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Spanish stainless steel producer making flat and long products, with major operations in Spain, US and South Africa.
Spanish stainless steel producer making flat and long products, with major operations in Spain, US and South Africa.
Sells stainless steel with a surcharge that follows the nickel price, so metal prices and the timing of inventory purchases move results as much as volumes do. Its large US mill, North American Stainless, and VDM Metals, a maker of high-value nickel alloys for aerospace and energy, widen it beyond Spain.
In one line: A global stainless-steel maker like a smaller Outokumpu/Allegheny Technologies.
Moat: narrow (scale, cost advantage). Vertical integration (own ferronickel/scrap sourcing) and global plant footprint, but steel is a cyclical commodity.
Headquarters: Madrid, Spain · Founded: 1970 · Employees: 9,156
Size Acerinox (ACX.MC) is a Spain Materials company (Steel) with a market value of $4.00B, the 31st largest of 97 Spain companies the cockpit tracks. Shares closed at €14.94 on 6 Nov 2026.
Performance Over six months the shares gained 1.6%, against -23.5% for the median peer and +8.2% for the Spain market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median -0.5%); the operating margin is 3.6% (peer median 3.8%).
Valuation It trades at 15.8× forward earnings against a peer median of 13.8× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.1 points below its cost of capital (8.5% WACC).
Next results Next results expected around 26 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.69B | €5.78B | €5.41B | €6.61B | €8.69B |
| Revenue growth | — | +7% | -18% | -24% | — |
| Gross profit | €1.11B | €1.04B | €1.03B | €1.37B | €2.24B |
| EBITDA | €404M | €343M | €377M | €679M | €1.27B |
| Net income | €54.1M | -€40.1M | €225M | €228M | €556M |
| Free cash flow | €24.3M | €151M | €91.8M | €310M | €411M |
| Capital expenditure | €333M | €310M | €205M | €175M | €137M |
| Total debt | n/a | €2.18B | €2.40B | €2.15B | €2.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Acerinox ACX.MC | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
| ATI ATI | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACX.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.6% | -5.7% | 7th lowest of 21 |
| 6-month return | +1.6% | -23.5% | 3rd highest of 20 |
| Distance from 52-week high | -19.6% | -38.5% | 3rd highest of 21 |
| Revenue growth (TTM) | 0.0% | -0.5% | 11th highest of 21 |
| Operating margin | 3.6% | 3.8% | 10th lowest of 21 |
| Forward P/E | 15.8× | 13.8× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 18.6% | 2.6% | 4th most demanding of 17 |
| Growth delivered (Del g) | +4.4% | +5.7% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | +14.2 pp | -5.0 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -4.1 pp | -1.3 pp | 8th lowest of 21 |
| EV / EBITDA | 12.2× | 7.9× | 4th most expensive of 10 |
| Net debt / EBITDA | 3.4× | 0.5× | 2nd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |