olivLaw · European equity research
Técnicas Reunidas, S.A. TRE.MC
Spain · BME Madrid · ISIN ES0178165017 · Vertical: Listed companies from Spain
Técnicas Reunidas is an engineering and construction group that designs and executes industrial and energy installations on a turnkey basis. The 2025 consolidated annual report shows it works both on turnkey engineering contracts and on management and concession contracts.
At the close of 05 Nov 2026, Técnicas Reunidas, S.A. (TRE.MC) stock was 29.12 EUR (−1.69% on the day), with market capitalisation 2.3 bn EUR, P/E 14.7 on diluted EPS of 1.98 EUR over the last 12 months, beta 1.38, 52-week range 24.42–36.96 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)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 25.07 – 29.83
- in the upper half of the band · %B 0.85 · band width 17.3%
- SMA 50 / 200
- 26.68 / 30.08
- mixed trend
- MACD (12, 26, 9)
- 0.67 / 0.46
- 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 | +8.7% | −0.6% | +9.4 pp | — |
| 3 months | +4.5% | −4.2% | +8.7 pp | — |
| 6 months | −19.4% | +4.3% | −23.7 pp | — |
| Year to date | +5.4% | +7.5% | −2.2 pp | — |
| 1 year | −1.5% | +9.9% | −11.4 pp | +6.7% |
| 3 years | +240.8% | +49.8% | +190.9 pp | +31.5% |
| 5 years | +274.8% | +42.8% | +231.9 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 9.5, median 9.8, max 14.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.1 bn | 4.5 bn | 6.5 bn |
| Revenue YoY | unavailable | +7.6% | +45.3% |
| Net income | 61.0 m | 89.9 m | 156.7 m |
| Net income YoY | unavailable | +47.6% | +74.3% |
| Diluted EPS | 0.88 | 1.15 | 1.98 |
| Diluted EPS YoY | unavailable | +30.7% | +72.2% |
| net % | 1.5% | 2.0% | 2.4% |
| Free cash flow | 69.2 m | 76.3 m | 126.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn EUR
- Financial debt
- 660.9 m EUR
- Net debt
- -482.3 m EUR
- Equity
- 563.6 m EUR
- Total assets
- 5.9 bn EUR
- Debt / equity
- 1.17x
- Current ratio
- 1.19x
- ROE
- 32.5%
- ROA
- 3.0%
- FCF margin
- 1.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.1 bn | 4.5 bn | 6.5 bn | esef· 20 Oct 2026verified |
| Operating income | 156.6 m | 181.2 m | 291.1 m | esef· 20 Oct 2026verified |
| Pre-tax income | 103.3 m | 146.0 m | 238.3 m | esef· 20 Oct 2026verified |
| Income tax | 43.6 m | 56.5 m | 81.9 m | esef· 20 Oct 2026verified |
| Net income | 61.0 m | 89.9 m | 156.7 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.88 | 1.15 | 1.98 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.0 bn | 1.0 bn | 1.1 bn | esef· 20 Oct 2026verified |
| Inventories | 6.5 m | 6.5 m | 6.5 m | esef· 20 Oct 2026verified |
| Current assets | 3.9 bn | 4.0 bn | 5.3 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 19.4 m | 20.4 m | 27.4 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 45.3 m | 44.1 m | 42.3 m | esef· 20 Oct 2026verified |
| Total assets | 4.5 bn | 4.6 bn | 5.9 bn | esef· 20 Oct 2026verified |
| Short-term debt | 305.1 m | 284.0 m | — | esef· 08 May 2025verified |
| Long-term debt | 380.8 m | 340.6 m | 660.9 m | esef· 20 Oct 2026verified |
| Current liabilities | 3.4 bn | 3.5 bn | 4.5 bn | esef· 20 Oct 2026verified |
| Total liabilities | 4.2 bn | 4.2 bn | 5.3 bn | esef· 20 Oct 2026verified |
| Equity | 324.5 m | 399.6 m | 563.6 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 69.3 m | 78.2 m | 79.2 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 83.2 m | 83.1 m | 141.6 m | esef· 20 Oct 2026verified |
| Capex | 14.0 m | 6.8 m | 15.6 m | esef· 20 Oct 2026verified |
| Free cash flow | 69.2 m ≈ | 76.3 m ≈ | 126.0 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -13.7 m | -7.0 m | -16.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | 4.5 m | -91.3 m | -745.0 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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 30.06 – 45.01 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E30.06 – 45.01 (Mid 39.36)18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 438.9% | 100 (vs peers) | 23% |
| Net margin · Quality | 2.4% | 38 (vs peers) | 14% |
| FCF conversion · Quality | 80.4% | 72 (on a fixed band) | 14% |
| 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 | 33 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 14.7x | 73 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.5% | 68 (on a fixed band) | 18% |
| 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 sheet· partial33/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation71/100 · 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
TECNICAS REUNIDAS SA (TRE.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.5 bn EUR in 2025; YoY growth 45.3%; net margin 2.4%; ROE 33.2%.
The estimated value range is 30.06–45.01 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 39.36 EUR, the price of 29.12 EUR leaves a potential of 35.2% (value / price − 1) and a margin of safety of 26.0% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 438.9%
- FCF conversion: 80.4%
- P/E (TTM): 14.7x
- The price is below the estimated value range
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, Net debt / EBITDA, Interest coverage, 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% |
| TRE.MCTecnicas Reunidas SA | 2.3 bn | 14.7 | 33.2% | 2.4% | +45.3% | +2% / +227% |
| 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 TRE.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 | 19.03 Total return -35% · Per year -35% | 33.49 Total return 15% · Per year 15% | 50.23 Total return 73% · Per year 73% |
| 3 years | 22.57 Total return -22% · Per year -8% | 44.29 Total return 52% · Per year 15% | 72.33 Total return 148% · Per year 35% |
| 5 years | 26.77 Total return -8% · Per year -2% | 58.57 Total return 101% · Per year 15% | 104.16 Total return 258% · Per year 29% |
- Exit P/E± 11.07
- Net margin± 7.75
- Annual revenue growth± 5.78
- Annual dilution± 0.65
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
Técnicas Reunidas is an engineering and construction group that designs and executes industrial and energy installations on a turnkey basis. The 2025 consolidated annual report shows it works both on turnkey engineering contracts and on management and concession contracts 1.
SWOT
Strengths
- The group has a history of remote contract termination risk, according to the source, suggesting stable contractual relationships 1.
- The cost-based revenue recognition model gives a faithful picture of actual project execution 1.
- The activity covers turnkey engineering as well as management and concession work, diversifying revenue types 1.
Weaknesses
Opportunities
Risks
- Cost estimation riskhigh
Expected losses on turnkey contracts are recognised immediately, so an estimation error can significantly affect a period's result 1.
- Complementary taxmedium
If the Pillar Two rules take effect, the group could face an additional tax burden that is not yet fully assessed 1.
- Hyperinflation exposuremedium
The Turkish and Argentine companies are subject to IAS 29, which makes results harder to interpret and may obscure currency risks 1.
- Claims and negotiationsmedium
Negotiations with clients over claims can last the life of projects, affecting when revenue is recognised 1.
- Subcontractorslow
If subcontractors do not execute to scope, the group could bear extra costs, although it may recover part of them contractually 1.
Investment thesis
What would need to be true (bull case)
- If the low termination history holds, the contract portfolio could remain stable over the long term 1.
- Diversification across engineering, management and concessions could reduce reliance on one revenue type 1.
- Recognising revenue by stage of completion could make results better reflect actual project execution 1.
What to watch
- Trend in cost estimates on turnkey projects with expected losses2026
- Progress on Pillar Two transposition and effect on the complementary tax2026
- Results of the Turkish and Argentine companies under IAS 29next annual report
- Resolution of client claims and related collectionsnext annual report
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 operates through subsidiaries and recognises revenue according to the stage of completion of projects, using the percentage-of-completion method, with a single performance obligation in most projects 1. Revenue from management contracts is recognised as services are provided, with a fixed margin added to direct cost 1. The activity also includes concessions, with revenue recognised according to services provided at contractual prices 1.
Turnkey projects combine engineering, procurement and construction phases that usually overlap, and the group subcontracts the physical construction of installations 1. Contract adjustments may be treated as changes to contract value or as claims, the latter being included in revenue only when a significant reversal is highly unlikely 1. The risk of contract termination is considered remote based on the group's history 1.
Besides projects, the group holds inventory such as car parking spaces, whose sale is recognised on delivery of ownership to the buyer 1. The group's accounting also covers hyperinflation effects in its Turkish and Argentine companies, applying IAS 29 1. This structure makes results depend heavily on project execution and risk management.
Segments
Turnkey engineering contracts
In these contracts the group designs and builds industrial installations; revenue is recognised using the percentage-of-completion method, and expected losses are recognised immediately as an expense 1. A contract with a probable loss can affect results in a single period, which makes cost estimates decisive 1.
Management contracts
In these contracts the client's final price is the direct cost plus a fixed margin for indirect costs and industrial profit, recognised as services are provided 1. The segment has more predictable revenue than turnkey projects, though the source does not quantify its weight in the group 1.
Market context
The analysed source, the consolidated annual report for 2025, describes the activity mainly through engineering, procurement and construction contracts for industrial and energy clients, but gives no external market data 1. Market size and the group's share require additional sources not included in the documents provided 1.
Demand for turnkey projects depends on client investment and contract terms, and billing and collection schedules vary from contract to contract 1. The source describes the financial effect of these schedules as not significant, although working capital needs could grow in large projects 1.
Trends
- Pillar Two tax rulesheadwind
Legislation transposing Pillar Two has been enacted, and the group applies a temporary exception to accounting for deferred taxes linked to it 1. If the complementary tax becomes effective, the group would record it separately, which could change its tax burden 1.
- Hyperinflation in Turkey and Argentinaheadwind
The Turkish and Argentine companies are accounted for under IAS 29, which involves restating non-monetary assets and liabilities 1. This can make results harder to compare across periods and regions 1.
- Revenue recognition by stage of completionmixed
The percentage-of-completion method, based on costs actually incurred, ties revenue to the physical and engineering progress of projects 1. This gives a faithful picture of the transfer of goods and services, but makes results sensitive to cost estimates 1.
- Client claims and contract negotiationsmixed
Claims against clients are included in revenue only when a significant reversal is highly unlikely, and negotiations can last for the life of projects 1. This can delay revenue recognition, but supports recovery of costs not included in the original price 1.
Competitive position
The source provided does not identify the group's competitors, so there is no documentary basis for comparing market share 1. Competition could play out on price, technical reputation and the ability to execute complex turnkey projects, aspects the contract structure in the source suggests 1.
- International engineering and construction groups
The source names no competitors; this group should be identified from external sources, not from the documentation provided 1.
- Turnkey energy engineering firms
Their role is not described in the source; a comparison with Técnicas Reunidas would require additional data 1.
- Industrial constructors using subcontracting
The group subcontracts physical construction, so competition along the subcontracting chain may matter, but the source does not identify these firms 1.
- Concession and services operators
Concession activity is mentioned in the source, but competitors in that segment are not specified 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 / Técnicas Reunidas, 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.