olivLaw · European equity research
VIDRALA, S.A. VID.MC
Spain · BME Madrid · ISIN ES0183746314 · Vertical: Listed companies from Spain
Vidrala is a European glass packaging producer with operations in Spain, the United Kingdom and Ireland, Brazil and, until 2024, Italy. In 2024 the company rebalanced its portfolio by selling its Italian business and acquiring Brazil's Vidroporto, and in 2025 it kept a industrial profile centred on energy and costs. Figures come from its annual report.
At the close of 05 Nov 2026, VIDRALA, S.A. (VID.MC) stock was 91.90 EUR (+1.88% on the day), with beta 0.61, 52-week range 71.70–92.10 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)
- 61.2
- strong (55–70)
- Bollinger (20, 2)
- 85.41 – 92.30
- in the upper half of the band · %B 0.94 · band width 7.8%
- SMA 50 / 200
- 88.36 / 83.60
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.22 / -0.05
- 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 | +5.9% | −0.6% | +6.5 pp | — |
| 3 months | +4.3% | −4.2% | +8.5 pp | — |
| 6 months | +18.1% | +4.3% | +13.8 pp | — |
| Year to date | +2.0% | +7.5% | −5.5 pp | — |
| 1 year | +12.5% | +9.9% | +2.6 pp | +6.7% |
| 3 years | +25.5% | +49.8% | −24.3 pp | +31.5% |
| 5 years | +15.5% | +42.8% | −27.3 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 | 1.4 bn | 1.6 bn | 1.5 bn |
| Revenue YoY | unavailable | +11.3% | −7.8% |
| Net income | 233.4 m | 298.3 m | 209.3 m |
| Net income YoY | unavailable | +27.8% | −29.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 16.4% | 18.8% | 14.3% |
| Free cash flow | 119.6 m | 202.5 m | 201.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 108.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.4 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.58x
- ROE
- 15.4%
- ROA
- 9.1%
- FCF margin
- 13.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.6 bn | 1.5 bn | esef· 20 Oct 2026verified |
| Operating income | 267.5 m | 331.0 m | 292.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 87.2 m | 117.7 m | 132.9 m | esef· 20 Oct 2026verified |
| EBITDA | 354.7 m ≈ | 448.7 m ≈ | 425.0 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 12.9 m | 42.6 m | 31.0 m | esef· 20 Oct 2026verified |
| Pre-tax income | 268.6 m | 303.2 m | 276.7 m | esef· 20 Oct 2026verified |
| Income tax | 54.8 m | 65.0 m | 67.3 m | esef· 20 Oct 2026verified |
| Net income | 233.4 m | 298.3 m | 209.3 m | 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 | 81.5 m | 100.1 m | 108.4 m | esef· 20 Oct 2026verified |
| Receivables | 354.3 m | 342.2 m | 315.8 m | esef· 20 Oct 2026verified |
| Current assets | 816.4 m | 752.7 m | 712.6 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.1 bn | 1.1 bn | esef· 20 Oct 2026verified |
| Goodwill | 275.1 m | 258.7 m | 258.8 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 135.2 m | 109.7 m | 97.6 m | esef· 20 Oct 2026verified |
| Total assets | 2.5 bn | 2.3 bn | 2.3 bn | esef· 20 Oct 2026verified |
| Accounts payable | 383.1 m | 355.0 m | 352.8 m | esef· 20 Oct 2026verified |
| Current liabilities | 640.2 m | 483.9 m | 452.1 m | esef· 20 Oct 2026verified |
| Total liabilities | 1.3 bn | 998.3 m | 901.4 m | esef· 20 Oct 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.4 bn | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 263.4 m | 362.5 m | 380.3 m | esef· 20 Oct 2026verified |
| Capex | 143.8 m | 160.1 m | 178.7 m | esef· 20 Oct 2026verified |
| Free cash flow | 119.6 m ≈ | 202.5 m ≈ | 201.5 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -405.8 m | 66.9 m | -188.5 m | esef· 20 Oct 2026verified |
| Financing cash flow | 69.8 m | -410.8 m | -183.5 m | esef· 20 Oct 2026verified |
| Dividends paid | 37.6 m | 173.9 m | 51.8 m | esef· 20 Oct 2026verified |
| Share repurchases | 0 | 31.1 m | 1.3 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: 5 of at least 6
- score weight coverage: 27.1% 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
27% · 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 · 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: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.3% | 84 (vs peers) | 23% |
| FCF conversion · Quality | 96.3% | 95 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.4x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 15% |
| 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 | 25.7% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet86/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality89/100 · 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
VIDRALA SA (VID.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn EUR in 2025; YoY growth -7.8%; net margin 14.3%; ROE 15.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% 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
- Net margin: 14.3%
- FCF conversion: 96.3%
- Interest coverage: 9.4x
- Payout ratio (FCF): 25.7%
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, 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 VID.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
Vidrala is a European glass packaging producer with operations in Spain, the United Kingdom and Ireland, Brazil and, until 2024, Italy. In 2024 the company rebalanced its portfolio by selling its Italian business and acquiring Brazil's Vidroporto, and in 2025 it kept a industrial profile centred on energy and costs. Figures come from its annual report 1.
SWOT
Strengths
- A solid industrial base, with plants certified to ISO 14001 and ISO 50001 and advanced emissions filtration technology 1.
- Long-standing relationships with strategic customers and an experienced management team, described in the Brazil acquisition 1.
- Geographic diversification after the sale of the Italian business, with focus on growth regions 1.
Weaknesses
- High dependence on energy costs, with hedging that remains partial for the coming years 1.
- The workplace accident frequency index rose slightly on the prior year, signalling an operational issue not yet fully resolved 1.
- Restructuring costs and dependence on a few large markets, such as Spain, which dominates sales 1.
Opportunities
Threats
- Volatility in energy and raw material prices could compress margins if pass-through to customers is delayed 1.
- A cybersecurity incident could disrupt operations, although the company reported no significant one in 2025 1.
- A fall in demand from the global economy could affect inventory levels and productive capacity 1.
Risks
- Energy costshigh
Exposure to gas and electricity prices is significant, and hedging for coming years is only partial, which could affect margins 1.
- Workplace safetymedium
The accident frequency index rose slightly in 2025, which could draw regulatory attention and affect productivity 1.
- Demand and inventory levelsmedium
The trajectory of global economic demand conditions inventory levels and capacity use, and a shortfall could reduce revenue 1.
- Cybersecuritymedium
Cyber threats are described as real and growing, with possible impact on operations and sensitive data 1.
- Acquisition integrationlow
The Vidroporto acquisition carried a total cost of 384 million EUR and significant assumed debt, which could limit financial flexibility 1.
Investment thesis
What would need to be true (bull case)
- If glass recycling and energy efficiency investments translate into lower costs, margins could rise even in a high-energy-price environment 1.
- Growth in Brazil, where the company has already integrated an industrial platform, could add volume and geographic diversification 1.
- A leading position in filtration technology and environmental certifications could support customer relationships as regulation tightens 1.
What would break the thesis
- If energy prices stay volatile and hedging for 2027 remains below half of consumption, margins could be under pressure 1.
- The slight rise in the accident index suggests operational safety issues are not yet fully resolved 1.
- Integrating the Brazilian assets and reshaping the portfolio could bring unexpected costs and delays in achieving synergies 1.
What to watch
- Energy cost hedging level for 2027 and the pricing of contracted supplynext 10-K
- Trajectory of the accident frequency index after the 2025 measures2027
- Brazil's contribution to consolidated sales and integration of Vidroporto2027
- Progress of the cybersecurity plan and the use of recycled glassnext 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 Vidrala group produces and sells glass packaging through nine glass manufacturing centres and two bottling facilities, employing more than 5,000 people 1. Its model rests on continuous industrial processes with furnaces that run around the clock. The consolidated report shows sales of 1,591 million EUR in 2024, with Europe as the largest contributor 1.
In 2024 the company sold its Italian subsidiary to the Verallia group for 230 million EUR and paid an extraordinary gross dividend of 4 EUR per share, while the Vidroporto acquisition gave it a platform in Brazil 1. The rest of the activity remains concentrated in Spain and in the United Kingdom and Ireland, which hold significant net assets 1.
Financing and energy price protection are a central part of the model: the company covers part of its energy consumption with derivatives and fixed-price contracts, while renewable energy investment aims to reduce reliance on fossil fuels 1.
Segments
Vidrala Europe
The largest segment, with consolidated group sales of 1,591 million EUR in 2024, of which Spain accounts for most of Vidrala Europe's activity 1. The segment's non-current assets rose in 2025, indicating continued investment in production capacity 1.
Market context
The glass packaging market is sensitive to global economic demand, inventory levels and energy costs, which were volatile in 2022-2023 1. The report notes these forces can affect short-term operating margins, especially if selling prices cannot be adjusted contractually 1.
Growth in Brazil and the reshaping of European assets are the strategic directions the company outlined in its report 1. Regulatory pressure on emissions and decarbonisation requirements also shape investment in filtration technology and energy efficiency 1.
Trends
- Energy cost volatilityheadwind
Energy and raw materials remain the largest operating costs, and the company says it has covered only part of its consumption for 2026 and 2027 1. A higher hedging level could limit the impact of sudden increases.
- Glass recyclingtailwind
Using cullet as a raw material reduces energy use and emissions, and the company plans to intensify this practice 1. This trend could support margins if cullet availability remains steady.
- Decarbonisation and regulationmixed
European emissions requirements and the installation of electrostatic precipitators that cut emissions by more than 90% may generate investment costs but also a long-term competitive advantage 1.
- Portfolio reshapingmixed
The sale of Italy and the Vidroporto acquisition point to a shift towards regions with faster growth, but they also carry integration and financing risks 1.
Competitive position
The annual report does not explicitly name competitors. The glass packaging market in Europe and Latin America is nevertheless served by a few large producers, and the consolidation context is illustrated by the sale of the Italian business to Verallia 1.
The competitive advantages the company describes include long-term relationships with strategic customers, energy-efficient furnaces and the environmental certifications of its plants 1. If these relationships hold, they could sustain market share against rivals.
- Verallia
The group that bought the Italian subsidiary Vidrala Italia in 2024, with a long-standing presence in the Italian glass packaging market 1.
- Local Brazilian producers
Regional competitors serving the same beer, liquor and soft drink customers that Vidroporto serves 1.
- European glass packaging producers
Rivals in Spain and other European countries competing for the same beverage and food customer contracts 1.
- International glass producers
Global companies with similar capacities that can influence prices and capacity availability in regional markets 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 / VIDRALA, 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.