olivLaw · European equity research
TUBOS REUNIDOS, S.A. TRG.MC
Spain · BME Madrid · ISIN ES0180850416 · Vertical: Listed companies from Spain
Tubos Reunidos is a Spanish manufacturer of steel tubes, with plants in Spain and a unit in the USA, whose 2025 annual report shows a pre-tax loss of 110,553 thousand EUR and financial debt of 298,236 thousand EUR. The group relies on a debt refinancing and on support from a public fund, which makes financing terms and the sector's activity relevant to investors and readers. The figures below come solely from the 2025 annual report.
At the close of 04 Nov 2026, TUBOS REUNIDOS, S.A. (TRG.MC) stock was 0.14 EUR (+0.00% on the day), with market capitalisation 25.0 m EUR, beta 0.84, 52-week range 0.14–0.46 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)
- 22.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.09 – 0.23
- in the lower half of the band · %B 0.37 · band width 83.7%
- SMA 50 / 200
- 0.21 / 0.36
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | unavailable | −0.6% | unavailable | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | 0.0% | +4.3% | −4.3 pp | — |
| Year to date | −54.6% | +7.5% | −62.1 pp | — |
| 1 year | −68.4% | +9.9% | −78.3 pp | +6.7% |
| 3 years | −76.5% | +49.8% | −126.3 pp | +31.5% |
| 5 years | −63.6% | +42.8% | −106.5 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 541.9 m | 332.8 m | 378.1 m |
| Revenue YoY | unavailable | −38.6% | +13.6% |
| Net income | 56.3 m | 28.6 m | -118.1 m |
| Net income YoY | unavailable | −49.2% | −512.3% |
| Diluted EPS | 0.32 | 0.16 | -0.68 |
| Diluted EPS YoY | unavailable | −49.2% | −513.4% |
| net % | 10.4% | 8.6% | -31.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 31.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -86.0 m EUR
- Total assets
- 341.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.04x
- ROE
- unavailable
- ROA
- -29.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 541.9 m | 332.8 m | 378.1 m | esef· 20 Oct 2026verified |
| Operating income | 84.3 m | -4.6 m | -82.5 m | esef· 20 Oct 2026verified |
| Interest expense | 28.0 m | 27.2 m | 23.1 m | esef· 20 Oct 2026verified |
| Pre-tax income | 47.7 m | 37.9 m | -110.6 m | esef· 20 Oct 2026verified |
| Income tax | -8.8 m | 10.1 m | 8.3 m | esef· 20 Oct 2026verified |
| Net income | 56.3 m | 28.6 m | -118.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.32 | 0.16 | -0.68 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 92.6 m | 46.4 m | 31.9 m | esef· 20 Oct 2026verified |
| Receivables | 16.8 m | 14.0 m | 19.5 m | esef· 20 Oct 2026verified |
| Current assets | 225.6 m | 187.8 m | 130.2 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 261.8 m | 241.5 m | 186.1 m | esef· 20 Oct 2026verified |
| Total assets | 530.0 m | 461.6 m | 341.5 m | esef· 20 Oct 2026verified |
| Current liabilities | 131.2 m | 156.6 m | 125.8 m | esef· 20 Oct 2026verified |
| Equity | 4.4 m | 28.1 m | -86.0 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 174.3 m | 174.6 m | 174.1 m | esef· 20 Oct 2026derived |
Cash flow · EUR
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.0 m EUR
Key indicators
Coverage and freshness
Score by group
17% · 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 · 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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -31.2% | 3 (vs peers) | 38% |
| 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 | -3.6x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 25% |
| 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 | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet8/100 · 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· 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
TUBOS REUNIDOS S.A. (TRG.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 378.1 m EUR in 2025; YoY growth 13.6%; net margin -31.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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: -31.2%
- Interest coverage: -3.6x
- Current ratio: 1.0x
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, FCF yield, 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% |
| 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% |
| TRG.MCTubos Reunidos S.A. | 25.0 m | — | — | -31.2% | +13.6% | −73% / −80% |
| 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 TRG.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
Tubos Reunidos is a Spanish manufacturer of steel tubes, with plants in Spain and a unit in the USA, whose 2025 annual report shows a pre-tax loss of 110,553 thousand EUR and financial debt of 298,236 thousand EUR. The group relies on a debt refinancing and on support from a public fund, which makes financing terms and the sector's activity relevant to investors and readers. The figures below come solely from the 2025 annual report 1.
SWOT
Strengths
- A large base of recycled scrap as raw material reduces reliance on natural resources and supports a lower-impact production process 1.
- Full control of the TRPT subsidiary strengthens the position in the premium threaded tube segment 1.
- The refinancing agreement and the waivers obtained from creditors show the group's ability to negotiate with its lenders 1.
Weaknesses
- The pre-tax loss in 2025 and the tax expense point to strong pressure on profitability 1.
- Total financial debt remains high, and a significant part depends on tranches with near maturities 1.
- The US activity is suspended and the Spanish plants have used temporary layoffs, which points to low utilisation of capacity 1.
Opportunities
Risks
- High financial debthigh
Total debt is high and maturities are concentrated, which could pressure liquidity if results do not improve 1.
- Dependence on refinancinghigh
Continued funding depends on meeting new deadlines and on agreements with creditors and the public fund 1.
- Production volumemedium
The weak sector conditions of 2025 could keep volumes low and capacity underused 1.
- Financing costmedium
Interest expense's sensitivity to reference rate changes could increase financial charges 1.
- Climate and environmental riskslow
Energy use from non-renewable sources and greenhouse gas emissions are identified as current impacts of the activity 1.
Investment thesis
What would need to be true (bull case)
- If the sector recovers, existing plants could run closer to capacity and fixed costs could be better absorbed 1.
- Production from recycled raw material and the integration of TRPT could support a differentiated product profile 1.
- The waivers and amendments obtained show that lenders have accepted rescheduling, which could provide time for operational adjustments 1.
What would break the thesis
- The 2025 loss and high debt could limit investment capacity for modernisation if the situation persists 1.
- Dependence on the public fund and on refinancing deadlines could expose the company to harsher terms at renewal 1.
- The suspension of US activity and the Spanish temporary layoffs could signal underused capacity for a longer period 1.
What to watch
- Payment of the mandatory early repayment linked to the Sestao steel mill, scheduled in two tranches2026
- Trend in production volumes and the restart of activity at the Spanish plants2026
- Compliance with financial covenants after the waiver obtained for 31/12/2025next 10-K
- Maturities of the refinancing tranches and renewal of the confirming and factoring lines2027
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 Tubos Reunidos group, headquartered in Spain, produces and sells steel tubes, including premium threaded tubes through its subsidiary Tubos Reunidos Premium Threads, S.L. (TRPT), in which the group acquired the remaining 49% stake in September 2025 1. Its main raw material is scrap, about 96% recycled 1. The report also mentions a US unit whose operations were suspended from October 2025 1.
The group's financing rests on a refinancing agreement signed in December 2019 and amended in 2020, 2021 and April 2025, and on a participative loan from the Strategic Companies Support Fund (FASEE), managed through SEPI 1. In April 2025 the mandatory early repayment linked to the Sestao steel mill was moved from 2025 to 2026, in two payments 1. The net debt to EBITDA covenant was waived for 31/12/2025 1.
The annual report also flags a risk tied to production volume: 2025 was hit by weak sector conditions, which slowed investment in modernising the plants 1. The company has used productive-cause temporary layoff schemes (ERTE) at its Spanish plants since 2023 1.
Segments
Standard and precision steel tubes
The core steel tube business, produced mainly in the Spanish plants and supported by a production process based on recycled raw material 1.
Premium threaded tubes (TRPT)
The subsidiary Tubos Reunidos Premium Threads, in which the group took full ownership in September 2025, after previously holding 51% 1.
Market context
The report points to a weak sector in 2025, with low production volumes that weighed on group results 1. The company operates with high energy costs and pressure to cut emissions, reflected in the materiality analysis of the sustainability report 1.
Demand and prices depend on the industrial cycle, and the report stresses that energy efficiency and sustainable transformation are priorities for keeping competitiveness over the medium term 1.
Trends
- Industrial sector pressureheadwind
Weakness in the sector in 2025 cut production and slowed investment, which could extend the recovery period if demand does not return 1.
- Recycling and circular economytailwind
Using mostly scrap reduces the use of natural resources and the cost of raw material, an advantage that could matter if emissions rules become stricter 1.
- Cost of financingheadwind
Average effective interest rates rose in 2025 because of higher Euribor and a higher margin on the participative loan, which could raise the financial burden if reference rates stay high 1.
- Energy transitionmixed
Investments in energy efficiency and renewable sources are part of the Sustainability Master Plan, but results depend on funding pace and production levels 1.
Competitive position
The 2025 annual report does not name direct competitors; the market analysis focuses on sector factors and production costs 1.
The competitive edge the company states lies in production from recycled raw material and in the premium tube range through TRPT, but the source gives no quantitative comparison with other producers 1.
- Competitors named in the source
The 2025 annual report does not name competitors; no verified list is available from the source.
- European steel tube producers
The source does not identify specific firms in Europe; a comparison would need data from other sources.
- US tube producers
The group has a US unit suspended since October 2025, but the source does not name local competitors.
- Premium threaded tube suppliers
The premium segment is mentioned through TRPT, without competitor names in the source.
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 / TUBOS REUNIDOS, 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.