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Employees: 2,786
Size Tubacex (TUB.MC) is a Spain Materials company (Steel) with a market value of $358M, the 91st largest of 97 Spain companies the cockpit tracks. Shares closed at €2.73 on 6 Nov 2026.
Performance Over six months the shares fell 6.2%, against -3.0% for the median peer and +8.2% for the Spain market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue fell 6.8% over the last twelve months (peer median +8.9%); the operating margin is -2.3% (peer median 3.8%).
Valuation It trades at 76.4× forward earnings against a peer median of 20.7× (most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +6 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 7.7 points below its cost of capital (6.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €681M | €719M | €766M | €851M | €708M |
| Revenue growth | — | -6% | -10% | +20% | — |
| Gross profit | €151M | €172M | €258M | €285M | €244M |
| EBITDA | €52.0M | €39.9M | €96.0M | €108M | €79.7M |
| Net income | -€46.2M | -€31.3M | €22.9M | €36.3M | €20.2M |
| Free cash flow | €19.4M | -€64.6M | -€102M | €36.7M | €70.8M |
| Capital expenditure | €56.9M | €66.2M | €87.0M | €62.9M | €26.8M |
| Total debt | n/a | €525M | €512M | €503M | €499M |
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.
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 | TUB.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | -9.0% | 8th highest of 21 |
| 6-month return | -6.2% | -3.0% | 9th lowest of 20 |
| Distance from 52-week high | -25.0% | -26.0% | 10th highest of 21 |
| Revenue growth (TTM) | -6.8% | +8.9% | 4th lowest of 20 |
| Operating margin | -2.3% | 3.8% | 2nd lowest of 20 |
| Forward P/E | 76.4× | 20.7× | most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 6.6% | 4th most demanding of 8 |
| Growth delivered (Del g) | +9.3% | +9.4% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +6.3 pp | +7.2 pp | 4th least demanding of 8 |
| ROIC minus cost of capital | -7.7 pp | -3.7 pp | 5th lowest of 19 |
| EV / EBITDA | 15.6× | 15.4× | 6th cheapest of 11 |
| Net debt / EBITDA | 7.4× | 0.3× | 2nd most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tubacex TUB.MC | Spain | $358M | -6% | -7% | -2% | 76.4× | 15.7% | +9.3% |
| John Cockerill India COCKERILL.NS | India | $358M | +23% | +174% | -1% | n/a | 21.5% | +0.4% |
| Jiangsu Wujin Stainless Steel Pipe 603878.SS | China | $360M | -46% | -9% | -4% | 22.5× | 6.6% | -0.6% |
| Kg Dongbusteel 016380.KS | South Korea | $354M | -32% | +6% | 2% | 3.6× | -14.9% | +6.4% |
| Chubu Steel Plate 5461.T | Japan | $353M | -3% | +19% | 0% | n/a | n/a | n/a |
| SeAH 058650.KS | South Korea | $346M | -27% | +16% | 4% | n/a | n/a | n/a |
| Vardhman Special Steels VSSL.NS | India | $371M | +31% | +15% | 11% | 25.5× | n/a | n/a |
| YC Inox 2034.TW | Taiwan | $344M | +4% | -20% | 3% | 32.6× | n/a | n/a |
| Venus Pipes & Tubes VENUSPIPES.NS | India | $377M | +21% | +22% | 14% | 25.9× | n/a | n/a |
| Kirloskar Industries KIRLOSIND.NS | India | $381M | +2% | +4% | 8% | 73.3× | 3.2% | +27.5% |
| Steelcast STEELCAS.NS | India | $387M | +23% | +9% | 24% | n/a | 30.2% | +22.2% |
| Kalyani Steels KSL.NS | India | $392M | -5% | -5% | 17% | n/a | 19.1% | +9.4% |
| Ratnaveer Precision Engineering RATNAVEER.NS | India | $325M | +106% | +21% | 8% | 19.9× | n/a | n/a |
| A-One Steels India AONESTEELS.NS | India | $323M | n/a | n/a | n/a | n/a | n/a | n/a |
| Welspun Specialty Solutions WELSPLSOL.NS | India | $316M | +5% | +5% | 3% | 20.7× | n/a | n/a |
| JTL Industries JTLIND.NS | India | $314M | -8% | +16% | 7% | 19.2× | n/a | n/a |
| China Oriental 0581.HK | Hong Kong | $413M | -31% | 0% | 2% | 9.2× | n/a | n/a |
| DONGKUK STEEL MILL 460860.KS | South Korea | $308M | -45% | +12% | 3% | 8.5× | n/a | n/a |
| Osaka Steel 5449.T | Japan | $416M | -11% | -17% | -2% | n/a | n/a | n/a |
| Shengtak New Material 300881.SZ | China | $416M | -50% | +9% | 4% | 20.8× | n/a | n/a |
| Hsin Kuang Steel 2031.TW | Taiwan | $418M | +6% | -3% | 8% | 10.6× | 1.3% | +11.3% |