Acerinox (ACX): analysis in plain words
Is Acerinox cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Acerinox (ACX) is listed on the Madrid Stock Exchange and we classify it in materials and chemicals. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Acerinox according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Acerinox (ACX) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €15.82 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 29.8x | Price over earnings per share |
| Revenue growth | +12.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 2.0% | Profit for every 100 of sales |
| Net debt / EBITDA | 3.2x | Years of operating profit to repay debt |
| Dividend yield | 3.98% | Annual dividend over price |
| Market cap | €3.9 billion | What the stock market values it at |
The Acerinox figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any ACX figure that is not available shows as N/A: we do not estimate it.
How Acerinox makes money
Acerinox makes stainless steel, its main business, at plants in Spain, the US through North American Stainless, South Africa through Columbus and Malaysia through Bahru. Its second division produces high-performance alloys through VDM Metals and Haynes International for aerospace, chemical and energy customers. The United States is its largest market.
Over the last 12 months, Acerinox brought in revenue of €5.9 billion. For every 100 it sells, Acerinox keeps 35.8 after the direct cost of what it sells (gross margin) and 9.2 after all operating costs (operating margin). With 9,151 full-time employees, that is about €641,000 of revenue per employee.
Acerinox against its sector
To know whether a Acerinox figure is high or low you have to put it next to similar companies. This table compares Acerinox with the median of the 10 materials and chemicals companies Fintols covers, with data as of November 4, 2026.
| Figure | Acerinox | materials and chemicals median |
|---|---|---|
| P/E | 29.8x | 28.5x (10) |
| Revenue growth | +12.4% | +9.2% (11) |
| Net margin | 2.0% | 10.7% (11) |
| Dividend yield | 3.98% | 0.99% (11) |
| Net debt / EBITDA | 3.2x | 2.0x (11) |
In short, against the typical materials and chemicals company, Acerinox grows faster, earns a thinner margin and pays a higher dividend yield. By size, Acerinox ranks number 4 of 4 materials and chemicals companies quoted in EUR on Fintols.
The bull case for Acerinox
What works in favour of Acerinox, according to its figures as of November 4, 2026:
- Analysts expect Acerinox earnings to rise: its P/E on the next 12 months of estimated earnings is 10.2x, below the current 29.8x.
- Acerinox grew sales +12.4% in its latest quarter against the same quarter a year earlier, while the median materials and chemicals company Fintols tracks grew +9.2%.
The main risk for Acerinox
Acerinox pays out more in dividends than it earns (a 144% payout ratio): its 3.98% yield only holds up if profit recovers.
On top of that: debt is heavy: Acerinox carries net debt equal to 3.2x its annual EBITDA. With high interest rates or a weak year, interest payments eat into what it can invest or pay out.
And, like the rest of materials and chemicals, Acerinox is exposed to the price of what it sells (metals, chemicals), which depends on the world economy and is out of its control.
Frequently asked questions about Acerinox
Is it a good time to buy Acerinox stock?
Fintols does not tell you whether to buy or sell Acerinox, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Acerinox stock trades at €15.82, 15% below its 52-week high (€18.58) and 43% above its low (€11.10). Its P/E is 29.8x against a materials and chemicals median of 28.5x, and 10.2x on the earnings analysts expect over the next 12 months. With Acerinox, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Acerinox pay a dividend?
Yes. As of November 4, 2026, Acerinox pays €0.62 per share a year, which at today's price is a yield of 3.98%. It uses 144% of its profit to pay it, more than it earns, which cannot last forever. The materials and chemicals median on Fintols is 0.99%.
Is Acerinox stock expensive?
It depends on what you compare it with. On P/E, Acerinox trades at 29.8x its last 12 months of earnings: in line with the materials and chemicals median (28.5x). Including its debt, Acerinox is valued at 11.1x its EBITDA (EV/EBITDA). A high P/E alone does not make Acerinox expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Acerinox's competitors?
On Fintols we compare Acerinox with Freeport-McMoRan, Newmont and Nucor, which are also in materials and chemicals. As of November 4, 2026, Freeport-McMoRan is worth $89.9 billion and trades on a P/E of 26.3; Newmont is worth $122.7 billion and trades on a P/E of 13.7; Nucor is worth $60.8 billion and trades on a P/E of 17.1. Each has a side-by-side comparison with Acerinox below.
Acerinox competitors
- Freeport-McMoRan (FCX) analysis · Acerinox vs Freeport-McMoRan comparison
- Newmont (NEM) analysis · Acerinox vs Newmont comparison
- Nucor (NUE) analysis · Acerinox vs Nucor comparison
To understand Acerinox better
- How to Read a Balance Sheet: A Beginner's Guide
- Dividend Growth Investing: FCF Payout Ratio and Compounding
More companies like Acerinox: materials and chemicals stocks and IBEX 35 companies. Open the full ACX analysis with its valuation and scenarios. Educational content about Acerinox, not investment advice.