ACX Stock Analysis: Acerinox | MC
Steel | MC, Spain | Market Cap: 4.101m EUR | 12M Return: 82% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 12.6M
Qual. Beats: 0
Rev. Trend: 36.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Acerinox is a Spanish stainless steel manufacturer founded in 1970 and headquartered in Madrid, with global operations spanning Europe, the United States, Africa, and Asia. The company operates through two segments: Stainless Steel, which forms the bulk of its business, and High-Performance Alloys, producing nickel, cobalt, and zirconium-based materials for specialized applications. Its product portfolio ranges from flat products (slabs, coils, plates, sheets) to long products (wire, bars, profiles), covering austenitic, ferritic, duplex, and martensitic stainless steel grades. End markets include transport, construction, industrial equipment, food processing, household appliances, and energy.
The stainless steel industry is cyclical and capital-intensive, with profitability closely tied to raw material costs-particularly nickel, chromium, and iron ore-making input price volatility a defining feature of the business model. The high-performance alloys segment complements the core stainless steel business by targeting higher-margin, technically demanding niches such as aerospace, chemical processing, and additive manufacturing powders for 3D printing.
- Nickel price swings squeeze stainless steel margins
- European construction slowdown dampens flat product demand
- High-performance alloys margins expand on aerospace demand
| Net Income: 79.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.10 > 1.0 |
| NWC/Revenue: 20.10% < 20% (prev 21.35%; Δ -1.25% < -1%) |
| CFO/TA 0.08 > 3% & CFO 502.6m > Net Income 79.1m |
| Net Debt (1.35b) to EBITDA (386.9m): 3.49 < 3 |
| Current Ratio: 1.65 > 1.5 & < 3 |
| Outstanding Shares: last fiscal year (249.3m) vs prev -0.01% < -2% |
| Gross Margin: 33.29% > 18% (prev 20.22%; Δ 13.07% > 0.5%) |
| Asset Turnover: 116.4% > 50% (prev 140.2%; Δ -23.83% > 0%) |
| Interest Coverage Ratio: 2.00 > 6 (EBIT TTM 191.4m / Interest Expense TTM 95.9m) |
| A: 0.23 (Total Current Assets 3.62b - Total Current Liabilities 2.20b) / Total Assets 6.11b |
| B: 0.01 (Retained Earnings 76.6m / Total Assets 6.11b) |
| C: 0.03 (EBIT TTM 191.4m / Avg Total Assets 6.10b) |
| D: 0.53 (Book Value of Equity 2.12b / Total Liabilities 3.97b) |
| Altman-Z'' = 2.34 = BBB |
| DSRI: 1.27 (Receivables 767.0m/727.2m, Revenue 7.10b/8.55b) |
| GMI: 0.61 (GM 20.22% / 33.29%) |
| AQI: 1.05 (AQ_t 0.08 / AQ_t-1 0.08) |
| SGI: 0.83 (Revenue 7.10b / 8.55b) |
| TATA: -0.07 (NI 79.1m - CFO 502.6m) / TA 6.11b) |
| Beneish M = -3.26 (Cap -4..+1) = AA |
As of July 29, 2026, the stock is trading at EUR 18.05 with a total of 1,075,163 shares traded. Over the past week, the price has changed by +11.01%, over one month by +20.99%, over three months by +38.96% and over the past year by +82.01%.
Current recommended Stop Loss: 17.30 (which is 4.2% or 1.4 ATR below the current price).
Acerinox has no consensus analysts rating.
P/E Forward = 5.637
P/S = 0.7301
P/B = 1.9722
P/EG = 0.3987
Revenue TTM = 7.10b EUR
EBIT TTM = 191.4m EUR
EBITDA TTM = 386.9m EUR
Long Term Debt = 1.32b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 990.8m EUR (from shortTermDebt, last quarter)
Debt = 2.28b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 1.35b EUR (calculated: Debt 2.28b - CCE 926.4m)
Enterprise Value = 5.45b EUR (4.10b + Debt 2.28b - CCE 926.4m)
Interest Coverage Ratio = 2.00 (Ebit TTM 191.4m / Interest Expense TTM 95.9m)
EV/FCF = 452.6x (Enterprise Value 5.45b / FCF TTM 12.0m)
FCF Yield = 0.22% (FCF TTM 12.0m / Enterprise Value 5.45b)
FCF Margin = 0.17% (FCF TTM 12.0m / Revenue TTM 7.10b)
Net Margin = 1.11% (Net Income TTM 79.1m / Revenue TTM 7.10b)
Gross Margin = 33.29% ((Revenue TTM 7.10b - Cost of Revenue TTM 4.74b) / Revenue TTM)
Gross Margin QoQ = none% (prev 6.86%)
Tobins Q-Ratio = 0.89 (Enterprise Value 5.45b / Total Assets 6.11b)
Interest Expense / Debt = 4.21% (Interest Expense 95.9m / Debt 2.28b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 143.6m (EBIT 191.4m * (1 - 25.00%))
Current Ratio = 1.65 (Total Current Assets 3.62b / Total Current Liabilities 2.20b)
Debt / Equity = 1.08 (Debt 2.28b / totalStockholderEquity, last quarter 2.12b)
Debt / EBITDA = 3.49 (Net Debt 1.35b / EBITDA 386.9m)
Debt / FCF = 112.2 (Net Debt 1.35b / FCF TTM 12.0m)
Total Stockholder Equity = 2.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.30% (Net Income 79.1m / Total Assets 6.11b)
RoE = 3.73% (Net Income TTM 79.1m / Total Stockholder Equity 2.12b)
RoCE = 5.56% (EBIT 191.4m / Capital Employed (Equity 2.12b + L.T.Debt 1.32b))
RoIC = 3.16% (NOPAT 143.6m / Invested Capital 4.55b)
WACC = 6.69% (E(4.10b)/V(6.38b) * Re(8.65%) + D(2.28b)/V(6.38b) * Rd(4.21%) * (1-Tc(0.25)))
Discount Rate = 8.65% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -32.68 | Cagr: 0.14%
[DCF] Terminal Value 73.10% ; FCFF base≈14.4m ; Y1≈12.6m ; Y5≈10.2m
[DCF] Fair Price = N/A (negative equity: EV 163.3m - Net Debt 1.35b = -1.19b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.40 | # QB: 0
Revenue Correlation: 36.46 | Revenue CAGR: 4.32% | SUE: 0.00 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.93 | Chg30d=-2.64% | Revisions=+0% | GrowthEPS=+679.9% | GrowthRev=+8.7%
EPS next Year (2027-12-31): EPS=1.52 | Chg30d=+5.23% | Revisions=+40% | GrowthEPS=+63.8% | GrowthRev=+11.3%
[Analyst] Revisions Ratio: +29% (up=3, down=1)