.2x
- FCF yield: -50.0%
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, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| MDF.MCDuro Felguera SA | 45.6 m | — | — | -44.1% | −43.7% | +4% / −70% |
| 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 MDF.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Duro Felguera is a Spanish industrial group that designs and builds energy, petrochemical and industrial plants through EPC contracts and temporary joint ventures. Revenue fell sharply in 2025, and business continuity depends on the court approval of its restructuring plan 1.
SWOT
Strengths
- The group has experience in complex energy and petrochemical projects, consolidated through numerous UTEs and high-value contracts.
- The portfolio includes partnerships with reference clients in energy and refining, which supports technical credibility.
- The UTE structure allows risks to be spread across specific projects and access to complementary capabilities.
Weaknesses
- Revenue and order backlog fell sharply in 2025, which limits visibility of future income.
- Net financial debt is high, and liquidity depends on available financing and guarantee lines.
- Operating losses and the negative pre-tax result show profitability difficulties on recent projects.
Opportunities
- If the offers under way materialise, the group could resume contracting in the energy and LNG sectors.
- A stricter selection of projects could reduce litigation risk and support a gradual recovery.
- Ongoing contracts with the main shareholder, if approved, could provide immediate activity.
Threats
- If the restructuring plan is not judicially approved, business continuity could be compromised.
- Geopolitical risks and cost inflation could affect execution of fixed-price projects.
- Competitive pressure and the bargaining power of large clients could limit margins and risk transfer.
Risks
- Business continuityhigh
The main risk identified by the board is uncertainty over the court approval of the restructuring plan, on which business continuity depends 1.
- Liquidity riskhigh
Differences between project cash flows and tight execution schedules could put pressure on liquidity 1.
- Obtaining guarantee linesmedium
Access to guarantee and financing lines is identified as a risk, with an impact on the capacity to take part in new tenders 1.
- Project execution riskmedium
Completing projects on time and to specification remains a significant operational risk for the group 1.
- Litigation and reputational riskmedium
The complaint linked to the Termocentro project in Venezuela and the reputation built in earlier years could affect commercial relations and compliance 1.
Investment thesis
What would need to be true (bull case)
- If the restructuring plan is approved and contracts with the main shareholder are executed, the group could resume activity quickly and rebuild its order backlog.
- Demand in the energy and LNG sectors remains, according to management, high, which could support new contracts if the offers under way materialise 1.
- Stricter discipline in project selection could improve margins and reduce litigation risk over the medium term.
What would break the thesis
- If the restructuring plan is not approved, activity could be interrupted and the group's continuity could be called into question.
- The order backlog has shrunk drastically, which could leave future revenue without sufficient coverage if new contracts are delayed.
- High net debt and operating losses could limit access to financing and the capacity to accept new projects.
What to watch
- Court approval of the restructuring plan2026
- Evolution of new orders against 38,041 thousand euros in 2025Next 10-K
- Order backlog level against 28,164 thousand euros at end-2025Next 10-K
- Evolution of net debt and liquidity against 273,473 thousand euros in 2025Next 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 Duro Felguera group carries out engineering, construction and assembly work for energy, petrochemical, LNG and steel projects, through subsidiaries and temporary joint ventures (UTE) with varying stakes. Ordinary revenue in fiscal 2025 was 161,064 thousand euros, compared with 286,015 thousand euros in 2024 1. The parent sold its 60% stake in Felguera Tecnologías de la Información in 2025, with no significant effect on consolidation 1.
Management describes 2026 as a year of return to normalised activity, based on ongoing contracts with the main shareholder that are subject to court approval of the restructuring plan 1. The group intends to reduce the risks assumed in project execution and avoid high-risk contracts that could lead to litigation 1.
The order backlog fell to 28,164 thousand euros at the end of 2025, from 304,795 thousand euros a year earlier, while new orders for the period were 38,041 thousand euros 1. The decline points to a volume and financing challenge for operational continuity 1.
Segments
Energy and LNG projects
Activity includes assembly and construction of combined-cycle power plants and LNG terminals, through UTEs such as those for Empalme II, Zeebrugge and the Enagas tanks at El Musel 1.
Petrochemicals and refineries
The group takes part in mechanical assembly, thermal insulation and painting work at refineries, including the ADI-100 project at Petronor and the C10 project at Cartagena for Repsol, through UTEs with one-third stakes 1.
Market context
The group operates in the market for complex industrial construction for energy, LNG and refining, where demand remains high according to management, but contracts are strongly concentrated on a few clients and high-value projects 1. Group revenue was 161,064 thousand euros in fiscal 2025, below 286,015 thousand euros in 2024 1.
The commercial policy is focused on specific countries and markets, which exposes the group to geopolitical risk and to competition that presses margins 1.
Trends
- High demand in energy and LNGtailwind
Management considers that the sectors in which the group operates maintain a high level of demand, which could support new contracts if the offers under way materialise 1.
- Geopolitical uncertaintyheadwind
Geopolitical risk, including the effects of the Gulf war on activity, has been identified as a source of uncertainty for future execution and orders 1.
- Inflationary pressure on costsheadwind
Cost variations and inflation affect fixed-price projects, and differences between project cash flows could heighten liquidity tensions 1.
- Rethinking the execution modelmixed
Adopting more efficient ways of working and a stricter selection of projects could reduce litigation risk and support recovery, if applied consistently 1.
Competitive position
The group competes with other constructors and industrial engineers for EPC contracts in energy, LNG and refining, where large clients transfer risks and press margins 1. The source does not name specific competitors, so direct comparison is limited to the information available 1.
- Unnamed competitors in the source
The annual report does not name competitors; competition is described generically as pressure on margins 1.
- Joint construction consortia
The group often works through UTEs alongside other constructors, which indicates competition for large projects from partners and rivals alike 1.
- LNG engineering providers
LNG terminal projects in the portfolio are contested by specialised firms in the sector, according to the industry context described in the source 1.
- Combined-cycle power plant contractors
In power plant segments, the group competes with other contractors offering similar EPC solutions 1.
News & filings
In the press
- Mult-întârziata centrală Iernut: În preajma ″aniversării″ a 10 ani de la contractul inițial cu Duro Felguera, Romgaz a semnat înțelegeri de finalizare de zeci de milioane leiProfit.ro · 04 Nov 2026 · RO
- Electromontaj Carpaţi Sibiu, listată pe AeRO, a semnat cu Romgaz un contract de 9 mil. lei pentru centrala de la Iernut, unde mai are de recuperat bani de la Duro FelgueraZiarul Financiar · 04 Nov 2026 · RO
- Mult-întârziata centrală nouă de 430 MW de la Iernut: Romgaz a semnat proiectarea restului de 2% rămas de executat, cu un fost subcontractor al Duro Felguera, tot spaniolProfit.ro · 04 Sept 2026 · RO
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 / Duro Felguera, 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.