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Spanish engineering firm that designs and builds large oil, gas, petrochemical and power plants worldwide.
Spanish engineering firm that designs and builds large oil, gas, petrochemical and power plants worldwide.
Contracts to design, source equipment for and build a plant, billed by project, so results hinge on winning new contracts and controlling costs; on fixed-price deals overruns fall on the contractor. Middle East oil and gas customers are central, and large refinery work comes in infrequent big awards, so order intake is lumpy.
In one line: A smaller Fluor/KBR for oil & gas EPC.
Moat: narrow (process know-how, scale). Complex-project execution track record wins repeat mandates, but EPC bidding is thin-margin and competitive.
Headquarters: Madrid, Spain · Founded: 1959 · Employees: 12,046
Size Tecnicas Reunidas (TRE.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $2.57B, the 46th largest of 97 Spain companies the cockpit tracks. Shares closed at €29.36 on 6 Nov 2026.
Performance Over six months the shares fell 5.3%, against -6.9% for the median peer and +8.2% for the Spain market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 33.0% over the last twelve months (peer median +8.5%); the operating margin is 4.0% (peer median 5.4%).
Valuation It trades at 13.5× forward earnings against a peer median of 14.5× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 45.0 points above its cost of capital (9.8% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.78B | €6.47B | €4.45B | €4.14B | €4.23B |
| Revenue growth | — | +45% | +8% | -2% | — |
| Gross profit | €312M | €568M | €431M | €406M | €250M |
| EBITDA | €314M | €319M | €200M | €185M | €30.2M |
| Net income | €158M | €157M | €89.9M | €61.0M | -€37.1M |
| Free cash flow | n/a | €126M | €76.3M | €69.2M | €81.3M |
| Capital expenditure | n/a | €16.0M | €7.26M | €14.0M | €2.76M |
| Total debt | €1.13B | €902M | €869M | €891M | €1.02B |
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 |
|---|---|---|---|---|---|---|
| Tecnicas Reunidas TRE.MC | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
| KBR KBR | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% |
| Saipem SPM.MI | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% |
| Worley WOR.AX | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% |
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 | TRE.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | -2.2% | 4th highest of 21 |
| 6-month return | -5.3% | -6.9% | 10th highest of 21 |
| Distance from 52-week high | -24.1% | -23.4% | 11th highest of 21 |
| Revenue growth (TTM) | +33.0% | +8.5% | 2nd highest of 21 |
| Operating margin | 4.0% | 5.4% | 6th lowest of 21 |
| Forward P/E | 13.5× | 14.5× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | -0.7% | 7th least demanding of 17 |
| Growth delivered (Del g) | +12.9% | +8.9% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -15.4 pp | -6.9 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +45.0 pp | +4.3 pp | 2nd highest of 21 |
| Net debt / EBITDA | -0.8× | 0.3× | 4th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |