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Acerinox (ACX) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Acerinox €9.58, price €17.53, upside -45.4%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · ES · ISIN ES0132105018

A Some data Sep 24, 2026

Acerinox

ACX · MC

Weakest SetupStrongly overvalued and low quality.

!Fair value €9.58 · Strongly overvalued (−45%)
!Quality 47/100
!Mixed Growth (revenue YoY +6.8 %/yr)
!Loss-making · -0.8% net margin (TTM)
✓Moderate debt · generates free cash flow
·3.54% dividend yield
!Trails peers (2/14)
!Narrow moat 24/100
!Insider activity 42/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€18.48 €6.63 Fair Value €9.58 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €6.63 – €18.48 · fair‑value band €7.14 – €14.30 · the €17.53 price screens above the €9.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments.

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Acerinox, S.A., together with its subsidiaries, manufactures and distributes stainless steel and high-performance alloys in Spain, the United States, Africa, Asia, rest of Europe, and internationally. It operates through Stainless Steel and High-Performance Alloys segments. The company offers flat products, including slab, billet, black coil, plate, engraved coil/sheet, cold rolled coil and sheet, hot rolled coil and sheet, and circles; and stainless steel grades comprising austenitic, ferritic, duplex, and martensitic, as well as wire stainless steels for welding. It also provides long stainless steel products, such as wire, colour coated wire, reinforcement wire, wire rod, hexagonal wire rod, bar, hot rolled and cold rolled reinforcement bar, peeled bar, black bar, profiles, hot rolled reinforcement coil, and angles. In addition, the company offers high performance alloys, including nickel and nickel alloys, cobalt alloys, zirconium, special stainless steels, aluminum and copper, powder for 3D printing, and welding consumables. Its products are used for transport, industrial equipment and engineering, construction and infrastructure, food industry, household appliances and kitchenware, and energy and environmental technology applications. Acerinox, S.A. was incorporated in 1970 and is headquartered in Madrid, Spain.

Stock analysis

Acerinox (ACX) currently trades at €17.53, while our model-based Fair Value estimate is €9.58, implying the stock looks roughly 83.0% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €9.81 per share, and 0 of the 15 models we run sit above the €17.53 price.

Bear case: the Earnings-Based group reads lowest at €1.71, and 15 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: €7.14 (bear) to €14.30 (bull), the price of €17.53 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Acerinox reported revenue of €5.8B in FY2025 versus €6.7B in FY2021, a compound −3.6%/yr. Reported net income was −€40.1M in FY2025.

Key figures

Market cap €4.4B · P/S ratio 0.73 · EPS (TTM) €−0.1800 · Dividend yield 3.5% · Net margin −0.7% · Return on equity −2.6% · Return on assets (EBIT) 8.3% · Operating margin 3.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 5% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at −45%, ACX screens richer than that median.

Fair Value models

Bear €7.14 Fair Value €9.58 Bull €14.30
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €6.60 €9.81 €14.15 78
Growth DCF €6.82 €9.81 €13.68 76
EPV €1.29 €1.71 €2.08 74
All 15 models by family
DCF Models
FCF DCF €6.60 €9.81 €14.15 78
5Y Revenue Exit €4.76 €7.41 €10.60 70
5Y EBITDA Exit €7.22 €11.76 €16.77 72
10Y Revenue Exit €5.26 €7.71 €10.62 65
10Y EBITDA Exit €6.91 €10.57 €14.99 66
Earnings-Based
EPV €1.29 €1.71 €2.08 74
Dividend Discount
Gordon GGM €5.44 €8.59 €11.98 66
DDM Multi-Stage €5.44 €7.80 €10.34 65
Multiples
EV/EBIT €4.82 €6.89 €8.97 65
EV/EBITDA €8.92 €12.36 €15.80 67
EV/Revenue €3.99 €6.30 €8.61 53
Asset-Based
NCAV (Graham) €4.14 €5.55 €8.28 54
Growth DCF
Growth DCF €6.82 €9.81 €13.68 76
Rev-Margin DCF €4.76 €7.53 €10.49 70
Economic Profit
ROIC Compounder €1.29 €1.71 €2.08 70

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Quality Score breakdown

Overall quality 47/100

Of which business quality 46 · Market factors (momentum, volatility) 80

Profitability 29
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 86
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 87
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 45/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.5% (2020) → 2.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +22.6% a year for the price and +7.1% for the forecasts.
Forecast 2026 (sales)+8.7%
Forecast 2027 (sales)+11.3%
Projected 2028 (sales)+10.2%
Projected 2029 (sales)+9.0%
Projected 2030 (sales)+7.8%

ACX screens 83% overvalued. Compare with Nucor Corporation →

Earlier news

News mood ⓘNews mood, the average tone of recent news (67 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 414 stocks

Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −45% · Bottom 25%
Profitability
Return on assets 2% · Below median
Net margin (TTM) −1% · Bottom 25%
Operating margin (TTM) 3% · Below median
Growth and dividend
Revenue growth −11% · Below median
Dividend yield (TTM) 3.5% · Above median
Balance sheet
Debt / equity 0.64× · Highest 25%

Valuation Multiplesvs Steel median · lower = cheaper

P/B 2.41× · Priciest 25%
P/S (TTM) 0.89× · Pricier than median
P/FCF 33.0× · Priciest 25%
EV/EBITDA 16.0× · Priciest 25%
PEG 0.40× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 20
FUTURE (revenue growth)0 · sector 2
PAST (return on equity)0 · sector 16
HEALTH (low debt)68 · sector 95
DIVIDEND (yield)71 · sector 51

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Steel stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Nucor Corporation NUE $245.66 $116.05 −53%
Steel Dynamics, Inc STLD $233.99 $127.14 −46%
JSW Steel Limited JSWSTEEL ₹1,298 ₹1,103 −15%
Tata Steel Limited TATASTEEL ₹190.82 ₹147.13 −23%
Reliance, Inc RS $386.95 $211.57 −45%
Baoshan Iron & Steel Co 600019 ¥5.73 ¥8.07 +41%
POSCO Holdings PKX $59.05 $68.58 +16%
Inner Mongolia Baotou Steel Union Co 600010 ¥2.12 ¥0.5500 −74%
Jindal Steel Limited JINDALSTEL ₹1,175 ₹516.27 −56%
Lloyds Metals and Energy Limited LLOYDSME ₹1,891 ₹771.10 −59%

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Acerinox · Fair Value
€9.58 −83%Fair Value
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Cite: Fair Value Calculator (2026). "Acerinox Fair Value". https://www.fairvalue-calculator.com/stock/ACX

Frequently asked questions

Is Acerinox (ACX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €9.58 versus a price of €17.53, about −45% upside (overvalued).
What is the fair value of ACX?
Our model-based fair value for Acerinox is €9.58 (as of Sep 24, 2026), built from audited fundamentals. The current price: €17.53.
What is the quality score of ACX?
Acerinox has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Acerinox (ACX)?
Our model-based price target is the fair value of €9.58 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario €7.14, optimistic scenario €14.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Acerinox stock forecast for 2026?
Our models put fair value at €9.58, about −45% upside versus a price of €17.53 (overvalued). Cautious scenario €7.14, optimistic scenario €14.30. The calculation is refreshed regularly with new filings.
What is the revenue of Acerinox (ACX)?
Acerinox reported trailing-twelve-month revenue of about €5.6B (latest available figure, as of Sep 24, 2026).
Does Acerinox pay a dividend?
Acerinox currently shows a dividend yield of about 3.54% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Acerinox (ACX)?
For today's price to be fair in a discounted-cash-flow model, Acerinox would have to grow free cash flow by +25.3 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ACX use?
Our models discount Acerinox at 11.3 %: a base by market capitalisation (mid), damped by beta 1.08, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Acerinox that is +25.3 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Acerinox (ACX) delivered so far?
Over the past 5 years revenue at Acerinox grew +4.4 % a year. The price currently implies +25.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Acerinox (ACX) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Acerinox (+25.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Acerinox (ACX)?
The free-cash-flow yield on the price is 3.45 %: that much free cash flow Acerinox produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Acerinox (ACX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Acerinox it is €9.58 per share (as of Sep 24, 2026), against a price of €17.53. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Acerinox stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ACX trades above its calculated fair value: price €17.53, fair value €9.58, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ACX?
No. The price is what the market pays today (€17.53); the fair value is what the company's own numbers justify (€9.58). For Acerinox the two are €7.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Acerinox worth?
The market values Acerinox at about €4.4B (market capitalisation, as of Sep 24, 2026). Per share that is €17.53; our models calculate a fair value of €9.58 per share.
What do the bullish and bearish scenarios say about ACX?
Our models span a range for Acerinox: cautious scenario €7.14, base €9.58, optimistic €14.30 per share (as of Sep 24, 2026, price €17.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ACX?
The PEG ratio of Acerinox is 0.40 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Acerinox (ACX)?
Balance-sheet figures for Acerinox (as of Sep 24, 2026): return on equity −2.6%, debt of 0.64 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is ACX from its 52-week high?
Acerinox trades at €17.53, about 5% below its 52-week high of €18.48 and 65% above the low of €10.59 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €9.58 is for.
Which stocks are comparable to Acerinox?
From the same area (Basic Materials) we also value Nucor Corporation, Steel Dynamics, Inc, JSW Steel Limited, Tata Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Acerinox stock attractive at the current price?
The data as of Sep 24, 2026: price €17.53, calculated fair value €9.58 (−45%), Quality Score 47/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ACX calculated?
We run Acerinox through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €9.58, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Acerinox itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Acerinox (ACX)?
The closing price on Sep 23, 2026 was €17.53. Our model-based fair value is €9.58, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Acerinox right now?
The price sits above even our optimistic bull case (€14.30). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€7.14 to €14.30) leaves room in how you read the outcome.
Where does the earnings growth of Acerinox (ACX) come from?
Earnings per share at Acerinox grew +12.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.1 %, EBIT margin +3.2 %, tax rate +2.1 %, residual (interest, one-offs) +1.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Acerinox

How large is the market capitalisation of Acerinox (ACX)?
The market capitalisation of Acerinox is €4.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Acerinox (ACX)?
The price-to-sales ratio of Acerinox is 0.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Acerinox (ACX)?
Earnings per share at Acerinox are €−0.1800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Acerinox (ACX)?
The dividend yield of Acerinox is 3.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Acerinox (ACX)?
The net margin of Acerinox is −0.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Acerinox (ACX)?
The return on equity (ROE) of Acerinox is −2.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Acerinox (ACX)?
On an EBIT basis the return on assets of Acerinox is 8.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Acerinox (ACX)?
The operating margin of Acerinox is 3.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Acerinox (ACX)?
Revenue at Acerinox is growing −10.8% versus a year earlier (3y avg −12.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Acerinox (ACX)?
Earnings per share at Acerinox are growing −50.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Acerinox (ACX) carry?
The net debt of Acerinox is €1.2B (fiscal year 2025, ≈ 8.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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