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Global stainless and specialty steel producer, spun off from ArcelorMittal, with operations mainly in Europe and Brazil.
Global stainless and specialty steel producer, spun off from ArcelorMittal, with operations mainly in Europe and Brazil.
Prices stainless steel as a base price plus a surcharge that passes through the cost of nickel and other alloys, so metal price swings mostly pass to customers, leaving the base spread as its profit. Its Brazilian operation makes steel with charcoal from its own eucalyptus forests, which is how it earns a cost advantage.
In one line: A European stainless-steel maker spun off from ArcelorMittal.
Moat: narrow (scale, cost advantage). Low-cost Brazilian biomass-based iron feedstock plus large European stainless capacity.
Headquarters: Luxembourg City, Luxembourg · Founded: 2011 · Employees: 13,000
Size Aperam (APAM.AS) is a Netherlands Materials company (Steel) with a market value of $2.63B, the 36th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €33.00 on 6 Nov 2026.
Performance Over six months the shares fell 31.8%, against -24.4% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue fell 3.9% over the last twelve months (peer median -0.9%); the operating margin is 2.4% (peer median 2.8%).
Valuation It trades at 13.6× forward earnings against a peer median of 20.1× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +2 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 6.9 points below its cost of capital (9.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.03B | €6.08B | €6.25B | €6.59B | €8.16B |
| Revenue growth | — | -3% | -5% | -19% | — |
| Gross profit | n/a | €316M | €408M | €330M | €1.16B |
| EBITDA | €390M | €250M | €317M | €244M | €1.05B |
| Net income | €127M | €9.00M | €231M | €203M | €625M |
| Free cash flow | €314M | €248M | €115M | €170M | €346M |
| Capital expenditure | €145M | €174M | €165M | €301M | €296M |
| Total debt | €1.33B | €1.30B | €760M | €934M | €925M |
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 |
|---|---|---|---|---|---|---|
| Aperam APAM.AS | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% |
| Outokumpu OUT1V.HE | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% |
| Acerinox ACX.MC | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% |
| Yieh United Steel 9957.TWO | $581M | -18% | -10% | -12% | n/a | 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 | APAM.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.6% | -5.8% | 5th lowest of 21 |
| 6-month return | -31.8% | -24.4% | 8th lowest of 20 |
| Distance from 52-week high | -38.7% | -42.3% | 9th highest of 21 |
| Revenue growth (TTM) | -3.9% | -0.9% | 10th lowest of 21 |
| Operating margin | 2.4% | 2.8% | 11th highest of 21 |
| Forward P/E | 13.6× | 20.1× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 12.9% | 8.1% | 7th most demanding of 17 |
| Growth delivered (Del g) | +10.9% | +6.2% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | +2.0 pp | +1.6 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | -6.9 pp | -2.8 pp | 5th lowest of 21 |
| EV / EBITDA | 8.6× | 7.9× | 3rd most expensive of 6 |
| Net debt / EBITDA | 2.5× | 1.2× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Maanshan Iron & Steel 600808.SS | China | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% | -1.0% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |