# ACS Actividades de Construccion y Servicios (ACS.MC)

Canonical: https://gigainvestors.com/s/ACS.MC

Analysis as of: 2026-10-16T07:34:29.831Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 89.25 per share; close as of 2026-10-15.

Estimated value: low EUR 101.32 per share, central EUR 107.47 per share, high EUR 115.65 per share. Buy at or below the central value EUR 107.47 per share. Valuation as of 2026-10-16T07:34:29.831Z; scenarios are not confidence intervals.

Expected annual return: 14.1% at the stated quote. About 14.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: -0.01×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 22.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 51.4%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 22.6 pp

- Typical gross margin (annual median): 31.9%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 50.9%

- FY2017: >100%

- FY2018: 68.4%

- FY2019: 52.0%

- FY2020: -5.1%

- FY2021: 12.9%

- FY2022: 6.4%

- FY2023: 21.8%

- FY2024: 73.9%

- FY2025: 69.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.4B

- Net income, five-year total: EUR 6.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: 5.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 1.29×

- FY2023: 0.89×

- FY2024: 1.03×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 68.4% vs 69.1%

- Per-share earnings: 2.06 to 3.21 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.0%

- Ordinary dilution, 5-year annual growth: -3.1%

- Market cap gain: EUR 9.9B

- Cumulative retained earnings: EUR 199M

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.7%

- Per-share value change: EUR 1.15

- Per-share value, starting three-year median: EUR 2.06

- Per-share value, ending three-year median: EUR 3.21

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 8.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 2.6B

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: 68.4%

- ROIC, last three-year median: 69.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.87

- FY2017: EUR 2.06

- FY2018: EUR 2.48

- FY2019: EUR 2.09

- FY2020: EUR 1.91

- FY2021: EUR 10.13

- FY2022: EUR 2.46

- FY2023: EUR 2.99

- FY2024: EUR 3.21

- FY2025: EUR 3.69

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: -3.3%

- FY2018: -4.1%

- FY2019: -4.3%

- FY2020: -1.5%

- FY2021: 8.0%

- FY2022: -2.9%

- FY2023: -2.0%

- FY2024: -4.7%

- FY2025: -4.6%

## Holders

## Price story

Down 31% since Jun 2026 · sales +19.7%

Story as of 2026-10-16T10:00:00.853Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.7% a year for ten years

### Sales · FY2024–2025

sales +19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 32B 

- FY2017: EUR 35B 

- FY2018: EUR 37B 

- FY2019: EUR 39B 

- FY2020: EUR 29B 

- FY2021: EUR 28B 

- FY2022: EUR 34B 

- FY2023: EUR 36B 

- FY2024: EUR 42B 

- FY2025: EUR 50B 

### Gross margin · FY2025

gross margin 9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.3% 

- FY2017: 34.8% 

- FY2018: 34.5% 

- FY2019: 34.1% 

- FY2020: 30.0% 

- FY2021: 31.7% 

- FY2022: 30.5% 

- FY2023: 31.6% 

- FY2024: 32.1% 

- FY2025: 9.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are EUR 49.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2025: revenue 49847681000; grossProfit 4621046999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACS.MC: ACS, Actividades de Construcción y Servicios, S.A. provides construction and related services in Spain, the United States, Australia, Canada, Germany, the rest of Europe, and internationally. It operates through five segments: Turner, CIMIC, Engineering and Construction, Infrastructure, and Other. The Turner segment offers comprehensive construction and project management services, focusing on high-tech growth markets, including data centers and battery plants, primarily in North America. The CIMIC segment delivers construction, services, and public-private partnership (PPP) solutions, and includes mining services through Thiess. The Engineering and Construction segment encompasses Dragados' activities in Europe and North America, as well as Hochtief's construction and PPP operations in Europe. The Infrastructure segment covers Iridium and ACS Digital & Energy, and manages a 50% equity interest in Abertis Infraestructuras, S.A., focusing on digitalization, energy transition, sustainable mobility, concessions, and traditional infrastructure across Europe, Latin America, and North America. The Other segment comprises real estate, renewable energy, water assets, facilities management, social and health services, and insurance activities. The company offers services such as public and private works construction, maintenance and operation of transport and urban infrastructure, building restoration, development and management of energy and digital infrastructure, environmental services, waste treatment, logistics, and auxiliary urban services. ACS, Actividades de Construcción y Servicios, S.A. was incorporated in 1942 and is based in Madrid, Spain.

### Why customers stay

Margins ranged from 9.3% to 32.1% during 2023–25; it earns 51.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2023: grossProfit / revenue = 31.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2024: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2025: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); 10-year return on capital observations [[2016,0.5087276834986126],[2017,1.0007203878860018],[2018,0.6844760303107496],[2019,0.5200610404307122],[2020,-0.05123733363523211],[2021,0.12934660754101218],[2022,0.06382344430073132],[2023,0.217911043386568],[2024,0.7387013218321093],[2025,0.690552511902688]]; median 0.5143943619646625. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 30% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); Gross margin observations: [[2021,0.3174530865019788],[2022,0.3049364761227008],[2023,0.3157492052033817]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 66.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2016: growth capex 0; upkeep 587554000; owner earnings 677396000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2017: growth capex 24526000; upkeep 611218000; owner earnings 802010000. Growth capex / owner earnings = 0.030580666076482837.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2018: growth capex 0; upkeep 809599000; owner earnings 923580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2019: growth capex 154336545.01100874; upkeep 1008785454.9889913; owner earnings 469980345.01100874. Growth capex / owner earnings = 0.32838936063888713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2020: growth capex 0; upkeep 876461000; owner earnings 436244600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2021: growth capex 0; upkeep 386207000; owner earnings 3025098000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2022: growth capex 0; upkeep 285175000; owner earnings 862641800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2023: growth capex 0; upkeep 495532000; owner earnings 694863800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2024: growth capex 0; upkeep 612491000; owner earnings 853556400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2025: growth capex 0; upkeep 743758000; owner earnings 990715600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); Dividend observations: [[2016,326224000],[2017,297213000],[2018,315861000],[2019,485607000],[2020,490115000],[2021,396012000],[2022,351747000],[2023,394458000],[2024,368128000],[2025,420553000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); FY2025: cash repurchases 66265000 EUR.

### Are managers owners

Insiders own 20.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACS.MC SharesStats.PercentInsiders = 20.138 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.7% yearly over ten years; actual growth was 6.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:29.831Z); Ten-year compound average after fade. Initial solved rate -0.07875033774290086. Price 89.25; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0962454324644115 → FY2025 3.8479756983595. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 27.47 per share

- 2016-12: EUR 29.67 per share

- 2017-01: EUR 28.15 per share

- 2017-02: EUR 29.28 per share

- 2017-03: EUR 31.53 per share

- 2017-04: EUR 33.64 per share

- 2017-05: EUR 35.16 per share

- 2017-06: EUR 33.44 per share

- 2017-07: EUR 32.05 per share

- 2017-08: EUR 31.39 per share

- 2017-09: EUR 30.99 per share

- 2017-10: EUR 33.47 per share

- 2017-11: EUR 32.13 per share

- 2017-12: EUR 32.25 per share

- 2018-01: EUR 31.89 per share

- 2018-02: EUR 28.00 per share

- 2018-03: EUR 31.29 per share

- 2018-04: EUR 34.63 per share

- 2018-05: EUR 35.10 per share

- 2018-06: EUR 34.30 per share

- 2018-07: EUR 37.09 per share

- 2018-08: EUR 35.47 per share

- 2018-09: EUR 36.26 per share

- 2018-10: EUR 32.73 per share

- 2018-11: EUR 33.49 per share

- 2018-12: EUR 33.44 per share

- 2019-01: EUR 35.69 per share

- 2019-02: EUR 38.53 per share

- 2019-03: EUR 38.71 per share

- 2019-04: EUR 40.46 per share

- 2019-05: EUR 36.48 per share

- 2019-06: EUR 34.71 per share

- 2019-07: EUR 36.18 per share

- 2019-08: EUR 33.97 per share

- 2019-09: EUR 36.24 per share

- 2019-10: EUR 35.97 per share

- 2019-11: EUR 34.92 per share

- 2019-12: EUR 35.24 per share

- 2020-01: EUR 29.68 per share

- 2020-02: EUR 26.54 per share

- 2020-03: EUR 17.61 per share

- 2020-04: EUR 22.51 per share

- 2020-05: EUR 22.69 per share

- 2020-06: EUR 22.18 per share

- 2020-07: EUR 19.33 per share

- 2020-08: EUR 20.28 per share

- 2020-09: EUR 19.14 per share

- 2020-10: EUR 20.17 per share

- 2020-11: EUR 26.19 per share

- 2020-12: EUR 26.84 per share

- 2021-01: EUR 25.42 per share

- 2021-02: EUR 25.05 per share

- 2021-03: EUR 27.94 per share

- 2021-04: EUR 26.82 per share

- 2021-05: EUR 25.21 per share

- 2021-06: EUR 22.33 per share

- 2021-07: EUR 21.91 per share

- 2021-08: EUR 22.60 per share

- 2021-09: EUR 23.18 per share

- 2021-10: EUR 22.37 per share

- 2021-11: EUR 20.97 per share

- 2021-12: EUR 23.30 per share

- 2022-01: EUR 22.03 per share

- 2022-02: EUR 21.57 per share

- 2022-03: EUR 24.22 per share

- 2022-04: EUR 24.31 per share

- 2022-05: EUR 26.10 per share

- 2022-06: EUR 22.86 per share

- 2022-07: EUR 23.14 per share

- 2022-08: EUR 21.95 per share

- 2022-09: EUR 22.86 per share

- 2022-10: EUR 25.65 per share

- 2022-11: EUR 26.75 per share

- 2022-12: EUR 26.46 per share

- 2023-01: EUR 26.83 per share

- 2023-02: EUR 28.33 per share

- 2023-03: EUR 29.01 per share

- 2023-04: EUR 30.84 per share

- 2023-05: EUR 30.76 per share

- 2023-06: EUR 31.80 per share

- 2023-07: EUR 31.42 per share

- 2023-08: EUR 32.02 per share

- 2023-09: EUR 33.68 per share

- 2023-10: EUR 33.78 per share

- 2023-11: EUR 36.23 per share

- 2023-12: EUR 39.70 per share

- 2024-01: EUR 36.59 per share

- 2024-02: EUR 37.94 per share

- 2024-03: EUR 38.78 per share

- 2024-04: EUR 37.58 per share

- 2024-05: EUR 41.12 per share

- 2024-06: EUR 40.28 per share

- 2024-07: EUR 41.26 per share

- 2024-08: EUR 41.12 per share

- 2024-09: EUR 41.48 per share

- 2024-10: EUR 44.00 per share

- 2024-11: EUR 43.96 per share

- 2024-12: EUR 48.44 per share

- 2025-01: EUR 49.28 per share

- 2025-02: EUR 51.90 per share

- 2025-03: EUR 52.75 per share

- 2025-04: EUR 55.10 per share

- 2025-05: EUR 57.85 per share

- 2025-06: EUR 58.95 per share

- 2025-07: EUR 60.40 per share

- 2025-08: EUR 64.55 per share

- 2025-09: EUR 68.00 per share

- 2025-10: EUR 71.20 per share

- 2025-11: EUR 79.65 per share

- 2025-12: EUR 84.85 per share

- 2026-01: EUR 94.65 per share

- 2026-02: EUR 109.60 per share

- 2026-03: EUR 104.80 per share

- 2026-04: EUR 122.60 per share

- 2026-05: EUR 124.30 per share

- 2026-06: EUR 128.70 per share

- 2026-07: EUR 110.30 per share

- 2026-08: EUR 102.10 per share

- 2026-09: EUR 91.05 per share

- 2026-10: EUR 90.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 33.20 per share, central EUR 35.46 per share, high EUR 38.48 per share

- FY2017: low EUR 36.95 per share, central EUR 39.66 per share, high EUR 43.26 per share

- FY2018: low EUR 42.78 per share, central EUR 45.95 per share, high EUR 50.17 per share

- FY2019: low EUR 51.00 per share, central EUR 54.65 per share, high EUR 59.50 per share

- FY2020: low EUR 50.41 per share, central EUR 53.52 per share, high EUR 57.67 per share

- FY2021: low EUR 61.25 per share, central EUR 64.46 per share, high EUR 68.73 per share

- FY2022: low EUR 65.30 per share, central EUR 70.00 per share, high EUR 76.26 per share

- FY2023: low EUR 63.91 per share, central EUR 67.92 per share, high EUR 73.26 per share

- FY2024: low EUR 80.83 per share, central EUR 85.82 per share, high EUR 92.47 per share

- FY2025: low EUR 95.13 per share, central EUR 101.11 per share, high EUR 109.07 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:14.699Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.