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Spanish infrastructure conglomerate spanning construction, water, renewable energy and real estate.
Spanish infrastructure conglomerate spanning construction, water, renewable energy and real estate.
Construction contracts, won by bid and booked as work progresses, bring in most revenue. The renewable arm, Acciona Energia, was listed separately in 2021 but is still majority-owned, so its earnings consolidate. The Entrecanales family controls the parent.
In one line: A Spanish Bechtel/AECOM with a utility arm.
Moat: narrow (scale, process know-how). Diversified infrastructure and renewables project delivery track record, in a competitive bidding industry.
Headquarters: Madrid, Spain · Founded: 1997
Size Acciona (ANA.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $13.4B, the 18th largest of 97 Spain companies the cockpit tracks. Shares closed at €218.00 on 6 Nov 2026.
Performance Over six months the shares fell 16.4%, against -17.6% for the median peer and +8.2% for the Spain market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +0.8%); the operating margin is 6.3% (peer median 5.8%).
Valuation It trades at 19.8× forward earnings against a peer median of 12.9× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points below its cost of capital (6.7% WACC).
Credit Acciona has 5 bonds outstanding ($2.46B), rated BBB- by the agencies and trading like A- at a weighted spread of 109 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €21.1B | €20.2B | €19.2B | €17.0B | €11.2B |
| Revenue growth | — | +5% | +13% | +52% | — |
| Gross profit | €9.42B | €10.9B | €9.28B | €8.63B | €6.07B |
| EBITDA | €2.66B | €2.84B | €2.14B | €1.67B | €1.80B |
| Net income | €360M | €803M | €422M | €541M | €441M |
| Free cash flow | €89.0M | €379M | -€492M | -€1.20B | -€547M |
| Capital expenditure | €1.67B | €1.77B | €2.73B | €2.89B | €2.19B |
| Total debt | n/a | €13.2B | €12.5B | €11.2B | €7.93B |
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 |
|---|---|---|---|---|---|---|
| Acciona ANA.MC | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
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 | ANA.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +2.4% | 8th highest of 21 |
| 6-month return | -16.4% | -17.6% | 10th highest of 21 |
| Distance from 52-week high | -23.5% | -28.1% | 10th highest of 21 |
| Revenue growth (TTM) | +7.6% | +0.8% | 7th highest of 21 |
| Operating margin | 6.3% | 5.8% | 11th highest of 21 |
| Forward P/E | 19.8× | 12.9× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 6.9% | 7th most demanding of 16 |
| Growth delivered (Del g) | +25.6% | +10.4% | highest of 16 |
| Hurdle (Req g minus delivered) | -17.3 pp | -6.5 pp | least demanding of 16 |
| ROIC minus cost of capital | -0.8 pp | +1.1 pp | 9th lowest of 21 |
| EV / EBITDA | 8.5× | 11.7× | 5th cheapest of 15 |
| Net debt / EBITDA | 3.4× | 2.5× | 5th most indebted of 16 |
| Bond spread | 109 bp | 129 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
Acciona has 5 bonds outstanding with $2.46B face value. The agencies rate it BBB-; its bonds trade like A-. Weighted yield 4.37%, a spread of 109 bp over government bonds.