Acerinox, S.A. (ACX.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.1%

€6.78

vs €15.42 price

Levered DCF

€11.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.45

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-79.13×	10.5×	11.59×	4.28×	5.4×	50.17×	-45.68×	10.07×
P/B	1.53×	0.93×	1.1×	0.96×	1.43×	1.55×	1.47×	1.16×
P/S	0.55×	0.44×	0.4×	0.27×	0.46×	0.52×	0.58×	0.48×
EV / EBITDA	12.78×	5.73×	4.81×	2.6×	3.7×	8.01×	13.67×	5.72×
Gross margin	18.0%	34.4%	33.0%	25.7%	24.8%	17.5%	30.0%	29.9%
Operating margin	2.6%	6.4%	5.7%	10.1%	12.1%	3.5%	0.5%	6.2%
Net margin	-0.7%	4.2%	3.5%	6.4%	8.5%	1.1%	-1.3%	4.7%
Current ratio	1.89×	2.16×	2.27×	2.27×	1.99×	2.06×	2.03×	1.96×
Debt / equity	1.07×	0.95×	0.89×	0.81×	0.87×	1.07×	0.73×	0.68×
Interest coverage	1.54×	3.14×	3.56×	12.84×	16.34×	3.34×	0.59×	8.18×
Dividend yield	4.9%	6.6%	5.6%	5.5%	4.4%	4.4%	3.0%	5.2%
Payout ratio	-385.7%	68.7%	65.6%	23.4%	23.6%	220.6%	-136.3%	52.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.9%	8.9%	9.5%	22.5%	26.5%	3.1%	-3.2%	11.5%
Return on invested capital	-1.9%	4.0%	4.5%	12.1%	13.8%	1.4%	-1.9%	5.8%
Return on assets	-0.7%	3.5%	3.7%	8.8%	9.6%	1.0%	-1.4%	5.1%
Free cash flow yield	4.8%	3.8%	11.5%	17.1%	9.3%	13.1%	7.8%	7.5%
Earnings yield	-1.3%	9.5%	8.6%	23.4%	18.6%	2.0%	-2.2%	9.9%
Enterprise value	€4.4B	€3.5B	€3B	€2.8B	€3.7B	€3.2B	€3.2B	€2.9B
Net debt / EBITDA	3.59×	1.87×	0.57×	0.42×	0.6×	1.92×	2.09×	1.07×
Cash conversion cycle (days)	118	185	123	92	79	71	68	68